Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 151,941	$ 115,746
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	113,952	102,928
Stock-based compensation expense	28,074	41,092
Deferred taxes	34,735	(9,018)
(Increase) decrease in operating assets:
Receivable from/payable to brokers and dealers and clearing organizations, net	(356)	(31,263)
Deposits with clearing organizations	(477)	(679)
Accounts receivable	(5,957)	(9,421)
Receivable from/payable to affiliates, net	6,026	(1,020)
Other assets	(17,462)	(8,241)
Increase (decrease) in operating liabilities:
Securities sold under agreements to repurchase	0	24,938
Accrued compensation	(17,312)	(25,142)
Deferred revenue	5,868	682
Accounts payable, accrued expenses and other liabilities	4,022	6,609
Employee equity compensation payable	478	(16,746)
Net cash provided by operating activities	303,532	190,465
Cash flows from investing activities
Purchase of furniture, equipment, software and leasehold improvements	(6,484)	(8,567)
Capitalized software development costs	(22,864)	(21,200)
Net cash used in investing activities	(29,348)	(29,767)
Cash flows from financing activities
Pre-IPO capital distributions	0	(120,000)
Proceeds from stock-based compensation exercises	69,534	0
Proceeds from issuance of Class A common stock in the IPO and follow-on offerings, net of underwriting discounts	626,267	1,161,270
Purchase of LLC Interests	(626,267)	(1,161,270)
Offering costs from issuance of Class A common stock in the IPO and follow-on offerings	(2,403)	(12,306)
Dividends	(42,908)	(22,869)
Capital distributions to non-controlling interests	(8,443)	(23,681)
Payroll taxes paid for stock-based compensation exercises	(71,843)	0
Net cash used in financing activities	(56,063)	(178,856)
Effect of exchange rate changes on cash and cash equivalents	(1,480)	(2,016)
Net increase (decrease) in cash and cash equivalents	216,641	(20,174)
Cash and cash equivalents and restricted cash
Beginning of period	461,711	411,304
End of period	678,352	391,130
Supplemental disclosure of cash flow information
Income taxes paid	17,034	30,287
Non-cash financing activities - Items arising from LLC Interest ownership changes
Deferred tax asset	34,735	(9,018)
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:
Cash, cash equivalents and restricted cash shown in the statement of cash flows	678,352	391,130
Adjusted For Refinitiv Transaction
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	296,504	93,194
Non-cash financing activities - Items arising from LLC Interest ownership changes
Establishment of liabilities under tax receivable agreement	132,136	171,426
Deferred tax asset	$ 296,504	$ 93,194