Ladenburg Thalmann Financial Services (LTS) quarterly balance sheet covering the six quarters from September 2018 to December 2019, as reported to the SEC.
A balance sheet shows what a company owns and what it owes on a single date. The difference between the two belongs to shareholders.
| Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | |||||||||||||||||||||
248,772 | 251,033 | 239,780 | 167,847 | 182,693 | 262,834 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Cash and Cash Equivalents, at Carrying Value | 248,772 | 251,033 | 239,780 | 167,847 | 182,693 | 262,834 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Securities owned, at fair value | |||||||||||||||||||||
4,449 | 4,601 | 4,820 | 7,967 | 10,923 | 5,451 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Securities owned, at fair value | 4,449 | 4,601 | 4,820 | 7,967 | 10,923 | 5,451 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Receivables from Clearing Organizations | |||||||||||||||||||||
23,086 | 27,835 | 35,049 | 42,059 | 24,068 | 26,650 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Receivables from Clearing Organizations | 23,086 | 27,835 | 35,049 | 42,059 | 24,068 | 26,650 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Receivables from other broker-dealers | |||||||||||||||||||||
4,051 | 5,597 | 2,641 | 4,143 | 7,078 | 1,472 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Receivables from other broker-dealers | 4,051 | 5,597 | 2,641 | 4,143 | 7,078 | 1,472 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Notes receivable from financial advisors, net | |||||||||||||||||||||
8,781 | 7,459 | 6,055 | 5,343 | 5,809 | 6,520 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Notes receivable from financial advisors, net | 8,781 | 7,459 | 6,055 | 5,343 | 5,809 | 6,520 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other receivables, net | |||||||||||||||||||||
71,810 | 67,419 | 70,480 | 136,144 | 68,942 | 130,507 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other receivables, net | 71,810 | 67,419 | 70,480 | 136,144 | 68,942 | 130,507 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Contract with Customer, Asset, after Allowance for Credit Loss | |||||||||||||||||||||
73,782 | 67,290 | 65,370 | - | 64,300 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Contract with Customer, Asset, after Allowance for Credit Loss | 73,782 | 67,290 | 65,370 | - | 64,300 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Property, Plant, And Equipment And Finance Lease Right-Of-Use Asset, After Accumulated Depreciation And Amortization | |||||||||||||||||||||
33,750 | 32,068 | 31,463 | 30,815 | 29,994 | 28,590 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Property, Plant, And Equipment And Finance Lease Right-Of-Use Asset, After Accumulated Depreciation And Amortization | 33,750 | 32,068 | 31,463 | 30,815 | 29,994 | 28,590 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Right-of-use assets | |||||||||||||||||||||
30,571 | 31,815 | 33,396 | 34,715 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Right-of-use assets | 30,571 | 31,815 | 33,396 | 34,715 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Restricted Cash and Cash Equivalents | |||||||||||||||||||||
770 | 771 | 770 | 770 | 6,588 | 6,589 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Restricted Cash and Cash Equivalents | 770 | 771 | 770 | 770 | 6,588 | 6,589 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Intangible assets, net | |||||||||||||||||||||
59,998 | 62,896 | 65,825 | 69,442 | 73,064 | 74,233 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Intangible assets, net | 59,998 | 62,896 | 65,825 | 69,442 | 73,064 | 74,233 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Goodwill | |||||||||||||||||||||
126,079 | 126,079 | 126,079 | 126,079 | 126,079 | 125,966 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Goodwill | 126,079 | 126,079 | 126,079 | 126,079 | 126,079 | 125,966 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Contract acquisition costs, net | |||||||||||||||||||||
87,942 | 86,520 | 85,754 | 83,784 | 80,726 | 77,803 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Contract acquisition costs, net | 87,942 | 86,520 | 85,754 | 83,784 | 80,726 | 77,803 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Unamortized debt issue cost | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Unamortized debt issue cost | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash surrender value of life insurance | |||||||||||||||||||||
15,230 | 13,934 | 13,815 | 13,059 | 11,406 | 13,478 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Cash surrender value of life insurance | 15,230 | 13,934 | 13,815 | 13,059 | 11,406 | 13,478 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Income taxes receivable | |||||||||||||||||||||
- | - | - | 473 | 2,156 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Income taxes receivable | - | - | - | 473 | 2,156 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred tax asset | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred tax asset | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other assets | |||||||||||||||||||||
40,865 | 32,807 | 36,252 | 38,643 | 47,078 | 40,498 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other assets | 40,865 | 32,807 | 36,252 | 38,643 | 47,078 | 40,498 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Assets | |||||||||||||||||||||
829,936 | 818,124 | 817,549 | 761,283 | 740,904 | 800,591 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Assets | 829,936 | 818,124 | 817,549 | 761,283 | 740,904 | 800,591 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Securities sold, but not yet purchased, at fair value | |||||||||||||||||||||
420 | 35 | 3,397 | 5,097 | 2,575 | 66 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Securities sold, but not yet purchased, at fair value | 420 | 35 | 3,397 | 5,097 | 2,575 | 66 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued compensation | |||||||||||||||||||||
