ITG Acquisition (Tables)

12 Months Ended

Dec. 31, 2021

The purchase price was allocated to the assets acquired and liabilities assumed using their fair values at the ITG Closing Date, as follows:


(in thousands)	Adjusted Purchase Price
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	517,200
Deferred tax assets	17,605
Operating lease right-of-use assets	100,285
Other assets	31,652
Total Assets	1,388,968

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	178,893
Operating lease liabilities	99,693
Deferred tax liabilities	71,053
Total Liabilities	654,426

Total identified assets acquired, net of assumed liabilities	734,542

Goodwill	312,343

Total Purchase Price	$	1,046,885

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

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)

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


	Year Ended December 31, 2019
(in thousands)		2019
Revenue		$	1,605,340

Net income (loss)		(94,233)

Net income (loss) available for common stockholders		(53,243)