PZENA INVESTMENT MANAGEMENT, INC. PZN Cash Flow

Pzena investment management, inc. (PZN)

CashFlow / TTM

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
30,303	45,476	63,002	65,533	66,595	68,319	69,556	67,326	65,090	60,150	68,079	62,783	57,019	53,651	42,765	41,300	44,758	47,003	48,697	52,744	54,336	55,034	57,379	55,163	51,048	48,438	40,988	37,697	34,411	34,405	29,739	28,337	31,931	33,243	38,443	38,630	0	0	0
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
Depreciation
1,095	1,039	1,021	1,005	990	995	1,013	1,024	1,027	1,024	1,013	1,020	1,043	1,058	1,070	1,076	991	789	578	366	236	224	221	211	192	178	170	179	198	179	228	276	323	406	419	422	0	0	0
Loss on Disposal of Fixed Assets
-	-	-	-	-	-	-	-	-	-6	-6	-6	-6	0	0	-428	0	-	0	0	-	-	0	0	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Disposal of Fixed Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0	-	-
Non-Cash Compensation
30,239	30,093	11,084	10,621	10,103	9,819	9,525	10,079	9,971	10,182	9,854	8,682	8,003	6,933	11,705	11,240	11,220	11,092	9,256	9,255	8,874	8,877	5,646	5,660	5,705	5,523	4,749	4,158	3,598	2,990	3,718	4,035	4,550	5,047	4,303	4,086	0	0	0
Directors' Share Grants
641	611	610	608	607	551	548	546	545	481	481	480	478	475	458	441	424	392	391	389	389	359	339	363	356	315	381	347	342	337	280	280	280	280	224	140	0	0	0
Net Realized and Unrealized (Gains)/ Losses from Investments
-3,814	2,270	-631	-151	-312	-1,183	810	1,294	1,770	2,600	0	0	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	2,119	1,516	1,520	1,415	-130	245	-355	-165	114	0	0	0
Equity in (Earnings)/ Losses of Affiliates
-3,054	1,966	-1,257	-1,049	-1,460	-2,347	361	585	953	1,517	0	0	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accretion of Discount
-	-224	-206	0	0	-	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash Lease Expense
2,083	1,942	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Foreign Currency Translation Adjustments
425	-143	176	99	157	152	0	0	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Gains)/ Losses and Other Investment Income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	0	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Foreign Currency Translation Adjustments
-	-	-	-	-	-	-	-	-	-	-	-	-76	-93	-64	-51	-15	-10	-3	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Lease Liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in Liability to Selling and Converting Shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-51,442	-187	316	-1,056	-423	-1,835	-2,962	-4,286	-4,168	-3,890	-5,323	-3,556	-4,468	-4,830	-3,257	-2,713	-2,647	-1,616	18	-2,437	-1,581	-4,032	0	0	0	-
Change in Liability to Selling and Converting Shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Deferred Income Taxes
3,166	4,200	4,486	4,379	4,670	4,620	36,103	37,296	37,520	37,269	-52,873	-54,899	-54,742	-56,058	3,358	3,767	2,061	2,910	838	-215	-1,399	-1,055	-187	-2,142	-445	-1,849	-2,488	-1,047	-618	-529	177	2,522	312	472	-2,211	-1,247	0	0	0
Changes in Operating Assets and Liabilities:
Advisory Fees Receivable
-3,625	297	-4,006	-992	-4,823	59	2,492	3,927	8,584	6,205	6,323	8,208	7,801	4,079	1,013	-2,273	-1,709	-691	-17	-114	-387	-1,008	4,688	5,530	6,600	9,321	5,314	3,972	665	-63	-688	-2,899	22	-558	955	2,848	0	0	0
Due from Broker
200	320	-934	-513	-1,316	-1,878	744	-114	1,005	1,026	-209	189	230	581	-224	96	-498	198	188	-653	-48	41	142	1,104	-885	36	-3,512	-1,890	-1,346	-435	3,713	-120	2,005	25	-459	1,660	0	0	0
Restricted Cash
-	-	-	-	-	-	-	-	-	-	-	-	-	84	-152	-303	-67	742	944	1,079	3,169	2,494	1,684	1,659	-715	-714	1	1	1	0	-393	-392	-391	-390	7	11	0	0	0
Prepaid Expenses and Other Assets
1,257	1,147	1,245	1,615	668	738	286	174	13	60	-484	-539	-339	-235	-81	209	-45	-69	357	221	300	357	-181	5	17	491	753	488	728	-134	-161	-129	-146	-389	-444	-329	0	0	0
