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
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net loss $ (15,217) $ (20,910)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 8,745 11,301
Non-cash lease expense 15,997 16,855
Credit loss expense (99) 379
Stock-based compensation 18,368 17,755
Deferred taxes, net (978) (3,613)
Unrealized foreign exchange (gains) losses (95) 3
Net realized gains on marketable debt securities, available-for-sale (8) 0
Other non-cash items 1,756 (9)
Changes in operating assets and liabilities:    
Commissions receivable 1,203 (3,210)
Prepaid expenses 440 1,115
Advances and loans 40,080 (12,102)
Other assets (3,851) (5,444)
Accounts payable and accrued expenses 663 4,449
Income tax receivable (341) (445)
Accrued bonuses and other employee related expenses (6,675) (2,104)
Deferred compensation and commissions (27,567) (25,777)
Operating lease liabilities (15,045) (14,220)
Other liabilities 3,013 1,036
Net cash provided by (used in) operating activities 20,389 (34,941)
Cash flows from investing activities    
Purchases of marketable debt securities, available-for-sale (285,048) (108,203)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 261,417 169,849
Issuances of employee notes receivable (104) 0
Payments received on employee notes receivable 0 5
Purchase of property and equipment (5,476) (6,344)
Net cash (used in) provided by investing activities (29,211) 55,307
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (5,788) (5,753)
Proceeds from issuance of shares pursuant to employee stock purchase plan 441 424
Dividends paid (10,755) (10,487)
Principal payments on stock appreciation rights liability (2,230) (1,976)
Principal payments on deferred and contingent consideration (1,118) 0
Cash paid for stock repurchases (7,975) (554)
Net cash used in financing activities (27,425) (18,346)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 162 (56)
Net (decrease) increase in cash, cash equivalents, and restricted cash (36,085) 1,964
Cash, cash equivalents, and restricted cash at beginning of period 153,445 170,753
Cash, cash equivalents, and restricted cash at end of period 117,360 172,717
Supplemental cash flow disclosures:    
Interest paid during the period 466 569
Income taxes paid, net 387 444
Supplemental disclosures of non-cash investing and financing activities:    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 56 25
Unpaid purchases of property and equipment 683 313
Right-of-use assets obtained in exchange for operating lease liabilities 10,009 11,374
Issuance of common stock for stock settled deferred consideration 417 833
Dividends payable $ 10,597 $ 10,586