| Segment Information |
Segment information for the three months ended March 31, 2019 and 2018 was as follows:
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Three Months Ended March 31, 2019 |
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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 |
Revenues |
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$ |
282,988 |
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|
$ |
15,811 |
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|
$ |
36,169 |
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|
$ |
487 |
|
|
$ |
335,455 |
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Income (loss) before income taxes |
|
14,262 |
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|
1,221 |
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|
(476 |
) |
|
(10,179 |
) |
(1) |
4,828 |
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EBITDA, as adjusted (3)
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|
22,798 |
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|
1,603 |
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|
169 |
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(4,177 |
) |
|
20,393 |
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Identifiable assets (2)
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528,795 |
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|
57,963 |
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|
96,738 |
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|
77,787 |
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|
761,283 |
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Depreciation and amortization |
|
5,309 |
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|
120 |
|
|
471 |
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5 |
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|
5,905 |
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Interest |
|
85 |
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(13 |
) |
|
62 |
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|
4,915 |
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|
5,049 |
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Capital expenditures |
|
3,009 |
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— |
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|
27 |
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|
213 |
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|
3,249 |
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Non-cash compensation |
|
259 |
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|
179 |
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— |
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1,056 |
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|
1,494 |
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Three Months Ended March 31, 2018 |
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Revenues |
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$ |
275,529 |
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|
$ |
22,314 |
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|
$ |
31,060 |
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|
$ |
481 |
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$ |
329,384 |
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Income (loss) before income taxes |
|
10,680 |
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|
4,313 |
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(131 |
) |
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(7,226 |
) |
(1) |
7,636 |
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EBITDA, as adjusted (3)
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|
20,011 |
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|
4,651 |
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|
441 |
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(4,939 |
) |
|
20,164 |
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Identifiable assets (2)
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|
468,800 |
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|
46,960 |
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|
87,257 |
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|
81,138 |
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|
684,155 |
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Depreciation and amortization |
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5,452 |
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|
112 |
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|
242 |
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3 |
|
|
5,809 |
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Interest |
|
287 |
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|
35 |
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|
168 |
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|
1,376 |
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|
1,866 |
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Capital expenditures |
|
2,095 |
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|
90 |
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|
54 |
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— |
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|
2,239 |
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Non-cash compensation |
|
310 |
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|
176 |
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|
57 |
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|
951 |
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|
1,494 |
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(1) Includes interest expense, compensation, professional fees, and other general and administrative expenses related to the Corporate segment.
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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 before income taxes for the three months ended March 31, 2019 and 2018 to EBITDA, as adjusted. |
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Three Months Ended March 31, |
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2019 |
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2018 |
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Income before income taxes |
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$ |
4,828 |
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$ |
7,636 |
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Adjustments: |
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Interest income |
|
(542 |
) |
|
(370 |
) |
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Change in fair value of contingent consideration |
|
112 |
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|
61 |
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Interest expense |
|
5,049 |
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|
1,866 |
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Depreciation and amortization |
|
5,905 |
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|
5,809 |
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Non-cash compensation expense |
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1,494 |
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|
1,494 |
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Amortization of retention and forgivable loans |
|
143 |
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|
76 |
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Amortization of contract acquisition costs |
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2,777 |
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|
2,210 |
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Financial advisor recruiting expense |
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7 |
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|
87 |
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Acquisition-related expense |
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21 |
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|
913 |
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Income attributable to noncontrolling interest |
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(1 |
) |
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(1 |
) |
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Other (1) (2)
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|
600 |
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|
383 |
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EBITDA, as adjusted |
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$ |
20,393 |
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$ |
20,164 |
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EBITDA, as adjusted |
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Independent Advisory and Brokerage Services |
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$ |
22,798 |
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$ |
20,011 |
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Ladenburg |
|
1,603 |
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|
4,651 |
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Insurance Brokerage |
|
169 |
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|
441 |
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Corporate |
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(4,177 |
) |
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(4,939 |
) |
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Total segments |
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$ |
20,393 |
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$ |
20,164 |
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(1) |
Includes severance costs of $10, excise and franchise tax expense of $148, compensation expense that may be paid in stock of $154 and non-recurring expenses related to a block repurchase of our common stock and other legal matters of $288 for the three months ended March 31, 2019.
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(2)
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Includes severance costs of $88, excise and franchise tax expense of $153 and compensation expense that may be paid in stock of $142 for the three months ended March 31, 2018.
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