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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 81,948 $ 16,400 $ 11,935
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation and amortization 19,048 13,809 11,140
Provision for doubtful accounts 2,126 1,308 1,066
Share-based compensation 15,916 13,042 10,341
Recovery of key man life insurance (6,000)
Non-cash interest and other (12,267) 4,068 456
Effect of foreign currency on operations (78) (916) (769)
Loss (income) from equity investments 1,431 (7,986) 437
Deferred income taxes 10,874 1,990 5,729
Impairment of leaseholds and intangibles, lease loss accrual and gain on disposal of fixed assets (286) 4,142 3,602
Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests 1,220 1,222 10,799
Change in operating assets and liabilities:      
Due from clearing brokers 13,920 (6,259) 3,359
Securities and other investments owned (165,765) (128,217) (82,143)
Securities borrowed 117,015 (124,257) 47,595
Accounts receivable and advances against customer contracts (33,927) (12,948) 1,614
Prepaid expenses and other assets 9,588 (24,395) (1,506)
Accounts payable, accrued payroll and related expenses, accrued expenses and other liabilities 32,553 3,559 (30,374)
Amounts due to/from related parties and partners (4,781) 4,705 (11,826)
Securities sold, not yet purchased 4,197 9,332 7,678
Deferred revenue (3,098) (564) (668)
Securities loaned (120,026) 127,151 (64,255)
Net cash used in operating activities (30,392) (104,814) (81,790)
Cash flows from investing activities:      
Purchases of loans receivable (343,811) (38,794)
Repayments of loans receivable 159,186
Loan participations sold 31,806
Repayment of loan participations sold (18,911)
Asset acquisition - Brands, net of cash acquired $2,160 (114,912)
Acquisition of magicJack, net of cash acquired $53,875 (89,240)
Acquisition of Wunderlich, net of cash acquired $4,259 (25,478)
Cash acquired from acquisition of FBR & Co. 15,738
Acquisition of other businesses (4,000) (2,052)
Acquisition of United Online, net of cash acquired $125,542 in 2016 (10,381)
Proceeds from sale of division of magicJack 6,196
Purchases of property, equipment and intangible assets (3,461) (5,432) (825)
Proceeds from sale of property, equipment and intangible assets 513 37 836
Proceeds from key man life insurance 6,000
Equity investments (33,391) (16,640) (1,674)
Dividends and distributions from equity investments 21,389 2,628
Net cash used in investing activities (295,396) (151,441) (17,836)
Cash flows from financing activities:      
Proceeds from asset based credit facility 140,439 300,000 65,987
Repayment of asset based credit facility (103,343) (300,000) (65,987)
Proceeds from notes payable 51,020
Repayment of notes payable (478) (51,713) (8,336)
Payment of participating note payable and contingent consideration (4,250) (1,250)
Proceeds from term loan 10,000 80,000
Repayment of term loan (22,734)
Proceeds from issuance of senior notes 281,924 258,997 179,471
Redemption of senior notes (52,154)
Payment of debt issuance costs (3,425) (7,260) (4,289)
Payment of employment taxes on vesting of restricted stock (2,022) (3,731) (3,486)
Common dividends paid (41,138) (22,684) (16,755)
Preferred dividends paid (264)
Repurchase of common stock (4,273) (18,703)
Repurchase of warrants (2,777)
Distribution to noncontrolling interests (1,958) (1,067) (11,261)
Proceeds from offering common stock 63
Proceeds from offering preferred stock 56,566
Net cash provided by financing activities 250,176 284,859 134,094
(Decrease) increase in cash, cash equivalents and restricted cash (75,612) 28,604 34,468
Effect of foreign currency on cash, cash equivalents and restricted cash 73 (860) 2,667
Net (decrease) increase in cash, cash equivalents and restricted cash (75,539) 27,744 37,135
Cash, cash equivalents and restricted cash, beginning of year 180,278 152,534 115,399
Cash, cash equivalents and restricted cash, end of year 104,739 180,278 152,534
Supplemental disclosures:      
Interest paid 75,625 50,103 18,840
Taxes paid $ 8,649 $ 6,497 $ 14,986