XML 16 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows From Operating Activities:    
Net income $ 328,869 $ 291,891
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 32,372 28,891
Amortization of loans and advances to financial advisors and other employees 76,901 69,955
Amortization of premium on investment portfolio 4,484 5,037
Provision for credit losses and allowance for loans and advances to financial advisors and other employees 8,222 12,744
Amortization of intangible assets 11,838 9,070
Deferred income taxes (21,336) (4,789)
Stock-based compensation 85,189 75,878
Losses/(gains) on sale of investments 443 (1,363)
Gain on sale of leased aircraft engines (19,763) 0
Other, net (4,476) 3,060
Receivables:    
Brokerage clients 877 29,485
Brokers, dealers, and clearing organizations (11,074) 113,658
Securities purchased under agreements to resell (89,690) (194,420)
Financial instruments owned, including those pledged (342,475) (413,146)
Loans originated as held for sale (1,030,487) (484,273)
Proceeds from loans held for sale 883,018 500,067
Loans and advances to financial advisors and other employees (127,006) (81,128)
Other assets 19,821 (52,896)
Increase/(decrease) in operating liabilities, net of liabilities assumed:    
Brokerage clients (226,068) 109,875
Brokers, dealers, and clearing organizations (59,998) 51,856
Drafts (38,975) (16,064)
Financial instruments sold, but not yet purchased 136,570 210,670
Other liabilities and accrued expenses (19,738) (270,368)
Net cash used in operating activities (402,482) (6,310)
Cash Flows From Investing Activities:    
Principal paydowns, calls, maturities, and sales of available-for-sale securities 115,288 79,339
Calls and principal paydowns of held-to-maturity securities 702,309 38,800
Sale or maturity of investments 5,203 1,794
Sale of leased aircraft engines 36,978 0
Decrease in loans held for investment, net 61,465 30,655
Payments for:    
Purchase of fixed assets (43,588) (26,749)
Purchase of available-for-sale securities (162,756) (18,444)
Purchase of held-to-maturity securities (872,900) 0
Purchase of investments (5,670) (11,554)
Acquisitions, net of cash received (752) (60,285)
Net cash provided by/(used in) investing activities (164,423) 33,556
Cash Flows From Financing Activities:    
Payment of contingent consideration (753) (919)
Increase in securities sold under agreements to repurchase 177,176 106,310
Decrease in bank deposits, net (194,826) (112,304)
Increase in securities loaned 21,109 42,071
Tax payments related to shares withheld for stock-based compensation plans (102,231) (80,656)
Repurchase of common stock (78,307) (181,342)
Cash dividends on preferred stock (18,641) (18,640)
Cash dividends paid to common stock and equity-award holders (101,293) (85,856)
Net cash used in financing activities (297,766) (331,336)
Effect of exchange rate changes on cash (2,218) 4,386
Decrease in cash, cash equivalents, and cash segregated for regulatory purposes (866,889) (299,704)
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of period 3,523,849 2,229,002
Cash, cash equivalents, and cash segregated for regulatory purposes at end of period 2,656,960 1,929,298
Supplemental disclosure of cash flow information:    
Cash paid for interest 507,624 352,657
Cash paid for income taxes, net of refunds 150,990 95,244
Noncash financing activities:    
Unit grants, net of forfeitures $ 148,501 $ 168,545