Quarterly report pursuant to Section 13 or 15(d)

Selected Balance Sheet Data (Tables)

v3.20.2
Selected Balance Sheet Data (Tables)
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Allowance for Credit Losses for Advances and Loans and Commissions Receivable
Allowance for credit losses for advances and loans and commissions receivable consisted of the following (in thousands):
 
     Advances and
Loans		      Commissions
Receivable		      Total  
Beginning balance as of January 1, 2020
    $  512      $ 32      $ 544  
Credit loss expense
      13        42        55  
Write-offs
      (50 )       —          (50 ) 
  
 
 
     
 
 
     
 
 
  
Ending balance as of September 30, 2020
    $ 475      $ 74      $ 549  
  
 
 
     
 
 
     
 
 
  
 
     Advances and
Loans		      Commissions
Receivable		      Total  
Beginning balance as of January 1, 2019
    $ 514      $  —        $ 514  
Credit loss expense
      75        —          75  
Write-offs
      (185 )       —          (185 ) 
  
 
 
     
 
 
     
 
 
  
Ending balance as of September 30, 2019
    $ 404      $ —        $ 404  
  
 
 
     
 
 
     
 
 
  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
 
     Current     
Non-Current
  
     September 30,
2020		      December 31,
2019		      September 30,
2020		      December 31,
2019		  
Mortgage servicing rights (“MSRs”), net of amortization
    $ —        $ —        $  2,023      $  2,002  
Security deposits
      —          —          1,406        1,345  
Employee notes receivable
(1)
      177        65        321        323  
Customer trust accounts and other
      2,836        3,120        569        677  
  
 
 
     
 
 
     
 
 
     
 
 
  
   $  3,013      $  3,185      $ 4,319      $ 4,347  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $0 and $60 for the nine months ended September 30, 2020 and 2019, respectively. See Note 9 – “Related-Party Transactions” for additional information.
Summary of Net Change in Carrying Value of MSRs
The net change in the carrying value of MSRs consisted of the following (in thousands):
 
    
Nine Months Ended
September 30,
  
     2020      2019  
Beginning balance
    $ 2,002      $ 2,209  
Additions
      425        243  
Amortization
      (404 )       (413 ) 
  
 
 
     
 
 
  
Ending balance
    $ 2,023      $ 2,039  
  
 
 
     
 
 
  
Scedule of Deferred Compensation and Commissions
Deferred compensation and commissions consisted of the following (in thousands):
 
     Current     
Non-Current
  
     September 30,
2020		      December 31,
2019		      September 30,
2020		      December 31,
2019		  
Stock appreciation rights (“SARs”) liability
(1)
    $ 2,162      $ 2,080      $  16,493      $  18,122  
Commissions payable to investment sales and financing professionals
      33,166        40,235        10,996        20,818  
Deferred compensation liability
(1)
      1,482        1,553        6,432        6,688  
Other
      434        433        —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
   $  37,244      $  44,301      $ 33,921      $ 45,628  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months have been classified as current.
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability
     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2020      2019      2020      2019  
Increase in the carrying value of the assets held in the rabbi trust
(1)
    $  434      $  31      $  170      $  959  
  
 
 
     
 
 
     
 
 
     
 
 
  
Increase in the net carrying value of the deferred compensation obligation
(2)
    $ 388      $ 31      $ 88      $ 943  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income.
(2)
Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.
Summary of Other Liabilities
Other liabilities consisted of the following (in thousands):
 
    
Non-Current
  
     September 30,
2020		      December 31,
2019		  
Deferred consideration
(1) (2)
    $  3,472      $ 830  
Contingent consideration
(1) (2)
      3,443        2,709  
Other
      1,216        —    
  
 
 
     
 
 
  
   $ 8,131      $  3,539  
  
 
 
     
 
 
  
 
(1)
The current portions of deferred consideration in the amounts of $1,880 and $560 as of September 30, 2020 and December 31, 2019, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. The current portions of contingent consideration in the amounts of $1,240 and $678 as of September 30, 2020 and December 31, 2019, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets.
(2)
Deferred consideration in the aggregate amount of $1,401 as of December 31, 2019 was reclassified from contingent consideration during the nine months ended September 30, 2020 and of this amount, $560 and $841 pertained to the current and
non-current
portions, respectively.