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National Financial Partners Announces Third Quarter 2009 Net Income per Diluted Share of $0.24; Cash Earnings per Diluted Share of $0.58, Excluding Unusual Item
Gross Margin Percentage Improved to 19.1% from 17.5% in Prior Year Period
Third Quarter Cash Flow from Operations Up 40% from Prior Year Period
Credit Facility Balance Reduced to $65 Million as of October 31, 2009
NEW YORK, Nov. 3 /PRNewswire-FirstCall/ -- National Financial Partners Corp. (NYSE: NFP), a leading independent distributor of benefits, insurance and investment advisory services, today reported financial results for the third quarter ended September 30, 2009.
3Q 3Q % YTD YTD %
Financial Highlights* 2009 2008 Change 2009 2008 Change
--------------------- ---- ---- ------ ---- ---- ------
(Dollars in millions,
except per
share data)
Revenue $229.9 $277.3 -17.1% $671.1 $851.1 -21.1%
Gross Margin % 19.1% 17.5% 18.1% 17.7%
Net income (loss) 10.5 3.5 200.0% (495.2) 20.9 NM
Net income (loss) per
diluted share 0.24 0.08 200.0% (12.11) 0.51 NM
Cash earnings 26.4 22.9 15.3% 70.9 72.1 -1.7%
Cash earnings per
diluted share $0.61 $0.56 8.9% $1.67 $1.75 -4.6%
Organic revenue
growth/decline -16.3% -14.4% -19.6% -5.0%
Organic gross margin
growth/decline -18.4% -22.6% -21.1% -15.0%
* This summary includes financial measures not calculated based on
generally accepted accounting principles.
NM indicates amount not meaningful.
NFP reported third quarter 2009 net income of $10.5 million, or $0.24 per diluted share, compared with net income of $3.5 million, or $0.08 per diluted share, in the third quarter of 2008. Third quarter 2009 cash earnings was $26.4 million, or $0.61 per diluted share, compared with $22.9 million, or $0.56 per diluted share, in the third quarter of 2008. Excluding the proceeds from the settlement of an NFP-owned key man life insurance policy, cash earnings per diluted share was $0.58 in the third quarter of 2009. Cash earnings per diluted share, excluding proceeds from the settlement of the key man life insurance policy, remained stable primarily as a result of lower expenses. (Cash earnings is a non-GAAP measure, which the Company defines as net income excluding amortization of intangibles, depreciation, the after-tax impact of the impairment of goodwill and intangible assets and the after-tax impact of non-cash interest expense. A full reconciliation of net income to cash earnings is provided in the attached tables.)
Jessica Bibliowicz, chairman, president and chief executive officer, said, "The actions we have taken over the past year to increase cash flow and reduce expenses continue to be effective. From the prior year period, cash flow from operations increased 40% and gross margin percentage improved significantly. The amount outstanding under our credit facility has been reduced by 56% from the beginning of the year to the end of October."
Ms. Bibliowicz continued, "Our operating focus, together with our recent reorganization and the restructuring of firm principal incentive compensation plans, provide a solid foundation for the future."
As of September 30, 2009, the Company had $75.0 million outstanding under its credit facility, a reduction of $40.0 million since June 30, 2009. In October NFP further reduced the amount outstanding under its credit facility by an additional $10.0 million, and the balance now stands at $65.0 million. The third quarter 2009 consolidated leverage ratio (as defined in the amended credit facility) was 2.2x, below the maximum allowable consolidated leverage ratio of 3.0x for the third quarter of 2009. The maximum allowable consolidated leverage ratio will decline to 2.5x in the fourth quarter of 2009 and remain at that level through the expiration of the credit facility in August 2011. During the third quarter of 2009, NFP generated cash flow from operations of $50.4 million, an increase of $14.4 million, or 40.0%, from the prior year period.
