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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 257,888 $ 299,377 $ 204,902
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 53,447 35,996 26,857
Amortization of operating lease right-of-use assets 6,799 6,842 5,795
Stock-based compensation expense 27,314 25,613 25,294
Deferred taxes 3,118 10,099 2,674
Other (466) (550) (778)
Changes in operating assets and liabilities:      
Decrease (Increase) in accounts receivable 15,598 (18,015) (2,962)
(Increase) in receivables from broker-dealers, clearing organizations and customers (156,909) (182,871) 0
Decrease (Increase) in prepaid expenses and other assets 2,214 (1,977) (4,624)
Increase in accrued employee compensation (2,607) 14,961 8,312
Increase in payables to broker-dealers, clearing organizations and customers 95,999 133,326 0
(Decrease) Increase in income and other tax liabilities (5,638) 16,189 187
Increase (decrease) in accounts payable, accrued expenses and other liabilities 215 6,006 (820)
(Decrease) increase in operating lease liabilities (7,001) (5,788) (829)
Net cash provided by operating activities 282,091 404,489 265,935
Cash flows from investing activities      
Acquisitions, net of cash and cash equivalents acquired (17,078) (23,297) (97,430)
Proceeds from maturities and sales, available-for-sale investments 0 170,657 170,936
Purchases, available-for-sale investments 0 (32,865) (160,827)
Purchases of furniture, equipment and leasehold improvements (17,493) (15,010) (12,292)
Capitalization of software development costs (33,123) (30,618) (22,408)
Other 0 0 (30)
Net cash provided by (used in) investing activities (67,694) 68,867 (122,051)
Cash flows from financing activities      
Cash dividend on common stock (99,792) (90,566) (76,231)
Exercise of stock options 7,096 4,007 1,207
Withholding tax payments on restricted stock vesting and stock option exercises (33,890) (42,418) (25,820)
Repurchases of common stock (63,189) (16,135) (17,256)
Proceeds from short-term borrowings 70,348 578,356 0
Repayments of short-term borrowings (70,348) (578,356) 0
Net cash (used in) financing activities (189,775) (145,112) (118,100)
Effect of exchange rate changes on cash and cash equivalents (7,105) 5,553 1,011
Cash and cash equivalents including restricted cash      
Net increase for the period 17,517 333,797 26,795
Beginning of period 608,050 274,253 247,458
End of period 625,567 608,050 274,253
Supplemental cash flow information:      
Cash paid for income taxes 70,003 45,046 51,766
Cash paid for interest 830 1,142 0
Non-cash investing and financing activity:      
Exercise of stock options - cashless 2,750 10,866 1,811
Right-of-use assets obtained in exchange for operating lease liabilities 1,972 727 7,464
Contingent consideration payable recognized in connection with acquisitions 27,947 14,665 0
Liabilities assumed in connection with acquisition:      
Fair value of assets acquired 0 0 148,425
Cash paid for acquisition of business, net of cash and cash equivalents acquired 0 0 (97,430)
Treasury stock used for acquisition of business 0 0 (48,830)
Liabilities assumed 0 0 2,165
Trading Investments [Member]      
Changes in operating assets and liabilities:      
(Increase) decrease in trading investments (5,574) 67,952 4,045
Mutual Funds Held In Rabbi Trust [Member]      
Changes in operating assets and liabilities:      
(Increase) decrease in trading investments $ (2,306) $ (2,671) $ (2,118)