Quarterly report [Sections 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, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net loss $ (15,457) $ (15,525)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,002 6,751
Non-cash lease expense 10,687 11,060
Credit loss expense 504 205
Stock-based compensation 12,402 11,684
Deferred taxes, net (2,209) (2,646)
Unrealized foreign exchange (gains) losses (176) 35
Net realized gains on marketable debt securities, available-for-sale (8) 0
Other non-cash items 2,099 (480)
Changes in operating assets and liabilities:    
Commissions receivable 2,440 145
Prepaid expenses 1,574 970
Advances and loans 11,344 (17,716)
Other assets (889) (1,951)
Accounts payable and accrued expenses (2,933) 1,602
Income tax receivable (333) (425)
Accrued bonuses and other employee related expenses (9,507) (8,336)
Deferred compensation and commissions (35,418) (27,216)
Operating lease liabilities (10,133) (9,522)
Other liabilities (1,810) 1,195
Net cash used in operating activities (31,821) (50,170)
Cash flows from investing activities    
Purchases of marketable debt securities, available-for-sale (197,928) (68,507)
Proceeds from sales and maturities of marketable debt securities, available-for-sale 191,176 131,575
Issuances of employee notes receivable (100) 0
Payments received on employee notes receivable 0 5
Purchase of property and equipment (3,224) (4,296)
Net cash provided by (used in) investing activities (10,076) 58,777
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (4,976) (4,786)
Proceeds from issuance of shares pursuant to employee stock purchase plan 441 424
Dividends paid (10,577) (10,337)
Principal payments on stock appreciation rights liability (2,230) (1,976)
Principal payments on deferred and contingent consideration (1,118) 0
Cash paid for stock repurchases (7,398) (554)
Net cash used in financing activities (25,858) (17,229)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 264 (138)
Net decrease in cash, cash equivalents, and restricted cash (67,491) (8,760)
Cash, cash equivalents, and restricted cash at beginning of period 153,445 170,753
Cash, cash equivalents, and restricted cash at end of period 85,954 161,993
Supplemental cash flow disclosures:    
Interest paid during the period 455 559
Income taxes paid, net 380 425
Supplemental disclosures of non-cash investing and financing activities:    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 37 19
Unpaid purchases of property and equipment 415 645
Right-of-use assets obtained in exchange for operating lease liabilities 8,826 10,273
Issuance of common stock for stock settled deferred consideration 417 833
Dividend payable $ 449 $ 430