Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash, cash equivalents, and restricted cash (restricted cash of $11,488 and $11,253 at March 31, 2026 and December 31, 2025, respectively) $ 136,509 $ 161,921
Commissions receivable 12,750 14,851
Prepaid expenses 9,908 10,424
Income tax receivable 802 1,962
Marketable debt securities, available-for-sale (amortized cost of $56,560 and $90,557 at March 31, 2026 and December 31, 2025, respectively, and $0 allowance for credit losses) 56,527 90,564
Advances and loans, net 14,406 15,299
Other assets, current 14,200 14,189
Total current assets 245,102 309,210
Property and equipment, net 24,403 23,877
Operating lease right-of-use assets, net 70,818 74,333
Marketable debt securities, available-for-sale (amortized cost of $142,322 and $145,570 at March 31, 2026 and December 31, 2025, respectively, and $0 allowance for credit losses) 141,512 145,701
Assets held in rabbi trust 13,165 13,476
Deferred tax assets, net 44,035 44,586
Goodwill and other intangible assets, net 41,172 41,662
Advances and loans, net 146,743 147,215
Other assets, non-current 28,013 27,120
Total assets 754,963 827,180
Current liabilities:    
Accounts payable and accrued expenses 11,241 11,021
Deferred compensation and commissions 33,707 57,463
Operating lease liabilities 18,320 18,796
Accrued bonuses and other employee related expenses 10,985 23,856
Other liabilities, current 18,275 10,311
Total current liabilities 92,528 121,447
Deferred compensation and commissions 29,371 35,416
Operating lease liabilities 56,714 59,459
Other liabilities, non-current 7,297 7,755
Total liabilities 185,910 224,077
Commitments and contingencies 0 0
Stockholders’ equity:    
Preferred stock 0 0
Common stock 4 4
Additional paid-in capital 196,296 192,945
Retained earnings 373,270 409,753
Accumulated other comprehensive (loss) income (517) 401
Total stockholders’ equity 569,053 603,103
Total liabilities and stockholders’ equity $ 754,963 $ 827,180