| Segment information |
Segment information for the three months ended March 31, 2016 and 2015 was as follows:
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Three Months Ended March 31, 2016 |
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Independent
Brokerage and
Advisory Services
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Ladenburg |
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Insurance Brokerage |
|
Corporate |
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Total |
Revenues |
|
$ |
243,744 |
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|
$ |
10,522 |
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|
$ |
11,324 |
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|
$ |
206 |
|
|
$ |
265,796 |
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Income (loss) before income taxes |
|
3,253 |
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|
(3,142 |
) |
|
(2,734 |
) |
|
(3,762 |
) |
(1) |
(6,385 |
) |
EBITDA, as adjusted (4)
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|
11,008 |
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|
(2,798 |
) |
|
(656 |
) |
|
(2,517 |
) |
|
5,037 |
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Identifiable assets (2)
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409,824 |
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|
36,516 |
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|
56,383 |
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|
38,983 |
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(3) |
541,706 |
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Depreciation and amortization |
|
4,926 |
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|
175 |
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|
1,757 |
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|
17 |
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|
6,875 |
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Interest |
|
843 |
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|
— |
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|
170 |
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|
194 |
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|
1,207 |
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Capital expenditures |
|
1,746 |
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— |
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|
93 |
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— |
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|
1,839 |
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Non-cash compensation |
|
251 |
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|
136 |
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61 |
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|
907 |
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|
1,355 |
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Three Months Ended March 31, 2015 |
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Revenues |
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$ |
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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Income (loss) before income taxes |
|
716 |
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|
174 |
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|
(2,284 |
) |
|
(3,898 |
) |
(1) |
(5,292 |
) |
EBITDA, as adjusted (4)
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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 (2)
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400,023 |
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|
39,956 |
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|
62,004 |
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|
70,770 |
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(3) |
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 |
|
|
168 |
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|
222 |
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|
1,440 |
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Capital expenditures |
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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 |
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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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(1) |
Includes interest expense, compensation, professional fees and other general and administrative expenses. |
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(2) |
Identifiable assets are presented as of the end of the period. |
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(3) |
Includes cash and cash equivalents of $34,441 and $67,595 as of March 31, 2016 and 2015, respectively.
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(4) |
The following table reconciles EBITDA, as adjusted, to loss before income taxes for the three months ended March 31, 2016 and 2015. |
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Three Months Ended
March 31, |
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EBITDA, as adjusted |
2016 |
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2015 |
|
Independent Brokerage and Advisory Services |
$ |
11,008 |
|
|
$ |
11,786 |
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|
Ladenburg |
(2,798 |
) |
|
1,392 |
|
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Insurance Brokerage |
(656 |
) |
|
(378 |
) |
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Corporate |
(2,517 |
) |
|
(2,310 |
) |
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Total Segments |
5,037 |
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|
10,490 |
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Adjustments: |
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Interest income |
133 |
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|
60 |
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Change in fair value of contingent consideration |
(57 |
) |
|
31 |
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Loss on extinguishment of debt |
— |
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(252 |
) |
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Interest expense |
(1,207 |
) |
|
(1,440 |
) |
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Depreciation and amortization |
(6,875 |
) |
|
(6,590 |
) |
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Non-cash compensation expense |
(1,355 |
) |
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(3,260 |
) |
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Financial advisor recruiting expense |
(321 |
) |
|
(520 |
) |
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Amortization of retention and forgivable loans |
(1,434 |
) |
|
(2,698 |
) |
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Acquisition-related expenses |
— |
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(108 |
) |
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Other |
(288 |
) |
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(985 |
) |
(1) |
Net loss attributable to noncontrolling interest |
(18 |
) |
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(20 |
) |
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Loss before income taxes |
$ |
(6,385 |
) |
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$ |
(5,292 |
) |
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(1) |
Includes loss on write-off of receivable from subtenant of $855 for the three months ended March 31, 2015.
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