XML 34 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from Operating Activities:    
Net income $ 37,911 $ 21,423
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 37,889 40,281
Deferred income tax expense 1,571 1,121
Provision for doubtful accounts 424 (671)
Share-based compensation 12,533 15,056
Non-cash restructuring charges   357
Fixed asset disposal   649
Changes in operating assets and liabilities:    
Cash restricted or segregated under regulations and other (625) (9,399)
Deposits with clearing organizations 41,136 (3,327)
Securities owned, at fair value (15,276) (2,019)
Receivables from brokers, dealers and clearing organizations (1,107,090) (539,304)
Receivables from customers (809,418) (398,998)
Accounts payable and accrued expenses 9,755 9,214
Payables to brokers, dealers and clearing organizations 654,356 187,119
Payables to customers 1,175,003 712,819
Securities sold, not yet purchased, at fair value 20,776 2,149
Income taxes receivable/payable (69) 14,240
Excess tax benefit (1,065) (219)
Other, net (5,153) (3,188)
Net cash provided by operating activities 52,658 47,303
Cash flows from Investing Activities:    
Investment in unconsolidated affiliates (2,669) (474)
Acquisition of subsidiaries, net of acquired cash (18,293)  
Capital purchases (8,239) (29,757)
Capitalization of software development costs (19,905) (17,152)
Net cash used in investing activities (49,106) (47,383)
Cash flows from Financing Activities:    
Proceeds of short-term bank loans, net 16,387 30,332
Repayments of term loans (9,395) (6,515)
Proceeds from sales-lease back transactions   20,562
Excess tax benefit 1,065 219
Common stock issued 990 162
Common stock repurchased (36,128) (24,001)
Shares withheld for net settlements of share-based awards (6,586) (3,715)
Net cash provided by (used in) financing activities (33,667) 17,044
Effect of exchange rate changes on cash and cash equivalents (3,321) (1,272)
Net (decrease) increase in cash and cash equivalents (33,436) 15,692
Cash and cash equivalents - beginning of year 261,897 245,875
Cash and cash equivalents - end of period 228,461 261,567
Supplemental cash flow information    
Interest paid 2,982 2,270
Income taxes (refunded) paid $ 7,579 $ (4,546)