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v3.23.1

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2023 | Mar. 31, 2022
Cash flows from operating activities: |  |  |
Net income/(loss) |  | $ 16,233 | $ (10,261)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |  |  |
(Gain)/loss on revaluation of deferred consideration—gold payments | [1] | (20,592) | 17,018
Advisory and license fees paid in gold, other precious metals and cryptocurrency |  | (12,760) | (16,052)
Loss on extinguishment of convertible notes |  | 9,721 | 0
Impairments |  | 4,900 | 0
Deferred income taxes |  | 4,783 | 5,273
Stock-based compensation |  | 4,536 | 2,936
Contractual gold payments |  | 4,486 | 4,450
Losses on investments |  | 3,919 | 163
(Gains)/losses on financial instruments owned, at fair value |  | (1,954) | 5,142
Amortization of issuance costs—convertible notes |  | 579 | 645
Amortization of right of use asset |  | 319 | 89
Depreciation and amortization |  | 109 | 47
Changes in operating assets and liabilities: |  |  |
Accounts receivable |  | (4,791) | (3,710)
Prepaid expenses |  | (1,161) | (2,264)
Gold and other precious metals |  | 8,332 | 11,959
Other assets |  | 167 | (52)
Intangibles—software development |  | (452) | 0
Fund management and administration payable |  | 3,638 | 3,199
Compensation and benefits payable |  | (27,271) | (23,690)
Income taxes payable |  | (3,418) | (4,228)
Operating lease liabilities |  | (326) | (97)
Accounts payable and other liabilities |  | 5,606 | 6,741
Net cash used in operating activities |  | (5,397) | (2,692)
Cash flows from investing activities: |  |  |
Purchase of financial instruments owned, at fair value |  | (20,278) | (25,461)
Purchase of investments |  | 0 | (6,863)
Purchase of fixed assets |  | (26) | (54)
Proceeds from the sale of financial instruments owned, at fair value |  | 18,290 | 13,639
Proceeds from held-to-maturity securities maturing or called prior to maturity |  | 6 | 18
Net cash used in investing activities |  | (2,008) | (18,721)
Cash flows from financing activities: |  |  |
Repurchase of convertible notes (See Note 10) |  | (124,317) | 0
Dividends paid |  | (4,821) | (4,842)
Shares repurchased |  | (3,384) | (3,394)
Convertible notes issuance costs |  | (3,548) | 0
Proceeds from the issuance of convertible notes (Note 10) |  | 130,000 | 0
Net cash used in financing activities |  | (6,070) | (8,236)
Increase/(decrease) in cash flow due to changes in foreign exchange rate |  | 473 | (665)
Net decrease in cash and cash equivalents |  | (13,002) | (30,314)
Cash and cash equivalents—beginning of year |  | 132,101 | 140,709
Cash and cash equivalents—end of period |  | 119,099 | 110,395
Supplemental disclosure of cash flow information: |  |  |
Cash paid for income taxes |  | 1,422 | 2,123
Cash paid for interest |  | $ 801 | $ 0
[1] | Gains on revaluation of deferred consideration—gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration—gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the present value of the annual payment obligations.

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