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, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net (loss) income $ (5,833) $ 32,783
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 3,207 3,911
Noncash lease expense 6,003 5,961
Credit loss recovery (1) (167)
Stock-based compensation 5,011 3,856
Deferred taxes, net 3,529 1,104
Unrealized foreign exchange losses (gains) 65 (151)
Net realized gains on marketable debt securities, available-for-sale 0 (113)
Other non-cash items 52 11
Changes in operating assets and liabilities:    
Commissions receivable (1,318) 3,430
Prepaid expenses 671 2,850
Advances and loans (8,271) (25,084)
Other assets (2,961) (794)
Accounts payable and accrued expenses 2,390 1,308
Income tax receivable and payable (9,371) 10,189
Accrued bonuses and other employee related expenses (31,750) (33,990)
Deferred compensation and commissions (57,605) (65,384)
Operating lease liabilities (4,571) (5,031)
Other liabilities (454) (2,224)
Net cash used in operating activities (101,207) (67,535)
Cash flows from investing activities    
Acquisition of businesses, net of cash received 0 (12,500)
Purchases of marketable debt securities, available-for-sale (67,042) (40,551)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 187,258 61,970
Issuances of employee notes receivable (10) (71)
Payments received on employee notes receivable 13 18
Purchase of property and equipment (2,863) (1,883)
Net cash provided by investing activities 117,356 6,983
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (3,647) (2,918)
Dividends paid (441) 0
Principal payments on stock appreciation rights liability (1,945) (1,761)
Principal payments on deferred and contingent consideration (1,283) (1,264)
Cash paid for stock repurchases (16,699) 0
Net cash used in financing activities (24,015) (5,943)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 19 50
Net decrease in cash, cash equivalents, and restricted cash (7,847) (66,445)
Cash, cash equivalents, and restricted cash at beginning of period 235,873 382,140
Cash, cash equivalents, and restricted cash at end of period 228,026 315,695
Supplemental cash flow disclosures:    
Interest paid during the period 393 499
Income taxes paid, net 209 464
Supplemental disclosures of noncash investing and financing activities:    
Unpaid purchases of property and equipment 510 406
Right-of-use assets obtained in exchange for operating lease liabilities 25,910 7,771
Measurement period adjustment of acquisition related contingent consideration $ 0 $ 66