| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash Flows from Operating Activities: | ||||||||||
Net income (loss) | ||||||||||
691 | -39,440 | -25,918 | 91,570 | 50,892 | 31,085 | -247,859 | -179,789 | 23,980 | 42,834 | 114,642 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||
Gain on sale of investment research operations | ||||||||||
- | - | 21 | - | - | - | - | - | - | - | - |
Depreciation and amortization | ||||||||||
43,860 | 45,153 | 43,523 | 44,151 | 49,384 | 53,606 | 56,493 | 59,057 | 62,373 | 60,746 | 54,180 |
Deferred income tax expense (benefit) | ||||||||||
570 | 33,826 | -15,755 | 12,912 | -4,979 | 3,051 | -27,156 | -32,593 | -4,315 | 8,501 | 12,603 |
Loss on securities owned | ||||||||||
- | - | - | - | - | - | - | - | - | - | -1,519 |
Provision for doubtful accounts | ||||||||||
593 | 375 | 67 | 496 | -801 | -405 | 1,401 | 203 | 178 | -1,689 | 697 |
Non-cash share-based compensation | ||||||||||
29,762 | 20,238 | 25,620 | 16,667 | 15,359 | 13,539 | 15,628 | 20,156 | 18,006 | 15,983 | 10,399 |
Leasehold asset write-off | ||||||||||
1,444 | 7,492 | - | - | - | - | - | - | - | - | - |
Other intangible asset impairment | ||||||||||
- | 325 | - | - | - | - | - | - | - | - | - |
Gain on investment in joint venture | ||||||||||
608 | - | - | 107,699 | - | - | - | - | - | - | - |
Fixed asset disposal | ||||||||||
- | - | - | - | - | -649 | - | - | - | - | - |
Capitalized software write-off | ||||||||||
- | - | - | - | - | - | - | - | -6,091 | - | - |
Non-cash restructuring charges, net | ||||||||||
- | - | - | - | - | 357 | 548 | 2,480 | 1,461 | 5,536 | - |
Goodwill and other asset impairment | ||||||||||
- | - | - | - | - | 101 | 274,285 | 229,317 | 5,375 | - | - |
Changes in operating assets and liabilities: | ||||||||||
Cash restricted or segregated under regulations and other | ||||||||||
- | - | - | -55 | 616 | 9,491 | -11,700 | 2,625 | -25,843 | 18,479 | 5,676 |
Deposits with clearing organizations | ||||||||||
20,047 | -8,661 | -1,420 | 1,113 | -38,347 | 45,622 | 3,611 | 11,303 | -656 | -28,350 | -4,405 |
Securities owned, at fair value | ||||||||||
-1,248 | -1,004 | -3,048 | -5,973 | 5,489 | -2,445 | 4,689 | -18,403 | 18,058 | 363 | -43 |
Receivables from brokers, dealers and clearing organizations | ||||||||||
97,543 | 26,701 | -871,317 | 404,818 | -211,491 | -43,612 | 163,605 | 6,671 | 503,140 | 11,099 | -169,228 |
Receivables from customers | ||||||||||
162,725 | 11,832 | 11,738 | -53,909 | 37,238 | 63,376 | -4,261 | -134,913 | 290,031 | -26,807 | -304,609 |
Accounts payable and accrued expenses | ||||||||||
49,565 | -11,292 | 13,034 | -18,978 | 27,389 | 9,936 | -22,905 | -18,079 | -31,995 | -15,865 | 37,199 |
Payables to brokers, dealers and clearing organizations | ||||||||||
224,821 | 7,658 | -853,923 | 366,462 | -203,805 | -48,338 | 125,919 | -59,605 | 889,457 | 1,513 | -211,586 |
Payables to customers | ||||||||||
14,865 | 7,907 | 2,681 | -775 | -5,075 | 42,828 | 862 | -64,592 | -37,698 | -18,082 | -108,642 |
Securities sold, not yet purchased, at fair value | ||||||||||
5 | -247 | -2,397 | -5,102 | 6,162 | -2,086 | 4,695 | -18,915 | 18,347 | -2,452 | 1,631 |
Income taxes receivable/payable | ||||||||||
1,706 | 2,892 | -11,889 | 1,710 | 6,194 | 12,148 | -1,459 | -6,053 | 10,446 | -24,823 | 3,120 |
Excess tax benefit from share-based payment arrangements | ||||||||||
- | - | 880 | 2,982 | 1,278 | 510 | - | - | - | 274 | 2,787 |
Other, net | ||||||||||
19,890 | 339 | 59 | 3,692 | 3,397 | -1,663 | -2,284 | -2,755 | 867 | -290 | 5,722 |
Investment in unconsolidated affiliates | ||||||||||
- | - | - | - | 2,669 | 474 | - | - | - | - | - |
Acquisition of subsidiaries, net of acquired cash | ||||||||||
- | - | - | - | 18,293 | - | - | - | - | - | - |
Acquisition of subsidiaries and minority interests, net of cash acquired | ||||||||||
- | - | - | - | - | - | - | - | - | 450 | - |
