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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (10,767) $ 4,477
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 13,894 7,253
Change in fair value of contingent consideration 12,697 (3,222)
Share-based compensation expense 5,357 110
Payment of contingent earnout consideration in excess of purchase price accrual (1,727) 0
Amortization of deferred financing costs 384 1,117
Loss on extinguishment of debt 0 115
Issuance and vesting of Management Incentive Units 0 663
Participation unit compensation 0 150
Changes in operating assets and liabilities, net of effect of acquisitions:    
Premiums, commissions and fees receivable, net (12,717) (441)
Prepaid expenses and other current assets 230 (921)
Due from related parties 2 73
Accounts payable, accrued expenses and other current liabilities 23,418 5,090
Other liabilities 0 105
Net cash provided by operating activities 30,771 14,569
Cash flows from investing activities:    
Capital expenditures (4,135) (1,465)
Investment in business venture 0 (200)
Cash consideration paid for asset acquisitions, net of cash received (695) (671)
Cash consideration paid for business combinations, net of cash received (230,403) (99,486)
Net cash used in investing activities (235,233) (101,822)
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock, net of underwriting discounts 167,346 0
Repurchase/redemption of LLC Units and Class B common stock (32,610) 0
Payment of common stock offering costs (798) 0
Payment of contingent and guaranteed earnout consideration (1,192) (813)
Proceeds from revolving line of credit 185,637 68,464
Repayments of revolving line of credit (125,000) 0
Proceeds from related party debt 0 49,845
Payments on long-term debt 0 (204)
Payments of debt issuance costs and debt extinguishment costs (2,182) (15)
Proceeds from repayment of stockholder/member notes receivable 169 160
Repurchase of common units 0 (12,500)
Distributions 0 (9,831)
Other 19 1,662
Net cash provided by financing activities 191,389 96,768
Net increase (decrease) in cash and cash equivalents and restricted cash (13,073) 9,515
Cash and cash equivalents and restricted cash at beginning of period 71,071 7,995
Cash and cash equivalents and restricted cash at end of period 57,998 17,510
Supplemental schedule of cash flow information:    
Cash paid during the period for interest 2,309 7,480
Disclosure of non-cash investing and financing activities:    
Equity issued in business combinations 52,575 38,637
Contingent earnout consideration issuances 26,612 29,117
Additions to property and equipment included in accrued expenses and other current liabilities 561 0
Change in the redemption value of redeemable interests 0 140,708
Capitalization of issuance to redeemable common member 0 5,509
Capitalization of offering costs 0 4,207
Debt issuance costs added to revolving line of credit 0 2,554
Transfer of long-term debt to revolving line of credit 0 1,820
Contingently returnable consideration for business combinations $ 0 $ 321