Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

v3.3.0.814
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net (loss) income $ (8,986) $ 19,970
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Change in fair value of contingent consideration (31) (12)
Adjustment to deferred rent 59 (286)
Amortization of intangible assets 15,445 9,360
Depreciation and other amortization 4,635 3,167
Loss on extinguishment of debt 252 314
Amortization of debt discount 503 371
Amortization of debt issue cost 282 296
Amortization of retention and forgivable loans 7,831 8,144
Deferred income taxes (3,259) (13,381)
Benefit attributable to reduction of goodwill 57 58
Non-cash interest expense on forgivable loans 464 762
Non-cash compensation expense 5,926 7,689
Loss on write-off of receivable from subtenant 855 0
Loss on write-off of furniture, fixtures and leasehold improvements, net 9 6
(Increase) decrease in operating assets, net of effects of acquisition:    
Securities owned, at fair value 1,943 (1,069)
Receivables from clearing broker (11,883) (36,987)
Receivables from other broker-dealers 827 286
Other receivables, net 1,026 (914)
Notes receivable from financial advisors, net (7,058) (3,291)
Cash surrender value of life insurance 1,598 2,230
Other assets 1,760 (358)
Increase (decrease) in operating liabilities, net of effects of acquisition:    
Securities sold, but not yet purchased, at fair value 189 3,351
Accrued compensation (570) (1,647)
Accrued interest (263) (491)
Commissions and fees payable 1,267 5,142
Deferred compensation liability (1,075) (2,352)
Accounts payable and accrued liabilities (9,224) (418)
Net cash provided by (used in) operating activities 2,579 (60)
Cash flows from investing activities:    
Purchases of fixed assets (6,674) (5,887)
(Increase) decrease in restricted assets (291) 100
Acquisition of SSN, net of cash acquired (16,919) 0
Acquisition of certain assets of Dalton (2,100) 0
Acquisition of Highland, net of cash acquired 0 3,353
Acquisition of certain assets of Select (503) 0
Net cash used in investing activities (26,487) (9,140)
Cash flows from financing activities:    
Issuance of Series A preferred stock 82,727 103,462
Issuance of common stock 1,499 2,252
Series A preferred stock dividends paid (20,773) (11,783)
Repurchases of common stock (11,837) (8,090)
Term loan (repayments) additional borrowing (289) 500
Principal repayments on notes payable (15,930) (32,518)
Principal repayments under revolving credit facility, net (68) 0
Third party investment in subsidiary 40 0
Net cash provided by financing activities 35,369 53,823
Net increase in cash and cash equivalents 11,461 44,623
Cash and cash equivalents, beginning of period 103,087 50,329
Cash and cash equivalents, end of period 114,548 94,952
Supplemental cash flow information:    
Interest paid 2,977 4,246
Taxes paid 1,723 2,222
Acquisitions:    
Net cash paid in acquisition 16,919 0
Securities Service Network, Inc. (SSN)    
Cash flows from operating activities:    
Net (loss) income 961  
Cash flows from investing activities:    
Acquisition of SSN, net of cash acquired (16,919)  
Acquisitions:    
Assets acquired 52,175  
Liabilities assumed (4,888)  
Net assets acquired 47,287  
Promissory note (18,697)  
Payable to seller (3,590)  
Cash paid in acquisition 25,000  
Cash acquired in acquisition (8,081)  
Net cash paid in acquisition 16,919  
Dalton    
Cash flows from investing activities:    
Acquisition of SSN, net of cash acquired (2,100)  
Acquisitions:    
Assets acquired 2,689  
Payable to seller (589)  
Net cash paid in acquisition 2,100  
Highland Capital Brokerage, Inc. (Highland)    
Cash flows from investing activities:    
Acquisition of SSN, net of cash acquired   (3,353)
Acquisitions:    
Assets acquired   63,308
Liabilities assumed   (51,742)
Net assets acquired   11,566
Stock issued in acquisition   (7,953)
Cash acquired in acquisition   (260)
Net cash paid in acquisition   $ 3,353
Select brokerage services Inc.(Select)    
Cash flows from investing activities:    
Acquisition of SSN, net of cash acquired (503)  
Acquisitions:    
Assets acquired 3,021  
Payable to seller (2,518)  
Net cash paid in acquisition $ 503