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Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net income (loss) $ 141,476 $ 106,628 $ 262,835
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation expense, intangible asset and other amortization 68,437 64,215 50,769
Stock-based compensation 26,825 24,042 26,225
Amortization of deferred commissions 1,609 4,342 3,956
Payments of deferred commissions (1,434) (2,065) (5,963)
Equity in earnings of equity method investments 198 (187) (4,403)
Distributions from equity method investments 2,327 2,244 3,710
Change in fair value of contingent consideration (5,510) 8,020 12,400
Deferred taxes, net 1,394 (1,960) (9,664)
Right of use asset 0 3,222 0
Changes in operating assets and liabilities:      
Sales (purchases) of investments, net (16) (9,309) (7,952)
Accounts receivable, net and other assets 6,822 37,548 (30,057)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities 3,863 (47,379) 72,628
Operating activities of consolidated investment products ("CIP"):      
Net cash provided by (used in) operating activities 237,157 132,670 665,729
Cash Flows from Investing Activities:      
Capital expenditures and other asset purchases (8,821) (6,582) (5,838)
Purchase of equity method investment (11,645) 0 0
Acquisition of business, net of cash acquired of $4,395 and $8,443 and $1,197 for the years ended December 31, 2023, 2022 and 2021, respectively (108,999) (20,577) (155,636)
Net cash provided by (used in) investing activities (129,732) (27,467) (175,033)
Cash Flows from Financing Activities:      
Borrowings and refinancing of credit agreement 50,000 0 81,155
Repayments on credit agreement (52,750) (12,750) (12,513)
Payment of deferred financing costs 0 0 (7,039)
Payment of contingent consideration (27,179) (33,036) 0
Repurchase of common shares (45,000) (90,000) (57,499)
Common stock dividends paid (52,047) (47,254) (31,411)
Taxes paid related to net share settlement of restricted stock units (13,774) (16,830) (19,443)
Affiliate equity sales (purchases) (20,784) (11,089) 0
Net contributions from (distributions to) noncontrolling interests 6,080 (5,527) (3,270)
Net cash provided by (used in) financing activities (356,113) (102,057) (244,400)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 523 (112) 0
Net increase (decrease) in cash and cash equivalents (248,165) 3,034 246,296
Cash, cash equivalents and restricted cash, beginning of year 589,179 586,145 339,849
Cash, cash equivalents and restricted cash, end of year 341,014 589,179 586,145
Supplemental Disclosure of Cash Flow Information      
Interest paid 22,307 11,134 6,478
Income taxes paid, net 31,160 74,313 95,411
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Common stock dividends payable 13,467 11,850 11,261
Contingent consideration 0 1,200 150,164
Reconciliation of cash, cash equivalents and restricted cash      
Cash, cash equivalents and restricted cash at end of year 341,014 589,179 586,145
Consolidated Entity excluding Consolidated Investment Products      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized and unrealized (gains) losses on investments, net (6,132) 13,105 (2,721)
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments of CIP, net 6,132 (13,105) 2,721
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 239,602 338,234  
Consolidated Investment Products      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized and unrealized (gains) losses on investments, net (4,664) 36,054 (4,264)
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments of CIP, net 4,664 (36,054) 4,264
Purchases of investments by CIP (1,264,708) (939,017) (1,176,936)
Sales of investments by CIP 1,263,580 820,497 1,454,591
Net proceeds (purchases) of short-term investments and securities sold short by CIP (261) (13) 16,272
Change in other assets and liabilities of CIP 1,666 6,813 (856)
Amortization of discount on notes payable of CIP 1,685 5,870 5,159
Cash Flows from Investing Activities:      
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net (267) (308) (13,559)
Cash Flows from Financing Activities:      
Borrowings by CIP 269,260 306,296 363,539
Payments on borrowings by CIP (469,919) (191,867) (557,919)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (7,170) (338) $ (30,550)
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 100,732 250,301  
Cash pledged or on deposit of consolidated investment products $ 680 $ 644