v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities    
Net Income $ 429,221 $ 260,729
Adjustments to Reconcile Net Income to Net Cash Provided by (Used In) Operating Activities:    
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration (11,160) (7,723)
Equity Method Investments 99 189
Equity-Based and Other Deferred Compensation 415,371 329,365
Noncash Lease Expense 27,059 25,062
Depreciation, Amortization and Accretion, net 19,942 3,610
Bad Debt Expense 3,033 3,530
Deferred Taxes (12,390) (6,671)
Decrease (Increase) in Operating Assets:    
Investment Securities 5,734 10,185
Accounts Receivable (18,373) (57,397)
Receivable from Employees and Related Parties (5,337) (100)
Other Assets 68,860 (57,867)
(Decrease) Increase in Operating Liabilities:    
Accrued Compensation and Benefits (518,675) (565,247)
Accounts Payable and Accrued Expenses (1,578) 6,621
Payables to Employees and Related Parties 24,181 37,003
Taxes Payable (13,769) (2,568)
Other Liabilities (112,563) (90,637)
Net Cash Provided by (Used in) Operating Activities 299,655 (111,916)
Cash Flows From Investing Activities    
Investments Purchased 0 1,000
Distributions of Private Equity Investments 0 1,270
Investment Securities:    
Proceeds from Sales and Maturities of Investment Securities 1,440,079 1,443,298
Purchases of Investment Securities (1,012,467) (1,017,910)
Maturity of Certificates of Deposit 242,856 66,422
Purchase of Certificates of Deposit (222,554) (80,766)
Purchase of Furniture, Equipment and Leasehold Improvements (13,833) (45,706)
Net Cash Provided by Investing Activities 434,081 365,608
Cash Flows From Financing Activities    
Issuance of Noncontrolling Interests 450 1,331
Distributions to Noncontrolling Interests (20,702) (13,309)
Payments Under Tax Receivable Agreement (667) (597)
Payment of Notes Payable (48,000) 0
Purchase of Treasury Stock and Noncontrolling Interests (736,457) (450,139)
Dividends (84,726) (79,091)
Net Cash Provided by (Used in) Financing Activities (890,102) (541,805)
Effect of Exchange Rate Changes on Cash (12,575) 33,255
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (168,941) (254,858)
Cash, Cash Equivalents and Restricted Cash – Beginning of Period 1,436,140 882,107
Cash, Cash Equivalents and Restricted Cash – End of Period 1,267,199 627,249
SUPPLEMENTAL CASH FLOW DISCLOSURE    
Payments for Interest 14,581 8,130
Payments for Income Taxes 100,419 40,387
Accrued Dividends $ 7,367 $ 7,672