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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 213,157 $ 275,511 $ 278,389
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for deferred income taxes 21,539 35,654 19,488
Depreciation and amortization 41,647 43,201 18,840
Deferred financing costs, accretion expense and derivative gains/losses 1,454 4,477 3,430
Share-based and deferred compensation 21,543 17,718 26,498
Change in fair value of contingent consideration obligations 23,236 (40,600) 13,800
Unrealized (appreciation) depreciation on investments (1,868) 4,650 (3,557)
Noncash lease expense 0 212 0
Loss on equity method investment 0 825 331
Loss on debt extinguishment 0 2,648 4,596
Loss on disposal of property and equipment due to restructuring 0 485 0
Changes in operating assets and liabilities:      
Investment management fees receivable (3,541) 12,287 (8,000)
Fund administration and distribution fees receivable 141 2,744 (104)
Other receivables (266) 4,815 (1,624)
Prepaid expenses 316 (1,789) (305)
Other assets 47,540 (3,342) 402
Accounts payable and accrued expenses 5,666 (10,229) 19,442
Accrued compensation and benefits (2,880) 4,428 5,148
Deferred compensation plan liability (523) (3,913) (633)
Other liabilities (434) (871) 55
Payment of consideration for acquisition (36,436) (13,700) 0
Net cash provided by operating activities 330,291 335,211 376,196
Cash flows from investing activities      
Purchases of property and equipment (5,169) (5,245) (12,674)
Purchases of deferred compensation plan investments (13,805) (24,082) (14,375)
Sales of deferred compensation plan investments 11,147 23,714 9,662
Purchases of proprietary funds (46) (119) (176)
Sales of proprietary funds 32 295 215
Acquisition of business and assets, net of cash acquired 0 (880) (539,240)
Net cash used in investing activities (7,841) (6,317) (556,588)
Cash flows from financing activities      
Issuance of common stock 6,288 14,111 8,375
Repurchase of common stock (139,299) (101,178) (31,533)
Payments of taxes related to net share settlement of equity awards (18,694) (31,067) (26,694)
Proceeds from long-term senior debt, net 0 0 502,475
Payment of debt financing fees 0 0 (8,747)
Repayment and repurchases of long-term senior debt 0 (149,052) (142,000)
Payment of dividends (85,427) (69,200) (37,159)
Payment of consideration for acquisition 0 (23,800) (37,500)
Net cash provided by (used in) financing activities (237,132) (360,186) 227,217
Effect of changes of foreign exchange rate on cash and cash equivalents 58 (70) (36)
Net increase (decrease) in cash and cash equivalents 85,376 (31,362) 46,789
Cash and cash equivalents, beginning of period 38,171 69,533 22,744
Cash and cash equivalents, end of period 123,547 38,171 69,533
Supplemental cash flow information      
Cash paid for interest 70,685 31,981 18,768
Cash paid for income taxes $ 38,690 $ 35,725 $ 55,153