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v3.23.2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2023 | Jun. 30, 2022
Cash flows from operating activities: |  |
Net income/(loss) | $ 70,485 | $ (2,256)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |  |
(Gain)/loss on revaluation/termination of deferred consideration—gold payments | (61,953) | 14,707
Advisory and license fees paid in gold, other precious metals and cryptocurrency | (25,692) | (31,511)
Loss on extinguishment of convertible notes | 9,721 | 0
Stock-based compensation | 8,506 | 5,368
Contractual gold payments | 6,069 | 8,896
Impairments | 4,900 | 0
Deferred income taxes | 2,964 | 3,378
Amortization of issuance costs—convertible notes | 1,069 | 1,293
(Gains)/losses on financial instruments owned, at fair value | (947) | 9,322
Losses on investments | 819 | 0
Amortization of right of use asset | 640 | 332
Depreciation and amortization | 230 | 100
Other | 0 | 120
Changes in operating assets and liabilities: |  |
Accounts receivable | (5,254) | (3,718)
Prepaid expenses | (3,425) | (3,613)
Gold and other precious metals | 18,441 | 23,743
Other assets | 347 | (241)
Intangibles—software development | (946) | (724)
Fund management and administration payable | 6,419 | 423
Compensation and benefits payable | (18,941) | (13,537)
Income taxes payable | (2,523) | (5,235)
Operating lease liabilities | (652) | (348)
Accounts payable and other liabilities | 9,752 | 2,043
Net cash provided by operating activities | 20,029 | 8,542
Cash flows from investing activities: |  |
Purchase of financial instruments owned, at fair value | (40,532) | (32,488)
Purchase of investments | (10,000) | (11,863)
Acquisition of Securrency Transfers, Inc. (net of cash acquired) | (985) | 0
Purchase of fixed assets | (58) | (205)
Proceeds from the sale of financial instruments owned, at fair value | 102,020 | 21,455
Receipt of contingent consideration – Sale of Canadian ETF business | 1,477 | 0
Proceeds from held-to-maturity securities maturing or called prior to maturity | 14 | 31
Net cash provided by/(used in) investing activities | 51,936 | (23,070)
Cash flows from financing activities: |  |
Repurchase and maturity of convertible notes (Note 10) | (184,272) | 0
Termination of deferred consideration—gold payments | (50,005) | 0
Dividends paid | (9,647) | (9,679)
Issuance costs—Convertible notes | (3,548) | 0
Shares repurchased | (3,540) | (3,394)
Issuance costs—Series C Preferred Stock | (97) | 0
Proceeds from the issuance of convertible notes (Note 10) | 130,000 | 0
Net cash used in financing activities | (121,109) | (13,073)
Increase/(decrease) in cash flow due to changes in foreign exchange rate | 778 | (3,372)
Net decrease in cash and cash equivalents | (48,366) | (30,973)
Cash and cash equivalents—beginning of year | 132,101 | 140,709
Cash and cash equivalents—end of period | 83,735 | 109,736
Supplemental disclosure of cash flow information: |  |
Cash paid for income taxes | 5,900 | 7,724
Cash paid for interest | $ 4,514 | $ 6,156

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