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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net income (loss) $ (6,741) $ (22,541)
Non-cash items included in net income (loss):    
Depreciation and amortization 2,476 2,056
Net investment (gains) losses (372) 502
Restricted stock units recognized, net 15,039 20,833
Deferred taxes, net 3,019 8,026
Allowance for doubtful accounts 43 (32)
Changes in operating assets and liabilities:    
Fees receivable 53,810 32,361
Other receivables and assets (17,163) (18,958)
Compensation payable (17,099) (5,198)
Accounts payable and accrued expenses (2,591) 2,444
Current income taxes payable (1,635) (1,398)
Net cash provided by (used for) operating activities 28,786 18,095
Investing activities:    
Purchases of investments 0 (2,050)
Proceeds from sales of investments 1,190 847
Distributions from investments 22 27
Purchases of property and equipment (4,119) (2,240)
Net cash used in investing activities (2,907) (3,416)
Financing activities:    
Repayment of secured term loan (20,000) (15,625)
Dividends paid (2,570) (2,162)
Purchase of treasury stock (23,843) (22,622)
Net cash used in financing activities (46,413) (40,409)
Effect of exchange rate changes 349 (3,695)
Net decrease in cash and cash equivalents (20,185) (29,425)
Cash and cash equivalents, beginning of the period 112,703 113,975
Cash and cash equivalents, end of the period 92,518 84,550
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,453 8,102
Cash paid for taxes, net of refunds $ 128 $ 4,843