2016 Q4 Form 10-Q Financial Statement

#000090910816000207 Filed on October 26, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $40.04M $32.94M $31.42M
YoY Change 23.96% 4.82% 14.44%
Cost Of Revenue $1.020M $1.040M $840.0K
YoY Change 13.33% 23.81% 13.51%
Gross Profit $39.02M $31.90M $30.58M
YoY Change 24.27% 4.32% 14.45%
Gross Profit Margin 97.45% 96.85% 97.31%
Selling, General & Admin $19.49M $4.046M $3.497M
YoY Change 37.84% 15.7% 47.78%
% of Gross Profit 49.95% 12.68% 11.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $210.0K $170.0K $170.0K
YoY Change 16.67% 0.0% 142.86%
% of Gross Profit 0.54% 0.53% 0.56%
Operating Expenses $19.49M $17.80M $17.28M
YoY Change 37.84% 2.98% 4.9%
Operating Profit $19.53M $15.14M $14.14M
YoY Change 13.15% 7.05% 28.75%
Interest Expense $2.520M $3.560M -$3.510M
YoY Change 159.79% -201.42% 247.52%
% of Operating Profit 12.9% 23.52% -24.82%
Other Income/Expense, Net
YoY Change
Pretax Income $22.05M $21.37M $10.63M
YoY Change 20.89% 101.05% 6.53%
Income Tax $8.170M $7.701M $3.900M
% Of Pretax Income 37.05% 36.04% 36.69%
Net Earnings $13.65M $13.43M $6.728M
YoY Change 17.07% 99.55% 5.95%
Net Earnings / Revenue 34.09% 40.76% 21.41%
Basic Earnings Per Share $3.93 $2.04
Diluted Earnings Per Share $3.991M $3.93 $1.99
COMMON SHARES
Basic Shares Outstanding 3.414M shares 3.413M shares 3.297M shares
Diluted Shares Outstanding 3.420M shares 3.379M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.20M $63.70M $58.10M
YoY Change -0.52% 9.64% 37.03%
Cash & Equivalents $57.19M $63.66M $58.10M
Short-Term Investments
Other Short-Term Assets $1.500M $1.500M $1.800M
YoY Change -16.67% -16.67% -5.26%
Inventory
Prepaid Expenses
Receivables $18.60M $17.50M $17.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $77.80M $82.90M $76.90M
YoY Change -0.13% 7.8% 28.81%
LONG-TERM ASSETS
Property, Plant & Equipment $4.026M $4.128M $4.151M
YoY Change -5.35% -0.55% 191.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $41.34M $27.95M $52.70M
YoY Change 266.34% -46.96% 50.57%
Other Assets $8.700M $9.100M $6.600M
YoY Change -5.43% 37.88% 34.69%
Total Long-Term Assets $121.9M $101.4M $68.72M
YoY Change 81.19% 47.57% 57.08%
TOTAL ASSETS
Total Short-Term Assets $77.80M $82.90M $76.90M
Total Long-Term Assets $121.9M $101.4M $68.72M
Total Assets $199.7M $184.3M $145.6M
YoY Change 37.56% 26.57% 40.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.800M $6.800M $8.500M
YoY Change 27.27% -20.0% 84.78%
Accrued Expenses $22.70M $16.20M $19.60M
YoY Change 3.18% -17.35% -4.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $32.50M $23.00M $28.10M
YoY Change 9.43% -18.15% 11.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.20M $13.40M $9.500M
YoY Change 39.22% 41.05% 79.25%
Total Long-Term Liabilities $14.20M $13.40M $9.500M
YoY Change 39.22% 41.05% 79.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.50M $23.00M $28.10M
Total Long-Term Liabilities $14.20M $13.40M $9.500M
Total Liabilities $46.65M $36.31M $37.58M
YoY Change 17.01% -3.38% 23.85%
SHAREHOLDERS EQUITY
Retained Earnings $47.66M $54.48M $27.45M
YoY Change 115.92% 98.47% 906.99%
Common Stock $109.3M $108.9M $100.3M
YoY Change 6.59% 8.58% 22.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $139.2M $143.8M $108.0M
YoY Change
Total Liabilities & Shareholders Equity $199.7M $184.3M $145.6M
YoY Change 37.56% 26.57% 40.77%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $13.65M $13.43M $6.728M
YoY Change 17.07% 99.55% 5.95%
Depreciation, Depletion And Amortization $210.0K $170.0K $170.0K
YoY Change 16.67% 0.0% 142.86%
Cash From Operating Activities $11.91M -$9.420M $18.71M
YoY Change -26.48% -150.35% 18.57%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$90.00K -$530.0K
YoY Change -53.33% -83.02% -11.67%
Acquisitions
YoY Change
Other Investing Activities -$7.660M $2.030M -$2.910M
YoY Change -5571.43% -169.76%
Cash From Investing Activities -$7.800M $1.940M -$3.440M
YoY Change 4488.24% -156.4% 483.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.59M 400.0K -190.0K
YoY Change -36.4% -310.53% -1050.0%
NET CHANGE
Cash From Operating Activities 11.91M -9.420M 18.71M
Cash From Investing Activities -7.800M 1.940M -3.440M
Cash From Financing Activities -10.59M 400.0K -190.0K
Net Change In Cash -6.480M -7.080M 15.08M
YoY Change 945.16% -146.95% -0.85%
FREE CASH FLOW
Cash From Operating Activities $11.91M -$9.420M $18.71M
Capital Expenditures -$140.0K -$90.00K -$530.0K
Free Cash Flow $12.05M -$9.330M $19.24M
YoY Change -26.97% -148.49% 17.46%

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IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0 shares
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7709 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5892 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6959 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4748 shares
CY2015Q3 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
27475552 USD
us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
79894964 USD
CY2016Q3 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
29512076 USD
us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
84751943 USD
CY2015Q3 us-gaap Investment Income Net
InvestmentIncomeNet
-3512134 USD
us-gaap Investment Income Net
InvestmentIncomeNet
-1710111 USD
CY2016Q3 us-gaap Investment Income Net
InvestmentIncomeNet
3555368 USD
us-gaap Investment Income Net
InvestmentIncomeNet
4995255 USD
CY2015Q4 us-gaap Investments
Investments
52490820 USD
CY2016Q3 us-gaap Investments
Investments
87047844 USD
CY2016Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
87000000 USD
CY2015Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
12941017 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
38393223 USD
CY2016Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
12714404 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
38494459 USD
CY2015Q4 us-gaap Liabilities
Liabilities
39872567 USD
CY2016Q3 us-gaap Liabilities
Liabilities
