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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net Income (Loss) $ 137,553 $ 133,487
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,556 33,466
Amortization of operating lease right-of-use assets 3,238 2,717
Stock-based compensation expense 15,084 14,378
Deferred taxes (2,461) (2,442)
Foreign currency transaction (gains) losses 1,220 3,932
Other 509 (2,641)
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (2,882) (13,078)
Decrease in receivables from broker-dealers, clearing organizations and customers 87,335 19,154
(Increase) in prepaid expenses and other assets (260) (12,413)
(Decrease) in accrued employee compensation (17,843) (20,746)
(Decrease) in payables to broker-dealers, clearing organizations and customers (144,404) (21,749)
Increase in securities sold, not yet purchased 9,167 0
(Decrease) in income and other tax liabilities (5,197) (7,720)
Increase/(decrease) in accounts payable, accrued expenses and other liabilities 1,106 (9,762)
(Decrease) in operating lease liabilities (4,278) (3,109)
Net cash provided by operating activities 113,900 112,921
Cash flows from investing activities    
Proceeds from maturities and sales 7,464 1,971
Purchases (7,866) (26,751)
Purchases of furniture, equipment and leasehold improvements (8,892) (1,272)
Capitalization of software development costs (24,459) (21,715)
Net cash (used in) investing activities (33,753) (47,767)
Cash flows from financing activities    
Cash dividends on common stock (57,296) (55,248)
Exercise of stock options 1,977 725
Withholding tax payments on full value awards vesting and stock option exercises (15,099) (20,647)
Repurchases of common stock (43,597) 0
Payment of contingent consideration 0 (12,500)
Proceeds from short-term borrowings 100,000 50,000
Repayments of short-term borrowings (100,000) (50,000)
Net cash (used in) financing activities (114,015) (87,670)
Effect of exchange rate changes on cash and cash equivalents (3,674) 7,181
Cash and cash equivalents including restricted cash    
Net decrease for the period (37,542) (15,335)
Beginning of period 611,672 572,664
End of period 574,130 557,329
Supplemental cash flow information    
Cash paid for income taxes 47,207 63,801
Cash paid for interest 857 241
Non-cash investing and financing activity    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 760 0
Furniture, equipment, software and leasehold improvement additions included in accounts payable 485 0
Stock-based and accrued incentive compensation relating to capitalized software development costs 2,431 0
Exercise of stock options - cashless 1,735 0
Trading Investments [Member]    
Changes in operating assets and liabilities:    
Decrease/(increase) in trading investments 155 471
Mutual Funds Held In Rabbi Trust [Member]    
Changes in operating assets and liabilities:    
Decrease/(increase) in trading investments $ (698) $ (1,024)