7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-09-30 2017-06-30 2017-03-31 2016-09-30 2016-06-30 2016-03-31 2015-09-30 2015-06-30 2015-03-31 2014-09-30 2014-06-30 2014-03-31 2013-09-30 2013-06-30 2013-03-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 
      
    		                                                         
      cash flows from operating activities:
    		                                                         
      net income
    		41,634,000 41,772,000 43,289,000 43,018,000 55,283,000 30,077,000 34,414,000 42,637,000 25,169,000 32,505,000 36,298,000 36,882,000 39,614,000 26,149,000 46,841,000 69,931,000 51,387,000 52,406,000 52,430,000 929,000 34,006,000 32,162,000 8,068,000 37,960,000 36,398,000 32,649,000 39,977,000 25,298,000 29,731,000 25,569,000 28,924,000 25,738,000 22,998,000 22,944,000 23,831,000 24,921,000 17,867,000 16,964,000 20,774,000 20,771,000 18,037,000 22,924,000 19,600,000 19,817,000 8,509,000 15,501,000 12,567,000 15,027,000 18,258,000 16,074,000 9,542,000 15,759,000 12,902,000 12,751,000 13,163,000 11,601,000 8,890,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                         
      stock-based compensation expense—net
    		12,337,000 12,161,000 11,379,000 10,869,000 14,515,000 13,919,000 12,998,000 11,134,000 10,924,000 11,712,000 10,698,000 12,890,000 12,323,000 12,382,000 11,757,000 9,471,000 10,213,000 11,432,000 9,348,000 7,335,000 7,441,000 7,591,000 6,970,000                                   
      depreciation and amortization
    		2,997,000 2,828,000 2,831,000 2,870,000 2,741,000 2,889,000 2,669,000 2,757,000 36,000 1,119,000 1,230,000 1,407,000 1,432,000 1,345,000 1,368,000 -6,356,000 3,975,000 6,904,000 1,167,000 1,128,000 1,144,000 1,228,000 1,152,000 1,079,000 1,100,000 1,115,000 1,102,000 1,068,000 1,138,000 1,205,000 1,062,000 1,698,000 1,827,000 2,065,000 2,004,000 1,693,000 1,897,000 1,545,000 2,103,000 1,052,000 1,090,000 1,103,000 1,262,000 1,423,000 1,340,000 1,347,000 1,384,000 1,438,000 1,396,000 1,296,000 1,279,000 1,295,000 1,186,000 1,138,000 1,126,000 1,113,000 1,154,000 
      non-cash lease expense
    		1,318,000 1,404,000 1,225,000 1,160,000                                                      
      amortization (accretion) of premium (discount) on u.s. treasury securities—net
    		-354,000   256,000 -1,410,000                                                     
      (gain) income from investments—net
    		-692,000 -6,715,000 -3,553,000 1,359,000 -18,975,000 2,018,000 -984,000 -14,299,000 10,056,000 -356,000 308,000 -5,820,000 5,920,000 28,573,000 -3,567,000 -6,865,000 418,000 -7,778,000 -4,559,000 -7,315,000 -3,279,000 -7,317,000 22,027,000 -1,463,000 -4,472,000 -1,874,000 -13,864,000 9,572,000 -413,000 603,000 4,502,000                           
      deferred income taxes
    		-1,488,000 -2,231,000 5,709,000 -396,000 -1,058,000 -3,007,000 4,164,000 8,531,000 -8,474,000 -2,889,000 3,369,000 246,000 -3,279,000 -1,652,000 3,486,000 -1,709,000 -2,325,000 -781,000 4,919,000 64,000 -179,000 -59,000 281,000 -12,000 74,000 -24,000 58,000 -500,000 -2,856,000 -2,005,000 3,988,000 -2,276,000 -4,263,000 5,406,000 -1,736,000 -1,505,000 4,066,000 1,436,000 -4,418,000 12,879,000 -2,292,000 -1,889,000 4,828,000 -2,202,000 -2,379,000 3,471,000 -1,362,000 -1,597,000 4,913,000 -1,763,000 -1,589,000 -1,462,000 4,399,000 -1,473,000 -1,005,000 -1,192,000 3,893,000 
      foreign currency (gain) loss
    		-914,000 1,050,000 902,000 3,103,000 -2,309,000 -626,000 1,070,000 -1,396,000 36,000 690,000 -117,000 -1,187,000 312,000 1,488,000 974,000 -471,000 350,000 1,036,000 1,059,000 -710,000 -314,000 -403,000 158,000 49,000 118,000 19,000 -177,000 -545,000 1,525,000 367,000 -1,136,000 174,000        -852,000                  
      changes in operating assets and liabilities:
    		                                                         
