StepStone Group Inc
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 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.
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Condensed Consolidated Statements of Cash Flows for the and
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Three Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income | $48,045 | $49,446 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 11,337 | 11,987 |
| Unrealized carried interest allocations and investment (income) loss | 23,990 | (51,893) |
| Unrealized legacy Greenspring carried interest allocations and investment loss | 17,825 | 27,941 |
| Unrealized performance fee-related compensation | (10,923) | 24,211 |
| Unrealized legacy Greenspring performance fee-related compensation | (15,696) | (24,876) |
| Amortization of deferred financing costs | 108 | 118 |
| Equity-based compensation | 18,548 | 8,472 |
| Change in deferred income taxes | 1,030 | 4,977 |
| Fair value adjustment for acquisition-related contingent consideration | 2,864 | (1,267) |
| Other non-cash activities | — | 3 |
| Adjustments to reconcile net income to net cash used in operating activities of Consolidated Funds: | ||
| Unrealized investment income of Consolidated Funds | (7,307) | (2,362) |
| Purchases of investments of Consolidated Funds | (19,706) | (6,231) |
| Proceeds from sale of investments of Consolidated Funds | 649 | — |
| Changes in operating assets and liabilities: | ||
| Fees and accounts receivable | (1,565) | (1,641) |
| Due from affiliates | (32,746) | (8,594) |
| Other assets and receivables | (942) | 6,873 |
| Accounts payable, accrued expenses and other liabilities | 1,465 | 2,195 |
| Accrued compensation and benefits | 10,623 | 22,048 |
| Due to affiliates | 2,044 | 906 |
| Lease right-of-use assets, net and lease liabilities | 718 | (4,450) |
| Changes in operating assets and liabilities of Consolidated Funds: | ||
| Other assets and receivables | (303) | (64) |
| Other liabilities and payables | 112 | (212) |
| Net cash provided by operating activities | 50,170 | 57,587 |
| Cash flows from investing activities | ||
| Contributions to investments | (11,702) | (5,066) |
| Distributions received from investments | 1,690 | 659 |
| Contributions to investments in legacy Greenspring entities | (7,132) | (2,578) |
| Distributions received from investments in legacy Greenspring entities | 4,507 | 255 |
| Purchases of property and equipment | (575) | (7,756) |
| Net cash used in investing activities | (13,212) | (14,486) |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Three Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from financing activities | ||
| Proceeds from capital contributions from non-controlling interests | $— | $28 |
| Purchase of non-controlling interests | (5,398) | — |
| Redemption of redeemable non-controlling interests | (12,968) | — |
| Proceeds from revolving credit facility | 25,000 | — |
| Deferred financing costs | (1,813) | — |
| Distributions to non-controlling interests | (30,114) | (25,713) |
| Proceeds from capital contributions to legacy Greenspring entities | 7,132 | 2,578 |
| Distributions to non-controlling interests in legacy Greenspring entities | (5,383) | (454) |
| Dividends paid to common stockholders | (23,807) | (28,277) |
| Payments to related parties under Tax Receivable Agreements | (9,802) | (7,670) |
| Other financing activities | 1 | — |
| Cash flows from financing activities of Consolidated Funds: | ||
| Contributions from redeemable non-controlling interests in Consolidated Funds | 34,253 | 15,535 |
| Net cash used in financing activities | (22,899) | (43,973) |
| Effect of foreign currency exchange rate changes | (201) | (716) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 13,858 | (1,588) |
| Cash, cash equivalents and restricted cash at beginning of period | 182,312 | 129,517 |
| Cash, cash equivalents and restricted cash at end of period | $196,170 | $127,929 |
| Supplemental disclosures: | ||
| Non-cash operating, investing, and financing activities: | ||
| Accrued dividends | $294 | $810 |
| Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements | (6,376) | (24) |
| Establishment of lease liabilities in exchange for lease right-of-use assets | — | 1,239 |
| Settlement of non-controlling interests related to awards of carried interest allocations | 55,579 | — |
| Equity issued for redemption of redeemable non-controlling interests | 97,383 | — |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $141,633 | $91,733 |
| Restricted cash | 735 | 699 |
| Cash and cash equivalents of Consolidated Funds | 53,802 | 35,497 |
| Total cash, cash equivalents and restricted cash | $196,170 | $127,929 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.