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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net Income (Loss) $ 15,065 $ 72,615
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,236 18,200
Amortization of operating lease right-of-use assets 1,763 1,599
Stock-based compensation expense 7,333 7,103
Deferred taxes (124) (1,338)
Foreign currency transaction losses 1,691 187
Other (4,809) 1,730
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (16,414) (10,491)
(Increase)/decrease in receivables from broker-dealers, clearing organizations and customers (129,508) 21,735
Decrease/(increase) in prepaid expenses and other assets 5,570 (1,323)
(Decrease) in accrued employee compensation (34,310) (29,017)
Increase/(decrease) in payables to broker-dealers, clearing organizations and customers 96,275 (71,135)
Increase/(decrease) in income and other tax liabilities 77,295 (4,001)
(Decrease) in accounts payable, accrued expenses and other liabilities (7,146) (8,385)
(Decrease) in operating lease liabilities (2,125) (2,154)
Net cash provided by/(used in) operating activities 29,629 (4,949)
Cash flows from investing activities    
Proceeds from maturities and sales 5,271 4,302
Purchases (5,458) (4,972)
Purchases of furniture, equipment and leasehold improvements (1,930) (1,197)
Capitalization of software development costs (15,031) (13,963)
Net cash (used in) investing activities (17,148) (15,830)
Cash flows from financing activities    
Cash dividends on common stock (29,464) (29,480)
Exercise of stock options 0 1,977
Withholding tax payments on Full Value Awards vesting and stock option exercises (9,525) (14,893)
Repurchases of common stock (38,077) (10,147)
Net cash (used in) financing activities (77,066) (52,543)
Effect of exchange rate changes on cash and cash equivalents 8,580 (3,186)
Cash and cash equivalents including restricted cash    
Net decrease for the period (56,005) (76,508)
Beginning of period 700,459 611,672
End of period 644,454 535,164
Supplemental cash flow information    
Cash paid/(refunded) for income taxes (1,874) 37,187
Cash paid for interest 198 431
Non-cash investing and financing activity    
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 92 630
Furniture, equipment, software and leasehold improvement additions included in accounts payable 501 4,825
Stock-based and accrued incentive compensation relating to capitalized software development costs 1,754 921
Exercise of stock options - cashless 0 1,735
Trading Investments [Member]    
Changes in operating assets and liabilities:    
Decrease/(increase) in trading investments 0 255
Mutual Funds Held In Rabbi Trust [Member]    
Changes in operating assets and liabilities:    
Decrease/(increase) in trading investments $ 837 $ (529)