Artisan partners asset management inc. (APAM)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12
Cash flows from operating activities
Net income before noncontrolling interests

43,643

69,454

62,212

59,973

49,818

48,164

66,717

67,645

71,664

840

58,509

48,833

42,555

43,820

45,387

43,476

40,318

49,254

50,148

59,258

53,446

63,479

63,125

63,923

52,187

62,142

56,090

47,030

-399,394

36,995

-35,966

38,003

3,545

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

1,624

1,666

1,600

1,496

1,471

1,411

1,755

1,237

1,265

1,438

1,310

1,292

1,257

1,456

1,399

1,240

1,177

1,342

1,091

1,047

1,039

957

870

730

693

941

821

765

698

757

584

544

516

Deferred income taxes

6,881

7,574

-15,215

7,504

7,493

5,395

5,761

6,455

7,252

365,831

10,981

8,947

9,657

8,877

8,236

8,729

8,118

8,390

370

8,337

-576

6,706

8,147

176

2,540

2,129

1,209

3,400

2,646

0

0

0

0

Asset impairment

0

0

0

104

2,003

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash lease expense

-789

-135

498

425

745

2,564

1,204

343

-25

660

219

33

1,479

-47

503

87

-49

-32

58

0

-155

-152

-88

94

10

-66

-131

147

-71

638

3

253

402

Net gain on the valuation of contingent value rights

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,210

6,940

8,620

24,800

0

0

0

0

Net investment (gain) loss on unconsolidated seed investment securities

-2,379

1,727

651

1,108

1,615

-904

967

304

321

426

0

0

93

287

804

-18

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net (gain) loss on the tax receivable agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

5,820

0

6,427

0

-284

4,471

0

-

-

-

-

-

-

-

-

(Gain) loss on disposal of property and equipment

6

-144

-3

-111

-17

-7

-4

-2

-5

-49

-2

-4

-14

-50

-24

-12

-22

-14

-9

-7

-10

-13

-198

-146

-5

-10

0

-5

-1

-48

-3

0

0

Loss on interest rate swap

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-17

250

-302

Amortization of debt issuance costs

118

118

116

115

114

114

114

115

114

116

112

112

112

112

112

112

112

112

112

112

112

112

112

112

112

112

112

112

112

112

156

181

182

Share-based compensation

9,695

8,696

9,977

12,073

12,349

11,228

12,757

15,169

14,400

12,622

12,630

18,810

18,830

16,559

18,481

18,039

18,917

19,709

20,420

19,786

19,605

20,148

19,344

20,486

28,278

27,760

26,837

23,851

576,969

0

0

0

0

Excess tax benefit on share-based awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

316

-169

377

776

213

184

717

0

-

-

-

-

-

-

-

-

Net investment gain (loss) of consolidated investment products

-12,924

5,076

619

2,043

2,346

-3,743

238

2,941

6,285

2,674

1,549

18

0

-

-

-

-

-

-

-

-

-

-557

-884

-598

1,555

5,499

-1,210

4,779

343

6,935

-955

2,494

Purchase of investments by consolidated investment products

29,092

29,114

23,163

34,331

36,758

40,812

30,519

239,852

332,365

200,501

28,352

23,194

0

-

-

-

-

-

-

-

-

-

19,642

9,862

48,094

32,248

59,675

26,632

22,109

26,626

12,902

12,042

8,193

Proceeds from sale of investments by consolidated investment products

30,160

22,282

10,822

25,493

16,871

31,518

16,083

223,830

339,686

161,757

21,689

6,907

0

-

-

-

-

-

-

-

-

-

23,956

12,310

56,880

33,016

62,197

29,550

22,204

25,862

16,565

4,941

12,657

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

14,841

-9,445

4,105

7,952

11,566

-9,128

0

2,061

-1,935

3,021

5,915

4,358

3,661

-5,785

2,700

6,433

-3,666

-7,510

-9,157

10,314

-2,950

2,163

2,513

2,814

-1,891

4,363

5,555

2,362

5,459

-128

3,071

1,998

1,664

Prepaid expenses and other assets

-10,762

-1,036

-632

-225

862

1,392

-985

3,511

-1,643

-502

-1,647

2,109

-1,589

3,099

-300

932

1,167

803

-35

72

1,774

-19

646

-462

1,442

374

2,010

-681

263

1,636

-330

315

224

Accounts payable and accrued expenses

52,729

-63,827

7,538

14,475

48,695

-68,479

4,389

6,799

67,318

-73,161

4,725

11,471

47,763

-57,451

4,733

8,051

41,147

-58,896

-2,215

8,474

52,321

-60,666

3,827

1,843

67,634

-74,293

7,368

10,086

54,434

-51,524

13,303

6,017

43,600

Class B liability awards

-

-

-

-

-

-

-

-

-

0

0

0

-506

-3,674

-848

0

-574

-3,674

-847

-241

-3,920

-3,688

-848

-747

-3,459

-3,687

-847

-769

-226,177

7,267

59,995

-5,196

31,356

Net change in operating assets and liabilities of consolidated investment products

