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v3.19.3

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2019 | Sep. 30, 2018
Cash flows from operating activities: |  |  |
Net income |  | $ 15,455 | $ 48,197
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Advisory fees received in gold and other precious metals |  | (36,306) | (21,998)
Contractual gold payments (Note 11) |  | 9,710 | 5,595
Stock-based compensation |  | 8,581 | 10,078
Loss/(gain) on revaluation of deferred consideration – gold payments (Note 11) | [1] | 5,939 | (17,630)
Amortization of right of use asset |  | 2,379 |
Amortization of credit facility issuance costs |  | 2,159 | 1,360
Paid-in-kind interest income (Note 8) |  | (1,856) | (1,373)
Deferred income taxes |  | 1,383 | (1,251)
Depreciation and amortization |  | 792 | 998
Impairment (Note 14) |  | 572 |
Other |  | (330) | 810
Changes in operating assets and liabilities: |  |  |
Securities owned, at fair value |  | 5,497 | (2,735)
Accounts receivable |  | 2,358 | 3,771
Income taxes receivable/payable |  | 4,350 | 7,654
Prepaid expenses |  | (888) | (621)
Gold and other precious metals |  | 25,751 | 18,472
Other assets |  | (571) | 954
Fund management and administration payable |  | (366) | 1,998
Compensation and benefits payable |  | 1,476 | (21,025)
Securities sold, but not yet purchased, at fair value |  | (1,130) | 1,068
Operating lease liabilities |  | (2,662) |
Accounts payable and other liabilities |  | 788 | (4,122)
Net cash provided by operating activities |  | 43,081 | 30,200
Cash flows from investing activities: |  |  |
Purchase of fixed assets |  | (25) | (45)
Funding of notes receivable (Note 8) |  | (1,790) | (8,000)
Proceeds from held-to-maturity securities maturing or called prior to maturity |  | 2,313 | 1,096
Proceeds from sales and maturities of debt securities available-for-sale |  |  | 64,498
Cash paid for acquisition, net of cash acquired (Note 3) |  |  | (239,313)
Net cash provided by/(used in) investing activities |  | 498 | (181,764)
Cash flows from financing activities: |  |  |
Dividends paid |  | (15,286) | (14,202)
Repayment of long-term debt |  | (15,000) |
Shares repurchased |  | (2,187) | (1,430)
Credit facility issuance costs |  |  | (8,690)
Preferred stock issuance costs |  |  | (181)
Proceeds from the issuance of long-term debt (Note 12) |  |  | 200,000
Proceeds from exercise of stock options |  | 70 | 157
Net cash (used in)/provided by financing activities |  | (32,403) | 175,654
Decrease in cash flow due to changes in foreign exchange rate |  | (385) | (1,158)
Net increase in cash and cash equivalents |  | 10,791 | 22,932
Cash and cash equivalents—beginning of period |  | 77,784 | 54,193
Cash and cash equivalents—end of period |  | 88,575 | 77,125
Supplemental disclosure of cash flow information: |  |  |
Cash paid for taxes |  | 5,439 | 8,759
Cash paid for interest |  | $ 6,997 | $ 3,351
[1] | Gains/(losses) arise due to (decreases)/increases in the forward-looking price of gold and the magnitude of any gain or loss is highly correlated to the magnitude of the change in the forward-looking price of gold. See Note 5 for a reconciliation of changes in the deferred consideration balances.

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- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585 + Details
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- Definition The cash outflow for cost incurred directly with the issuance of an equity security. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585 + Details
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- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3213-108585 + Details
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- Definition The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3213-108585 + Details
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3213-108585 + Details
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- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3255-108585 + Details
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- Definition Amount of cash inflow from sale, maturity, prepayment and call of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3151-108585 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3179-108585 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118954083&loc=d3e26853-111562 + Details
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- Definition Amount of cash inflow from exercise of option under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2A -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116856206&loc=SL79508275-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3255-108585 + Details
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- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585 + Details
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- Definition Amount of noncash expense for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585 + Details
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