XML 24 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Cash Flows (Unaduited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 43,870 $ 70,485
Adjustments to reconcile net income to net cash provided by operating activities:    
Advisory and license fees paid in gold, other precious metals and cryptocurrency (25,365) (25,692)
Stock-based compensation 10,755 8,506
Deferred income taxes 4,326 2,964
Gains on financial instruments owned, at fair value (1,772) (947)
Imputed interest on payable to GBH 1,342
Losses on investments 1,195 819
Depreciation and amortization 801 230
Amortization of issuance costs—convertible notes 750 1,069
Amortization of right of use asset 647 640
Gain on revaluation/termination of deferred consideration—gold payments (61,953)
Loss on extinguishment of convertible notes 9,721
Impairments 4,900
Contractual gold payments 6,069
Other (946)
Changes in operating assets and liabilities:    
Accounts receivable (7,132) (5,254)
Prepaid expenses (3,353) (3,425)
Gold and other precious metals 24,972 18,441
Other assets (118) 347
Fund management and administration payable (3,430) 6,419
Compensation and benefits payable (17,657) (18,941)
Income taxes payable (2,028) (2,523)
Operating lease liabilities (662) (652)
Accounts payable and other liabilities 4,031 9,752
Net cash provided by operating activities 31,172 20,029
Cash flows from investing activities:    
Purchase of financial instruments owned, at fair value (14,193) (40,532)
Purchase of investments (10,000)
Cash paid—software development (1,184)  
Purchase of fixed assets (102) (58)
Proceeds from the sale of financial instruments owned, at fair value 5,303 102,020
Proceeds from the exit from investment in Securrency, Inc. 465
Proceeds from held-to-maturity securities maturing or called prior to maturity 12 14
Receipt of contingent consideration—Sale of Canadian ETF business 1,477
Acquisition of Securrency Transfers, Inc. (net of cash acquired) (985)
Net cash (used in)/provided by investing activities (9,699) 51,936
Cash flows from financing activities:    
Dividends paid (9,873) (9,647)
Shares repurchased (7,820) (3,540)
Repurchase and maturity of convertible notes (Note 10) (184,272)
Proceeds from the issuance of convertible notes (Note 10) 130,000
Termination of deferred consideration—gold payments (50,005)
Issuance costs—convertible notes (3,548)
Issuance costs—Series C Preferred Stock (97)
Net cash used in financing activities (17,693) (121,109)
(Decrease)/increase in cash flow due to changes in foreign exchange rate (626) 778
Net increase/(decrease) in cash, cash equivalents and restricted cash 3,154 (48,366)
Cash, cash equivalents and restricted cash—beginning of year 129,305 132,101
Cash, cash equivalents and restricted cash—end of period 132,459 83,735
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 11,138 5,900
Cash paid for interest $ 6,175 $ 4,514