XML 22 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income (loss) $ 120,217 $ 32,555 $ 70,225
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Bad debt expense 1,213 1,450 1,564
Depreciation and amortization 2,635 2,268 2,296
(Income) loss from equity method investments (4,476) 2,185 (3,681)
Equity-based compensation 46,131 119,756 49,359
Deferred tax provision 796 (753) 261
Other 540 3,235 2,763
Changes in assets and liabilities:      
Accounts receivable (7,993) 4,604 5,805
Other receivables (5,448) 371 1,175
Prepaid expenses and other assets (5,166) 1,990 (7,403)
Deferred compensation (3,420) (2,456) 2,811
Compensation payable (10,618) 33,601 (16,728)
Accounts payable and accrued expenses 1,751 11,103 238
Deferred revenue 1,855 (1,682) 4,179
Dividends received 4,415   2,375
Other liabilities (130) 684 2,418
Net cash provided by (used in) operating activities 142,302 208,911 117,657
Cash flows from investing activities      
Purchase of investments (157,981) (130,994) (145,230)
Proceeds from sales of investments 160,001 157,235 218,142
Return of capital from equity method investments 254    
Investment in equity method investments   (4,445)  
Note payments received from employees   831 383
Notes issued to employees   (119)  
Purchase of equipment and leasehold improvements (3,996) (3,888) (1,623)
Change in restricted cash (18) (81) (4)
Net cash provided by (used in) investing activities (1,740) 18,539 71,668
Cash flows from financing activities      
Dividends and distributions (80,909) (123,223) (40,130)
Purchase of treasury stock (7,616)    
Payments under tax receivable agreement (1,587)    
Excess tax benefits from equity-based compensation 462    
Class A partnership units and other equity purchased (90)    
Pre-offering distribution to partners   (195,017)  
IPO related proceeds (net of $10,316 of offering costs)   163,682  
Dividend distributions to Parent for partners     (35,389)
Distributions of IPO proceeds to partners   (139,429)  
Other cash contributions from (distributions to) Parent   (34,730) 2,016
Cash proceeds from issuance of Class B common stock   500  
Other   (938)  
Net cash provided by (used in) financing activities (89,740) (329,155) (73,503)
Effect of exchange rate fluctuations on cash and cash equivalents (744) (3,375) 1,579
Net increase (decrease) in cash and cash equivalents 50,078 (105,080) 117,401
Cash and cash equivalents, beginning of period 197,944 303,024 185,623
Cash and cash equivalents, end of period 248,022 197,944 303,024
Cash paid during the period for:      
Income taxes 26,000 5,649 1,422
Other non-cash activity      
Class A Partnership Units or other equity converted into Class A Common Stock 4,726    
Dividend equivalents issued 4,130    
Forfeiture of fully-vested Group LP units 1,075    
Non-cash settlement of accounts receivable $ 635   2,828
Initial establishment of deferred tax assets, net of amounts payable under tax receivable agreement   10,854  
Increase in deferred tax assets resulting from Secondary Offering, net of amounts payable under tax receivable agreement   20,711  
Capitalized offering costs paid in prior or subsequent period   1,575  
Tax benefit related to settlement of appreciation units   4,308  
Establishment of deferred tax asset related to reorganization   3,261  
Increase in deferred tax asset related to IPO   1,302  
Other non-cash distributions   $ 1,560  
Non-cash contribution from Parent     $ 757