Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 56,632 $ 70,513 $ 63,057
Adjustments to reconcile net income to cash flows from (used for) operating activities:      
Loss (gain) from equity method investment 759 (440) 978
Amortization 107,877 63,567 48,301
Depreciation 4,806 3,934 4,797
Gain on disposition of property and equipment 0 0 (7,804)
Prepaid and deferred compensation expense 46,470 21,619 10,838
Non-cash equity based compensation 67,534 10,800 8,153
Amortization of deferred debt issuance costs 11,372 5,002 1,547
Deferred income taxes (1,154) 203 (800)
Loss on extinguishment of existing debt 8,634 (1,708) 0
Change (net of acquisitions and divestitures) in:      
Commissions and fees receivable - net (29,657) (31,174) (3,727)
Accrued interest 760 4 250
Other current assets and accrued liabilities 78,728 15,516 24,062
Other non-current assets and accrued liabilities (79,268) (25,859) (145)
Total cash flows provided by operating activities 273,493 135,393 149,507
CASH FLOWS FROM INVESTING ACTIVITIES      
Cash paid for acquisitions - net of cash acquired and cash held in fiduciary capacity (108,883) (717,961) (120,897)
Asset acquisitions (343,158) (5,236) (100)
Prepaid incentives issued – net of repayments 3,885 (9,313) (8,510)
Equity method investment in related party 0 (23,500) (23,500)
Proceeds from disposition of property and equipment 0 0 13,000
Capital expenditures (9,781) (12,498) (7,990)
Total cash flows used for investing activities (457,937) (768,508) (147,997)
CASH FLOWS FROM FINANCING ACTIVITIES      
Contributions of Members' Equity 0 19,749 25,000
Contributions of mezzanine equity 0 98,373 0
Allocation of contribution to Redeemable Preferred Units embedded derivative 0 814 0
Purchase of remaining Interest in Ryan Re (48,368) 0 0
Payment of contingent consideration (4,495) 0 0
Repurchases of preferred equity (78,256) 0 0
Repayment of term debt (16,500) (144,750) (7,500)
Borrowing of term debt 0 1,650,000 0
Repayments of unsecured promissory notes (1,108) 0 0
Repayment of subordinated notes 0 (25,000) (25,000)
Borrowings on revolving credit facilities 0 305,517 420,500
Repayments on revolving credit facilities 0 (734,214) (271,569)
Repayment of acquired debt 0 0 (37,605)
Finance lease and other costs paid (129) 235 0
Debt issuance costs paid (2,431) (78,799) (293)
Net change in fiduciary liabilities 147,418 136,062 34,199
Total cash flows provided by financing activities 429,284 1,125,304 62,274
Effect of changes in foreign exchange rates on cash, cash equivalents and cash held in a fiduciary capacity (883) 1,353 265
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY 243,957 493,542 64,049
CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY-Beginning balance 895,704 402,162 338,113
CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY-Ending balance 1,139,661 895,704 402,162
Reconciliation of Cash, Cash Equivalents, and Cash Held in a Fiduciary Capacity      
Cash and cash equivalents 752,699 583,053 350,146
Cash held in a fiduciary capacity 1,139,661 895,704 402,162
Supplemental cash flow information:      
Interest and financing costs 79,357 41,034 32,659
Income taxes 6,762 7,564 4,828
Members' Tax Distributions declared but unpaid 11,155 23,350 9,941
Tax Receivable Agreement Liabilities 272,100 0 0
Contingent consideration liabilities from business combinations 22,011 0 4,200
Cancellation of Class X common stock in exchange for TRA liabilities (1) 0 0
Related party asset acquisition 0 (6,077) (3,316)
Acquisition of preferred units subject to mandatory redemption 0 0 3,316
Forgiveness of related party receivable 0 6,077 0
Repayment of Founders’ subordinated notes 0 (74,990) 0
Loss on extinguishment of Founders’ subordinated promissory notes 0 (6,941) 0
Common equity issued as consideration for business combination 0 102,000 0
Unpaid preferred dividends 0 9,531 0
Accretion of premium on mezzanine equity 0 1,618 1,948
Accumulated deficit due to accretion of premium on mezzanine equity 0 1,618 1,948
IPO [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES      
Equity repurchases from pre-IPO unitholders (3,880) (52,562) (3,167)
Cash distribution to pre-IPO unitholders (47,096) (50,121) (72,291)
Repurchase of pre-IPO LLC Units and payment of Alternative TRA Payments (780,352) 0 0
Common Class A [Member]      
Supplemental cash flow information:      
Common stock issued 53 0 0
Common Class A [Member] | IPO [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES      
Repurchase of Class A common stock in the IPO (183,616) 0 0
Issuance of Class A common stock in the IPO, net of offering costs paid 1,448,097 0 0
Common Class X [Member]      
Supplemental cash flow information:      
Common stock issued 1 0 0
Common Class B [Member]      
Supplemental cash flow information:      
Common stock issued 149 0 0
Preferred Equity [Member]      
Supplemental cash flow information:      
Equity issued in exchange for founders' subordinate promissory notes 0 74,270 0
Common Equity [Member]      
Supplemental cash flow information:      
Equity issued in exchange for founders' subordinate promissory notes $ 0 $ 7,661 $ 0