v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 168,305 $ 143,382
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 62,699 49,337
Stock-based compensation expense 22,187 16,402
Deferred taxes 9,610 8,118
Other (income) loss, net (4,221) 0
(Increase) decrease in operating assets:    
Receivable from/payable to brokers and dealers and clearing organizations, net (30,972) (155)
Deposits with clearing organizations (47,246) (77,811)
Accounts receivable (46,632) (24,657)
Receivable and due from affiliates/payable and due to affiliates, net 6,604 (3,493)
Deferred tax asset as a result of transferable tax credit purchase 17,646 0
Other assets (18,909) 1,477
Increase (decrease) in operating liabilities:    
Securities sold under agreements to repurchase 0 (21,612)
Accrued compensation (121,644) (85,330)
Deferred revenue 16,064 1,538
Accounts payable, accrued expenses and other liabilities 26,716 30,718
Net cash provided by operating activities 60,207 37,914
Cash flows from investing activities    
Cash paid for acquisitions, net of cash acquired 0 (89,224)
Cash paid for investments 0 (500)
Purchases of furniture, equipment, software and leasehold improvements (1,645) (6,589)
Capitalized software development costs (13,172) (10,678)
Net cash used in investing activities (14,817) (106,991)
Cash flows from financing activities    
Share repurchases pursuant to share repurchase programs (844) 0
Proceeds from stock-based compensation exercises 0 2,807
Dividends (25,573) (21,286)
Distributions to non-controlling interests (7,416) (6,095)
Payroll taxes paid for stock-based compensation (46,127) (40,653)
Payments on tax receivable agreement liability (3,066) (25,543)
Net cash used in financing activities (83,026) (90,770)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,789 (1,740)
Net increase (decrease) in cash, cash equivalents and restricted cash (33,847) (161,587)
Cash, cash equivalents and restricted cash    
Beginning of period 1,341,302 1,707,468
End of period 1,307,455 1,545,881
Supplemental disclosure of cash flow information    
Income taxes paid, net of (refunds) 11,863 4,453
Cash paid for interest 1,385 1,242
Non-cash investing and financing activities    
Issuance of common stock for business acquisitions 0 36,692
Furniture, equipment, software and leasehold improvement additions included in accounts payable 964 605
Withholding taxes payable relating to stock-based compensation settlements included in accrued compensation 1,595 3,356
Reconciliation of cash, cash equivalents and restricted cash as shown on the statements of financial condition:    
Cash and cash equivalents 1,306,455  
Restricted cash 1,000  
Cash, cash equivalents and restricted cash shown in the statement of cash flows 1,307,455 1,545,881
Adjusted For Refinitiv Transaction    
Non-cash investing and financing activities    
Establishment of liabilities under tax receivable agreement 0 0
Deferred tax asset $ 28,830 $ 18,356