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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income (loss) $ 21,082 $ 53,844
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Bad debt expense 1,576 2,203
Depreciation and amortization 2,275 2,445
Equity-based compensation 67,634 67,132
Deferred tax and income tax receivable provision (16,266) (3,011)
Other 5,819 (4,805)
Changes in assets and liabilities:    
Accounts receivable (2,733) 9,365
Accrued and other receivables (151) 7,815
Prepaid expenses and other assets (378) (1,077)
Deferred compensation (1,878) (509)
Compensation payable (77,887) (180,065)
Accounts payable, accrued expenses and other liabilities 166 (10,985)
Deferred revenue 1,644 4,369
Dividends received 1,942 2,848
Net cash provided by (used in) operating activities 2,845 (50,431)
Cash flows from investing activities    
Purchase of investments (129,934) (9,245)
Proceeds from sales of investments 202,478 89,859
Notes issued to employees (200)  
Purchase of equipment and leasehold improvements (21,658) (4,587)
Net cash provided by (used in) investing activities 50,686 76,027
Cash flows from financing activities    
Dividends and distributions (105,770) (145,537)
Proceeds from exercise of stock options 11,923 5,864
Treasury stock purchases (32,402) (39,610)
Net cash provided by (used in) financing activities (126,249) (179,283)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash (2,183) 958
Net increase (decrease) in cash, cash equivalents, and restricted cash (74,901) (152,729)
Cash, cash equivalents, and restricted cash, beginning of period 168,572 261,771
Cash, cash equivalents, and restricted cash, end of period 93,671 109,042
Cash paid during the period for:    
Income taxes 1,628 13,448
Other non-cash activity    
Cumulative effect adjustment upon adoption of ASU 2016-13 364  
Dividend equivalents issued 14,621 23,998
Class A Partnership Units or other equity converted into Class A Common Stock 5,725 670
Forfeiture of fully-vested Group LP units or other equity units $ 96 $ 2,271