| Segment Information |
Segment information for the three and six months ended June 30, 2017 and 2016 was as follows:
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Three Months Ended June 30, 2017 |
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Independent
Advisory and Brokerage Services
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Ladenburg |
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Insurance Brokerage |
|
Corporate |
|
Total |
Revenues |
|
$ |
280,855 |
|
|
$ |
18,011 |
|
|
$ |
12,339 |
|
|
$ |
331 |
|
|
$ |
311,536 |
|
Income (loss) before income taxes |
|
5,404 |
|
|
1,829 |
|
|
(1,604 |
) |
|
(4,442 |
) |
(1) |
1,187 |
|
EBITDA, as adjusted (3)
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|
13,722 |
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|
2,219 |
|
|
517 |
|
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(3,301 |
) |
|
13,157 |
|
Identifiable assets (2)
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|
421,277 |
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|
43,733 |
|
|
46,077 |
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|
27,201 |
|
|
538,288 |
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Depreciation and amortization |
|
5,350 |
|
|
124 |
|
|
1,806 |
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|
14 |
|
|
7,294 |
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Interest |
|
277 |
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|
— |
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|
171 |
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|
73 |
|
|
521 |
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Capital expenditures |
|
2,064 |
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|
143 |
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|
101 |
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|
5 |
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|
2,313 |
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Non-cash compensation |
|
241 |
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|
157 |
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|
60 |
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|
920 |
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|
1,378 |
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Three Months Ended June 30, 2016 |
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Revenues |
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$ |
243,640 |
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|
$ |
12,511 |
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|
$ |
13,418 |
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|
$ |
206 |
|
|
$ |
269,775 |
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Income (loss) before income taxes |
|
3,431 |
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|
(970 |
) |
|
(618 |
) |
|
(3,419 |
) |
(1) |
(1,576 |
) |
EBITDA, as adjusted (3)
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|
11,675 |
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(460 |
) |
|
1,488 |
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(2,192 |
) |
|
10,511 |
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Identifiable assets (2)
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|
407,989 |
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|
34,721 |
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|
55,976 |
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|
33,385 |
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|
532,071 |
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Depreciation and amortization |
|
5,239 |
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|
186 |
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|
1,799 |
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|
17 |
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|
7,241 |
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Interest |
|
808 |
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|
— |
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|
170 |
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|
194 |
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|
1,172 |
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Capital expenditures |
|
1,648 |
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|
120 |
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|
93 |
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— |
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|
1,861 |
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Non-cash compensation |
|
252 |
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|
135 |
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|
61 |
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|
893 |
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|
1,341 |
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Six Months Ended June 30, 2017 |
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Independent
Advisory and Brokerage Services |
|
Ladenburg |
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Insurance Brokerage |
|
Corporate |
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Total |
Revenues |
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$ |
546,696 |
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$ |
29,876 |
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$ |
24,640 |
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|
$ |
615 |
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$ |
601,827 |
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Income (loss) before income taxes |
|
8,998 |
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|
1,309 |
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|
(4,119 |
) |
|
(9,519 |
) |
(1) |
(3,331 |
) |
EBITDA, as adjusted (3)
|
|
25,457 |
|
|
2,332 |
|
|
74 |
|
|
(7,216 |
) |
|
20,647 |
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Identifiable assets (2)
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|
421,277 |
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|
43,733 |
|
|
46,077 |
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|
27,201 |
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|
538,288 |
|
Depreciation and amortization |
|
10,800 |
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|
287 |
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|
3,610 |
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|
29 |
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|
14,726 |
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Interest |
|
513 |
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|
— |
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|
339 |
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|
146 |
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|
998 |
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Capital expenditures |
|
4,252 |
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|
276 |
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|
134 |
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|
44 |
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|
4,706 |
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Non-cash compensation |
|
509 |
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|
315 |
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|
122 |
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|
1,861 |
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|
2,807 |
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Six Months Ended June 30, 2016 |
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Revenues |
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$ |
487,384 |
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$ |
23,033 |
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$ |
24,742 |
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$ |
412 |
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$ |
535,571 |
