Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 62,485	$ 42,352
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	37,176	33,503
Stock-based compensation expense	7,971	4,674
Deferred taxes	7,227	(39)
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	(40,563)	(3,831)
Deposits with clearing organizations	(1,668)	2,570
Accounts receivable	(43,453)	(6,406)
Receivable from/payable to affiliates, net	2,452	1,167
Other assets	(9,837)	(7,152)
Increase (decrease) in operating liabilities:
Accrued compensation	(59,910)	(66,447)
Deferred revenue	2,306	602
Accounts payable, accrued expenses and other liabilities	14,067	(4,911)
Employee equity compensation payable	(11)	(17,161)
Net cash used in operating activities	(21,758)	(21,079)
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements	(1,298)	(1,516)
Capitalized software development costs	(7,063)	(6,767)
Net cash used in investing activities	(8,361)	(8,283)
Cash flows from financing activities
Proceeds from stock-based compensation exercises	35,422
Offering costs from follow-on offering	(308)
Dividends	(13,400)
Capital distributions to non-controlling interests		(20,000)
Payroll taxes paid for stock-based compensation exercises	(23,991)
Net cash used in financing activities	(2,277)	(20,000)
Effect of exchange rate changes on cash and cash equivalents	(3,958)	866
Net decrease in cash and cash equivalents	(36,354)	(48,496)
Cash and cash equivalents and restricted cash
Beginning of period	461,711	411,304
End of period	425,357	362,808
Supplemental disclosure of cash flow information
Income taxes paid	2,867	7,301
Non-cash financing activities - Items arising from LLC Interest ownership changes
Deferred tax asset	7,227	$ (39)
Refinitiv Transaction
Adjustments to reconcile net income to net cash used in operating activities:
Deferred taxes	43,948
Non-cash financing activities - Items arising from LLC Interest ownership changes
Establishment of liabilities under tax receivable agreement	11,212
Deferred tax asset	$ 43,948