Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (22,932) $ (8,986)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Change in fair value of contingent consideration 178 (31)
Adjustment to deferred rent (71) 59
Amortization of intangible assets 15,501 15,445
Loss on extinguishment of debt 0 252
Amortization of debt discount 491 503
Amortization of debt issue cost 252 282
Amortization of retention loans 4,381 7,831
Depreciation and other amortization 5,629 4,635
Deferred income taxes 5,729 (3,259)
Benefit attributable to reduction of goodwill 59 57
Non-cash interest expense on forgivable loan 308 464
Non-cash compensation 3,996 5,926
Write-off of receivable from subtenant 0 855
Loss on write-off of furniture, fixtures and leasehold improvements, net 1 9
(Increase) decrease in operating assets, net of effects of acquisition:    
Securities owned, at fair value 433 1,943
Receivables from clearing brokers 9,448 (11,883)
Receivables from other broker-dealers 589 827
Other receivables, net (3,125) 1,026
Notes receivable from financial advisors, net (6,594) (7,058)
Cash surrender value of life insurance (369) 1,598
Other assets 174 1,760
Increase (decrease) in operating liabilities, net of effects of acquisition:    
Securities sold, but not yet purchased, at fair value 438 189
Accrued compensation (10,060) (570)
Accrued interest (24) (263)
Commissions and fees payable (2,859) 1,267
Deferred compensation liability 97 (1,075)
Accounts payable and accrued liabilities 3,931 (9,224)
Net cash provided by operating activities 5,601 2,579
Cash flows from investing activities:    
Purchases of fixed assets (4,998) (6,674)
Increase in restricted assets 0 (291)
Net cash used in investing activities (6,190) (26,487)
Cash flows from financing activities:    
Issuance of Series A preferred stock 27,621 82,727
Issuance of common stock 2,648 1,499
Series A preferred stock dividends paid (22,514) (20,773)
Repurchase and retirement of common stock (13,554) (11,837)
Bank loan and revolver repayments (524) (357)
Principal payments on notes payable (5,776) (15,930)
Third party investment in subsidiary 0 40
Net cash (used in) provided by financing activities (12,099) 35,369
Net (decrease) increase in cash and cash equivalents (12,688) 11,461
Cash and cash equivalents, beginning of period 118,677 103,087
Cash and cash equivalents, end of period 105,989 114,548
Supplemental cash flow information:    
Interest paid 2,485 2,977
Taxes paid 634 1,723
Wall Street Financial Group    
Cash flows from investing activities:    
Acquisition of net of cash acquired (1,192) 0
Acquisitions    
Assets acquired 3,468 0
Liabilities assumed (2,276) 0
Net cash paid in acquisition (1,192) 0
Securities Service Network, Inc. (SSN)    
Cash flows from investing activities:    
Acquisition of net of cash acquired 0 (16,919)
Acquisitions    
Assets acquired 0 61,759
Liabilities assumed 0 (14,472)
Net assets acquired 0 47,287
Promissory note 0 (18,697)
Due to selling shareholders 0 (3,590)
Cash paid in acquisition 0 25,000
Cash acquired in acquisition 0 (8,081)
Net cash paid in acquisition 0 (16,919)
Dalton    
Cash flows from investing activities:    
Acquisition of net of cash acquired 0 (2,100)
Acquisitions    
Assets acquired 0 2,689
Liabilities assumed 0 (589)
Net cash paid in acquisition 0 (2,100)
Select Brokerage Services, Inc    
Cash flows from investing activities:    
Acquisition of net of cash acquired 0 (503)
Acquisitions    
Assets acquired 0 3,021
Liabilities assumed 0 (2,518)
Net cash paid in acquisition $ 0 $ (503)