Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net (loss) income $ (3,679) $ 2,384
Adjustments to reconcile net loss to net cash provided by operating activities:    
Change in fair value of contingent consideration (152) 57
Adjustment to deferred rent 178 23
Amortization of intangible assets 5,486 5,145
Amortization of debt discount 113 164
Amortization of debt issue cost 0 94
Amortization of retention and forgivable loans 1,591 1,434
Depreciation and other amortization 1,946 1,730
Deferred income taxes (945) (9,157)
Benefit attributable to reduction of goodwill 0 20
Non-cash interest expense on forgivable loan 116 102
Non-cash compensation expense 1,429 1,355
Loss on write-off of furniture, fixtures and leasehold improvements, net 1 0
(Increase) decrease in operating assets    
Securities owned, at fair value 224 299
Receivables from clearing brokers (2,708) 10,306
Receivables from other broker-dealers (1,354) (226)
Other receivables, net (433) (2,390)
Notes receivable from financial advisors, net (2,466) (1,923)
Cash surrender value of life insurance (408) 1,114
Other assets (818) 1,322
Increase (decrease) in operating liabilities    
Securities sold, but not yet purchased, at fair value (49) 73
Accrued compensation (12,178) (16,425)
Accrued interest (55) (9)
Commissions and fees payable 2,839 (2,312)
Deferred compensation liability 61 (896)
Accounts payable and accrued liabilities 438 (1,204)
Net cash used in operating activities (10,823) (8,920)
Cash flows from investing activities:    
Purchases of fixed assets (2,393) (1,839)
Net cash used in investing activities (2,393) (1,839)
Cash flows from financing activities:    
Issuance of Series A preferred stock (28) 200
Issuance of common stock 452 1,357
Series A preferred stock dividends paid (7,924) (7,345)
Repurchase and retirement of common stock (604) (3,755)
Bank loan and revolver repayments (219) (128)
Principal payments on notes payable (1,748) (1,718)
Net cash used in financing activities (10,071) (11,389)
Net decrease in cash and cash equivalents (23,287) (22,148)
Cash and cash equivalents, beginning of period 98,930 118,677
Cash and cash equivalents, end of period 75,643 96,529
Supplemental cash flow information:    
Interest paid 303 856
Taxes paid $ 89 $ 206