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v3.21.2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2021 | Jun. 30, 2020
Cash flows from operating activities: |  |
Net income/(loss) | $ 32,777 | $ (21,888)
Adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities: |  |
Advisory fees received in gold, other precious metals and cryptocurrencies | (39,341) | (29,135)
Contractual gold payments | 8,584 | 7,823
Stock-based compensation | 5,264 | 6,159
(Gain/)/loss on revaluation of deferred consideration – gold payments | (3,329) | 25,566
Deferred income taxes | 3,367 | 832
Amortization of right of use asset | 1,340 | 1,588
Amortization of issuance costs – convertible notes | 899 | 115
Depreciation and amortization | 508 | 507
Impairments | 303 | 19,672
Gain on sale – Canadian ETF business |  | (2,877)
Loss on extinguishment of debt |  | 2,387
Amortization of issuance costs – former credit facility |  | 1,328
Other | (372) | (83)
Changes in operating assets and liabilities: |  |
Securities owned, at fair value | (23,911) | 4,209
Accounts receivable | (2,622) | 4,461
Prepaid expenses | (2,497) | (2,016)
Gold, other precious metals and cryptocurrencies | 27,959 | 20,882
Other assets | (202) | (702)
Fund management and administration payable | (896) | 1,677
Compensation and benefits payable | (7,396) | (18,431)
Income taxes receivable/payable | (1,852) | (1,046)
Securities sold, but not yet purchased, at fair value |  | (582)
Operating lease liabilities | (1,658) | (1,845)
Accounts payable and other liabilities | 858 | 781
Net cash (used in)/provided by operating activities | (2,217) | 19,382
Cash flows from investing activities: |  |
Purchase of investments | (5,750) |
Purchase of fixed assets | (173) | (224)
Proceeds from held-to-maturity securities maturing or called prior to maturity | 77 | 16,365
Proceeds from the sale of the Company's financial interests in AdvisorEngine Inc. |  | 8,155
Proceeds from sale of Canadian ETF business, net |  | 2,774
Net cash (used in)/provided by investing activities | (5,846) | 27,070
Cash flows from financing activities: |  |
Shares repurchased | (34,506) | (26,444)
Dividends paid | (9,865) | (10,270)
Convertible notes issuance costs | (4,297) | (4,611)
Repayment of debt |  | (179,000)
Proceeds from the issuance of convertible notes | 150,000 | 150,000
Proceeds from exercise of stock options | 815 | 240
Net cash provided by/(used in) financing activities | 102,147 | (70,085)
Increase/(decrease) in cash flow due to changes in foreign exchange rate | 126 | (1,084)
Increase/(decrease) in cash and cash equivalents | 94,210 | (24,717)
Cash and cash equivalents—beginning of year | 73,425 | 74,972
Cash and cash equivalents—end of period | 167,635 | 50,255
Supplemental disclosure of cash flow information: |  |
Cash paid for taxes | 5,846 | 2,200
Cash paid for interest | $ 3,719 | $ 3,390

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