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 $ 148,978 $ 120,316
Adjustments to reconcile net income to cash flows provided by operating activities:    
Income from equity method investments (12,570) (10,093)
Amortization 129,727 134,653
Depreciation 8,195 5,527
Prepaid and deferred compensation expense 18,358 23,418
Non-cash equity-based compensation 38,740 39,798
Amortization of deferred debt issuance costs 4,856 4,760
Amortization of interest rate cap premium 0 3,477
Deferred income tax expense 20,285 9,502
Deferred income tax expense from common control reorganization 0 47,978
Loss on Tax Receivable Agreement 380 356
Impairment of internally-developed software 11,982 0
Changes in operating assets and liabilities, net of acquisitions:    
Commissions and fees receivable – net (210,425) (98,353)
Accrued interest liability 358 9,771
Other current and non-current assets 21,402 36,646
Other current and non-current liabilities (54,648) (116,996)
Total cash flows provided by operating activities 125,618 210,760
CASH FLOWS FROM INVESTING ACTIVITIES    
Business combinations – net of cash acquired and cash held in a fiduciary capacity 0 (565,133)
Capital expenditures (30,432) (36,546)
Equity method investment in VSIC 0 (16,637)
Asset acquisitions (1,556) (664)
Total cash flows used in investing activities (31,988) (618,980)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on Revolving Credit Facility 895,574 680,536
Repayments on Revolving Credit Facility (610,882) (492,788)
Debt issuance costs paid 0 (2,889)
Repayment of term debt (8,500) (8,500)
Receipt of contingently returnable consideration 3,140 1,927
Payment of contingent consideration (21,960) (29,252)
Tax distributions to non-controlling LLC Unitholders (17,953) (34,814)
Receipt of taxes related to net share settlement of equity awards 7,589 12,791
Taxes paid related to net share settlement of equity awards (7,322) (14,688)
Class A common stock dividends and Dividend Equivalents paid (33,741) (30,510)
Distributions and Declared Distributions paid to non-controlling LLC Unitholders (16,153) (13,580)
Repurchases of Class A common stock (300,182) 0
Payments related to Ryan Re preferred units 0 (167)
Net change in fiduciary liabilities 200,640 166,304
Total cash flows provided by financing activities 90,250 234,370
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (5,465) 11,807
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY 178,415 (162,043)
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance 1,584,470 1,680,805
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance 1,762,885 1,518,762
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity    
Cash and cash equivalents 140,119 172,589
Cash and cash equivalents held in a fiduciary capacity 1,622,766 1,346,173
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,762,885 $ 1,518,762