v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income $ 138,409 $ 68,523
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization of fixed assets 9,619 8,294
Deferred income taxes 9,022 22,700
Stock-based compensation 56,788 52,425
Amortization of intangible assets 4,115 4,223
Amortization of forgivable loans 14,578 10,359
Decrease/(increase) in operating assets:    
Receivables from brokers, dealers and clearing organizations (151,663) 7,712
Net financial instruments and other inventory positions owned (23,783) (76,104)
Investments 15,280 16,768
Other assets (74,039) (40,779)
Increase/(decrease) in operating liabilities:    
Payables to brokers, dealers and clearing organizations (20,358) 269
Accrued compensation (261,149) (239,052)
Other liabilities and accrued expenses 27,716 (10,419)
Net cash used in operating activities (255,465) (175,081)
Investing Activities    
Business acquisitions, net of cash acquired (1,152) 0
Purchases of fixed assets, net (9,943) (25,364)
Net cash used in investing activities (11,095) (25,364)
Financing Activities    
Net change in short-term financing 0 5,000
Payment of cash dividends (114,564) (87,348)
Increase/(decrease) in noncontrolling interests (22,433) 20,152
Repurchase of common stock (100,856) (101,518)
Proceeds from stock option exercises 519 1,485
Net cash used in financing activities (237,334) (162,229)
Currency adjustment:    
Effect of exchange rate changes on cash (1,290) 3,163
Net decrease in cash and cash equivalents (505,184) (359,511)
Cash and cash equivalents at beginning of year 809,415 482,834
Cash and cash equivalents at end of year $ 304,231 $ 123,323