XML 20 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (15,967) $ (93,139)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 38,102 26,526
Provision for doubtful accounts 5,881 2,786
Share-based compensation 35,264 45,828
Fair value and remeasurement adjustments, non-cash (42,819) 6,251
Non-cash interest and other (9,440) (5,392)
Effect of foreign currency on operations 686 3,157
Loss (income) from equity investments 175 (3,285)
Dividends from equity investments 198 2,491
Deferred income taxes (21,394) (81,832)
Impairment of goodwill and tradenames 37,233 0
(Gain) loss on sale of business, disposal of fixed assets, and other (9,581) 5,537
Gain on extinguishment of loan 0 (1,102)
Loss on extinguishment of debt 5,294 0
Gain on equity investment 0 (6,790)
De-consolidation of BRPM 150 0 (8,294)
Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests 1,335 792
Change in operating assets and liabilities:    
Amounts due to/from clearing brokers 3,853 (89,271)
Securities and other investments owned (43,289) 295,411
Securities borrowed (438,673) (152,340)
Accounts receivable 14,121 3,933
Prepaid expenses and other assets 1,282 (50,688)
Accounts payable, accrued payroll and related expenses, accrued expenses and other liabilities (30,024) (128,028)
Amounts due to/from related parties and partners (1,235) 2,378
Securities sold, not yet purchased 1,223 (10,873)
Deferred revenue (11,941) 12,565
Securities loaned 438,759 150,565
Net cash used in operating activities (40,957) (72,814)
Cash flows from investing activities:    
Purchases of loans receivable (405,359) (421,718)
Repayments of loans receivable 543,633 408,654
Sale of loan receivable 7,500 0
Acquisition of businesses and minority interest, net of $772 and $32,135 cash acquired for 2023 and 2022, respectively (15,276) (113,605)
Purchases of property, equipment and intangible assets (5,782) (1,385)
Proceeds from sales of property, equipment, intangible assets and other 17,346 2
Funds received from trust account of subsidiary 175,763 172,584
Purchase of equity and other investments (4,871) (2,786)
Net cash provided by investing activities 312,954 41,746
Cash flows from financing activities:    
Proceeds from revolving line of credit 191,265 0
Repayment of revolving line of credit (261,697) (5,300)
Repayment of notes payable (11,853) (409)
Repayment of term loan (504,246) (60,879)
Proceeds from term loan 628,187 275,700
Proceeds from issuance of senior notes 185 51,215
Redemption of senior notes (58,924) 0
Payment of debt issuance and offering costs (27,188) (1,355)
Payment of contingent consideration (1,884) (674)
ESPP and payment of employment taxes on vesting of restricted stock (8,619) (6,733)
Common dividends paid (110,959) (90,351)
Preferred dividends paid (6,042) (6,006)
Repurchase of common stock (53,688) (27)
Distribution to noncontrolling interests (4,012) (3,408)
Contributions from noncontrolling interests 4,312 11,350
Redemption of subsidiary temporary equity and distributions (175,763) (172,584)
Proceeds from issuance of common stock 115,000 0
Proceeds from issuance of preferred stock 467 639
Net cash used in financing activities (285,459) (8,822)
Decrease in cash, cash equivalents and restricted cash (13,462) (39,890)
Effect of foreign currency on cash, cash equivalents and restricted cash (3,116) (6,587)
Net decrease in cash, cash equivalents and restricted cash (16,578) (46,477)
Cash, cash equivalents and restricted cash, beginning of period 270,926 279,860
Cash, cash equivalents and restricted cash, end of period 254,348 233,383
Supplemental disclosures:    
Interest paid 231,874 133,359
Taxes paid $ 7,798 $ 45,390