| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities: | |||||||||||
Net income/(loss) | |||||||||||
118,174 | 55,830 | -59,552 | -13,746 | 58,482 | 74,325 | 50,484 | 43,734 | -100,557 | 23,930 | 30,429 | -182,975 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization of fixed assets | |||||||||||
9,360 | 8,358 | 7,252 | 6,410 | 5,058 | 5,269 | 5,714 | 7,005 | 7,338 | 7,204 | 7,214 | 8,952 |
Deferred income taxes | |||||||||||
-11,323 | 652 | 3,372 | 31,023 | 20,959 | 10,843 | 2,630 | -11,458 | 17,100 | 17,878 | 7,362 | -5,824 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | |||||||||||
33,026 | 0 | 0 | - | - | - | -1,876 | 0 | 0 | - | - | - |
Loss on disposal of fixed assets | |||||||||||
- | - | - | - | - | - | - | -1,624 | 0 | 0 | - | - |
Stock-based compensation | |||||||||||
32,003 | 44,285 | 39,831 | 55,977 | 48,754 | 28,764 | 21,598 | 20,641 | 22,803 | 31,268 | 41,212 | 21,331 |
Goodwill impairment | |||||||||||
0 | 0 | 114,363 | 82,900 | 0 | 0 | - | 5,508 | 120,298 | 0 | - | 130,500 |
Amortization of intangible assets | |||||||||||
9,763 | 10,460 | 15,400 | 21,214 | 7,662 | 9,272 | 7,993 | 7,669 | 8,276 | 7,546 | 2,456 | 2,621 |
Amortization of forgivable loans | |||||||||||
4,639 | 5,138 | 6,740 | 8,785 | 6,377 | 5,316 | 6,300 | 8,057 | 8,365 | 7,679 | 5,272 | 7,022 |
Decrease/(increase) in operating assets: | |||||||||||
Cash and cash equivalents segregated for regulatory purposes | |||||||||||
- | - | - | - | 56,011 | -18,001 | 12,005 | 5,999 | -1,998 | 18,000 | -10,999 | -20,005 |
Receivables: | |||||||||||
Customers | |||||||||||
0 | 0 | -31,917 | -9,272 | 31,509 | -1,975 | -2,162 | -10,395 | -18,706 | -28,885 | 34,705 | -87,231 |
Receivables from brokers, dealers and clearing organizations | |||||||||||
46,207 | 89,884 | -67,336 | 64,781 | -13,060 | 33,896 | -21,004 | 23,452 | -66,655 | -73,263 | 111,622 | 32,622 |
Securities purchased under agreements to resell | |||||||||||
0 | 0 | -159,697 | 24,591 | -171,182 | 140,290 | 22,442 | -14,713 | -98,851 | 109,315 | 84,445 | 12,306 |
Securitized municipal tender option bonds | |||||||||||
- | - | - | - | - | - | - | - | - | - | -84,586 | 35,060 |
Net financial instruments and other inventory positions owned | |||||||||||
4,542 | -534,355 | 224,536 | 7,835 | -126,458 | 27,042 | -4,685 | 360,317 | -14,326 | 44,200 | 114,470 | -216,670 |
Investments | |||||||||||
6,255 | -24,109 | 8,418 | 10,881 | 38,558 | 14,797 | 26,271 | 17,444 | 8,239 | 19,501 | 2,006 | 6,493 |
Other assets | |||||||||||
-117 | 3,758 | -3,937 | 20,992 | -3,602 | -3,785 | 3,727 | 15,362 | -6,779 | 7,819 | -34,634 | 26,895 |
Increase/(decrease) in operating liabilities: | |||||||||||
Payables: | |||||||||||
Customers | |||||||||||
0 | 0 | -29,352 | -8,012 | 24,036 | -19,781 | -8,898 | 12,592 | -22,826 | 3,690 | 14,005 | -57,171 |
Payables to brokers, dealers and clearing organizations | |||||||||||
-1,143 | -10,735 | -21,450 | -7,289 | 22,567 | -2,158 | -33,559 | 24,720 | 19,466 | -27,607 | 38,324 | -17,396 |
Securities sold under agreements to repurchase | |||||||||||
0 | 0 | -15,046 | -1,127 | 18,050 | 0 | 0 | - | -8,581 | -7,718 | 12,683 | -1,372 |
Tender option bond trust certificates | |||||||||||
- | - | - | - | - | - | - | - | - | - | -87,982 | 39,463 |
Accrued compensation | |||||||||||
-29,277 | -60,191 | 110,190 | 30,396 | 2,178 | 67,247 | 32,233 | 23,424 | -27,225 | -4,124 | 47,117 | -46,959 |
Other liabilities and accrued expenses | |||||||||||
-10,117 | -7,915 | 6,650 | -27,902 | 19,095 | -15,216 | -2,354 | 18,945 | -38,685 | 7,833 | -17,011 | -6,594 |
Increase in assets held for sale | |||||||||||
-20,901 | -1,882 | -2,690 | - | - | - | - | -435 | -438 | -2,795 | - | - |
Decrease in liabilities held for sale | |||||||||||
7,915 | 1,487 | 1,276 | - | - | - | - | -128 | 47 | 41 | - | - |
Net cash provided by operating activities | |||||||||||
67,798 | 509,795 | 203,001 | -3,225 | 379,524 | -50,069 | 42,163 | -211,782 | 205,333 | -26,272 | -115,948 | 62,118 |
Investing Activities: | |||||||||||
