LADENBURG THALMANN FINANCIAL SERVICES INC. LTSL Cash Flow

Ladenburg thalmann financial services inc. (LTSL)

CashFlow / TTM

Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
22,725	31,779	29,952	31,754	33,786	30,858	24,810	16,825	7,682	1,669	-9,248	-28,374	-22,311	-25,159	-20,581	-5,257	-11,213	4,396	20,116	25,516	33,352	22,482	12,078	3,619	-522	-5,389	-13,805	-13,252	-16,354	-7,645	-4,678	505	3,893	0	0	0
Adjustments to reconcile net income to
Change in fair value of contingent consideration
-664	-113	-324	-289	-238	98	-181	-194	19	48	-21	-7	-216	-154	-82	-33	55	31	31	31	12	12	12	-132	-121	-121	788	1,579	7,111	0	0	0	-	-	-	-
Adjustment to deferred rent
-	14	-184	-385	-805	-887	-773	-629	-387	-603	-518	-368	-213	93	137	-118	-37	12	71	326	357	605	-84	8	106	-255	415	385	356	556	627	603	595	0	0	0
Amortization of right-of-use assets
7,603	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
13,071	14,199	15,149	15,365	15,578	16,737	18,110	19,676	21,327	21,344	21,264	21,044	20,703	20,706	20,736	20,686	20,650	20,141	18,656	16,344	14,056	12,194	11,369	11,479	11,594	11,669	11,699	11,694	11,683	10,934	8,643	6,352	4,060	0	0	0
Depreciation and other amortization
9,223	9,481	9,067	8,770	8,461	7,684	7,570	7,536	7,508	7,690	7,681	7,847	7,631	7,421	7,174	6,676	6,427	5,809	5,397	4,805	4,341	4,050	3,750	3,722	3,676	3,833	4,006	4,211	4,378	4,160	3,334	2,450	1,572	0	0	0
Loss on extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-252	-486	-486	-486	-548	-661	-1,107	-4,861	-4,547	0	0	0	-	-	-	-	-	-	-	-
Amortization of debt discount
654	495	739	483	432	540	450	448	449	466	518	569	620	654	654	654	666	633	583	535	501	522	578	863	1,219	1,565	1,893	1,991	1,993	1,496	1,002	518	39	0	0	0
Amortization of debt issue cost
882	356	616	500	591	-360	-174	-58	41	505	441	347	253	406	376	376	376	407	403	399	393	473	470	454	435	-454	-472	-477	-478	-1,190	-741	-832	-642	0	0	0
Amortization of retention and forgivable loans
549	528	486	484	417	2,606	4,317	5,881	7,396	6,161	5,756	5,629	5,472	5,788	6,608	7,974	9,238	10,728	10,976	11,951	11,041	14,349	13,568	11,524	11,544	11,708	11,730	11,680	11,664	0	0	0	-	-	-	-
Capitalized Contract Cost, Amortization
11,759	11,251	10,751	10,238	9,671	7,059	4,571	2,210	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Benefit attributable to reduction of goodwill
-	-	-	-	-	-	-	-	-	-	-	-	0	-80	-79	-79	-78	-67	-67	-67	-68	-77	-78	-78	-77	-77	-76	-77	-71	-125	-109	-93	-84	0	0	0
Non-cash interest expense on forgivable loan
-	-	-	-40	-	-	-	-52	24	1	28	57	43	-135	-83	-128	21	-200	-12	139	98	97	91	-125	132	1,083	1,073	1,404	1,258	0	0	0	-	-	-	0
Deferred income taxes
-1,799	1,951	8,125	7,896	8,130	-1,445	-6,367	-6,788	-7,662	3,206	1,296	17,308	9,096	8,588	8,182	-7,353	-400	-15,399	-28,175	-27,979	-25,521	-13,122	1,028	946	954	925	963	651	877	-16,579	-16,627	-16,309	-16,590	0	0	0
Share-based Payment Arrangement, Noncash Expense
6,106	5,914	5,758	5,882	5,882	5,833	5,794	5,604	5,539	5,463	5,422	5,385	5,311	6,829	5,771	6,854	8,759	8,778	12,215	11,874	10,541	10,016	7,984	7,280	6,766	5,538	4,945	4,793	4,744	4,887	4,521	4,421	4,014	0	0	0
Loss on write-off of receivable from subtenant
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	855	855	855	855	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Loss on write-off of furniture, fixtures and leasehold improvements, net
-22	-12	-10	-28	-26	-38	-37	-20	-21	-1	-2	-2	-1	-1	-2	-1	-9	-12	-11	-14	-9	-381	-260	-287	-430	-57	-181	-151	-7	0	0	0	-	-	-	-
(Increase) decrease in operating assets:
Securities owned, at fair value
-6,474	-850	-1,728	3,863	7,042	1,304	2,281	785	338	501	504	-461	-536	-479	-854	-1,206	-1,989	-2,490	-627	-2,488	522	2,024	-2,433	3,651	2,711	2,702	5,584	-2,063	64	-473	-1,202	3,234	-669	0	0	0
