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, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income (loss) $ 5,464 $ (3,679)
Adjustments to reconcile net income (loss) to    
Change in fair value of contingent consideration 61 (152)
Adjustment to deferred rent 420 178
Amortization of intangible assets 3,835 5,486
Amortization of debt discount 112 113
Amortization of debt issue cost 99 0
Amortization of retention and forgivable loans 76 1,591
Amortization of contract acquisition costs 2,210 0
Depreciation and other amortization 1,974 1,946
Deferred income taxes (71) (945)
Non-cash interest expense on forgivable loan 40 116
Non-cash compensation expense 1,494 1,429
Loss on write-off of furniture, fixtures and leasehold improvements, net 0 1
(Increase) decrease in operating assets    
Securities owned, at fair value (223) 224
Receivables from clearing brokers (7,299) (2,708)
Receivables from other broker-dealers 559 (1,354)
Other receivables, net (2,798) (433)
Contract acquisition costs, net (14,104) 0
Notes receivable from financial advisors, net 205 (2,466)
Cash surrender value of life insurance 20 (408)
Other assets (5,229) (818)
Increase (decrease) in operating liabilities    
Securities sold, but not yet purchased, at fair value 4 (49)
Accrued compensation (14,405) (12,178)
Accrued interest (11) (55)
Commissions and fees payable (679) 2,839
Deferred compensation liability 179 61
Accounts payable and accrued liabilities 12,903 438
Net cash used in operating activities (15,164) (10,823)
Cash flows from investing activities:    
Purchases of fixed assets (2,239) (2,393)
Net cash used in investing activities (2,239) (2,393)
Cash flows from financing activities:    
Issuance of Series A preferred stock (37) (28)
Issuance of common stock 1,014 452
Issuance of senior notes 4,385 0
Series A preferred stock dividends paid (8,508) (7,924)
Common stock dividends paid (1,960) 0
Repurchase and retirement of common stock (1,729) (604)
Bank loan and revolver repayments (669) (219)
Principal payments on notes payable (1,779) (1,748)
Net cash used in financing activities (9,283) (10,071)
Net decrease in cash and cash equivalents (26,686) (23,287)
Cash and cash equivalents including restricted cash, beginning of period 172,863 99,941
Cash and cash equivalents 172,103  
Restricted cash 760 1,011
Cash and cash equivalents including restricted cash, end of period 146,177 76,654
Supplemental cash flow information:    
Interest paid 1,626 303
Taxes paid $ 27 $ 89