40,350 | 36,871 | 25,800 | 18,743 | 39,264 | 32,013 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued compensation | 40,350 | 36,871 | 25,800 | 18,743 | 39,264 | 32,013 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Commissions and fees payable | |||||||||||||||||||||
109,719 | 106,004 | 105,673 | 105,121 | 105,306 | 109,247 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Commissions and fees payable | 109,719 | 106,004 | 105,673 | 105,121 | 105,306 | 109,247 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts payable and accrued liabilities | |||||||||||||||||||||
50,038 | 37,197 | 43,696 | 42,166 | 48,741 | 50,122 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts payable and accrued liabilities | 50,038 | 37,197 | 43,696 | 42,166 | 48,741 | 50,122 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred rent | |||||||||||||||||||||
- | - | - | - | 2,956 | 2,970 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred rent | - | - | - | - | 2,956 | 2,970 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Lease liability | |||||||||||||||||||||
33,510 | 34,798 | 36,395 | 37,713 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Lease liability | 33,510 | 34,798 | 36,395 | 37,713 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred income taxes | |||||||||||||||||||||
12,269 | 13,945 | 14,018 | 13,763 | 14,068 | 12,659 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred income taxes | 12,269 | 13,945 | 14,018 | 13,763 | 14,068 | 12,659 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred compensation liability | |||||||||||||||||||||
26,722 | 24,602 | 23,672 | 21,914 | 20,622 | 21,963 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred compensation liability | 26,722 | 24,602 | 23,672 | 21,914 | 20,622 | 21,963 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued interest | |||||||||||||||||||||
- | - | 1,792 | 1,507 | 123 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued interest | - | - | 1,792 | 1,507 | 123 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Notes payable, net of unamortized discount of $5,718 and $6,372 in 2019 and 2018, respectively, and net of debt issuance costs of $8,642 and $7,086 in 2019 and 2018 respectively. | |||||||||||||||||||||
315,443 | 315,898 | 316,416 | 261,237 | 254,072 | 185,199 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Notes payable, net of unamortized discount of $5,718 and $6,372 in 2019 and 2018, respectively, and net of debt issuance costs of $8,642 and $7,086 in 2019 and 2018 respectively. | 315,443 | 315,898 | 316,416 | 261,237 | 254,072 | 185,199 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total liabilities | |||||||||||||||||||||
588,471 | 569,350 | 570,859 | 507,261 | 487,727 | 414,239 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total liabilities | 588,471 | 569,350 | 570,859 | 507,261 | 487,727 | 414,239 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Commitments and contingencies (Note 15) | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Commitments and contingencies (Note 15) | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Shareholders’ equity: | |||||||||||||||||||||
Preferred stock, $.0001 par value; authorized 50,000,000 shares: 8% Series A cumulative redeemable preferred stock; designated 23,844,916 shares in 2019 and 2018; shares issued and outstanding 17,401,282 in 2019 and 17,012,075 in 2018 (liquidation preference $435,032 and $425,302 in 2019 and 2018, respectively) | |||||||||||||||||||||
2 | 2 | 2 | 2 | 2 | 2 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Preferred stock, $.0001 par value; authorized 50,000,000 shares: 8% Series A cumulative redeemable preferred stock; designated 23,844,916 shares in 2019 and 2018; shares issued and outstanding 17,401,282 in 2019 and 17,012,075 in 2018 (liquidation preference $435,032 and $425,302 in 2019 and 2018, respectively) | 2 | 2 | 2 | 2 | 2 | 2 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Common stock, $.0001 par value; authorized 1,000,000,000 shares in 2019 and 2018; shares issued and outstanding, 149,311,259 in 2019 and 146,535,796 in 2018 | |||||||||||||||||||||
15 | 15 | 15 | 15 | 14 | 20 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Common stock, $.0001 par value; authorized 1,000,000,000 shares in 2019 and 2018; shares issued and outstanding, 149,311,259 in 2019 and 146,535,796 in 2018 | 15 | 15 | 15 | 15 | 14 | 20 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Additional paid-in capital | |||||||||||||||||||||
309,918 | 317,735 | 326,928 | 341,768 | 344,356 | 487,752 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Additional paid-in capital | 309,918 | 317,735 | 326,928 | 341,768 | 344,356 | 487,752 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accumulated deficit | |||||||||||||||||||||
-68,479 | -68,971 | -80,327 | -87,815 | -91,246 | -101,467 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accumulated deficit | -68,479 | -68,971 | -80,327 | -87,815 | -91,246 | -101,467 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total shareholders’ equity of the Company | |||||||||||||||||||||
241,456 | 248,781 | 246,618 | 253,970 | 253,126 | 386,307 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total shareholders’ equity of the Company | 241,456 | 248,781 | 246,618 | 253,970 | 253,126 | 386,307 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Noncontrolling interest | |||||||||||||||||||||
9 | -7 | 72 | 52 | 51 | 45 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Noncontrolling interest | 9 | -7 | 72 | 52 | 51 | 45 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total shareholders' equity | |||||||||||||||||||||
241,465 | 248,774 | 246,690 | 254,022 | 253,177 | 386,352 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total shareholders' equity | 241,465 | 248,774 | 246,690 | 254,022 | 253,177 | 386,352 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Total liabilities and shareholders' equity | |||||||||||||||||||||
829,936 | 818,124 | 817,549 | 761,283 | 740,904 | 800,591 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Total liabilities and shareholders' equity | 829,936 | 818,124 | 817,549 | 761,283 | 740,904 | 800,591 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||