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, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income $ 46,544 $ 13,176
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 5,956 5,216
Amortization of right-of-use assets 11,850 11,151
Credit loss recovery (137) (78)
Stock-based compensation 4,950 5,168
Deferred taxes, net 780 4,172
Unrealized foreign exchange (gains) losses (560) 557
Net realized gains on marketable debt securities, available-for-sale (10) (117)
Other non-cash items 196 567
Changes in operating assets and liabilities:    
Commissions receivable (4,781) (5)
Prepaid expenses (239) 2,259
Advances and loans (7,086) (34,149)
Other assets (2,138) (1,059)
Accounts payable and other liabilities 4,988 (1,204)
Income tax receivable/payable (1,345) 775
Accrued bonuses and other employee related expenses 3,005 (18,168)
Deferred compensation and commissions (15,968) (31,425)
Operating lease liabilities (10,557) (9,016)
Other liabilities (1,982) 331
Net cash provided by (used in) operating activities 33,466 (51,849)
Cash flows from investing activities    
Acquisition of businesses, net of cash received 229 (11,821)
Purchases of marketable debt securities, available-for-sale (199,513) (95,266)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 159,968 95,028
Issuances of employee notes receivable (40) (211)
Payments received on employee notes receivable 276 1
Purchase of property and equipment (2,770) (4,190)
Net cash used in investing activities (41,850) (16,459)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (2,044) (1,889)
Proceeds from issuance of shares pursuant to employee stock purchase plan 369 371
Principal payments on notes payable to former stockholders 0 (6,563)
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 (4,458) (9,332)
Effect of currency exchange rate changes on cash and cash equivalents 104 (150)
Net decrease in cash and cash equivalents (12,738) (77,790)
Cash and cash equivalents at beginning of period 243,152 232,670
Cash and cash equivalents at end of period 230,414 154,880
Supplemental disclosures of cash flow information    
Interest paid during the period 714 1,193
Income taxes paid, net $ 17,897 $ 1,013