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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income (loss) $ 53,844 $ 107,111
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Bad debt expense 2,203 1,208
Depreciation and amortization 2,445 2,155
(Income) loss from equity method investments (1,432) (3,114)
Equity-based compensation 67,132 58,335
Deferred tax provision (3,011) 8,568
Other (3,373) 3,688
Changes in assets and liabilities:    
Accounts receivable 9,365 (8,475)
Accrued and other receivables 7,815 (54,549)
Prepaid expenses and other assets (1,077) 933
Deferred compensation (509) (1,160)
Compensation payable (180,065) (32,227)
Accounts payable and accrued expenses (13,359) (12,012)
Deferred revenue 4,369 (998)
Dividends received 2,848 2,737
Other liabilities 2,374 (2,205)
Net cash provided by (used in) operating activities (50,431) 69,995
Cash flows from investing activities    
Purchase of investments (9,245) (55,479)
Proceeds from sales of investments 89,859 92,310
Note payments received from employees   193
Purchase of equipment and leasehold improvements (4,587) (3,133)
Net cash provided by (used in) investing activities 76,027 33,891
Cash flows from financing activities    
Dividends and distributions (145,537) (167,145)
Proceeds from exercise of stock options 5,864 6,695
Treasury Stock Purchases (39,610) (24,172)
Class A partnership units and other equity purchased   (135)
Net cash provided by (used in) financing activities (179,283) (184,757)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash 958 401
Net increase (decrease) in cash, cash equivalents, and restricted cash (152,729) (80,470)
Cash, cash equivalents, and restricted cash, beginning of period 261,771 213,894
Cash, cash equivalents, and restricted cash, end of period 109,042 133,424
Cash paid during the period for:    
Income taxes 13,448 14,185
Other non-cash activity    
Dividend equivalents issued 23,998 24,767
Class A Partnership Units or other equity converted into Class A Common Stock 670 22,174
Cumulative Effect Adjustment upon Adoption of ASU 2014-09   3,155
Exercised stock option proceeds receivable   24
Forfeiture of fully-vested Group LP units or other equity units $ 2,271 $ 677