XML 23 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 22,111 $ 16,233
Adjustments to reconcile net income to net cash used in operating activities:    
Advisory and license fees paid in gold, other precious metals and cryptocurrency (11,727) (12,760)
Deferred income taxes 5,640 4,783
Stock-based compensation 5,163 4,536
Gains on financial instruments owned, at fair value (2,063) (1,954)
Imputed interest on payable to GBH 666
Depreciation and amortization 383 109
Amortization of issuance costs—convertible notes 375 579
Amortization of right of use asset 324 319
Gains on investments (123) 3,919
Gain on revaluation/termination of deferred consideration—gold payments (20,592)
Loss on extinguishment of convertible notes 9,721
Impairments 4,900
Contractual gold payments 4,486
Other (452)
Changes in operating assets and liabilities:    
Accounts receivable (4,243) (4,791)
Prepaid expenses (1,247) (1,161)
Gold and other precious metals 11,561 8,332
Other assets (79) 167
Fund management and administration payable 2,659 3,638
Compensation and benefits payable (28,386) (27,271)
Income taxes payable (2,723) (3,418)
Operating lease liabilities (332) (326)
Accounts payable and other liabilities 1,003 5,606
Net cash used in operating activities (1,038) (5,397)
Cash flows from investing activities:    
Purchase of financial instruments owned, at fair value (2,500) (20,278)
Cash paid—software development (592)
Purchase of fixed assets (66) (26)
Proceeds from the sale of financial instruments owned, at fair value 5,180 18,290
Proceeds from held-to-maturity securities maturing or called prior to maturity 6 6
Net cash provided by/(used in) investing activities 2,028 (2,008)
Cash flows from financing activities:    
Dividends paid (4,997) (4,821)
Shares repurchased (7,820) (3,384)
Repurchase of convertible notes (Note 10) (124,317)
Issuance costs—convertible notes (3,548)
Proceeds from the issuance of convertible notes (Note 10) 130,000
Net cash used in financing activities (12,817) (6,070)
(Decrease)/increase in cash flow due to changes in foreign exchange rate (552) 473
Net decrease in cash, cash equivalents and restricted cash (12,379) (13,002)
Cash, cash equivalents and restricted cash—beginning of year 129,305 132,101
Cash, cash equivalents and restricted cash—end of period 116,926 119,099
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 2,769 1,422
Cash paid for interest $ 3,738 $ 801