Ladenburg thalmann financial services inc. (LTSL)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

22,725

33,786

7,682

-22,311

-11,213

33,352

-522

-16,354

3,893

-10,951

-18,673

Adjustments to reconcile net income to
Change in fair value of contingent consideration

-664

-238

19

-216

55

12

-121

7,111

0

0

-

Adjustment to deferred rent

-

-805

-387

-213

-37

357

106

356

595

450

485

Amortization of right-of-use assets

7,603

-

-

-

-

-

-

-

-

-

-

Amortization of intangible assets

13,071

15,578

21,327

20,703

20,650

14,056

11,594

11,683

4,060

2,941

3,116

Write-off on intangible asset

-

-

-

-

-

-

143

0

0

-

-

Depreciation and other amortization

9,223

8,461

7,508

7,631

6,427

4,341

3,676

4,378

1,572

1,037

1,027

Loss on extinguishment of debt

-

-

-

-

-252

-548

-4,547

0

0

-

-

Amortization of debt discount

654

432

449

620

666

501

1,219

1,993

39

289

721

Amortization of debt issue cost

882

591

41

253

376

393

435

-478

-642

-282

521

Amortization of retention and forgivable loans

549

417

7,396

5,472

9,238

11,041

11,544

11,664

1,634

0

-

Capitalized Contract Cost, Amortization

11,759

9,671

0

0

-

-

-

-

-

-

-

Benefit attributable to reduction of goodwill

0

-541

0

0

-78

-68

-77

-71

-84

-35

-

Non-cash interest expense on forgivable loan

0

0

24

43

21

98

132

1,258

423

337

-

Gain on forgiveness of accrued interest under forgivable loans

0

79

295

408

619

839

1,067

1,365

450

525

-

Gain on forgiveness of principal of note payable under forgivable loans

0

2,143

2,143

2,143

3,928

3,929

3,929

3,929

1,429

1,429

-

Deferred income taxes

-1,799

8,130

-7,662

9,096

-400

-25,521

954

877

-16,590

693

946

Share-based Payment Arrangement, Noncash Expense

6,106

5,882

5,539

5,311

8,759

10,541

6,766

4,744

4,014

5,439

7,534

Loss on write-off of receivable from subtenant

-

-

-

-

855

0

0

-

-

-

-

Loss on write-off of furniture, fixtures and leasehold improvements, net

-22

-26

-21

-1

-9

-9

-430

-7

0

-

-

(Increase) decrease in operating assets:
Write-off of furniture, fixtures and leasehold improvements, net

-

-

-

-

-

-

-

-

-

24

-

Securities owned, at fair value

-6,474

7,042

338

-536

-1,989

522

2,711

64

-669

-136

-2,619

Receivables from clearing brokers

-982

-24,475

7,051

-2,974

5,076

5,907

14,418

-1,426

8,203

555

-1,152

Receivables from other broker-dealers

-3,027

4,256

1,969

-1,297

362

-338

-23

1,636

-851

1,036

329

Other receivables, net

2,868

13,886

6,073

6,070

-19

7,014

1,153

1,661

6,209

2,888

798

Insurance Trailing Commissions Receivable

9,482

0

0

-

-

-

-

-

-

-

-

Contract acquisition costs, net

18,975

29,057

0

0

-

-

-

-

-

-

-

Notes receivable from financial advisors, net

3,521

-577

21,563

11,116

9,828

5,442

4,147

6,504

19,634

71

982

Cash surrender value of life insurance

3,824

-1,305

2,501

963

-1,172

-1,951

1,163

-954

-924

0

-

Income taxes receivable

-2,156

2,156

0

0

-

-

-

-

-

-

-

Other assets

-6,213

15,366

-219

-1,191

5,381

39

5,367

2,081

-25

-229

166

Increase (decrease) in operating liabilities:
Securities sold, but not yet purchased, at fair value

-2,155

2,344

-151

144

8

147

-209

214

58

1

-82

Accrued compensation

1,086

5,959

7,044

-2,816

5,632

-803

8,081

1,518

653

964

638

Accrued interest

-123

-30

222

-177

292

102

-2,397

1,680

2,964

150

172

Commissions and fees payable

4,413

8,690

6,627

599

2,139

8,272

1,230

5,679

912

3,307

754

Deferred compensation liability

6,100

2,461

914

36

-429

-2,003

1,101

-746

-833

0

-

Lease liability

-7,757

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued liabilities

812

7,018

580

3,914

-2,009

-6,515

5,990

831

-2,823

941

18

Net cash provided by operating activities

54,017

63,372

16,215

14,246

19,319

26,855

20,874

7,648

-33,349

-1,100

-2,297

Cash flows from investing activities:
Payment for business acquisition

-

-

-

-

-

-

-

-

-

0

-

Acquisition of Kestler Financial Group, net of cash received

0

2,850

0

-

16,919

0

0

-

0

162

-

Acquisition of Four Seasons Financial Group, net of cash received

0

450

0

-

-

3,353

0

0

125,685

0

-

Acquisition of KMS, net of cash received

-

-

-

-

-

4,292

0

0

-

-

-

Other business acquisitions

0

0

179

4,097

2,603

1,621

0

552

-

-

-

Purchases of fixed assets

13,044

14,502

9,896

7,132

8,298

7,447

6,861

5,477

1,439

608

399

Purchase of intangible assets

5

6

0

0

-

-

-

-

-

-

-

Net proceeds from sale of equipment/disposal

1

0

0

-

-

-

88

0

0

-

-

Decrease (increase) in restricted assets

-

-

-

-

391

-100

250

0

-50

-150

-351

Other

-

-

-

-

-

-

-

-99

0

0

-

Net cash used in investing activities

-13,048

-17,808

-10,075

-11,229

-28,211

-16,613

-7,023

-5,930

-127,074

-620

-48

Cash flows from financing activities:
Issuance of Series A preferred stock

9,426

-273

28,095

27,580

84,380

108,617

147,929

0

0

-

-

Issuance of common stock in private equity offering, net of offering expenses of $122

