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v3.25.1

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2025 | Mar. 31, 2024
Cash Flows from Operating Activities: |  |
Net income (loss) | $ 28,052 | $ 37,867
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |
Depreciation expense, intangible asset and other amortization | 16,121 | 18,164
Stock-based compensation | 6,734 | 6,831
Equity in earnings of equity method investments | (980) | (498)
Deferred taxes, net | 1,440 | 1,086
Changes in operating assets and liabilities: |  |
Sales (purchases) of investments, net | 552 | 5,987
Accounts receivable, net and other assets | 10,917 | (341)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities | (121,449) | (120,631)
Operating activities of consolidated investment products ("CIP"): |  |
Net cash provided by (used in) operating activities | (3,787) | (34,528)
Cash Flows from Investing Activities: |  |
Capital expenditures | (2,984) | (1,923)
Net cash provided by (used in) investing activities | (2,984) | (2,460)
Cash Flows from Financing Activities: |  |
Repayments on credit agreement | (687) | (688)
Common stock dividends paid | (17,146) | (14,929)
Repurchase of common shares | (20,000) | (5,000)
Payment of contingent consideration | (23,140) | (24,234)
Taxes paid related to net share settlement of restricted stock units | (6,109) | (9,854)
Investment management subsidiary equity sales (purchases) | (1,053) | (419)
Net contributions from (distributions to) noncontrolling interests | 17,264 | 16,772
Net cash provided by (used in) financing activities | (174,461) | (56,146)
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 509 | (203)
Net increase (decrease) in cash, cash equivalents and restricted cash | (180,723) | (93,337)
Cash, cash equivalents and restricted cash, beginning of period | 400,309 | 341,014
Cash, cash equivalents and restricted cash, end of period | 219,586 | 247,677
Non-Cash Financing Activities: |  |
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net | (3,749) | (13,624)
Common stock dividends payable | 15,550 | 13,467
Reconciliation of cash, cash equivalents and restricted cash |  |
Cash, cash equivalents and restricted cash at end of period | 219,586 | 247,677
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 of CIP, net | 957 | (3,393)
Operating activities of consolidated investment products ("CIP"): |  |
Realized and unrealized (gains) losses on investments of CIP, net | 957 | (3,393)
Reconciliation of cash, cash equivalents and restricted cash |  |
Cash and cash equivalents | 135,380 |
Consolidated Investment Products |  |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |
Realized and unrealized (gains) losses on investments of CIP, net | 4,039 | (3,732)
Operating activities of consolidated investment products ("CIP"): |  |
Realized and unrealized (gains) losses on investments of CIP, net | 4,039 | (3,732)
Purchases of investments by CIP | (327,705) | (304,516)
Sales of investments by CIP | 375,074 | 323,720
Net proceeds (purchases) of short-term investments and securities sold short by CIP | (72) | 206
Change in other assets and liabilities of CIP | 2,533 | 4,722
Cash Flows from Investing Activities: |  |
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net | 0 | (537)
Cash Flows from Financing Activities: |  |
Payments on borrowings by CIP | (123,590) | $ (17,794)
Reconciliation of cash, cash equivalents and restricted cash |  |
Cash and cash equivalents | 83,474 |
Cash pledged or on deposit of CIP | $ 732 |

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