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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net income (loss) $ 108,542 $ 151,999
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Bad debt expense 2,254 415
Depreciation and amortization 3,729 3,290
Equity-based compensation 97,505 88,776
Deferred tax provision 10,262 6,333
Gain on partial sale of equity method investment (12,631)  
Other (4,228) 1,015
Changes in assets and liabilities:    
Accounts receivable (44,437) 1,526
Accrued and other receivables (4,408) (18,724)
Prepaid expenses and other assets (2,985) 636
Deferred compensation (89) (870)
Compensation payable (132,164) (2,768)
Accounts payable and accrued expenses (13,261) (1,247)
Deferred revenue (3,089) 1,640
Dividends received 2,848 2,737
Other liabilities 888 (2,168)
Net cash provided by (used in) operating activities 8,736 232,590
Cash flows from investing activities    
Purchase of investments (121,590) (148,027)
Proceeds from sales of investments 89,859 98,860
Note payments received from employees   366
Purchase of equipment and leasehold improvements (5,532) (4,888)
Proceeds from partial sale of equity method investment 28,264  
Net cash provided by (used in) investing activities (8,999) (53,689)
Cash flows from financing activities    
Dividends and distributions (178,122) (286,145)
Proceeds from exercise of stock options 7,866 6,781
Treasury stock purchases (42,073) (24,692)
Class A partnership units and other equity purchased   (293)
Net cash provided by (used in) financing activities (212,329) (304,349)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash 463 (778)
Net increase (decrease) in cash, cash equivalents, and restricted cash (212,129) (126,226)
Cash, cash equivalents, and restricted cash, beginning of period 261,771 213,894
Cash, cash equivalents, and restricted cash, end of period 49,642 87,668
Cash paid during the period for:    
Income taxes 13,731 15,850
Other non-cash activity    
Dividend equivalents issued 28,688 44,727
Class A Partnership Units or other equity converted into Class A Common Stock 712 39,987
Cumulative Effect Adjustment upon Adoption of ASU 2014-09   3,155
Forfeiture of fully-vested Group LP units or other equity units $ 2,397 $ 677