XML 34 R10.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Net income (loss) $ 106,628 $ 262,835 $ 119,963
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation expense, intangible asset and other amortization 64,215 50,769 38,853
Stock-based compensation 24,042 26,225 21,481
Amortization of deferred commissions 4,342 3,956 2,052
Payments of deferred commissions (2,065) (5,963) (2,089)
Equity in earnings of equity method investments (187) (4,403) (1,964)
Distributions from equity method investments 2,244 3,710 1,192
Sales (purchases) of investments, net (9,309) (7,952) 12,296
(Gain) loss on extinguishment of debt 0 0 (705)
Change in fair value of contingent consideration 8,020 12,400 0
Deferred taxes, net (1,960) (9,664) 6,332
Right of use asset 3,222 0 0
Changes in operating assets and liabilities:      
Accounts receivable, net and other assets 37,548 (30,057) (9,698)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (47,379) 72,628 13,743
Operating activities of consolidated investment products ("CIP"):      
Net cash provided by (used in) operating activities 132,670 665,729 (226,103)
Cash Flows from Investing Activities:      
Capital expenditures and other asset purchases (6,582) (5,838) (1,043)
Acquisition of business, net of cash acquired of $8,443 and $1,197 for the years ended December 31, 2022 and 2021, respectively (20,577) (155,636) 0
Net cash provided by (used in) investing activities (27,467) (175,033) 8,681
Cash Flows from Financing Activities:      
Refinancing of credit agreement 0 81,155 0
Payment of long-term debt (12,750) (12,513) (79,086)
Payment of contingent consideration (33,036) 0 0
Payment of deferred financing costs 0 (7,039) 0
Repurchase of common shares (90,000) (57,499) (32,500)
Preferred stock dividends paid 0 0 (2,084)
Common stock dividends paid (47,254) (31,411) (22,800)
Taxes paid related to net share settlement of restricted stock units (16,830) (19,443) (6,445)
Affiliate equity sales (purchases) (11,089) 0 0
Net contributions from (distributions to) noncontrolling interests (5,527) (3,270) (7,263)
Net cash provided by (used in) financing activities (102,057) (244,400) 235,332
Effect of exchange rate changes on cash, cash equivalents and restricted cash (112) 0 0
Net increase (decrease) in cash and cash equivalents 3,034 246,296 17,910
Cash, cash equivalents and restricted cash, beginning of year 586,145 339,849 321,939
Cash, cash equivalents and restricted cash, end of year 589,179 586,145 339,849
Supplemental Disclosure of Cash Flow Information      
Interest paid 11,134 6,478 8,857
Income taxes paid, net 74,313 95,411 35,388
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Conversion of preferred stock to common stock 0 0 115,000
Common stock dividends payable 11,850 11,261 6,218
Contingent consideration 1,200 150,164 0
Reconciliation of cash, cash equivalents and restricted cash      
Cash, cash equivalents and restricted cash at end of year 589,179 586,145 339,849
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 13,105 (2,721) (7,128)
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments of CIP, net (13,105) 2,721 7,128
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 338,234 378,921  
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 36,054 (4,264) (5,889)
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments of CIP, net (36,054) 4,264 5,889
Purchases of investments by CIP (939,017) (1,176,936) (1,304,723)
Sales of investments by CIP 820,497 1,454,591 883,888
Net proceeds (purchases) of short-term investments and securities sold short by CIP (13) 16,272 (934)
Change in other assets and liabilities of CIP 6,813 (856) (3,942)
Amortization of discount on notes payable of CIP 5,870 5,159 11,169
Cash Flows from Investing Activities:      
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net (308) (13,559) 9,724
Cash Flows from Financing Activities:      
Borrowings by CIP 306,296 363,539 779,982
Payments on borrowings by CIP (191,867) (557,919) (394,472)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (338) (30,550) $ 17,137
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 250,301 206,620  
Cash pledged or on deposit of consolidated investment products $ 644 $ 604