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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 3,274 $ 42,312 $ 31,334
Non-cash items included in net income:      
Depreciation and amortization 4,358 4,792 3,951
Net investment (gains) losses 18 (372) 495
Restricted stock units recognized, net 30,588 31,110 31,950
Allowance for doubtful accounts (401) 359 263
Deferred taxes, net (10,471) 13,908 (8)
Loss (gain) on disposals of property and equipment 52 9 267
Changes in operating assets and liabilities:      
Tenant incentive reimbursement from landlord 0 2,193 9,663
Fees receivable 11,619 29,021 (3,578)
Other receivables and assets 2,224 (4,420) (2,162)
Compensation payable (13,557) 6,416 6,412
Accounts payable and accrued expenses 39 6,314 9,042
Current income taxes payable (211) (958) (3,623)
Net cash provided by operating activities 27,532 130,684 84,006
Investing activities:      
Purchases of investments 0 0 (2,050)
Proceeds from sales of investments 0 1,190 847
Distributions from investments, net 0 32 81
Purchases of property and equipment (6,786) (4,770) (17,015)
Net cash used in investing activities (6,786) (3,548) (18,137)
Financing activities:      
Repayment of secured term loan 0 (55,000) (38,750)
Dividends paid (8,926) (4,353) (4,108)
Purchase of treasury stock (39,936) (45,121) (23,257)
Net cash used in financing activities (48,862) (104,474) (66,115)
Effect of exchange rate changes (2,172) (741) (1,026)
Net increase (decrease) in cash and cash equivalents (30,288) 21,921 (1,272)
Cash and cash equivalents, beginning of year 134,624 112,703 113,975
Cash and cash equivalents, end of year 104,336 134,624 112,703
Supplemental disclosure of cash flow information:      
Cash paid for interest 13,542 10,417 14,386
Cash paid for taxes, net of refunds $ 6,279 $ 1,424 $ 13,515