      accounts receivable
    		4,444,000 5,878,000 -3,893,000 1,181,000 -11,097,000 10,688,000 -7,510,000 2,796,000 -7,108,000 9,140,000 -6,254,000 9,838,000 -3,442,000 12,221,000 -6,307,000 5,523,000 -10,740,000 -7,831,000 -3,336,000 -1,876,000 -14,785,000 12,067,000 -4,716,000 6,464,000 -11,370,000 5,592,000 -9,415,000 10,274,000 -11,049,000 12,063,000 -8,026,000 -11,880,000 9,589,000 -13,840,000 -14,494,000 6,410,000 -8,294,000 -7,996,000 10,041,000 -10,691,000 -10,694,000 8,178,000 -9,344,000 -6,346,000 12,306,000 -14,602,000 -12,195,000 6,961,000 -14,947,000 11,178,000 -10,827,000 2,721,000 -9,012,000 2,157,000 -8,777,000 3,722,000 -6,229,000 
      due from brokers
    		-441,000 -10,045,000 -2,960,000 787,000 -23,596,000 13,040,000 -11,804,000 -1,918,000 -213,000 -192,000 -282,000 814,000 531,000 56,452,000 -59,429,000 -431,000 4,059,000 -1,133,000 -956,000 -2,682,000 -1,946,000 -352,000 1,598,000 1,934,000 -994,000 1,274,000 -1,225,000 -7,990,000 5,185,000 355,000 -5,361,000 7,885,000                          
      investments in consolidated funds
    		-21,929,000 -126,930,000 -115,281,000                                                       
      other assets
    		515,000 450,000 -2,704,000 -857,000 -134,000 -483,000 -3,284,000 2,644,000 -2,830,000 -1,338,000 -5,744,000 1,337,000 -2,907,000 2,595,000 4,204,000 4,531,000 -81,000 2,862,000 -2,978,000 423,000 5,355,000 -4,206,000 -2,343,000 3,405,000 -3,661,000 3,433,000 -3,297,000 -524,000 -690,000 262,000 -1,737,000 -263,000 -182,000 -44,000 854,000 121,000 -763,000 707,000 397,000 -1,304,000 1,545,000 -2,436,000 424,000 1,298,000 -248,000 1,244,000 -1,726,000 324,000 107,000 -425,000 -521,000 -338,000 -313,000 498,000 194,000 -839,000 693,000 
      accrued compensation and benefits
    		20,025,000 19,984,000 -51,086,000 22,370,000 15,712,000 15,806,000 -49,221,000 16,393,000 18,502,000 14,923,000 -61,200,000 15,393,000 17,703,000 19,918,000 -54,417,000 14,939,000 21,288,000                                         
      distribution and service fees payable
    		361,000 143,000 -291,000 171,000 -737,000 1,330,000 -2,423,000 834,000 750,000 -1,045,000 1,184,000 -1,303,000 -2,232,000 2,033,000 -260,000 -1,088,000 1,034,000 1,639,000 850,000 1,026,000 -755,000 1,448,000 -1,289,000 -1,185,000 1,700,000 -57,000 -1,633,000 -27,000 2,159,000 -413,000 543,000 835,000 641,000 -4,000 1,042,000 272,000 -399,000                     
      operating lease liabilities
    		-1,403,000 -1,495,000 -1,492,000 1,050,000 -1,257,000 -1,550,000 826,000 -253,000 21,998,000 -1,479,000 -1,067,000 -2,887,000 -3,015,000 -3,049,000 -2,984,000 -2,929,000 -2,897,000 -2,866,000 -2,858,000 -5,634,000 -47,000 -2,871,000 -2,762,000 -2,698,000 -2,798,000 -2,739,000 -2,720,000                               
      due to brokers
    		-1,636,000 3,828,000 2,574,000 1,388,000 23,311,000 -16,535,000 16,917,000 -2,543,000 1,442,000 26,000 1,184,000 -4,395,000 2,687,000 -40,006,000 44,760,000 -1,606,000 -846,000 3,269,000 -367,000 208,000 231,000 -20,000 -284,000 -1,267,000 -368,000 1,363,000 317,000 1,328,000 -1,682,000 -1,662,000 3,855,000 -8,097,000                          
      income tax payable
