| Segment information |
Segment information for the years ended December 31, 2017, 2016 and 2015 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 |
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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2015 |
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Revenues |
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$ |
1,035,365 |
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$ |
61,841 |
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$ |
49,573 |
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$ |
5,339 |
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$ |
1,152,118 |
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Income (loss) before income taxes |
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7,735 |
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|
3,095 |
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(6,701 |
) |
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(15,824 |
) |
(1) |
(11,695 |
) |
EBITDA, as adjusted (2)
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46,462 |
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|
6,052 |
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|
1,170 |
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(9,639 |
) |
|
44,045 |
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Identifiable assets |
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417,367 |
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|
44,050 |
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61,689 |
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|
50,999 |
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|
574,105 |
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Depreciation and amortization |
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19,373 |
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|
703 |
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|
6,949 |
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52 |
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|
27,077 |
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Interest |
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3,532 |
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7 |
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|
683 |
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|
947 |
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5,169 |
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Capital expenditures |
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7,341 |
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87 |
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|
783 |
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87 |
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8,298 |
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Non-cash compensation |
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3,836 |
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|
638 |
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239 |
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4,046 |
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8,759 |
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(1) |
Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses. |
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(2) |
The following table reconciles income (loss) before income taxes to EBITDA, as adjusted, for the years ended December 31, 2017, 2016 and 2015: |
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
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Income (loss) before income taxes |
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$ |
1,180 |
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$ |
(12,286 |
) |
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$ |
(11,695 |
) |
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Adjustments: |
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Interest income |
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(506 |
) |
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(672 |
) |
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(254 |
) |
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Change in fair value of contingent consideration |
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(19 |
) |
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216 |
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(55 |
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Loss on extinguishment of debt |
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— |
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— |
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252 |
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Interest expense |
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2,710 |
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4,262 |
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5,169 |
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Depreciation and amortization |
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28,835 |
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28,334 |
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27,077 |
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Non-cash compensation expense |
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5,539 |
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5,311 |
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8,759 |
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Amortization of retention and forgivable loans |
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7,396 |
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5,472 |
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9,238 |
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Financial advisor recruiting expense |
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5,721 |
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1,882 |
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2,387 |
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Acquisition-related expense |
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3,469 |
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1,357 |
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|
940 |
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(6) |
Loss attributable to noncontrolling interest |
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15 |
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42 |
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62 |
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Other |
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1,661 |
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(3) |
1,853 |
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(4) |
2,165 |
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(5) |
EBITDA, as adjusted |
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$ |
56,001 |
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$ |
35,771 |
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$ |
44,045 |
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EBITDA, as adjusted |
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Independent Advisory and Brokerage Services |
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$ |
59,756 |
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$ |
47,977 |
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$ |
46,462 |
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Ladenburg |
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8,115 |
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(1,676 |
) |
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6,052 |
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Insurance Brokerage |
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2,698 |
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2,255 |
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|
1,170 |
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Corporate |
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(14,568 |
) |
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(12,785 |
) |
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(9,639 |
) |
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Total segments |
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$ |
56,001 |
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$ |
35,771 |
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$ |
44,045 |
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(3) 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.
(4) 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.
(5) Includes loss on write-off of receivable from subtenant of $855, compensation expense that may be paid in stock of $532, rent expense due to default by subtenant of $468 and excise and franchise tax expense of $310.
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(6) |
Includes $409 for acquisition-related expense that was previously included in professional services expense and other expense.
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