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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 86,216 $ (1,040)
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Fixed asset depreciation and intangible asset amortization 40,850 38,253
Employee loan amortization and reserves on employee loans 29,323 25,467
Equity-based compensation and allocations of net income to limited partnership units and FPUs 162,288 208,017
Deferred compensation expense 27 20
Losses (gains) on equity method investments (4,534) (4,474)
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments (37,069) 1,386
Amortization of discount (premium) on notes payable (496) 1,904
Impairment of fixed assets, intangible assets and investments 278 2,767
Deferred tax provision (benefit) (4,667) (5,534)
Change in estimated acquisition earn-out payables (255) 613
Forfeitures of Class A common stock (852) (796)
Consolidated net income (loss), adjusted for non-cash and non-operating items 271,109 266,583
Decrease (increase) in operating assets:    
Reverse repurchase agreements 0 (200,000)
Financial instruments owned, at fair value (149,998) (199)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (715,817) (700,609)
Accrued commissions receivable, net (53,947) (26,077)
Loans, forgivable loans and other receivables from employees and partners, net (42,540) (23,681)
Receivables from related parties 1,412 (7,591)
Other assets (3,905) (1,893)
Increase (decrease) in operating liabilities:    
Repurchase agreements 6,581 0
Accrued compensation (14,297) (4,731)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 678,263 660,692
Payables to related parties 20,786 (3,949)
Accounts payable, accrued and other liabilities (22,505) (39,741)
Net cash provided by (used in) operating activities (24,858) (81,196)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (13,752) (7,081)
Capitalization of software development costs (20,414) (24,470)
Proceeds from equity method investments 1,815 3,021
Acquisition of Futures Exchange Group 0 (26,502)
Purchase of investment carried under measurement alternative (3,699) 0
Loan to related parties (180,000) 0
Purchase of other assets (387) (240)
Net cash provided by (used in) investing activities (216,437) (55,272)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of long-term debt borrowings, net of deferred issuance costs 769,989 516,579
Repayments of long-term debt borrowings (515,000) (173,251)
Issuance of short-term borrowings from related parties 275,000 0
Repayment of short-term borrowings from related parties (275,000) 0
Earnings distributions to limited partnership interests and other noncontrolling interests (7,805) (13,818)
Redemption and repurchase of equity awards (69,418) (101,496)
Dividends to stockholders (14,683) (7,558)
Repurchase of Class A common stock (148,117) (46,481)
Proceeds from sale of Cantor Units in BGC Holdings 0 11,539
Short term borrowings, net of repayments 0 (1,917)
Pre-acquisition cash capital contribution to Futures Exchange Group 0 (18,703)
Proceeds from non-controlling interests 171,667 0
Payments on acquisition earn-outs (1,000) 0
Other (26,667) 0
Net cash provided by (used in) financing activities 158,966 164,894
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements (4,422) 12,171
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements (86,751) 40,597
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period 672,896 502,010
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period 586,145 542,607
Supplemental cash information:    
Cash paid during the period for taxes 59,224 32,878
Cash paid during the period for interest 38,656 30,812
Supplemental non-cash information:    
Issuance of Class A common stock upon exchange of limited partnership interests 0 45,868
Issuance of Class A common stock upon exchange of contingent share obligations 0 0
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions 3,163 2,761
ROU assets and liabilities $ 11,407 $ 2,495