Quarterly report pursuant to Section 13 or 15(d)

Segment Information - Reconciliation of EBITDA (Details)

v2.4.0.8
Segment Information - Reconciliation of EBITDA (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Segment Reporting Information [Line Items]        
EBITDA, as adjusted $ 12,060 [1] $ 12,768 [1],[2] $ 39,970 [1] $ 37,635 [1],[2]
Interest income 59 55 195 145
Change in fair value of contingent consideration 0 0 12 (121)
Loss on extinguishment of debt 0 (446) (314) (4,200)
Interest expense (1,701) (2,283) (5,193) (13,395)
Depreciation and amortization (4,902) (3,776) (12,527) (11,553)
Non-cash compensation expense (3,679) (1,647) (7,689) (4,439)
Amortization of retention loans (1,538) (1,690) (5,108) (5,339)
Acquisition related expenses (850) 0 (1,308) 0
Net loss attributable to noncontrolling interest (20) (23) (62) (49)
Pre-tax income (loss) (571) 2,958 [2] 7,976 (1,316) [2]
Independent brokerage and advisory services
        
Segment Reporting Information [Line Items]        
EBITDA, as adjusted 10,369 [1] 12,592 [1],[2] 32,318 [1] 36,874 [1],[2],[3]
Interest expense (1,267) (1,906) (4,121) (10,830)
Depreciation and amortization (3,771) (3,550) (11,082) (10,880)
Non-cash compensation expense (2,640) (851) (4,913) (2,109)
Pre-tax income (loss) 1,186 4,199 [2] 6,927 3,726 [2]
Ladenburg
        
Segment Reporting Information [Line Items]        
EBITDA, as adjusted 3,734 [1] 2,654 [1],[2] 14,123 [1] 10,135 [1],[2],[3],[4]
Interest expense (11) (3) (18) (71)
Depreciation and amortization (176) (214) (486) (626)
Non-cash compensation expense (153) (163) (458) (486)
Pre-tax income (loss) 3,400 2,284 [2] 13,176 8,962 [2]
Wholesale insurance
        
Segment Reporting Information [Line Items]        
EBITDA, as adjusted 386 [1] 0 386 [1] 0
Interest expense (118)   (118)  
Depreciation and amortization (952)   (952)  
Non-cash compensation expense (58)   (58)  
Pre-tax income (loss) (742)   (742)  
Corporate
        
Segment Reporting Information [Line Items]        
EBITDA, as adjusted (2,429) [1] (2,478) [1],[2] (6,857) [1] (9,374) [1],[2],[3],[4]
Interest expense (305) (374) (936) (2,494)
Depreciation and amortization (3) (12) (7) (47)
Non-cash compensation expense (828) (633) (2,260) (1,844)
Pre-tax income (loss) $ (4,415) [3] $ (3,525) [2],[3] $ (11,385) [3] $ (14,004) [2],[3],[4]
[1] (7) The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three and nine months ended September 30, 2014 and 2013: Three months ended September 30, Nine months ended September 30, EBITDA, as adjusted2014 2013 2014 2013Independent Brokerage and Advisory Services$10,369 $12,592 $32,318 $36,874Ladenburg3,734 2,654 14,123 10,135Insurance Brokerage386 — 386 —Corporate(2,429) (2,478) (6,857) (9,374)Total Segments12,060 12,768 39,970 37,635 Adjustments: Interest income59 55 195 145Change in fair value of contingent consideration— — 12 (121)Loss on extinguishment of debt— (446) (314) (4,200)Interest expense(1,701) (2,283) (5,193) (13,395)Depreciation and amortization(4,902) (3,776) (12,527) (11,553)Non-cash compensation expense(3,679) (1,647) (7,689) (4,439)Amortization of retention loans(1,538) (1,690) (5,108) (5,339)Acquisition-related expenses(850) — (1,308) —Net loss attributable to noncontrolling interest(20) (23) (62) (49)Pre-tax income (loss)$(571) $2,958 $7,976 $(1,316)
[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.
[3] Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.
[4] Includes the elimination of $2,545, consisting of $5,148 of revenue net of employee brokerage commission expenses of $2,603 related to sales of the Company's Series A Preferred Stock.