Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (37,603) $ (36,800)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 4,800 5,437
Amortization of financing costs and debt discount and premium 273 510
Share-based compensation 11,250 11,810
Equity in income of investments 7,510 5,188
Changes in unrealized loss on General Partner Notes Payable (92) (124)
Non-cash lease amortization (145) 229
Reserve for credit losses 1,358 295
Unrealized performance allocations 12,410 61,670
Unrealized accrued performance allocations compensation 1,090 3,178
Change in deferred income taxes 822 (22)
Changes in operating assets and liabilities:    
Receivable from affiliates 20,356 (2,238)
Prepaid and other assets (1,840) (13,622)
Accounts payable and accrued expenses (4,055) 3,422
Accrued payroll and benefits (33,168) (11,694)
Other liabilities (1,087) (2,351)
Insurance loss and self-insurance reserves 9,173 2,238
Accrued performance allocations compensation 0 (2,037)
Net cash (used in) provided by operating activities (8,948) 25,089
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (2,355) (6,743)
Proceeds from sale of investments 0 17,206
Distributions from investments 890 0
Sale of marketable securities 2 3
Issuance of notes receivable (9,905) (116,402)
Proceeds from collections on notes receivable 3,455 119,762
Purchase of tenant improvements, furniture and equipment (38) (113)
Net cash (used in) provided by investing activities (7,951) 13,713
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 0 4,995
Distributions to non-controlling interests (18,643) (16,844)
Repayments of General Partner Notes Payable (235) 0
Dividends paid on Class A common stock (4,889) (2,582)
Proceeds from revolving line of credit 27,500 123,000
Payments on revolving line of credit (13,000) (141,500)
Payments of deferred financing costs 0 (821)
Net cash used in financing activities (9,267) (33,752)
Net (decrease) increase in cash, cash equivalents, and restricted cash (26,166) 5,050
Cash, cash equivalents and restricted cash - beginning of period 102,431 67,260
Cash, cash equivalents and restricted cash - end of period 76,265 72,310
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 140 305
Cash paid for interest 11,574 12,318
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 23 649
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 593 2,761
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 65,134 61,966
Restricted cash 11,131 10,344
Cash, cash equivalents, and restricted cash $ 76,265 $ 72,310