Segment Information The Company has three operating segments. The independent advisory and brokerage services segment includes the investment advisory and broker-dealer services provided by the Company's independent advisory and brokerage subsidiaries to their independent contractor financial advisors and the wealth management services provided by Premier Trust. The Ladenburg segment includes the investment banking, sales and trading, asset management services and investment activities conducted by Ladenburg and LTAM. The insurance brokerage segment includes the wholesale insurance brokerage activities provided by Highland, which delivers life insurance, fixed and equity indexed annuities and long-term care solutions to investment and insurance providers, and an affiliate of Highland, which provides marketing strategies, product expertise, and back-office processing for fixed and equity-indexed annuities. Earnings before interest, taxes, depreciation and amortization, or EBITDA, as adjusted for acquisition-related expense, amortization of retention and forgivable loans, amortization of contract acquisition costs, change in fair value of contingent consideration related to acquisitions, non-cash compensation expense, financial advisor recruiting expense and other expense, which includes excise and franchise tax expense, severance cost and compensation expense that may be paid in stock, is the primary profit measure the Company's management uses in evaluating financial performance for its reportable segments. EBITDA, as adjusted, is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. The Company considers EBITDA, as adjusted, important in evaluating its financial performance on a consistent basis across various periods. Due to the significance of non-cash and non-recurring items, EBITDA, as adjusted, enables the Company's Board of Directors and management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not indicative of its core operating performance, such as acquisition-related expense, amortization of retention and forgivable loans, amortization of contract acquisition costs and financial advisor recruiting expenses or do not involve a cash outlay, such as stock-related compensation, which is expected to remain a key element in our long-term incentive compensation program. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, income (loss) before income taxes, net income (loss) and cash flows provided by (used in) operating activities. Segment information for the years ended December 31, 2019, 2018 and 2017 is as follows: Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total 2019 Revenues $ 1,204,326 $ 75,523 $ 186,211 $ 3,242 $ 1,469,302 Income (loss) before income taxes 65,517 10,501 4,745 (50,756 ) (1) 30,007 EBITDA, as adjusted (2) 99,408 11,498 7,645 (17,320 ) 101,231 Identifiable assets 542,138 55,006 113,031 119,761 829,936 Depreciation and amortization 19,901 485 1,886 22 22,294 Interest 478 13 235 22,393 23,119 Capital expenditures 12,836 249 37 (78 ) 13,044 Non-cash compensation 1,016 715  4,375 6,106 2018 Revenues $ 1,161,043 $ 78,094 $ 147,127 $ 4,872 $ 1,391,136 Income (loss) before income taxes 62,748 11,464 1,983 (29,030 ) (1) 47,165 EBITDA, as adjusted (2) 98,411 12,966 4,166 (15,095 ) 100,448 Identifiable assets 515,720 59,798 97,708 67,678 740,904 Depreciation and amortization 22,403 471 1,146 19 24,039 Interest 905 62 472 9,357 10,796 Capital expenditures 13,787 351 244 120 14,502 Non-cash compensation 1,220 705 113 3,844 5,882 2017 Revenues $ 1,140,380 $ 66,680 $ 57,132 $ 3,960 $ 1,268,152 Income (loss) before income taxes 19,858 6,346 (5,338 ) (19,686 ) (1) 1,180 EBITDA, as adjusted (2) 59,756 8,115 2,698 (14,568 ) 56,001 Identifiable assets 443,670 43,148 47,166 98,041 632,025 Depreciation and amortization 21,455 505 6,841 34 28,835 Interest 1,157  683 870 2,710 Capital expenditures 8,923 753 216 4 9,896 Non-cash compensation 1,035 629 183 3,692 5,539 (1) Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses related to the Corporate segment. (2) The following table reconciles income (loss) before income taxes to EBITDA, as adjusted, for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Income before income taxes $ 30,007 $ 47,165 $ 1,180 Adjustments: Interest income (2,906 ) (2,504 ) (506 ) Change in fair value of contingent consideration 664 238 (19 ) Interest expense 23,119 10,796 2,710 Depreciation and amortization 22,294 24,039 28,835 Non-cash compensation expense 6,106 5,882 5,539 Amortization of retention and forgivable loans 549 417 7,396 Amortization of contract acquisition costs (6) 11,759 9,671  Financial advisor recruiting expense 55 370 5,721 Acquisition-related expense 5,887 1,010 3,469 Income (loss) attributable to noncontrolling interest 42 (28 ) 15 Other 3,655 (3) 3,392 (4) 1,661 (5) EBITDA, as adjusted $ 101,231 $ 100,448 $ 56,001 EBITDA, as adjusted Independent Advisory and Brokerage Services $ 99,408 $ 98,411 $ 59,756 Ladenburg 11,498 12,966 8,115 Insurance Brokerage 7,645 4,166 2,698 Corporate (17,320 ) (15,095 ) (14,568 ) Total segments $ 101,231 $ 100,448 $ 56,001 (3) Includes loss on severance costs of $1,697 , excise and franchise tax expense of $548 , compensation expense that may be paid in stock of $1,470 , other legal matters of $215 and reversal of a write-off for a sublease commitment of $(275) . (4) Includes loss on severance costs of $481 , excise and franchise tax expense of $629 , compensation expense that may be paid in stock of $535 and non-recurring expenses related to a block repurchase of our common stock and other legal matters of $1,747 . (5) Includes loss on severance costs of $525 , excise and franchise tax expense of $594 and compensation expense that may be paid in stock of $559 . (6) See Note 4 for further information.