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Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
Cash flows from operating activities: |  |  |  |
Net (loss)/income |  | $ (10,425) | $ 36,633 | $ 27,199
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: |  |  |  |
Advisory fees received in gold and other precious metals |  | (49,887) | (32,238) |
Impairments |  | 30,710 | 17,386 |
Contractual gold payments |  | 13,226 | 8,512 |
Stock-based compensation |  | 11,590 | 13,255 | 14,717
Loss/(gain) on revaluation of deferred consideration – gold payments | [1] | 11,293 | (12,220) |
Amortization of right of use asset |  | 3,174 |  |
Amortization of credit facility issuance costs |  | 2,888 | 2,087 |
Paid-in-kind interest income (Note 9) |  | (2,498) | (1,974) |
Depreciation and amortization |  | 1,045 | 1,301 | 1,395
Deferred income taxes |  | (349) | (6,083) | 8,838
Settlement gain |  |  |  | (6,909)
Other |  | (173) | 798 | 921
Changes in operating assets and liabilities: |  |  |  |
Securities owned, at fair value |  | (8,446) | (7,182) | (135)
Accounts receivable |  | (19) | 3,804 | (3,532)
Income taxes receivable/payable |  | 4,524 | 5,706 | (11,211)
Prepaid expenses |  | 738 | 427 | (204)
Gold and other precious metals |  | 35,886 | 25,604 |
Other assets |  | 172 | 984 | (408)
Acquisition payable |  |  |  | (3,547)
Fund management and administration payable |  | (476) | 221 | 6,203
Compensation and benefits payable |  | 7,885 | (16,050) | 13,126
Securities sold, but not yet purchased, at fair value |  | (1,116) | 748 | (299)
Operating lease liabilities |  | (3,587) |  |
Accounts payable and other liabilities |  | 677 | (4,251) | 2,354
Net cash provided by operating activities |  | 46,832 | 37,468 | 48,508
Cash flows from investing activities: |  |  |  |
Purchase of fixed assets |  | (47) | (71) | (295)
Purchase of investments (Note 10) |  | (8,112) |  | (8,278)
Funding of notes receivable (Note 9) |  | (2,090) | (8,000) | (18,748)
Proceeds from held-to-maturity securities maturing or called prior to maturity |  | 3,244 | 1,107 | 4,194
Purchase of securities held-to-maturity |  |  |  | (3,009)
Purchase of debt securities available-for-sale |  |  |  | (99,848)
Proceeds from sales and maturities of debt securities available-for-sale |  |  | 64,498 | 91,095
Cash paid for acquisition, net of cash acquired (Note 3) |  |  | (239,313) |
Cash paid – Acquisition of the right to manage Questrade's ETFs (Note 25) |  |  |  | (2,132)
Net cash used in investing activities |  | (7,005) | (181,779) | (37,021)
Cash flows from financing activities: |  |  |  |
Dividends paid |  | (20,385) | (19,236) | (43,777)
Repayment of debt |  | (21,000) |  |
Shares repurchased |  | (2,341) | (2,885) | (7,891)
Credit facility issuance costs |  | 0 | (8,690) |
Preferred stock issuance costs |  | 0 | (181) |
Proceeds from the issuance of debt (Note 3) |  | 0 | 200,000 |
Proceeds from exercise of stock options |  | 160 | 191 | 532
Net cash (used in)/provided by financing activities |  | (43,566) | 169,199 | (51,136)
Increase/(decrease) in cash flow due to changes in foreign exchange rate |  | 927 | (1,297) | 1,120
Net (decrease)/increase in cash and cash equivalents |  | (2,812) | 23,591 | (38,529)
Cash and cash equivalents—beginning of year |  | 77,784 | 54,193 | 92,722
Cash and cash equivalents—end of year |  | 74,972 | 77,784 | 54,193
Supplemental disclosure of cash flow information: |  |  |  |
Cash paid for taxes |  | 10,060 | 14,398 | $ 33,113
Cash paid for interest |  | $ 8,037 | $ 5,577 |
[1] | (Losses)/gains arise due to increases/(decreases) 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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