XML 20 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 81,966 $ 59,442
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Fixed asset depreciation and intangible asset amortization 42,910 41,842
Employee loan amortization and reserves on employee loans 34,687 31,633
Equity-based compensation and allocations of net income to limited partnership units and FPUs 91,785 70,023
Deferred compensation expense 289 404
Losses (gains) on equity method investments (2,855) (2,142)
Realized losses (gains) on marketable securities 0 (289)
Unrealized losses (gains) on marketable securities (10) 2
Loss (gains) on other investments 87 46
Amortization of discount (premium) on notes payable 1,967 2,307
Impairment of fixed assets, intangible assets and investments 3,265 7,632
Deferred tax provision (benefit) (4,401) 2,622
Change in estimated acquisition earn-out payables 1,939 (369)
Forfeitures of Class A common stock (330) 0
Other (1,934) 108
Consolidated net income (loss), adjusted for non-cash and non-operating items 249,365 213,261
Decrease (increase) in operating assets:    
Securities owned 9,730 (1,255)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (1,151,410) (546,351)
Accrued commissions receivable, net (160,613) 50,660
Loans, forgivable loans and other receivables from employees and partners, net (12,400) (78,661)
Receivables from related parties 3,216 2,714
Other assets (9,955) 2,116
Increase (decrease) in operating liabilities:    
Securities loaned 0 (13,902)
Accrued compensation (16,971) 23,877
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,126,168 541,339
Payables to related parties 42,593 (42,522)
Accounts payable, accrued and other liabilities 118,592 (78,249)
Net cash provided by (used in) operating activities 198,315 73,027
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (5,912) (20,058)
Capitalization of software development costs (23,895) (28,274)
Purchase of equity method investments (625) (613)
Proceeds from equity method investments 5,318 1,650
Payments for acquisitions, net of cash and restricted cash acquired 0 (7,871)
Proceeds from sale of marketable securities 0 14,237
Purchase of assets 0 (2,000)
Net cash provided by (used in) investing activities (25,114) (42,929)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of long-term debt and collateralized borrowings (263,102) (81,850)
Issuance of long-term debt and collateralized borrowings, net of deferred issuance costs 188,449 227,828
Earnings distributions to limited partnership interests and other noncontrolling interests (34,714) (42,726)
Redemption and repurchase of limited partnership interests (39,240) (6,561)
Dividends to stockholders (7,626) (53,210)
Repurchase of Class A common stock (107,783) 0
Proceeds from sale of Cantor Units in BGC Holdings 5,145 0
Short term borrowings, net of repayments 1,999 0
Payments on acquisition earn-outs (8,139) (8,407)
Net cash provided by (used in) financing activities (265,011) 35,074
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements 478 (14,286)
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements including Cash and Cash segregated under regulatory requirements classified within Assets held for sale (91,332) 50,886
Less: Net increase (decrease) in cash classified within Assets held for sale (302,678) 0
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements (394,010) 50,886
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period 850,677 636,114
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period 456,667 687,000
Supplemental cash information:    
Cash paid during the period for taxes 21,334 19,667
Cash paid during the period for interest 35,352 32,537
Supplemental non-cash information:    
Issuance of Class A common stock upon exchange of limited partnership interests 132,907 6,750
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions 513 1,399
ROU assets and liabilities $ 0 $ 11,326