| Segment information |
Segment information for the years ended December 31, 2018, 2017 and 2016 is as follows:
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Independent Advisory and Brokerage Services |
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Ladenburg |
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Insurance Brokerage |
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Corporate |
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Total |
2018 |
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Revenues |
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$ |
1,161,043 |
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$ |
78,094 |
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$ |
147,127 |
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$ |
4,872 |
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$ |
1,391,136 |
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Income (loss) before income taxes |
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62,748 |
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|
11,464 |
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1,983 |
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(29,030 |
) |
(1) |
47,165 |
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EBITDA, as adjusted (2)
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98,411 |
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12,966 |
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4,166 |
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(15,095 |
) |
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100,448 |
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Identifiable assets |
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515,720 |
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59,798 |
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97,708 |
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67,678 |
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|
740,904 |
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Depreciation and amortization |
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22,403 |
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|
471 |
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1,146 |
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19 |
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24,039 |
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Interest |
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905 |
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62 |
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|
472 |
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9,357 |
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10,796 |
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Capital expenditures |
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13,787 |
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351 |
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244 |
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120 |
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14,502 |
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Non-cash compensation |
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1,220 |
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|
705 |
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113 |
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3,844 |
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5,882 |
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2017 |
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Revenues |
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$ |
1,140,380 |
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$ |
66,680 |
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$ |
57,132 |
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$ |
3,960 |
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$ |
1,268,152 |
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Income (loss) before income taxes |
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19,858 |
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|
6,346 |
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(5,338 |
) |
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(19,686 |
) |
(1) |
1,180 |
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EBITDA, as adjusted (2)
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59,756 |
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8,115 |
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2,698 |
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(14,568 |
) |
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56,001 |
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Identifiable assets |
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443,670 |
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|
43,148 |
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47,166 |
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|
98,041 |
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|
632,025 |
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Depreciation and amortization |
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21,455 |
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|
505 |
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|
6,841 |
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34 |
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28,835 |
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Interest |
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1,157 |
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— |
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|
683 |
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|
870 |
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2,710 |
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Capital expenditures |
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8,923 |
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753 |
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216 |
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4 |
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9,896 |
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Non-cash compensation |
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1,035 |
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|
629 |
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183 |
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3,692 |
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5,539 |
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2016 |
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Revenues |
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$ |
1,003,282 |
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$ |
49,425 |
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$ |
50,483 |
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$ |
3,763 |
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$ |
1,106,953 |
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Income (loss) before income taxes |
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15,071 |
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(3,674 |
) |
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(6,074 |
) |
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(17,609 |
) |
(1) |
(12,286 |
) |
EBITDA, as adjusted (2)
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47,977 |
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(1,676 |
) |
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2,255 |
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(12,785 |
) |
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35,771 |
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Identifiable assets |
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423,288 |
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|
38,665 |
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54,166 |
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|
29,884 |
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|
546,003 |
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Depreciation and amortization |
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20,406 |
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|
703 |
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7,161 |
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|
64 |
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28,334 |
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Interest |
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2,828 |
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4 |
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|
682 |
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|
748 |
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4,262 |
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Capital expenditures |
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6,784 |
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|
139 |
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|
209 |
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— |
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7,132 |
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Non-cash compensation |
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1,010 |
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|
537 |
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245 |
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3,519 |
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5,311 |
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(1) |
Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses related to the Corporate segment. |
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(2) |
The following table reconciles income (loss) before income taxes to EBITDA, as adjusted, for the years ended December 31, 2018, 2017 and 2016: |
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Year Ended December 31, |
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2018 |
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2017 |
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2016 |
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Income (loss) before income taxes |
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$ |
47,165 |
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$ |
1,180 |
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$ |
(12,286 |
) |
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Adjustments: |
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Interest income |
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(2,504 |
) |
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(506 |
) |
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(672 |
) |
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Change in fair value of contingent consideration |
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238 |
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(19 |
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216 |
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Loss on extinguishment of debt |
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— |
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— |
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— |
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Interest expense |
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10,796 |
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2,710 |
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4,262 |
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Depreciation and amortization |
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24,039 |
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28,835 |
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28,334 |
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Non-cash compensation expense |
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5,882 |
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5,539 |
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5,311 |
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Amortization of retention and forgivable loans |
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417 |
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7,396 |
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5,472 |
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Amortization of contract acquisition costs (6)
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9,671 |
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— |
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— |
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Financial advisor recruiting expense |
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370 |
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5,721 |
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1,882 |
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Acquisition-related expense |
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1,010 |
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3,469 |
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1,357 |
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Loss attributable to noncontrolling interest |
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(28 |
) |
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15 |
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42 |
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Other |
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3,392 |
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(3) |
1,661 |
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(4) |
1,853 |
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(5) |
EBITDA, as adjusted |
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$ |
100,448 |
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$ |
56,001 |
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$ |
35,771 |
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EBITDA, as adjusted |
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Independent Advisory and Brokerage Services |
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$ |
98,411 |
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$ |
59,756 |
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$ |
47,977 |
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Ladenburg |
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12,966 |
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8,115 |
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(1,676 |
) |
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Insurance Brokerage |
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4,166 |
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|
2,698 |
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2,255 |
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Corporate |
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(15,095 |
) |
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(14,568 |
) |
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(12,785 |
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Total segments |
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$ |
100,448 |
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$ |
56,001 |
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$ |
35,771 |
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(3) Includes loss on severance costs of $481, excise and franchise tax expense of $629, compensation expense that may be paid in stock of $535 and non-recurring expenses related to a block repurchase of our common stock and other legal matters of $1,747.
(4) Includes loss on severance costs of $525, excise and franchise tax expense of $594 and compensation expense that may be paid in stock of $559.
(5) Includes loss on severance costs of $755, excise and franchise tax expense of $508 and compensation expense that may be paid in stock of $586.
(6) See Note 4 for further information.
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