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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 48,045 $ 49,446
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,337 11,987
Unrealized performance fee-related compensation (10,923) 24,211
Amortization of deferred financing costs 108 118
Equity-based compensation 18,548 8,472
Change in deferred income taxes 1,030 4,977
Fair value adjustment for acquisition-related contingent consideration 2,864 (1,267)
Other non-cash activities 0 3
Adjustments to reconcile net income to net cash used in operating activities of Consolidated Funds:    
Unrealized investment income of Consolidated Funds (7,307) (2,362)
Purchases of investments of Consolidated Funds (19,706) (6,231)
Changes in operating assets and liabilities:    
Fees and accounts receivable (1,565) (1,641)
Due from affiliates (32,746) (8,594)
Accounts payable, accrued expenses and other liabilities 1,465 2,195
Accrued compensation and benefits 10,623 22,048
Due to affiliates 2,044 906
Lease right-of-use assets, net and lease liabilities 718 (4,450)
Changes in operating assets and liabilities of Consolidated Funds:    
Proceeds from sale of investments of Consolidated Funds 649 0
Net cash provided by operating activities 50,170 57,587
Cash flows from investing activities    
Purchases of property and equipment (575) (7,756)
Net cash used in investing activities (13,212) (14,486)
Cash flows from financing activities    
Purchase of non-controlling interests (5,398) 0
Redemption of redeemable non-controlling interests (12,968) 0
Proceeds from revolving credit facility 25,000 0
Deferred financing costs (1,813) 0
Dividends paid to common stockholders (23,807) (28,277)
Payments to related parties under Tax Receivable Agreements (9,802) (7,670)
Other financing activities 1 0
Cash flows from financing activities of Consolidated Funds:    
Net cash used in financing activities (22,899) (43,973)
Effect of foreign currency exchange rate changes (201) (716)
Net increase (decrease) in cash, cash equivalents and restricted cash 13,858 (1,588)
Cash, cash equivalents and restricted cash at beginning of period 182,312 129,517
Cash, cash equivalents and restricted cash at end of period 196,170 127,929
Non-cash operating, investing, and financing activities:    
Accrued dividends 294 810
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements (6,376) (24)
Establishment of lease liabilities in exchange for lease right-of-use assets 0 1,239
Settlement of non-controlling interests related to awards of carried interest allocations 55,579 0
Equity issued for redemption of redeemable non-controlling interests 97,383 0
Reconciliation of cash, cash equivalents and restricted cash:    
Restricted cash 735 699
Total cash, cash equivalents and restricted cash 196,170 127,929
Excluding Consolidated Funds    
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 141,633 91,733
Consolidated Funds    
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 53,802 35,497
Non-Controlling Interests in Subsidiaries    
Cash flows from financing activities    
Proceeds from capital contributions from non-controlling interests 0 28
Distributions to non-controlling interests (30,114) (25,713)
Non-Controlling Interests in Legacy Greenspring Entities    
Adjustments to reconcile net income to net cash provided by operating activities:    
Unrealized carried interest allocations and investment (income) loss 17,825 27,941
Unrealized performance fee-related compensation (15,696) (24,876)
Cash flows from investing activities    
Contributions to investments (7,132) (2,578)
Distributions received from investments 4,507 255
Cash flows from financing activities    
Proceeds from capital contributions from non-controlling interests 7,132 2,578
Distributions to non-controlling interests (5,383) (454)
Consolidated Entity, Excluding Consolidated VIE    
Changes in operating assets and liabilities:    
Other assets and receivables (942) 6,873
Changes in operating assets and liabilities of Consolidated Funds:    
Other assets and receivables (942) 6,873
Consolidated funds    
Changes in operating assets and liabilities:    
Other assets and receivables (303) (64)
Changes in operating assets and liabilities of Consolidated Funds:    
Other assets and receivables (303) (64)
Other liabilities and payables 112 (212)
Cash flows from financing activities    
Proceeds from sale of non-controlling interests 34,253 15,535
Cash flows from financing activities of Consolidated Funds:    
Contributions from redeemable non-controlling interests in Consolidated Funds 34,253 15,535
Reconciliation of cash, cash equivalents and restricted cash:    
Restricted cash 735  
Consolidated funds | Excluding Consolidated Funds    
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 67,648  
Consolidated funds | Consolidated Funds    
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 53,802  
Consolidated Entities, Excluding Legacy Entities    
Adjustments to reconcile net income to net cash provided by operating activities:    
Unrealized carried interest allocations and investment (income) loss 23,990 (51,893)
Unrealized performance fee-related compensation (10,923) 24,211
Cash flows from investing activities    
Contributions to investments (11,702) (5,066)
Distributions received from investments $ 1,690 $ 659