ITG Acquisition (Tables)

12 Months Ended

Dec. 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)	March 1, 2019		Measurement Period			December 31, 2019
Cash and equivalents	$	197,072	$	—		$	197,072
Cash and securities segregated under federal regulations	14,232		—			14,232
Securities borrowed	13,182		—			13,182
Receivables from broker dealers and clearing organizations	328,112		—			328,112
Financial instruments owned, at fair value	523		—			523
Receivables from customers	122,697		—			122,697
Property, equipment and capitalized software (net)	46,408		—			46,408
Intangibles	479,600		37,600			517,200
Deferred tax assets	17,221		384			17,605
Operating lease right-of-use assets	87,236		13,049			100,285
Other assets	31,653		(1		)	31,652
Total Assets	1,337,936		51,032			1,388,968
Short-term borrowings	18,651		—			18,651
Securities loaned	17,663		—			17,663
Payables to broker dealers and clearing organizations	152,043		—			152,043
Payables to customers	116,419		—			116,419
Financial instruments sold, not yet purchased, at fair value	11		—			11
Accounts payable and accrued expenses and other liabilities	172,727		6,166			178,893
Operating lease liabilities	104,983		(5,290		)	99,693
Deferred tax liabilities	65,888		5,165			71,053
Total Liabilities	648,385		6,041			654,426
Total identified assets acquired, net of assumed liabilities	689,551		44,991			734,542
Goodwill	357,334		(44,991		)	312,343
Total Purchase Price	$	1,046,885	$	—		$	1,046,885

Schedule of preliminary allocation of intangible assets, amortization period and goodwill

Amounts allocated to intangible assets, the amortization period and goodwill were as follows:

(in thousands)	Amount		Amortization Years
Technology	$	76,000	5
Customer relationships	437,600		10
Trade names	3,600		3
Intangible assets	517,200
Goodwill	312,343
Total	$	829,543

Schedule of pro forma results

Included in the Company’s results for the year ended December 31, 2019 are results from the business acquired as a result of the ITG Acquisition, from the ITG Closing Date through December 31, 2019 as follows:

(in thousands)
Revenues	$	347,859
Income (loss) before income taxes	(64,917		)

Schedule of pro forma financial Information

The pro forma financial information combines the historical results for the Company and ITG for the years ended December 31, 2019 and 2018:

	For the Year Ended December 31,
(in thousands)	2019			2018
Revenue	$	1,605,340		$	2,388,194
Net income (loss)	(94,233		)	514,821
Net income (loss) available for common stockholders	(53,243		)	240,265