v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net Income $ 89,253 $ 74,163
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities    
Equity-Based Compensation Expense 85,132 88,803
Depreciation and Amortization Expense 3,946 3,212
Amortization of Operating Lease Right-of-Use Assets 4,731 4,330
Provision (Benefit) for Credit Losses 170 1,605
Other (2,692) (210)
Cash Flows Due to Changes in Operating Assets and Liabilities    
Accounts Receivable 53,912 (16,644)
Other Assets 45,545 (8,361)
Accrued Compensation and Benefits (208,892) (228,542)
Accounts Payable, Accrued Expenses and Other Liabilities (11,751) 362
Taxes Payable (997) (1,586)
Deferred Revenue 5,894 6,929
Net Cash Provided by (Used in) Operating Activities 64,251 (75,939)
Investing Activities    
Purchases of Investments (59,360) (12,514)
Proceeds from Sales and Maturities of Investments 26,943 42,526
Purchases of Furniture, Equipment and Leasehold Improvements (8,256) (1,982)
Net Cash Provided by (Used in) Investing Activities (40,673) 28,030
Financing Activities    
Dividends (6,527) (6,259)
Employee Taxes Paid for Shares Withheld (46,955) (53,890)
Cash-Settled Exchanges of Partnership Units (135,994) (57,310)
Treasury Stock Purchases (61,281) (127,138)
Payments Pursuant to Tax Receivable Agreement 0 (409)
Net Cash Provided by (Used in) Financing Activities (250,757) (245,006)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (2,903) 3,309
Net Increase (Decrease) in Cash and Cash Equivalents (230,082) (289,606)
Cash and Cash Equivalents, Beginning of Period 538,858 483,877
Cash and Cash Equivalents, End of Period 308,776 194,271
Supplemental Disclosure of Cash Flows Information    
Payments for Income Taxes, Net of Refunds Received $ 4,106 $ 4,688