XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities:    
Net income $ 360,052 $ 485,534
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 43,124 36,250
Amortization of loans and advances to financial advisors and other employees 104,703 98,624
Amortization of premium on investment portfolio 7,444 9,795
Provision for credit losses and allowance for loans and advances to financial advisors and other employees 22,736 27,478
Amortization of intangible assets 13,872 14,966
Deferred income taxes (33,022) (15,690)
Stock-based compensation 106,237 103,281
(Gains)/losses on sale of investments (2,290) 14,933
Other, net 2,141 4,883
Receivables:    
Brokerage clients 38,711 (79,193)
Brokers, dealers, and clearing organizations 56,477 32,800
Securities purchased under agreements to resell (64,205) 38,026
Financial instruments owned, including those pledged (269,580) 159,318
Loans originated as held for sale (614,254) (513,195)
Proceeds from mortgages held for sale 626,663 503,284
Loans and advances to financial advisors and other employees (130,665) (105,431)
Other assets (31,913) (68,435)
Increase/(decrease) in operating liabilities, net of liabilities assumed:    
Brokerage clients (65,852) (90,781)
Brokers, dealers, and clearing organizations 60,363 4,172
Drafts (24,780) (52,164)
Financial instruments sold, but not yet purchased 93,131 (118,436)
Other liabilities and accrued expenses (74,940) (190,216)
Net cash provided by operating activities 224,153 299,803
Cash Flows From Investing Activities:    
Principal paydowns, calls, maturities, and sales of available-for-sale securities 112,928 287,460
Calls and principal paydowns of held-to-maturity securities 89,815 113,454
Sale or maturity of investments 15,694 12,761
Decrease/(increase) in loans held for investment, net 147,629 (4,075,687)
Payments for:    
Purchase of fixed assets (39,026) (44,924)
Purchase of available-for-sale securities (19,635) (102,917)
Purchase of held-to-maturity securities 0 (754,306)
Purchase of investments (15,272) (13,450)
Acquisitions, net of cash received (113,452) (11,021)
Net cash provided by/(used in) investing activities 178,681 (4,588,630)
Cash Flows From Financing Activities:    
Payment of contingent consideration (6,045) (11,303)
Increase/(decrease) in securities sold under agreements to repurchase 196,939 (127,769)
Increase in bank deposits, net 477,247 3,910,271
Increase in securities loaned 36,465 19,521
Tax payments related to shares withheld for stock-based compensation plans (83,909) (87,434)
Repurchase of common stock (300,152) (30,666)
Cash dividends on preferred stock (27,961) (27,961)
Cash dividends paid to common stock and equity-award holders (123,582) (100,538)
Net cash provided by financing activities 169,002 3,544,121
Effect of exchange rate changes on cash 914 41,461
Increase/(decrease) in cash, cash equivalents, and cash segregated for regulatory purposes 572,750 (703,245)
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of period 2,229,002 2,149,657
Cash, cash equivalents, and cash segregated for regulatory purposes at end of period 2,801,752 1,446,412
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net of refunds 104,569 162,681
Cash paid for interest 575,121 103,100
Noncash financing activities:    
Unit grants, net of forfeitures $ 179,078 $ 188,359