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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2024 | Mar. 31, 2023
Cash flows from operating activities |  |
Net Income | $ 111,308 | $ 110,083
Adjustments to reconcile net income to net cash used by operating activities: |  |
Depreciation and amortization | 16,076 | 15,348
Amortization of purchased intangibles and acquired capitalized software | 14,687 | 16,020
Debt issue cost related to debt refinancing and prepayment | 0 | 306
Amortization of debt issuance costs and deferred financing fees | 1,720 | 1,664
Termination of office leases | 17 | 96
Share-based compensation | 15,033 | 15,583
Deferred taxes | 5,390 | 7,800
Other | (15,118) | (4,030)
Changes in operating assets and liabilities: |  |
Securities borrowed | (60,542) | (270,347)
Securities purchased under agreements to resell | 1,009,644 | (376,365)
Receivables from broker-dealers and clearing organizations | (526,927) | (66,035)
Trading assets, at fair value | 911,479 | (807,784)
Receivables from customers | (12,435) | (28,375)
Operating lease right-of-use assets | 16,810 | 813
Other assets | (104,205) | 16,955
Securities loaned | 311,075 | (32,896)
Securities sold under agreements to repurchase | (959,561) | 379,758
Payables to broker-dealers and clearing organizations | (687,156) | (15,091)
Payables to customers | 10,256 | 61,001
Trading liabilities, at fair value | (376,355) | 917,807
Operating lease liabilities | (17,834) | (1,948)
Accounts payable, accrued expenses and other liabilities | (58,776) | (88,745)
Net cash used in operating activities | (395,414) | (148,382)
Cash flows from investing activities |  |
Development of capitalized software | (23,383) | (20,638)
Acquisition of property and equipment | (2,815) | (13,795)
Other investing activities | (1,278) | (1,350)
Net cash used in investing activities | (27,476) | (35,783)
Cash flows from financing activities |  |
Dividends to stockholders and distributions from Virtu Financial to noncontrolling interest | (67,589) | (52,004)
Repurchase of Class C common stock | 0 | (424)
Purchase of treasury stock | (51,823) | (93,218)
Short-term borrowings, net | 140,000 | 121,055
Repayment of long-term borrowings | 0 | (18,000)
Payment of tax receivable agreement obligations | (20,226) | 0
Debt issuance costs | 0 | (3,953)
Net cash provided by (used in) financing activities | 362 | (46,544)
Effect of exchange rate changes on cash and cash equivalents | (3,526) | 1,648
Net increase (decrease) in cash and cash equivalents | (426,054) | (229,061)
Cash, cash equivalents, and restricted or segregated cash, beginning of period | 855,460 | 1,038,242
Cash, cash equivalents, and restricted or segregated cash, end of period | 429,406 | 809,181
Supplementary disclosure of cash flow information |  |
Cash paid for interest | 142,200 | 96,572
Cash paid for taxes | 6,609 | 3,471
Non-cash investing activities |  |
Share-based and accrued incentive compensation to developers relating to capitalized software | $ 4,101 | $ 4,732

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