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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 131,691 $ 147,745
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 30,414 24,876
Amortization of operating lease right-of-use assets 2,999 3,368
Stock-based compensation expense 14,602 13,558
Deferred taxes (2,164) 1,600
Other (1,068) (176)
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (23,728) (7,434)
(Increase) in receivables from broker-dealers, clearing organizations and customers (190,074) (211,434)
(Increase) in prepaid expenses and other assets (3,632) (4,624)
(Decrease) in accrued employee compensation (24,034) (23,048)
Increase in payables to broker-dealers, clearing organizations and customers 145,886 144,977
(Decrease) in income and other tax liabilities (10,175) (3,101)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 1,141 (1,479)
(Decrease) in operating lease liabilities (3,287) (3,732)
Net cash provided by operating activities 69,907 73,567
Cash flows from investing activities    
Acquisitions, net of cash and cash equivalents acquired 0 (17,078)
Acquisition of equity method investment (34,400) 0
Purchases of furniture, equipment and leasehold improvements (2,681) (9,809)
Capitalization of software development costs (18,561) (16,459)
Net cash (used in) provided by investing activities (55,642) (43,346)
Cash flows from financing activities    
Cash dividend on common stock (53,527) (50,238)
Exercise of stock options 136 4,665
Withholding tax payments on restricted stock vesting and stock option exercises (19,953) (34,282)
Repurchases of common stock (87,540) (13,956)
Payment of contingent consideration (26,164) 0
Proceeds from short-term borrowings 100,000 70,348
Repayments of short-term borrowings (100,000) (69,302)
Net cash (used in) financing activities (187,048) (92,765)
Effect of exchange rate changes on cash and cash equivalents (23,894) (263)
Cash and cash equivalents including restricted cash    
Net decrease for the period (196,677) (62,807)
Beginning of period 625,567 608,050
End of period 428,890 545,243
Supplemental cash flow information    
Cash paid for income taxes 47,991 36,798
Cash paid for interest 429 362
Non-cash activity    
Contingent consideration payable recognized in connection with acquisitions 0 22,450
Exercise of stock options - cashless 0 2,750
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,651 1,208
Trading Investments [Member]    
Changes in operating assets and liabilities:    
Decrease (increase) in trading investments 0 5,569
Mutual Funds Held In Rabbi Trust [Member]    
Changes in operating assets and liabilities:    
Decrease (increase) in trading investments $ 1,336 $ (1,960)