Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (4,422) $ (9,987)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,849 3,422
Non-cash lease expense 5,416 5,649
Credit loss expense 44 134
Stock-based compensation 6,179 5,795
Deferred taxes, net (9,498) (4,746)
Unrealized foreign exchange losses 1 18
Net realized losses on marketable debt securities, available-for-sale (8) 0
Other non-cash items 2,238 (710)
Changes in operating assets and liabilities:    
Commissions receivable 5,342 2,192
Prepaid expenses 1,888 1,267
Advances and loans 1,687 (4,304)
Other assets 1,627 (864)
Accounts payable and accrued expenses (3,884) 1,098
Income tax receivable (20) (162)
Accrued bonuses and other employee related expenses (14,703) (11,840)
Deferred compensation and commissions (42,316) (34,159)
Operating lease liabilities (5,145) (4,934)
Other liabilities (116) 1,110
Net cash used in operating activities (52,841) (51,021)
Cash flows from investing activities    
Purchases of marketable debt securities, available-for-sale (61,265) (66,045)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 119,924 47,083
Purchase of property and equipment (1,491) (2,639)
Net cash provided by (used in) investing activities 57,168 (21,601)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (4,720) (4,378)
Dividends paid (697) (592)
Principal payments on stock appreciation rights liability (2,230) (1,976)
Cash paid for stock repurchases (425) (554)
Net cash used in financing activities (8,072) (7,500)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 4 (75)
Net decrease in cash, cash equivalents, and restricted cash (3,741) (80,197)
Cash, cash equivalents, and restricted cash at beginning of period 153,445 170,753
Cash, cash equivalents, and restricted cash at end of period 149,704 90,556
Supplemental cash flow disclosures:    
Interest paid during the period 385 492
Income taxes paid, net 21 162
Supplemental disclosures of non-cash investing and financing activities:    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 6 13
Unpaid purchases of property and equipment 269 437
Right-of-use assets obtained in exchange for operating lease liabilities 4,976 8,541
Dividend payable $ 10,230 $ 10,088