Pzena investment management, inc. (PZN)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
OPERATING ACTIVITIES
Net Income

45,476

68,319

60,150

53,651

47,003

55,034

48,438

34,405

33,243

36,485

32,695

Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
Depreciation

1,039

995

1,024

1,058

789

224

178

179

406

432

472

Loss on Disposal of Fixed Assets

-30

-36

-6

0

-428

0

0

55

-874

-

-

Disposal of Fixed Assets

-

-

-

-

-

-

-

-

-

0

0

Non-Cash Compensation

30,093

9,819

10,182

6,933

11,092

8,877

5,523

2,990

5,047

3,653

2,934

Directors' Share Grants

611

551

481

475

392

359

315

337

280

280

280

Net Realized and Unrealized (Gains)/ Losses from Investments

2,270

-1,183

2,600

1,776

-3,235

-49

2,449

1,520

-355

395

6,179

Equity in (Earnings)/ Losses of Affiliates

1,966

-2,347

1,517

1,243

-109

-

-

-

-

-

-

Accretion of Discount

-224

-90

0

-

-

-

-

-

-

-

-

Noncash Lease Expense

1,942

-

-

-

-

-

-

-

-

-

-

Non-Cash Performance Fees

-

-

237

0

0

-

-

-

-

-

-

Foreign Currency Translation Adjustments

-143

152

-122

-

-

-

-

-

-

-

-

Foreign Currency Translation Adjustments

-

-

-

-93

-10

0

0

-

-

-

-

Lease Liability

-

-

-

0

862

0

0

-

1,863

0

0

Change in Liability to Selling and Converting Shareholders

346

48

26,427

-51,442

-423

-4,168

-4,468

-2,647

-1,581

-3,312

-3,725

Deferred Income Taxes

4,200

4,620

37,269

-56,058

2,910

-1,055

-1,849

-529

472

-1,914

-3,377

Changes in Operating Assets and Liabilities:
Advisory Fees Receivable

297

59

6,205

4,079

-691

-1,008

9,321

-63

-558

1,897

-228

Due from Broker

320

-1,878

1,026

581

198

41

36

-435

25

-86

212

Restricted Cash

-

-

-

84

742

2,494

-714

0

-390

13

1,407

Prepaid Expenses and Other Assets

1,147

738

60

-235

-69

357

491

-134

-389

554

-188

Non-Cash Compensation Modification

-

-

-

0

713

0

0

-

-

-

-

Due to Broker

-85

216

127

-20

-668

694

-18

23

-6

-731

852

Subscriptions Receivable

-

-

-

-

-

7,000

0

0

-

-

-

Accounts Payable, Accrued Expenses, and Other Liabilities

7,434

6,430

2,566

14,064

-214

-1,660

-48

-2,981

606

-118

-1,430

Tax Receivable Agreement Payments

3,689

5,880

4,155

3,050

3,512

2,668

2,024

4,451

84

0

0

Lease Liabilities

1,840

-

-

-

-

-

-

-

-

-

-

Purchases of Equity Securities

16,498

23,853

-

-

-

-

-

-

-

-

-

Proceeds from Equity Securities

16,293

22,025

-

-

-

-

-

-

-

-

-

Change in Lease Liability

-

-

-

0

-1,216

-424

-425

-592

-68

0

0

Purchases of Investments

-

-

41,077

28,831

40,493

58,874

78,100

74,140

40,688

3,895

12,199

Proceeds from Sale of Investments

-

-

40,329

26,529

37,193

45,572

79,582

75,013

40,945

7,360

13,401

Net Cash Provided by/ (Used in) Operating Activities

78,579

87,599

68,952

58,572

57,430

55,412

44,457

31,958

46,138

42,091

29,971

INVESTING ACTIVITIES
Purchases of Investments

27,889

41,603

869

2,159

8,669

2,494

1,558

521

1,471

2,042

0

Proceeds from Sale of Investments

27,044

11,191

2,180

2,428

9,772

2,043

78

544

1,229

0

0

Payments from/ (to) Related Parties

-2,370

2,786

445

-46

947

-12

36

16

3

-44

-26

Purchases of Property and Equipment

1,222

166

324

120

6,348

2,161

234

74

157

70

49

Net Cash Provided by/ (Used in) Investing Activities

303

-33,364

542

195

-6,192

-2,600

-1,750

-67

-402

-2,068

-23

FINANCING ACTIVITIES
Repurchase and Retirement of Class A Common Stock

6,416

8,594

1,490

2,679

5,776

3,496

2,414

746

0

0

-

Repurchase and Retirement of Class B Units

1,476

291

374

774

2,026

901

3,727

190

95

2

0

Repurchase and Retirement of Class B Unit Options

-

-

-

-

-

-

71

313

0

0

-

Option Exercise

-

-

-

895

1,688

0

0

-

-

-

-

Sale of Shares under Equity Incentive Plan

117

5,193

204

401

372

0

0

-

-

-

-

Distributions to Non-Controlling Interests

46,288

66,982

-

-

-

-

-

-

-

-

-

Loan Proceeds

-

-

-

-

-

205

0

0

-

-

-

Distributions to Non-Controlling Interests

-

-

44,095

43,059

44,295

44,154

32,537

30,170

26,244

31,525

13,540

Contributions from Non-Controlling Interests

126

272

-

1,139

597

4,906

147

69

450

-

322

Contributions from Non-Controlling Interests

-

-

4,166

-

-

-

-

-

-

-

-

Contributions from Non-Controlling Interests

-

-

-

-

-

-

-

-

-

4,321

-

Term Loan and Senior Subordinated Notes Repayment

-

-

-

-

-

-

-

-

-

10,000

28,000

Dividends

10,556

9,137

6,420

6,283

5,490

4,327

2,872

2,979

1,193

2,248

0

Net Cash Provided by/ (Used in) Financing Activities

-64,493

-79,539

-48,009

-50,360

-54,930

-47,767

-41,474

-34,329

-27,082

-39,454

-41,218

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

14,389

-25,304

21,485

-

-

-

-

-

-

-

-

NET CHANGE IN CASH

-

-

-

8,407

-3,692

5,045

1,233

-2,438

18,654

569

-11,270

Adjustment for the Cumulative Effect of Applying ASU 2015-02

-

-

-

-

-

-

0

0

48

-96

243

Effect of (Deconsolidation)/ Consolidation of Affiliates

-

-

4,212

75

0

-186

-

-

-

-

-

Net Change in Cash, Cash Equivalents and Restricted Cash

14,389

-25,304

21,485

-

-

-

-

-

-

-

-

Net Change in Cash

-

-

-

8,407

-3,692

5,045

1,233

-2,438

18,654

569

-11,270

Supplementary Cash Flow Information:
Unit Conversion

383

875

550

356

495

-

-

-

-

-

-

Issuances of Shares under Equity Incentive Plan

4,087

4,191

4,413

0

0

-

-

-

-

-

-

In-Kind Distribution to Non-Controlling Interests of Equity Securities, at Fair Value

-

-

-

-

-

-

-

370

0

0

-

In-Kind Distribution to Non-Controlling Interests of Equity Securities, at Fair Value

-

-

-

-

-

-

-

-

-

-

8,196

In-Kind Distribution to Non-Controlling Interests of Equity Securities, at Fair Value

-

-

-

-

-

-

-

-

-

-

8,196

Interest Paid

-

-

-

-

-

-

-

30

0

232

1,446

Income Taxes Paid

1,646

500

797

665

1,031

2,728

2,502

2,310

2,877

2,596

1,867

Initial Recognition of Lease at Commencement

644

-

-

-

-

-

-

-

-

-

-