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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating activities    
Net earnings $ 92,132 $ 91,571
Depreciation and amortization 52,992 44,924
Deferred income tax 19,723 9,998
Earnings from equity method investments (923) (894)
Stock option expense 4,425 3,279
Allowance for uncollectible accounts 4,695 4,783
Amortization of advisor loans 14,353 8,020
Other 9,828 (308)
Net changes from operating assets / liabilities    
Accounts receivable (40,045) (16,737)
Unbilled revenues (1,824) (16,479)
Prepaid expenses and other current assets (2,888) 3,010
Accounts payable 9,238 6,228
Accrued liabilities 49,865 16,508
Income tax payable (985) 419
Unearned revenues 6,654 (945)
Other liabilities 2,097 3,476
Contingent acquisition consideration paid (6,487) (591)
Net cash provided by operating activities 212,850 156,262
Investing activities    
Acquisitions of businesses, net of cash acquired (note 3) (58,674) (82,073)
Purchases of fixed assets (39,472) (25,046)
Advisor loans issued (38,266) (26,059)
Other investing activities (4,835) (511)
Net cash used in investing activities (141,247) (133,689)
Financing activities    
Increase in long-term debt 314,925 218,056
Repayment of long-term debt (336,514) (201,103)
Purchases of subsidiary shares from NCI (40,915) (14,074)
Sale of interests in subsidiaries to non-controlling interests 3,937 800
Contingent acquisition consideration paid (4,700) (1,427)
Proceeds received on exercise of stock options 5,640 2,859
Dividends paid to common shareholders (3,875) (3,471)
Distributions paid to non-controlling interests (20,797) (16,495)
Financing fees paid (1,634)
Net cash used in financing activities (83,933) (14,855)
Effect of exchange rate changes on cash 7,705 (10,720)
Decrease in cash and cash equivalents (4,625) (3,002)
Cash and cash equivalents, beginning of year 113,148 116,150
Cash and cash equivalents, end of year $ 108,523 $ 113,148