Acadian Asset Management (AAMI) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -42.8M | 9.1M | -23.9M | 61.6M | -48.8M | -19.1M | 69.6M | 45.7M | -40.4M | 42.7M | 21.2M | 39.3M | -34.9M | 53.5M | 33.4M | 44.3M | -14.4M | -26.6M | -30.3M | 65.7M |
| Operating CF Margin % | -25.61% | 4.49% | -16.57% | 48.35% | -40.7% | -11.38% | 56.54% | 41.93% | -38.22% | 32.55% | 19.76% | 40.81% | -38.02% | 43.6% | 38.48% | 46.39% | -12.83% | -16.33% | -25.7% | 49.29% |
| Operating CF Growth % | 12.3% | 147.64% | -134.34% | 34.79% | -20.79% | -144.73% | 228.3% | 16.29% | -15.76% | -20.19% | -36.53% | -11.29% | -142.36% | 301.13% | 210.23% | -32.57% | 29.06% | -1673.33% | -201% | -31.2% |
| Net Income | 24.3M | 34.7M | 27M | 22.8M | 20.1M | 38.8M | 16.9M | 11M | 14.6M | 22.5M | 19.8M | 11.5M | 12M | 30.4M | 17.8M | 28.6M | 23.8M | 39.2M | 229.5M | 587.3M |
| Depreciation & Amortization | 3.6M | 4.1M | 4.1M | 4.2M | 4.2M | 4.4M | 4.5M | 5M | 4.6M | 4.6M | 4.5M | 4.4M | 3.8M | 3.7M | 4.3M | 5.3M | 5.3M | 5.4M | 5.5M | 5.8M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 600K | 0 | 9.3M | 7.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 8M | -6M | 1.1M | -1.5M | -3.1M | -2.9M | -2.7M | -700K | -2.3M | -2M | -1M | -2.2M | 1.6M | 6.2M | 800K | -4.8M | 7.4M | -6.4M |
| Other Non-Cash Items | 17.3M | -11.2M | -193M | 6.9M | 3.9M | -58.5M | 13.3M | 100K | 1.4M | 5.8M | -7.7M | 500K | 1.4M | -3.9M | -4.2M | -13M | 2.9M | 1.9M | -211.3M | -511.9M |
| Working Capital Changes | -88M | -18.5M | 130M | 33.7M | -78.7M | -2.3M | 28.7M | 24.6M | -58.3M | 10.5M | 6.9M | 24.9M | -51.1M | 25.5M | 13.9M | 17.2M | -47.2M | -68.3M | -61.4M | -9.1M |
| Change in Receivables | -11.5M | -39.5M | -12.1M | -4.3M | 33M | -42M | -3.8M | 6.7M | 26.6M | -37M | 5.8M | -15.4M | 22.4M | -30.9M | 4.5M | 13.4M | 53.1M | -51.9M | -11.7M | -27.3M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 113.5M | 4.1M | -10.1M | 2.7M | 7.8M | 1.5M | -12.8M | 15.4M | -23.3M | 17.8M | -4.7M | 24.7M | -2.8M | -11.1M | -8.1M | -64.6M | -67.8M | -9.4M |
| Cash from Investing | -7.9M | 55.6M | -50.2M | -2.7M | 11.8M | -1.8M | -29.5M | -17.4M | -1.4M | -20.2M | -13M | -5.1M | -5.6M | -3.7M | -2.9M | -2.4M | -4M | 27M | 288.2M | 721.1M |
| Capital Expenditures | -3.9M | -3.7M | -2.8M | -2.9M | -2.5M | -2.5M | -2.4M | -2.6M | -2.4M | -3.1M | -2.8M | -3.4M | -4.5M | -3.4M | -4.5M | -4.2M | -4M | -4M | -3.7M | -3.9M |
| CapEx % of Revenue | 2.33% | 1.82% | 1.94% | 2.28% | 2.09% | 1.49% | 1.95% | 2.39% | 2.27% | 2.36% | 2.61% | 3.53% | 4.9% | 2.77% | 5.18% | 4.4% | 3.57% | 2.46% | 3.14% | 2.93% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 50.8M | 51.2M | 216.3M | 224.9M | 208.7M | 221.9M | 139.7M | 121.1M | 104.6M | 98.6M | 78.7M | 56.7M | 52.7M | 50.3M | 45.9M | 49.1M | 53.4M | 54.5M | 54.8M | 62M |
