v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ (57,877) $ 19,757
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 115,878 55,117
Change in fair value of contingent consideration 14,272 6,104
Share-based compensation expense 33,519 29,755
Payment of contingent earnout consideration in excess of purchase price accrual (6,739) (85,090)
Gain (Loss) on Disposition of Business 0 (290)
Amortization of deferred financing costs 8,633 2,843
Other operating activity (2,602) 766
Changes in operating assets and liabilities:    
Assumed premiums, commissions and fees receivable, net (46,138) (53,896)
Prepaid expenses and other current assets (6,866) (4,916)
Right-of-use assets 13,531 7,950
Accounts payable, accrued expenses and other current liabilities (3,731) (19,727)
Colleague earnout incentives 0 (31,824)
Operating lease liabilities (7,521) (7,253)
Deferred taxes (14,873) 0
Net cash provided by (used in) operating activities 39,486 (80,704)
Cash flows from investing activities:    
Cash consideration paid for business combinations, net of cash received (447,503) (11,699)
Deferred payments for business combinations (25,000) 0
Capital expenditures (27,848) (20,310)
Investments in and loans for business ventures (8,465) (15,633)
Proceeds from divestitures, net of cash transferred 0 1,901
Cash consideration paid for asset acquisitions (12,052) (460)
Net cash used in investing activities (520,868) (46,201)
Cash flows from financing activities:    
Change in fiduciary receivables and liabilities, net 98,968 55,283
Repurchase of common stock (126,833) 0
Proceeds from revolving line of credit 371,000 121,000
Payments on revolving line of credit (176,000) (9,000)
Proceeds from refinancing of long-term debt 600,000 935,800
Payments relating to extinguishment and modification of long-term debt 0 (835,800)
Payments on long-term debt (10,561) (4,679)
Payments of deferred financing costs (4,040) 0
Payment of contingent earnout consideration up to amount of purchase price accrual 0 (64,256)
Other financing activity (7,361) (510)
Net cash provided by financing activities 745,173 197,838
Net increase in cash and cash equivalents and fiduciary cash 263,791 70,933
Cash and cash equivalents and fiduciary cash at beginning of period 346,897 312,769
Cash and cash equivalents and fiduciary cash at end of period 610,688 383,702
Supplemental schedule of cash flow information:    
Cash paid during the period for interest 76,315 54,528
Cash paid during the period for income taxes 759 1,340
Disclosure of non-cash investing and financing activities:    
Equity issued in business combinations 510,561 863
Contingent earnout liabilities recognized in business combinations 315,998 8,766
Deferred payment obligations recognized in business combinations 165,164 0
Establish Tax Receivable Agreement liabilities 14,604 0
Establish deferred taxes arising from investment in Baldwin Holdings 7,281 0
Right-of-use assets obtained in exchange for operating lease liabilities 6,397 2,141
Right-of-use assets increased (decreased) through lease modifications and reassessments (356) 950
Capital expenditures incurred but not yet paid 1,658 1,639
Increase in goodwill resulting from measurement period adjustments for prior year business combinations $ 341 $ 0