Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 142,470 $ 42,838 $ 76,930
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 11,721 10,899 8,017
Noncash lease expense 23,729 22,825 21,207
Credit loss expense 166 188 114
Stock-based compensation 10,361 9,905 9,278
Deferred taxes, net (11,845) 473 226
Unrealized foreign exchange losses (gains) 3,824 (299) 0
Net realized gains on marketable debt securities, available-for-sale (219) (192) (87)
Other non-cash items 641 895 (176)
Changes in operating assets and liabilities:      
Commissions receivable (10,832) (3,290) (55)
Prepaid expenses (3,066) 774 (2,740)
Advances and loans (12,382) (39,773) (38,655)
Other assets (3,046) (2,743) (6,521)
Accounts payable and other liabilities 10,175 1,251 (486)
Income tax receivable/payable 14,128 8,724 (9,485)
Accrued bonuses and other employee related expenses 29,073 (2,095) (5,889)
Deferred compensation and commissions 75,047 6,421 (8,975)
Operating lease liabilities (21,276) (18,461) (17,102)
Other liabilities (2,766) (252) (314)
Net cash provided by operating activities 255,903 38,088 25,287
Cash flows from investing activities      
Acquisition of businesses, net of cash received 229 (16,298) (6,083)
Purchases of marketable debt securities, available-for-sale (378,106) (215,606) (168,083)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 285,628 221,677 179,693
Purchases of securities, held-to-maturity (9,500) 0 0
Issuances of employee notes receivable (40) (243) (200)
Payments received on employee notes receivable 290 187 42
Purchase of property and equipment (6,857) (6,945) (8,812)
Proceeds from sale of property and equipment 0 0 21
Net cash used in investing activities (108,356) (17,228) (3,422)
Cash flows from financing activities      
Taxes paid related to net share settlement of stock-based awards (3,352) (2,023) (2,735)
Proceeds from issuance of shares pursuant to employee stock purchase plan 653 642 657
Principal payments on notes payable to former stockholders 0 (6,564) (1,087)
Principal payments on stock appreciation rights liability (1,481) (1,251) (185)
Payments of contingent and deferred consideration (1,739) (1,134) (528)
Net cash used in financing activities (5,919) (10,330) (3,878)
Effect of currency exchange rate changes on cash and cash equivalents (2,640) (48) 0
Net increase in cash and cash equivalents 138,988 10,482 17,987
Cash and cash equivalents at beginning of year 243,152 232,670 214,683
Cash and cash equivalents at end of year 382,140 243,152 232,670
Supplemental disclosures of cash flow information      
Interest paid during the period 749 1,223 2,107
Income taxes paid, net $ 48,563 $ 7,329 $ 39,841