Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
| Cash flows from operating activities |
|
|
|
| Net income |
$ 92,491
|
$ 63,704
|
$ 25,826
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Provision for deferred income taxes |
(745)
|
4,116
|
11,191
|
| Depreciation and amortization |
23,873
|
23,277
|
29,910
|
| Amortization of deferred financing fees and accretion expense |
3,892
|
2,875
|
6,606
|
| Share-based and deferred compensation |
22,124
|
17,346
|
17,179
|
| Change in fair value of contingent consideration obligations |
19,886
|
(37)
|
(294)
|
| Loss on other receivable |
|
998
|
4,429
|
| Unrealized (appreciation) depreciation on investments |
(1,887)
|
2,872
|
(620)
|
| Net (gain) loss on equity method investment |
(2,683)
|
730
|
427
|
| Loss on debt extinguishment |
9,860
|
6,058
|
330
|
| Changes in operating assets and liabilities: |
|
|
|
| Investment management fees receivable |
(10,988)
|
4,284
|
1,333
|
| Fund administration and distribution fees receivable |
(11,380)
|
772
|
679
|
| Other receivables |
322
|
5,640
|
21,456
|
| Prepaid expenses |
(2,141)
|
(215)
|
(1,231)
|
| Other assets |
(836)
|
57
|
79
|
| Accounts payable |
(336)
|
278
|
(3,550)
|
| Accrued compensation and benefits |
18,700
|
931
|
(10,607)
|
| Accrued expenses |
64,597
|
261
|
(5,701)
|
| Deferred compensation plan liability |
(236)
|
(48)
|
(181)
|
| Other liabilities |
2,871
|
446
|
(1,092)
|
| Net cash provided by operating activities |
227,384
|
134,345
|
96,169
|
| Cash flows from investing activities |
|
|
|
| Purchases of property and equipment |
(5,239)
|
(2,546)
|
(5,105)
|
| Disposal of property and equipment due to restructuring |
|
|
3,006
|
| Purchases of trading securities |
(6,594)
|
(7,704)
|
(9,567)
|
| Proceeds from sales of trading securities |
2,749
|
2,772
|
5,166
|
| Purchases of available-for-sale securities |
(182)
|
(71)
|
(111)
|
| Proceeds from sales of available-for-sale securities |
158
|
|
79
|
| Proceeds from (investments in) equity method investment |
10,572
|
(4,000)
|
(2,000)
|
| Acquisition of business |
(851,276)
|
|
|
| Net cash used in investing activities |
(849,812)
|
(11,549)
|
(8,532)
|
| Cash flows from financing activities |
|
|
|
| Issuance of common stock, net of costs |
|
|
3,193
|
| Repurchase of common stock |
(15,535)
|
(8,178)
|
(4,654)
|
| Payments of taxes related to net share settlement of equity awards |
(7,659)
|
(510)
|
|
| Issuance of Class A common stock under 2018 ESPP |
|
26
|
|
| Payment of equity awards modified to liabilities |
|
|
(1,836)
|
| Excess tax benefits on share-based compensation |
|
|
261
|
| Proceeds from long-term senior debt |
1,088,503
|
359,100
|
125,000
|
| Repayment of draw on line of credit |
|
|
(3,500)
|
| Payment of debt financing fees |
(19,820)
|
(2,508)
|
(1,733)
|
| Repayment of long-term senior debt |
(428,000)
|
(579,750)
|
(63,877)
|
| Repayment of promissory note |
(96)
|
(575)
|
(575)
|
| Payment of dividends |
(7,436)
|
(831)
|
(135,171)
|
| Payment of consideration for acquisition |
(6,017)
|
(4,447)
|
(8,381)
|
| Net cash provided by (used in) financing activities |
608,016
|
(84,161)
|
(91,273)
|
| Effect of changes of foreign exchange rate on cash and cash equivalents |
42
|
(65)
|
116
|
| Net (decrease) increase in cash and cash equivalents |
(14,370)
|
38,570
|
(3,520)
|
| Cash and cash equivalents, beginning of period |
51,491
|
12,921
|
16,441
|
| Cash and cash equivalents, end of period |
37,121
|
51,491
|
12,921
|
| Supplemental cash flow information |
|
|
|
| Cash paid for interest |
23,454
|
17,530
|
41,489
|
| Cash paid for income taxes |
24,634
|
17,993
|
$ 758
|
| Class A |
|
|
|
| Cash flows from financing activities |
|
|
|
| Issuance of common stock, net of costs |
62
|
156,549
|
|
| Payment of Class A common stock deferred offering costs |
|
(4,287)
|
|
| Class B |
|
|
|
| Cash flows from financing activities |
|
|
|
| Issuance of common stock, net of costs |
$ 4,014
|
1,250
|
|
| Payment of Class A common stock deferred offering costs |
|
$ (4,300)
|
|