XML 20 R6.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 135,706 $ 99,929
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Fixed asset depreciation and intangible asset amortization 75,190 60,745
Employee loan amortization and reserves on employee loans 61,081 44,752
Equity-based compensation and allocations of net income to limited partnership units and FPUs 233,696 247,978
Deferred compensation expense 529 37
Losses (gains) on equity method investments (7,027) (6,894)
Unrealized/realized losses (gains) on financial instruments owned, at fair value and other investments (620) (38,769)
Amortization of discount (premium) on notes payable 3,974 386
Impairment of fixed assets, intangible assets and investments 1,668 451
Deferred tax provision (benefit) 4,155 (3,087)
Change in estimated acquisition earn-out payables 4,292 499
Forfeitures of Class A common stock (152) (988)
Other 0 3,162
Consolidated net income (loss), adjusted for non-cash and non-operating items 512,492 408,201
Decrease (increase) in operating assets:    
Financial instruments owned, at fair value 38,913 (166,714)
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers (1,528,458) (824,559)
Accrued commissions receivable, net (107,109) (55,288)
Loans, forgivable loans and other receivables from employees and partners, net (143,797) (49,098)
Receivables from related parties (3,537) (2,894)
Other assets (96,039) (24,954)
Increase (decrease) in operating liabilities:    
Repurchase agreements 0 1,962
Accrued compensation (11,226) (23,317)
Payables to broker-dealers, clearing organizations, customers and related broker-dealers 1,490,040 796,347
Payables to related parties (27,219) (2,097)
Accounts payable, accrued and other liabilities 89,878 5,873
Net cash provided by (used in) operating activities 213,938 63,462
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (16,195) (23,312)
Capitalization of software development costs (32,075) (31,412)
Purchase of equity method investments (750) 0
Proceeds from equity method investments 8,936 1,815
Payments for acquisitions, net of cash acquired (279,098) 0
Purchase of investment carried under measurement alternative 0 (3,699)
Loan to related parties (120,000) (180,000)
Proceeds from repayment of related parties loan 120,000 30,000
Purchase of other assets (778) (498)
Net cash provided by (used in) investing activities (319,960) (207,106)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of long-term debt, net of deferred issuance costs 1,197,762 769,493
Repayments of long-term debt borrowings (705,000) (515,000)
Earnings distributions to limited partnership interests and other noncontrolling interests (470) (7,805)
Redemption and repurchase of equity awards (85,353) (97,332)
Dividends to stockholders (29,340) (24,443)
Repurchase of Class A common stock (213,549) (212,192)
Proceeds from non-controlling interest 0 171,667
Payments on acquisition earn-outs (775) (1,000)
Other 0 (26,667)
Net cash provided by (used in) financing activities 163,275 56,721
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements 8,670 (2,473)
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements 65,923 (89,396)
Cash and cash equivalents, and Cash segregated under regulatory requirements at beginning of period 733,273 672,896
Cash and cash equivalents, and Cash segregated under regulatory requirements at end of period 799,196 583,500
Supplemental cash information:    
Cash paid during the period for taxes 112,105 82,804
Cash paid during the period for interest 49,076 41,154
Supplemental non-cash information:    
Issuance of Class A and contingent Class A common stock and limited partnership interests for acquisitions 6,588 3,760
ROU assets and liabilities 65,703 16,709
Related Party    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of short-term borrowings from related parties 0 275,000
Repayment of short-term borrowings from related parties $ 0 $ (275,000)