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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 250,224 $ 257,888 $ 299,377
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 61,446 53,447 35,996
Amortization of operating lease right-of-use assets 5,708 6,799 6,842
Stock-based compensation expense 29,864 27,314 25,613
Deferred taxes (6,547) 3,118 10,099
Foreign currency transaction gains (8,783) 0 0
Other 555 (466) (550)
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable (15,136) 15,598 (18,015)
(Increase) in receivables from broker-dealers, clearing organizations and customers (47,631) (156,909) (182,871)
(Increase) in prepaid expenses and other assets (4,249) 2,214 (1,977)
(Decrease) increase in accrued employee compensation (3,417) (2,607) 14,961
Increase in payables to broker-dealers, clearing organizations and customers 74,668 95,999 133,326
(Decrease) Increase in income and other tax liabilities (4,768) (5,638) 16,189
Increase in accounts payable, accrued expenses and other liabilities 11,384 215 6,006
(Decrease) in operating lease liabilities (6,373) (7,001) (5,788)
Net cash provided by operating activities 289,231 282,091 404,489
Cash flows from investing activities      
Acquisitions, net of cash and cash equivalents acquired 0 (17,078) (23,297)
Acquisition of equity method investment (34,400) 0 0
Proceeds from maturities and sales, available-for-sale investments 0 0 170,657
Purchases 0 0 (32,865)
Purchases of furniture, equipment and leasehold improvements (13,142) (17,493) (15,010)
Capitalization of software development costs (38,730) (33,123) (30,618)
Net cash (used in) provided by investing activities (86,272) (67,694) 68,867
Cash flows from financing activities      
Cash dividend on common stock (105,942) (99,792) (90,566)
Exercise of stock options 672 7,096 4,007
Withholding tax payments on restricted stock vesting and stock option exercises (23,404) (33,890) (42,418)
Repurchases of common stock (87,540) (63,189) (16,135)
Payment of contingent consideration (26,164) 0 0
Proceeds from short-term borrowings 100,000 70,348 578,356
Repayments of short-term borrowings (100,000) (70,348) (578,356)
Net cash (used in) financing activities (242,378) (189,775) (145,112)
Effect of exchange rate changes on cash and cash equivalents (13,484) (7,105) 5,553
Cash and cash equivalents including restricted cash      
Net increase (decrease) for the period (52,903) 17,517 333,797
Beginning of period 625,567 608,050 274,253
End of period 572,664 625,567 608,050
Supplemental cash flow information:      
Cash paid for income taxes 88,677 70,003 45,046
Cash paid for interest 652 830 1,142
Non-cash investing and financing activity:      
Exercise of stock options - cashless 3,845 2,750 10,866
Right-of-use assets obtained in exchange for operating lease liabilities 1,880 1,972 727
Contingent consideration payable recognized in connection with acquisitions 0 27,947 14,665
Trading Investments [Member]      
Changes in operating assets and liabilities:      
(Increase) decrease in trading investments (49,527) (5,574) 67,952
Mutual Funds Held In Rabbi Trust [Member]      
Changes in operating assets and liabilities:      
(Increase) decrease in trading investments $ 1,813 $ (2,306) $ (2,671)