Third Quarter Results
Revenue decreased $47.4 million, or 17.1%, to $229.9 million in the third quarter of 2009 from the prior year period. The decrease was driven by an organic revenue decline of $33.9 million, or 16.3%, to $174.3 million. The Company's Austin, Texas-based facility, which includes NFP Insurance Services, Inc. ("NFPISI"), a licensed insurance agency and marketing organization, and NFP Securities, Inc. ("NFPSI"), a registered broker-dealer, experienced a revenue decline of $7.4 million, or 11.0%, to $59.7 million. Also contributing to the quarterly decrease was a $4.8 million reduction in revenue due to the sale of all or a portion of certain firms as well as adjustments for eliminations.
Organic metrics generally encompass firms that were owned by NFP for at least four full quarters at the beginning of the third quarter of 2009. NFP includes dispositions in its organic metrics up until the time of disposition and excludes these firms for all periods after disposition. More detailed definitions and financial information can be found in the Company's quarterly financial supplement, which is available on the Company's Web site at www.nfp.com.
Gross margin before management fees was $78.8 million in the third quarter of 2009, a decrease of $10.9 million, or 12.2%, from the prior year period. As a percentage of revenue, third quarter gross margin before management fees increased to 34.3% from 32.3% in the prior period, despite the revenue decline. Lower commissions and fees expense as a percentage of revenue was partially offset by higher operating expenses as a percentage of revenue. In absolute terms, operating expenses declined 14.0% in the third quarter of 2009 compared with the prior year period largely due to expense reduction initiatives and a $5.3 million decline due to the sale of all or a portion of certain firms.
Management fees as a percentage of gross margin before management fees declined to 44.3% in the third quarter of 2009 from 45.9% a year ago largely due to lower incentive expense. The decline in this percentage also reflected a greater contribution to income before management fees from entities that are not subject to management fees, such as NFPISI and NFPSI. Management fees as a percentage of gross margin before management fees has increased throughout the year as the operating performance of NFP's firms has improved. Gross margin, which includes management fees as a component of cost of services, was $43.9 million in the third quarter of 2009, a decrease of $4.7 million, or 9.7%, from the prior year period. Organic gross margin declined 18.4% in the third quarter of 2009 compared with the corresponding prior year period. As a percentage of revenue, third quarter total gross margin increased to 19.1% from 17.5% in the prior year period.
General and administrative expense decreased $3.6 million, or 21.7%, to $13.0 million in the third quarter of 2009 compared with the prior year period. The decrease was largely the result of previous headcount reductions and management's continued efforts to reduce other expenses.
In the third quarter of 2009, impairment of goodwill and intangible assets was $2.0 million. The Company generally evaluates the value of its intangible assets on a quarterly basis.
The Company recognized a $1.2 million gain on the sale of subsidiaries during the third quarter of 2009. The gain was the result of the sale of seven subsidiaries and certain assets of two additional subsidiaries.
Net interest and other included $1.9 million in proceeds from the settlement of an NFP-owned key man life insurance policy. The Company maintains key man life insurance on certain of its principals for risk management purposes.
The tax rate was 37.5% in the third quarter of 2009, lower than the typical combined federal and state tax rates largely due to the non-taxable nature of key man life insurance proceeds received during the second quarter of 2009 and a tax benefit from dispositions.
Earnings Conference Call & Presentation
The Company will conduct its third quarter 2009 earnings conference call and audio webcast on November 4, 2009, from 8:00 to 9:00 a.m. (ET). The conference call will be available live via telephone and the Internet. To access the call, dial (617) 399-5125 (when prompted, callers should provide the access code "NFP"). The conference call and webcast will be accompanied by a presentation. The presentation will be available for electronic download on NFP's Web site before the conference call and webcast is scheduled to begin. The presentation may also be viewed automatically upon connecting to the webcast. To listen to the conference call over the Internet, visit www.nfp.com/ir. The conference call will be available for replay via telephone and Internet for a period of 90 days. To listen to a replay of the conference call via telephone, dial (888) 286-8010. The access code for the replay is 66138793. To access the replay of the conference call over the Internet, visit the above-mentioned Web site.
