Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
| Revenue |
|
|
|
|
| Total revenue |
$ 214,980
|
$ 108,082
|
$ 393,819
|
$ 317,445
|
| Expenses |
|
|
|
|
| Personnel compensation and benefits |
55,556
|
38,027
|
125,599
|
111,970
|
| Distribution and other asset-based expenses |
57,202
|
24,269
|
89,151
|
73,557
|
| General and administrative |
17,654
|
6,951
|
31,828
|
23,095
|
| Depreciation and amortization |
7,768
|
5,574
|
18,253
|
17,917
|
| Change in value of consideration payable for acquisition of business |
|
|
(14)
|
(4)
|
| Acquisition-related costs |
16,386
|
1,451
|
21,950
|
1,446
|
| Restructuring and integration costs |
4,841
|
|
6,629
|
702
|
| Total operating expenses |
159,407
|
76,272
|
293,396
|
228,683
|
| Income from operations |
55,573
|
31,810
|
100,423
|
88,762
|
| Other income (expense) |
|
|
|
|
| Interest income and other income/(expense) |
2,742
|
(200)
|
5,231
|
(229)
|
| Interest expense and other financing costs |
(16,856)
|
(4,458)
|
(26,000)
|
(16,256)
|
| Loss on debt extinguishment |
(7,409)
|
|
(7,409)
|
(6,058)
|
| Total other income (expense), net |
(21,523)
|
(4,658)
|
(28,178)
|
(22,543)
|
| Income before income taxes |
34,050
|
27,152
|
72,245
|
66,219
|
| Income tax expense |
(8,058)
|
(6,562)
|
(17,343)
|
(16,430)
|
| Net income |
$ 25,992
|
$ 20,590
|
$ 54,902
|
$ 49,789
|
| Earnings per share of common stock |
|
|
|
|
| Earnings per share—basic |
$ 0.38
|
$ 0.30
|
$ 0.81
|
$ 0.76
|
| Earnings per share—diluted |
$ 0.35
|
$ 0.29
|
$ 0.75
|
$ 0.71
|
| Weighted average number of shares outstanding |
|
|
|
|
| Weighted average shares outstanding—basic |
67,724
|
67,972
|
67,610
|
65,817
|
| Weighted average shares outstanding—diluted |
73,671
|
71,864
|
73,300
|
70,168
|
| Dividends declared per share of common stock |
$ 0.05
|
|
$ 0.05
|
|
| Investment management fees |
|
|
|
|
| Revenue |
|
|
|
|
| Total revenue |
$ 155,406
|
$ 92,525
|
$ 307,859
|
$ 270,653
|
| Fund administration and distribution fees |
|
|
|
|
| Revenue |
|
|
|
|
| Total revenue |
$ 59,574
|
$ 15,557
|
$ 85,960
|
$ 46,792
|