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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Consolidated net income (loss) $ 123,228 $ 38,775 $ 58,867
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:      
Fixed asset depreciation and intangible asset amortization 81,434 80,417 75,054
Employee loan amortization and reserves on employee loans 59,413 51,313 49,533
Equity-based compensation and allocations of net income to limited partnership units and FPUs 369,143 355,378 251,071
Deferred compensation expense 51 54 (542)
Losses (gains) on equity method investments (8,430) (9,152) (10,920)
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments (38,577) (4,406) 1,208
Amortization of discount (premium) on notes payable 1,286 3,662 2,801
Impairment of fixed assets, intangible assets and investments 746 3,144 6,139
Deferred tax provision (benefit) (69,754) (60,556) (14,628)
Change in estimated acquisition earn-out payables 1,146 1,442 1,034
Forfeitures of Class A common stock (1,065) (1,190) (263)
Loss (gain) on divestiture (39,019) 0 1,029
Other 10,663 0 (1,914)
Consolidated net income (loss), adjusted for non-cash and non-operating items 490,265 458,881 418,469
Decrease (increase) in operating assets:      
Financial instruments owned, at fair value (143,433) (5,475) 2,383
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (21,584) 212,490 222,567
Accrued commissions receivable, net (20,803) (5,750) 6,287
Loans, forgivable loans and other receivables from employees and partners, net (20,057) (77,464) (61,205)
Receivables from related parties (3,890) (1,380) 3,621
Other assets (10,674) 19,803 (8,469)
Increase (decrease) in operating liabilities:      
Accrued compensation 19,603 18,450 (25,178)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 23,319 (203,902) (252,490)
Payables to related parties 11,504 24,145 (43,782)
Accounts payable, accrued and other liabilities (8,900) (34,595) (37,841)
Net cash provided by (used in) operating activities 315,350 405,203 224,362
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from disposal of subsidiary 45,741 0 512
Purchases of fixed assets (29,624) (14,924) (10,591)
Capitalization of software development costs (42,431) (44,974) (48,169)
Purchase of equity method investments (1,750) 0 (588)
Proceeds from equity method investments 9,026 9,421 6,118
Payments for acquisitions, net of cash acquired (64,174) (39,755) 0
Purchase of investment carried under measurement alternative (13,155) 0 0
Loan to related parties (180,000) 0 0
Repayment of loan to related parties 180,000 0 0
Purchase of other assets (627) (475) (612)
Net cash provided by (used in) investing activities (96,994) (90,707) (53,330)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayments of long-term debt borrowings (815,000) (623,251) (6,391)
Issuance of long-term debt, net of deferred issuance costs 965,057 754,321 (75)
Earnings distributions to limited partnership interests and other noncontrolling interests (7,805) (19,041) (28,877)
Redemption and repurchase of equity awards (138,894) (117,867) (76,219)
Dividends to stockholders (34,165) (17,381) (14,859)
Repurchase of Class A common stock (262,211) (114,580) (103,888)
Proceeds from sale of Cantor units in BGC Holdings 0 11,539 1,487
Proceeds from non-controlling interests 171,667 0 0
Payments on acquisition earn-outs (1,000) (18,703) (4,384)
Other (26,667) 0 0
Net cash provided by (used in) financing activities (149,018) (146,880) (233,206)
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements (8,961) 3,270 (2,615)
Net increase (decrease) in cash and cash equivalents 60,377 170,886 (64,789)
Less: net increase (decrease) in cash classified within assets held for sale 0 0 0
Cash and cash equivalents, and Cash segregated under regulatory requirements at beginning of period 672,896 502,010 566,799
Cash and cash equivalents, and Cash segregated under regulatory requirements at end of period 733,273 672,896 502,010
Supplemental cash information:      
Cash paid during the period for taxes 103,524 70,718 35,782
Cash paid during the period for interest 88,392 80,664 53,655
Supplemental non-cash information:      
Issuance of Class A common stock upon exchange of limited partnership interests 0 45,868 34,889
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions 8,520 7,275 2,710
ROU assets and liabilities 20,109 27,201 44,123
Related Party      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of short-term borrowings from related parties (275,000) 0 0
Issuance of short term borrowings from related parties 275,000 0 0
Nonrelated Party      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of short-term borrowings from related parties $ 0 $ (1,917) $ 0