ITG Acquisition (Tables)

3 Months Ended

Mar. 31, 2019

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