Attached files
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EX-32.2 - FORM 10-K, EXHIBIT 32.2 - GAMCO INVESTORS, INC. ET AL | form10k2017ex322.htm |
EX-32.1 - FORM 10-K, EXHIBIT 32.1 - GAMCO INVESTORS, INC. ET AL | form10k2017ex321.htm |
EX-31.3 - FORM 10-K, EXHIBIT 31.3 - GAMCO INVESTORS, INC. ET AL | form10k2017ex313.htm |
EX-31.2 - FORM 10-K, EXHIBIT 31.2 - GAMCO INVESTORS, INC. ET AL | form10k2017ex312.htm |
EX-31.1 - FORM 10-K, EXHIBIT 31.1 - GAMCO INVESTORS, INC. ET AL | form10k2017ex311.htm |
EX-23.1 - FORM 10-K, EXHIBIT 23.1 - GAMCO INVESTORS, INC. ET AL | form10k2017ex231.htm |
EX-21.1 - FORM 10-K, EXHIBIT 21.1 - GAMCO INVESTORS, INC. ET AL | form10k2017ex211.htm |
EX-12.1 - FORM 10-K, EXHIBIT 12.1 - GAMCO INVESTORS, INC. ET AL | form10k2017ex121.htm |
10-K - FORM 10-K - GAMCO INVESTORS, INC. ET AL | form10k.htm |
Exhibit 99.1
Schedule I
GAMCO INVESTORS, INC.
CONDENSED STATEMENTS OF INCOME
(Parent company only)
(In thousands, except per share data)
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Revenues
|
||||||||||||
Distribution fees and other income
|
$
|
25,468
|
$
|
29,045
|
$
|
26,860
|
||||||
Total revenues
|
25,468
|
29,045
|
26,860
|
|||||||||
Expenses
|
||||||||||||
Compensation
|
1,469
|
1,929
|
3,550
|
|||||||||
Stock based compensation
|
8,670
|
3,959
|
9,868
|
|||||||||
Management fee benefit
|
(3,082
|
)
|
(13,943
|
)
|
(2,209
|
)
|
||||||
Other operating expenses
|
7,329
|
9,102
|
9,243
|
|||||||||
Total expenses
|
14,386
|
1,047
|
20,452
|
|||||||||
Operating income
|
11,082
|
27,998
|
6,408
|
|||||||||
Other income (expense)
|
||||||||||||
Equity earnings from subsidiaries
|
72,001
|
100,698
|
87,206
|
|||||||||
Net gain from investments
|
3,230
|
1,447
|
4,635
|
|||||||||
Extinguishment of debt
|
(3,300
|
)
|
-
|
(1,067
|
)
|
|||||||
Interest and dividend income
|
1,703
|
1,447
|
2,246
|
|||||||||
Interest expense
|
(9,347
|
)
|
(11,814
|
)
|
(7,886
|
)
|
||||||
Charitable contributions
|
(4,137
|
)
|
-
|
(6,396
|
)
|
|||||||
Total other income, net
|
60,150
|
91,778
|
78,738
|
|||||||||
Income before income taxes
|
71,232
|
119,776
|
85,146
|
|||||||||
Income tax provision/(benefit)
|
(6,577
|
)
|
2,655
|
(2,204
|
)
|
|||||||
Income from continuing operations
|
77,809
|
117,121
|
87,350
|
|||||||||
Loss from discontinued operations, net of taxes
|
-
|
-
|
(3,938
|
)
|
||||||||
Net income
|
$
|
77,809
|
$
|
117,121
|
$
|
83,412
|
||||||
GAMCO INVESTORS, INC.
CONDENSED STATEMENTS OF FINANCIAL CONDITION
(Parent company only)
(In thousands, except per share data)
December 31,
|
||||||||
2017
|
2016
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$
|
5,990
|
$
|
7,209
|
||||
Investments in securities
|
36,750
|
37,235
|
||||||
Receivable from brokers
|
1,246
|
55
|
||||||
Investment in subsidiaries and receivable from affiliates
|
108,669
|
57,274
|
||||||
Capital lease
|
2,304
|
2,514
|
||||||
Income tax receivable
|
77,832
|
-
|
||||||
Other assets
|
3,655
|
4,149
|
||||||
Total assets
|
$
|
236,446
|
$
|
108,436
|
||||
LIABILITIES AND EQUITY
|
||||||||
Payable to brokers
|
$
|
14,926
|
$
|
66
|
||||
Capital lease obligation
|
4,943
|
5,066
|
||||||
Compensation payable
|
73,275
|
27,496
|
||||||
Payable to affiliates
|
134,318
|
462
|
||||||
Accrued expenses and other liabilities
|
16,113
|
5,556
|
||||||
Sub-total
|
243,575
|
38,646
|
||||||
AC 4% PIK Note (due November 30, 2020)
|
50,000
|
100,000
|
||||||
4.5% Convertible note (due August 15, 2021)
|
-
|
109,835
|
||||||
AC 1.6% Note Payable (due February 28, 2018)
|
15,000
|
-
|
||||||
5.875% Senior notes (due June 1, 2021)
|
24,144
|
24,120
|
||||||
Total liabilities
|
332,719
|
272,601
|
||||||
Total equity (deficit)
|
(96,273
|
)
|
(164,165
|
)
|
||||
Total liabilities and equity
|
$
|
236,446
|
$
|
108,436
|
GAMCO INVESTORS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Parent company only)
(In thousands)
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Operating activities
|
||||||||||||
Net income
|
$
|
77,809
|
$
|
117,121
|
$
|
83,412
|
||||||
Loss from discontinued operations, net of taxes
|
-
|
-
|
3,938
|
|||||||||
Income from continuing operations
