XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income before noncontrolling interests $ 223,499 $ 115,350
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,248 3,262
Deferred income taxes 19,945 15,878
Noncash lease expense (945) (885)
(Gain) loss on disposal of property and equipment 0 (4)
Amortization of debt issuance costs 236 236
Share-based compensation 20,354 18,684
Net investment (gain) loss of consolidated investment products (15,244) 47
Purchase of investments by consolidated investment products (143,799) (67,156)
Proceeds from sale of investments by consolidated investment products 73,923 72,073
Change in assets and liabilities resulting in an increase (decrease) in cash:    
Accounts receivable (21,766) (12,238)
Prepaid expenses and other assets (643) (754)
Accounts payable and accrued expenses 97,681 71,902
Net change in operating assets and liabilities of consolidated investment products 7,346 (13,672)
Net cash provided by operating activities 259,507 203,938
Cash flows from investing activities    
Acquisition of property and equipment (1,343) (942)
Leasehold improvements (2,722) (218)
Proceeds from sale of investment securities 12,813 19,365
Purchase of investment securities (33,820) (1,260)
Net cash provided by (used in) investing activities (25,072) 16,945
Cash flows from financing activities    
Partnership distributions (42,260) (39,322)
Dividends paid (138,081) (109,692)
Payment under the tax receivable agreements (23,836) (20,318)
Net proceeds from issuance of common stock 46,928 63,027
Payment of costs directly associated with the issuance of Class A common stock (239) (220)
Purchase of equity and subsidiary equity (46,928) (63,027)
Taxes paid related to employee net share settlement (7,866) (4,530)
Capital contributions to consolidated investment products, net 55,042 5,228
Net cash used in financing activities (157,240) (168,854)
Net increase (decrease) in cash, cash equivalents, and restricted cash 77,195 52,029
Net cash impact of deconsolidation of CIPs 34,823 0
Cash, cash equivalents and restricted cash    
Beginning of period 199,450 144,255
End of period 241,822 196,284
Cash, cash equivalents and restricted cash as of the end of the period    
Restricted cash 629 629
Cash, cash equivalents and restricted cash 241,822 196,284
Noncash activity:    
Establishment of deferred tax assets 21,572 45,629
Establishment of amounts payable under tax receivable agreements 17,733 37,110
Increase in investment securities due to deconsolidation of CIPs 20,900 1,469
Operating lease assets obtained in exchange for operating lease liabilities 2,434 0
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Adjustments to reconcile net income to net cash provided by operating activities:    
Net investment (gain) loss on nonconsolidated seed investment securities (4,328) 1,215
Consolidated Entity, Excluding VIE    
Adjustments to reconcile net income to net cash provided by operating activities:    
Net investment (gain) loss on nonconsolidated seed investment securities (4,131) 1,083
Cash, cash equivalents and restricted cash as of the end of the period    
Cash and cash equivalents 228,738 190,855
Variable Interest Entity, Primary Beneficiary    
Adjustments to reconcile net income to net cash provided by operating activities:    
Net investment (gain) loss on nonconsolidated seed investment securities (15,244) 47
Cash, cash equivalents and restricted cash as of the end of the period    
Cash and cash equivalents $ 12,455 $ 4,800