v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 176,787 $ 151,517
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 7,256 7,927
Amortization 18,354 10,710
Equity in earnings of unconsolidated affiliates (32,476) (28,747)
Partner distributions received from unconsolidated affiliates 35,210 34,860
Stock-based compensation 14,496 14,138
Provision for losses on receivables (157) 420
Deferred income tax benefit (2,093) (4,142)
Net loss (gain) from investments 369 (493)
Change in other long-term liabilities (59) 508
Change in other assets (12,620) (1,213)
Contract costs capitalized, net of amortization (3,248) (2,291)
Contingent consideration fair value adjustments 0 (1,351)
Other (2,475) 33
Change in current assets and liabilities:    
Receivables from investment products 8,191 4,658
Receivables (413) (43,091)
Other current assets (6,416) (2,674)
Advances due from unconsolidated affiliate 64,840 54,513
Accounts payable 1,279 (1,913)
Accrued liabilities (53,714) (48,966)
Deferred revenue 5,053 2,077
Consolidated variable interest entities related:    
Net gain from investments (2,079) 0
Total adjustments 44,789 (5,037)
Net cash provided by operating activities 221,576 146,480
Cash flows from investing activities:    
Additions to property and equipment (6,409) (8,666)
Additions to capitalized software (5,546) (7,362)
Purchases of marketable securities (39,043) (50,113)
Prepayments and maturities of marketable securities 37,179 30,949
Purchases of interest in limited partnerships 0 (566)
Proceeds from fixed asset dispositions 0 1,165
Other investing activities 1,593 (3,757)
Net cash provided by (used in) investing activities (12,226) (38,350)
Cash flows from financing activities:    
Purchase and retirement of common stock (214,751) (203,723)
Proceeds from issuance of common stock 39,552 24,494
Payment of dividends (63,672) (62,319)
Net cash used in financing activities (238,376) (241,548)
Effect of exchange rate changes on cash and cash equivalents (1,328) 4,212
Net change in cash and cash equivalents and cash and cash equivalents held at consolidated variable interest entities (30,354) (129,206)
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period 399,804  
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period 363,149  
Non-cash investing activities:    
Application of previously funded acquisition deposits toward purchase consideration 48,804 0
Consolidated VIEs    
Consolidated variable interest entities related:    
Change from investment security transactions 4,522 0
Net gain from investments (2,079) 0
Change in other assets and liabilities 969 0
Cash flows from financing activities:    
Non-controlling interest capital raised, net 495 0
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, beginning of period 470,595 840,193
Cash, cash equivalents and cash and cash equivalents held at consolidated variable interest entities, end of period $ 440,241 $ 710,987