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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net Income (Loss) $ 258,055 $ 250,224 $ 257,888
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 70,557 61,446 53,447
Amortization of operating lease right-of-use assets 5,853 5,708 6,799
Stock-based compensation expense 29,190 29,864 27,314
Deferred taxes (5,815) (6,547) 3,118
Foreign currency transaction (gains) losses 4,718 (8,783) 0
Other (3,113) 555 (466)
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable (7,116) (15,136) 15,598
(Increase) in receivables from broker-dealers, clearing organizations and customers (181,044) (47,631) (156,909)
Decrease/(increase) in prepaid expenses and other assets (11,898) (4,249) 2,214
Increase/(decrease) in accrued employee compensation 1,466 (3,417) (2,607)
Increase in payables to broker-dealers, clearing organizations and customers 227,920 74,668 95,999
(Decrease) in income and other tax liabilities (14,691) (4,768) (5,638)
(Decrease)/increase in accounts payable, accrued expenses and other liabilities (7,229) 11,384 215
(Decrease) in operating lease liabilities (6,735) (6,373) (7,001)
Net cash provided by operating activities 333,767 289,231 282,091
Cash flows from investing activities      
Proceeds from maturities and sales 4,452 0 0
Purchases (28,818) 0 0
Acquisitions, net of cash and cash equivalents acquired (78,476) 0 (17,078)
Acquisition of equity method investment 0 (34,400) 0
Purchases of furniture, equipment and leasehold improvements (9,326) (13,142) (17,493)
Capitalization of software development costs (43,122) (38,730) (33,123)
Net cash (used in) investing activities (155,290) (86,272) (67,694)
Cash flows from financing activities      
Cash dividend on common stock (109,658) (105,942) (99,792)
Exercise of stock options 940 672 7,096
Withholding tax payments on restricted stock vesting and stock option exercises (25,839) (23,404) (33,890)
Repurchases of common stock 0 (87,540) (63,189)
Payment of contingent consideration (12,500) (26,164) 0
Proceeds from short-term borrowings 123,995 100,000 70,348
Repayments of short-term borrowings (123,995) (100,000) (70,348)
Net cash (used in) financing activities (147,057) (242,378) (189,775)
Effect of exchange rate changes on cash and cash equivalents 7,588 (13,484) (7,105)
Cash and cash equivalents including restricted cash      
Net increase (decrease) for the period 39,008 (52,903) 17,517
Beginning of period 572,664 625,567 608,050
End of period 611,672 572,664 625,567
Supplemental cash flow information:      
Cash paid for income taxes 94,814 88,677 70,003
Cash paid for interest 1,870 652 830
Non-cash investing and financing activity:      
Exercise of stock options - cashless 0 3,845 2,750
Right-of-use assets obtained in exchange for operating lease liabilities 1,183 1,880 1,972
Contingent consideration payable recognized in connection with acquisitions 0 0 27,947
Fair value of assets acquired 127,635 0 0
Cash paid for acquisition, net of cash and cash equivalents acquired (78,476) 0 0
Treasury shares used for acquisition (43,841) 0 0
Liabilities assumed 5,318 0 0
Trading Investments [Member]      
Changes in operating assets and liabilities:      
(Increase) in trading investments (25,248) (49,527) (5,574)
Mutual Funds Held In Rabbi Trust [Member]      
Changes in operating assets and liabilities:      
(Increase) in trading investments $ (1,103) $ 1,813 $ (2,306)