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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net income (loss) $ 102,977 $ 80,793
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense, intangible asset and other amortization 51,017 48,143
Stock-based compensation 20,072 19,267
Amortization of deferred commissions 1,261 3,653
Payments of deferred commissions (1,105) (1,789)
Equity in earnings of equity method investments 810 (527)
Distributions from equity method investments 1,789 2,239
Right of use asset 0 3,222
Sales (purchases) of investments, net (24,881) (8,396)
Change in fair value of contingent consideration (6,800) 2,900
Deferred taxes, net 2,735 (5,500)
Changes in operating assets and liabilities:    
Accounts receivable, net and other assets 3,441 32,940
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (38,966) (76,639)
Operating activities of consolidated investment products ("CIP"):    
Net cash provided by (used in) operating activities 229,840 154,850
Cash Flows from Investing Activities:    
Capital expenditures (6,438) (5,495)
Acquisition of businesses, net of cash acquired of $4,395 and $8,443 for the nine months ended September 30, 2023 and 2022, respectively (108,999) (19,944)
Purchase of equity method investment (11,645) 0
Net cash provided by (used in) investing activities (127,349) (25,747)
Cash Flows from Financing Activities:    
Borrowings on credit agreement 50,000 0
Repayments on credit agreement (32,063) (12,062)
Common stock dividends paid (38,385) (35,244)
Repurchase of common shares (25,000) (80,000)
Payment of contingent consideration (27,179) (33,036)
Taxes paid related to net share settlement of restricted stock units (13,436) (16,450)
Affiliate equity sales (purchases) (20,784) (11,089)
Net contributions from (distributions to) noncontrolling interests 5,967 (1,091)
Net cash provided by (used in) financing activities (285,769) (318,968)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (68) (650)
Net increase (decrease) in cash, cash equivalents and restricted cash (183,346) (190,515)
Cash, cash equivalents and restricted cash, beginning of period 589,179 586,145
Cash, cash equivalents and restricted cash, end of period 405,833 395,630
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 (7,170) (338)
Common stock dividends payable 13,788 12,014
Reconciliation of cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at end of period 405,833 395,630
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 (2,459) 16,056
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net (2,459) 16,056
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 195,403  
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 (1,769) 41,312
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net (1,769) 41,312
Purchases of investments by CIP (905,184) (601,749)
Sales of investments by CIP 1,028,251 595,451
Net proceeds (purchases) of short-term investments and securities sold short by CIP (168) (655)
Change in other assets and liabilities of CIP (1,181) 4,129
Cash Flows from Investing Activities:    
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net (267) (308)
Cash Flows from Financing Activities:    
Payments on borrowings by CIP (317,362) (129,996)
Borrowings by CIP 132,473 $ 0
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 209,747  
Cash pledged or on deposit of CIP $ 683