v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 120,316 $ 158,715
Adjustments to reconcile net income to cash flows provided by operating activities:    
Income from equity method investments (10,093) (9,328)
Amortization 134,653 58,529
Depreciation 5,527 4,353
Prepaid and deferred compensation expense 23,418 6,355
Non-cash equity-based compensation 39,798 38,205
Amortization of deferred debt issuance costs 4,760 6,436
Amortization of interest rate cap premium 3,477 3,477
Deferred income tax expense 9,502 15,314
Deferred income tax expense from common control reorganization 47,978 0
Loss on Tax Receivable Agreement 356 372
Changes in operating assets and liabilities, net of acquisitions:    
Commissions and fees receivable – net (98,353) (79,592)
Accrued interest liability 9,771 (62)
Other current and non-current assets 36,646 4,017
Other current and non-current accrued liabilities (116,996) (52,503)
Total cash flows provided by operating activities 210,760 154,288
CASH FLOWS FROM INVESTING ACTIVITIES    
Business combinations – net of cash acquired and cash held in a fiduciary capacity (565,133) (214,093)
Capital expenditures (36,546) (22,605)
Equity method investment in VSIC (16,637) 0
Asset acquisitions (664) 0
Total cash flows used in investing activities (618,980) (236,698)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on Revolving Credit Facility 680,536 0
Repayments on Revolving Credit Facility (492,788) 0
Debt issuance costs paid (2,889) 0
Repayment of term debt (8,500) (8,250)
Receipt of contingently returnable consideration 1,927 0
Payment of contingent consideration (29,252) 0
Tax distributions to non-controlling LLC Unitholders (34,814) (44,610)
Receipt of taxes related to net share settlement of equity awards 12,791 4,478
Taxes paid related to net share settlement of equity awards (14,688) (4,586)
Class A common stock dividends and Dividend Equivalents paid (30,510) (53,022)
Distributions and Declared Distributions paid to non-controlling LLC Unitholders (13,580) (11,250)
Payment of accrued return on Ryan Re preferred units (167) (1,965)
Net change in fiduciary liabilities 166,304 191,396
Total cash flows provided by financing activities 234,370 72,191
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 11,807 (2,010)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY (162,043) (12,229)
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance 1,680,805 1,756,332
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance 1,518,762 1,744,103
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity    
Cash and cash equivalents 172,589 612,437
Cash and cash equivalents held in a fiduciary capacity 1,346,173 1,131,666
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,518,762 $ 1,744,103