v3.22.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 61,432 $ 10,866
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 38,825 22,446
Change in fair value of contingent consideration (32,504) 11,822
Share-based compensation expense 17,677 8,087
Amortization of deferred financing costs 2,474 1,443
Change in fair value of interest rate caps (21,269) 825
Other fair value adjustments 0 94
Payment of contingent earnout consideration in excess of purchase price accrual (47,803) (602)
Changes in operating assets and liabilities, net of effect of acquisitions:    
Premiums, commissions and fees receivable, net (78,365) (52,357)
Prepaid expenses and other current assets (10,061) (2,085)
Due to/from related parties (47) 84
Right-of-use assets (4,116) (57,816)
Accounts payable, accrued expenses and other current liabilities 63,763 47,436
Operating lease liabilities 5,353 59,176
Net cash provided by (used in) operating activities (4,641) 49,419
Cash flows from investing activities:    
Cash consideration paid for business combinations, net of cash received (377,299) (24,276)
Cash consideration paid for asset acquisitions, net of cash received (3,356) (1,575)
Capital expenditures (8,565) (1,756)
Investment in business venture (675) 0
Net cash used in investing activities (389,895) (27,607)
Cash flows from financing activities:    
Payment of contingent earnout consideration up to amount of purchase price accrual (43,184) (828)
Proceeds from revolving line of credit 495,000 20,000
Payments on revolving line of credit (5,000) 0
Proceeds from long-term debt 0 97,914
Payments on long-term debt (4,254) (1,000)
Payments of debt issuance costs (1,565) (634)
Proceeds from the sale of interest rate caps 19,038 0
Tax distributions to BRP LLC members (9,393) 0
Purchase of interest rate caps 0 (3,461)
Proceeds from repayment of stockholder notes receivable 88 159
Net cash provided by financing activities 450,730 112,150
Net increase in cash and cash equivalents and restricted cash 56,194 133,962
Cash and cash equivalents and restricted cash at beginning of period 227,737 142,022
Cash and cash equivalents and restricted cash at end of period 283,931 275,984
Supplemental schedule of cash flow information:    
Cash paid during the period for interest 22,001 11,024
Cash paid during the period for taxes 864 0
Disclosure of non-cash investing and financing activities:    
Contingent earnout liabilities recognized in business combinations 13,398 7,764
Right-of-use assets obtained in exchange for operating lease liabilities 8,010 5,766
Right-of-use assets increased through lease modifications and reassessments 4,440 1,054
Increase in goodwill resulting from measurement period adjustments for prior year business combinations 3,499 0
Equity issued in business combinations 1,870 3,714
Capital expenditures incurred but not yet paid 923 33
Noncash debt issuance costs incurred $ 0 $ 3,823