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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating activities    
Net earnings $ 128,574 $ 94,074
Depreciation and amortization 78,730 52,992
Deferred income tax 6,137 18,330
Earnings from equity method investments (1,321) (923)
Stock option expense 6,394 4,425
Allowance for uncollectible accounts receivable 6,925 4,695
Amortization of advisor loans 17,107 14,353
Other 11,586 9,828
Net changes from operating assets / liabilities    
Accounts receivable (54,229) (38,050)
Contract assets 3,869 (17,202)
Prepaid expenses and other assets (8,952) (2,888)
Accounts payable and accrued expenses 14,180 16,075
Accrued compensation 36,850 57,935
Income tax payable 6,761 (985)
Contract liabilities 6,481 4,581
Other liabilities 2,761 2,097
Contingent acquisition consideration paid (4,365) (6,487)
Net cash provided by operating activities 257,488 212,850
Investing activities    
Acquisitions of businesses, net of cash acquired (note 3) (586,242) (58,674)
Disposition of business, net of cash disposed (note 3) 17,286
Purchases of fixed assets (35,579) (39,472)
Advisor loans issued (23,680) (38,266)
Other investing activities 81 (4,835)
Net cash used in investing activities (628,134) (141,247)
Financing activities    
Increase in long-term debt 985,755 314,925
Repayment of long-term debt (800,032) (336,514)
Issuance of senior notes 244,938
Purchases of subsidiary shares from non-controlling interests (3,720) (40,915)
Sale of interests in subsidiaries to non-controlling interests 2,389 3,937
Contingent acquisition consideration paid (15,503) (4,700)
Proceeds received on exercise of stock options 7,420 5,640
Dividends paid to common shareholders (3,906) (3,875)
Distributions paid to non-controlling interests (18,871) (20,797)
Financing fees paid (3,242) (1,634)
Net cash provided by (used in) financing activities 395,228 (83,933)
Effect of exchange rate changes on cash (6,073) 7,705
Increase (decrease) in cash and cash equivalents 18,509 (4,625)
Cash and cash equivalents, beginning of year 108,523 113,148
Cash and cash equivalents, end of year $ 127,032 $ 108,523