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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 56,126 $ 44,681
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,764 1,378
Change in deferred income taxes (1,043) 7,960
Change in payable to related parties pursuant to tax receivable agreement 0 (539)
Equity-based compensation 1,897 2,341
Equity in loss (income) of investees 625 (20,049)
Fair value adjustment of other investments (4,344) (3,455)
Proceeds received from investments 3,343 3,381
Non-cash lease expense 1,374 3,522
Other 14 (849)
Changes in operating assets and liabilities:    
Fees receivable 6,887 155
Prepaid expenses 283 177
Due from related parties (1,908) 136
Other assets 1,128 (1,613)
Accounts payable 743 976
Accrued compensation and benefits 16,807 2,189
Lease liability (1,819) 771
Other liabilities (18,241) (10,917)
Consolidated variable interest entities related:    
Net cash provided by operating activities 60,952 32,389
Investing activities:    
Purchase of furniture, fixtures and equipment (1,707) (4,535)
Purchase of other investments (20,236) (298)
Cash paid for acquisition of business (1,500) (10,096)
Distribution from investment valued under the measurement alternative 0 12,739
Distributions received from investments 2,227 13,281
Contributions to investments (35,237) (15,522)
Net cash used in investing activities (56,453) (4,431)
Financing activities:    
Borrowings of debt 25,000 0
Repayments of debt (457) (469)
Draw-down on revolver 25,000 0
Repayment of revolver 0 (15,000)
Repurchase of Class A shares for employee tax withholding 0 (68)
Proceeds received from issuance of shares under Employee Share Purchase Plan 485 397
Dividends paid (12,947) (11,201)
Members’ distributions paid (30,485) (15,809)
Other 0 (74)
Consolidated variable interest entities related:    
Net cash provided by (used in) financing activities 6,496 (42,087)
Increase (decrease) in cash, cash equivalents, and restricted cash 10,995 (14,129)
Cash, cash equivalents, and restricted cash at beginning of the period 76,197 90,377
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at end of the period 87,192 76,248
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:    
Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities 87,192 76,248
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 83,052 73,124
Restricted cash 3,996 3,048
Primary Beneficiary    
Adjustments to reconcile net income to net cash provided by operating activities:    
Fair value adjustment of other investments (1,966) 2,244
Consolidated variable interest entities related:    
Change in warrant liability measured at fair value (1,966) 2,244
Equity in income of investees (732) (229)
Other assets and liabilities 14 129
Consolidated variable interest entities related:    
Contributions from non-controlling interest in general partnerships 133 232
Distributions to non-controlling interest in general partnerships (233) (95)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 144 $ 76
Restricted cash $ 276,083