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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 190,998 $ 205,703
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45,716 38,840
Amortization of operating lease right-of-use assets 4,232 5,055
Stock-based compensation expense 21,953 20,312
Deferred taxes (3,346) 3,038
Foreign currency transaction gains (13,595) 0
Other 730 (46)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (24,011) 11,820
(Increase) in receivables from broker-dealers, clearing organizations and customers (148,558) (288,107)
(Increase) in prepaid expenses and other assets (4,693) (1,915)
(Decrease) in accrued employee compensation (14,502) (13,280)
Increase in payables to broker-dealers, clearing organizations and customers 107,560 170,113
(Decrease) in income and other tax liabilities (8,337) (914)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 2,762 (1,418)
(Decrease) in operating lease liabilities (4,688) (5,338)
Net cash provided by operating activities 155,005 136,380
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 (6,642) (14,567)
Capitalization of software development costs (27,109) (24,650)
Net cash (used in) provided by investing activities (68,151) (56,295)
Cash flows from financing activities    
Cash dividend on common stock (79,855) (74,999)
Exercise of stock options 284 6,948
Withholding tax payments on restricted stock vesting and stock option exercises (22,205) (33,371)
Repurchases of common stock (87,540) (18,192)
Payment of contingent consideration (26,164) 0
Proceeds from short-term borrowings 100,000 70,348
Repayments of short-term borrowings (100,000) (70,348)
Net cash (used in) financing activities (215,480) (119,614)
Effect of exchange rate changes on cash and cash equivalents (28,111) (4,720)
Cash and cash equivalents including restricted cash    
Net decrease for the period (156,737) (44,249)
Beginning of period 625,567 608,050
End of period 468,830 563,801
Supplemental cash flow information    
Cash paid for income taxes 69,085 48,669
Cash paid for interest 658 676
Non-cash activity    
Contingent consideration payable recognized in connection with acquisitions 0 26,898
Exercise of stock options - cashless 0 2,750
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,670 1,891
Trading Investments [Member]    
Changes in operating assets and liabilities:    
Decrease (increase) in trading investments 445 (5,569)
Mutual Funds Held In Rabbi Trust [Member]    
Changes in operating assets and liabilities:    
Decrease (increase) in trading investments $ 2,339 $ (1,914)