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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income (loss) $ 16,177 $ 53,981
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Bad debt expense 1,288 671
Depreciation and amortization 1,155 1,055
(Income) loss from equity method investments (713) (888)
Equity-based compensation 38,886 32,244
Deferred tax provision 10,638 7,302
Other 297 2,603
Changes in assets and liabilities:    
Accounts receivable 8,720 11,444
Accrued and other receivables 3,626 (7,435)
Prepaid expenses and other assets (183) 1,149
Deferred compensation (2,616) (2,726)
Compensation payable (186,519) (89,487)
Accounts payable and accrued expenses (19,126) (1,963)
Deferred revenue 3,071 (2,024)
Dividends received 2,848 2,737
Other liabilities 105 (1,260)
Net cash provided by (used in) operating activities (122,346) 7,403
Cash flows from investing activities    
Purchase of investments (9,245) (7,972)
Proceeds from sales of investments 80,559 75,310
Note payments received from employees   204
Purchase of equipment and leasehold improvements (2,172) (1,059)
Net cash provided by (used in) investing activities 69,142 66,483
Cash flows from financing activities    
Dividends and distributions (113,734) (137,029)
Proceeds from exercise of stock options 492 365
Treasury Stock Purchases (26,970) (20,789)
Class A partnership units and other equity purchased   (135)
Net cash provided by (used in) financing activities (140,212) (157,588)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash 1,126 1,396
Net increase (decrease) in cash, cash equivalents, and restricted cash (192,290) (82,306)
Cash, cash equivalents, and restricted cash, beginning of period 261,771 213,894
Cash, cash equivalents, and restricted cash, end of period 69,481 131,588
Cash paid during the period for:    
Income taxes 11,895 11,466
Other non-cash activity    
Dividend equivalents issued 19,484 20,379
Class A Partnership Units or other equity converted into Class A Common Stock 240 20,434
Dividend declared not paid $ 657  
Cumulative Effect Adjustment upon Adoption of ASU 2014-09   $ 3,155