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Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2017
Segment Reporting  
Summary of the segment financial information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

U.S.

    

Canadian

    

European

    

Asia Pacific

    

 

 

    

 

 

 

 

    

Operations

    

Operations

    

Operations

    

Operations

    

Corporate

    

Consolidated

 

Three Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

52,763

 

$

15,984

 

$

38,739

 

$

13,720

 

$

375

 

$

121,581

 

(Loss) income before income tax (benefit) expense

 

 

(5,030)

 

 

3,131

 

 

10,827

 

 

1,535

 

 

(5,376)

 

 

5,087

 

Identifiable assets

 

 

456,071

 

 

108,698

 

 

339,337

 

 

52,570

 

 

 —

 

 

956,676

 

Three Months Ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (1)

 

$

58,574

 

$

15,790

 

$

32,203

 

$

11,280

 

$

2,763

 

$

120,610

 

(Loss) income before income tax (benefit) expense (1) (2) (3) (4)

 

 

(2,874)

 

 

2,782

 

 

6,284

 

 

(93)

 

 

(15,757)

 

 

(9,658)

 

Identifiable assets

 

 

504,998

 

 

99,036

 

 

429,986

 

 

72,196

 

 

 —

 

 

1,106,216

 

Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

106,156

 

$

32,466

 

$

75,451

 

$

27,663

 

$

680

 

$

242,416

 

(Loss) income before income tax (benefit) expense

 

 

(11,634)

 

 

6,629

 

 

22,028

 

 

3,380

 

 

(11,505)

 

 

8,898

 

Six Months Ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues (1)

 

$

124,903

 

$

31,886

 

$

63,342

 

$

22,037

 

$

3,110

 

$

245,278

 

(Loss) income before income tax (benefit) expense (1) (2) (3) (4)

 

 

(769)

 

 

6,120

 

 

11,963

 

 

(693)

 

 

(29,917)

 

 

(13,296)

 

The following notes relate to Corporate activity:

 

(1)

The Company received insurance proceeds of $2.4 million in June 2016 from its corporate insurance carrier to settle a claim for lost profits arising from an August 2015 outage in its outsourced primary data center in the U.S. Additionally, the Company generated a nominal gain on the completion of the sale of its investment research operations in May 2016.

 

(2)

During the three months ended June 30, 2016, the Company incurred $4.4 million in restructuring charges related to (a) the reduction in its single stock sales trading and sales organizations and (b) the closing of its U.S. matched-book securities lending operations and its Canadian arbitrage trading desk.

 

(3)

The Company’s current CEO was granted cash and stock awards upon the commencement of his employment in January 2016, a significant portion of which replaced awards he forfeited at his former employer. The amount expensed for these awards during the three and six month periods ended June 30, 2016 was $0.5 million and $3.3 million, respectively. Due to U.S. tax regulations, only a small portion of the amount expensed for these awards during the three and six months ended June 30, 2016 was eligible for a tax deduction.

 

(4)

During the three and six month periods ended June 30, 2016, the Company established a reserve of $2.3 million and $4.8 million, respectively, for the arbitration case with its former CEO. In addition, the Company incurred legal fees related to this matter of $2.4 million and $2.7 million during the three and six month periods ended June 30, 2016, respectively. The Company settled the arbitration case in June 2016.

 

Schedule of total revenues for the products and services provided by the company

The table below details the total revenues for the categories of products and services provided by the Company (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

 

Six Months Ended

 

 

 

June 30, 

 

June 30, 

 

 

 

2017

    

2016

    

2017

    

2016

 

Revenues:

    

 

    

    

 

    

 

 

    

    

 

    

 

Execution Services

 

$

86,797

 

$

83,408

 

$

173,084

 

$

173,201

 

Workflow Technology

 

 

23,352

 

 

23,094

 

 

46,452

 

 

46,687

 

Analytics

 

 

11,057

 

 

11,345

 

 

22,200

 

 

22,280

 

Corporate (non-product)

 

 

375

 

 

2,763

 

 

680

 

 

3,110

 

Total Revenues

 

$

121,581

 

$

120,610

 

$

242,416

 

$

245,278