XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities:    
Net income (loss) $ 128,311 $ 17,215
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense, intangible asset and other amortization 23,196 21,557
Stock-based compensation 15,844 10,113
Amortization of deferred commissions 1,462 1,038
Payments of deferred commissions (3,241) (974)
Equity in earnings of equity method investments (2,561) 93
(Gain) loss on extinguishment of debt 0 (705)
Distributions from equity method investments 1,908 726
Sales (purchases) of investments, net (3,395) 4,703
Deferred taxes, net (1,518) 5,014
Changes in operating assets and liabilities:    
Accounts receivable, net and other assets (43,203) (2,032)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (12,651) (52,788)
Operating activities of consolidated investment products ("CIP"):    
Net cash provided by (used in) operating activities 239,180 (449,712)
Cash Flows from Investing Activities:    
Capital expenditures and other asset purchases (4,336) (475)
Net cash provided by (used in) investing activities (5,527) 9,249
Cash Flows from Financing Activities:    
Payment of long term debt (11,826) (44,059)
Common stock dividends paid (13,748) (11,320)
Preferred stock dividends paid 0 (2,084)
Repurchases of common shares (12,499) (17,500)
Stock options exercised 66 114
Taxes paid related to net share settlement of restricted stock units (19,280) (5,569)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests (6,636) (3,951)
Net cash provided by (used in) financing activities (167,645) 370,577
Net increase (decrease) in cash, cash equivalents and restricted cash 66,008 (69,886)
Cash, cash equivalents and restricted cash, beginning of period 339,849 321,939
Cash, cash equivalents and restricted cash, end of period 405,857 252,053
Non-Cash Investing Activities:    
Change in accrual for capital expenditures (47) (21)
Contingent consideration 137,664 0
Non-Cash Financing Activities:    
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (8,001) 17,137
Common stock dividends payable 6,277 5,169
Conversion of preferred stock to common stock 0 115,000
Reconciliation of cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at end of period 405,857 252,053
Consolidated entity excluding consolidated investment products    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Realized and unrealized (gains) losses on investments, net (3,381) 431
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 275,439  
Consolidated Investment Products    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Realized and unrealized (gains) losses on investments, net (1,961) 11,603
Operating activities of consolidated investment products ("CIP"):    
Purchases of investments by CIP (664,837) (920,392)
Sales of investments by CIP 790,575 442,859
Net proceeds (purchases) of short term investments by CIP 15,191 68
(Purchases) sales of securities sold short by CIP, net (88) 250
Change in other assets of CIP (126) (1,790)
Change in liabilities of CIP (345) 2,130
Amortization of discount on notes payable of CIP 0 11,169
Cash Flows from Investing Activities:    
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net (1,191) 9,724
Cash Flows from Financing Activities:    
Payments on borrowings by CIP (103,722) (326,201)
Borrowings by CIP 0 $ 781,147
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 129,816  
Cash pledged or on deposit of CIP $ 602