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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income $ 249,104 $ 61,102 $ 126,172
(Loss) income from discontinued operations, net of tax 0 (1,332) 80
Income from continuing operations, net of tax 249,104 62,434 126,092
Adjustments to reconcile income from continuing operations, net of tax to net cash provided by operating activities      
Realized gain on investments (19,751) 0 0
Unrealized gain on investments (10,173) (36,456) (4,539)
Stock and unit-based compensation 84,663 58,940 64,286
Depreciation and amortization 90,231 81,448 55,570
Non-cash gain on Knight Common Stock 0 0 (127,972)
Deferred taxes 9,976 19,397 (103,499)
Debt discount accretion and other debt related expenses 12,829 13,217 17,332
Writedown of assets and other real estate related charges 56,642 8,625 14,748
Deferred rent 2,075 930 58
Change in value in receivable from BATS (2,102) 0 0
Realized gain from reclassification of available for sale securities (497) 0 0
Operating activities from discontinued operations 0 (1,073) 6,952
Decrease (increase)in operating assets      
Cash and cash equivalents segregated under federal and other regulations 361 (54,955) 19,963
Financial instruments owned, at fair value 265,763 14,468 (129,035)
Securities borrowed (4,223) (274,675) (146,145)
Receivable from brokers, dealers and clearing organizations 507,623 (321,087) 252,266
Other assets (26,340) (6,459) 25,785
(Decrease) increase in operating liabilities      
Financial instruments sold, not yet purchased, at fair value (172,302) 120,207 139,951
Securities loaned (244,368) (25,486) 106,339
Financial instruments sold under agreements to repurchase 21,327 292,625 95,950
Payable to brokers, dealers and clearing organizations (402,285) 268,563 (185,992)
Payable to customers (4,724) 92,096 (46,877)
Accrued compensation expense 21,726 (29,536) 24,441
Accrued expenses and other liabilities (37,545) (40,583) (64,470)
Net cash provided by operating activities 12,984 242,524 141,204
Cash flows from investing activities      
Proceeds and distributions from investments 34,620 58,660 3,251
Purchases of fixed assets and leasehold improvements (34,581) (34,139) (25,147)
Capitalized software development costs (24,530) (14,859) (2,556)
Purchases of investments (7,959) (744) (158)
Investing activities from discontinued operations 0 0 12,963
Sale of trading rights 0 554 0
Net cash provided by investing activities 328,478 11,472 582,892
Cash flows from financing activities      
Proceeds from issuance of 6.875% Senior Secured Notes, net 494,810 0 0
Repayment of 8.25% Senior Secured Notes (305,000) 0 0
Repayment of convertible notes (117,259) 0 0
Issuance of equity to General Atlantic 0 0 55,000
Payment to former Knight Capital Group, Inc. stockholders 0 0 (720,000)
Payment of debt issuance costs (12,645) 0 (34,592)
Borrowings under capital lease obligations 0 5,892 0
Principal payments on capital lease obligations (4,033) (9,232) (14,152)
Cost of common stock repurchased - Tender Offer (330,000) 0 0
Cost of common stock repurchased (63,194) (111,585) (11,324)
Stock options exercised 1,247 0 0
Warrants exercised 532 0 0
Cost of warrants repurchased (4,441) 0 0
Income tax provision on stock awards exercised 2,647 0 0
Proceeds from issuance of Credit Agreement 0 0 535,000
Partial repayment of Credit Agreement 0 (235,000) (300,000)
Proceeds from issuance of Senior Secured Notes 0 0 305,000
Repayment of Knight Convertible Notes 0 0 (257,741)
Funding of collateral account for Knight Convertible Notes 0 0 (117,259)
Release of collateral account for Knight Convertible Notes 0 0 117,259
Borrowings under secured credit facility 0 0 25,000
Repayment of secured credit facility 0 0 (25,000)
Members' distributions 0 0 (21,002)
Repayment of Notes 0 0 (15,000)
Net cash used in financing activities (337,336) (349,925) (478,811)
Effect of exchange rate changes on cash and cash equivalents (1,581) 416 1,365
Increase (decrease) in cash and cash equivalents 2,545 (95,513) 246,650
Cash and cash equivalents at beginning of period 578,768 674,281 427,631
Cash and cash equivalents at end of period 581,313 578,768 674,281
Supplemental disclosure of cash flow information:      
Cash paid for interest 81,349 76,003 56,227
Cash paid for income taxes 124,461 16,975 10,198
Non-cash investing activities - Contribution of fixed assets to joint venture 3,370 0 0
Knight Capital Group      
Adjustments to reconcile income from continuing operations, net of tax to net cash provided by operating activities      
Non-cash gain on Knight Common Stock     (128,000)
Cash flows from investing activities      
Cash acquired upon acquisition of Knight Capital Group, Inc. 0 0 509,133
KCG Hotspot      
Adjustments to reconcile income from continuing operations, net of tax to net cash provided by operating activities      
Gain on sale of businesses (385,026) 0 0
Cash flows from investing activities      
Cash received from sale of KCG Hotspot, net of cash provided 360,928 0 0
Future Commission Merchant [Member]      
Adjustments to reconcile income from continuing operations, net of tax to net cash provided by operating activities      
Gain on sale of businesses 0 (116) 0
Cash flows from investing activities      
Cash received from sale of Urban Financial of America, LLC 0 2,000 0
Urban Financial Group, Inc. [Member]      
Cash flows from investing activities      
Cash received from sale of Urban Financial of America, LLC $ 0 $ 0 $ 85,406