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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities    
Net Income $ 260,729 $ 174,857
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration (7,723) (20,757)
Equity Method Investments 189 176
Equity-Based and Other Deferred Compensation 329,365 288,412
Noncash Lease Expense 25,062 19,886
Depreciation, Amortization and Accretion, net 3,610 1,079
Bad Debt Expense 3,530 971
Deferred Taxes (6,671) (606)
Decrease (Increase) in Operating Assets:    
Investment Securities 10,185 16,214
Accounts Receivable (57,397) 8,475
Receivable from Employees and Related Parties (100) 72
Other Assets (57,867) 19,923
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (565,247) (475,693)
Accounts Payable and Accrued Expenses 6,621 8,973
Payables to Employees and Related Parties 37,003 21,489
Taxes Payable (2,568) (3,193)
Other Liabilities (90,637) 6,989
Net Cash Provided by (Used in) Operating Activities (111,916) 67,267
Cash Flows From Investing Activities    
Investments Purchased 1,000 0
Distributions of Private Equity Investments 1,270 0
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities 1,443,298 1,633,347
Purchases of Investment Securities (1,017,910) (1,179,299)
Maturity of Certificates of Deposit 66,422 54,462
Purchase of Certificates of Deposit (80,766) (115,814)
Purchase of Furniture, Equipment and Leasehold Improvements (45,706) (8,918)
Net Cash Provided by Investing Activities 365,608 383,778
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 1,331 85
Distributions to Noncontrolling Interests (13,309) (15,973)
Payments Under Tax Receivable Agreement (597) (607)
Purchase of Treasury Stock and Noncontrolling Interests (450,139) (320,347)
Dividends (79,091) (74,145)
Net Cash Provided by (Used in) Financing Activities (541,805) (410,987)
Effect of Exchange Rate Changes on Cash 33,255 (5,084)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (254,858) 34,974
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 882,107 605,484
Cash, Cash Equivalents and Restricted Cash – End of Period 627,249 640,458
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 8,130 8,096
Payments for Income Taxes 40,387 46,212
Accrued Dividends $ 7,672 $ 8,030