XML 22 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 60,591 $ 108,939
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Fixed asset depreciation and intangible asset amortization 41,842 38,534
Employee loan amortization and reserves on employee loans 31,633 14,024
Equity-based compensation and allocations of net income to limited partnership units and FPUs 70,023 55,893
Deferred compensation expense 404 641
Losses (gains) on equity method investments (2,142) (1,521)
Realized losses (gains) on marketable securities (289) (3,528)
Unrealized losses (gains) on marketable securities 2 (1,768)
Loss (gains) on other investments 46 (20,395)
Amortization of discount (premium) on notes payable 2,307 1,368
Impairment of fixed assets, intangible assets and investments 7,485 948
Deferred tax provision (benefit) 722 369
Change in estimated acquisition earn-out payables (369) (3,422)
Other 108 734
Consolidated net income (loss), adjusted for non-cash and non-operating items 212,363 190,816
Decrease (increase) in operating assets:    
Securities owned (1,255) (3,677)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (546,351) (1,333,792)
Accrued commissions receivable, net 51,560 (52,842)
Loans, forgivable loans and other receivables from employees and partners, net (78,661) (59,268)
Receivables from related parties 2,714 2,980
Other assets 8,924 (15,050)
Increase (decrease) in operating liabilities:    
Repurchase agreements   114
Securities loaned (13,902) (2,850)
Accrued compensation 23,877 (9,054)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 541,339 1,337,521
Payables to related parties (42,522) 20,271
Accounts payable, accrued and other liabilities (85,059) (16,883)
Net cash provided by (used in) operating activities 73,027 58,286
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (20,058) (24,839)
Capitalization of software development costs (28,274) (18,418)
Purchase of equity method investments (613) (735)
Proceeds from equity method investments 1,650 1,153
Payments for acquisitions, net of cash and restricted cash acquired (7,871) 26,265
Proceeds from sale of marketable securities 14,237 24,626
Purchase of assets (2,000)  
Net cash provided by (used in) investing activities (42,929) 8,052
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of long-term debt and collateralized borrowings (81,850) (25,594)
Issuance of long-term debt and collateralized borrowings, net of deferred issuance costs 227,828 324,454
Earnings distributions to limited partnership interests and other noncontrolling interests (42,726) (54,128)
Redemption and repurchase of limited partnership interests (6,561) (13,605)
Dividends to stockholders (53,210) (89,003)
Repurchase of Class A common stock   (1,236)
Cancellation of RSUs in satisfaction of withholding tax requirements   (458)
Payments on acquisition earn-outs (8,407) (7,534)
Net cash provided by (used in) financing activities 35,074 132,896
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements (14,286) 107
Net increase (decrease) in Cash and cash equivalents and Cash segregated under regulatory requirements 50,886 199,341
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period 636,114 416,778
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period 687,000 616,119
Supplemental cash information:    
Cash paid during the period for taxes 19,667 13,109
Cash paid during the period for interest 32,537 25,760
Supplemental non-cash information:    
Issuance of Class A common stock upon exchange of limited partnership interests 6,750 18,087
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions 1,399 2,102
ROU assets and liabilities $ 11,326 $ 198,991