    		4,515,000 -11,864,000 2,053,000 3,087,000 2,726,000 -11,479,000 5,504,000 -3,988,000 11,141,000 -13,411,000 3,515,000 -239,000 2,271,000 -21,591,000 4,523,000 1,544,000 5,584,000 4,547,000 -1,684,000 -10,886,000 -10,189,000 10,467,000 968,000 2,040,000 1,513,000 -8,702,000 8,680,000 -290,000 4,644,000 -8,692,000 3,109,000 3,779,000 -7,323,000 6,531,000 3,392,000 -7,038,000 5,578,000 123,000 238,000 -402,000 1,894,000 -5,936,000 192,000 -900,000 4,604,000 -3,459,000 -3,182,000 3,656,000 -2,264,000 -2,813,000 -112,000 5,036,000 -6,499,000 3,486,000 2,455,000 -483,000 1,599,000 
      other liabilities and accrued expenses
    		-4,206,000 1,363,000 1,757,000 -3,897,000 -5,484,000 4,176,000 -11,171,000 1,642,000 -1,345,000 -2,410,000 3,507,000 -1,166,000 1,948,000 -84,000 855,000 -4,831,000 1,001,000 1,747,000 -5,594,000 3,381,000 546,000 -3,031,000 -459,000 103,000 4,685,000 1,473,000 -5,454,000 3,125,000 1,105,000 -948,000 647,000 -387,000 2,850,000 -2,581,000 1,317,000 -250,000 15,000 2,748,000 -971,000 -1,077,000 621,000 3,483,000 -2,792,000 9,292,000 -3,753,000 7,638,000 2,344,000 1,042,000 3,203,000 -2,460,000 2,913,000 1,392,000 -2,684,000 2,839,000 884,000 512,000 -558,000 
      net cash from operating activities
    		55,083,000 -67,637,000 -108,948,000 34,827,000 25,625,000 31,374,000 4,863,000 58,577,000 74,669,000 53,681,000 -14,966,000 58,033,000 52,417,000 57,679,000 -106,449,000 71,935,000 80,943,000 81,110,000 8,913,000 1,998,000 31,587,000 61,154,000 -5,553,000 67,667,000 27,871,000 75,410,000 -29,503,000 33,275,000 33,259,000 35,136,000 -29,072,000 32,201,000 -19,744,000 -1,812,000 30,070,000 33,219,000 -2,531,000 32,173,000 35,839,000 342,000 16,083,000 2,933,000 -95,000 41,497,000 26,028,000 -26,443,000 -5,267,000 39,794,000 -56,267,000 28,659,000 19,980,000 34,442,000 -10,636,000 26,944,000 12,867,000 9,230,000 4,999,000 
      capex
    		-2,488,000 -2,134,000 -1,075,000 -1,678,000 -1,408,000 -4,239,000 -4,326,000 -10,847,000 -26,008,000 -15,545,000 -4,586,000 -1,275,000 -1,386,000 -881,000 -681,000 -815,000 -996,000 -453,000 -431,000 -540,000 -398,000 -721,000 -843,000 -555,000 -614,000 -594,000 -989,000 -966,000 -751,000 -847,000 -906,000 -889,000 -903,000 -649,000 -2,121,000 -3,785,000 -1,448,000 -827,000 0 0 -2,728,000 -1,456,000 -705,000 -1,501,000 -1,410,000 -1,416,000 -798,000 -505,000 -1,054,000 -708,000 -984,000 -500,000 -735,000 -1,140,000 -945,000 -363,000 -406,000 
      free cash flows
    		52,595,000 -69,771,000 -110,023,000 33,149,000 24,217,000 27,135,000 537,000 47,730,000 48,661,000 38,136,000 -19,552,000 56,758,000 51,031,000 56,798,000 -107,130,000 71,120,000 79,947,000 80,657,000 8,482,000 1,458,000 31,189,000 60,433,000 -6,396,000 67,112,000 27,257,000 74,816,000 -30,492,000 32,309,000 32,508,000 34,289,000 -29,978,000 31,312,000 -20,647,000 -2,461,000 27,949,000 29,434,000 -3,979,000 31,346,000 35,839,000 342,000 13,355,000 1,477,000 -800,000 39,996,000 24,618,000 -27,859,000 -6,065,000 39,289,000 -57,321,000 27,951,000 18,996,000 33,942,000 -11,371,000 25,804,000 11,922,000 8,867,000 4,593,000 
      cash flows from investing activities:
    		                                                         
