| Segment Information |
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Three Months Ended June 30, 2016 |
|
Independent
Brokerage and
Advisory Services
|
|
Ladenburg |
|
Insurance Brokerage |
|
Corporate |
|
Total |
Revenues |
|
$ |
243,640 |
|
|
$ |
12,511 |
|
|
$ |
13,418 |
|
|
$ |
206 |
|
|
$ |
269,775 |
|
Income (loss) before income taxes |
|
3,431 |
|
|
(970 |
) |
|
(618 |
) |
|
(3,419 |
) |
(1) |
(1,576 |
) |
EBITDA, as adjusted (4)
|
|
11,652 |
|
|
(460 |
) |
|
1,488 |
|
|
(2,193 |
) |
|
10,487 |
|
Identifiable assets (2)
|
|
407,989 |
|
|
34,721 |
|
|
55,976 |
|
|
33,385 |
|
(3) |
532,071 |
|
Depreciation and amortization |
|
5,239 |
|
|
186 |
|
|
1,799 |
|
|
17 |
|
|
7,241 |
|
Interest |
|
808 |
|
|
— |
|
|
170 |
|
|
194 |
|
|
1,172 |
|
Capital expenditures |
|
1,648 |
|
|
120 |
|
|
93 |
|
|
— |
|
|
1,861 |
|
Non-cash compensation |
|
252 |
|
|
135 |
|
|
61 |
|
|
893 |
|
|
1,341 |
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Three Months Ended June 30, 2015 |
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|
|
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|
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|
|
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Revenues |
|
$ |
265,469 |
|
|
$ |
17,980 |
|
|
$ |
13,197 |
|
|
$ |
102 |
|
|
$ |
296,748 |
|
Income (loss) before income taxes |
|
705 |
|
|
2,390 |
|
|
(1,759 |
) |
|
(4,169 |
) |
(1) |
(2,833 |
) |
EBITDA, as adjusted (4)
|
|
10,966 |
|
|
3,275 |
|
|
164 |
|
|
(2,577 |
) |
|
11,828 |
|
Identifiable assets (2)
|
|
406,385 |
|
|
48,432 |
|
|
61,958 |
|
|
61,725 |
|
(3) |
578,500 |
|
Depreciation and amortization |
|
4,814 |
|
|
175 |
|
|
1,694 |
|
|
9 |
|
|
6,692 |
|
Interest |
|
832 |
|
|
4 |
|
|
171 |
|
|
268 |
|
|
1,275 |
|
Capital expenditures |
|
2,084 |
|
|
27 |
|
|
201 |
|
|
87 |
|
|
2,399 |
|
Non-cash compensation |
|
1,197 |
|
|
151 |
|
|
60 |
|
|
1,016 |
|
|
2,424 |
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Six Months Ended June 30, 2016 |
|
Independent
Brokerage and
Advisory Services
|
|
Ladenburg |
|
Insurance Brokerage |
|
Corporate |
|
Total |
Revenues |
|
$ |
487,384 |
|
|
$ |
23,033 |
|
|
$ |
24,742 |
|
|
$ |
412 |
|
|
$ |
535,571 |
|
Income (loss) before income taxes |
|
6,684 |
|
|
(4,112 |
) |
|
(3,352 |
) |
|
(7,181 |
) |
(1) |
(7,961 |
) |
EBITDA, as adjusted (4)
|
|
22,660 |
|
|
(3,258 |
) |
|
832 |
|
|
(4,710 |
) |
|
15,524 |
|
Identifiable assets (2)
|
|
407,989 |
|
|
34,721 |
|
|
55,976 |
|
|
33,385 |
|
(3) |
532,071 |
|
Depreciation and amortization |
|
10,165 |
|
|
361 |
|
|
3,556 |
|
|
34 |
|
|
14,116 |
|
Interest |
|
1,651 |
|
|
— |
|
|
340 |
|
|
388 |
|
|
2,379 |
|
Capital expenditures |
|
3,394 |
|
|
120 |
|
|
186 |
|
|
— |
|
|
3,700 |
|
Non-cash compensation |
|
503 |
|
|
271 |
|
|
122 |
|
|
1,800 |
|
|
2,696 |
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Six Months Ended June 30, 2015 |
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|
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Revenues |
|
$ |
520,338 |
|
|
$ |
31,558 |
|
|
$ |
23,470 |
|
|
$ |
205 |
|
|
$ |
575,571 |
|
Income (loss) before income taxes |
|
1,421 |
|
|
2,564 |
|
|
(4,043 |
) |
|
(8,067 |
) |
(1) |
(8,125 |
) |
EBITDA, as adjusted (4)
|
|
22,752 |
|
|
4,667 |
|
|
(214 |
) |
|
(4,887 |
) |
|
22,318 |
|
Identifiable assets (2)
|
|
406,385 |
|
|
48,432 |
|
|
61,958 |
|
|
61,725 |
|
(3) |
578,500 |
|
Depreciation and amortization |
|
9,543 |
|
|
350 |
|
|
3,372 |
|
|
17 |
|
|
13,282 |
|
Interest |
|
1,879 |
|
|
7 |
|
|
339 |
|
|
490 |
|
|
2,715 |
|
Capital expenditures |
|
4,202 |
|
|
36 |
|
|
464 |
|
|
87 |
|
|
4,789 |
|
Non-cash compensation |
|
3,105 |
|
|
335 |
|
|
119 |
|
|
2,125 |
|
|
5,684 |
|
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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 $29,500 and $58,836 as of June 30, 2016 and 2015, respectively.
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(4) |
The following table reconciles EBITDA, as adjusted, to loss before income taxes for the three and six months ended June 30, 2016 and 2015. |
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