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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ (93,139) $ 383,356
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 26,526 19,066
Provision for doubtful accounts 2,786 1,248
Share-based compensation 45,828 23,508
Fair value adjustments, non-cash 6,251 (10,728)
Non-cash interest and other (5,392) (15,742)
Effect of foreign currency on operations 3,157 (1,327)
Income from equity investments (3,285) (1,172)
Dividends from equity investments 2,491 1,373
Deferred income taxes (81,832) 28,550
Impairment of intangibles and loss (gain) on disposal of fixed assets 5,537 (137)
Gain on extinguishment of loan (1,102) (6,509)
Loss on extinguishment of debt 0 4,888
Gain on equity investment (6,790) (3,544)
De-consolidation of BRPM 150 (8,294) 0
Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests 792 548
Change in operating assets and liabilities:    
Amounts due to/from clearing brokers (89,271) (598,828)
Securities and other investments owned 295,411 (401,789)
Securities borrowed (152,340) (582,199)
Accounts receivable and advances against customer contracts 3,933 7,031
Prepaid expenses and other assets (50,688) (18,390)
Accounts payable, accrued payroll and related expenses, accrued expenses and other liabilities (128,028) 13,655
Amounts due to/from related parties and partners 2,378 (678)
Securities sold, not yet purchased (10,873) 408,598
Deferred revenue 12,565 (3,445)
Securities loaned 150,565 586,015
Net cash used in operating activities (72,814) (166,652)
Cash flows from investing activities:    
Purchases of loans receivable (421,718) (186,317)
Repayments of loans receivable 408,654 132,542
Repayment of loan participations sold 0 (15,216)
Acquisition of businesses, net of $32,135 and $34,924 cash acquired for 2022 and 2021, respectively (113,605) (2,122)
Purchases of property, equipment and intangible assets (1,385) (552)
Proceeds from sale of property, equipment and intangible assets 2 3
Investment of subsidiaries initial public offering proceeds into trust account 0 (345,000)
Funds received from trust account of subsidiary 172,584 0
Purchase of equity and other investments (2,786) 0
Net cash provided by (used in) investing activities 41,746 (416,662)
Cash flows from financing activities:    
Proceeds from revolving line of credit, net 0 80,000
Repayment of revolving line of credit (5,300) 0
Repayment of notes payable (409) (37,610)
Repayment of term loan (60,879) (16,084)
Proceeds from term loan 275,700 200,000
Proceeds from issuance of senior notes 51,215 890,568
Redemption of senior notes 0 (390,465)
Payment of debt issuance and offering costs (1,355) (30,968)
Payment of contingent consideration (674) (1,560)
Payment of employment taxes on vesting of restricted stock (6,733) (10,540)
Common dividends paid (90,351) (236,554)
Preferred dividends paid (6,006) (5,467)
Repurchase of common stock (27) (2,656)
Distributions to noncontrolling interests (3,408) (15,742)
Contributions from noncontrolling interests 11,350 12,732
Redemption of subsidiary temporary equity and distributions (172,584) 0
Proceeds from initial public offering of subsidiaries 0 345,000
Proceeds from issuance of common stock 0 64,713
Proceeds from issuance of preferred stock 639 13,997
Net cash (used in) provided by financing activities (8,822) 859,364
(Decrease) increase in cash, cash equivalents and restricted cash (39,890) 276,050
Effect of foreign currency on cash, cash equivalents and restricted cash (6,587) (1,755)
Net (decrease) increase in cash, cash equivalents and restricted cash (46,477) 274,295
Cash, cash equivalents and restricted cash, beginning of period 279,860 104,837
Cash, cash equivalents and restricted cash, end of period 233,383 379,132
Supplemental disclosures:    
Interest paid 133,359 100,997
Taxes paid $ 45,390 $ 87,857