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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities    
Net Income $ 153,790 $ 93,124
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration 7,120 (14,708)
Equity Method Investments 87 22
Equity-Based and Other Deferred Compensation 148,425 139,337
Noncash Lease Expense 12,209 9,928
Depreciation, Amortization and Accretion, net 2,565 1,911
Bad Debt Expense 2,590 (567)
Deferred Taxes 791 (47)
Decrease (Increase) in Operating Assets:    
Investment Securities 6,443 12,346
Accounts Receivable (47,143) 39,573
Receivable from Employees and Related Parties (4,160) (4,070)
Other Assets (51,284) 53,051
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (752,903) (628,439)
Accounts Payable and Accrued Expenses 9,308 3,507
Payables to Employees and Related Parties 35,727 20,389
Taxes Payable (2,764) (2,807)
Other Liabilities (70,454) (3,771)
Net Cash Provided by (Used in) Operating Activities (549,653) (281,221)
Cash Flows From Investing Activities    
Distributions of Private Equity Investments 1,215 0
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities 1,043,959 1,272,891
Purchases of Investment Securities (395,187) (701,428)
Maturity of Certificates of Deposit 49,434 54,462
Purchase of Certificates of Deposit 0 (48,317)
Purchase of Furniture, Equipment and Leasehold Improvements (19,660) (1,105)
Net Cash Provided by Investing Activities 679,761 576,503
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 231 0
Distributions to Noncontrolling Interests (8,365) (9,438)
Payments Under Tax Receivable Agreement (597) (607)
Purchase of Treasury Stock and Noncontrolling Interests (405,674) (265,322)
Dividends (46,452) (43,236)
Net Cash Provided by (Used in) Financing Activities (460,857) (318,603)
Effect of Exchange Rate Changes on Cash 11,382 (3,767)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (319,367) (27,088)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 882,107 605,484
Cash, Cash Equivalents and Restricted Cash – End of Period 562,740 578,396
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 1,790 1,790
Payments for Income Taxes 27,107 15,305
Accrued Dividends $ 3,763 $ 4,028