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 ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net (loss) income $ (23,802,000) $ 96,313,000
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 10,312,000 10,167,000
Non-cash lease expense 18,824,000 17,840,000
Credit loss expense (recovery) 660,000 0
Stock-based compensation 15,808,000 12,675,000
Deferred taxes, net (4,915,000) (2,256,000)
Unrealized foreign exchange losses (gains) 13,000 1,600,000
Net realized losses (gains) on marketable debt securities, available-for-sale 23,000 (87,000)
Other non-cash items (546,000) (1,459,000)
Changes in operating assets and liabilities:    
Commissions receivable (6,335,000) 4,891,000
Prepaid expenses 2,955,000 4,544,000
Advances and loans (9,339,000) (49,171,000)
Other assets (5,371,000) (4,472,000)
Accounts payable and accrued expenses (1,872,000) (4,942,000)
Income tax receivable and payable (722,000) (21,106,000)
Accrued bonuses and other employee related expenses (22,970,000) (15,239,000)
Deferred compensation and commissions (47,135,000) (45,481,000)
Operating lease liabilities (13,445,000) (14,598,000)
Other liabilities 743,000 (994,000)
Net cash used in operating activities (87,114,000) (11,775,000)
Cash flows from investing activities    
Acquisition of businesses, net of cash received 0 (12,500,000)
Purchases of marketable debt securities, available-for-sale (175,985,000) (276,708,000)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 312,493,000 266,481,000
Issuances of employee notes receivable (120,000) (71,000)
Payments received on employee notes receivable 34,000 71,000
Purchase of property and equipment (7,689,000) (8,564,000)
Net cash provided by (used in) investing activities 128,733,000 (31,291,000)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (4,354,000) (8,176,000)
Proceeds from issuance of shares pursuant to employee stock purchase plan 392,000 414,000
Dividends paid (10,439,000) (50,161,000)
Principal payments on stock appreciation rights liability (1,945,000) (1,761,000)
Principal payments on deferred and contingent consideration (2,044,000) (2,431,000)
Cash paid for stock repurchases (34,928,000) (5,659,000)
Net cash used in financing activities (53,318,000) (67,774,000)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 0 (436,000)
Net decrease in cash, cash equivalents, and restricted cash (11,699,000) (111,276,000)
Cash, cash equivalents, and restricted cash at beginning of period 235,873,000 382,140,000
Cash, cash equivalents, and restricted cash at end of period 224,174,000 270,864,000
Supplemental cash flow disclosures:    
Interest paid during the period 423,000 599,000
Income taxes paid, net 722,000 58,572,000
Supplemental disclosures of non-cash investing and financing activities:    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 16,000 0
Unpaid purchases of property and equipment 259,000 892,000
Right-of-use assets obtained in exchange for operating lease liabilities 27,669,000 20,799,000
Issuance of stock for the settlement of deferred consideration 1,833,000 1,417,000
Dividend payable $ 10,555,000 $ 12,412,000