| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Net income (loss) | ||||||
135,692 | 208,004 | 126,524 | 141,865 | 120,217 | 32,555 | 70,225 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||
Bad debt expense | ||||||
2,399 | 1,044 | 2,895 | -277 | 1,213 | 1,450 | 1,564 |
Depreciation and amortization | ||||||
4,965 | 4,625 | 3,544 | 3,183 | 2,635 | 2,268 | 2,296 |
(Income) loss from equity method investments | ||||||
- | - | - | 5,076 | 4,476 | -2,185 | 3,681 |
Equity-based compensation | ||||||
124,212 | 123,037 | 96,295 | 77,050 | 46,131 | 119,756 | 49,359 |
Deferred tax provision | ||||||
3,665 | 6,538 | 191,697 | -1,014 | 796 | -753 | 261 |
Gain on equity method investment | ||||||
20,714 | - | 41,652 | - | - | - | - |
Gain/(Loss) on remeasurement of amount due pursuant to tax receivable agreement | ||||||
- | - | 134,665 | - | - | - | - |
Other | ||||||
7,333 | 3,878 | 1,432 | -2,204 | -540 | -3,235 | -2,763 |
Changes in assets and liabilities: | ||||||
Accounts receivable | ||||||
-7,057 | -963 | 35,607 | -5,536 | 7,993 | -4,604 | -5,805 |
Accrued and other receivables | ||||||
-3,644 | 6,036 | -2,220 | -3,562 | 5,448 | -371 | -1,175 |
Prepaid expenses and other assets | ||||||
2,203 | 610 | 5,388 | -1,872 | 4,704 | -1,990 | 7,403 |
Deferred compensation | ||||||
2,924 | -22 | 61 | -167 | 3,420 | 2,456 | -2,811 |
Compensation payable | ||||||
-35,381 | 53,083 | 11,853 | 10,739 | -10,618 | 33,601 | -16,728 |
Accounts payable, accrued expenses and other liabilities | ||||||
-2,569 | -766 | 3,313 | -6,219 | 1,751 | 11,103 | 238 |
Deferred revenue | ||||||
-4,051 | 2,126 | 1,975 | -4,018 | 1,855 | -1,682 | 4,179 |
Dividends received | ||||||
2,848 | 2,737 | 11,672 | 1,416 | 4,415 | - | 2,375 |
Other liabilities | ||||||
- | - | - | 584 | -130 | 684 | 2,418 |
Net cash provided by (used in) operating activities | ||||||
209,307 | 390,889 | 233,183 | 231,574 | 142,764 | 208,911 | 117,657 |
Purchase of investments | ||||||
212,415 | 183,972 | 179,807 | 120,906 | 157,981 | 130,994 | 145,230 |
Proceeds from sales of investments | ||||||
120,102 | 199,810 | 115,640 | 126,000 | 160,001 | 157,235 | 218,142 |
Proceeds from partial sale of equity method investment | ||||||
46,907 | - | - | 11 | 254 | 4,445 | - |
Note payments received from employees | ||||||
- | 366 | 781 | - | - | 831 | 383 |
Notes issued to employees | ||||||
- | - | 400 | 852 | - | 119 | - |
Purchase of equipment and leasehold improvements | ||||||
6,467 | 6,920 | 5,647 | 2,870 | 3,996 | 3,888 | 1,623 |
Change in restricted cash | ||||||
- | - | - | - | 18 | 81 | 4 |
Net cash provided by (used in) investing activities | ||||||
-51,873 | 9,284 | -69,433 | 1,383 | -1,740 | 18,539 | 71,668 |
Dividends and distributions | ||||||
209,178 | 313,827 | 255,694 | 154,703 | 80,909 | 123,223 | 40,130 |
Payments under tax receivable agreement | ||||||
13,798 | 10,994 | 10,386 | - | 1,587 | - | - |
Proceeds from exercise of stock options | ||||||
21,459 | 6,846 | 6,055 | - | - | - | - |
Treasury stock purchases | ||||||
51,175 | 33,473 | 12,258 | 3,314 | - | - | - |
Payments to settle employee tax obligations on share-based awards | ||||||
- | - | - | - | 7,616 | - | - |
Class A partnership units and other equity purchased | ||||||
- | 293 | 229 | - | 90 | - | - |
Net cash provided by (used in) financing activities | ||||||
-252,692 | -351,741 | -272,512 | -158,017 | -90,202 | -329,155 | -73,503 |
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash | ||||||
2,059 | -555 | 3,071 | -4,196 | -744 | -3,375 | 1,579 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | ||||||
-93,199 | 47,877 | -105,691 | 70,744 | 50,078 | -105,080 | 117,401 |
Pre-offering distribution to partners | ||||||
- | - | - | - | - | 195,017 | - |
IPO related proceeds (net of $10,316 of offering costs) | ||||||
- | - | - | - | - | 163,682 | - |
Dividend distributions to Parent for partners | ||||||
- | - | - | - | - | - | 35,389 |
Distributions of IPO proceeds to partners | ||||||
- | - | - | - | - | 139,429 | - |
Other cash contributions from (distributions to) Parent | ||||||
- | - | - | - | - | -34,730 | 2,016 |
Cash proceeds from issuance of Class B common stock | ||||||
- | - | - | - | - | 500 | - |
Other | ||||||
- | - | - | - | - | -938 | - |
Supplemental cash flow disclosure: | ||||||
Cash paid during the period for: | ||||||
Income taxes | ||||||
13,405 | 23,491 | 31,837 | 28,613 | 26,000 | 5,649 | 1,422 |
Dividends paid, declared in the prior year | ||||||
- | - | 68,066 | - | - | - | - |
Other non-cash activity | ||||||
Dividend equivalents issued | ||||||
33,299 | 49,601 | 24,657 | 23,367 | 4,130 | - | - |
Class A Partnership Units or other equity converted into Class A Common Stock | ||||||
1,267 | 30,901 | 55,901 | 835 | 4,726 | - | - |
Dividend declared not paid | ||||||
- | - | - | 68,066 | - | - | - |
Cumulative Effect Adjustment upon Adoption of ASU 2014-09 | ||||||
- | 3,155 | 658 | - | - | - | - |
Non-cash settlement of accounts receivable | ||||||
- | - | - | - | 635 | - | 2,828 |
Forfeiture of fully-vested Group LP units or other equity units | ||||||
2,397 | 677 | 36 | 83 | 1,075 | - | - |
Initial establishment of deferred tax assets, net of amounts payable under tax receivable agreement | ||||||
- | - | - | - | - | 10,854 | - |
Increase in deferred tax assets resulting from follow-on offering, net of amounts payable under tax receivable agreement | ||||||
- | - | - | - | - | 20,711 | - |
Capitalized offering costs paid in prior or subsequent period | ||||||
- | - | - | - | - | 1,575 | - |
Tax benefit related to settlement of appreciation units | ||||||
- | - | - | - | - | 4,308 | - |
Establishment of deferred tax asset related to reorganization | ||||||
- | - | - | - | - | 3,261 | - |
Increase in deferred tax asset related to IPO | ||||||
- | - | - | - | - | 1,302 | - |
Other non-cash distributions | ||||||
- | - | - | - | - | 1,560 | - |
Non-cash contribution from Parent | ||||||
- | - | - | - | - | - | 757 |