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Income (loss) before income taxes |
|
6,684 |
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(4,112 |
) |
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(3,352 |
) |
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(7,181 |
) |
(1) |
(7,961 |
) |
EBITDA, as adjusted (3)
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22,719 |
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(3,258 |
) |
|
832 |
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(4,709 |
) |
|
15,584 |
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Identifiable assets (2)
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|
407,989 |
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|
34,721 |
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|
55,976 |
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|
33,385 |
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|
532,071 |
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Depreciation and amortization |
|
10,165 |
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|
361 |
|
|
3,556 |
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|
34 |
|
|
14,116 |
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Interest |
|
1,651 |
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|
— |
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|
340 |
|
|
388 |
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|
2,379 |
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Capital expenditures |
|
3,394 |
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|
120 |
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|
186 |
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— |
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|
3,700 |
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Non-cash compensation |
|
503 |
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|
271 |
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|
122 |
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|
1,800 |
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|
2,696 |
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(1) |
Includes interest expense, compensation, professional fees, and other general and administrative expenses. |
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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 and six months ended June 30, 2017 and 2016 to EBITDA, as adjusted. |
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Three Months Ended June 30 |
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Six Months Ended June 30 |
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2017 |
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2016 |
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2017 |
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2016 |
Income (loss) before income taxes |
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$ |
1,187 |
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$ |
(1,576 |
) |
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$ |
(3,331 |
) |
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$ |
(7,961 |
) |
Adjustments: |
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Interest income |
|
(98 |
) |
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(161 |
) |
|
(200 |
) |
|
(295 |
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Change in fair value of contingent consideration |
|
63 |
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|
49 |
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(89 |
) |
|
106 |
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Interest expense |
|
521 |
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|
1,172 |
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|
998 |
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|
2,379 |
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Depreciation and amortization |
|
7,294 |
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|
7,241 |
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|
14,726 |
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|
14,116 |
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Non-cash compensation expense |
|
1,378 |
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|
1,341 |
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|
2,807 |
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|
2,696 |
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Amortization of retention and forgivable loans |
|
1,671 |
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|
1,544 |
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|
3,262 |
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|
2,978 |
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Financial advisor recruiting expense |
|
564 |
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|
356 |
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|
1,432 |
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|
677 |
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Acquisition-related expense |
|
89 |
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|
31 |
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|
265 |
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|
67 |
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Loss attributable to noncontrolling interest |
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3 |
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|
14 |
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|
8 |
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|
32 |
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Other (1)
|
|
485 |
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|
500 |
|
|
769 |
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|
789 |
|
EBITDA, as adjusted |
|
$ |
13,157 |
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$ |
10,511 |
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$ |
20,647 |
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$ |
15,584 |
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EBITDA, as adjusted |
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Independent Advisory and Brokerage Services |
|
$ |
13,722 |
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$ |
11,675 |
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$ |
25,457 |
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$ |
22,719 |
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Ladenburg |
|
2,219 |
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(460 |
) |
|
2,332 |
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|
(3,258 |
) |
Insurance Brokerage |
|
517 |
|
|
1,488 |
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|
74 |
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|
832 |
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Corporate |
|
(3,301 |
) |
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(2,192 |
) |
|
(7,216 |
) |
|
(4,709 |
) |
Total segments |
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$ |
13,157 |
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$ |
10,511 |
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$ |
20,647 |
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$ |
15,584 |
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(1) |
Includes severance of $194 for the three and six months ended June 30, 2017, excise and franchise tax expense of $145 and $286 for the three and six months ended June 30, 2017 and compensation expense that may be paid in stock of $160 and $303 for the three and six months ended June 30, 2017, respectively. Includes severance of $233 for the three and six months ended June 30, 2016, excise and franchise tax expense of $99 and $234 for the three and six months ended June 30, 2016 and compensation expense that may be paid in stock of $168 and $323 for the three and six months ended June 30, 2
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