Net cash provided by operating activities | ||||||||||
68,317 | 45,680 | 38,130 | 48,746 | 142,540 | 45,192 | 26,792 | 67,059 | 176,109 | 97,434 | 379,862 |
Proceeds from sale of investment research operations, net of deal costs | ||||||||||
- | - | 6,125 | 111,240 | - | - | - | - | - | - | - |
Investment in joint ventures | ||||||||||
612 | - | - | - | - | - | - | - | - | - | - |
Acquisition of subsidiaries and minority interests, net of cash acquired | ||||||||||
- | - | - | - | - | - | - | 36,185 | 48,926 | 1,937 | 5,714 |
Capital purchases | ||||||||||
13,801 | 19,402 | 21,315 | 11,905 | 13,798 | 33,549 | 33,424 | 22,857 | 19,280 | 15,231 | 26,206 |
Capitalization of software development costs | ||||||||||
27,587 | 27,782 | 24,617 | 26,003 | 26,331 | -22,579 | -24,635 | -29,061 | -33,897 | -42,841 | -40,956 |
Proceeds of short-term bank loans, net | ||||||||||
- | - | - | - | - | 51,385 | 20,548 | 1,606 | - | - | - |
Proceeds from sales-lease back transactions | ||||||||||
- | - | - | - | - | 20,565 | 1,855 | 2,571 | - | - | - |
Proceeds from interim funding facility | ||||||||||
- | - | - | - | - | - | 605 | - | - | - | - |
Net cash used in investing activities | ||||||||||
-42,000 | -47,184 | -39,807 | 73,332 | -61,091 | -56,602 | -58,059 | -86,008 | -102,103 | -60,459 | -70,061 |
Cash Flows from Financing Activities: | ||||||||||
Proceeds from sale of investments | ||||||||||
- | - | - | - | - | - | - | 2,095 | - | - | 2,815 |
Repayments of long term debt | ||||||||||
1,137 | 3,963 | 6,200 | 8,820 | 12,551 | 9,505 | 7,185 | 4,043 | 46,900 | 47,600 | 38,000 |
Proceeds from (repayments of) borrowing under short-term bank loans | ||||||||||
-18,628 | 29,272 | -9,784 | 3,573 | 4,821 | - | - | - | - | - | - |
Debt issuance costs | ||||||||||
751 | 762 | 810 | - | 1,200 | - | - | 2,908 | - | - | - |
Proceeds of short-term bank loans | ||||||||||
- | - | - | - | - | - | - | - | - | 24,900 | 76,500 |
Proceeds from term loans | ||||||||||
- | - | - | - | - | - | - | 25,469 | - | - | - |
Excess tax benefit from share-based payment arrangements | ||||||||||
- | - | 880 | 2,982 | 1,278 | 510 | - | - | - | 274 | 2,787 |
Common stock issued | ||||||||||
2,397 | 1,376 | 3,743 | 1,742 | 96 | 177 | 2,674 | 9,753 | 10,896 | 10,934 | 7,496 |
Common stock repurchased | ||||||||||
5,814 | 16,933 | 22,112 | 42,046 | 48,165 | 28,169 | 23,457 | 38,928 | 50,284 | - | 23,020 |
Dividends paid | ||||||||||
9,165 | 9,156 | 9,124 | 7,030 | - | - | - | - | - | - | - |
Shares withheld for net settlements of share-based awards | ||||||||||
11,011 | 10,779 | 6,795 | 8,978 | 6,231 | 4,532 | 2,817 | 5,984 | 4,095 | - | - |
Net cash used in financing activities | ||||||||||
-44,109 | -10,945 | -50,202 | -58,577 | -61,952 | 30,431 | -7,777 | -12,464 | -90,383 | -63,944 | -130,416 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||||||||||
-6,813 | 170 | 1,704 | -8,058 | -6,184 | -2,999 | 731 | -1,409 | 2,508 | 4,888 | -10,182 |
Net decrease in cash, cash equivalents and restricted cash | ||||||||||
-24,605 | -12,279 | -50,175 | 55,443 | 13,313 | 16,022 | -38,313 | -32,822 | -13,869 | -22,081 | 169,203 |
Shares withheld for net settlements of share-based awards | ||||||||||
- | - | - | - | - | - | - | - | - | 2,652 | 3,179 |
Supplemental cash flow information: | ||||||||||
Interest paid | ||||||||||
4,734 | 4,960 | 6,116 | 3,607 | 3,979 | 3,343 | 2,673 | 2,453 | 1,343 | 6,478 | 11,117 |
Income taxes paid, net | ||||||||||
6,991 | 10,515 | 9,880 | 15,098 | 11,909 | -4,079 | 5,495 | 15,508 | 19,345 | 51,930 | 62,808 |
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||
Investment in joint venture | ||||||||||
1,393 | - | - | - | - | - | - | - | - | - | - |
Capital expenditures funded by financing from seller | ||||||||||
- | 400 | - | 3,606 | - | - | - | - | - | - | - |
Majestic acquisition replacement awards | ||||||||||
- | - | - | - | - | - | - | - | 2,994 | - | - |