StepStone Group Inc
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 8, 2024
STEP$49.18+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows for the and
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from operating activities | ||
| Net income (loss) | $85,278 | $(102,091) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 36,138 | 35,308 |
| Unrealized carried interest allocations and investment loss | 26,222 | 364,314 |
| Unrealized legacy Greenspring carried interest allocations and investment loss | 145,828 | 453,582 |
| Unrealized performance fee-related compensation | (9,320) | (172,554) |
| Unrealized legacy Greenspring performance fee-related compensation | (132,228) | (416,574) |
| Amortization of deferred financing costs | 354 | 354 |
| Equity-based compensation | 28,596 | 15,605 |
| Change in deferred income taxes | 2,238 | (18,624) |
| Fair value adjustment for acquisition-related contingent consideration | 4,639 | 9,949 |
| Gain on remeasurement of lease liabilities | (106) | (2,709) |
| Loss on sale of subsidiary | 812 | — |
| Other non-cash activities | 563 | 26 |
| Adjustments to reconcile net income (loss) to net cash used in operating activities of Consolidated Funds: | ||
| Unrealized investment income of Consolidated Funds | (21,024) | (4,895) |
| Purchases of investments of Consolidated Funds | (58,476) | (9,417) |
| Proceeds from sale of investments of Consolidated Funds | 273 | — |
| Changes in operating assets and liabilities: | ||
| Fees and accounts receivable | (13,706) | (8,628) |
| Due from affiliates | (12,129) | (16,380) |
| Other assets and receivables | 12,591 | (4,322) |
| Accounts payable, accrued expenses and other liabilities | 2,547 | (6,642) |
| Accrued compensation and benefits | 52,275 | 35,059 |
| Due to affiliates | 1,206 | (539) |
| Lease right-of-use assets, net and lease liabilities | 1,051 | 1,069 |
| Changes in operating assets and liabilities of Consolidated Funds: | ||
| Other assets and receivables | (726) | (839) |
| Other liabilities and payables | 997 | 647 |
| Net cash provided by operating activities | 153,893 | 151,699 |
| Cash flows from investing activities | ||
| Contributions to investments | (15,956) | (17,163) |
| Distributions received from investments | 3,064 | 4,772 |
| Contributions to investments in legacy Greenspring entities | (8,833) | (10,634) |
| Distributions received from investments in legacy Greenspring entities | 2,153 | 2,762 |
| Purchases of property and equipment | (18,692) | (3,149) |
| Net cash used in investing activities | (38,264) | (23,412) |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from financing activities | ||
| Proceeds from capital contributions from non-controlling interests | $37 | $179 |
| Proceeds from sale of non-controlling interests | 3,045 | — |
| Proceeds from revolving credit facility | 25,000 | 20,000 |
| Distributions to non-controlling interests | (71,530) | (87,157) |
| Proceeds from capital contributions to legacy Greenspring entities | 8,833 | 10,634 |
| Distributions to non-controlling interests in legacy Greenspring entities | (6,699) | (6,842) |
| Dividends paid to common stockholders | (54,986) | (37,360) |
| Payments for employee taxes related to net settlement of RSUs | (613) | (2,707) |
| Payments to related parties under Tax Receivable Agreements | (10,280) | (5,973) |
| Other financing activities | — | (1) |
| Cash flows from financing activities of Consolidated Funds: | ||
| Contributions from redeemable non-controlling interests in Consolidated Funds | 39,956 | 4,575 |
| Net cash used in financing activities | (67,237) | (104,652) |
| Effect of foreign currency exchange rate changes | (3,599) | (53) |
| Net increase in cash, cash equivalents and restricted cash | 44,793 | 23,582 |
| Cash, cash equivalents and restricted cash at beginning of period | 129,517 | 117,449 |
| Cash, cash equivalents and restricted cash at end of period | $174,310 | $141,031 |
| Supplemental disclosures: | ||
| Non-cash operating, investing, and financing activities: | ||
| Accrued dividends | $1,374 | $556 |
| Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements | (2,936) | (4,447) |
| Establishment of lease liabilities in exchange for lease right-of-use assets | 2,878 | 77,731 |
| Remeasurement of lease liabilities | — | (18,166) |
| Issuance of note related to sale of subsidiary | 8,436 | — |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $139,970 | $120,093 |
| Restricted cash | 751 | 971 |
| Cash and cash equivalents of Consolidated Funds | 33,589 | 19,967 |
| Total cash, cash equivalents and restricted cash | $174,310 | $141,031 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.