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Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 33,713,416 $ 27,840,151
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 569,896 574,457
Share-based compensation 4,597,331 4,083,360
Increase in accounts receivable (3,094,071) (1,608,910)
Change in current income taxes (513,313) 4,554,773
Change in deferred income taxes (823,883) (1,253,988)
Net (gains) losses on investments (16,091,598) 644,680
Net change in securities held by Consolidated Funds 17,041,017 (46,416,866)
Decrease in accrued incentive compensation (12,078,871) (6,853,303)
Increase in deferred compensation 5,672,279 3,968,960
Other changes in assets and liabilities (182,455) 7,129,382
Net cash provided by (used in) operating activities 28,809,748 (7,337,304)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (131,734) (593,989)
Purchase of Company sponsored investments (5,973,680) (3,286,872)
Proceeds from sale of Company sponsored investments 35,729,336 1,508,543
Net cash on deconsolidation of company sponsored investments (22,723,853) 0
Net cash provided by (used in) investing activities 6,900,069 (2,372,318)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (602,000) (917,163)
Net subscriptions received from redeemable noncontrolling interest holders 8,396,769 12,251,682
Repurchase of common stock (15,659,626) 0
Net cash (used in) provided by financing activities (7,864,857) 11,334,519
CASH AND CASH EQUIVALENTS    
Net change during the period 27,844,960 1,624,897
At beginning of period 84,430,059 76,602,108
At end of period 112,275,019 78,227,005
Supplemental cash flow information:    
Income taxes paid 11,641,951 5,418,500
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 3,655,296 4,109,197
Charitable donation of corporate investments 0 1,989,803
Net subscriptions (redemptions) of ETF shares for marketable securities $ (3,244,940) $ 1,524,350