XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 14,464 $ 9,778
Non-cash items included in net income:    
Depreciation and amortization of furniture, equipment and leasehold improvements 1,875 1,996
Deferred income taxes 4,562 3,162
Amortization of notes receivable 3,612 3,735
Amortization of debt issuance costs 56 63
Write-off of debt issuance costs 5 0
Provision for (reversal of) credit losses (4) 5
Share-based compensation 2,000 2,910
Amortization of right-of-use lease assets 6,843 6,570
Gain on repurchase of senior secured notes (51) 0
Decrease (increase) in operating assets:    
Deposits with clearing organizations 8,386 (34,403)
Receivable from brokers, dealers and clearing organizations (154,962) (39,535)
Receivable from customers 148,452 (39,860)
Income tax receivable (5,374) 0
Securities purchased under agreements to resell 0 935
Securities owned (263,560) (54,542)
Notes receivable (9,766) (7,631)
Other assets (3,918) 29,708
Increase (decrease) in operating liabilities:    
Drafts payable 18,024 0
Payable to brokers, dealers and clearing organizations 85,964 (102,554)
Payable to customers 2,113 50,030
Securities sold under agreements to repurchase 119,427 203,829
Securities sold but not yet purchased 57,889 25,413
Accrued compensation (81,859) (226,483)
Income tax payable 102 (378)
Accounts payable and other liabilities (40,403) 15,106
Cash used in operating activities (86,123) (152,146)
Cash flows from investing activities    
Purchase of furniture, equipment and leasehold improvements (3,531) (2,490)
Proceeds from the settlement of Company-owned life insurance 555 0
Cash used in investing activities (2,976) (2,490)
Cash flows from financing activities    
Cash dividends paid on Class A non-voting and Class B voting common stock (1,674) (1,895)
Repurchase of Class A non-voting common stock for cancellation (3,687) (16,158)
Payments for employee taxes withheld related to vested share-based awards (5,832) (2,251)
Redemption of redeemable noncontrolling interests (74) 0
Repurchase of senior secured notes (1,000) 0
Increase in bank call loans, net 19,300 8,650
Cash provided by/(used in) financing activities 7,033 (11,654)
Net decrease in cash, cash equivalents and restricted cash (82,066) (166,290)
Cash, cash equivalents and restricted cash, beginning of period 137,967 341,524
Cash, cash equivalents and restricted cash, end of period 55,901 175,234
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets:    
Cash and cash equivalents 30,320 47,453
Restricted cash 25,581 127,781
Total cash, cash equivalents and restricted cash 55,901 175,234
Schedule of non-cash financing activities    
Employee share plan issuance 8,805 3,809
Supplemental disclosure of cash flow information    
Cash paid during the period for interest 14,261 4,135
Cash paid during the period for income taxes, net $ 4,238 $ 1,675