XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 30,701 $ 58,576
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Fixed asset depreciation and intangible asset amortization 18,399 21,871
Employee loan amortization and reserves on employee loans 9,894 15,561
Equity-based compensation and allocations of net income to limited partnership units and FPUs 57,876 33,495
Deferred compensation expense 30 128
Losses (gains) on equity method investments (2,803) (1,532)
Realized losses (gains) on marketable securities 0 11
Unrealized losses (gains) on marketable securities 4 0
Loss (gains) on other investments (140) 0
Amortization of discount (premium) on notes payable 700 981
Impairment of fixed assets, intangible assets and investments 2,120 2,009
Deferred tax provision (benefit) 1,509 (350)
Change in estimated acquisition earn-out payables 224 1,102
Other 780 (1,052)
Consolidated net income (loss), adjusted for non-cash and non-operating items 119,294 130,800
Decrease (increase) in operating assets:    
Securities owned 5,041 (955)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (1,592,749) (1,518,927)
Accrued commissions receivable, net (45,382) (115,045)
Loans, forgivable loans and other receivables from employees and partners, net (16,600) (31,201)
Receivables from related parties (2,174) 3,829
Other assets (5,292) (2,664)
Increase (decrease) in operating liabilities:    
Repurchase agreements 7,511 94
Accrued compensation (8,364) (15,875)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,546,421 1,497,233
Payables to related parties 23,952 11,632
Accounts payable, accrued and other liabilities (41,541) 85,295
Net cash provided by (used in) operating activities (9,883) 44,216
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (1,030) (1,707)
Capitalization of software development costs (11,042) (11,157)
Purchase of equity method investments (343) (355)
Proceeds from equity method investments 77 77
Net cash provided by (used in) investing activities (12,338) (13,142)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of long-term debt and collateralized borrowings (1,584) (3,524)
Issuance of long-term debt and collateralized borrowings, net of deferred issuance costs (6) (97)
Earnings distributions to limited partnership interests and other noncontrolling interests (6,868) (19,773)
Redemption and repurchase of limited partnership interests (11,794) (21,017)
Dividends to stockholders (3,710) (3,774)
Repurchase of Class A common stock 0 (4,397)
Proceeds from sale of Cantor Units in BGC Holdings 0 5,145
Payments on acquisition earn-outs 0 (837)
Net cash provided by (used in) financing activities (23,962) (48,274)
Effect of exchange rate changes on Cash and cash equivalents and Cash segregated under regulatory requirements 2,970 (1,556)
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 (43,213) (18,756)
Cash and cash equivalents and Cash segregated under regulatory requirements at beginning of period 566,799 853,406
Cash and cash equivalents and Cash segregated under regulatory requirements at end of period 523,586 834,650
Supplemental cash information:    
Cash paid during the period for taxes 4,353 1,201
Cash paid during the period for interest 13,283 13,339
Supplemental non-cash information:    
Issuance of Class A common stock upon exchange of limited partnership interests 14,809 39,137
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions 1,976 25
ROU assets and liabilities $ 1,686 $ 0