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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net Income (Loss) $ 274,181 $ 258,055 $ 250,224
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 73,824 70,557 61,446
Amortization of operating lease right-of-use assets 6,639 5,853 5,708
Stock-based compensation expense 29,684 29,190 29,864
Deferred taxes (3,878) (5,815) (6,547)
Foreign currency transaction losses/(gains) 1,276 4,718 (8,783)
Other 7,042 (3,113) 555
Changes in operating assets and liabilities:      
(Increase) in accounts receivable (3,730) (7,116) (15,136)
Decrease/(increase) in receivables from broker-dealers, clearing organizations and customers 320,091 (181,044) (47,631)
Decrease/(increase) in prepaid expenses and other assets 1,009 (11,898) (4,249)
Increase in accrued employee compensation 7,049 1,466 (3,417)
(Decrease)/increase in payables to broker-dealers, clearing organizations and customers (318,229) 227,920 74,668
(Decrease) in income and other tax liabilities (3,284) (14,691) (4,768)
Increase/(decrease) in accounts payable, accrued expenses and other liabilities 3,543 (7,229) 11,384
(Decrease) in operating lease liabilities (8,730) (6,735) (6,373)
Net cash provided by operating activities 385,237 333,767 289,231
Cash flows from investing activities      
Proceeds from maturities and sales 12,440 4,452 0
Purchases (42,810) (28,818) 0
Acquisitions, net of cash and cash equivalents acquired 0 (78,476) 0
Acquisition of equity method investment 0 0 (34,400)
Purchases of furniture, equipment and leasehold improvements (9,942) (9,326) (13,142)
Capitalization of software development costs (46,623) (43,122) (38,730)
Net cash (used in) investing activities (86,935) (155,290) (86,272)
Cash flows from financing activities      
Cash dividends on common stock (112,697) (109,658) (105,942)
Exercise of stock options 2,988 940 672
Withholding tax payments on Full Value Awards vesting and stock option exercises (16,194) (25,839) (23,404)
Repurchases of common stock (75,474) 0 (87,540)
Payment of contingent consideration 0 (12,500) (26,164)
Proceeds from short-term borrowings 344,925 123,995 100,000
Repayments of short-term borrowings (344,925) (123,995) (100,000)
Net cash (used in) financing activities (201,377) (147,057) (242,378)
Effect of exchange rate changes on cash and cash equivalents (8,138) 7,588 (13,484)
Cash and cash equivalents including restricted cash      
Net increase for the period 88,787 39,008 (52,903)
Beginning of period 611,672 572,664 625,567
End of period 700,459 611,672 572,664
Supplemental cash flow information      
Cash paid for income taxes 96,932 94,814 88,677
Cash paid for interest 1,717 1,870 652
Non-cash investing and financing activity      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,840 1,183 1,880
Furniture, equipment, software and leasehold improvement additions included in accounts payable 693 0 0
Stock-based and accrued incentive compensation relating to capitalized software development costs 5,542 0 0
Exercise of stock options - cashless 1,735 0 3,845
Fair value of assets acquired 0 127,635 0
Cash paid for acquisition, net of cash and cash equivalents acquired 0 (78,476) 0
Treasury shares used for acquisition 0 (43,841) 0
Liabilities assumed 0 5,318 0
Trading Investments [Member]      
Changes in operating assets and liabilities:      
Decrease/(increase) in trading investments (629) (25,248) (49,527)
Mutual Funds Held In Rabbi Trust [Member]      
Changes in operating assets and liabilities:      
Decrease/(increase) in trading investments $ (621) $ (1,103) $ 1,813