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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (15,525) $ (14,562)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,751 6,675
Non-cash lease expense 11,060 12,928
Credit loss expense 205 634
Stock-based compensation 11,684 10,362
Deferred taxes, net (2,646) 5,188
Unrealized foreign exchange losses (gains) 35 (56)
Net realized losses on marketable debt securities, available-for-sale 0 23
Other non-cash items (480) (560)
Changes in operating assets and liabilities:    
Commissions receivable 145 (1,396)
Prepaid expenses 970 540
Advances and loans (17,716) (12,043)
Other assets (1,951) (4,981)
Accounts payable and accrued expenses 1,602 672
Income tax receivable (425) (8,808)
Accrued bonuses and other employee related expenses (8,336) (27,244)
Deferred compensation and commissions (27,216) (54,154)
Operating lease liabilities (9,522) (8,852)
Other liabilities 1,195 859
Net cash used in operating activities (50,170) (94,775)
Cash flows from investing activities    
Purchases of marketable debt securities, available-for-sale (68,507) (142,867)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 131,575 230,795
Issuances of employee notes receivable 0 (119)
Payments received on employee notes receivable 5 33
Purchase of property and equipment (4,296) (5,469)
Net cash provided by investing activities 58,777 82,373
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (4,786) (3,986)
Proceeds from issuance of shares pursuant to employee stock purchase plan 424 392
Dividends paid (10,337) (10,327)
Principal payments on stock appreciation rights liability (1,976) (1,945)
Principal payments on deferred and contingent consideration 0 (1,578)
Cash paid for stock repurchases (554) (34,928)
Net cash used in financing activities (17,229) (52,372)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash (138) 121
Net decrease in cash, cash equivalents, and restricted cash (8,760) (64,653)
Cash, cash equivalents, and restricted cash at beginning of period 170,753 235,873
Cash, cash equivalents, and restricted cash at end of period 161,993 171,220
Supplemental cash flow disclosures:    
Interest paid during the period 559 408
Income taxes paid, net 425 714
Supplemental disclosures of non-cash investing and financing activities:    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 19 0
Unpaid purchases of property and equipment 645 382
Right-of-use assets obtained in exchange for operating lease liabilities 10,273 27,593
Issuance of common stock for stock settled deferred consideration 833 1,833
Dividend payable $ 430 $ 467