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Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net income (loss) $ 152,453 $ 141,476 $ 106,628
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation expense, intangible asset and other amortization 69,002 70,046 68,557
Stock-based compensation 32,841 26,825 24,042
Equity in earnings of equity method investments (2,713) 198 (187)
Distributions from equity method investments 5,387 2,327 2,244
Change in fair value of contingent consideration (5,608) (5,510) 8,020
Deferred taxes, net 7,120 1,394 (1,960)
Lease termination (1,318) 0 3,222
Changes in operating assets and liabilities:      
Sales (purchases) of investments, net 26,114 (16) (9,309)
Accounts receivable, net and other assets 8,834 5,388 35,483
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (23,166) 3,863 (47,379)
Operating activities of consolidated investment products ("CIP"):      
Net cash provided by (used in) operating activities 1,755 237,157 132,670
Cash Flows from Investing Activities:      
Capital expenditures and other asset purchases (5,579) (8,821) (6,582)
Purchase of equity method investment 0 (11,645) 0
Acquisition of business, net of cash acquired of $4,395 and $8,443 for the years ended December 31, 2023 and 2022, respectively 0 (108,999) (20,577)
Net cash provided by (used in) investing activities (16,951) (129,732) (27,467)
Cash Flows from Financing Activities:      
Borrowings on credit agreement 0 50,000 0
Repayments on credit agreement (22,750) (52,750) (12,750)
Payment of contingent consideration (24,234) (27,179) (33,036)
Repurchase of common shares (44,868) (45,000) (90,000)
Common stock dividends paid (58,123) (52,047) (47,254)
Taxes paid related to net share settlement of restricted stock units (11,681) (13,774) (16,830)
Affiliate equity sales (purchases) (29,015) (20,784) (11,089)
Net contributions from (distributions to) noncontrolling interests 32,822 6,080 (5,527)
Net cash provided by (used in) financing activities 74,947 (356,113) (102,057)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (456) 523 (112)
Net increase (decrease) in cash and cash equivalents 59,295 (248,165) 3,034
Cash, cash equivalents and restricted cash, beginning of year 341,014 589,179 586,145
Cash, cash equivalents and restricted cash, end of year 400,309 341,014 589,179
Supplemental Disclosure of Cash Flow Information      
Interest paid 20,260 22,307 11,134
Income taxes paid, net 56,379 31,160 74,313
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Common stock dividends payable 15,676 13,467 11,850
Contingent consideration 0 0 1,200
Reconciliation of cash, cash equivalents and restricted cash      
Cash, cash equivalents and restricted cash at end of year 400,309 341,014 589,179
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 (2,795) (6,132) 13,105
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments, net (2,795) (6,132) 13,105
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 265,888 239,602  
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 5,279 (4,664) 36,054
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments, net 5,279 (4,664) 36,054
Purchases of investments by CIP (1,468,615) (1,264,708) (939,017)
Sales of investments by CIP 1,196,438 1,263,580 820,497
Net proceeds (purchases) of short-term investments and securities sold short by CIP 49 (261) (13)
Change in other assets and liabilities of CIP (2,073) 1,666 6,813
Amortization of discount on notes payable of CIP 4,526 1,685 5,870
Cash Flows from Investing Activities:      
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net (11,372) (267) (308)
Cash Flows from Financing Activities:      
Borrowings by CIP 1,016,232 269,260 306,296
Payments on borrowings by CIP (783,436) (469,919) (191,867)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (31,255) (7,170) $ (338)
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 133,694 100,732  
Cash pledged or on deposit of consolidated investment products $ 727 $ 680