36307512 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
145186581 USD
CY2016Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
184318492 USD
CY2015Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 USD
CY2016Q3 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1807314 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4044034 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11705589 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2072549 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
35834103 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8156488 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
6728460 USD
us-gaap Net Income Loss
NetIncomeLoss
25419204 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
13426564 USD
us-gaap Net Income Loss
NetIncomeLoss
32406779 USD
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
242401 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
309172 USD
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification
0 USD
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification
4031756 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
17282908 USD
us-gaap Operating Expenses
OperatingExpenses
50667409 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
17798678 USD
us-gaap Operating Expenses
OperatingExpenses
52521920 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
14141017 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
41457110 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
15138563 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
43542245 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5063353 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
624179 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
595807 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
632120 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
696198 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2341000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
174049 USD
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
234475 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
697272 USD
CY2016Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
218640 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
679195 USD
CY2016Q3 us-gaap Other Assets Current
OtherAssetsCurrent
1500000 USD
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
200000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
17289987 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
17468890 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1249204 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
339638 USD
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1780105 USD
CY2016Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1679796 USD
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
0 USD
CY2016Q3 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
1200000 USD
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
1163769 USD
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
0 USD
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
33730 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
6833602 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
18717308 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
6728460 USD
us-gaap Profit Loss
ProfitLoss
25419204 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
13668965 USD
us-gaap Profit Loss
ProfitLoss
32715951 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4253361 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4127815 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Fair Value
RedeemableNoncontrollingInterestEquityCommonFairValue
0 USD
CY2016Q3 us-gaap Redeemable Noncontrolling Interest Equity Common Fair Value
RedeemableNoncontrollingInterestEquityCommonFairValue
4229220 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
22072271 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
54479050 USD
CY2015Q3 us-gaap Revenues
Revenues
31423925 USD
us-gaap Revenues
Revenues
92124519 USD
CY2016Q3 us-gaap Revenues
Revenues
32937241 USD
us-gaap Revenues
Revenues
96064165 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1107989 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2878141 USD
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1052101 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3106269 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6287899 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6259300 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
310356 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
208800 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
200000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3826458 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3879431 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
105314014 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
143781760 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3379200 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3348196 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3420123 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3410208 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3297337 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3268037 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3413164 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3405460 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Reclassification</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts and disclosures may have been reclassified to conform to the current period's financial presentation.</font></div></div>