      purchases of investments
    		-143,822,000 -85,447,000 -76,329,000 -79,582,000 -104,917,000 -139,400,000 -93,560,000 -37,197,000 -86,989,000 -6,680,000 -38,536,000 -12,854,000 -58,625,000 -37,388,000 -36,478,000 -9,644,000 -11,187,000 -15,795,000 -17,417,000 -12,284,000 -49,924,000 879,000 -9,634,000 -3,167,000 -29,045,000 5,965,000 -24,696,000 -2,862,000 -53,350,000 -3,489,000 -3,856,000                           
      proceeds from sales and maturities of investments
    		111,054,000 90,112,000 79,405,000 104,370,000 67,246,000 69,257,000 68,525,000 61,301,000 16,186,000 26,010,000 8,115,000 56,181,000 58,703,000 25,040,000 6,787,000 20,839,000 11,303,000 15,196,000 57,048,000 20,630,000 44,324,000 4,343,000 2,392,000  26,450,000 9,590,000 34,420,000                               
      purchases of property and equipment
    		-2,488,000 -2,134,000 -1,075,000 -1,678,000 -1,408,000 -4,239,000 -4,326,000 -10,847,000 -26,008,000 -15,545,000 -4,586,000 -1,275,000 -1,386,000 -881,000 -681,000 -815,000 -996,000 -453,000 -431,000 -540,000 -398,000 -721,000 -843,000 -555,000 -614,000 -594,000 -989,000 -966,000 -751,000 -847,000 -906,000 -889,000 -903,000 -649,000 -2,121,000 -3,785,000 -1,448,000 -827,000   -2,728,000 -1,456,000 -705,000 -1,501,000 -1,410,000 -1,416,000 -798,000 -505,000 -1,054,000 -708,000 -984,000 -500,000 -735,000 -1,140,000 -945,000 -363,000 -406,000 
      net cash from investing activities
    		-35,256,000 2,531,000 2,001,000 23,110,000 -39,079,000 -74,382,000 -29,361,000 13,257,000 -96,811,000 3,785,000 -35,007,000 42,052,000 -1,308,000 -13,229,000 -30,372,000 10,380,000 -880,000 -1,052,000 39,200,000 7,812,000 -6,071,000 4,501,000 -8,012,000 15,428,000 -3,179,000 14,961,000 8,739,000 -1,176,000 -47,836,000 -1,439,000 -2,743,000 1,065,000 9,166,000 -3,448,000 4,656,000 -2,081,000 -1,583,000 339,000 914,000 -39,000 7,944,000 -848,000 3,827,000 5,335,000 9,992,000 157,000 2,078,000 1,406,000 155,000 11,265,000 -10,965,000 490,000 -3,825,000 12,751,000 7,977,000 11,568,000 -25,000 
      cash flows from financing activities:
    		                                                         
