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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net Income (Loss) $ 188,428 $ 190,998
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 51,027 45,716
Amortization of operating lease right-of-use assets 4,207 4,232
Stock-based compensation expense 21,859 21,953
Deferred taxes (5,502) (3,346)
Foreign currency transaction (gains) losses 1,587 (13,595)
Other 847 730
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (11,650) (24,011)
(Increase) in receivables from broker-dealers, clearing organizations and customers (46,146) (148,558)
(Increase) in prepaid expenses and other assets (18,240) (4,693)
(Decrease) in accrued employee compensation (12,406) (14,502)
Increase in payables to broker-dealers, clearing organizations and customers 58,710 107,560
(Decrease) in income and other tax liabilities (3,921) (8,337)
(Decrease)/increase in accounts payable, accrued expenses and other liabilities (7,491) 2,762
(Decrease) in operating lease liabilities (4,721) (4,688)
Net cash provided by operating activities 192,082 155,005
Cash flows from investing activities    
Proceeds from maturities and sales 3,311 0
Purchases (27,871) 0
Acquisition of equity method investment 0 (34,400)
Purchases of furniture, equipment and leasehold improvements (7,255) (6,642)
Capitalization of software development costs (31,802) (27,109)
Net cash (used in) investing activities (63,617) (68,151)
Cash flows from financing activities    
Cash dividend on common stock (82,139) (79,855)
Exercise of stock options 725 284
Withholding tax payments on restricted stock vesting and stock option exercises (20,863) (22,205)
Repurchases of common stock 0 (87,540)
Payment of contingent consideration (12,500) (26,164)
Proceeds from short-term borrowings 53,995 100,000
Repayments of short-term borrowings (50,000) (100,000)
Net cash (used in) financing activities (110,782) (215,480)
Effect of exchange rate changes on cash and cash equivalents (1,451) (28,111)
Cash and cash equivalents including restricted cash    
Net increase (decrease) for the period 16,232 (156,737)
Beginning of period 572,664 625,567
End of period 588,896 468,830
Supplemental cash flow information    
Cash paid for income taxes 83,142 69,085
Cash paid for interest 396 658
Non-cash activity    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,178 1,670
Trading Investments [Member]    
Changes in operating assets and liabilities:    
(Increase)/decrease in trading investments (24,300) 445
Mutual Funds Held In Rabbi Trust [Member]    
Changes in operating assets and liabilities:    
(Increase)/decrease in trading investments $ (206) $ 2,339