Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 10,940 $ 14,774
Adjustments to reconcile net income to    
Change in fair value of contingent consideration 197 111
Adjustment to deferred rent 0 621
Amortization of right-of-use assets 3,848 0
Amortization of intangible assets 7,241 7,670
Amortization of debt discount 533 226
Amortization of debt issue cost 190 215
Amortization of retention and forgivable loans 252 183
Amortization of contract acquisition costs 5,651 4,571
Depreciation and other amortization 4,507 3,901
Deferred income taxes (50) (45)
Non-cash compensation expense 2,938 3,062
Gain on forgiveness of accrued interest under forgivable loans 0 (79)
Gain on forgiveness of principal of note payable under forgivable loans 0 (2,143)
Loss on write-off of furniture, fixtures and leasehold improvements, net 2 18
(Increase) decrease in operating assets    
Securities owned, at fair value 6,103 (2,667)
Receivables from clearing brokers (10,981) 3,530
Receivables from other broker-dealers 4,437 302
Other receivables, net (1,538) (9,826)
Insurance trailing commissions receivable (1,070) 0
Contract acquisition costs, net (10,679) (20,203)
Notes receivable from financial advisors, net (498) 727
Cash surrender value of life insurance (2,409) (196)
Income taxes receivable 2,156 0
Other assets 10,826 (2,894)
Increase (decrease) in operating liabilities    
Securities sold, but not yet purchased, at fair value 822 4,689
Accrued compensation (13,464) (5,815)
Accrued interest 1,669 38
Commissions and fees payable 367 8,578
Deferred compensation liability 3,050 1,838
Lease liabilities (3,810) 0
Accounts payable and accrued liabilities (5,063) 14,817
Net cash provided by operating activities 16,167 26,003
Cash flows from investing activities:    
Purchases of fixed assets (6,153) (6,605)
Net cash used in investing activities (6,153) (6,605)
Cash flows from financing activities:    
Issuance of Series A preferred stock 9,449 (89)
Issuance of common stock 1,404 2,613
Issuance of senior notes 55,557 45,936
Series A preferred stock dividends paid (17,285) (17,016)
Common stock dividends paid (3,587) (3,929)
Repurchase and retirement of common stock (10,347) (3,428)
Borrowings on term loan 7,000 0
Bank loan and revolver repayments (788) (1,346)
Principal payments on notes payable (148) (3,566)
Net cash provided by financing activities 41,255 19,175
Net increase in cash and cash equivalents 51,269 38,573
Cash and cash equivalents including restricted cash, beginning of period 189,281 172,863
Cash and cash equivalents 239,780 204,847
Restricted cash 770 6,589
Cash and cash equivalents including restricted cash, end of period 240,550 211,436
Supplemental cash flow information:    
Interest paid 8,230 3,540
Taxes paid $ 351 $ 275