Non-Cash Compensation Modification
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	713	713	713	713	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due to Broker
167	-85	-608	-392	-1,091	216	37	-133	530	127	280	226	454	-20	-510	-873	-578	-668	536	130	-4,480	694	195	1,051	3,584	-18	-1,677	-1,347	-1,298	23	1,709	1,406	1,173	-6	-53	12	0	0	0
Accounts Payable, Accrued Expenses, and Other Liabilities
1,008	7,434	121	3,580	3,404	6,430	7,270	2,770	1,560	2,566	3,323	3,711	2,004	14,064	-2,132	-1,899	-1,812	-214	368	735	433	-1,660	377	-783	-2,371	-48	-2,171	-2,846	-2,543	-2,981	393	81	209	606	11,411	10,962	0	0	0
Tax Receivable Agreement Payments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,668	1,969	1,969	1,969	2,024	4,358	4,358	4,358	4,451	2,093	2,093	2,093	84	84	84	0	0	0
Lease Liabilities
2,082	1,840	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of Equity Securities
22,065	16,498	13,762	19,137	21,160	23,853	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from Equity Securities
18,615	16,293	13,030	16,457	18,423	22,025	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in Lease Liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,216	-1,075	-684	-424	-424	-424	-426	-425	-425	-451	-497	-544	-592	-528	-375	-222	-68	0	0	0	-	-
Purchases of Investments
-	-	-	-	-	-	-	-	-	41,077	42,069	40,661	37,550	28,831	25,538	25,031	27,955	40,493	49,742	56,431	61,030	58,874	59,004	56,200	60,195	78,100	81,257	95,883	86,565	74,140	70,044	51,696	50,123	40,688	27,222	23,067	0	0	0
Proceeds from Sale of Investments
-	-	-	-	-	-	-	-	-	40,329	39,305	38,439	33,915	26,529	23,823	23,715	29,278	37,193	39,056	45,248	48,333	45,572	53,005	51,853	55,947	79,582	82,823	95,760	87,498	75,013	70,926	52,507	51,520	40,945	27,058	23,981	0	0	0
Net Cash Provided by/ (Used in) Operating Activities
67,602	78,579	78,399	77,683	83,684	87,599	88,730	83,999	74,360	68,952	64,032	54,808	46,012	58,572	49,097	55,606	61,670	57,430	60,169	60,908	52,222	55,412	52,369	48,108	48,264	44,457	36,761	30,730	31,270	31,958	34,917	41,614	41,244	46,138	56,426	52,423	0	0	0
INVESTING ACTIVITIES
Purchases of Investments
37,356	27,889	33,276	54,912	53,508	41,603	35,754	821	851	869	676	772	654	2,159	2,617	3,768	5,875	8,669	9,996	8,646	6,510	2,494	682	680	618	1,558	1,552	1,558	1,528	521	530	500	490	1,471	3,475	3,475	0	0	0
Proceeds from Sale of Investments
47,111	27,044	37,179	36,913	36,594	11,191	1,593	2,209	2,358	2,180	1,092	594	1,756	2,428	3,866	4,875	4,760	9,772	9,791	8,562	7,273	2,043	541	541	541	78	78	78	78	544	926	926	926	1,229	847	847	0	0	0
Proceeds from Sale of Investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Payments from/ (to) Related Parties
939	-2,370	578	-292	-237	2,786	-219	625	611	445	340	138	253	-46	805	1,034	884	947	196	189	94	-12	3	-7	81	36	-36	30	43	16	98	59	42	3	13	-9	0	0	0
Purchases of Property and Equipment
741	1,222	1,122	684	680	166	220	310	302	324	247	70	65	120	253	896	3,135	6,348	8,056	7,627	5,370	2,161	355	310	315	234	177	9	0	-	0	0	-	157	-76	-77	0	0	0
Net Cash Provided by/ (Used in) Investing Activities
8,075	303	2,203	-18,391	-17,357	-33,364	-34,162	453	594	542	-171	-386	784	195	191	-823	-5,134	-6,192	-8,457	-7,900	-4,701	-2,600	-499	-442	-473	-1,750	-1,682	-1,588	-1,567	-67	292	360	354	-402	-2,799	48	0	0	0
FINANCING ACTIVITIES
Repurchase and Retirement of Class A Common Stock
7,352	6,416	7,291	7,824	10,103	8,594	8,283	6,264	4,616	1,490	1,380	1,881	2,003	2,679	2,760	4,939	5,704	5,776	7,540	5,466	4,321	3,496	1,180	1,103	1,747	2,414	2,707	2,305	1,413	746	252	125	0	-	0	0	-	-	-
Repurchase and Retirement of Class B Units
1,366	1,476	1,059	925	925	291	376	376	376	374	747	747	794	774	361	508	2,003	2,026	2,091	1,944	902	901	4,268	4,268	3,768	3,727	0	0	0	-	-	-	-	-	0	-	-	0	0