Reconciliation of Non-GAAP Measures
The Company analyzes its performance using historical and forward-looking non-GAAP measures called cash earnings and cash earnings per diluted share, gross margin before management fees and percentages or calculations using these measures. The Company believes these non-GAAP measures provide additional meaningful methods of evaluating certain aspects of the Company's operating performance from period to period on a basis that may not be otherwise apparent under GAAP. Cash earnings is defined as net income excluding amortization of intangibles, depreciation, the after-tax impact of the impairment of goodwill and intangible assets and the after-tax impact of non-cash interest expense. A full reconciliation of net income to cash earnings is provided in the attached tables. Cash earnings per diluted share is calculated by dividing cash earnings by the number of weighted average diluted shares outstanding for the period indicated. Cash earnings and cash earnings per diluted share should not be viewed as substitutes for net income and net income per diluted share, respectively. Gross margin before management fees should not be viewed as a substitute for gross margin. A full reconciliation of these non-GAAP measures to their GAAP counterparts is provided in the Company's quarterly financial supplement for the quarter ended September 30, 2009, which is available on the Investor Relations section of the Company's Web site at www.nfp.com.
About National Financial Partners Corp.
NFP is a leading independent financial services distribution company. NFP offers high net worth individuals and companies throughout the United States and in Canada comprehensive solutions across corporate and executive benefits, life insurance and wealth transfer, and investment advisory products and services. NFP and its subsidiaries, including NFP Securities, Inc., provide clients with access to objective advice and a choice of insurance and financial products and services. For more information please visit www.nfp.com.
Forward-Looking Statements
This release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "anticipate," "expect," "intend," "plan," "believe," "estimate," "may," "project," "will," "continue" and similar expressions of a future or forward-looking nature. Forward-looking statements may include discussions concerning revenue, expenses, earnings, cash flow, impairments, losses, dividends, capital structure, credit facilities, market and industry conditions, premium and commission rates, interest rates, contingencies, the direction or outcome of regulatory investigations and litigation, income taxes and NFP's operations or strategy. These forward-looking statements are based on management's current views with respect to future results, and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated by a forward-looking statement include: (1) NFP's ability, through its operating structure, to respond quickly to regulatory, operational or financial situations impacting its firms; (2) the Company's ability to manage its business effectively and profitably through the principals of its firms; (3) the financial impact of NFP's new incentive plans; (4) a recessionary economic environment, resulting in fewer sales of financial products or services, including rising unemployment which could impact group benefits sales based on reduced headcount, the availability of credit in connection with the purchase of such products or services, consumer hesitancy in spending or the insolvencies of or difficulties experienced by insurance companies, financial institutions or the Company's clients; (5) the occurrence of events or circumstances that could be indicators of impairment to goodwill and intangible assets which require the Company to test for impairment, and the impact of any impairments that the Company may take; (6) the impact of the adoption or modification of certain accounting treatments or policies and changes in underlying assumptions relating to such treatments or policies (including with respect to impairments), which may lead to adverse financial results; (7) NFP's success in acquiring and retaining high-quality independent financial services distribution firms and various factors inhibiting the Company's ability to acquire and retain firms; (8) the performance of the Company's firms following acquisition; (9) changes in interest rates or general economic conditions and credit market conditions, including changes that adversely affect NFP's ability to access capital; (10) adverse developments or volatility in the markets in which the Company operates, resulting in fewer sales of financial products and services, including those related to compensation agreements with insurance companies and activities within the life settlements