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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income (loss) $ (30,838) $ (6,741)
Non-cash items included in net income (loss):    
Depreciation and amortization 2,142 2,476
Net investment (gains) losses 0 (372)
Restricted stock units recognized, net 16,403 15,039
Deferred taxes, net 2,176 3,019
Allowance for doubtful accounts (413) 43
Changes in operating assets and liabilities:    
Fees receivable 29,869 53,810
Other receivables and assets (23,372) (17,163)
Compensation payable (20,529) (17,099)
Accounts payable and accrued expenses 2,907 (2,591)
Current income taxes payable (9,401) (1,635)
Net cash provided (used) by operating activities (31,056) 28,786
Investing activities:    
Proceeds from sales of investments 0 1,190
Distributions from investments 0 22
Purchases of property and equipment (898) (4,119)
Net cash used in investing activities (898) (2,907)
Financing activities:    
Repayment of secured term loan 0 (20,000)
Dividends paid (4,344) (2,570)
Purchase of treasury stock (30,195) (23,843)
Net cash used in financing activities (34,539) (46,413)
Effect of exchange rate changes (3,593) 349
Net decrease in cash and cash equivalents (70,086) (20,185)
Cash and cash equivalents, beginning of the period 134,624 112,703
Cash and cash equivalents, end of the period 64,538 92,518
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,063 5,453
Cash paid for taxes, net of refunds $ 4,556 $ 128