| Mar'19 | Mar'18 | Mar'17 | Mar'16 | |||
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net income | ||||||
98,997 | 106,297 | 74,438 | 55,852 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
2,979 | 1,891 | 1,915 | 2,027 | |||
Change in deferred income taxes | ||||||
-21,665 | -22,983 | -26 | -730 | |||
Change in payable to related parties pursuant to tax receivable agreement | ||||||
-9,778 | -5,076 | 0 | 0 | |||
Amortization of deferred financing costs | ||||||
- | - | - | 857 | |||
Write-off of deferred financing costs | ||||||
0 | 1,657 | 3,359 | 2,408 | |||
Equity-based compensation | ||||||
6,382 | 5,544 | 4,681 | 3,730 | |||
Gain on sale of investments valued at the measurement alternative | ||||||
11,133 | 0 | 0 | 5,408 | |||
Equity in income of investees | ||||||
7,202 | 17,102 | 12,801 | 1,518 | |||
Proceeds received from investments | ||||||
14,077 | 14,391 | 10,843 | 4,105 | |||
Other | ||||||
190 | 1,411 | 922 | 117 | |||
Changes in operating assets and liabilities: | ||||||
Fees receivable | ||||||
5,390 | 2,624 | 285 | -4,041 | |||
Prepaid expenses | ||||||
2,414 | -299 | 1,038 | 49 | |||
Due from related parties | ||||||
-608 | -77 | 461 | -101 | |||
Other assets | ||||||
1,614 | -16 | 610 | 1,009 | |||
Accounts payable | ||||||
919 | 334 | 725 | -1,026 | |||
Accrued compensation and benefits | ||||||
4,549 | 4,675 | -612 | -920 | |||
Deferred incentive fees | ||||||
-2,541 | -38,921 | 0 | 43,206 | |||
Other liabilities | ||||||
1,328 | 840 | 577 | 1,931 | |||
Net cash provided by operating activities | ||||||
111,622 | 96,692 | 81,679 | 109,175 | |||
Investing activities: | ||||||
Purchase of furniture, fixtures and equipment | ||||||
5,366 | 2,254 | 1,275 | 921 | |||
Proceeds from sales of investments valued under the measurement alternative | ||||||
22,531 | 0 | 0 | - | |||
Cash paid for acquisition of business | ||||||
0 | 5,228 | 0 | 0 | |||
Loan to investee | ||||||
944 | 0 | 0 | - | |||
Distributions received from investments | ||||||
10,614 | 16,055 | 8,782 | 21,587 | |||
Contributions to investments | ||||||
46,048 | 30,346 | 24,222 | 18,164 | |||
Net cash used in investing activities | ||||||
-19,213 | -21,773 | -16,715 | 2,502 | |||
Financing activities: | ||||||
Proceeds from offering | ||||||
193,504 | 125,200 | 0 | - | |||
Purchase of membership interests | ||||||
193,504 | 125,200 | 55,983 | 173,622 | |||
Repayments of debt | ||||||
13,263 | 87,038 | 162,600 | 121,680 | |||
Borrowings of debt, net of deferred financing costs | ||||||
0 | 85,066 | 0 | 253,988 | |||
Contributions from non-controlling interest in general partnerships | ||||||
81 | 276 | 532 | 629 | |||
Distributions to non-controlling interest in general partnerships | ||||||
2,195 | 5,359 | 3,191 | 5,458 | |||
Proceeds from IPO, net of underwriting discount | ||||||
0 | 0 | 203,205 | 0 | |||
Payment of deferred offering costs | ||||||
0 | 0 | 5,844 | 0 | |||
Sale of membership interests | ||||||
0 | 0 | 4,669 | 3,268 | |||
(Repurchase) issuance of Class B common stock | ||||||
-2 | -2 | 28 | 0 | |||
Repurchase of Class A shares for employee tax withholding | ||||||
5,387 | 6,473 | 2,151 | 0 | |||
Proceeds received from issuance of shares under Employee Share Purchase Plan | ||||||
264 | 313 | 1,192 | - | |||
Proceeds received from option exercises | ||||||
- | - | - | 586 | |||
Dividends paid | ||||||
18,676 | 9,511 | 0 | 0 | |||
Members’ distributions paid | ||||||
50,649 | 36,943 | 80,457 | 67,815 | |||
Other | ||||||
-383 | 0 | -611 | 0 | |||
Net cash used in financing activities | ||||||
-90,210 | -59,671 | -101,211 | -110,104 | |||
Effect of exchange rate changes on cash and cash equivalents | ||||||
8 | 0 | 0 | - | |||
Increase in cash, cash equivalents, and restricted cash | ||||||
2,207 | 15,248 | -36,247 | 1,573 | |||