Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment information for the three and six months ended June 30, 2019 and 2018 was as follows:



Three Months Ended June 30, 2019	Independent Advisory and Brokerage Services		Ladenburg		Insurance Brokerage		Corporate				Total
Revenues	$	301,832	$	17,433	$	43,606	$	709			$	363,580
Income (loss) before income taxes	17,834		2,112		1,011		(11,444		)	⁽¹⁾	9,513
EBITDA, as adjusted ⁽³⁾	26,776		2,404		1,648		(4,136		)		26,692
Identifiable assets ⁽²⁾	534,562		61,197		99,529		122,261				817,549
Depreciation and amortization	5,308		119		473		6				5,906
Interest	147		2		57		5,367				5,573
Capital expenditures	3,199		—		6		(301		)		2,904
Non-cash compensation	255		179		—		1,010				1,444

Three Months Ended June 30, 2018
Revenues	$	299,471	$	18,120	$	37,925	$	2,240			$	357,756
Income (loss) before income taxes	16,708		1,979		832		(5,635		)	⁽¹⁾	13,884
EBITDA, as adjusted ⁽³⁾	25,221		2,268		1,413		(3,063		)		25,839
Identifiable assets ⁽²⁾	496,331		56,592		87,056		107,911				747,890
Depreciation and amortization	5,423		111		223		5				5,762
Interest	263		13		171		1,707				2,154
Capital expenditures	4,160		166		15		24				4,365
Non-cash compensation	309		177		56		1,026				1,568



Six Months Ended June 30, 2019	Independent Advisory and Brokerage Services		Ladenburg			Insurance Brokerage		Corporate				Total
Revenues	$	584,820	$	33,244		$	79,775	$	1,196			$	699,035
Income (loss) before income taxes	32,096		3,333			535		(21,623		)	⁽¹⁾	14,341
EBITDA, as adjusted ⁽³⁾	49,574		4,007			1,817		(8,313		)		47,085
Identifiable assets ⁽²⁾	534,562		61,197			99,529		122,261				817,549
Depreciation and amortization	10,617		239			944		11				11,811
Interest	232		(11		)	119		10,282				10,622
Capital expenditures	6,208		—			33		(88		)		6,153
Non-cash compensation	514		358			—		2,066				2,938

Six Months Ended June 30, 2018
Revenues	$	575,000	$	40,434		$	68,985	$	2,721			$	687,140
Income (loss) before income taxes	27,388		6,292			701		(12,861		)	⁽¹⁾	21,520
EBITDA, as adjusted ⁽³⁾	45,232		6,919			1,854		(8,002		)		46,003
Identifiable assets ⁽²⁾	496,331		56,592			87,056		107,911				747,890
Depreciation and amortization	10,875		223			465		8				11,571
Interest	550		48			339		3,083				4,020
Capital expenditures	6,257		256			68		24				6,605
Non-cash compensation	619		353			113		1,977				3,062

⁽¹⁾ Includes interest expense, compensation, professional fees, and other general and administrative expenses related to the Corporate segment.


⁽²⁾	Identifiable assets are presented as of the end of the period.


⁽³⁾	The following table reconciles income before income taxes for the three and six months ended June 30, 2019 and 2018 to EBITDA, as adjusted.



	Three Months Ended June 30, 2019						Six Months Ended June 30, 2019
	2019			2018			2019			2018
Income before income taxes	$	9,513		$	13,884		$	14,341		$	21,520
Adjustments:
Interest income	(714		)	(508		)	(1,256		)	(878		)
Change in fair value of contingent consideration	85			50			197			111
Interest expense	5,573			2,154			10,622			4,020
Depreciation and amortization	5,906			5,762			11,811			11,571
Non-cash compensation expense	1,444			1,568			2,938			3,062
Amortization of retention and forgivable loans	109			107			252			183
Amortization of contract acquisition costs	2,874			2,361			5,651			4,571
Financial advisor recruiting expense	2			89			9			176
Acquisition-related expense	3			—			24			913
Income attributable to noncontrolling interest	(20		)	(8		)	(21		)	(9		)
Other ^{(1) (2)}	1,917			380			2,517			763
EBITDA, as adjusted	$	26,692		$	25,839		$	47,085		$	46,003

EBITDA, as adjusted
Independent Advisory and Brokerage Services	$	26,776		$	25,221		$	49,574		$	45,232
Ladenburg	2,404			2,268			4,007			6,919
Insurance Brokerage	1,648			1,413			1,817			1,854
Corporate	(4,136		)	(3,063		)	(8,313		)	(8,002		)
Total segments	$	26,692		$	25,839		$	47,085		$	46,003


⁽¹⁾	Includes severance costs of $1,099 and $1,109, excise and franchise tax expense of $134 and $282, compensation expense that may be paid in stock of $703 and $857 and non-recurring expenses related to a block repurchase of our common stock and other legal matters of $(19) and $269 for the three and six months ended June 30, 2019.


⁽²⁾	Includes severance costs of $86 and $174, excise and franchise tax expense of $169 and $322 and compensation expense that may be paid in stock of $125 and $267 for the three and six months ended June 30, 2018.