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, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 104,225 $ 142,470 $ 42,838
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 13,406 11,721 10,899
Noncash lease expense 23,112 23,729 22,825
Credit loss expense (51) 166 188
Stock-based compensation 17,312 10,361 9,905
Deferred taxes, net (6,073) (11,845) 473
Unrealized foreign exchange losses (gains) 534 3,824 (299)
Net realized gains on marketable debt securities, available-for-sale (86) (219) (192)
Other non-cash items (973) 641 895
Changes in operating assets and liabilities:      
Commissions receivable 8,445 (10,832) (3,290)
Prepaid expenses 3,802 (3,066) 774
Advances and loans (54,818) (12,382) (39,773)
Other assets (9,830) (3,046) (2,743)
Accounts payable and accrued expenses (4,071) 9,779 (5,643)
Income tax receivable/payable (26,535) 14,128 8,724
Accrued bonuses and other employee related expenses (11,491) 29,073 (2,095)
Deferred compensation and commissions (24,631) 75,047 6,421
Operating lease liabilities (21,176) (21,276) (18,461)
Other liabilities 2,528 (2,370) 6,642
Net cash provided by operating activities 13,629 255,903 38,088
Cash flows from investing activities      
Acquisition of businesses, net of cash received (12,500) 229 (16,298)
Purchases of marketable debt securities, available-for-sale (380,799) (378,106) (215,606)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 350,993 285,628 221,677
Purchases of securities, held-to-maturity 0 (9,500) 0
Issuances of employee notes receivable (74) (40) (243)
Payments received on employee notes receivable 71 290 187
Purchase of property and equipment (11,666) (6,857) (6,945)
Net cash used in investing activities (53,975) (108,356) (17,228)
Cash flows from financing activities      
Taxes paid related to net share settlement of stock-based awards (9,741) (3,352) (2,023)
Proceeds from issuance of shares pursuant to employee stock purchase plan 709 653 642
Dividends paid (60,358) 0 0
Principal payments on notes payable to former stockholders 0 0 (6,564)
Principal payments on stock appreciation rights liability (1,761) (1,481) (1,251)
Payments of contingent and deferred consideration (5,351) (1,739) (1,134)
Cash paid for stock repurchases (29,053) 0 0
Net cash used in financing activities (105,555) (5,919) (10,330)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash (366) (2,640) (48)
Net (decrease) increase in cash, cash equivalents, and restricted cash (146,267) 138,988 10,482
Cash, cash equivalents, and restricted cash at beginning of year 382,140 243,152 232,670
Cash, cash equivalents, and restricted cash at end of year 235,873 382,140 243,152
Supplemental disclosures of cash flow information      
Interest paid during the period 614 749 1,223
Income taxes paid, net 69,847 48,563 7,329
Cash paid for amounts included in the measurement of operating lease liabilities 21,770 23,662 21,131
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Unpaid purchases of property and equipment 684 406 154
Right-of-use assets obtained in exchange for operating lease obligations 27,027 19,981 16,293
Issuance of shares pursuant to settlement of deferred consideration $ 1,417 $ 1,000 $ 0