      proceeds from issuance of common stock under employee stock purchase plan
    		200,000 250,000 329,000 189,000 257,000                                                     
      proceeds from issuance of common stock from offering, net of issuance costs
    		   0 0                                                     
      repurchase of common stock for employee tax withholding
    		-258,000 -621,000 -25,977,000 -1,540,000 -68,000 -134,000 -19,364,000                                                   
      dividends to stockholders
    		-31,747,000 -31,713,000 -31,710,000 -29,996,000 -29,984,000 -29,900,000 -29,301,000 -28,087,000 -28,157,000 -28,101,000 -28,101,000 -26,844,000 -26,840,000 -26,836,000 -26,832,000 -82,331,000 -21,766,000 -21,732,000 -21,726,000 -66,518,000 -18,661,000 -18,657,000 -18,653,000 -111,637,000 -17,027,000 -17,026,000 -17,015,000 -132,534,000 -15,452,000 -15,448,000 -15,445,000 -12,984,000 -12,981,000 -12,979,000 -11,955,000 -11,950,000 -11,970,000 -11,364,000 -11,360,000 -11,354,000 -9,858,000   -8,855,000   -7,875,000   -6,482,000 -49,680,000   -4,269,000 -89,608,000   
      net contributions (distributions) from noncontrolling interests
    		15,222,000 125,891,000 46,830,000 44,453,000 33,356,000 27,034,000 -15,938,000 8,897,000 5,918,000 -2,584,000 2,239,000                                               
      other
    		-427,000 0 -15,000 0 0 0 -15,000                                                   
      net cash from financing activities
    		-17,010,000 93,807,000 -10,543,000 13,106,000 3,561,000 65,761,000 -64,261,000 -19,892,000 -22,060,000 -30,581,000 -46,519,000 -20,151,000 -9,967,000 445,000 38,648,000 -65,749,000 -21,522,000 -23,660,000 -34,495,000 -66,465,000 -18,246,000 -20,636,000 -43,548,000 -112,444,000 2,961,000 -44,485,000 -16,162,000 -102,819,000 -14,473,000 -7,558,000 6,740,000 -12,919,000 32,091,000 -21,637,000 -11,895,000 -12,244,000 -15,532,000 -11,314,000 -11,582,000 -24,954,000 2,700,000 -15,649,000 -6,337,000 -11,173,000 -8,964,000 11,424,000 3,693,000 -10,205,000 18,084,000 -6,413,000 -53,464,000 -12,960,000 -4,713,000 -4,202,000 -87,668,000 -6,832,000 -4,315,000 
      net increase in cash and cash equivalents
    		2,817,000 28,701,000 -117,490,000 71,043,000 -9,893,000 22,753,000 -88,759,000 51,942,000 -44,202,000 26,885,000 -96,492,000 79,934,000 41,142,000 44,895,000 -98,173,000 16,566,000 58,541,000 56,398,000 13,618,000 -56,655,000 7,270,000 45,019,000 -57,113,000 -29,349,000 27,653,000 45,886,000 -36,926,000 -70,720,000 -29,050,000 26,139,000 -25,075,000 20,347,000   22,831,000   21,198,000   26,727,000   35,659,000        21,972,000 -19,174,000 35,493,000 -66,824,000 13,966,000 659,000 
      effect of foreign exchange rate changes on cash and cash equivalents
    		80,000 886,000 471,000 -3,573,000 2,798,000 -102,000 -708,000 2,032,000 -1,320,000 635,000 1,409,000 3,539,000 -3,453,000 -3,143,000 -1,383,000 318,000 -1,298,000 114,000 -133,000 1,582,000 900,000 156,000 -1,279,000 2,373,000 -1,434,000 -163,000 579,000 -1,007,000 -219,000 -1,054,000 267,000 112,000 216,000 348,000 -398,000 -1,124,000 -168,000 -758,000 1,143,000 -794,000 -1,248,000 147,000 73,000               
      cash and cash equivalents, beginning of the period
    		0 0 183,162,000  0 0 189,603,000  0 0 248,714,000  983,000 0 184,373,000  0 0 41,232,000  0 0 101,352,000  0 0 92,733,000  0 0 193,452,000 0 0 183,234,000 0 0 142,728,000 0 0 124,938,000 0 0 128,277,000 0 0 95,412,000 0 0 127,824,000  0 0 136,191,000  0 0 153,002,000 
      cash and cash equivalents, end of the period
    		2,897,000 29,587,000 66,143,000  -7,095,000 22,651,000 100,136,000  -45,522,000 27,520,000 153,631,000  38,672,000 41,752,000 84,817,000  57,243,000 56,512,000 54,717,000  8,170,000 45,175,000 42,960,000  26,219,000 45,723,000 56,386,000  -29,269,000 25,085,000 168,644,000 20,459,000 21,729,000 156,685,000 22,433,000 17,770,000 122,914,000 20,440,000 26,314,000 99,493,000 25,479,000 -13,417,000 125,745,000 36,380,000 27,193,000 80,272,000 967,000 29,668,000 90,605,000  -45,459,000 22,988,000 117,683,000  -64,711,000 12,785,000 152,745,000 
      amortization (accretion) of premium (discount) on u.s. treasury securities
    		  593,000    -422,000                                                   
      investments within consolidated funds
    		                    -23,000 2,579,000 -2,011,000 1,657,000 -17,482,000 20,371,000 -18,543,000 -26,340,000 -12,500,000 -8,285,000 -34,057,000                           
      cash and cash equivalents, beginning of the year
    		                                                         
