XML 26 R7.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (54,154) $ (41,081) $ (164,019)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 127,830 108,924 98,402
Payment of contingent earnout consideration in excess of purchase price accrual 85,784 23,395 24,326
Share-based compensation expense 71,113 65,503 60,008
Change in fair value of contingent consideration 5,594 (4,949) 61,083
Amortization of deferred financing costs 5,690 5,841 5,129
Gain on divestitures (290) (38,953) 0
Loss on extinguishment of debt 26 1,034 0
Other operating activity (602) 909 2,031
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:      
Assumed premiums, commissions and fees receivable, net (45,062) (42,411) (50,302)
Prepaid expenses and other current assets (9,660) (7,213) (6,849)
Right-of-use assets 16,007 16,703 17,963
Accounts payable, accrued expenses and other current liabilities (11,220) (488) 6,090
Colleague earnout incentives (32,813) 24,806 8,020
Operating lease liabilities (16,093) (13,777) (13,184)
Net cash provided by (used in) operating activities (29,418) 51,453 46
Cash flows from investing activities:      
Cash consideration paid for business combinations, net of cash received (85,511) 0 0
Capital expenditures (39,527) (41,049) (21,376)
Investments in and loans to business ventures (16,679) (3,861) (1,687)
Proceeds from divestitures, net of cash transferred 1,901 56,977 3,259
Cash consideration paid for asset acquisitions (460) (268) (2,118)
Proceeds from repayment of loans to business ventures 0 1,500 0
Net cash provided by (used in) investing activities (140,276) 13,299 (21,922)
Cash flows from financing activities:      
Change in fiduciary assets and liabilities, net 504 50,698 44,598
Payment of contingent earnout consideration up to amount of purchase price accrual (66,171) (98,678) (27,949)
Proceeds from revolving line of credit 263,000 106,000 111,000
Payments on revolving line of credit (156,000) (447,000) (275,000)
Proceeds from refinancing of long-term debt 1,941,921 1,440,000 170,000
Payments relating to extinguishment and modification of long-term debt (1,766,921) (996,177) 0
Payments on long-term debt (7,194) (6,761) (9,376)
Payments of deferred financing costs (164) (17,988) (4,998)
Proceeds from the sale and settlement of interest rate caps 0 2,300 10,918
Tax distributions to Baldwin Holdings' LLC Members 0 (11,076) (482)
Other financing activity (5,153) (264) (343)
Net cash provided by financing activities 203,822 21,054 18,368
Net increase (decrease) in cash and cash equivalents and fiduciary cash 34,128 85,806 (3,508)
Cash and cash equivalents and fiduciary cash at beginning of period 312,769 226,963 230,471
Cash and cash equivalents and fiduciary cash at end of period 346,897 312,769 226,963
Supplemental schedule of cash flow information:      
Cash paid for interest 115,276 111,397 105,386
Cash paid for taxes 1,700 2,745 1,430
Disclosure of non-cash investing and financing activities:      
Noncontrolling interest acquired in business combinations 97,920 0 0
Deferred payment obligations recognized in business combinations 32,346 0 0
Right-of-use assets obtained in exchange for operating lease liabilities 3,248 2,794 6,414
Capital expenditures incurred but not yet paid 3,344 2,804 3,583
Right-of-use assets increased through lease modifications and reassessments 2,731 767 1,063
Equity interest issued in business combinations 863 0 0
Contingent earnout liabilities assumed in business combinations and asset acquisitions 18,447 224 723
Conversion of contingent earnout liability to related party notes payable 0 5,636 0
Decrease in goodwill resulting from measurement period adjustments for prior year business combinations $ 0 $ 0 $ (211)