Receivables from clearing brokers
-982	1,185	-9,964	-13,783	-24,475	-30,072	-10,409	11,642	7,051	21,704	23,537	10,040	-2,974	-16,255	-19,697	-11,458	5,076	-19,197	13,173	3,467	5,907	37,495	4,875	19,551	14,418	8,170	10,367	7,484	-1,426	11,840	7,625	-809	8,203	0	0	0
Receivables from other broker-dealers
-3,027	4,125	121	1,880	4,256	-455	174	56	1,969	366	66	-169	-1,297	600	-2,107	245	362	-879	-1,343	-2,693	-338	37	1,134	2,192	-23	272	2,779	1,347	1,636	1,151	-1,222	-759	-851	0	0	0
Other receivables, net
2,868	1,212	5,598	13,990	13,886	23,067	20,414	8,438	6,073	-2,898	-2,755	4,113	6,070	4,132	5,955	6,657	-19	5,074	2,733	1,310	7,014	1,714	5,162	2,431	1,153	3,276	-463	1,995	1,661	6,082	4,878	6,141	6,209	0	0	0
Contract acquisition costs, net
18,975	19,968	19,533	20,788	29,057	23,522	20,203	14,104	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Notes receivable from financial advisors, net
3,521	1,467	648	-695	-577	15,117	16,262	18,892	21,563	10,965	11,955	11,659	11,116	9,364	11,083	9,997	9,828	9,209	4,993	7,186	5,442	8,803	8,343	4,119	4,147	3,819	3,213	5,218	6,504	0	0	0	-	-	-	-
Cash surrender value of life insurance
3,824	456	908	368	-1,305	1,278	1,146	2,073	2,501	2,584	3,557	2,485	963	795	-1,556	-1,620	-1,172	-1,319	-2,163	-1,773	-1,951	-1,480	919	552	1,163	435	227	-327	-954	0	0	0	-	-	-	-
Income taxes receivable
-2,156	0	0	473	2,156	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
-6,213	-7,691	1,646	1,702	15,366	3,548	4,534	4,192	-219	4,002	-2,152	949	-1,191	6,967	5,101	1,144	5,381	-2,079	-867	3,595	39	6,453	5,479	5,532	5,367	1,656	2,444	-885	2,081	-449	-714	1,634	-25	0	0	0
Increase (decrease) in operating liabilities:
Securities sold, but not yet purchased, at fair value
-2,155	-31	-1,523	4,862	2,344	-132	4,569	-98	-151	-478	-277	22	144	257	-4,555	-10	8	-3,015	4,830	-5,689	147	3,101	-4,266	5,704	-209	246	4,555	273	214	0	0	0	-	-	0	0
Accrued compensation
1,086	4,786	-1,690	-157	5,959	3,516	6,785	4,817	7,044	9,552	2,812	1,431	-2,816	-3,858	-503	706	5,632	274	-2,847	-5,471	-803	678	2,997	3,197	8,081	5,948	1,817	1,992	1,518	692	2,801	-2,167	653	0	0	0
Accrued interest
-123	0	1,601	1,365	-30	134	321	266	222	-218	-221	-223	-177	531	703	633	292	330	-51	28	102	145	1,184	-2,522	-2,397	-3,017	-3,841	-128	1,680	4,714	4,370	4,581	2,964	0	0	0
Commissions and fees payable
4,413	-3,243	479	9,184	8,690	17,468	14,103	3,109	6,627	5,248	6,173	5,750	599	-1,987	-4,912	-234	2,139	4,397	4,945	4,407	8,272	4,541	7,332	4,179	1,230	4,587	3,318	4,150	5,679	6,573	2,158	3,693	912	0	0	0
Deferred compensation liability
6,100	2,639	3,673	3,574	2,461	3,477	2,095	1,032	914	1,178	1,272	993	36	743	-740	-902	-429	-726	-2,117	-1,827	-2,003	-1,647	1,238	833	1,101	548	318	-170	-746	0	0	0	-	-	-	-
Lease liability
-7,757	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued liabilities
812	-14,569	-12,862	-12,424	7,018	7,407	16,982	13,045	580	3,088	6,414	5,556	3,914	11,146	2,806	-1,524	-2,009	-15,321	-10,012	-6,499	-6,515	6,202	-2,595	4,114	5,990	3,363	4,850	3,747	831	-4,684	-2,499	-5,563	-2,823	0	0	0
Net cash provided by operating activities
54,017	43,976	53,536	58,390	63,372	61,130	45,926	11,874	16,215	25,093	12,194	12,343	14,246	22,341	19,190	21,076	19,319	29,494	15,537	16,214	26,855	4,608	29,921	17,698	20,874	22,147	7,356	13,714	7,648	-32,795	-31,153	-35,091	-33,349	0	0	0
Cash flows from investing activities:
Acquisition of Kestler Financial Group, net of cash received
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,919	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of fixed assets
13,044	13,043	14,050	15,512	14,502	13,141	11,795	9,742	9,896	9,392	8,138	7,686	7,132	6,622	7,209	7,747	8,298	8,234	7,511	7,800	7,447	8,142	8,549	7,986	6,861	6,431	5,719	5,688	5,477	4,903	4,125	2,104	1,439	0	0	0