5,690

-10,674

-9,744

-12,223

-7,425

-1,582

-9,494

-709

-1,038

16,402

3,265

-10,774

0

-

-

-

-

-

-

-

-

-

4,314

3,603

10,611

768

2,729

2,943

3,013

-761

4,269

-7,102

8,464

Net cash provided by operating activities

120,497

31,210

78,946

88,783

93,854

5,075

87,288

73,635

167,324

-42,788

72,242

77,504

118,996

12,101

74,173

72,399

111,687

22,610

84,319

85,601

128,709

25,452

90,999

87,894

147,222

-5,592

71,248

75,511

-29,001

-8,300

28,640

38,195

71,521

Cash flows from investing activities
Acquisition of property and equipment

631

540

586

1,088

1,284

1,236

996

301

301

266

489

470

353

170

-679

2,796

646

2,126

493

588

587

1,030

1,337

1,440

990

893

526

485

455

1,000

634

332

778

Leasehold improvements

167

584

1,808

8,340

3,554

3,740

5,106

1,633

528

1,220

1,569

330

1,138

535

3,379

364

65

1,578

366

795

802

727

2,155

991

949

332

68

233

199

1,955

180

200

386

Proceeds from sale of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

4

0

0

0

0

-

-

-

-

Proceeds from Sale, Maturity and Collection of Investments

5,633

-

-

-

0

-

-

-

-

0

0

0

6,382

6,926

2,025

10

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of investment securities

1,260

-

-

-

0

-

-

-

-

0

2,000

3,000

250

4,000

0

14

0

-

-

-

-

10

21

0

10,000

0

0

3,000

2,000

0

0

0

0

Net cash provided by (used in) investing activities

3,575

-836

-2,404

-9,428

-4,838

-5,226

-6,352

-1,934

-829

-1,486

-4,058

-3,800

4,641

2,221

-675

-3,164

-711

-3,704

936

-7,168

-1,389

3,688

2,903

-2,431

-11,935

15,707

-594

-3,718

-2,654

1,643

-959

-532

-1,164

Cash flows from financing activities
Partnership distributions

17,076

24,690

21,828

25,733

22,591

25,016

22,674

33,061

22,683

33,935

27,100

38,239

16,530

38,543

32,909

43,095

19,329

47,001

38,517

54,552

42,105

53,283

46,369

74,181

93,005

64,688

45,991

13,577

100,530

7,956

41,318

19,952

11,660

Dividends paid

72,439

36,868

33,913

31,031

86,366

32,590

32,553

32,432

70,205

30,298

30,123

29,928

40,672

25,139

25,341

25,314

39,590

23,698

23,640

23,537

53,073

18,755

17,900

16,371

46,778

8,497

6,124

0

0

-

-

-

-

Change in other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

-11

-17

-17

-17

-17

-16

-16

-16

-16

-15

-16

-260

-50

-40

177

Principle payments on note payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

289,372

9,553

25,864

Repayment under revolving credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

90,000

0

0

0

0

Net proceeds from issuance of common stock

63,027

0

0

0

0

0

0

0

21,478

0

0

0

162,494

0

0

0

0

0

0

0

176,558

0

0

0

554,129

296,756

0

0

356,579

0

0

0

0

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

106

0

0

0

0

0

0

78

88

0

0

194

100

0

0

0

0

0

2

349

76

9

454

1,562

781

1,003

0

0

3,165

0

0

0

0

Purchase of equity and subsidiary equity

63,027

0

0

0

0

0

0

0

21,478

0

0

0

162,494

0

0

0

0

0

0

0

176,558

0

0

0

554,129

296,755

0

0

0

-

-

-

-

Purchase of Class A common units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

76,319

0

0

0

0

Taxes paid related to employee net share settlement

4,500

0

300

-24

1,824

36

759

0

1,805

0

547

0

930

0

428

0

334

0

669

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Capital contributions to consolidated investment products, net

3,848

1,571

329

767

1,228

5,689

13,660

12,490

14,733

45,826

2,001

12,654

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital invested into Launch Equity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,155

1,825

0

0

100

3,050

0

1,000

0

4,000

Excess tax benefit on share-based awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

316

-169

377

776

213

184

717

0

-

-

-

-

-

-

-

-

Net cash used in financing activities

-90,303

-60,045

-61,963

-75,006

-109,553

-51,917

-51,186

-80,332

-80,048

-18,308

-63,826

-78,495

-58,232

-70,414

-58,678

-89,362

-59,253

-70,384

-83,048

-78,078

-94,495

-74,831

-69,503

-90,258

-138,755

-74,203

-52,131

-13,492

89,599

-8,216

-43,733

-29,545

-33,347

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

33,769

-29,671

14,579

4,349

-20,537

-52,068

29,750

-8,631

86,447

-62,582

4,358

-4,791

65,405

-56,092

14,820

-20,127

51,723

-51,478

2,207

355

32,825

-45,691

24,399

-4,795

-3,468

-64,088

18,523

58,301

57,944

-14,873

-16,052

8,118

37,010

Noncash activity:
Establishment of deferred tax assets

37,957

1,977

22,968

3,985

7,069

556

612

5,186

18,325

12,697

5,773

8,596

119,175

2,809

853

13,687

16,592

-43

3,771

3,901

124,887

5,734

32,120

66,837

287,367

-

0

0

70,862

-

0

0

0

Establishment of amounts payable under tax receivable agreements

30,853

1,599

20,474

3,505

5,389

620

341

4,288

15,054

9,243

4,678

7,210

99,189

1,017

870

11,403

12,190

355

3,431

3,114

100,840

2,619

27,654

54,132

244,262

-

0

0

53,449

-

0

0

0

Establishment of contingent value rights

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

55,440

0

0

0

0

Operating lease assets obtained in exchange for operating lease liabilities

0

556

0

1,415

2,191

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-