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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net income (loss) $ 112,993 $ 102,977
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense, intangible asset and other amortization 52,851 52,278
Stock-based compensation 24,259 20,072
Equity in earnings of equity method investments (2,097) 810
Distributions from equity method investments 3,227 1,789
Change in fair value of contingent consideration (7,300) (6,800)
Lease termination (1,318) 0
Deferred taxes, net 2,226 2,735
Changes in operating assets and liabilities:    
Sales (purchases) of investments, net (16,322) (24,881)
Accounts receivable, net and other assets 9,994 2,336
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (60,793) (38,966)
Operating activities of consolidated investment products ("CIP"):    
Net cash provided by (used in) operating activities 104,562 229,840
Cash Flows from Investing Activities:    
Capital expenditures (3,658) (6,438)
Acquisition of businesses, net of cash acquired of $4,395 0 (108,999)
Purchase of equity method investment 0 (11,645)
Net cash provided by (used in) investing activities (4,816) (127,349)
Cash Flows from Financing Activities:    
Borrowings on credit agreement 0 50,000
Repayments on credit agreement (17,063) (32,063)
Common stock dividends paid (42,256) (38,385)
Repurchase of common shares (32,368) (25,000)
Payment of contingent consideration (24,234) (27,179)
Taxes paid related to net share settlement of restricted stock units (11,271) (13,436)
Affiliate equity sales (purchases) (29,014) (20,784)
Net contributions from (distributions to) noncontrolling interests 23,894 5,967
Net cash provided by (used in) financing activities (129,506) (285,769)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 659 (68)
Net increase (decrease) in cash, cash equivalents and restricted cash (29,101) (183,346)
Cash, cash equivalents and restricted cash, beginning of period 341,014 589,179
Cash, cash equivalents and restricted cash, end of period 311,913 405,833
Non-Cash Financing Activities:    
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (26,276) (7,170)
Common stock dividends payable 15,950 13,788
Reconciliation of cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at end of period 311,913 405,833
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 of CIP, net (6,417) (2,459)
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net (6,417) (2,459)
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 195,533  
Consolidated Investment Products    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Realized and unrealized (gains) losses on investments of CIP, net 10,073 (1,769)
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net 10,073 (1,769)
Purchases of investments by CIP (924,052) (905,184)
Sales of investments by CIP 907,925 1,028,251
Net proceeds (purchases) of short-term investments and securities sold short by CIP (353) (168)
Change in other assets and liabilities of CIP (2,221) (1,181)
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 (1,158) (267)
Cash Flows from Financing Activities:    
Payments on borrowings by CIP (735,258) (317,362)
Borrowings by CIP 738,064 $ 132,473
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 114,956  
Cash pledged or on deposit of CIP $ 1,424