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
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (2,354) $ (15,417)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Change in fair value of contingent consideration (89) 106
Adjustment to deferred rent 235 (70)
Amortization of intangible assets 10,887 10,326
Amortization of debt discount 225 327
Amortization of debt issue cost 0 188
Amortization of retention and forgivable loans 3,262 2,978
Depreciation and other amortization 3,839 3,789
Deferred income taxes (1,340) 6,460
Benefit attributable to reduction of goodwill 0 39
Non-cash interest expense on forgivable loan 190 205
Non-cash compensation expense 2,807 2,696
Loss on write-off of furniture, fixtures and leasehold improvements, net 2 1
(Increase) decrease in operating assets    
Securities owned, at fair value (724) 316
Receivables from clearing brokers (13,930) 12,581
Receivables from other broker-dealers (1,493) (130)
Other receivables, net 4,515 (4,310)
Notes receivable from financial advisors, net (4,574) (3,735)
Cash surrender value of life insurance (1,551) 1,043
Other assets 1,859 898
Increase (decrease) in operating liabilities    
Securities sold, but not yet purchased, at fair value (31) 390
Accrued compensation (5,556) (11,184)
Accrued interest (61) (17)
Commissions and fees payable 1,102 (4,472)
Deferred compensation liability 657 (579)
Accounts payable and accrued liabilities (1,585) (4,085)
Net cash used in operating activities (3,708) (1,656)
Cash flows from investing activities:    
Purchases of fixed assets (4,706) (3,700)
Decrease in restricted assets 251 0
Net cash used in investing activities (4,455) (3,700)
Cash flows from financing activities:    
Issuance of Series A preferred stock 9,483 8,777
Issuance of common stock 3,979 2,032
Series A preferred stock dividends paid (15,877) (14,734)
Repurchase of stock option award for cash (850) 0
Repurchase and retirement of common stock (2,581) (8,904)
Borrowings on term loan 8,000 0
Bank loan and revolver repayments (565) (311)
Principal payments on notes payable (3,504) (3,442)
Net cash used in financing activities (1,915) (16,582)
Net decrease in cash and cash equivalents (10,078) (21,938)
Cash and cash equivalents, beginning of period 98,930 118,677
Cash and cash equivalents, end of period 88,852 96,739
Supplemental cash flow information:    
Interest paid 644 1,675
Taxes paid $ 440 $ 476