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ITG Acquisition (Tables) | 3 Months Ended
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Mar. 31, 2019
Business Combinations [Abstract] |
Summary of the estimated fair values of the assets acquired and liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the ITG Closing Date:
(in thousands) |
Cash and equivalents | $ | 197,072 |
Cash and securities segregated under federal regulations | 14,232 |
Securities borrowed | 13,182 |
Receivables from broker dealers and clearing organizations | 328,112 |
Financial instruments owned, at fair value | 523 |
Receivables from customers | 122,697 |
Property, equipment and capitalized software (net) | 46,408 |
Intangibles | 479,600 |
Deferred tax assets | 17,221 |
Operating lease right-of-use assets | 87,236 |
Other assets | 31,653 |
Total Assets | 1,337,936 |
Short-term borrowings | 18,651 |
Securities loaned | 17,663 |
Payables to broker dealers and clearing organizations | 152,043 |
Payables to customers | 116,419 |
Financial instruments sold, not yet purchased, at fair value | 11 |
Accounts payable and accrued expenses and other liabilities | 172,727 |
Operating lease liabilities | 104,983 |
Deferred tax liabilities | 65,888 |
Total Liabilities | 648,385 |
Total identified assets acquired, net of assumed liabilities | 689,551 |
Goodwill | 357,334 |
Total Purchase Price | $ | 1,046,885 |
Schedule of preliminary allocation of intangible assets, amortization period and goodwill | Amounts preliminarily allocated to intangible assets, the amortization period and goodwill were as follows:
(in thousands) |  | Amount |  | Amortization Years
Technology |  | $ | 93,000 |  |  | 5
Customer relationships |  | 383,000 |  |  | 10
Trade names |  | 3,600 |  |  | 3
Intangible assets |  | 479,600 |  |  |
Goodwill |  | 357,330 |  |  |
Total |  | $ | 836,930 |  |  |
Schedule of pro forma results | Included in the Company’s results for the three months ended March 31, 2019 are results from the business acquired as a result of the ITG Acquisition, from the ITG Closing Date through March 31, 2019 as follows:
(in thousands) |  |
Revenues |  | $ | 35,901 |
Income (loss) before income taxes |  | (48,407 | )
Schedule of pro forma financial Information | The pro forma financial information combines the historical results for the Company and ITG for the three months ended March 31, 2019 and 2018:
(in thousands, except per share amounts) |  | 2019 |  | 2018
Revenue |  | $ | 438,250 |  |  | $ | 946,556 |
Net income (loss) |  | (17,655 | ) |  | 368,993 |
Net income (loss) attributable to common stockholders |  | (6,033 | ) |  | 154,747 |

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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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