| Segment Information |
Segment information for the three months ended March 31, 2017 and 2016 was as follows:
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Three Months Ended March 31, 2017 |
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Independent
Brokerage and
Advisory Services
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Ladenburg |
|
Insurance Brokerage |
|
Corporate |
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Total |
Revenues |
|
$ |
265,841 |
|
|
$ |
11,865 |
|
|
$ |
12,301 |
|
|
$ |
284 |
|
|
$ |
290,291 |
|
Income (loss) before income taxes |
|
3,594 |
|
|
(520 |
) |
|
(2,515 |
) |
|
(5,077 |
) |
(1) |
(4,518 |
) |
EBITDA, as adjusted (3)
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|
11,735 |
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|
113 |
|
|
(443 |
) |
|
(3,915 |
) |
|
7,490 |
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Identifiable assets (2)
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|
417,972 |
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|
35,770 |
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|
50,611 |
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|
19,695 |
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|
524,048 |
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Depreciation and amortization |
|
5,450 |
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|
163 |
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|
1,804 |
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|
15 |
|
|
7,432 |
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Interest |
|
236 |
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— |
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|
168 |
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|
73 |
|
|
477 |
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Capital expenditures |
|
2,188 |
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|
133 |
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|
33 |
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|
39 |
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|
2,393 |
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Non-cash compensation |
|
268 |
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|
158 |
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|
62 |
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|
941 |
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|
1,429 |
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Three Months Ended March 31, 2016 |
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Revenues |
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$ |
243,744 |
|
|
$ |
10,522 |
|
|
$ |
11,324 |
|
|
$ |
206 |
|
|
$ |
265,796 |
|
Income (loss) before income taxes |
|
3,253 |
|
|
(3,142 |
) |
|
(2,734 |
) |
|
(3,762 |
) |
(1) |
(6,385 |
) |
EBITDA, as adjusted (3)
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|
11,044 |
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|
(2,798 |
) |
|
(656 |
) |
|
(2,517 |
) |
|
5,073 |
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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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|
541,706 |
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Depreciation and amortization |
|
4,926 |
|
|
175 |
|
|
1,757 |
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|
17 |
|
|
6,875 |
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Interest |
|
843 |
|
|
— |
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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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(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) |
The following table reconciles loss before income taxes for the three months ended March 31, 2017 and 2016 to EBITDA, as adjusted. |
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Three Months Ended March 31, |
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2017 |
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2016 |
|
Loss before income taxes |
|
$ |
(4,518 |
) |
|
$ |
(6,385 |
) |
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Adjustments: |
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Interest income |
|
(102 |
) |
|
(133 |
) |
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Change in fair value of contingent consideration |
|
(152 |
) |
|
57 |
|
|
Interest expense |
|
477 |
|
|
1,207 |
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Depreciation and amortization |
|
7,432 |
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|
6,875 |
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Non-cash compensation expense |
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1,429 |
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|
1,355 |
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Amortization of retention and forgivable loans |
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1,591 |
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|
1,434 |
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Financial advisor recruiting expense |
|
868 |
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|
321 |
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Acquisition-related expense |
|
176 |
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|
36 |
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Loss attributable to noncontrolling interest |
|
5 |
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|
18 |
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Other (1) |
|
284 |
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|
288 |
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EBITDA, as adjusted |
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$ |
7,490 |
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$ |
5,073 |
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EBITDA, as adjusted |
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Independent Brokerage and Advisory Services |
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$ |
11,735 |
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|
$ |
11,044 |
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|
Ladenburg |
|
113 |
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|
(2,798 |
) |
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Insurance Brokerage |
|
(443 |
) |
|
(656 |
) |
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Corporate |
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(3,915 |
) |
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(2,517 |
) |
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Total segments |
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$ |
7,490 |
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$ |
5,073 |
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(1) |
Includes excise and franchise tax expense of $141 for the three months ended March 31, 2017 and compensation expense that may be paid in stock of $143 for the three months ended March 31, 2017. Includes excise and franchise tax expense of $134 for the three months ended March 31, 2016 and compensation expense that may be paid in stock of $154 for the three months ended March 31 , 2016.
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