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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating Activities:    
Net income/(loss) $ (12,648) $ 19,635
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Depreciation and amortization of fixed assets 5,343 4,724
Deferred income taxes (47,984) 715
Stock-based and deferred compensation 26,459 43,839
Goodwill impairment 114,363 0
Amortization of intangible assets 11,466 15,400
Amortization of forgivable loans 5,207 6,894
Decrease/(increase) in operating assets:    
Cash and cash equivalents segregated for regulatory purposes 22,999 35,000
Receivables:    
Customers 31,917 (46,398)
Brokers, dealers and clearing organizations 131,850 (21,478)
Securities purchased under agreements to resell 159,697 (10,492)
Net financial instruments and other inventory positions owned 18,021 (72,758)
Investments (11,470) (4,767)
Other assets 7,185 (8,898)
Payables:    
Customers (29,352) 13,366
Brokers, dealers and clearing organizations 13,423 153,795
Securities sold under agreements to repurchase (15,046) (2,018)
Accrued compensation 4,666 (51,569)
Other liabilities and accrued expenses 7,864 (32,005)
Net cash provided by operating activities 443,960 42,985
Investing Activities:    
Business acquisitions, net of cash acquired 0 71,019
Purchases of fixed assets, net (4,310) (7,360)
Net cash used in investing activities (4,310) (78,379)
Financing Activities:    
Decrease in short-term financing (342,035) (20,405)
Repayment of variable rate senior notes 50,000 0
Decrease in securities sold under agreements to repurchase 0 (21,292)
Payment of cash dividend (14,217) 0
Increase/(decrease) in noncontrolling interests (11,714) 10,189
Repurchase of common stock (25,065) (70,428)
Proceeds from stock option exercises 1,703 119
Net cash used in financing activities (441,328) (101,817)
Currency adjustment:    
Effect of exchange rate changes on cash 1,235 (1,328)
Net decrease in cash and cash equivalents (443) (138,539)
Cash and cash equivalents at beginning of period 41,359 189,910
Cash and cash equivalents at end of period 40,916 51,371
Supplemental disclosure of cash flow information –    
Interest 15,397 17,679
Income taxes 7,781 22,148
Non-cash investing and financing activities –    
25,525 shares for the nine months ended September 30, 2016 0 1,074
198,981 shares and 843,889 shares for the nine months ended September 30, 2017 and 2016, respectively $ 16,187 $ 35,089