Decrease (increase) in restricted assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	391	291	180	180	-100	-100	150	150	250	0	0	0	-	-	-	-	-50	0	0	0
Net cash used in investing activities
-13,048	-14,665	-17,356	-18,818	-17,808	-14,829	-11,974	-9,921	-10,075	-12,477	-12,235	-11,783	-11,229	-7,914	-7,923	-10,561	-28,211	-33,960	-35,976	-34,165	-16,613	-11,307	-8,611	-8,048	-7,023	-7,134	-6,172	-6,141	-5,930	-130,588	-129,810	-127,789	-127,074	0	0	0
Cash flows from financing activities:
Issuance of Series A preferred stock
9,426	9,338	9,265	6,679	-273	9,883	18,523	28,086	28,095	17,991	28,286	27,352	27,580	29,274	14,007	15,104	84,380	87,882	140,756	164,403	108,617	110,978	66,870	161,619	147,929	0	0	0	-	-	-	-	-	-	-	-
Issuance of common stock
2,778	1,980	3,057	3,691	4,266	8,691	7,700	9,628	9,066	4,789	5,008	2,156	3,061	3,165	2,945	2,559	2,016	2,529	2,814	3,255	3,282	3,084	2,459	1,772	1,256	497	502	599	795	1,059	1,208	1,091	682	0	0	0
Series A preferred stock dividends paid
34,689	34,495	34,300	34,113	34,031	33,979	33,621	33,066	32,482	31,950	31,581	31,017	30,438	29,849	29,358	29,121	28,108	26,234	23,793	20,351	17,244	14,787	12,818	10,136	6,911	0	0	0	-	-	-	-	-	-	-	-
Common stock dividends paid
7,179	7,797	8,452	8,628	8,794	8,295	7,809	5,840	3,880	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchases and retirement of common stock
10,880	71,873	76,665	69,069	69,746	9,589	6,140	6,418	5,293	5,645	8,426	11,598	14,749	18,072	19,822	18,521	16,355	13,282	11,556	10,220	9,535	8,601	9,117	7,193	6,446	6,196	3,102	1,206	1,407	1,417	-154	1,733	1,493	0	0	0
Issuance of senior notes
55,062	53,585	113,996	100,086	104,375	179,278	119,133	77,582	73,197	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings on term loan
7,000	7,000	7,000	7,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bank loan and revolver repayments
1,917	1,393	6,132	6,230	6,690	7,345	2,773	2,442	1,992	1,409	882	719	628	554	462	397	387	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal repayments on notes payable
309	275	11,835	13,548	15,253	16,981	7,101	7,070	7,039	7,007	7,578	7,546	7,516	0	0	0	-	-	-	-	42,369	42,106	31,132	121,285	111,113	98,411	87,407	-2,947	-2,950	-6,874	-6,447	-6,022	-5,600	0	0	0
Principal repayments under a revolving credit facility, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-759	-219	-5,392	-5,492	-3,492	-1,492	0	0	0
Third party investment in subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	120	120	60	60	0	0	0	0	-	-	-	-
Principal payments on notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided (used in) by financing activities
19,292	-46,930	-7,066	-17,132	-29,146	121,623	87,872	67,570	66,782	-18,117	-8,097	-21,446	-22,764	-22,986	-39,076	-36,759	24,482	24,062	61,246	92,195	42,516	50,777	18,531	586	1,044	5,697	13,480	1,641	2,119	176,824	174,913	177,588	178,997	0	0	0
Net increase in cash and cash equivalents
60,261	-17,619	29,114	22,440	16,418	167,924	121,824	69,523	72,922	-5,501	-8,138	-20,886	-19,747	-8,559	-27,809	-26,244	15,590	19,596	40,807	74,244	52,758	44,078	39,841	10,236	14,895	20,710	13,460	9,214	3,837	13,441	15,154	14,708	18,574	0	0	0
Supplemental cash flow information:
Interest paid
21,706	19,155	14,560	11,556	9,870	7,463	4,870	3,297	1,974	2,100	2,492	2,970	3,523	3,315	3,178	3,398	3,807	4,651	5,337	5,468	5,920	6,060	4,413	11,831	16,034	23,287	28,776	25,426	22,968	14,525	9,956	5,343	2,461	0	0	0
Taxes paid
4,784	6,110	7,032	6,966	6,956	3,707	1,322	1,425	1,487	968	1,000	919	1,036	1,224	1,355	1,401	2,313	2,055	2,481	2,226	2,554	2,340	1,761	1,773	544	720	577	565	488	479	500	454	372	0	0	0
Payments to Acquire Businesses, Net of Cash Acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,919	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-