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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 51,646 $ (21,052)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Bad debt expense (benefit) 1,634 720
Depreciation and amortization 7,611 6,023
Equity-based compensation 122,738 125,194
Deferred tax provision (benefit) 6,821 (3,652)
Other (9,437) (10,967)
Changes in assets and liabilities:    
Accounts receivable (7,561) 21,753
Accrued and other receivables (11,179) (12,563)
Prepaid expenses and other assets (2,825) 1,355
Deferred compensation (8,342) (7,115)
Compensation payable (45,911) (57,405)
Accounts payable, accrued expenses and other liabilities (5,635) 17,308
Deferred revenue 9,477 (3,556)
Dividends received 3,107 3,092
Net cash provided by (used in) operating activities 112,144 59,135
Cash flows from investing activities    
Purchases of investments (169,457) (149,173)
Proceeds from sales of investments 182,284 224,591
Notes issued to employees (6,580) 0
Proceeds from partial sale of equity method investment 16,957 0
Purchases of equipment and leasehold improvements (9,781) (11,414)
Net cash provided by (used in) investing activities 13,423 64,004
Cash flows from financing activities    
Payments for dividends and tax distributions (138,290) (137,481)
Payments for treasury stock purchases (9,751) (45,519)
Payments under tax receivable agreement (20,103) 0
Other Proceeds 0 (15)
Net cash provided by (used in) financing activities (168,144) (183,015)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash 1,427 555
Net increase (decrease) in cash, cash equivalents, and restricted cash (41,150) (59,321)
Cash, cash equivalents, and restricted cash, beginning of period 187,215 207,539
Cash, cash equivalents, and restricted cash, end of period 146,065 148,218
Cash paid (received) during the period for:    
Income taxes, net 2,283 2,317
Other non-cash activity    
Class A Partnership Units or other equity converted into Class A Common Stock 1,804 308
Dividends in kind 14,491 16,684
Non-cash settlement of accounts receivable 261 0
Forfeiture of fully-vested Group LP units or other equity units $ 164 $ 82