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Consolidated Statements of Cash Flows
$ in Thousands
9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Cash flows from operating activities    
Financial Designation, Predecessor and Successor [Fixed List]   Predecessor
Net income $ 115,746 $ 130,160
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 102,928 48,808
Contingent consideration   26,830
Vesting of P-1('C) Shares   (5,728)
Share-based compensation expense 41,092  
Deferred taxes (9,018) 2,602
(Increase) decrease in operating assets:    
Receivable from brokers and dealers and clearing organizations (573,069) (318)
Deposits with clearing organizations (679) 726
Accounts receivable (9,421) (28,434)
Receivable from affiliates (271) (2,534)
Other assets (8,241) (6,371)
Increase (decrease) in operating liabilities:    
Securities sold under agreements to repurchase 24,938  
Payable to brokers and dealers and clearing organizations 541,806 (4,322)
Accrued compensation (25,142) (7,568)
Deferred revenue 682 (1,396)
Accounts payable, accrued expenses and other liabilities 6,609 8,793
Employee equity compensation payable (16,746) 2,896
Payable to affiliates (749) 684
Net cash provided by operating activities 190,465 164,828
Cash flows from investing activities    
Purchase of furniture, equipment, software and leasehold improvements (8,567) (6,327)
Capitalized software development costs (21,200) (19,523)
Net cash (used in) investing activities (29,767) (25,850)
Cash flows from financing activities    
Pre-IPO capital distributions (120,000) (139,350)
Proceeds from issuance of Class A common stock in the IPO, net of underwriting discounts 1,161,270  
Purchase of LLC Interests (1,161,270)  
Offering costs from issuance of Class A common stock in the IPO (12,306)  
Dividends (22,869)  
Capital distributions to non-controlling interests (23,681)  
Net cash (used in) financing activities (178,856) (139,350)
Effect of exchange rate changes on cash and cash equivalents (2,016) (2,043)
Net decrease in cash and cash equivalents (20,174) (2,415)
Cash and cash equivalents and restricted cash    
Beginning of period 411,304 353,798
End of period 391,130 351,383
Supplemental disclosure of cash flow information    
Income taxes paid 30,287 5,500
Non-cash financing activities - terms arising from the reorganization transactions and IPO    
Deferred tax asset 103,153  
Refinitiv Transaction    
Adjustments to reconcile net income to net cash used in operating activities:    
Deferred taxes 93,194  
Non-cash financing activities - terms arising from the reorganization transactions and IPO    
Establishment of liabilities under tax receivable agreement $ 171,426  
Vesting of contingent consideration   $ 150,495