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Discontinued Operations
 12 Months Ended
Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On January 31, 2017, the Company completed the Spin-off and its financial results are presented as (Loss) income from discontinued operations, net of income tax expense in the consolidated statements of income. The following table presents the financial results of the GoTo Business through the date of the Spin-off for the indicated period and do not include corporate overhead allocations:
 
 2017
 (in thousands)
Net revenues$58,215  
Cost of net revenues15,456  
Gross margin42,759  
Operating expenses:
Research and development9,108  
Sales, marketing and services20,881  
General and administrative7,636  
Amortization of other intangible assets1,176  
Restructuring3,189  
Separation40,573  
Total operating expenses82,563  
Loss from discontinued operations before income taxes(39,804) 
Income tax expense 2,900  
Loss from discontinued operations, net of income tax$(42,704) 
The Company incurred significant costs in connection with the separation of its GoTo Business, which were primarily included in discontinued operations. These costs relate primarily to third-party advisory and consulting services, retention payments to certain employees, incremental stock-based compensation and other costs directly related to the separation of the GoTo Business. During the year ended December 31, 2017, the Company incurred $0.5 million of separation costs in continuing operations, which are included in General and administrative expense in the accompanying consolidated statements of income.
As a result of the Spin-off, the Company recorded a $475.2 million reduction in retained earnings which included net assets of $461.8 million as of January 31, 2017. Of this amount, $28.5 million represents cash transferred to the GoTo Business, with the remainder considered a non-cash activity in the consolidated statements of cash flows. The Spin-off also resulted in a reduction of Accumulated other comprehensive loss associated with foreign currency translation adjustments of $13.4 million, which was reclassified to Retained earnings.