XML 159 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 788,619 $ 775,457 $ 1,153,734
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred sales commissions 36,817 34,762 34,364
Non-cash long-term incentive compensation expense 180,451 199,390 216,425
Depreciation and other amortization 92,113 66,617 44,985
Non-cash lease expense 101,761 99,861 98,773
(Gain) loss on assets held for sale (800) 7,400 0
Change is estimate of contingent payment arrangements 14,050 0 0
Other, net (4,641) 14,604 22,580
Changes in assets and liabilities:      
Decrease (increase) in securities, segregated 654,751 (18,474) 249,521
Decrease (increase) in receivables 629,204 35,410 (360,789)
(Increase) in deferred sales commissions (71,941) (12,113) (45,197)
(Decrease) increase in payables (1,451,280) 110,112 214,139
(Decrease) increase in accounts payable and accrued expenses (6,992) (8,424) 35,877
(Decrease) increase in accrued compensation and benefits (22,848) (150,285) 50,545
Cash payments to relieve operating lease liabilities (107,738) (109,182) (114,769)
Net cash provided by operating activities 872,292 1,121,231 1,298,782
Cash flows from investing activities:      
Purchases of furniture, equipment and leasehold improvements (33,627) (62,308) (61,931)
Acquisition of businesses, net of cash acquired 0 40,282 (3,793)
Net cash used in investing activities (33,627) (22,026) (65,724)
Cash flows from financing activities:      
Proceeds from debt, net 164,316 235,000 80,000
(Decrease) increase in overdrafts payable 0 (25,411) 16,192
Distributions to General Partner and Unitholders (839,271) (1,069,820) (1,059,892)
Capital contributions (to) from affiliates (2,164) 1,590 (2,346)
Additional investments by AB Holding with proceeds from exercise of compensatory options to buy AB Holding Units 0 178 3,402
Purchases of AB Holding Units to fund long-term incentive compensation plan awards, net (144,086) (210,568) (261,825)
Payment of acquisition-related debt obligation 0 (42,661) 0
Other, net (4,870) (2,131) (2,186)
Net cash used in financing activities (1,009,320) (1,109,980) (912,956)
Effect of exchange rate changes on cash and cash equivalents 22,527 (56,234) (17,982)
Net (decrease) increase in cash and cash equivalents (148,128) (67,009) 302,120
Cash and cash equivalents as of beginning of the period 1,309,017 1,376,026 1,073,906
Cash and cash equivalents as of end of the period 1,160,889 1,309,017 1,376,026
Cash paid:      
Interest paid 155,335 78,434 5,263
Income taxes paid 57,261 55,473 55,656
Non-cash investing activities:      
Fair value of assets acquired (excluding cash acquired of zero, $40.8 million and $2.8 million, for 2023, 2022 and 2021, respectively) 0 1,085,141 13,235
Fair value of deferred tax asset recorded 0 5,072 0
Fair value of liabilities assumed 0 296,750 1,642
Fair value of non-redeemable non-controlling interest recorded 0 13,191 0
Non-cash financing activities:      
Payables recorded under contingent payment arrangements 0 231,385 7,800
Equity consideration issued in connection with acquisition 0 589,169 0
Excluding company-sponsored investment funds      
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized (gains) losses on investments (7,810) 40,857 4,454
Changes in assets and liabilities:      
(Increase) in investments (10,656) (10,331) (27,000)
(Increase) in other assets (36,263) (5,487) (6,578)
Company-sponsored investment funds      
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized (gains) losses on investments (48,350) 73,194 1,882
Changes in assets and liabilities:      
(Increase) in investments 167,712 23,295 (312,325)
(Increase) in other assets (23,867) (45,432) 38,161
Cash flows from financing activities:      
(Redemptions) subscriptions of non-controlling interests of consolidated company-sponsored investment funds, net $ (183,245) $ 3,843 $ 313,699