v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (13,712) $ (10,767)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 35,795 13,894
Change in fair value of contingent consideration 23,163 12,697
Share-based compensation expense 11,921 5,357
Amortization of deferred financing costs 2,301 384
Change in fair value of interest rate caps 1,159 0
Payment of contingent earnout consideration in excess of purchase price accrual (602) (1,727)
Other fair value adjustments 217 0
Changes in operating assets and liabilities, net of effect of acquisitions:    
Premiums, commissions and fees receivable, net (58,150) (12,717)
Prepaid expenses and other current assets (5,773) 230
Due from related parties 19 2
Accounts payable, accrued expenses and other current liabilities 30,703 23,418
Net cash provided by operating activities 27,041 30,771
Cash flows from investing activities:    
Capital expenditures (3,188) (4,135)
Cash consideration paid for asset acquisitions, net of cash received (1,575) (695)
Cash consideration paid for business combinations, net of cash received (218,818) (230,403)
Net cash used in investing activities (223,581) (235,233)
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock, net of underwriting discounts 269,376 167,346
Redemption and repurchase of LLC Units and Class B common stock 0 (32,610)
Payment of common stock offering costs (1,055) (798)
Payment of contingent and guaranteed earnout consideration (1,078) (1,192)
Proceeds from revolving line of credit 120,000 185,637
Repayments of revolving line of credit 0 125,000
Proceeds from long-term debt 97,914 0
Payments on long-term debt (2,250) 0
Payments of debt issuance costs (693) (2,182)
Purchase of interest rate caps (6,461) 0
Proceeds from repayment of stockholder notes receivable 202 169
Other 0 19
Net cash provided by financing activities 475,955 191,389
Net increase (decrease) in cash and cash equivalents and restricted cash 279,415 (13,073)
Cash and cash equivalents and restricted cash at beginning of period 142,022 71,071
Cash and cash equivalents and restricted cash at end of period 421,437 57,998
Supplemental schedule of cash flow information:    
Cash paid during the period for interest 15,177 2,309
Disclosure of non-cash investing and financing activities:    
Equity issued in business combinations 75,634 52,575
Contingent earnout liabilities assumed in business combinations 60,865 26,612
Conversion of contingent earnout liability to related party notes payable 61,500 0
Noncash debt issuance costs incurred 3,823 0
Capital expenditures incurred but not yet paid $ 493 $ 561