      cash and cash equivalents, end of the year
    		                                                         
      investments within consolidated investment vehicles
    		    -23,747,000 -30,739,000 11,046,000 -7,085,000 -9,293,000 2,695,000 -5,577,000 -7,436,000 -20,162,000                                             
      amortization of right-of-use assets
    		     1,357,000 2,074,000 2,645,000 3,878,000 3,991,000 3,982,000 3,659,000 2,713,000 2,744,000 2,682,000    2,557,000 5,337,000 -254,000 2,566,000 2,479,000 2,393,000 2,599,000 2,545,000 2,511,000                               
      issuance of common stock—net
    		      357,000 156,000 229,000 291,000 387,000 162,000 201,000 305,000 375,000 145,000 227,000 264,000 365,000 149,000 192,000 259,000 259,000                                   
      repurchase of common stock
    		       -858,000 -50,000 -187,000 -20,441,000 -944,000 -113,000 -173,000 -25,585,000 -1,225,000 -30,000 -81,000 -21,256,000 0 -22,000 -68,000 -25,847,000 0 -23,000 -32,000 -10,353,000 0 -45,000 -49,000 -10,505,000 -69,000 -32,000 -9,040,000 -103,000 -562,000 -7,375,000 -54,000 -471,000 -18,709,000 -98,000 -994,000 -10,593,000 -52,000 -104,000 -7,798,000 -88,000 -91,000 -8,298,000 -17,000 -176,000 -131,000 -6,323,000 -12,000 -127,000 -336,000 -2,911,000 
      debt issuance costs
    		        0 0 -603,000                                               
      net contributions (distributions) from redeemable noncontrolling interests
    		            16,785,000 27,149,000 90,690,000                                           
      deferred commissions
    		              -180,000 -320,000 -380,000 -382,000 -358,000 -399,000 -333,000 -302,000 -440,000 -561,000 -443,000 -325,000 -299,000 -183,000 -207,000 -244,000 -348,000 -449,000 -509,000 -443,000 -1,277,000 -1,166,000 -954,000 -484,000 -660,000 -668,000 -505,000 -555,000 -366,000 -350,000 -976,000 -770,000 -913,000 -650,000 -765,000 -368,000 -451,000 -577,000 -519,000 -404,000 -345,000 -243,000 -229,000 
      investments within consolidated company-sponsored funds
    		              -100,755,000 -17,741,000 -1,097,000 8,000 -8,695,000                                       
      distributions to redeemable noncontrolling interests
    		                -147,000 -4,648,000 -733,000 -250,000 -452,000 -3,376,000 -1,946,000 -7,505,000 -3,952,000 -29,041,000 -2,985,000                               
      contributions from redeemable noncontrolling interests
    		                194,000 2,537,000 8,855,000 154,000 697,000 1,206,000 2,639,000 6,576,000 23,757,000 1,475,000 13,917,000                               
      proceeds from sales of property and equipment
    		                     0 73,000                                   
      amortization of deferred commissions
    		                  347,000 392,000 424,000 442,000 443,000 343,000 267,000 233,000 236,000 294,000 362,000 430,000 473,000         517,000                  
      amortization
    		                  17,000                                       
      accrued compensation
    		                  -32,396,000 15,441,000 14,570,000 9,249,000 -35,309,000 10,719,000 13,859,000 12,208,000 -32,366,000 11,992,000 10,956,000 10,581,000 -31,188,000 11,319,000 9,502,000 -25,770,000 11,279,000 8,325,000 -23,537,000 6,914,000 8,610,000 -21,624,000 7,350,000 7,296,000 -18,695,000 6,146,000 5,928,000 -17,939,000 8,944,000 7,612,000 -16,851,000 3,925,000 6,716,000 6,825,000 -14,021,000 6,931,000 5,145,000 4,413,000 -8,097,000 
      amortization (accretion) of premium (discount) on held-to-maturity investments
    		                   -14,000 -26,000 -84,000 -84,000 -85,000 -107,000 -242,000 -59,000 -149,000                              
      investments
    		                                                         
