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Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 19,863,180 $ 56,764,946
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,046,949 930,990
Share-based compensation 8,040,241 5,351,120
Decrease (increase) in accounts receivable 1,108,806 (15,427,818)
Change in current income taxes (2,460,635) 1,288,973
Change in deferred income taxes (4,997,424) 354,374
Gain on sale of high yield-focused advisory contracts 6,813,579 9,000,000
Net losses (gains) on investments 35,007,945 (7,612,174)
Net change in securities held by Consolidated Funds (17,490,298) (23,532,392)
Increase (decrease) in accrued incentive compensation (12,487,267) 960,550
Increase (decrease) in deferred compensation (9,121,625) 1,641,694
Other changes in assets and liabilities 4,496,050 3,599,730
Net cash provided by operating activities 16,192,343 15,319,993
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (22,912) (1,029,550)
Purchase of Company sponsored investments (5,167,583) (17,011,517)
Proceeds from sale of Company sponsored investments 6,838,001 8,497,693
Proceeds from sale of high yield-focused advisory contracts 6,813,579 9,000,000
Net cash provided by (used in) investing activities 8,461,085 (543,374)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (2,580,328) (1,518,612)
Payment of dividends (14,114,862) (9,529,292)
Net subscriptions received from redeemable noncontrolling interest holders 9,859,318 3,431,181
Repurchases of common stock (35,670,493) (7,543,901)
Proceeds received under employee stock purchase plan 492,317 486,050
Net cash used in financing activities (42,014,048) (14,674,574)
CASH AND CASH EQUIVALENTS    
Net change during the period (17,360,620) 102,045
At beginning of period 80,550,393 98,478,202
At end of period 63,189,773 98,580,247
Supplemental cash flow information:    
Income taxes paid 16,463,770 19,122,643
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 487,870 529,806
Charitable donation of corporate investments $ 0 $ 366,555