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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Mar. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:          
Net income (loss) $ 1,006 $ 22,468      
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation expense, intangible asset and other amortization 10,878 9,874      
Stock-based compensation 3,621 5,629      
Amortization of deferred commissions 517 980      
Payments of deferred commissions (518) (455)      
Equity in earnings of equity method investments (657) (496)      
(Gain) Loss on extinguishment of debt (705) 0      
Sales (purchases) of investments, net 2,153 9,413      
Deferred taxes, net 7,175 (1,705)      
Changes in operating assets and liabilities:          
Accounts receivable, net and other assets 6,377 (2,732)      
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (64,917) (60,857)      
Operating activities of consolidated investment products (CIP):          
Net cash provided by (used in) operating activities (252,320) (23,215)      
Cash Flows from Investing Activities:          
Capital expenditures and other asset purchases (358) (2,568)      
Sale of available-for-sale securities 0 2,044      
Net cash provided by (used in) investing activities 9,366 (2,095)      
Cash Flows from Financing Activities:          
Payment of long term debt (26,547) (12,413)      
Common stock dividends paid (5,832) (4,441)      
Preferred stock dividends paid (2,084) (2,084)      
Repurchases of common shares (10,000) (14,999)      
Proceeds from exercise of stock options 101 449      
Taxes paid related to net share settlement of restricted stock units (3,551) (4,804)      
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests 728 6,012      
Net cash provided by (used in) financing activities 314,641 (31,280)      
Net increase (decrease) in cash, cash equivalents and restricted cash 71,687 (56,590)      
Cash, cash equivalents and restricted cash, beginning of period 321,939 254,656 $ 254,656    
Cash, cash equivalents and restricted cash, end of period 393,626 198,066 321,939    
Non-Cash Investing Activities:          
Change in accrual for capital expenditures (20) (1,267)      
Non-Cash Financing Activities:          
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net 17,137 (6,423)      
Common stock dividends payable 5,175 3,865      
Preferred stock dividends payable 0 2,084      
Conversion of preferred stock to common stock 115,000 0      
Reconciliation of cash, cash equivalents and restricted cash          
Cash, cash equivalents and restricted cash at end of period 321,939 198,066 $ 321,939 $ 393,626 $ 321,939
Consolidated entity excluding consolidated investment products          
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Realized and unrealized (gains) losses on investments, net 7,544 (3,292)      
Reconciliation of cash, cash equivalents and restricted cash          
Cash and cash equivalents       158,456 221,781
Consolidated Investment Products          
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Realized and unrealized (gains) losses on investments, net 6,581 1,497      
Operating activities of consolidated investment products (CIP):          
Purchases of investments by CIP (509,337) (157,158)      
Sales of investments by CIP 273,962 152,572      
Net proceeds (purchases) of short term investments by CIP (396) (911)      
(Purchases) sales of securities sold short by CIP, net 181 1,064      
Change in other assets of CIP (17) 578      
Change in liabilities of CIP 932 316      
Amortization of discount on notes payable of CIP 3,300 0      
Cash Flows from Investing Activities:          
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net 9,724 (1,571)      
Cash Flows from Financing Activities:          
Payments on borrowings by CIP (40,690) 0      
Borrowings by CIP $ 402,516 $ 1,000      
Reconciliation of cash, cash equivalents and restricted cash          
Cash and cash equivalents       227,941 99,691
Cash pledged or on deposit of CIP       $ 7,229 $ 467