      proceeds from redemptions of equity method investments
    		                       18,000 30,000 0 4,000                               
      proceeds from sales of investments
    		                           2,652,000 6,254,000 2,897,000 1,993,000                           
      stock-based compensation expense
    		                        7,253,000 7,098,000 6,668,000  5,962,000 6,007,000 5,738,000                           
      issuance of common stock
    		                        206,000 139,000 274,000 88,000 132,000 158,000 219,000 133,000 184,000 219,000 140,000 179,000 206,000 109,000 141,000 200,000 110,000 156,000 139,000 86,000 116,000 134,000 102,000 118,000 137,000 85,000 94,000 118,000 169,000 78,000 90,000 108,000 150,000 
      stock compensation expense
    		                               5,629,000 5,389,000 5,328,000 4,841,000 4,920,000 7,072,000 5,196,000 5,937,000 5,990,000 6,340,000 6,263,000 5,932,000 5,434,000 5,874,000 4,878,000 4,060,000 4,579,000 4,462,000 5,771,000 4,319,000 4,382,000 4,203,000 3,796,000 3,819,000 3,814,000 3,671,000 
      deferred rent
    		                           -47,000 -14,000 -57,000 -60,000 -59,000 -59,000 -57,000 -63,000 -57,000 42,000 204,000 208,000 -51,000 -52,000 -46,000 1,532,000 496,000 489,000 480,000 493,000 -137,000 -130,000 -138,000 -142,000 -138,000 -112,000 -105,000 -116,000 -130,000 -96,000 
      net proceeds (purchases) from redemptions of equity method investments
    		                                                         
      distributions to redeemable noncontrolling interest
    		                            -95,000 -2,286,000 -1,952,000 0 -38,000 -11,000 -12,000 -54,000 -127,000                     
      contributions from redeemable noncontrolling interest
    		                            987,000 10,067,000 34,423,000 1,000 44,958,000 174,000 35,000 143,000 3,734,000 4,000 44,000 235,000 16,720,000 5,437,000 1,820,000 1,213,000 17,608,000 18,890,000 14,054,000 6,620,000 23,444,000     0    
      proceeds from redemptions of equity method investments—net
    		                                  153,000 157,000 51,000 0 0 4,000 10,440,000 432,000 22,000               
      distributions from equity method investments
    		                              26,000                           
      (gain) income from trading investments—net
    		                               -595,000 -2,000 -273,000 376,000                       
      equity in (earnings) losses of affiliates—net
    		                                                         
      (gain) income from available-for-sale investments—net
    		                               -235,000 -83,000 -35,000                        
      trading investments
    		                               -533,000 -58,392,000 -2,200,000 -294,000 972,000 -4,470,000 -5,374,000 737,000 -337,000                  
      net (purchases) proceeds from redemptions of equity method investments
    		                                                         
      purchases of available-for-sale investments
    		                               -2,384,000 -3,007,000 -9,545,000 -3,156,000 -1,889,000 -2,128,000 -1,174,000 -1,523,000 -1,409,000                  
      proceeds from sales of available-for-sale investments
    		                               4,350,000 13,076,000 6,746,000 9,780,000 3,436,000 1,942,000 2,340,000 3,250,000 1,366,000                  
      equity in (earnings) losses of affiliates
    		                                  -130,000 -2,640,000 -427,000            -772,000         
      equity in losses (earnings) of affiliates
    		                                 289,000      1,081,000          -1,614,000   14,000     
      foreign currency gain
    		                                 1,452,000 40,000 397,000 -1,635,000          -1,962,000    -596,000    -99,000 -210,000 117,000 
      due from broker
    		                                 -580,000 -464,000 -959,000 -646,000 -4,327,000 -469,000 490,000 -992,000 -1,390,000 225,000 5,330,000 -7,438,000 -5,650,000 1,125,000 4,343,000 -11,817,000    232,000 0 -700,000 0 2,487,000 
      due to broker
    		                                  550,000 -22,000 1,820,000                     
      net decrease in cash and cash equivalents
    		                                 -26,897,000   -19,646,000   -24,651,000   -2,605,000   -14,862,000   -38,028,000         
      income tax receivable
    		                                     6,806,000 -5,000,000 -5,783,000             -543,000 0 0 0 777,000 
      excess tax benefits associated with restricted stock units
    		                                     -2,000 64,000 4,674,000 39,000 71,000 2,427,000 13,000 29,000 1,952,000 26,000 16,000 2,801,000  32,000 9,000 1,441,000     
      gain from available-for-sale investments—net
    		                                   -158,000 30,000  -320,000 -100,000                  
      income from trading investments—net
    		                                    207,000                     
      gain from seed investments—net
    		                                                         