-

-

-

-

-

-

-

-

-

13,928

-

Issuance of common stock

2,778

4,266

9,066

3,061

2,016

3,282

1,256

795

682

773

360

Series A preferred stock dividends paid

34,689

34,031

32,482

30,438

28,108

17,244

6,911

0

0

-

-

Common stock dividends paid

7,179

8,794

3,880

0

0

-

-

-

-

-

-

Repurchases and retirement of common stock

10,880

69,746

5,293

14,749

16,355

9,535

6,446

1,407

1,493

64

2,717

Repurchase of stock option award for cash

0

3,000

850

0

0

-

-

-

-

-

-

Additional issuance costs related to SSN notes

0

0

40

0

0

-

-

-

-

-

-

Issuance of senior notes

55,062

104,375

73,197

0

0

-

-

-

-

-

-

Borrowings on term loan

7,000

0

8,000

0

0

-

1,709

0

175,700

0

10,000

Bank loan and revolver repayments

1,917

6,690

1,992

628

387

0

0

-

-

-

-

Principal repayments on notes payable

309

15,253

7,039

7,516

17,639

42,369

111,113

-2,950

-5,600

6,080

6,667

Principal repayments under a revolving credit facility, net

-

-

-

-114

495

-275

-25,500

-219

-1,492

-1,500

450

Third party investment in subsidiary

-

-

-

40

80

40

120

0

0

-

-

Net cash provided (used in) by financing activities

19,292

-29,146

66,782

-22,764

24,482

42,516

1,044

2,119

178,997

7,057

1,426

Net increase in cash and cash equivalents

60,261

16,418

72,922

-19,747

15,590

52,758

14,895

3,837

18,574

5,337

-919

Supplemental cash flow information:
Interest paid

21,706

9,870

1,974

3,523

3,807

5,920

16,034

22,968

2,461

2,162

2,524

Taxes paid

4,784

6,956

1,487

1,036

2,313

2,554

544

488

372

87

60

Payments to Acquire Businesses, Net of Cash Acquired

0

2,850

0

-

16,919

0

0

-

0

162

-

Non-cash financing activities:
Issuance of 7.25% notes for repurchase of common stock

0

76,350

0

0

-

-

-

-

-

-

-

Cancellation of promissory notes as consideration for exercise price of warrants

-

-

-

17,976

0

0

-

-

-

-

-

Warrants issued to lenders in connection with 2011 notes payable

-

-

-

-

-

-

-

-

-

0

-

Wall Street Financial Group [Member]
Net cash paid in acquisition

-

-

-

1,192

-

-

-

-

-

-

-

Assets acquired

-

-

-

3,468

-

-

-

-

-

-

-

Liabilities assumed

-

-

-

2,276

-

-

-

-

-

-

-

Payments to Acquire Businesses, Net of Cash Acquired

-

-

-

1,192

-

-

-

-

-

-

-

Foothill Securities, Inc.
Acquisition of Kestler Financial Group, net of cash received

0

0

-179

2,905

-

-

-

-

-

-

-

Liabilities assumed

0

0

179

2,666

-

-

-

-

-

-

-

Payments to Acquire Businesses, Net of Cash Acquired

0

0

-179

2,905

-

-

-

-

-

-

-

Kestler Financial Group
Acquisition of Kestler Financial Group, net of cash received

0

2,850

0

0

-

-

-

-

-

-

-

Assets acquired

0

9,093

0

0

-

-

-

-

-

-

-

Liabilities assumed

0

793

0

0

-

-

-

-

-

-

-

Net assets acquired

0

8,300

0

0

-

-

-

-

-

-

-

Promissory note

0

5,450

0

0

-

-

-

-

-

-

-

Payments to Acquire Businesses, Net of Cash Acquired

0

2,850

0

0

-

-

-

-

-

-

-

Kestler Financial Group, Inc
Net cash paid in acquisition

-

-

-

0

-

-

-

-

-

-

-

Payments to Acquire Businesses, Net of Cash Acquired

-

-

-

0

-

-

-

-

-

-

-

Four Seasons Financial Group
Acquisition of Kestler Financial Group, net of cash received

0

450

0

0

-

-

-

-

-

-

-

Assets acquired

0

2,345

0

0

-

-

-

-

-

-

-

Liabilities assumed

0

1,523

0

0

-

-

-

-

-

-

-

Net assets acquired

0

822

0

0

-

-

-

-

-

-

-

Promissory note

0

372

0

0

-

-

-

-

-

-

-

Payments to Acquire Businesses, Net of Cash Acquired

0

450

0

0

-

-

-

-

-

-

-

Foothill Securities, Inc. [Member]
Assets acquired

-

-

-

5,571

-

-

-

-

-

-

-