PZENA INVESTMENT MANAGEMENT, INC. PZN Cash Flow

Pzena investment management, inc. (PZN)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
OPERATING ACTIVITIES
Net Income
769	-3,677	16,916	16,295	15,942	13,849	19,447	17,357	17,666	15,086	17,217	15,121	12,726	23,015	11,921	9,357	9,358	12,129	10,456	12,815	11,603	13,823	14,503	14,407	12,301	16,168	12,287	10,292	9,691	8,718	8,996	7,006	9,685	4,052	7,594	10,600	10,997	9,252	7,781
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
Depreciation
306	267	261	261	250	249	245	246	255	267	256	249	252	256	263	272	267	268	269	187	65	57	57	57	53	54	47	38	39	46	56	57	20	95	104	104	103	108	107
Loss on Disposal of Fixed Assets
-	-	-	-	-	-	-	-	-	0	0	0	-6	0	0	0	0	-	0	-428	-	-	0	0	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Disposal of Fixed Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	55	-	0	0	0	-	-
Non-Cash Compensation
2,890	21,617	2,846	2,886	2,744	2,608	2,383	2,368	2,460	2,314	2,937	2,260	2,671	1,986	1,765	1,581	1,601	6,758	1,300	1,561	1,473	4,922	1,299	1,180	1,476	1,691	1,313	1,225	1,294	917	722	665	686	1,645	1,039	1,180	1,183	901	822
Directors' Share Grants
331	103	104	103	301	102	102	102	245	99	100	101	181	99	99	99	178	82	82	82	146	81	80	82	116	61	104	75	75	127	70	70	70	70	70	70	70	14	-14
Net Realized and Unrealized (Gains)/ Losses from Investments
-5,247	1,789	-338	-18	837	-1,112	142	-179	-34	881	626	297	796	-	880	-420	-	-	-	-	-	-	-	-	-	-	-	414	851	459	395	-189	855	354	-1,150	186	255	544	-871
Equity in (Earnings)/ Losses of Affiliates
-4,262	949	-4	263	758	-2,274	204	-148	-129	434	428	220	435	-	653	-86	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accretion of Discount
-	-59	-58	-57	-50	-	-41	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash Lease Expense
596	531	474	482	455	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Foreign Currency Translation Adjustments
505	-257	104	73	-63	62	27	131	-68	-	-48	-44	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Gains)/ Losses and Other Investment Income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	104	-	-4,398	460	15	-	-434	410	104	-	498	-	-	-	-	-	-	-	-	-	-	-	-
Foreign Currency Translation Adjustments
-	-	-	-	-	-	-	-	-	-	-	-	12	-36	-16	-36	-5	-7	-3	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Lease Liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	862	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in Liability to Selling and Converting Shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-50,064	-1,200	700	-878	1,191	-697	-672	-245	-221	-1,824	-1,996	-127	57	-3,257	-229	-1,039	-305	-1,684	315	-973	726	-50	-2,140	-117	-1,725	-
Change in Liability to Selling and Converting Shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,118
Deferred Income Taxes
360	1,100	658	1,048	1,394	1,386	551	1,339	1,344	32,869	1,744	1,563	1,093	-57,273	-282	1,720	-223	2,143	127	14	626	71	-926	-1,170	970	939	-2,881	527	-434	300	-1,440	956	-345	1,006	905	-1,254	-185	-1,677	1,869
Changes in Operating Assets and Liabilities:
Advisory Fees Receivable
-3,646	2,495	-2,267	-207	276	-1,808	747	-4,038	5,158	625	2,182	619	2,779	743	4,067	212	-943	-2,323	781	776	75	-1,649	684	503	-546	4,047	1,526	1,573	2,175	40	184	-1,734	1,447	-585	-2,027	1,187	867	928	-134
Due from Broker
-19	407	-255	67	101	-847	166	-736	-461	1,775	-692	383	-440	540	-294	424	-89	-265	26	-170	607	-275	-815	435	696	-174	147	-1,554	1,617	-3,722	1,769	-1,010	2,528	426	-2,064	1,115	548	-58	55
Restricted Cash
-	-	-	-	-	-	-	-	-	-	-	-	-	129	41	48	-134	-107	-110	284	675	95	25	2,374	0	-715	0	0	1	0	0	0	0	-393	1	1	1	4	5
Prepaid Expenses and Other Assets
175	660	-422	844	65	758	-52	-103	135	306	-164	-264	182	-238	-219	-64	286	-84	71	-318	262	342	-65	-239	319	-196	121	-227	793	66	-144	13	-69	39	-112	-4	-312	-16	3
Non-Cash Compensation Modification
