| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
92,491 | 63,704 | 25,826 | -6,071 | 3,800 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for deferred income taxes | ||||||
-745 | 4,116 | 11,191 | -3,080 | 2,480 | ||
Depreciation and amortization | ||||||
23,873 | 23,277 | 29,910 | 30,405 | 27,291 | ||
Amortization of deferred financing fees and accretion expense | ||||||
3,892 | 2,875 | 6,606 | - | - | ||
Deferred financing costs and derivative and accretion expense | ||||||
- | - | - | -4,792 | -3,208 | ||
Stock-based and deferred compensation | ||||||
22,124 | 17,346 | 17,179 | 12,022 | 8,992 | ||
Change in fair value of contingent consideration obligations | ||||||
19,886 | -37 | -294 | -378 | 193 | ||
Payments for settlement of contingent consideration | ||||||
- | - | - | - | 1,317 | ||
Loss on other receivable | ||||||
- | 998 | 4,429 | - | - | ||
Unrealized depreciation (appreciation) on investments | ||||||
1,887 | -2,872 | 620 | 394 | -196 | ||
Loss on equity method investment | ||||||
2,683 | -730 | -427 | - | - | ||
Loss on debt extinguishment | ||||||
-9,860 | -6,058 | -330 | - | - | ||
Changes in operating assets and liabilities: | ||||||
Investment management fees receivable | ||||||
10,988 | -4,284 | -1,333 | 4,411 | -3,043 | ||
Fund administration and distribution fees receivable | ||||||
11,380 | -772 | -679 | 895 | 121 | ||
Other receivables | ||||||
-322 | -5,640 | -21,456 | -98 | -820 | ||
Prepaid expenses | ||||||
2,141 | 215 | 1,231 | -1,304 | -661 | ||
Other assets | ||||||
836 | -57 | -79 | 7 | - | ||
Accounts payable | ||||||
-336 | 278 | -3,550 | 2,299 | -60 | ||
Accrued compensation and benefits | ||||||
18,700 | 931 | -10,607 | 2,178 | -7,376 | ||
Accrued expenses | ||||||
64,597 | 261 | -5,701 | 3,520 | -2,372 | ||
Deferred compensation plan liability | ||||||
-236 | -48 | -181 | -17 | -409 | ||
Other liabilities | ||||||
2,871 | 446 | -1,092 | -1,825 | 1,625 | ||
Net cash provided by operating activities | ||||||
227,384 | 134,345 | 96,169 | 39,540 | 40,654 | ||
Cash flows from investing activities | ||||||
Purchases of property and equipment | ||||||
5,239 | 2,546 | 5,105 | 1,164 | 1,928 | ||
Disposal of property and equipment due to restructuring | ||||||
- | - | 3,006 | 12 | 31 | ||
Purchases of trading securities | ||||||
6,594 | 7,704 | 9,567 | - | - | ||
Sales of trading securities | ||||||
2,749 | 2,772 | 5,166 | - | - | ||
Purchases of trading securities | ||||||
- | - | - | 4,991 | 4,807 | ||
Sales of trading securities | ||||||
- | - | - | -2,585 | -2,132 | ||
Purchases of available-for-sale securities | ||||||
182 | 71 | 111 | 355 | 369 | ||
Proceeds from sales of available-for-sale securities | ||||||
-158 | - | -79 | -1,290 | -792 | ||
Proceeds from (investments in) equity method investment | ||||||
10,572 | -4,000 | -2,000 | - | - | ||
Equity method investment | ||||||
- | - | - | 3,025 | - | ||
Purchase and sale of options | ||||||
- | - | - | 21 | - | ||
Acquisition of business | ||||||
851,276 | - | - | 204,413 | 16,000 | ||
Net cash used in investing activities | ||||||
-849,812 | -11,549 | -8,532 | -210,082 | -20,149 | ||
Cash flows from financing activities | ||||||
Issuance of common stock, net of costs | ||||||
- | - | 3,193 | 89,259 | 1,671 | ||
Repurchase of common stock | ||||||
15,535 | 8,178 | 4,654 | 10,529 | 1,185 | ||
Payments of taxes related to net share settlement of equity awards | ||||||
7,659 | 510 | - | - | - | ||
Issuance of Class A common stock under 2018 ESPP | ||||||
- | 26 | - | - | - | ||
Payment of equity awards modified to liabilities | ||||||
- | - | 1,836 | 4,632 | 51 | ||
Excess tax benefits on share-based compensation | ||||||
- | - | 261 | - | - | ||
Proceeds from long-term senior debt | ||||||
1,088,503 | 359,100 | 125,000 | 129,975 | 49,625 | ||
Proceeds from draw on line of credit | ||||||
- | - | - | 3,500 | - | ||
Repayment of draw on line of credit | ||||||
- | - | 3,500 | - | - | ||
Payment for interest rate cap on debt | ||||||
- | - | - | - | 375 | ||
Payment of debt financing fees | ||||||
19,820 | 2,508 | 1,733 | 5,854 | 1,979 | ||
Repayment of long-term senior debt | ||||||
428,000 | 579,750 | 63,877 | 21,013 | 16,673 | ||
Repayment of promissory note | ||||||
96 | 575 | 575 | 479 | - | ||
Payment of dividends | ||||||
7,436 | 831 | 135,171 | 627 | 60,101 | ||
Payment of consideration for acquisition | ||||||
6,017 | 4,447 | 8,381 | 7,761 | 2,056 | ||
Net cash used in financing activities | ||||||
608,016 | -84,161 | -91,273 | 171,839 | -31,124 | ||
Effect of changes of foreign exchange rate on cash and cash equivalents | ||||||
42 | -65 | 116 | - | - | ||
Net increase in cash and cash equivalents | ||||||
-14,370 | 38,570 | -3,520 | - | - | ||
Supplemental cash flow information | ||||||
Cash paid for interest | ||||||
23,454 | 17,530 | 41,489 | 29,393 | 22,579 | ||
Cash paid for income taxes | ||||||
- | - | - | 495 | - | ||
Cash paid for income taxes | ||||||
24,634 | 17,993 | 758 | - | 613 | ||
Net increase (decrease) in cash and cash equivalents | ||||||
- | - | - | 1,297 | -10,619 | ||
Promissory note issued for repurchase of common stock and equity awards | ||||||
- | - | - | 1,724 | - | ||
Equity awards modified to liabilities pending payment | ||||||
- | - | - | - | -1,255 | ||
Class A | ||||||
Issuance of common stock, net of costs | ||||||
62 | 156,549 | - | - | - | ||
Payment of Class A common stock deferred offering costs | ||||||
- | 4,287 | - | - | - | ||
Class B | ||||||
Issuance of common stock, net of costs | ||||||
4,014 | 1,250 | - | - | - | ||
Payment of Class A common stock deferred offering costs | ||||||
- | 4,300 | - | - | - | ||