Quarterly report [Sections 13 or 15(d)]

Mergers and Acquisitions (Tables)

v3.25.1
Mergers and Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Estimated Fair Values of the Material Aggregate Assets and Liabilities Acquired The following table summarizes the estimated fair value of the aggregate assets and liabilities acquired during the three
months ended March 31, 2025:
Velocity
Cash and cash equivalents
$17,736
Commissions and fees receivable – net
23,650
Fiduciary cash and receivables
105,779
Goodwill
365,392
Customer relationships1
216,400
Other intangible assets
12,000
Lease right-of-use assets
3,757
Other current and non-current assets
4,310
Total assets acquired
$749,024
Accounts payable and accrued liabilities
5,042
Accrued compensation
7,457
Fiduciary liabilities
105,779
Operating lease liabilities
3,757
Deferred tax liabilities
57,298
Total liabilities assumed
$179,333
Net assets acquired
$569,691
1 The acquired customer relationships have a weighted average amortization period of 13.3 years.
Pro Forma Financial Information
Three Months Ended March 31,
2025
2024
Total revenue
$696,242
$619,505
Net income (loss)
42,215
(89,576)
Change in Contingent Consideration and Interest Expense The table below summarizes the amounts recognized:
Three Months Ended March 31,
2025
2024
Change in contingent consideration
$(14,042)
$(65)
Interest expense, net
2,332
936
Total
$(11,710)
$871