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
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (20,910) $ (23,802)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 11,301 10,312
Non-cash lease expense 16,855 18,824
Credit loss expense 379 660
Stock-based compensation 17,755 15,808
Deferred taxes, net (3,613) (4,915)
Unrealized foreign exchange losses 3 13
Net realized losses on marketable debt securities, available-for-sale 0 23
Other non-cash items (9) (546)
Changes in operating assets and liabilities:    
Commissions receivable (3,210) (6,335)
Prepaid expenses 1,115 2,955
Advances and loans (12,102) (9,339)
Other assets (5,444) (5,371)
Accounts payable and accrued expenses 4,449 (1,872)
Income tax receivable (445) (722)
Accrued bonuses and other employee related expenses (2,104) (22,970)
Deferred compensation and commissions (25,777) (47,135)
Operating lease liabilities (14,220) (13,445)
Other liabilities 1,036 743
Net cash used in operating activities (34,941) (87,114)
Cash flows from investing activities    
Purchases of marketable debt securities, available-for-sale (108,203) (175,985)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 169,849 312,493
Issuances of employee notes receivable 0 (120)
Payments received on employee notes receivable 5 34
Purchase of property and equipment (6,344) (7,689)
Net cash provided by investing activities 55,307 128,733
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (5,753) (4,354)
Proceeds from issuance of shares pursuant to employee stock purchase plan 424 392
Dividends paid (10,487) (10,439)
Principal payments on stock appreciation rights liability (1,976) (1,945)
Principal payments on deferred and contingent consideration 0 (2,044)
Cash paid for stock repurchases (554) (34,928)
Net cash used in financing activities (18,346) (53,318)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash (56) 0
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,964 (11,699)
Cash, cash equivalents, and restricted cash at beginning of period 170,753 235,873
Cash, cash equivalents, and restricted cash at end of period 172,717 224,174
Supplemental cash flow disclosures:    
Interest paid during the period 569 423
Income taxes paid, net 444 722
Supplemental disclosures of non-cash investing and financing activities:    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 25 16
Unpaid purchases of property and equipment 313 259
Right-of-use assets obtained in exchange for operating lease liabilities 11,374 27,669
Issuance of common stock for stock settled deferred consideration 833 1,833
Dividend payable $ 10,586 $ 10,555