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Consolidated Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (2,528,368) $ 19,555,847
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 265,084 282,565
Share-based compensation 2,433,317 2,154,024
Decrease in accounts receivable 3,873,142 1,714,531
Change in current income taxes 3,297,343 2,150,248
Change in deferred income taxes (2,691,713) (490,645)
Net losses (gains) on investments 23,246,116 (13,053,857)
Net change in securities held by Consolidated Funds (589,071) 18,908,654
Decrease in accrued incentive compensation (15,799,928) (18,598,871)
(Decrease) Increase in deferred compensation (7,475,032) 4,389,652
Other changes in assets and liabilities (2,039,894) (934,288)
Net cash provided by operating activities 1,990,996 16,077,860
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (115,218) (91,015)
Purchase of Company sponsored investments (10,948,903) (4,560,693)
Proceeds from sale of Company-sponsored investments 23,209,972 2,683,935
Net cash provided by (used in) investing activities 12,145,851 (1,967,773)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (252,968) 0
Net (redemptions) subscriptions received from redeemable noncontrolling interest holders (565,998) 1,516,063
Repurchase of common stock (9,182,577) (7,907,055)
Net cash used in financing activities (10,001,543) (6,390,992)
CASH AND CASH EQUIVALENTS    
Net change during the period 4,135,304 7,719,095
At beginning of period 93,176,253 84,430,059
At end of period 97,311,557 92,149,154
Supplemental cash flow information:    
Income taxes paid 0 4,203,130
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 3,396,359 3,655,296
Net redemptions of ETF shares for marketable securities $ 0 $ (3,244,940)