Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 74,951 $ 46,544
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 7,243 5,956
Noncash lease expense 11,944 11,850
Credit loss expense (28) (137)
Stock-based compensation 8,131 4,950
Deferred taxes, net (130) 780
Unrealized foreign exchange losses (gains) 403 (560)
Net realized gains on marketable debt securities, available-for-sale (96) (10)
Other non-cash items (22) 196
Changes in operating assets and liabilities:    
Commissions receivable 2,922 (4,781)
Prepaid expenses 3,177 (239)
Advances and loans (48,539) (7,086)
Other assets (2,818) (2,138)
Accounts payable and accrued expenses (2,684) 4,988
Income tax receivable/payable (15,005) (1,345)
Accrued bonuses and other employee related expenses (19,260) 3,005
Deferred compensation and commissions (61,047) (15,968)
Operating lease liabilities (9,759) (10,557)
Other liabilities (1,223) (1,982)
Net cash (used in) provided by operating activities (51,840) 33,466
Cash flows from investing activities    
Acquisition of businesses, net of cash received (12,500) 229
Purchases of marketable debt securities, available-for-sale (174,259) (199,513)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 135,206 159,968
Issuances of employee notes receivable (71) (40)
Payments received on employee notes receivable 71 276
Purchase of property and equipment (5,022) (2,770)
Net cash used in investing activities (56,575) (41,850)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (8,039) (2,044)
Proceeds from issuance of shares pursuant to employee stock purchase plan 414 369
Dividends paid (50,082) 0
Principal payments on stock appreciation rights liability (1,761) (1,481)
Principal payments on deferred and contingent consideration (2,431) (1,302)
Net cash used in financing activities (61,899) (4,458)
Effect of currency exchange rate changes on cash and cash equivalents (175) 104
Net decrease in cash and cash equivalents (170,489) (12,738)
Cash and cash equivalents at beginning of period 382,140 243,152
Cash and cash equivalents at end of period 211,651 230,414
Supplemental cash flow disclosures:    
Interest paid during the period 514 714
Income taxes paid, net 40,046 17,897
Supplemental disclosures of noncash investing and financing activities:    
Unpaid purchases of property and equipment 1,196 250
Right-of-use assets obtained in exchange for operating lease liabilities 15,169 14,254
Issuance of stock for the settlement of deferred consideration 1,417 1,000
Measurement period adjustment of acquisition related contingent consideration $ 0 $ (100)