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, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income $ 15,012 $ 13,070
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 2,997 2,464
Amortization of right-of-use assets 6,009 5,500
Credit loss recovery (146) (120)
Stock-based compensation 2,288 2,632
Deferred taxes, net 909 1,345
Unrealized foreign exchange (gains) losses (157) 1,024
Net realized gains on marketable debt securities, available-for-sale (1) (53)
Other non-cash items (49) 485
Changes in operating assets and liabilities:    
Commissions receivable 1,776 1,350
Prepaid expenses 74 1,576
Advances and loans (4,440) (29,441)
Other assets (1,187) (100)
Accounts payable and other liabilities 2,071 (923)
Income tax payable 4,786 4,070
Accrued bonuses and other employee related expenses (9,362) (17,035)
Deferred compensation and commissions (33,781) (33,898)
Operating lease liabilities (5,275) (4,477)
Other liabilities (1,626) (262)
Net cash used in operating activities (20,102) (52,793)
Cash flows from investing activities    
Acquisition of businesses, net of cash received 229 (6,000)
Purchases of marketable debt securities, available-for-sale (81,264) (28,919)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 85,065 50,623
Issuances of employee notes receivable (40) (211)
Payments received on employee notes receivable 250 1
Purchase of property and equipment (1,099) (2,397)
Net cash provided by investing activities 3,141 13,097
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (1,733) (1,689)
Principal payments on stock appreciation rights liability (1,481) (1,251)
Principal payments on deferred consideration (1,302) 0
Net cash used in financing activities (4,516) (2,940)
Effect of currency exchange rate changes on cash and cash equivalents 33 (274)
Net decrease in cash and cash equivalents (21,444) (42,910)
Cash and cash equivalents at beginning of period 243,152 232,670
Cash and cash equivalents at end of period 221,708 189,760
Supplemental disclosures of cash flow information    
Interest paid during the period 697 845
Income taxes paid, net $ 339 $ 503