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	713	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due to Broker
-34	275	-83	9	-286	-248	133	-690	1,021	-427	-37	-27	618	-274	-91	201	144	-764	-454	496	54	440	-860	-4,114	5,228	-59	-4	-1,581	1,626	-1,718	326	-1,532	2,947	-32	23	-1,765	1,768	-79	88
Accounts Payable, Accrued Expenses, and Other Liabilities
-23,267	10,347	5,719	8,209	-16,841	3,034	9,178	8,033	-13,815	3,874	4,678	6,823	-12,809	4,631	5,066	5,116	-749	-11,565	5,299	5,203	849	-10,983	5,666	4,901	-1,244	-8,946	4,506	3,313	1,079	-11,069	3,831	3,616	641	-7,695	3,519	3,744	1,038	3,110	3,070
Tax Receivable Agreement Payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	723	0	0	1,945	24	0	0	2,000	2,358	0	0	2,093	0	0	0	84	0	0
Lease Liabilities
608	543	487	444	366	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of Equity Securities
9,479	5,467	3,186	3,933	3,912	2,731	8,561	5,956	6,605	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Equity Securities
5,759	5,713	3,176	3,967	3,437	2,450	6,603	5,933	7,039	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in Lease Liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-247	-496	-367	-106	-106	-105	-107	-106	-106	-107	-106	-106	-132	-153	-153	-154	-68	0	0	0	-	-
Purchases of Investments
-	-	-	-	-	-	-	-	-	7,621	8,265	11,499	13,692	8,613	6,857	8,388	4,973	5,320	6,350	11,312	17,511	14,569	13,039	15,911	15,355	14,699	10,235	19,906	33,260	17,856	24,861	10,588	20,835	13,760	6,513	9,015	11,400	294	2,358
Proceeds from Sale of Investments
-	-	-	-	-	-	-	-	-	9,471	7,777	10,786	12,295	8,447	6,911	6,262	4,909	5,741	6,803	11,825	12,824	7,604	12,995	14,910	10,063	15,037	11,843	19,004	33,698	18,278	24,780	10,742	21,213	14,191	6,361	9,755	10,638	304	3,284
Net Cash Provided by/ (Used in) Operating Activities
-9,883	20,159	29,522	27,804	1,094	19,979	28,806	33,805	5,009	21,110	24,075	24,166	-399	16,190	14,851	15,370	12,161	6,715	21,360	21,434	7,921	9,454	22,099	12,748	11,111	6,411	17,838	12,904	7,304	-1,285	11,807	13,444	7,992	1,674	18,504	13,074	12,886	11,962	14,501
INVESTING ACTIVITIES
Purchases of Investments
21,590	717	13,426	1,623	12,123	6,104	35,062	219	218	255	129	249	236	62	225	131	1,741	520	1,376	2,238	4,535	1,847	26	102	519	35	24	40	1,459	29	30	10	452	38	0	0	1,433	2,042	0
Proceeds from Sale of Investments
45,735	596	368	412	25,668	10,731	102	93	265	1,133	718	242	87	45	220	1,404	759	1,483	1,229	1,289	5,771	1,502	0	0	541	0	0	0	78	0	0	0	544	382	0	0	847	0	0
Proceeds from Sale of Investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,824
Payments from/ (to) Related Parties
886	40	11	2	-2,423	2,988	-859	57	600	-17	-15	43	434	-122	-217	158	135	729	12	8	198	-22	5	-87	92	-7	-5	1	47	-79	61	14	20	3	22	-3	-19	13	0
Purchases of Property and Equipment
33	148	525	35	514	48	87	31	0	102	177	23	22	25	0	18	77	158	643	2,257	3,290	1,866	214	0	81	60	169	5	0	-	3	1	-	236	4	34	-117	3	3
Net Cash Provided by/ (Used in) Investing Activities
23,226	-309	-13,594	-1,248	15,454	1,591	-34,188	-214	-553	793	427	-73	-605	80	212	1,097	-1,194	76	-802	-3,214	-2,252	-2,189	-245	-15	-151	-88	-188	-46	-1,428	-20	-94	-25	72	339	-26	-31	-684	-2,058	2,821
FINANCING ACTIVITIES
Repurchase and Retirement of Class A Common Stock
5,648	218	1,486	0	4,712	1,093	2,019	2,279	3,203	782	0	631	77	672	501	753	753	753	2,680	1,518	825	2,517	606	373	0	201	529	1,017	667	494	127	125	0	-	0	0	-	-	-
Repurchase and Retirement of Class B Units
565	667	134	0	675	250	0	0	41	335	0	0	39	708	0	47	19	295	147	1,542	42	360	0	500	41	3,727	0	0	0	-	-	-	-	-	4	-	-	0	0
Option Exercise
-	-	-	-	-	-	-	-	-	-	-	-	-	-	51	-	-	0	0	0	1,688	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of Shares under Equity Incentive Plan
1,902	20	31	1	65	2	3	5,184	4	17	107	55	25	24	55	274	48	0	372	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to Non-Controlling Interests
