Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 96,313 $ 80,468
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 10,167 8,806
Noncash lease expense 17,840 17,773
Credit loss recovery 0 25
Stock-based compensation 12,675 7,653
Deferred taxes, net (2,256) (2,847)
Unrealized foreign exchange losses (gains) 1,600 (298)
Marketable Securities, Realized Gain (Loss) 87 78
Other non-cash items (1,459) 361
Changes in operating assets and liabilities:    
Commissions receivable 4,891 (5,297)
Prepaid expenses 4,544 925
Advances and loans (49,171) (2,434)
Other assets (4,472) (1,076)
Accounts payable and accrued expenses (4,942) 4,020
Income tax receivable/payable (21,106) 1,932
Accrued bonuses and other employee related expenses (15,239) 11,223
Deferred compensation and commissions (45,481) (4,499)
Operating lease liabilities (14,598) (15,889)
Other liabilities (994) (1,175)
Net cash (used in) provided by operating activities (11,775) 99,593
Cash flows from investing activities    
Acquisition of businesses, net of cash received (12,500) 229
Purchases of marketable debt securities, available-for-sale (276,708) (291,063)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 266,481 248,540
Purchases of securities, held-to-maturity 0 (9,500)
Issuances of employee notes receivable (71) (40)
Payments received on employee notes receivable 71 290
Purchase of property and equipment (8,564) (4,238)
Net cash used in investing activities (31,291) (55,782)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (8,176) (3,230)
Proceeds from issuance of shares pursuant to employee stock purchase plan 414 369
Dividends paid (50,161) 0
Principal payments on stock appreciation rights liability (1,761) (1,481)
Principal payments on deferred and contingent consideration (2,431) (1,739)
Cash paid for stock repurchases (5,659) 0
Net cash used in financing activities (67,774) (6,081)
Effect of currency exchange rate changes on cash and cash equivalents (436) 125
Net (decrease) increase in cash and cash equivalents (111,276) 37,855
Cash and cash equivalents at beginning of period 382,140 243,152
Cash and cash equivalents at end of period 270,864 281,007
Supplemental cash flow disclosures:    
Interest paid during the period 599 734
Income taxes paid, net 58,572 30,168
Supplemental disclosures of noncash investing and financing activities:    
Unpaid purchases of property and equipment 892 786
Right-of-use assets obtained in exchange for operating lease liabilities 20,799 19,008
Issuance of stock for the settlement of deferred consideration 1,417 1,000
Measurement period adjustment of acquisition related contingent consideration $ 0 $ (100)