XML 68 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Operating activities:      
Net income $ 126,776 $ 98,997 $ 106,297
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,291 2,979 1,891
Change in deferred income taxes 7,929 21,665 22,983
Change in payable to related parties pursuant to tax receivable agreement (346) (9,778) (5,076)
Write-off of deferred financing costs 0 0 1,657
Equity-based compensation 7,183 6,382 5,544
Gain on sale of investments valued under the measurement alternative (4,973) (11,133) 0
Fair value adjustment to investment valued under the measurement alternative (1,507) 0 0
Equity in income of investees (20,250) (7,202) (17,102)
Proceeds received from investments 12,761 14,077 14,391
Other 418 190 1,411
Changes in operating assets and liabilities:      
Fees receivable (10,003) (5,390) (2,624)
Prepaid expenses (2,272) (2,414) 299
Due from related parties 23 608 77
Other assets (1,572) (1,614) 16
Accounts payable (654) 919 334
Accrued compensation and benefits (987) 4,549 4,675
Deferred incentive fee revenue 0 (2,541) (38,921)
Other liabilities 556 1,328 840
Net cash provided by operating activities 116,373 111,622 96,692
Investing activities:      
Purchase of furniture, fixtures and equipment (1,978) (5,366) (2,254)
Purchase of other investments (3,967) 0 0
Proceeds from sales of investments valued under the measurement alternative 6,419 22,531 0
Cash paid for acquisition of business 0 0 (5,228)
Cash paid for purchase of intangible assets (4,172) 0 0
Loan to investee (157) (944) 0
Distributions received from investments 7,687 10,614 16,055
Contributions to investments (53,732) (46,048) (30,346)
Net cash used in investing activities (49,900) (19,213) (21,773)
Financing activities:      
Proceeds from offering 147,122 193,504 125,200
Purchase of membership interests (147,122) (193,504) (125,200)
Repayments of long term debt (71,250) (2,813) (87,038)
Borrowings of debt, net of deferred financing costs 74,765 0 74,616
Drawdown of revolver 15,000 0 10,450
Repayment of revolver (15,000) (10,450) 0
Secured financing 15,750 0 0
Contributions from non-controlling interest in general partnerships 45 81 276
Distributions to non-controlling interest in general partnerships (993) (2,195) (5,359)
Repurchase of Class B common stock (2) (2) (2)
Repurchase of Class A common stock for employee tax withholding (5,881) (5,387) (6,473)
Proceeds received from issuance of shares under employee stock plans 1,244 264 313
Payments to related parties pursuant to the tax receivable agreement (1,952) (383) 0
Dividends paid (29,067) (18,676) (9,511)
Members’ distributions paid (47,368) (50,649) (36,943)
Net cash used in financing activities (64,709) (90,210) (59,671)
Effect of exchange rate changes on cash and cash equivalents (144) 8 0
Increase (decrease) in cash, cash equivalents, and restricted cash 1,620 2,207 15,248
Cash, cash equivalents, and restricted cash at beginning of year 51,590 49,383 34,135
Cash, cash equivalents, and restricted cash at end of year $ 53,210 $ 51,590 $ 49,383