Artisan partners asset management inc. (APAM)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11
Cash flows from operating activities
Net income before noncontrolling interests

241,457

254,190

150,737

173,001

212,106

242,714

-234,132

42,577

129,972

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

6,233

5,668

5,297

5,272

4,519

3,250

3,225

2,401

2,360

Deferred income taxes

7,356

24,863

395,416

33,960

16,521

17,569

9,384

0

0

Asset impairment

2,107

0

0

-

-

-

-

-

-

Noncash lease expense

1,533

4,086

2,391

494

-129

-136

-121

1,296

627

Reinvested dividends

-

-

-

-

-

364

1,019

188

190

Net gain on the valuation of contingent value rights

-

-

-

-

-

-

49,570

0

0

Capital gains on the sale of investments, net

-

-

-

-

-

295

4,119

551

58

Net investment (gain) loss on unconsolidated seed investment securities

5,101

688

519

1,073

424

-

-

-

-

Net (gain) loss on the tax receivable agreements

19,557

-251

-290,919

-650

12,247

4,187

0

0

-

(Gain) loss on disposal of property and equipment

-275

-18

-69

-108

-40

-362

-16

-51

-11

Loss on interest rate swap

-

-

-

-

-

-

-

-69

-1,933

Loss on debt extinguishment

-

-

-

-

-

-

-

-827

0

Amortization of debt issuance costs

463

457

452

448

448

448

448

631

726

Share-based compensation

43,095

53,554

62,892

71,996

79,520

88,256

655,417

0

0

Excess tax benefit on share-based awards

-

-

-

-

1,300

1,114

0

0

-

Net investment gain (loss) of consolidated investment products

10,084

5,721

4,241

0

0

-

10,623

8,817

-3,102

Purchase of investments by consolidated investment products

123,366

643,548

252,047

0

0

-

140,664

59,763

18,899

Proceeds from sale of investments by consolidated investment products

75,468

611,117

190,353

0

0

-

146,967

60,025

17,188

Change in assets and liabilities resulting in an increase (decrease) in cash:
Accounts receivable

14,178

-9,002

16,955

-318

-9,303

5,599

17,739

6,605

2,685

Prepaid expenses and other assets

-1,031

2,275

-1,629

4,898

2,614

1,607

1,966

1,845

-1,281

Accounts payable and accrued expenses

6,881

10,027

-9,202

-3,520

-316

12,638

-2,405

11,396

-1,991

Class B liability awards

0

0

-506

-5,096

-8,682

-8,742

-231,480

93,422

-24,936

Net change in operating assets and liabilities of consolidated investment products

-40,066

-12,823

8,893

0

0

-

9,453

4,870

5,204

Net cash provided by operating activities

292,793

333,322

225,954

270,360

321,239

351,567

112,166

130,056

103,237

Cash flows from investing activities
Acquisition of property and equipment

3,498

2,834

1,578

2,933

3,794

4,797

2,359

2,744

1,614

Leasehold improvements

14,286

11,007

4,257

4,343

3,541

4,822

832

2,721

1,122

Proceeds from sale of property and equipment

-

-

-

-

-

4

0

0

27

Proceeds from Sale, Maturity and Collection of Investments

288

0

6,382

8,961

2,724

11,611

16,932

4,598

4,101

Purchase of investment securities

10

500

5,250

4,014

6,750

10,031

5,000

0

20,000

Change in restricted cash

-

-

-

-

-36

-260

0

145

1,040

Net cash provided by (used in) investing activities

-17,506

-14,341

-4,703

-2,329

-11,325

-7,775

8,741

-1,012

-19,648

Cash flows from financing activities
Partnership distributions

94,842

103,434

115,804

133,876

182,175

266,838

224,786

80,886

67,108

Dividends paid

188,178

167,780

131,021

115,384

123,948

99,804

14,621

0

0

Interest rate swap

-

-

-

-

-

-

-

1,135

0

Payment of debt issuance costs

366

0

512

0

0

-

-

2,573

0

Proceeds from issuance of notes payable

50,000

0

60,000

0

0

-

-

200,000

0

Principal payments on notes payable

50,000

0

60,000

0

0

-

-

-

-

Change in other liabilities

-

-

-

-

-46

-66

-63

-173

-214

Tax Receivable Agreement Payments

24,998

36,111

30,234

27,685

20,040

-

-

-

-

Principle payments on note payable

-

-

-

-

-

-

-

324,789

55,211

Proceeds from draw on revolving credit facility

-

-

-

-

-

-

-

90,000

0

Repayment under revolving credit facility

-

-

-

-

-

-

90,000

0

0

Payment of amounts owed under the tax receivable agreements

-

-

-

-

-

4,645

0

0

-

Net proceeds from issuance of common stock

0

21,478

162,494

0

176,558

554,129

653,335

0

0

Payment of costs directly associated with the issuance of Class A common stock

0

166

294

0

427

2,806

4,168

0

0

Purchase of equity and subsidiary equity

0

21,478

162,494

0

176,558

554,129

296,755

0

0

Purchase of Class A common units

-

-

-

-

-

-

76,319

0

0

Taxes paid related to employee net share settlement

2,100

2,600

1,477

762

669

302

0

0

-

Capital contributions to consolidated investment products, net

3,895

46,572

60,481

0

0

-

-

-

-

Capital invested into Launch Equity

-

-

-

-

-

-

3,150

5,000

6,913

Capital distributed by Launch Equity

-

-

-

-

-

-

0

285

0

Excess tax benefit on share-based awards

-

-

-

-

1,300

1,114

0

0

-

Net cash used in financing activities

-306,567

-263,483

-218,861

-277,707

-326,005

-373,347

-50,227

-114,841

-115,620

Net increase (decrease) in cash, cash equivalents, and restricted cash

-31,280

55,498

2,390

-9,676

-16,091

-29,555

70,680

14,203

-32,031

Net cash impact of deconsolidation of CIPs

0

39,759

0

0

-

-

-

-

-

Noncash activity:
Establishment of deferred tax assets

35,999

24,679

146,241

33,941

132,516

392,058

-

-

-

Establishment of amounts payable under tax receivable agreements

30,967

20,303

120,320

25,480

107,740

328,667

-

-

-

Establishment of contingent value rights

-

-

-

-

-

-

55,440

0

0

Contribution of securities in-kind into Launch Equity

-

-

-

-

-

-

-

-

19,355

Increase in investment securities due to deconsolidation of CIPs

0

11,381

0

0

-

-

-

-

-

Operating lease assets obtained in exchange for operating lease liabilities

4,162

0

0

-

-

-

-

-

-

Cash paid for:
Interest on borrowings

10,649

10,694

11,019

11,108

11,019

-

-

-

-

Income tax

18,593

20,731

25,296

18,621

29,316

30,685

16,449

541

2,475