XML 25 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income before noncontrolling interests $ 444,524 $ 308,503 $ 241,457
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 6,933 6,625 6,233
Deferred income taxes 38,382 27,990 7,356
Asset impairment 0 871 2,107
Noncash lease expense (1,931) (1,499) 1,533
Net investment (gain) loss on nonconsolidated investment securities (2,315) (160) (5,101)
Net (gain) loss on the tax receivable agreements (358) 4,674 19,557
(Gain) loss on disposal of property and equipment 4 5 275
Amortization of debt issuance costs 421 422 463
Share-based compensation 39,649 37,027 43,095
Net investment (gain) loss of consolidated investment products (19,748) (26,147) (10,084)
Purchase of investments by consolidated investment products (252,399) (191,274) (123,366)
Proceeds from sale of investments by consolidated investment products 196,620 137,561 75,468
Change in assets and liabilities resulting in an increase (decrease) in cash:      
Accounts receivable (15,962) (18,020) (14,178)
Prepaid expenses and other assets (3,164) (6,110) 1,031
Accounts payable and accrued expenses (1,301) 1,622 6,881
Net change in operating assets and liabilities of consolidated investment products (30,804) 36,587 40,066
Net cash provided by operating activities 398,551 318,677 292,793
Cash flows from investing activities      
Acquisition of property and equipment (2,435) (2,049) (3,498)
Payments For Leasehold Improvements 3,532 1,050 14,286
Proceeds from sale of investment securities 12,813 24,001 288
Purchase of investment securities (33,820) (2,150) (10)
Net cash provided by (used in) investing activities (26,974) 18,752 (17,506)
Cash flows from financing activities      
Partnership distributions 93,189 85,805 94,842
Dividends paid (274,740) (203,006) (188,178)
Payment of debt issuance costs 0 0 (366)
Proceeds from issuance of notes payable 0 0 50,000
Principal payments on notes payable 0 0 (50,000)
Tax Receivable Agreement Payments 31,250 26,943 24,998
Net proceeds from issuance of common stock 46,928 63,027 0
Payment of costs directly associated with the issuance of Class A common stock (244) (227) 0
Payments for Repurchase of Other Equity (46,928) (63,027) 0
Taxes paid related to employee net share settlement (9,246) (4,530) (2,078)
Capital contributions to consolidated investment products, net 73,236 38,277 3,895
Net cash used in financing activities (335,433) (282,234) (306,567)
Net increase (decrease) in cash, cash equivalents and restricted cash 36,144 55,195 (31,280)
Net cash impact of deconsolidation of CIPs (34,823) 0 0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance 199,450 144,255 175,535
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 200,771 199,450 144,255
Cash, cash equivalents and restricted cash      
Restricted cash 629 629 629
Noncash activity:      
Establishment of deferred tax assets 54,214 77,756 35,999
Establishment of amounts payable under tax receivable agreements 44,209 64,087 30,967
Increase in investment securities due to deconsolidation of consolidated investment products 20,900 1,469 946
Operating lease assets obtained in exchange for operating leases 20,830 3,425 4,162
Cash paid for:      
Interest on borrowings 10,210 10,255 10,649
Income tax 70,337 35,484 18,593
Consolidated Entity, Excluding VIE      
Cash, cash equivalents and restricted cash      
Cash and cash equivalents 189,226 154,987 134,621
Variable Interest Entity, Primary Beneficiary      
Cash, cash equivalents and restricted cash      
Cash and cash equivalents $ 10,916 $ 43,834 $ 9,005