| Segment information |
Segment information for the three months ended March 31, 2015 and 2014 was as follows:
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Independent
Brokerage and
Advisory Services
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Ladenburg |
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Insurance Brokerage
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Corporate |
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Total |
2015 |
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Revenues |
$ |
254,869 |
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|
$ |
13,578 |
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$ |
10,273 |
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$ |
103 |
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$ |
278,823 |
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(Loss) income before income taxes |
716 |
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|
174 |
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(2,284 |
) |
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(3,898 |
) |
(1) |
(5,292 |
) |
EBITDA, as adjusted(3)
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11,786 |
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|
1,392 |
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|
(378 |
) |
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(2,310 |
) |
|
10,490 |
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Identifiable assets |
400,023 |
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|
39,956 |
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|
62,004 |
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|
70,770 |
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(2) |
572,753 |
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Depreciation and amortization |
4,729 |
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|
175 |
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|
1,678 |
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8 |
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|
6,590 |
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Interest |
1,047 |
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3 |
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|
168 |
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|
222 |
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|
1,440 |
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Capital expenditures |
2,118 |
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9 |
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|
263 |
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— |
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|
2,390 |
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Non-cash compensation |
1,908 |
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|
184 |
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59 |
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1,109 |
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3,260 |
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2014 |
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Revenues |
$ |
188,402 |
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$ |
23,337 |
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$ |
— |
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$ |
79 |
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$ |
211,818 |
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Income (loss) before income taxes |
2,066 |
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|
6,364 |
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— |
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(3,573 |
) |
(1) |
4,857 |
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EBITDA, as adjusted(3)
|
11,617 |
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|
6,655 |
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— |
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(2,543 |
) |
|
15,729 |
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Identifiable assets |
311,182 |
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|
49,612 |
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— |
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|
7,633 |
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(2) |
368,427 |
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Depreciation and amortization |
3,700 |
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|
138 |
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— |
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— |
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|
3,838 |
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Interest |
1,573 |
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|
3 |
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— |
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|
317 |
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|
1,893 |
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Capital expenditures |
1,448 |
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|
442 |
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— |
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|
147 |
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|
2,037 |
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Non-cash compensation |
1,079 |
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|
153 |
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— |
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|
695 |
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1,927 |
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(1) |
Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses. |
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(2) |
Includes cash and cash equivalents of $67,595 and $5,281 for the three months ended March 31, 2015 and 2014, respectively.
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(3) |
The following table reconciles EBITDA, as adjusted, to (loss) income before income taxes for the three months ended March 31, 2015 and 2014: |
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Three months ended March 31, |
EBITDA, as adjusted |
2015 |
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2014 |
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Independent Brokerage and Advisory Services |
$ |
11,786 |
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$ |
11,617 |
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Ladenburg |
1,392 |
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6,655 |
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Insurance Brokerage |
(378 |
) |
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— |
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Corporate |
(2,310 |
) |
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(2,543 |
) |
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Total Segments |
10,490 |
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|
15,729 |
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(1) |
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Adjustments: |
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Interest income |
60 |
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|
53 |
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Change in fair value of contingent consideration |
31 |
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12 |
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Loss on extinguishment of debt |
(252 |
) |
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(314 |
) |
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Interest expense |
(1,440 |
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(1,893 |
) |
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Depreciation and amortization |
(6,590 |
) |
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(3,838 |
) |
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Non-cash compensation expense |
(3,260 |
) |
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(1,927 |
) |
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Financial advisor acquisition expense |
(520 |
) |
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(164 |
) |
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Amortization of retention and forgivable loans |
(2,698 |
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(2,780 |
) |
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Other |
(985 |
) |
(2) |
— |
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Acquisition-related expenses |
(108 |
) |
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— |
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Net loss attributable to noncontrolling interest |
(20 |
) |
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(21 |
) |
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(Loss) income before income taxes |
$ |
(5,292 |
) |
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$ |
4,857 |
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(1) Includes increase of $1,156 in 2014 related to amortization of forgivable loans and financial advisor acquisition expenses to conform to the 2015 presentation.
(2) Consists primarily of loss on write-off of receivable from subtenant of $855.
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