Option Exercise
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	1,688	1,688	1,688	1,688	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of Shares under Equity Incentive Plan
1,954	117	99	71	5,254	5,193	5,208	5,312	183	204	211	159	378	401	377	694	420	372	372	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to Non-Controlling Interests
0	-	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase and Retirement of Class B Unit Options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-
Loan Proceeds
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Distributions to Non-Controlling Interests
-	-	-	59,102	-	-	-	55,823	54,064	44,095	43,205	40,146	42,426	43,059	43,308	43,859	44,025	44,295	43,631	47,438	47,982	44,154	44,337	39,582	37,739	32,537	32,291	29,709	28,456	30,170	30,668	32,364	33,285	26,244	29,182	32,399	0	0	0
Contributions from Non-Controlling Interests
0	-	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Contributions from Non-Controlling Interests
-	-	-	269	-	-	-	558	1,739	4,166	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	-	-	-	-	-	-	-
Contributions from Non-Controlling Interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-
Term Loan and Senior Subordinated Notes Repayment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Dividends
9,777	10,556	10,543	10,532	10,528	9,137	9,135	9,129	9,118	6,420	6,391	6,363	6,294	6,283	6,251	6,228	6,164	5,490	5,428	5,361	5,338	4,327	4,298	4,263	4,266	2,872	2,842	2,793	2,742	2,979	2,960	2,941	2,921	1,193	1,157	1,140	0	0	0
Net Cash Provided by/ (Used in) Financing Activities
-69,747	-64,493	-76,823	-78,043	-78,935	-79,539	-69,917	-65,722	-66,252	-48,009	-46,059	-43,774	-46,949	-50,360	-51,567	-54,159	-56,944	-54,930	-55,588	-54,808	-52,356	-47,767	-49,499	-47,286	-46,496	-41,474	-38,247	-35,357	-33,045	-34,329	-33,941	-35,280	-35,851	-27,082	-29,893	-36,468	0	0	0
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
5,930	14,389	3,779	-18,751	-12,608	-25,304	-15,349	18,730	8,702	21,485	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET CHANGE IN CASH
-	-	-	-	-	-	-	-	-	-	-	-	-	8,407	-2,279	624	-408	-3,692	-3,876	-1,800	-4,835	5,045	2,371	380	1,295	1,233	-3,168	-6,215	-3,342	-2,438	1,268	6,694	5,747	18,654	23,734	16,003	0	0	0
Adjustment for the Cumulative Effect of Applying ASU 2015-02
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustment for the Cumulative Effect of Applying ASU 2015-02
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	48	48	48	0	0	0
Effect of (Deconsolidation)/ Consolidation of Affiliates
0	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	100	0	0	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Net Change in Cash, Cash Equivalents and Restricted Cash
5,930	14,389	3,779	-18,751	-12,608	-25,304	-15,349	18,730	8,702	21,485	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Change in Cash
-	-	-	-	-	-	-	-	-	-	-	-	-	8,407	-2,279	624	-408	-3,692	-3,876	-1,800	-4,835	5,045	2,371	380	1,295	1,233	-3,168	-6,215	-3,342	-2,438	1,268	6,694	5,747	18,654	23,734	16,003	0	0	0
Supplementary Cash Flow Information:
Issuances of Shares under Equity Incentive Plan
3,842	4,087	4,087	4,087	4,087	4,191	4,191	4,191	4,191	4,413	0	0	0	-	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	0	-	-	-	0	-	-
In-Kind Distribution to Non-Controlling Interests of Equity Securities, at Fair Value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-
Interest Paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30	26	26	26	0	0	77	0	0	0
Income Taxes Paid
1,672	1,646	1,620	1,407	157	500	500	668	798	797	797	839	833	665	665	632	868	1,031	1,032	1,393	2,246	2,728	2,728	2,773	2,524	2,502	2,501	2,410	2,439	2,310	2,310	2,490	2,736	2,877	3,520	3,894	0	0	0