v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES:    
Net income $ 74,495 $ 50,856
Adjustments to reconcile net income to net cash from operating activities:    
Loss on disposals of equipment, software and other assets 1,211 0
Loss related to warrant liabilities, net 0 8,081
Increase (decrease) in tax receivable agreement liability 3,078 0
Depreciation and amortization 18,321 20,574
Provision for deferred taxes 2,061 1,984
Share-based compensation expense 9,538 8,926
Non-cash lease expense 4,226 4,038
Realized (gain) loss on investments, net (879) (548)
(Accretion) amortization of discount and premium, net (2,316) (769)
Other 355 1,312
Changes in operating assets and liabilities:    
Accounts, premiums and commissions receivable (148,883) (39,306)
Deferred acquisition costs, net (21,964) (17,670)
Losses payable and provision for unpaid losses and loss adjustment expenses (7,828) 19,037
Ceding commissions payable 35,691 (7,639)
Advance premiums and due to insurers 78,846 75,869
Unearned premiums 52,957 45,234
Operating lease assets and liabilities (4,534) (4,531)
Other assets and liabilities, net 3,339 (43,193)
Net Cash Provided by Operating Activities 97,714 122,255
INVESTING ACTIVITIES:    
Capital expenditures (11,549) (11,936)
Acquisitions, net of cash acquired, and other investments 0 (3,843)
Issuance of notes receivable (26,617) (32,136)
Collection of notes receivable 8,091 19,354
Purchases of fixed maturity securities (98,455) (455,766)
Proceeds from sales of fixed maturity securities 21,341 7,570
Proceeds from maturities of fixed maturity securities 75,470 5,596
Purchases of equity securities (347) (9,407)
Proceeds from sales of equity securities 378 0
Other investing activities (151) 631
Net Cash Used in Investing Activities (31,839) (479,937)
FINANCING ACTIVITIES:    
Payments on long-term debt (124,493) (60,757)
Proceeds from long-term debt, net of issuance costs 192,339 25,482
Distributions paid to non-controlling interest unit holders (30,380) (5,320)
Payment of Series A Convertible Preferred Stock dividends (5,600) (5,600)
Funding of TRA liability payments (223) 0
Funding of employee tax obligations upon vesting of share-based payments (2,452) (4,588)
Other financing activities 289 0
Net Cash Provided by (Used in) Financing Activities 29,480 (50,783)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 2,386 (289)
Change in cash and cash equivalents and restricted cash and cash equivalents 97,741 (408,754)
Beginning cash and cash equivalents and restricted cash and cash equivalents 232,845 724,276
Ending cash and cash equivalents and restricted cash and cash equivalents $ 330,586 $ 315,522