Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 13,070 $ 15,638
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 2,464 1,832
Amortization of right-of-use assets 5,500 5,081
Credit loss recovery (120) (104)
Stock-based compensation 2,632 2,341
Deferred taxes, net 1,345 2,243
Unrealized foreign exchange loss 1,024 0
Net realized (gains) losses on marketable debt securities, available-for-sale (53) 12
Other non-cash items 485 28
Changes in operating assets and liabilities:    
Commissions receivable 1,350 (1,171)
Prepaid expenses 1,576 (929)
Advances and loans (29,441) (6,663)
Other assets (100) (2,149)
Accounts payable and other liabilities (923) 2,067
Income tax receivable/payable 4,070 3,117
Accrued bonuses and other employee related expenses (17,035) (20,060)
Deferred compensation and commissions (33,898) (35,838)
Operating lease liabilities (4,477) (4,110)
Other liabilities (262) 67
Net cash used in operating activities (52,793) (38,598)
Cash flows from investing activities    
Acquisition, net of cash received (6,000) 0
Purchases of marketable debt securities, available-for-sale (28,919) (30,117)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 50,623 55,833
Issuances of employee notes receivable (211) 0
Payments received on employee notes receivable 1 1
Purchase of property and equipment (2,397) (1,644)
Net cash provided by investing activities 13,097 24,073
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (1,689) (2,212)
Principal payments on stock appreciation rights liability (1,251) 186
Net cash used in financing activities (2,940) (2,026)
Effect of currency exchange rate changes on cash and cash equivalents (274) 0
Net decrease in cash and cash equivalents (42,910) (16,551)
Cash and cash equivalents at beginning of period 232,670 214,683
Cash and cash equivalents at end of period 189,760 198,132
Supplemental disclosures of cash flow information    
Interest paid during the period 845 1,751
Income taxes paid, net $ 503 $ 296