| Schedule of Estimated Fair Values of the Aggregate Assets and Liabilities Acquired |
The following table summarizes the estimated fair values of the aggregate assets and liabilities acquired through the nine months ended September 30, 2023, as of the date of each acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Griffin |
|
ACE and Point6 |
|
Socius |
|
Total |
|
Cash and cash equivalents |
|
$ |
— |
|
$ |
— |
|
$ |
12,858 |
|
$ |
12,858 |
|
Commissions and fees receivable – net |
|
|
1,495 |
|
|
4,288 |
|
|
5,470 |
|
|
11,253 |
|
Fiduciary cash and receivables |
|
|
14,042 |
|
|
31,502 |
|
|
53,072 |
|
|
98,616 |
|
Goodwill |
|
|
63,898 |
|
|
25,782 |
|
|
177,057 |
|
|
266,737 |
|
Customer relationships1 |
|
|
51,400 |
|
|
21,900 |
|
|
99,200 |
|
|
172,500 |
|
Other current and non-current assets |
|
|
1,368 |
|
|
— |
|
|
2,995 |
|
|
4,363 |
|
Total assets acquired |
|
$ |
132,203 |
|
$ |
83,472 |
|
$ |
350,652 |
|
$ |
566,327 |
|
Accounts payable and accrued liabilities |
|
|
— |
|
|
2,358 |
|
|
2,330 |
|
|
4,688 |
|
Accrued compensation |
|
|
850 |
|
|
507 |
|
|
8,405 |
|
|
9,762 |
|
Fiduciary liabilities |
|
|
15,824 |
|
|
31,502 |
|
|
53,072 |
|
|
100,398 |
|
Deferred tax liabilities |
|
|
— |
|
|
— |
|
|
23,575 |
|
|
23,575 |
|
Other current and non-current liabilities |
|
|
— |
|
|
— |
|
|
1,226 |
|
|
1,226 |
|
Total liabilities assumed |
|
$ |
16,674 |
|
$ |
34,367 |
|
$ |
88,608 |
|
$ |
139,649 |
|
Net assets acquired |
|
$ |
115,529 |
|
$ |
49,105 |
|
$ |
262,044 |
|
$ |
426,678 |
|
1The acquired customer relationships have a weighted average amortization period of 13.2 years.
|
| Summary of change in contingent consideration and interest expense |
The table below summarizes the amounts recognized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
|
Change in contingent consideration |
|
$ |
1,848 |
|
$ |
423 |
|
|
$ |
4,358 |
|
$ |
(837 |
) |
Interest expense, net |
|
|
789 |
|
|
577 |
|
|
|
2,230 |
|
|
1,375 |
|
Total |
|
$ |
2,637 |
|
$ |
1,000 |
|
|
$ |
6,588 |
|
$ |
538 |
|
|