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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 5,058 $ 69,817
Non-cash items included in net income:    
Depreciation and amortization of furniture, equipment and leasehold improvements 3,806 3,945
Deferred income taxes 3,026 (3,320)
Amortization of notes receivable 6,995 6,677
Amortization of debt issuance costs 126 125
Provision for credit losses 94 3,008
Share-based compensation (2,589) 26,133
Amortization of right-of-use lease assets 13,170 13,008
Decrease (increase) in operating assets:    
Deposits with clearing organizations (32,600) 1,579
Receivable from brokers, dealers and clearing organizations 2,004 (31,950)
Receivable from customers (66,723) (117,313)
Securities purchased under agreements to resell 935 0
Securities owned 13,232 66,455
Notes receivable (12,111) (12,635)
Other assets 24,394 96,652
Increase (decrease) in operating liabilities:    
Drafts payable 10,020 17,133
Payable to brokers, dealers and clearing organizations (33,590) 89,235
Payable to customers (37,643) (40,629)
Securities sold under agreements to repurchase (106,354) (110,837)
Securities sold but not yet purchased 182,694 (13,333)
Accrued compensation (160,196) (40,906)
Accounts payable and other liabilities (45,119) (2,704)
Cash (used in)/provided by operating activities (231,371) 20,140
Cash flows from investing activities    
Purchase of furniture, equipment and leasehold improvements (2,307) (6,739)
Proceeds from the settlement of Company-owned life insurance 1,191 1,308
Cash used in investing activities (1,116) (5,431)
Cash flows from financing activities    
Cash dividends paid on Class A non-voting and Class B voting common stock (3,730) (3,030)
Repurchase of Class A non-voting common stock for cancellation (46,375) 0
Payments for employee taxes withheld related to vested share-based awards (2,251) (4,883)
Debt issuance costs 0 (22)
Increase/(decrease) in bank call loans, net 107,800 (2,400)
Cash provided by/(used in) financing activities 55,444 (10,335)
Net (decrease)/increase in cash, cash equivalents and restricted cash (177,043) 4,374
Cash, cash equivalents and restricted cash, beginning of period 341,524 35,424
Cash, cash equivalents and restricted cash, end of period 164,481 39,798
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets:    
Cash and cash equivalents 36,606 39,798
Restricted cash 127,875 0
Total cash, cash equivalents and restricted cash 164,481 39,798
Schedule of non-cash financing activities    
Employee share plan issuance 3,809 6,513
Supplemental disclosure of cash flow information    
Cash paid during the period for interest 5,776 5,277
Cash paid during the period for income taxes, net $ 22,750 $ 34,994