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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 4,896 $ 5,058
Non-cash items included in net income:    
Depreciation and amortization of furniture, equipment and leasehold improvements 3,897 3,806
Deferred income taxes 2,485 3,026
Amortization of notes receivable 7,570 6,995
Amortization of debt issuance costs 110 126
Write-off of debt issuance costs 5 0
Provision for (reversal of) credit losses (1) 94
Share-based compensation 7,773 (2,589)
Amortization of right-of-use lease assets 13,945 13,170
Gain on repurchase of senior secured notes (51) 0
Decrease (increase) in operating assets:    
Deposits with clearing organizations 1,397 (32,600)
Receivable from brokers, dealers and clearing organizations (128,143) 2,004
Receivable from customers 136,326 (66,723)
Income tax receivable (17,196) 0
Securities purchased under agreements to resell 0 935
Securities owned (425,589) 13,232
Notes receivable (10,948) (12,111)
Other assets (8,115) 24,394
Increase (decrease) in operating liabilities:    
Drafts payable 21,734 10,020
Payable to brokers, dealers and clearing organizations (128,603) (33,590)
Payable to customers (55,307) (37,643)
Securities sold under agreements to repurchase 484,306 (106,354)
Securities sold but not yet purchased 18,333 182,694
Accrued compensation (50,792) (160,196)
Income tax payable (4,130) 0
Accounts payable and other liabilities (24,713) (45,119)
Cash used in operating activities (150,811) (231,371)
Cash flows from investing activities    
Purchase of furniture, equipment and leasehold improvements (9,734) (2,307)
Proceeds from the settlement of Company-owned life insurance 555 1,191
Cash used in investing activities (9,179) (1,116)
Cash flows from financing activities    
Cash dividends paid on Class A non-voting and Class B voting common stock (3,325) (3,730)
Repurchase of Class A non-voting common stock for cancellation (7,285) (46,375)
Payments for employee taxes withheld related to vested share-based awards (5,907) (2,251)
Addition to noncontrolling interests 171 0
Redemption of redeemable noncontrolling interests (83) 0
Repurchase of senior secured notes (1,000) 0
Increase in bank call loans 94,400 107,800
Cash provided by financing activities 76,971 55,444
Net decrease in cash, cash equivalents and restricted cash (83,019) (177,043)
Cash, cash equivalents and restricted cash, beginning of period 137,967 341,524
Cash, cash equivalents and restricted cash, end of period 54,948 164,481
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets:    
Cash and cash equivalents 29,145 36,606
Restricted cash 25,803 127,875
Total cash, cash equivalents and restricted cash 54,948 164,481
Schedule of non-cash financing activities    
Employee share plan issuance 9,062 3,809
Supplemental disclosure of cash flow information    
Cash paid during the period for interest 30,113 5,776
Cash paid during the period for income taxes, net $ 20,322 $ 22,750