|
77,809
|
117,121
|
87,350
|
|||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
570
|
607
|
595
|
|||||||||
Stock based compensation expense
|
8,670
|
3,959
|
9,868
|
|||||||||
Tax benefit from exercise of stock options
|
-
|
-
|
102
|
|||||||||
Donated securities
|
1,124
|
499
|
1,945
|
|||||||||
Gains on sales of available for sale securities
|
(62
|
)
|
(4
|
)
|
(6
|
)
|
||||||
Accretion of zero coupon debentures
|
-
|
-
|
628
|
|||||||||
Loss on extinguishment of debt
|
3,300
|
-
|
1,067
|
|||||||||
(Increase) decrease in assets:
|
||||||||||||
Investments in trading securities
|
(1
|
)
|
(5
|
)
|
-
|
|||||||
Receivable from affiliates
|
(53,797
|
)
|
(25,510
|
)
|
(31,205
|
)
|
||||||
Receivable from brokers
|
(1,192
|
)
|
580
|
976
|
||||||||
Income tax receivable and deferred tax assets
|
(77,832
|
)
|
11,991
|
29,164
|
||||||||
Other assets
|
136
|
(330
|
)
|
(478
|
)
|
|||||||
Increase (decrease) in liabilities:
|
||||||||||||
Payable to affiliates
|
133,856
|
(30,567
|
)
|
31,017
|
||||||||
Payable to brokers
|
(990
|
)
|
54
|
(539
|
)
|
|||||||
Income taxes payable and deferred tax liabilities
|
12,281
|
(1,137
|
)
|
3,920
|
||||||||
Compensation payable
|
45,779
|
16,351
|
(3,319
|
)
|
||||||||
Accrued expenses and other liabilities
|
(2,205
|
)
|
(700
|
)
|
(424
|
)
|
||||||
Total adjustments
|
69,637
|
(24,212
|
)
|
43,311
|
||||||||
Net cash provided by operating activities from continuing operations
|
$
|
147,446
|
$
|
92,909
|
$
|
130,661
|
GAMCO INVESTORS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Parent company only)
(In thousands)
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Investing activities
|
||||||||||||
Purchases of available for sale securities
|
$
|
(3,932
|
)
|
$
|
(1,843
|
)
|
$
|
(6,279
|
)
|
|||
Proceeds from sales of available for sale securities
|
4,169
|
408
|
81
|
|||||||||
Net cash provided by/(used in) investing activities from continuing operations
|
237
|
(1,435
|
)
|
(6,198
|
)
|
|||||||
Financing activities
|
||||||||||||
Repurchase of Zero coupon subordinated debentures due December 31, 2015
|
-
|
-
|
(13,101
|
)
|
||||||||
Repurchase of 5.875% Senior note due June 1, 2021
|
-
|
-
|
(76,533
|
)
|
||||||||
Repayment of AC 4% PIK Note due November 30, 2020
|
(50,000
|
)
|
(150,000
|
)
|
-
|
|||||||
Issuance of 4.5% Convertible note due August 15, 2021
|
-
|
109,826
|
-
|
|||||||||
Repayment of 4.5% Convertible note due August 15, 2021
|
(113,300
|
)
|
-
|
-
|
||||||||
Repayment of GGCP loan due December 28, 2016
|
-
|
(35,000
|
)
|
-
|
||||||||
Proceeds from GGCP due December 28, 2016
|
-
|
-
|
35,000
|
|||||||||
Proceeds from 1.6% AC Note de February 28, 2018
|
15,000
|
-
|
-
|
|||||||||
Margin loan borrowings
|
20,850
|
-
|
-
|
|||||||||
Margin loan repayments
|
(5,000
|
)
|
-
|
-
|
||||||||
Amortization of debt issuance costs
|
187
|
33
|
-
|
|||||||||
Dividends paid by subsidiaries to GBL
|
-
|
-
|
164,000
|
|||||||||
Net transfer to AC
|
-
|
-
|
(196,297
|
)
|
||||||||
Proceeds from exercise of stock options
|
-
|
-
|
1,167
|
|||||||||
Dividends paid
|
(2,315
|
)
|
(2,333
|
)
|
(7,468
|
)
|
||||||
Purchase of treasury stock
|
(14,324
|
)
|
(10,773
|
)
|
(27,249
|
)
|
||||||
Net cash used in financing activities from continuing operations
|
(148,902
|
)
|
(88,247
|
)
|
(120,481
|
)
|
||||||
Cash flows of discontinued operations
|
||||||||||||
Net cash provided by operating activities
|
-
|
-
|
82,759
|
|||||||||
Net cash used in investing activities
|
-
|
-
|
(35,216
|
)
|
||||||||
Net cash used in financing activities
|
-
|
-
|
(47,543
|
)
|
||||||||
Net cash provided by/(used in) discontinued operations
|
-
|
-
|
-
|
|||||||||
Net increase (decrease) in cash and cash equivalents
|
(1,219
|
)
|
3,227
|
3,982
|
||||||||
Cash and cash equivalents at beginning of period
|
7,209
|
3,982
|
-
|
|||||||||
Cash and cash equivalents at end of period
|
$
|
5,990
|
$
|
7,209
|
$
|
3,982
|
||||||
Supplemental disclosures of cash flow information:
|
||||||||||||
Cash paid for interest
|
$
|
10,891
|
$
|
10,425
|
$
|
6,282
|
||||||
Cash paid for taxes
|
$
|
61,704
|
$
|
74,457
|
$
|
58,353
|