|
Combined Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 43,880 |
$ 43,533 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Interest expense related to change in mandatory redemption liability |
|
29,383 |
| Equity-based compensation |
27,746 |
619 |
| Depreciation |
839 |
532 |
| Change in amounts payable under tax receivable agreement |
39 |
|
| Net loss on investment securities |
236 |
156 |
| Deferred income taxes |
1,701 |
|
| (Increase) decrease in operating assets and increase (decrease) in operating liabilities: |
|
|
| Accounts receivable |
(1,708) |
(1,827) |
| Accounts receivable - Manning & Napier Fund, Inc. |
555 |
(2,094) |
| Prepaid expenses and other assets |
324 |
(443) |
| Accounts payable |
14 |
536 |
| Accrued expenses and other liabilities |
1,914 |
7,725 |
| Deferred revenue |
527 |
1,123 |
| Net cash provided by operating activities |
76,067 |
79,243 |
| Cash flows from investing activities: |
|
|
| Purchases of property and equipment |
(1,774) |
(342) |
| Sale of investments |
1,792 |
807 |
| Purchase of investments |
(5,317) |
(927) |
| Net cash used in investing activities |
(5,299) |
(462) |
| Cash flows from financing activities: |
|
|
| Distributions |
(54,030) |
(73,641) |
| Dividends paid |
(2,173) |
|
| Payment of stock purchase note payable |
|
(77) |
| Payment of capital lease obligations |
(48) |
(43) |
| Proceeds on issuance of stock |
|
32 |
| Capital contributions |
|
2,478 |
| Payments of costs directly associated with issuance of Class A common stock |
(598) |
|
| Net cash used in financing activities |
(56,849) |
(71,251) |
| Net increase in cash and cash equivalents |
13,919 |
7,530 |
| Cash and cash equivalents: |
|
|
| Beginning of period |
81,208 |
27,543 |
| End of period |
$ 95,127 |
$ 35,073 |