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 ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net (loss) income $ (14,562,000) $ 74,951,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 6,675,000 7,243,000
Non-cash lease expense 12,928,000 11,944,000
Credit loss expense (recovery) 634,000 (28,000)
Stock-based compensation 10,362,000 8,131,000
Deferred taxes, net 5,188,000 (130,000)
Unrealized foreign exchange losses (gains) (56,000) 403,000
Net realized losses (gains) on marketable debt securities, available-for-sale 23,000 (96,000)
Other non-cash items (560,000) (22,000)
Changes in operating assets and liabilities:    
Commissions receivable (1,396,000) 2,922,000
Prepaid expenses 540,000 3,177,000
Advances and loans (12,043,000) (48,539,000)
Other assets (4,981,000) (2,818,000)
Accounts payable and accrued expenses 672,000 (2,684,000)
Income tax receivable and payable (8,808,000) (15,005,000)
Accrued bonuses and other employee related expenses (27,244,000) (19,260,000)
Deferred compensation and commissions (54,154,000) (61,047,000)
Operating lease liabilities (8,852,000) (9,759,000)
Other liabilities 859,000 (1,223,000)
Net cash used in operating activities (94,775,000) (51,840,000)
Cash flows from investing activities    
Acquisition of businesses, net of cash received 0 (12,500,000)
Purchases of marketable debt securities, available-for-sale (142,867,000) (174,259,000)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 230,795,000 135,206,000
Issuances of employee notes receivable (119,000) (71,000)
Payments received on employee notes receivable 33,000 71,000
Purchase of property and equipment (5,469,000) (5,022,000)
Net cash provided by (used in) investing activities 82,373,000 (56,575,000)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (3,986,000) (8,039,000)
Proceeds from issuance of shares pursuant to employee stock purchase plan 392,000 414,000
Dividends paid (10,327,000) (50,082,000)
Principal payments on stock appreciation rights liability (1,945,000) (1,761,000)
Principal payments on deferred and contingent consideration (1,578,000) (2,431,000)
Cash paid for stock repurchases (34,928,000) 0
Net cash used in financing activities (52,372,000) (61,899,000)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 121,000 (175,000)
Net decrease in cash, cash equivalents, and restricted cash (64,653,000) (170,489,000)
Cash, cash equivalents, and restricted cash at beginning of period 235,873,000 382,140,000
Cash, cash equivalents, and restricted cash at end of period 171,220,000 211,651,000
Supplemental cash flow disclosures:    
Interest paid during the period 408,000 514,000
Income taxes paid, net 714,000 40,046,000
Supplemental disclosures of non-cash investing and financing activities:    
Unpaid purchases of property and equipment 382,000 1,196,000
Right-of-use assets obtained in exchange for operating lease liabilities 27,593,000 15,169,000
Issuance of stock for the settlement of deferred consideration $ 1,833,000 $ 1,417,000