33,327	-	11,955	-	25,665	-	12,733	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase and Retirement of Class B Unit Options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	71	-	-	15	0	-	-	-	-	-	-	-
Loan Proceeds
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	205	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Distributions to Non-Controlling Interests
-	-	-	6,972	-	-	-	10,798	29,719	4,254	11,052	9,039	19,750	3,364	7,993	11,319	20,383	3,613	8,544	11,485	20,653	2,949	12,351	12,029	16,825	3,132	7,596	10,186	11,623	2,886	5,014	8,933	13,337	3,384	6,710	9,854	6,296	6,322	9,927
Contributions from Non-Controlling Interests
641	-	56	-	23	-	30	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	4,321
Contributions from Non-Controlling Interests
-	-	-	5	-	-	-	31	0	112	415	1,212	2,427	-	115	198	271	-	111	49	336	-	2,782	630	948	-	128	0	0	-	0	45	-	-	-	-	-	-	-
Contributions from Non-Controlling Interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	200	250	-	-	-
Term Loan and Senior Subordinated Notes Repayment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-7,500
Dividends
8,172	533	536	536	8,951	520	525	532	7,560	518	519	521	4,862	489	491	452	4,851	457	468	388	4,177	395	401	365	3,166	366	366	368	1,772	336	317	317	2,009	317	298	297	281	281	281
Net Cash Provided by/ (Used in) Financing Activities
-45,169	-3,052	-14,024	-7,502	-39,915	-15,382	-15,244	-8,394	-40,519	-5,760	-11,049	-8,924	-22,276	-3,810	-8,764	-12,099	-25,687	-5,017	-11,356	-14,884	-23,673	-5,675	-10,576	-12,432	-19,084	-7,407	-8,363	-11,642	-14,062	-4,180	-5,473	-9,330	-15,346	-3,792	-6,812	-9,901	-6,577	-6,603	-13,387
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
-31,826	16,798	1,904	19,054	-23,367	6,188	-20,626	25,197	-36,063	16,143	13,453	15,169	-23,280	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET CHANGE IN CASH
-	-	-	-	-	-	-	-	-	-	-	-	-	12,460	6,299	4,368	-14,720	1,774	9,202	3,336	-18,004	1,590	11,278	301	-8,124	-1,084	9,287	1,216	-8,186	-5,485	6,240	4,089	-7,282	-1,779	11,666	3,142	5,625	3,301	3,935
Adjustment for the Cumulative Effect of Applying ASU 2015-02
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustment for the Cumulative Effect of Applying ASU 2015-02
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-227	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	96	0	0	-48	96	0
Effect of (Deconsolidation)/ Consolidation of Affiliates
123	-	-	-	-	-	-	-	-	-	-	-	-	-	75	-	-	0	0	0	0	-	100	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Net Change in Cash, Cash Equivalents and Restricted Cash
-31,826	16,798	1,904	19,054	-23,367	6,188	-20,626	25,197	-36,063	16,143	13,453	15,169	-23,280	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Change in Cash
-	-	-	-	-	-	-	-	-	-	-	-	-	12,460	6,299	4,368	-14,720	1,774	9,202	3,336	-18,004	1,590	11,278	301	-8,124	-1,084	9,287	1,216	-8,186	-5,485	6,240	4,089	-7,282	-1,779	11,666	3,142	5,625	3,301	3,935
Supplementary Cash Flow Information:
Issuances of Shares under Equity Incentive Plan
3,842	0	0	0	4,087	0	0	0	4,191	0	0	0	4,413	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuances of Shares under Equity Incentive Plan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
In-Kind Distribution to Non-Controlling Interests of Equity Securities, at Fair Value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-
In-Kind Distribution to Non-Controlling Interests of Equity Securities, at Fair Value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	371	-	-	-	0	-	-
In-Kind Distribution to Non-Controlling Interests of Equity Securities, at Fair Value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-
Interest Paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	0	0	26	0	0	0	0	0	77
Income Taxes Paid
98	26	298	1,250	72	0	85	0	415	0	253	130	414	0	295	124	246	0	262	360	409	1	623	1,213	891	1	668	964	869	0	577	993	740	0	757	1,239	881	643	1,131