Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 40,677 $ 36,457
Adjustments to reconcile net income to cash flows used in operating activities:    
(Income) from equity method investment in related party (5,606) (1,995)
Amortization 27,988 25,185
Depreciation 2,080 2,192
Prepaid and deferred compensation expense 918 2,212
Non-cash equity-based compensation 17,310 17,879
Amortization of deferred debt issuance costs 3,409 3,039
Amortization of interest rate cap premium 1,739 1,739
Deferred income tax expense 2,139 2,875
Changes in operating assets and liabilities, net of acquisitions:    
Commissions and fees receivable - net (4,751) (1,212)
Accrued interest liability 5,958 (4,743)
Other current and non-current assets 2,061 11,197
Other current and non-current accrued liabilities (210,461) (254,036)
Total cash flows used in operating activities (116,539) (159,211)
CASH FLOWS FROM INVESTING ACTIVITIES    
Business combinations - net of cash acquired and cash held in a fiduciary capacity 0 (102,059)
Capital expenditures (7,628) (2,793)
Total cash flows used in investing activities (7,628) (104,852)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of term debt 0 (4,125)
Payment of contingent consideration 0 (4,477)
Tax distributions to non-controlling LLC Unitholders 0 (264)
Receipt of taxes related to net share settlement of equity awards 130 404
Taxes paid related to net share settlement of equity awards (130) (404)
Dividends paid to Class A common shareholders (40,021) 0
Distributions to non-controlling LLC Unitholders (5,617) 0
Payment of accrued return on Ryan Re preferred units (1,883) 0
Net change in fiduciary liabilities 37,326 (20,754)
Total cash flows used in financing activities (10,195) (29,620)
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (657) 85
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY (135,019) (293,598)
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY - Beginning balance 1,756,332 1,767,385
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY - Ending balance 1,621,313 1,473,787
Supplemental cash flow information:    
Cash and cash equivalents 665,420 704,746
Cash and cash equivalents held in a fiduciary capacity 955,893 769,041
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,621,313 $ 1,473,787