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
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income $ 13,176 $ 36,917
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 5,216 3,764
Amortization of right-of-use assets 11,151 10,242
Credit loss recovery (78) (13)
Stock-based compensation 5,168 4,926
Deferred taxes, net 4,172 3,863
Unrealized foreign exchange loss 557 0
Net realized (gains) losses on marketable debt securities, available-for-sale (117) (12)
Other non-cash items 567 (228)
Changes in operating assets and liabilities:    
Commissions receivable (5) (820)
Prepaid expenses 2,259 (1,689)
Advances and loans (34,149) (17,614)
Other assets (1,059) (3,753)
Accounts payable and other liabilities (1,204) 14
Income tax receivable/payable 775 (9,248)
Accrued bonuses and other employee related expenses (18,168) (14,228)
Deferred compensation and commissions (31,425) (28,291)
Operating lease liabilities (9,016) (8,169)
Other liabilities 331 (24)
Net cash used in operating activities (51,849) (24,363)
Cash flows from investing activities    
Acquisition of businesses, net of cash received (11,821) 0
Purchases of marketable debt securities, available-for-sale (95,266) (79,357)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 95,028 103,108
Issuances of employee notes receivable (211) 0
Payments received on employee notes receivable 1 1
Purchase of property and equipment (4,190) (4,126)
Net cash (used in) provided by investing activities (16,459) 19,626
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (1,889) (2,624)
Proceeds from issuance of shares pursuant to employee stock purchase plan 371 338
Principal payments on notes payable to former stockholders (6,563) (1,087)
Principal payments on stock appreciation rights liability (1,251) 185
Net cash used in financing activities (9,332) (3,188)
Effect of currency exchange rate changes on cash and cash equivalents (150) 0
Net decrease in cash and cash equivalents (77,790) (7,925)
Cash and cash equivalents at beginning of period 232,670 214,683
Cash and cash equivalents at end of period 154,880 206,758
Supplemental disclosures of cash flow information    
Interest paid during the period 1,193 1,967
Income taxes paid, net $ 1,013 $ 19,520