industry; (11) securities and capital markets behavior, including fluctuations in the price of NFP's common stock, recent uncertainty in the U.S. financial markets or the dilutive impact of any capital-raising efforts to finance operations or business strategy; (12) any losses that NFP may take with respect to firm dispositions, firm restructures or otherwise; (13) the continued availability of borrowings and letters of credit under NFP's credit facility; (14) NFP's ability to manage its indebtedness and capital structure; (15) adverse results or other consequences from litigation, arbitration, regulatory investigations or compliance initiatives, including those related to business practices, compensation agreements with insurance companies, policy rescissions or chargebacks, regulatory investigations or activities within the life settlements industry; (16) uncertainty in the financial services, insurance or life settlement industries arising from investigations into certain business practices and subpoenas received from various governmental authorities and related litigation; (17) the impact of legislation or regulations in jurisdictions in which NFP's subsidiaries operate, including the possible adoption of comprehensive and exclusive federal regulation over all interstate insurers and the uncertain impact of proposals for legislation regulating the financial services industry; (18) the reduction of the Company's revenue and earnings due to the elimination or modification of compensation arrangements, including contingent compensation arrangements and the adoption of internal initiatives to enhance compensation transparency, including the transparency of fees paid for life settlements transactions; (19) changes in laws, including the elimination or modification of the federal estate tax, changes in the tax treatment of life insurance products, or changes in regulations affecting the value or use of benefits programs, which may adversely affect the demand for or profitability of the Company's services; (20) uncertainty regarding the impact of proposed healthcare legislation or reform on NFP's subsidiaries that operate in the benefits market; (21) developments in the availability, pricing, design or underwriting of insurance products, revisions in mortality tables by life expectancy underwriters or changes in the Company's relationships with insurance companies; (22) changes in premiums and commission rates or the rates of other fees paid to the Company's firms, including life settlements and registered investment advisory fees; (23) the occurrence of adverse economic conditions or an adverse regulatory climate in New York, Florida or California; (24) the loss of services of key members of senior management; (25) the availability or adequacy of errors and omissions insurance or other types of insurance coverage protection; and (26) the Company's ability to effect smooth succession planning at its firms.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Revenue:
Commissions and fees $229,925 $277,282 $671,104 $851,135
Cost of services:
Commissions and fees 63,059 85,216 187,934 275,487
Operating expenses (1) 88,112 102,384 274,553 306,581
Management fees 34,855 41,140 87,316 118,727
------ ------ ------ -------
Total cost of services 186,026 228,740 549,803 700,795
------ ------ ------- -------
Gross margin 43,899 48,542 121,301 150,340
------ ------ ------- -------
Corporate and other expenses:
General and administrative 13,044 16,537 37,898 48,900
Amortization of intangibles 8,975 9,907 27,745 29,323
Impairment of goodwill and
intangible assets 2,002 5,198 612,234 10,226
Depreciation 3,361 3,497 10,385 9,706
Gain on sale of subsidiaries (1,190) (578) (1,852) (7,665)
------ ---- ------ ------
Total corporate and other
expenses 26,192 34,561 686,410 90,490
------ ------ -------- ------
Income (loss) from
operations 17,707 13,981 (565,109) 59,850
Net interest and other (2) (911) (3,802) (2,358) (11,856)
------ ------ -------- ------
Income (loss) before
income taxes 16,796 10,179 (567,467) 47,994
Income tax expense
(benefit) (2) 6,256 6,682 (72,230) 27,080
------- ------ --------- -------
Net income (loss) (2) $10,540 $3,497 $(495,237) $20,914
======= ====== ========= =======
Earnings (loss) per share(2):
Basic $0.25 $0.09 $(12.11) $0.53
===== ===== ======= =====
Diluted $0.24 $0.08 $(12.11) $0.51
===== ===== ======= =====
Weighted average shares
outstanding:
Basic 41,604 39,670 40,888 39,493
====== ====== ====== ======
Diluted 43,114 41,187 40,888 41,164
====== ====== ====== ======
(1) Excludes amortization and depreciation shown separately in Corporate
and other expenses.
(2) Prior periods presented have been retrospectively adjusted for the
adoption of new guidance related to the accounting for convertible
debt on January 1, 2009.
