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v3.19.3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2019 | Sep. 30, 2018
Cash Flows from Operating Activities: |  |
Net income (loss) | $ 75,726 | $ 74,987
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |
Depreciation expense, intangible asset and other amortization | 29,766 | 23,147
Stock-based compensation | 16,384 | 16,914
Amortization of deferred commissions | 2,413 | 2,734
Payments of deferred commissions | (1,522) | (3,839)
Equity in earnings of equity method investments | (2,001) | (2,358)
Distributions received from equity method investments | 828 | 4,032
Sales (purchases) of investments, net | 8,784 | 5,571
Deferred taxes, net | 3,392 | 9,710
Changes in operating assets and liabilities: |  |
Accounts receivable, net and other assets | (3,057) | 10,368
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities | (24,211) | (39,560)
Operating activities of consolidated investment products (CIP): |  |
Net cash provided by (used in) operating activities | (103,015) | (101,689)
Cash Flows from Investing Activities: |  |
Capital expenditures and other asset purchases | (6,961) | (2,516)
Acquisition of businesses (cash paid of $129.5 million, less cash acquired of $2.5 million in 2018) | 0 | (126,995)
Sale of available-for-sale securities | 2,023 | 37,785
Purchases of available-for-sale securities | 0 | (20,188)
Net cash provided by (used in) investing activities | 13,470 | (111,914)
Cash Flows from Financing Activities: |  |
Issuance of debt | 0 | 105,000
Repayments on debt | (39,839) | (12,863)
Payment of deferred financing costs | 0 | (3,810)
Common stock dividends paid | (12,244) | (10,093)
Preferred stock dividends paid | (6,253) | (6,253)
Repurchases of common shares | (30,000) | (12,501)
Stock options exercised | 648 | 719
Taxes paid related to net share settlement of restricted stock units | (6,601) | (6,517)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests | 7,630 |
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests |  | (2,159)
Net cash provided by (used in) financing activities | 113,921 | 199,497
Net increase (decrease) in cash, cash equivalents and restricted cash | 24,376 | (14,106)
Cash, cash equivalents and restricted cash, beginning of period | 254,656 | 234,282
Cash, Cash Equivalents and Restricted Cash, End of Period | 279,032 | 220,176
Non-Cash Investing Activities: |  |
Change in accrual for capital expenditures | (1,784) | 1,906
Non-Cash Financing Activities: |  |
Increase (decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net | 22,046 | 0
Common stock dividends payable | 4,608 | 3,930
Preferred stock dividends payable | 2,085 | 2,085
Reconciliation of cash, cash equivalents and restricted cash |  |
Cash, cash equivalents and restricted cash at end of period | 254,656 | 234,282
Consolidated entity excluding consolidated investment products |  |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |
Realized and unrealized (gains) losses on investments, net | (4,636) | (752)
Consolidated Investment Products |  |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |
Realized and unrealized (gains) losses on investments, net | (3,063) | 2,108
Operating activities of consolidated investment products (CIP): |  |
Purchases of investments by CIP | (805,599) | (857,999)
Sales of investments by CIP | 588,678 | 655,335
Net purchases (sales) of short term investments by CIP | 2,294 | 111
Sales (purchases) of securities sold short by CIP, net | 1,241 | 0
Change in other assets of CIP | (184) | (609)
Change in liabilities of CIP | 7,247 | (1,589)
Amortization of discount on notes payable of CIP | 4,505 | 0
Cash Flows from Investing Activities: |  |
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net | 18,408 | 0
Cash Flows from Financing Activities: |  |
Payments on borrowings by CIP | 195,697 | 669,500
Borrowings by CIP | $ (396,277) | $ (817,474)

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- Definition Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585 + Details
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- Definition Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585 + Details
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- Definition The cash outflow for loan and debt issuance costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585 + Details
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- Definition Amount of cash outflow to satisfy grantee's tax withholding obligation for award under share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585 + Details
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- Definition Amount of cash outflow to acquire investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3213-108585 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3151-108585 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118954083&loc=d3e26853-111562 + Details
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- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3213-108585 + Details
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3213-108585 + Details
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- Definition Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585 + Details
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- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3255-108585 + Details
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