| Other Investing | 0 | 60.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -900K | 941.6M | 723.2M |
| Cash from Financing | 76.2M | -79.1M | 118.9M | -88.5M | 61.6M | 48.6M | -42.4M | -58M | -2.6M | -18.3M | -17.8M | -48M | 85.9M | -29M | -21.3M | -38.5M | -144.9M | -1.17B | -29.3M | -56.7M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -4.7M | 0 | -5M | -26M | -17.8M | -1.7M | -5.4M | -20.6M | -74.3M | -3.3M | 0 | -400K | 0 | 0 | 0 | 0 | -103.2M | -1.12B | 200K | 0 |
| Dividends Paid | -3.6M | -400K | -300K | -400K | -400K | -300K | -400K | -400K | -400K | -300K | -500K | -400K | -800K | 0 | -300K | -500K | -400K | -500K | -700K | -800K |
| Share Repurchases | -4.7M | 0 | -5M | -26M | -17.8M | -1.8M | -5.4M | -20.6M | -74.3M | -3.3M | 0 | -400K | 0 | 0 | 0 | 0 | -103.2M | -1.12B | 0 | 0 |
| Other Financing | -500K | 0 | 144.2M | -2.1M | -200K | 50.8M | -600K | 0 | -900K | -1.7M | 7.7M | 1.8M | -300K | 1.1M | 0 | 0 | -4.3M | -19.7M | -7.9M | -28.8M |
| Net Change in Cash | 25.6M | -14.3M | 44.8M | -29.3M | 24.7M | 27.2M | -2.1M | -29.6M | -44.6M | 4.5M | -9.8M | -13.8M | 45.5M | 19.8M | 9.2M | 3.4M | -163.3M | -1.17B | 228.6M | 730.1M |
| Free Cash Flow | -46.7M | 5.4M | -26.7M | 58.7M | -51.3M | -21.6M | 67.2M | 43.1M | -42.8M | 39.6M | 18.4M | 35.9M | -39.4M | 50.1M | 28.9M | 40.1M | -18.4M | -30.6M | -34M | 61.8M |
| FCF Margin % | -27.95% | 2.66% | -18.52% | 46.08% | -42.79% | -12.87% | 54.59% | 39.54% | -40.49% | 30.18% | 17.15% | 37.28% | -42.92% | 40.83% | 33.29% | 41.99% | -16.4% | -18.78% | -28.84% | 46.36% |
| FCF Growth % | 8.97% | 125% | -139.73% | 36.19% | -19.86% | -154.55% | 265.22% | 20.06% | -8.63% | -20.96% | -36.33% | -10.47% | -114.13% | 263.73% | 185% | -35.11% | 22.69% | -393.55% | -241.67% | -28.39% |
| FCF per Share | -1.30 | 0.15 | -0.75 | 1.64 | -1.37 | -0.57 | 1.78 | 1.13 | -1.08 | 0.96 | 0.43 | 0.84 | -0.92 | 1.17 | 0.68 | 0.94 | -0.41 | -0.49 | -0.41 | 0.75 |
| FCF Conversion (FCF/Net Income) | -1.76x | 0.26x | -1.58x | 6.10x | -2.43x | -0.45x | 4.12x | 4.15x | -2.77x | 1.87x | 1.08x | 3.45x | -2.91x | 1.76x | 1.88x | 1.55x | -0.61x | -0.68x | -0.13x | 0.12x |
| Interest Paid | 0 | 0 | 6.8M | 1M | 6.7M | 0 | 6.8M | 1M | 7.2M | 200K | 7.1M | 1.1M | 7.1M | 300K | 7M | 700K | 8M | 1.6M | 8.2M | 1.6M |
| Taxes Paid | 0 | 0 | 6.4M | 21M | 1.4M | 15.5M | 9.7M | 21.9M | 1.4M | 7.3M | 9.6M | 20.1M | 800K | 2.1M | 7M | 24.7M | 3M | 91M | 82.1M | 31.6M |