CALCULATION OF GROSS MARGIN
(Unaudited-in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
Revenue $229,925 $277,282 $671,104 $851,135
Cost of services:
Commissions and fees 63,059 85,216 187,934 275,487
Operating expenses (1) 88,112 102,384 274,553 306,581
------ ------- ------- -------
Gross margin before
management fees 78,754 89,682 208,617 269,067
Management fees 34,855 41,140 87,316 118,727
------ ------ ------ -------
Gross margin $43,899 $48,542 $121,301 $150,340
======= ======= ======== ========
Gross margin as a
percentage of revenue 19.1% 17.5% 18.1% 17.7%
Gross margin before
management fees as a
percentage of revenue 34.3% 32.3% 31.1% 31.6%
Management fees, as a
percentage of gross
margin before management
fees 44.3% 45.9% 41.9% 44.1%
RECONCILIATION OF NET INCOME TO CASH EARNINGS
(Unaudited-in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
GAAP net income (loss) (2) $10,540 $3,497 $(495,237) $20,914
Amortization of intangibles 8,975 9,907 27,745 29,323
Depreciation 3,361 3,497 10,385 9,706
Impairment of goodwill and
intangible assets 2,002 5,198 612,234 10,226
Tax benefit of impairment of
goodwill and
intangible assets (427) (874) (89,475) (2,663)
Non-cash interest, net of
tax (2) 1,966 1,644 5,255 4,632
----- ----- ----- -----
Cash earnings (3) $26,417 $22,869 $70,907 $72,138
GAAP net income (loss) per
share -diluted (2) $0.24 $0.08 $(12.11) $0.51
Amortization of intangibles 0.21 0.24 0.65 0.71
Depreciation 0.08 0.08 0.25 0.24
Impairment of goodwill and
intangible assets 0.05 0.13 14.45 0.25
Tax benefit of impairment of
goodwill and
intangible assets (0.01) (0.02) (2.11) (0.06)
Non-cash interest, net of tax (2) 0.05 0.04 0.12 0.11
Impact of diluted shares on
cash earnings not
reflected in GAAP net loss per
share -diluted (4) - - 0.42 -
----- ----- ----- -----
Cash earnings per share -
diluted (5) $0.61 $0.56 $1.67 $1.75
(1) Excludes amortization and depreciation shown separately in Corporate
and other expenses.
(2) Prior periods presented have been retrospectively adjusted for the
adoption of new guidance related to the accounting for convertible
debt on January 1, 2009.
(3) Cash earnings is a non-GAAP measure, which the Company defines as net
income excluding amortization of intangibles, depreciation, the
after-tax impact of the impairment of goodwill and intangible assets
and the after-tax impact of non-cash interest expense.
(4) For periods where the Company generated a GAAP net loss, weighted
average common shares outstanding - diluted was used to calculate
cash earnings per share - diluted only. To calculate GAAP net loss
per share, weighted average common shares outstanding - diluted is
the same as weighted average common shares outstanding - basic due to
the antidilutive effects of other items caused by a GAAP net loss
position.
(5) The sum of the per-share components of cash earnings per share -
diluted may not agree to cash earnings per share - diluted, due to
rounding. Excluding the impact on cash earnings per share - diluted
of $0.03 from the settlement of an NFP-owned key man life insurance
policy, cash earnings per share - diluted would be $0.58 for the
three months ended September 30, 2009.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited-in thousands)
September 30, December 31,
2009 2008
---- ----
ASSETS
Current assets:
Cash and cash equivalents $60,084 $48,621
Cash, cash equivalents and securities
purchased under resale
agreements in premium trust accounts 75,838 75,109
Commissions, fees and premiums
receivable, net 100,930 140,758
Due from principals and/or certain
entities they own 21,787 16,329
Notes receivable, net 7,161 6,496
Deferred tax assets 8,322 9,435
Other current assets 18,368 19,284
------ ------
Total current assets 292,490 316,032
Property and
equipment, net 44,341 51,683
Deferred tax assets (1) 110,561 24,889
Intangibles, net 399,265 462,123
Goodwill, net 57,018 635,693
Notes receivable, net 32,410 23,683
Other non-current assets (1) 29,793 28,018
------ ------
Total assets (1) $965,878 $1,542,121
======== ==========
LIABILITIES
Current liabilities:
Premiums payable to insurance carriers $82,583 $73,159
Borrowings 75,000 148,000
Income taxes payable (1) - 11
Deferred tax liabilities 239 -
Due to principals and/or certain
entities they own 22,779 38,791
Accounts payable 21,381 28,513
