Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net (loss) income $ (12,362) $ (34,035) $ 104,225
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Depreciation and amortization 16,589 13,627 13,406
Non-cash lease expense 24,987 26,348 23,112
Credit loss expense (recovery) 578 (128) (51)
Stock-based compensation 23,792 24,146 17,312
Deferred taxes, net (1,416) (6,429) (6,073)
Unrealized foreign exchange losses (gains) 191 (37) 534
Net realized losses (gains) on marketable debt securities, available-for-sale 0 190 (86)
Other non-cash items (1,665) (341) (973)
Changes in operating assets and liabilities:      
Commissions receivable (3,448) (7,590) 8,445
Prepaid expenses (498) 599 3,802
Advances and loans (12,811) (5,177) (54,818)
Other assets (8,798) (7,208) (9,830)
Accounts payable and accrued expenses 5,685 (2,960) (4,071)
Income tax receivable and payable 3,269 (616) (26,535)
Accrued bonuses and other employee related expenses 6,407 (19,182) (11,491)
Deferred compensation and commissions (1,845) (35,846) (24,631)
Operating lease liabilities (19,015) (18,364) (21,176)
Other liabilities 2,074 573 2,528
Net cash provided by (used in) operating activities 21,714 (72,430) 13,629
Cash flows from investing activities      
Acquisition of businesses, net of cash received 0 0 (12,500)
Purchases of marketable debt securities, available-for-sale (190,704) (302,283) (380,799)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 188,751 391,612 350,993
Purchases of convertible notes 0 (5,000) 0
Issuances of employee notes receivable (82) (126) (74)
Payments received on employee notes receivable 6 34 71
Purchase of property and equipment (7,873) (9,370) (11,666)
Net cash (used in) provided by investing activities (9,902) 74,867 (53,975)
Cash flows from financing activities      
Taxes paid related to net share settlement of stock-based awards (5,872) (4,441) (9,741)
Proceeds from issuance of shares pursuant to employee stock purchase plan 847 661 709
Dividends paid (20,226) (20,103) (60,358)
Principal payments on stock appreciation rights liability (1,976) (1,945) (1,761)
Principal payments on deferred and contingent consideration (743) (2,410) (5,351)
Cash paid for stock repurchases (785) (39,441) (29,053)
Net cash used in financing activities (28,755) (67,679) (105,555)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash (365) 122 (366)
Net decrease in cash, cash equivalents, and restricted cash (17,308) (65,120) (146,267)
Cash, cash equivalents, and restricted cash at beginning of period 170,753 235,873 382,140
Cash, cash equivalents, and restricted cash at end of period 153,445 170,753 235,873
Supplemental disclosures of cash flow information:      
Interest paid during the period 581 478 614
Income taxes paid, net 468 674 69,847
Cash paid for amounts included in the measurement of operating lease liabilities 23,151 22,276 21,770
Supplemental disclosures of noncash investing and financing activities:      
Unpaid purchases of property and equipment 561 257 684
Right-of-use assets obtained in exchange for operating lease liabilities 16,122 28,306 27,027
Issuance of stock for the settlement of deferred consideration 833 1,833 1,417
Dividend payable $ 884 $ 923 $ 2,215