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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net income (loss) $ 63,889 $ 64,823
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense, intangible asset and other amortization 36,533 34,476
Stock-based compensation 16,020 12,404
Equity in earnings of equity method investments (1,436) 1,151
Distributions from equity method investments 2,341 1,080
Change in fair value of contingent consideration (3,300) (6,800)
Lease termination (1,334) 0
Deferred taxes, net 653 (103)
Changes in operating assets and liabilities:    
Sales (purchases) of investments, net 6,851 3,757
Accounts receivable, net and other assets 10,255 4,828
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (101,798) (71,676)
Operating activities of consolidated investment products ("CIP"):    
Net cash provided by (used in) operating activities 35,427 102,088
Cash Flows from Investing Activities:    
Capital expenditures (3,251) (2,548)
Acquisition of businesses, net of cash acquired of $4,395 for the six months ended June 30, 2023 0 (108,999)
Purchase of equity method investment 0 (11,645)
Net cash provided by (used in) investing activities (3,800) (123,244)
Cash Flows from Financing Activities:    
Borrowings on credit agreement 0 50,000
Repayments on credit agreement (6,375) (11,375)
Common stock dividends paid (28,597) (26,367)
Repurchase of common shares (17,499) (10,000)
Payment of contingent consideration (24,234) (27,179)
Taxes paid related to net share settlement of restricted stock units (10,444) (13,222)
Affiliate equity sales (purchases) (419) 0
Net contributions from (distributions to) noncontrolling interests 18,156 2,459
Net cash provided by (used in) financing activities (21,844) (210,727)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (100) 383
Net increase (decrease) in cash, cash equivalents and restricted cash 9,683 (231,500)
Cash, cash equivalents and restricted cash, beginning of period 341,014 589,179
Cash, cash equivalents and restricted cash, end of period 350,697 357,679
Non-Cash Financing Activities:    
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (10,199) (3,447)
Common stock dividends payable 13,561 12,056
Reconciliation of cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at end of period 350,697 357,679
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 (1,838) (4,379)
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net (1,838) (4,379)
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 183,001  
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 7,231 (775)
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net 7,231 (775)
Purchases of investments by CIP (629,549) (556,365)
Sales of investments by CIP 635,658 610,917
Net proceeds (purchases) of short-term investments and securities sold short by CIP 207 (271)
Change in other assets and liabilities of CIP (6,843) 9,021
Amortization of discount on notes payable of CIP 1,887 0
Cash Flows from Investing Activities:    
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net (549) (52)
Cash Flows from Financing Activities:    
Payments on borrowings by CIP (690,496) (175,043)
Borrowings by CIP 738,064 $ 0
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 166,738  
Cash pledged or on deposit of CIP $ 958