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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:    
Net income (loss) $ 64,823 $ 53,378
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense, intangible asset and other amortization 33,576 32,223
Stock-based compensation 12,404 14,119
Amortization of deferred commissions 900 2,700
Payments of deferred commissions (722) (1,962)
Equity in earnings of equity method investments 1,151 (977)
Distributions from equity method investments 1,080 2,102
Sales (purchases) of investments, net 3,757 (9,952)
Change in fair value of contingent consideration (6,800) 2,900
Deferred taxes, net (103) (2,271)
Changes in operating assets and liabilities:    
Accounts receivable, net and other assets 5,550 31,069
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (71,676) (110,581)
Operating activities of consolidated investment products ("CIP"):    
Net cash provided by (used in) operating activities 102,088 37,611
Cash Flows from Investing Activities:    
Capital expenditures (2,548) (4,361)
Acquisition of businesses, net of cash acquired of $4,395 and $8,443 for the six months ended June 30, 2023 and 2022, respectively (108,999) (19,773)
Purchase of equity method investment (11,645) 0
Net cash provided by (used in) investing activities (123,244) (24,442)
Cash Flows from Financing Activities:    
Borrowings on credit agreement 50,000 0
Repayments on credit agreement (11,375) (11,375)
Common stock dividends paid (26,367) (24,190)
Repurchase of common shares (10,000) (70,000)
Payment of contingent consideration (27,179) (33,036)
Taxes paid related to net share settlement of restricted stock units (13,222) (15,284)
Net contributions from (distributions to) noncontrolling interests 2,459 (3,598)
Net cash provided by (used in) financing activities (210,727) (240,177)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 383 (306)
Net increase (decrease) in cash, cash equivalents and restricted cash (231,500) (227,314)
Cash, cash equivalents and restricted cash, beginning of period 589,179 586,145
Cash, cash equivalents and restricted cash, end of period 357,679 358,831
Non-Cash Investing Activities:    
Contingent consideration 0 1,200
Non-Cash Financing Activities:    
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (3,447) (338)
Common stock dividends payable 12,056 11,229
Reconciliation of cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at end of period 357,679 358,831
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 (4,379) 13,562
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net (4,379) 13,562
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 201,462  
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 (775) 33,715
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net (775) 33,715
Purchases of investments by CIP (556,365) (441,042)
Sales of investments by CIP 610,917 417,706
Net proceeds (purchases) of short-term investments and securities sold short by CIP (271) (45)
Change in other assets and liabilities of CIP 9,021 967
Cash Flows from Investing Activities:    
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net (52) (308)
Cash Flows from Financing Activities:    
Payments on borrowings by CIP (175,043) $ (82,694)
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 155,529  
Cash pledged or on deposit of CIP $ 688