Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 32,783 $ 15,012
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 3,911 2,997
Noncash lease expense 5,961 6,009
Credit loss expense (167) (146)
Stock-based compensation 3,856 2,288
Deferred taxes, net 1,104 909
Unrealized foreign exchange losses (gains) (151) (157)
Net realized gains on marketable debt securities, available-for-sale (113) (1)
Other non-cash items 11 (49)
Changes in operating assets and liabilities:    
Commissions receivable 3,430 1,776
Prepaid expenses 2,850 74
Advances and loans (25,084) (4,440)
Other assets (794) (1,187)
Accounts payable and other liabilities 1,308 2,071
Income tax receivable/payable 10,189 4,786
Accrued bonuses and other employee related expenses (33,990) (9,362)
Deferred compensation and commissions (65,384) (33,781)
Operating lease liabilities (5,031) (5,275)
Other liabilities (2,224) (1,626)
Net cash flows used in operating activities (67,535) (20,102)
Cash flows from investing activities    
Acquisition of businesses, net of cash received (12,500) 229
Purchases of marketable debt securities, available-for-sale (40,551) (81,264)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 61,970 85,065
Issuances of employee notes receivable (71) (40)
Payments received on employee notes receivable 18 250
Purchase of property and equipment (1,883) (1,099)
Net cash flows provided by investing activities 6,983 3,141
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (2,918) (1,733)
Principal payments on stock appreciation rights liability (1,761) (1,481)
Principal payments on contingent and deferred consideration (1,264) (1,302)
Net cash flows used in financing activities (5,943) (4,516)
Effect of currency exchange rate changes on cash and cash equivalents 50 33
Net (decrease) in cash and cash equivalents (66,445) (21,444)
Cash and cash equivalents at beginning of period 382,140 243,152
Cash and cash equivalents at end of period 315,695 221,708
Supplemental disclosures of cash flow information    
Interest paid during the period 499 697
Income taxes paid, net $ 464 $ 339