Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited)

v3.22.2
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 221,886 $ 123,960
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,520 1,480
Amortization of financing costs and debt discount and premium 303 278
Share-based compensation 13,818 15,465
Equity in income of investments (4,837) (5,725)
Changes in unrealized gain (loss) on General Partner notes payable 822 (415)
Amortization of lease liabilities (208) (135)
Unrealized performance allocations (135,978) (57,967)
Unrealized accrued performance allocations compensation 17,225 7,477
Change in deferred income taxes (63) 0
Changes in operating assets and liabilities:    
Receivable from affiliates 1,969 3,173
Prepaid and other assets 708 (384)
Accounts payable and accrued expenses 11,453 1,301
Accrued payroll and benefits 13,548 8,392
Other liabilities (694) (134)
Insurance loss and self-insurance reserves 465 204
Accrued performance allocations compensation 442 1,507
Net cash provided by operating activities 142,379 98,477
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (35,384) (2,717)
Proceeds from sale of investments 0 81
Distributions from investments 855 0
Issuance of notes receivable (242,905) (146,040)
Proceeds from collections on notes receivable 318,255 182,192
Purchase of tenant improvements, furniture and equipment (788) (321)
Deposits (661) 0
Cash paid for acquisition, net of cash acquired 15,089 0
Net cash provided by investing activities 25,605 33,195
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 201 745
Distributions to non-controlling interests (126,873) (171,896)
Repurchase of membership interests 0 (111)
Repayments of General Partner notes payable (460) (607)
Dividends paid on Class A common stock (13,531) 0
Proceeds from revolving line of credit 50,000 64,800
Payments on revolving line of credit (50,000) (64,800)
Payments of deferred financing costs (1,015) 0
Net cash used in financing activities (141,678) (171,869)
Net increase in cash, cash equivalents, and restricted cash 26,306 (40,197)
Cash, cash equivalents and restricted cash - beginning of period 83,872 107,354
Cash, cash equivalents and restricted cash - end of period 110,178 67,157
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 2,066 834
Cash paid for interest 3,118 3,019
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 18,808 0
Origination of short-term loan receivable for prepaid acquisitions 40,000 0
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 5,948 0
Issuance of Class A Units for acquisition 14,930 0
Non-controlling interest assumed in business combination 20,053 0
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 102,777 61,548
Restricted cash 7,401 5,609
Cash, cash equivalents, and restricted cash $ 110,178 $ 67,157