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, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net (loss) income $ (34,035) $ 104,225 $ 142,470
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Depreciation and amortization 13,627 13,406 11,721
Non-cash lease expense 26,348 23,112 23,729
Credit loss expense (recovery) (128) (51) 166
Stock-based compensation 24,146 17,312 10,361
Deferred taxes, net (6,429) (6,073) (11,845)
Unrealized foreign exchange losses (gains) (37) 534 3,824
Net realized losses (gains) on marketable debt securities, available-for-sale 190 (86) (219)
Other non-cash items (341) (973) 641
Changes in operating assets and liabilities:      
Commissions receivable (7,590) 8,445 (10,832)
Prepaid expenses 599 3,802 (3,066)
Advances and loans (5,177) (54,818) (12,382)
Other assets (7,208) (9,830) (3,046)
Accounts payable and accrued expenses (2,960) (4,071) 9,779
Income tax receivable and payable (616) (26,535) 14,128
Accrued bonuses and other employee related expenses (19,182) (11,491) 29,073
Deferred compensation and commissions (35,846) (24,631) 75,047
Operating lease liabilities (18,364) (21,176) (21,276)
Other liabilities 573 2,528 (2,370)
Net cash (used in) provided by operating activities (72,430) 13,629 255,903
Cash flows from investing activities      
Acquisition of businesses, net of cash received 0 (12,500) 229
Purchases of marketable debt securities, available-for-sale (302,283) (380,799) (378,106)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 391,612 350,993 285,628
Purchases of convertible notes (5,000) 0 0
Purchases of securities, held-to-maturity 0 0 (9,500)
Issuances of employee notes receivable (126) (74) (40)
Payments received on employee notes receivable 34 71 290
Purchase of property and equipment (9,370) (11,666) (6,857)
Net cash provided by (used in) investing activities 74,867 (53,975) (108,356)
Cash flows from financing activities      
Taxes paid related to net share settlement of stock-based awards (4,441) (9,741) (3,352)
Proceeds from issuance of shares pursuant to employee stock purchase plan 661 709 653
Dividends paid (20,103) (60,358) 0
Principal payments on stock appreciation rights liability (1,945) (1,761) (1,481)
Principal payments on deferred and contingent consideration (2,410) (5,351) (1,739)
Cash paid for stock repurchases (39,441) (29,053) 0
Net cash used in financing activities (67,679) (105,555) (5,919)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 122 (366) (2,640)
Net (decrease) increase in cash, cash equivalents, and restricted cash (65,120) (146,267) 138,988
Cash, cash equivalents, and restricted cash at beginning of period 235,873 382,140 243,152
Cash, cash equivalents, and restricted cash at end of period 170,753 235,873 382,140
Supplemental disclosures of cash flow information:      
Interest paid during the period 478 614 749
Income taxes paid, net 674 69,847 48,563
Cash paid for amounts included in the measurement of operating lease liabilities 22,276 21,770 23,662
Supplemental disclosures of noncash investing and financing activities:      
Unpaid purchases of property and equipment 257 684 406
Right-of-use assets obtained in exchange for operating lease liabilities 28,306 27,027 19,981
Issuance of stock for the settlement of deferred consideration 1,833 1,417 1,000
Dividend payable $ 923 $ 2,215 $ 0