us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Revenue Recognition &#8211; Mutual Fund Administration</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">DHCM has an administrative and transfer agency services agreement with the Funds under which DHCM performs certain services for each Fund. These services include mutual fund administration, fund accounting, transfer agency and other related functions. For performing these services each Fund pays DHCM a fee, which is calculated using an annual rate times the average daily net assets of each respective share class. </font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Funds have selected and contractually engaged certain vendors to fulfill various services to benefit the Funds&#8217; shareholders or to satisfy regulatory requirements of the Funds. These services include, among others, required shareholder mailings, federal and state registrations, and legal and audit services. DHCM, in fulfilling a portion of its role under the administration agreement with the Funds, acts as agent to pay these obligations of the Funds. Each vendor is independently responsible for fulfillment of the services it has been engaged to provide and negotiates fees and terms with the management and board of trustees of the Funds. The fee that each Fund pays to DHCM is reviewed annually by the Funds&#8217; board of trustees and specifically takes into account the contractual expenses that DHCM pays on behalf of the Funds. As a result, DHCM is not involved in the delivery or pricing of these services and bears no risk related to these services. Revenue has been recorded net of these Fund related expenses, in accordance with FASB ASC 605-45, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition &#8211; Principal Agent Considerations</font><font style="font-family:inherit;font-size:10pt;">. In addition, DHCM advances the upfront commissions that are paid to brokers who sell Class C shares of the Funds. These advances are capitalized and amortized over </font><font style="font-family:inherit;font-size:10pt;">12 months</font><font style="font-family:inherit;font-size:10pt;"> to correspond with the repayments DHCM receives from the principal underwriter to recoup this commission advancement.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beacon Hill previously had underwriting and administrative service agreements with certain clients, including registered mutual funds. The fee arrangements varied from client to client based upon services provided and have been recorded as revenue under mutual fund administration on the Consolidated Statements of Income. Part of Beacon Hill&#8217;s role as underwriter was to act as an agent on behalf of its mutual fund clients to receive 12b-1/service fees and commission revenue and facilitate the payment of those fees and commissions to third parties who provide services to the funds and their shareholders. The majority of 12b-1/service fees were paid to independent third parties and the remainder were retained by the Company as reimbursement for expenses the Company incurred. The amount of 12b-1/service fees and commissions were determined by each mutual fund client, and Beacon Hill bore no financial risk related to these services. As a result, 12b-1/service fees and commission revenue was recorded net of the expense payments to third parties, in accordance with the appropriate accounting treatment for this agency relationship. The entirety of Beacon Hill's business was sold to Foreside on July 31, 2016. as further described in Note 10.</font></div></div>
us-gaap Revenue Recognition Services Management Fees
RevenueRecognitionServicesManagementFees
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Revenue Recognition &#8211; Variable Incentive Fees</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company manages certain client accounts that provide for variable incentive fees. These fees are calculated based on client investment results over rolling </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;">-year periods. The Company records variable incentive fees at the end of the contract measurement period. No variable incentive fees were earned during the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">. The table below shows AUM subject to variable incentive fees and the amount of variable incentive fees that would be recognized if the contracts were terminated as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:84%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">AUM subject to variable incentive fees</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">590,718,723</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:84%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">As of</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">September&#160;30, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contractual Period Ends:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Quarter Ended June&#160;30, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,756,586</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Quarter Ended December 31, 2018</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,108</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Quarter Ended September 30, 2019</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">346,295</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Quarter Ended March 31, 2020</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total variable incentive fees that would be recognized if contract terminated</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,173,989</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The contractual end dates highlight the time remaining until the variable incentive fees are scheduled to be earned. The amount of variable incentive fees that would be recognized if the contracts were terminated as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;"> will increase or decrease based on future client investment results through the contractual period end. There can be no assurance that the above amounts will ultimately be earned.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions related to the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.</font></div></div>

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