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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income $ 246,912 $ 274,181 $ 258,055
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 76,699 73,824 70,557
Amortization of operating lease right-of-use assets 7,523 6,639 5,853
Stock-based compensation expense 30,918 29,684 29,190
Deferred taxes 22,019 (3,878) (5,815)
Foreign currency transaction losses 3,582 1,276 4,718
Other (1,620) 7,042 (3,113)
Changes in operating assets and liabilities:      
(Increase) in accounts receivable (2,380) (3,730) (7,116)
(Increase)/decrease in receivables from broker-dealers, clearing organizations and customers (123,038) 320,091 (181,044)
Decrease in prepaid expenses and other assets 819 1,009 (11,898)
(Decrease) in accrued employee compensation 3,195 7,049 1,466
Increase/(decrease) in payables to broker-dealers, clearing organizations and customers 99,172 (318,229) 227,920
Increase/(decrease) in income and other tax liabilities 23,510 (3,284) (14,691)
Increase in accounts payable, accrued expenses and other liabilities 4,000 3,543 (7,229)
(Decrease) in operating lease liabilities (9,019) (8,730) (6,735)
Net cash provided by operating activities 382,139 385,237 333,767
Cash flows from investing activities      
Proceeds from maturities and sales 10,570 12,440 4,452
Purchases (12,968) (42,810) (28,818)
Acquisition, net of cash acquired (36,515) 0 (78,476)
Purchases of furniture, equipment and leasehold improvements (8,204) (9,942) (9,326)
Capitalization of software development costs (49,810) (46,623) (43,122)
Net cash (used in) investing activities (96,927) (86,935) (155,290)
Cash flows from financing activities      
Cash dividends on common stock (115,199) (112,697) (109,658)
Exercise of stock options 0 2,988 940
Withholding tax payments on Full Value Awards vesting and stock option exercises (17,155) (16,194) (25,839)
Repurchases of common stock (420,015) (75,474) 0
Payment of contingent consideration 0 0 (12,500)
Proceeds from short-term borrowings 220,000 344,925 123,995
Repayments of short-term borrowings 0 (344,925) (123,995)
Net cash (used in) financing activities (332,369) (201,377) (147,057)
Effect of exchange rate changes on cash and cash equivalents 22,549 (8,138) 7,588
Cash and cash equivalents including restricted cash      
Net increase/(decrease) for the period (24,608) 88,787 39,008
Beginning of period 700,459 611,672 572,664
End of period 675,851 700,459 611,672
Supplemental cash flow information      
Cash paid for income taxes 62,834 96,932 94,814
Cash paid for interest 721 1,717 1,870
Non-cash investing and financing activity      
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 783 1,840 1,183
Furniture, equipment, software and leasehold improvement additions included in accounts payable 415 693 0
Stock-based and accrued incentive compensation relating to capitalized software development costs 7,534 5,542 0
Excise tax on repurchases of common stock 3,361 0 0
Exercise of stock options - cashless 0 1,735 0
Fair value of assets acquired 82,568 0 127,635
Cash paid for acquisition, net of cash and cash equivalents acquired (36,515) 0 (78,476)
Fair value of previously held interest on acquisition date (33,866) 0 0
Fair value of remaining noncontrolling interests on acquisition date (10,365) 0 0
Treasury stock used for acquisition 0 0 (43,841)
Liabilities assumed 1,822 0 5,318
Trading Investments [Member]      
Changes in operating assets and liabilities:      
(Increase)/decrease in trading investments 206 (629) (25,248)
Mutual Funds Held In Rabbi Trust [Member]      
Changes in operating assets and liabilities:      
(Increase)/decrease in trading investments $ (359) $ (621) $ (1,103)