| Dec'19 | Dec'17 | |||||
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
173,024 | 83,648 | |||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||
Depreciation and amortization | ||||||
139,330 | 68,615 | |||||
Contingent consideration | ||||||
- | 58,520 | |||||
Stock-based compensation expense | ||||||
49,824 | - | |||||
Deferred taxes | ||||||
15,024 | -950 | |||||
Tax receivable agreement liability adjustment | ||||||
33,134 | - | |||||
(Increase) decrease in operating assets: | ||||||
Receivable from/payable to brokers and dealers and clearing organizations, net | ||||||
-3,188 | 2 | |||||
Deposits with clearing organizations | ||||||
-1,789 | -606 | |||||
Accounts receivable | ||||||
4,283 | -11,196 | |||||
Receivable from/payable to affiliates, net | ||||||
2,461 | 135 | |||||
Other assets | ||||||
5,648 | -4,719 | |||||
Increase (decrease) in operating liabilities: | ||||||
Accrued compensation | ||||||
-1,783 | 12,364 | |||||
Deferred revenue | ||||||
-3,905 | -12,555 | |||||
Accounts payable, accrued expenses and other liabilities | ||||||
-3,550 | -3,826 | |||||
Employee equity compensation payable | ||||||
-16,412 | 2,380 | |||||
Net cash used in operating activities | ||||||
311,003 | 224,580 | |||||
Cash flows from investing activities | ||||||
Purchase of furniture, equipment, software and leasehold improvements | ||||||
15,781 | 13,461 | |||||
Capitalized software development costs | ||||||
28,681 | 27,157 | |||||
Business acquisitions | ||||||
- | -66 | |||||
Purchase of investments | ||||||
- | 5,000 | |||||
Net cash used in investing activities | ||||||
-44,462 | -45,552 | |||||
Cash flows from financing activities | ||||||
Mezzanine capital contributions | ||||||
- | 82 | |||||
Mezzanine capital distributions | ||||||
- | 1,543 | |||||
Pre-IPO capital distributions | ||||||
120,000 | 152,000 | |||||
Proceeds from stock-based compensation exercises | ||||||
1,161,270 | - | |||||
Purchase of LLC Interests and Class A common stock in connection with the IPO | ||||||
1,161,270 | - | |||||
Proceeds from issuance of Class A common stock in the follow-on offering | ||||||
809,954 | - | |||||
Purchase of LLC Interests and Class A common stock in connection with the follow-on offering | ||||||
809,954 | - | |||||
Offering costs from follow-on offering | ||||||
14,943 | - | |||||
Dividends | ||||||
35,936 | - | |||||
Capital distributions to non-controlling interests | ||||||
38,346 | - | |||||
Payroll taxes paid for stock-based compensation exercises | ||||||
8,917 | - | |||||
Net cash used in financing activities | ||||||
-218,142 | -153,461 | |||||
Effect of exchange rate changes on cash and cash equivalents | ||||||
2,008 | 3,157 | |||||
Net decrease in cash and cash equivalents | ||||||
50,407 | 28,724 | |||||
Supplemental disclosure of cash flow information | ||||||
Interest paid | ||||||
- | 455 | |||||
Income taxes paid | ||||||
43,842 | 6,312 | |||||
Non-cash financing activities - Items arising from LLC Interest ownership changes | ||||||
Deferred tax asset | ||||||
15,024 | -950 | |||||
Conversion of convertible term note payable to Thomson Reuters to Class A Shares | ||||||
- | 29,285 | |||||
Refinitiv Transaction | ||||||
Deferred taxes | ||||||
269,569 | - | |||||
Establishment of liabilities under tax receivable agreement | ||||||
273,951 | - | |||||
Deferred tax asset | ||||||
269,569 | - | |||||