      gain from trading investments—net
    		                                      -205,000 451,000                  
      equity in earnings of affiliates
    		                                        1,571,000 -1,429,000 -935,000 -313,000 427,000 -536,000        -2,825,000   -541,000 
      amortization, deferred commissions
    		                                        388,000 444,000 545,000 776,000 810,000 765,000 595,000 545,000 496,000 489,000 497,000 415,000 343,000 293,000 244,000 232,000 190,000 
      (gain) income from trading securities—net
    		                                        2,690,000                 
      gain from available-for-sale securities—net
    		                                        -760,000 -52,000 -1,076,000               
      foreign currency loss
    		                                          760,000  -820,000 1,750,000   953,000    2,000     
      securities owned
    		                                        -12,244,000 -29,205,000 -1,204,000 4,776,000 3,646,000 -16,178,000 -11,543,000 -2,080,000 -45,325,000 4,542,000 3,357,000 -272,000 -234,000 1,000 8,000 -11,531,000 -1,164,000 
      securities sold but not yet purchased
    		                                           0 -12,417,000 -2,268,000 611,000 -3,562,000 5,224,000     0 0 0 -1,171,000 
      purchases of investments, available-for-sale
    		                                        -2,448,000 -1,504,000 -2,099,000 -2,715,000 -3,233,000 -2,231,000 -4,631,000 -5,280,000 -8,624,000 -4,713,000 -16,941,000 -4,911,000 -11,046,000 -4,672,000 -5,644,000 -5,039,000 -4,393,000 
      proceeds from sales of investments, available-for-sale
    		                                        2,680,000 1,680,000 6,609,000 2,488,000 14,246,000 3,510,000 6,653,000 7,198,000 9,869,000 7,886,000 6,960,000 5,901,000 7,956,000 18,402,000 14,727,000 16,970,000 4,774,000 
      redemptions of redeemable noncontrolling interest
    		                                         -615,000 -130,000 -3,578,000 -8,910,000 -1,754,000 -2,526,000           
      gain from trading securities—net
    		                                          -983,000               
      effect of foreign exchange rate changes
    		                                           721,000 137,000 -278,000 463,000 -1,327,000 809,000 -899,000 -1,010,000 1,016,000 666,000     
      income from trading securities - net
    		                                                  -21,000       
      gain from available-for-sale securities - net
    		                                            -837,000 -491,000 -437,000 84,000 -687,000  368,000 -232,000 -358,000     
      proceeds from redemptions (purchases) of equity investments
    		                                                         
      gain from trading securities - net
    		                                             -1,624,000       378,000     
      proceeds from redemption (purchases) of equity investments
    		                                             294,000            
      (gain) income from trading securities - net
    		                                                -1,721,000         
      proceeds from redemption of equity investments
    		                                                         
      purchases of equity investments
    		                                               -7,000 -36,000         
      (gain) income from available-for-sale securities - net
    		                                                         
      excess (reduction of) tax benefits associated with restricted stock units
    		                                                     1,000    
      redemption of redeemable noncontrolling interest
    		                                                 0        
      payment of capital lease obligations
    		                                                         
      impairment
    		                                                         
      (gain) income from investments, available-for-sale—net
    		                                                         
      effect of exchange rate changes
    		                                                     -121,000 2,113,000 -1,181,000 -916,000 
      gain from trading securities
    		                                                      0 371,000 -189,000 
      (gain) income from investments, available-for-sale
    		                                                      -2,124,000   
      equity in losses of affiliates
    		                                                         
      reduction of excess tax benefits associated with restricted stock units
    		                                                       -35,000 -1,554,000 
      proceeds from redeemable noncontrolling interest
    		                                                         
      (gain) income from available-for-sale securities
    		                                                        -198,000 
      equity in net income of affiliate
    		                                                         
      (gain) income from securities owned
    		                                                         
      gain from investments, available-for-sale
    		                                                         
      income from sale of property and equipment
    		                                                         
      income tax receivable / payable
    		                                                         
      proceeds from sale and maturities of investments, available-for-sale
    		                                                         
      proceeds from sale of property and equipment
    		                                                         
      (reduction of) increase to excess tax benefits associated with restricted stock units
    		                                                         
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.