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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 11,245 $ 19,892
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 209 313
Accretion of discounts and amortization of premiums 36 0
Stock based compensation expense 941 577
Deferred income taxes 8,281 4,015
Foreign currency translation gain/ (loss) (61) 20
Cost basis of donated securities 0 1,691
Unrealized loss on securities 5,906 920
Net realized loss on available for sale securities 530 6
Write down of Goodwill 428 0
(Increase) decrease in assets:    
Investments in securities 3,647 2,686
Receivable from brokers (2,818) (106)
Investment advisory fees receivable 16,844 2,619
Receivable from affiliates 15 (239)
Deferred tax asset and income taxes receivable (2,936) (660)
Other assets 621 (623)
Increase (decrease) in liabilities:    
Payable to brokers 0 366
Income taxes payable (536) 1,664
Compensation payable (42,984) (1,267)
Payable to affiliates (3,717) (1,041)
Accrued expenses and other liabilities (5,826) (1,393)
Total adjustments (21,420) 9,548
Net cash provided by operating activities (10,175) 29,440
Cash flows from investing activities:    
Purchases of securities (151) (3,393)
Proceeds from sales of securities 3,487 252
Return of capital on securities 2 5
Net cash used in investing activities 3,338 (3,136)
Cash flows from financing activities:    
Dividends paid (533) (571)
Purchase of treasury stock (946) (2,547)
Repayment of principal portion of lease liability (51) (42)
Amortization of debt issuance costs 0 6
Net cash used in financing activities (1,479) (3,112)
Effect of exchange rates on cash and cash equivalents 14 (5)
Net increase in cash and cash equivalents (8,302) 23,187
Cash and cash equivalents, beginning of period 86,136 41,202
Cash and cash equivalents, end of period 77,834 64,389
Supplemental disclosures of cash flow information:    
Cash paid for interest 279 279
Cash paid for taxes $ 800 $ 764