Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

v3.4.0.3
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income (loss) $ 2,384 $ (3,572)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Change in fair value of contingent consideration 57 (31)
Adjustment to deferred rent 23 (58)
Amortization of intangible assets 5,145 5,109
Loss on extinguishment of debt 0 252
Amortization of debt discount 164 176
Amortization of debt issue cost 94 94
Amortization of retention loans 1,434 2,698
Depreciation and other amortization 1,730 1,481
Deferred income taxes (9,157) (2,204)
Benefit attributable to reduction of goodwill 20 19
Non-cash interest expense on forgivable loan 102 251
Non-cash compensation expense 1,355 3,260
Write-off of receivable from subtenant 0 855
Loss on write-off of furniture, fixtures and leasehold improvements, net 0 8
(Increase) decrease in operating assets, net of effects of acquisition:    
Securities owned, at fair value 299 1,082
Receivables from clearing brokers 10,306 (6,228)
Receivables from other broker-dealers (226) (343)
Other receivables, net (2,390) 4,286
Notes receivable from financial advisors, net (1,923) (1,754)
Cash surrender value of life insurance 1,114 666
Other assets 1,322 (2,915)
Increase (decrease) in operating liabilities, net of effects of acquisition:    
Securities sold, but not yet purchased, at fair value 73 91
Accrued compensation (16,425) (11,499)
Accrued interest (9) (350)
Commissions and fees payable (2,312) 61
Deferred compensation liability (896) (423)
Accounts payable and accrued liabilities (1,204) (1,689)
Net cash used in operating activities (8,920) (10,677)
Cash flows from investing activities:    
Acquisition of SSN, net of cash received 0 (16,919)
Purchases of fixed assets (1,839) (2,390)
Increase in restricted assets 0 (180)
Net cash used in investing activities (1,839) (19,489)
Cash flows from financing activities:    
Issuance of Series A preferred stock 200 69,476
Issuance of common stock 1,357 814
Series A preferred stock dividends paid (7,345) (6,332)
Repurchases of common stock (3,755) (1,589)
Term loan repayments (128) (118)
Principal payments on notes payable (1,718) (12,399)
Net cash (used in) provided by financing activities (11,389) 49,852
Net (decrease) increase in cash and cash equivalents (22,148) 19,686
Cash and cash equivalents, beginning of period 118,677 103,087
Cash and cash equivalents, end of period 96,529 122,773
Supplemental cash flow information:    
Interest paid 856 1,265
Taxes paid 206 1,118
Acquisition of SSN:    
Net cash paid in acquisition $ 0 16,919
Securities Service Network, Inc. (SSN)    
Cash flows from investing activities:    
Acquisition of SSN, net of cash received   (16,919)
Acquisition of SSN:    
Assets acquired   61,759
Liabilities assumed   (14,472)
Net assets acquired   47,287
Promissory note   (18,697)
Due to selling shareholders - net worth adjustment   (3,590)
Cash paid in acquisition   25,000
Cash acquired in acquisition   (8,081)
Net cash paid in acquisition   $ 16,919