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v3.21.2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended
--- | ---
Sep. 30, 2021 | Sep. 30, 2020
Cash flows from operating activities: |  |
Net income/(loss) | $ 38,610 | $ (22,158)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |  |
Advisory fees received in gold, other precious metals and cryptocurrencies | (57,617) | (46,077)
Impairments | 16,156 | 22,752
Contractual gold payments | 12,834 | 12,362
Stock-based compensation | 7,661 | 9,003
(Gain/)/loss on revaluation of deferred consideration – gold payments | (5,066) | 34,436
Unrealized losses | 2,183 | 1,212
Amortization of right of use asset | 1,860 | 2,384
Amortization of issuance costs – convertible notes | 1,542 | 882
Deferred income taxes | 1,515 | (961)
Gain on sale – Canadian ETF business, including remeasurement of contingent consideration | (787) | (2,877)
Depreciation and amortization | 693 | 760
Loss on extinguishment of debt |  | 2,387
Amortization of issuance costs – former credit facility |  | 1,328
Other | (369) | (1,173)
Changes in operating assets and liabilities: |  |
Securities owned, at fair value | (84) | 94
Accounts receivable | (1,273) | 3,166
Prepaid expenses | (1,888) | (1,325)
Gold, other precious metals and cryptocurrencies | 44,006 | 32,969
Other assets | (315) | (341)
Fund management and administration payable | 2,868 | 735
Compensation and benefits payable | 1,756 | (12,349)
Income taxes receivable/payable | (1,050) | (3,399)
Securities sold, but not yet purchased, at fair value | 0 | (582)
Operating lease liabilities (including lease termination payment of $12,725) | (15,462) | (2,778)
Accounts payable and other liabilities | 2,336 | 1,679
Net cash provided by operating activities | 50,109 | 32,129
Cash flows from investing activities: |  |
Purchase of securities owned, a fair value | (97,570) | (34,683)
Purchase of investments | (5,750) |
Purchase of fixed assets | (237) | (292)
Proceeds from the sale of securities owned, at fair value | 10,976 | 18,122
Proceeds from held-to-maturity securities maturing or called prior to maturity | 114 | 16,441
Proceeds from the sale of the Company's financial interests in AdvisorEngine Inc. |  | 9,592
Proceeds from the sale of Canadian ETF business, net, including receipt of contingent consideration |  | 2,774
Net cash (used in)/provided by investing activities | (92,467) | 11,954
Cash flows from financing activities: |  |
Shares repurchased | (34,506) | (30,979)
Dividends paid | (14,662) | (15,207)
Convertible notes issuance costs | (4,297) | (5,411)
Repayment of debt |  | (179,000)
Proceeds from the issuance of convertible notes | 150,000 | 175,250
Proceeds from exercise of stock options | 815 | 240
Net cash provided by/(used in) financing activities | 97,350 | (55,107)
Decrease in cash flow due to changes in foreign exchange rate | (493) | (387)
Increase/(decrease) in cash and cash equivalents | 54,499 | (11,411)
Cash and cash equivalents—beginning of year | 73,425 | 74,972
Cash and cash equivalents—end of period | 127,924 | 63,561
Supplemental disclosure of cash flow information: |  |
Cash paid for taxes | 7,332 | 7,650
Cash paid for interest | $ 3,719 | $ 3,390

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