| Segment information |
Segment information for the three months ended March 31, 2014 and 2013 was as follows:
|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Independent
Brokerage and
Advisory Services
|
|
Ladenburg |
|
Corporate |
|
Total |
2014 |
|
|
|
|
|
|
|
Revenues |
$ |
188,402 |
|
|
$ |
23,337 |
|
|
$ |
79 |
|
|
$ |
211,818 |
|
Pre-tax income (loss) |
2,066 |
|
|
6,364 |
|
|
(3,573 |
) |
(1) |
4,857 |
|
EBITDA, as adjusted(2)
|
10,461 |
|
|
6,655 |
|
|
(2,543 |
) |
|
14,573 |
|
Identifiable assets |
311,182 |
|
|
49,612 |
|
|
7,633 |
|
|
368,427 |
|
Depreciation and amortization |
3,700 |
|
|
138 |
|
|
— |
|
|
3,838 |
|
Interest |
1,573 |
|
|
3 |
|
|
317 |
|
|
1,893 |
|
Capital expenditures |
1,448 |
|
|
442 |
|
|
147 |
|
|
2,037 |
|
Non-cash compensation |
1,079 |
|
|
153 |
|
|
695 |
|
|
1,927 |
|
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
Revenues |
$ |
169,836 |
|
|
$ |
17,400 |
|
|
$ |
69 |
|
|
$ |
187,305 |
|
Pre-tax income (loss)(2)
|
1,005 |
|
|
3,839 |
|
|
(4,198 |
) |
(1) |
646 |
|
EBITDA, as adjusted(2)(3)
|
12,072 |
|
|
4,204 |
|
|
(2,315 |
) |
|
13,961 |
|
Identifiable assets |
313,635 |
|
|
23,855 |
|
|
2,556 |
|
|
340,046 |
|
Depreciation and amortization |
3,684 |
|
|
206 |
|
|
17 |
|
|
3,907 |
|
Interest |
4,956 |
|
|
3 |
|
|
1,277 |
|
|
6,236 |
|
Capital expenditures |
830 |
|
|
82 |
|
|
— |
|
|
912 |
|
Non-cash compensation |
668 |
|
|
156 |
|
|
589 |
|
|
1,413 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses. |
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|
(2) |
Management fees paid by the Company's operating segments to the Company have been reclassified within segments to conform to the current period’s presentation. |
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|
(3) |
The following table reconciles EBITDA, as adjusted, to pre-tax income for the three months ended March 31, 2014 and 2013: |
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|
|
|
|
|
|
|
Three months ended March 31. |
EBITDA, as adjusted |
2014 |
|
2013 |
Independent Brokerage and Advisory Services |
$ |
10,461 |
|
|
$ |
12,072 |
|
Ladenburg |
6,655 |
|
|
4,204 |
|
Corporate |
(2,543 |
) |
|
(2,315 |
) |
Total Segments |
14,573 |
|
|
13,961 |
|
|
|
|
|
Adjustments: |
|
|
|
Interest Income |
53 |
|
|
39 |
|
Change in fair value of contingent consideration |
12 |
|
|
23 |
|
Loss on extinguishment of debt |
(314 |
) |
|
— |
|
Interest expense |
(1,893 |
) |
|
(6,236 |
) |
Depreciation and amortization |
(3,838 |
) |
|
(3,907 |
) |
Non-cash compensation expense |
(1,927 |
) |
|
(1,413 |
) |
Amortization of retention loans |
(1,788 |
) |
|
(1,808 |
) |
Net loss attributable to noncontrolling interest |
(21 |
) |
|
(13 |
) |
Pre-tax income |
$ |
4,857 |
|
|
$ |
646 |
|
|
| Schedule of reconciliation of EBITDA |
The following table reconciles EBITDA, as adjusted, to pre-tax income for the three months ended March 31, 2014 and 2013:
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|
|
|
|
|
|
|
|
Three months ended March 31. |
EBITDA, as adjusted |
2014 |
|
2013 |
Independent Brokerage and Advisory Services |
$ |
10,461 |
|
|
$ |
12,072 |
|
Ladenburg |
6,655 |
|
|
4,204 |
|
Corporate |
(2,543 |
) |
|
(2,315 |
) |
Total Segments |
14,573 |
|
|
13,961 |
|
|
|
|
|
Adjustments: |
|
|
|
Interest Income |
53 |
|
|
39 |
|
Change in fair value of contingent consideration |
12 |
|
|
23 |
|
Loss on extinguishment of debt |
(314 |
) |
|
— |
|
Interest expense |
(1,893 |
) |
|
(6,236 |
) |
Depreciation and amortization |
(3,838 |
) |
|
(3,907 |
) |
Non-cash compensation expense |
(1,927 |
) |
|
(1,413 |
) |
Amortization of retention loans |
(1,788 |
) |
|
(1,808 |
) |
Net loss attributable to noncontrolling interest |
(21 |
) |
|
(13 |
) |
Pre-tax income |
$ |
4,857 |
|
|
$ |
646 |
|
|