Business acquisitions, net of cash acquired | |||||||||||
19,674 | 0 | 0 | 72,709 | 11,739 | 0 | 24,726 | 0 | 56 | 186,853 | - | 6,278 |
Proceeds from Divestiture of Businesses | |||||||||||
52,881 | 0 | 0 | - | 1,500 | 2,000 | 250 | 0 | - | - | - | - |
Purchases of fixed assets, net | |||||||||||
6,516 | 15,804 | 7,994 | 11,017 | 5,914 | 7,387 | 5,476 | 2,131 | 7,648 | 11,747 | 3,652 | 2,390 |
Sale of FAMCO | |||||||||||
- | - | - | - | - | - | - | - | 0 | - | - | - |
Net cash used in investing activities | |||||||||||
26,691 | -15,804 | -7,994 | -83,726 | -16,153 | -5,387 | -29,952 | -2,131 | -7,704 | -198,600 | -3,652 | -8,668 |
Financing Activities: | |||||||||||
Increase in short-term financing | |||||||||||
25 | -239,984 | -128,895 | -27,358 | 68,423 | -136,944 | 37,697 | 308,313 | -29,940 | 103,231 | 81,079 | 9,000 |
Issuance of senior notes | |||||||||||
175,000 | 0 | 0 | - | 125,000 | 50,000 | 0 | 125,000 | - | - | - | - |
Repayment of senior notes | |||||||||||
0 | 125,000 | 50,000 | 0 | 75,000 | 50,000 | 0 | 0 | - | - | - | - |
Decrease in bank syndicated financing | |||||||||||
- | - | - | - | - | - | - | 115,000 | -10,000 | 121,703 | - | - |
Issuance/(repayment) of variable rate senior notes | |||||||||||
- | - | - | - | - | - | - | - | 0 | -120,000 | 120,000 | - |
Decrease in securities loaned | |||||||||||
- | - | - | - | - | - | - | - | - | -25,988 | 25,988 | - |
Decrease in securities sold under agreements to repurchase | |||||||||||
- | - | - | -27,269 | -75,377 | 98,249 | -45,603 | -59,080 | -122,219 | 211,464 | -82,921 | -139,458 |
Payment of cash dividend | |||||||||||
35,594 | 47,157 | 18,947 | 0 | 0 | - | - | - | - | - | - | - |
Decrease in noncontrolling interests | |||||||||||
15,810 | 6,275 | -11,500 | 9,064 | -106,794 | -9,001 | 85,119 | 22,208 | 25,957 | 1,518 | -620 | - |
Payments for Repurchase of Common Stock | |||||||||||
50,584 | 70,903 | 25,481 | 70,859 | 132,925 | 10,854 | 71,462 | 47,164 | 26,529 | 57,819 | 28,499 | 23,834 |
Excess tax benefit from stock-based compensation | |||||||||||
- | - | - | 304 | 5,858 | 1,081 | 47 | 0 | 0 | - | -2,941 | 786 |
Proceeds from stock option exercises | |||||||||||
0 | 0 | 1,703 | 4,557 | 1,856 | 5,452 | 0 | 0 | 40 | 98 | 1,206 | 36 |
Net cash provided by/(used in) financing activities | |||||||||||
104,657 | -476,769 | -233,120 | -111,561 | -188,959 | -52,017 | 5,798 | 234,277 | -162,691 | 234,207 | 113,292 | -153,470 |
Currency adjustment: | |||||||||||
Net decrease in cash and cash equivalents | |||||||||||
199,654 | 16,571 | -36,581 | -200,558 | 174,043 | -107,816 | 18,312 | 20,347 | 34,808 | 9,173 | -5,906 | -100,500 |
Effect of exchange rate changes on cash | |||||||||||
508 | -651 | 1,532 | -2,046 | -369 | -343 | 303 | -17 | -130 | -162 | 402 | -480 |
Supplemental disclosure of cash flow information: | |||||||||||
Interest | |||||||||||
12,038 | 17,129 | 19,917 | 23,171 | 24,668 | 25,345 | 23,487 | 19,357 | 25,700 | 35,620 | 10,394 | 20,989 |
Income taxes | |||||||||||
9,581 | 17,134 | 31,895 | 27,298 | 31,950 | 58,599 | 745 | -4,961 | 14,982 | 5,388 | -15,233 | -4,778 |
Non-cash investing and financing activities | |||||||||||
25,525 shares for the nine months ended September 30, 2016 | |||||||||||
- | - | - | - | - | 0 | - | - | - | - | - | - |
103,598 shares for the year ended December 31, 2014 | |||||||||||
- | - | - | - | - | 4,156 | 3,939 | 3,814 | - | - | - | - |
Issuance of common stock for retirement plan obligations: 103,598 shares and 96,049 shares for the nine months ended September 30, 2014 and 2013, respectively | |||||||||||
- | - | - | - | - | - | - | - | 3,814 | 3,634 | 3,756 | 3,704 |
Issuance of restricted common stock for acquisition of Advisory Research, Inc, 893,105 shares for the year ended December 31, 2010 | |||||||||||
- | - | - | - | - | - | - | - | - | 31,822 | - | - |
198,981 shares and 843,889 shares for the nine months ended September 30, 2017 and 2016, respectively | |||||||||||
- | - | - | - | - | 16,131 | 17,699 | 11,244 | 25,095 | 31,121 | 16,331 | 50,859 |