Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net loss $ (1,909) $ (12,362) $ (34,035)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 12,098 16,589 13,627
Non-cash lease expense 21,328 24,987 26,348
Credit loss expense (recovery) (31) 578 (128)
Stock-based compensation 24,226 23,792 24,146
Deferred taxes, net 3,139 (1,416) (6,429)
Unrealized foreign exchange (gains) losses (108) 191 (37)
Net realized (gains) losses on marketable debt securities, available-for-sale (8) 0 190
Other non-cash items 2,355 (1,665) (341)
Changes in operating assets and liabilities:      
Commissions receivable 4,437 (3,448) (7,590)
Prepaid expenses (1,113) (498) 599
Advances and loans 29,068 (12,811) (5,177)
Other assets (2,397) (8,798) (7,208)
Accounts payable and accrued expenses (3,587) 5,685 (2,960)
Income tax receivable and payable 4,068 3,269 (616)
Accrued bonuses and other employee related expenses (1,561) 6,407 (19,182)
Deferred compensation and commissions (7,008) (1,845) (35,846)
Operating lease liabilities (19,793) (19,015) (18,364)
Other liabilities 3,453 2,074 573
Net cash provided by (used in) operating activities 66,657 21,714 (72,430)
Cash flows from investing activities      
Purchases of marketable debt securities, available-for-sale (326,983) (190,704) (302,283)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 331,136 188,751 391,612
Purchases of convertible notes 0 0 (5,000)
Issuances of employee notes receivable (105) (82) (126)
Payments received on employee notes receivable 0 6 34
Purchase of property and equipment (7,872) (7,873) (9,370)
Net cash (used in) provided by investing activities (3,824) (9,902) 74,867
Cash flows from financing activities      
Taxes paid related to net share settlement of stock-based awards (5,859) (5,872) (4,441)
Proceeds from issuance of shares pursuant to employee stock purchase plan 821 847 661
Dividends paid (20,550) (20,226) (20,103)
Principal payments on stock appreciation rights liability (2,230) (1,976) (1,945)
Principal payments on deferred and contingent consideration (1,392) (743) (2,410)
Cash paid for stock repurchases (25,366) (785) (39,441)
Net cash used in financing activities (54,576) (28,755) (67,679)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 219 (365) 122
Net increase (decrease) in cash, cash equivalents, and restricted cash 8,476 (17,308) (65,120)
Cash, cash equivalents, and restricted cash at beginning of period 153,445 170,753 235,873
Cash, cash equivalents, and restricted cash at end of period 161,921 153,445 170,753
Supplemental disclosures of cash flow information:      
Interest paid during the period 478 581 478
Income taxes paid, net 422 468 674
Cash paid for amounts included in the measurement of operating lease liabilities 23,984 23,151 22,276
Supplemental disclosures of noncash investing and financing activities:      
Unpaid purchases of property and equipment 1,157 561 257
Right-of-use assets obtained in exchange for operating lease liabilities 14,355 16,122 28,306
Issuance of stock for the settlement of deferred consideration 417 833 1,833
Dividend payable $ 836 $ 884 $ 923