Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 209,736 $ 97,231 $ 42,275
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred taxes 14,789 1,100 (1,264)
Depreciation and amortization 2,583 376 43
(Gain) loss on disposal of fixed assets (2) (4) 8
Changes in operating assets and liabilities:      
Accrued receivables and other assets (37,824) (12,022) (2,721)
Income taxes payable 756 (986) 1,316
Prepaid income taxes (8,196) (1,202) 0
Unearned revenue 5,024 4,399 1,389
Accounts payable, accrued expenses and other liabilities 4,783 4,938 (89)
Cash provided by operating activities 191,649 93,830 40,957
Cash flows from investing activities:      
Proceeds from sale of fixed assets 25 27 18
Acquisition of real estate (9,377) 0 0
Acquisition of royalty interests (24,303) 0 0
Purchase of fixed assets (47,878) (18,747) (977)
Cash used in investing activities (81,533) (18,720) (959)
Cash flows from financing activities:      
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (38,397) (34,267) (33,085)
Dividends paid (31,652) (10,681) (2,507)
Cash used in financing activities (70,049) (44,948) (35,592)
Net increase in cash and cash equivalents 40,067 30,162 4,406
Cash and cash equivalents, beginning of period 79,580 49,418 45,012
Cash and cash equivalents, end of period 119,647 79,580 49,418
Supplemental disclosure of cash flow information:      
Income taxes paid $ 45,876 $ 49,002 $ 20,725