Accrued liabilities 47,531 54,380
------ ------
Total current liabilities (1) 249,513 342,854
Deferred tax liabilities (1) 116,825 119,400
Convertible senior notes (1) 201,767 193,475
Other non-current
liabilities 62,037 62,874
------ ------
Total liabilities (1) 630,142 718,603
------- -------
STOCKHOLDERS' EQUITY
Preferred stock at par value - -
Common stock at par value 4,410 4,388
Additional paid-in capital (1) 874,839 881,458
Retained (deficit) earnings (1) (434,316) 97,178
Accumulated other comprehensive income 176 (50)
Treasury stock (109,373) (159,456)
-------- --------
Total stockholders' equity (1) 335,736 823,518
------- -------
Total liabilities and stockholders'
equity (1) $965,878 $1,542,121
======== ==========
(1) Prior periods presented have been retrospectively adjusted for the
adoption of new guidance related to the accounting for convertible
debt on January 1, 2009.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited-in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- --------------
2009 2008 2009 2008
---- ---- ---- ----
Cash flow from operating
activities
Net income (loss) (1) $10,540 $3,497 $(495,237) $20,914
Adjustments to reconcile to
net cash provided by
operating activities:
Deferred taxes 1,106 (391) (87,000) 23
Stock-based compensation 2,456 3,290 7,443 10,032
Impairment of goodwill and
intangible assets 2,002 5,198 612,234 10,226
Amortization of intangibles 8,975 9,907 27,745 29,323
Depreciation 3,361 3,497 10,385 9,706
Accretion of senior
convertible notes discount (1) 2,783 2,611 8,292 7,778
Gain on sale of subsidiaries (1,190) (578) (1,852) (7,665)
(Increase) decrease in
operating assets:
Cash, cash equivalents and
securities purchased under
resale agreements in premium
trust accounts 3,420 2,623 (729) 4,737
Commissions, fees and
premiums receivable, net 3,847 6,328 38,920 44,452
Due from principals and/or
certain entities they own 1,615 (9,031) (3,390) (17,746)
Notes receivable, net - current 659 64 (705) (889)
Other current assets (1) (816) 3,098 (396) (3,346)
Notes receivable, net -
non-current 1,778 796 (2,209) (7,676)
Other non-current assets (1) (700) 328 (1,832) (13,828)
Increase (decrease) in
operating liabilities:
Premiums payable to insurance
carriers 1,457 (3,792) 9,424 (2,917)
Income taxes payable (1) - 66 (11) (1,764)
Due to principals and/or
certain entities they own 26 9,250 (22,072) (33,214)
Accounts payable 3,038 (939) (7,125) (12,425)
Accrued liabilities 1,081 (1,728) (8,475) (22,282)
Other non-current
liabilities (1) 4,983 1,931 (416) 10,898
----- ----- ---- ------
Total adjustments 39,881 32,528 578,231 3,423
------ ------ ------- -----
Net cash provided by
operating activities 50,421 36,025 82,994 24,337
Cash flow from investing
activities:
Proceeds from disposal of
subsidiaries 1,935 1,240 10,997 22,523
Purchases of property and
equipment, net (1,801) (5,439) (4,943) (30,322)
Payments for acquired
firms, net of cash, and
contingent consideration (627) (22,989) (1,606) (63,782)
---- ------- ------ -------
Net cash (used in) provided by
investing activities (493) (27,188) 4,448 (71,581)
Cash flow from financing
activities:
Repayments of borrowings (40,000) (47,000) (73,000) (132,000)
Proceeds from borrowings - 51,000 - 179,000
Proceeds from stock-based
awards, including tax benefit 385 277 (2,719) 3,481
Shares cancelled to pay
withholding taxes (51) (22) (210) (680)
Payments for treasury stock
repurchase - (2,691) - (24,612)
Dividends paid - (8,216) (50) (24,683)
- ------ --- -------
Net cash (used in)
provided by financing
activities (39,666) (6,652) (75,979) 506
------- ------ ------- ---
Net increase (decrease) in
cash and cash equivalents 10,262 2,185 11,463 (46,738)
Cash and cash equivalents,
beginning of period 49,822 65,259 48,621 114,182
------ ------ ------ -------
Cash and cash equivalents,
end of the period $60,084 $67,444 $60,084 $67,444
======= ======= ======= =======
Supplemental disclosures of
cash flow information
Cash paid for income taxes $4,332 $7,949 $18,010 $29,968
Cash paid for interest $1,975 $2,649 $5,771 $7,568
(1) Prior periods presented have been retrospectively adjusted for the
adoption of new guidance related to the accounting for convertible
debt on January 1, 2009.
SOURCE National Financial Partners Corp.
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