| Segment Information |
Segment information for the three months ended March 31, 2018 and 2017 was as follows:
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Three Months Ended March 31, 2018 |
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Independent
Advisory and Brokerage Services
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|
Ladenburg |
|
Insurance Brokerage |
|
Corporate |
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Total |
Revenues |
|
$ |
275,529 |
|
|
$ |
22,314 |
|
|
$ |
31,060 |
|
|
$ |
481 |
|
|
$ |
329,384 |
|
Income (loss) before income taxes |
|
10,680 |
|
|
4,313 |
|
|
(131 |
) |
|
(7,226 |
) |
(1) |
7,636 |
|
EBITDA, as adjusted (3)
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|
20,011 |
|
|
4,651 |
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|
441 |
|
|
(4,939 |
) |
|
20,164 |
|
Identifiable assets (2)
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|
468,800 |
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|
46,960 |
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|
87,257 |
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|
81,138 |
|
|
684,155 |
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Depreciation and amortization |
|
5,452 |
|
|
112 |
|
|
242 |
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|
3 |
|
|
5,809 |
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Interest |
|
287 |
|
|
35 |
|
|
168 |
|
|
1,376 |
|
|
1,866 |
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Capital expenditures |
|
2,095 |
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|
90 |
|
|
54 |
|
|
— |
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|
2,239 |
|
Non-cash compensation |
|
310 |
|
|
176 |
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|
57 |
|
|
951 |
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|
1,494 |
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Three Months Ended March 31, 2017 |
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Revenues |
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$ |
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 |
|
|
163 |
|
|
1,804 |
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|
15 |
|
|
7,432 |
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Interest |
|
236 |
|
|
— |
|
|
168 |
|
|
73 |
|
|
477 |
|
Capital expenditures |
|
2,188 |
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|
133 |
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|
33 |
|
|
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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(1) |
Includes interest expense, compensation, professional fees, and other general and administrative expenses related to the Corporate segment. |
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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 income (loss) before income taxes for the three months ended March 31, 2018 and 2017 to EBITDA, as adjusted. |
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Three Months Ended March 31, |
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2018 |
|
2017 |
Income (loss) before income taxes |
|
$ |
7,636 |
|
|
$ |
(4,518 |
) |
Adjustments: |
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Interest income |
|
(370 |
) |
|
(102 |
) |
Change in fair value of contingent consideration |
|
61 |
|
|
(152 |
) |
Interest expense |
|
1,866 |
|
|
477 |
|
Depreciation and amortization |
|
5,809 |
|
|
7,432 |
|
Non-cash compensation expense |
|
1,494 |
|
|
1,429 |
|
Amortization of retention and forgivable loans |
|
76 |
|
|
1,591 |
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Amortization of contract acquisition costs |
|
2,210 |
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|
— |
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Financial advisor recruiting expense |
|
87 |
|
|
868 |
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Acquisition-related expense |
|
913 |
|
|
176 |
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Loss attributable to noncontrolling interest |
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(1 |
) |
|
5 |
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Other (1)
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|
383 |
|
|
284 |
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EBITDA, as adjusted |
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$ |
20,164 |
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$ |
7,490 |
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EBITDA, as adjusted |
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Independent Advisory and Brokerage Services |
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$ |
20,011 |
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$ |
11,735 |
|
Ladenburg |
|
4,651 |
|
|
113 |
|
Insurance Brokerage |
|
441 |
|
|
(443 |
) |
Corporate |
|
(4,939 |
) |
|
(3,915 |
) |
Total segments |
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$ |
20,164 |
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$ |
7,490 |
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(1) |
Includes severance costs of $88, excise and franchise tax expense of $153 and compensation expense that may be paid in stock of $142 for the three months ended March 31, 2018. Includes excise and franchise tax expense of $141 and compensation expense that may be paid in stock of $143 for the three months ended March 31, 2017.
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