XML 20 R8.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 60,341 $ (145,784)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 25,611 15,809
Provision for doubtful accounts 3,802 1,276
Share-based compensation 24,238 31,215
Fair value adjustments, non-cash (56,634) (13,572)
Non-cash interest and other (5,117) (1,237)
Effect of foreign currency on operations (224) 298
Income from equity investments (133) (3,376)
Dividends from equity investments 129 1,908
Deferred income taxes 18,516 (95,342)
Impairment of intangibles, loss on disposal of fixed assets, and other 1,583 122
Gain on extinguishment of loan 0 (1,102)
Gain on equity investment 0 (6,790)
Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests 778 436
Change in operating assets and liabilities:    
Amounts due to/from clearing brokers 7,141 (65,644)
Securities and other investments owned 72,074 390,147
Securities borrowed (595,194) (323,108)
Accounts receivable 26,381 5,308
Prepaid expenses and other assets (13,834) (12,598)
Accounts payable, accrued payroll and related expenses, accrued expenses and other liabilities (74,185) (138,605)
Amounts due to/from related parties and partners (1,509) 1,876
Securities sold, not yet purchased (3,211) (23,220)
Deferred revenue (8,682) 6,568
Securities loaned 595,234 325,516
Net cash provided by (used in) operating activities 77,105 (49,899)
Cash flows from investing activities:    
Purchases of loans receivable (359,957) (199,109)
Repayments of loans receivable 413,417 241,695
Sale of loan receivable 7,500 0
Acquisition of businesses and minority interest, net of $234 and $27,740 cash acquired for 2023 and 2022, respectively (12,287) (38,383)
Purchases of property, equipment and intangible assets (4,757) (896)
Proceeds from sale of property, equipment, intangible assets, and other 1,511 2
Funds received from trust account of subsidiary 175,763 0
Purchase of equity and other investments (4,871) (2,786)
Net cash provided by investing activities 216,319 523
Cash flows from financing activities:    
Proceeds from revolving line of credit 62,030 0
Repayment of revolving line of credit (78,834) 0
Repayment of notes payable (11,728) (357)
Repayment of term loan (172,826) (54,316)
Proceeds from term loan 128,187 75,000
Proceeds from issuance of senior notes 185 35,874
Redemption of senior notes (58,924) 0
Payment of debt issuance and offering costs (3,205) (450)
Payment of contingent consideration (1,339) (451)
ESPP and payment of employment taxes on vesting of restricted stock (8,342) (6,440)
Common dividends paid (80,348) (62,039)
Preferred dividends paid (4,027) (4,004)
Repurchase of common stock (53,803) 0
Distribution to noncontrolling interests (2,535) (2,414)
Contributions from noncontrolling interests 4,010 8,527
Redemption of subsidiary temporary equity and distributions (175,763) 0
Proceeds from issuance of preferred stock 467 639
Net cash used in financing activities (456,795) (10,431)
Decrease in cash, cash equivalents and restricted cash (163,371) (59,807)
Effect of foreign currency on cash, cash equivalents and restricted cash 2,347 (3,027)
Net decrease in cash, cash equivalents and restricted cash (161,024) (62,834)
Cash, cash equivalents and restricted cash, beginning of period 270,926 279,860
Cash, cash equivalents and restricted cash, end of period 109,902 217,026
Supplemental disclosures:    
Interest paid 155,520 83,102
Taxes paid $ 6,040 $ 45,343