Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2019
Acquisitions  
Summary of Revenue Subsequent to Acquisition

Revenue of the USAA Acquired Companies subsequent to the effective closing date of July 1, 2019 for the six months ended December 31, 2019, was as follows:

 

 

 

Unaudited

 

 

Six Months Ended

(in millions)

 

December 31, 2019

Revenue

 

$

244.5
Summary of Unaudited Pro Forma Information

 

 

Unaudited

 

 

 

Twelve Months Ended December 31,

 

(in thousands, except per share amount)

 

2019

 

 

2018

 

Revenue

 

$

 

851,440

 

 

$

 

906,844

 

Net income

 

 

 

114,988

 

 

 

 

71,471

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share of common stock

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

1.70

 

 

$

 

1.08

 

Diluted

 

$

 

1.56

 

 

$

 

1.01

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

67,693

 

 

 

 

66,295

 

Diluted

 

 

 

73,612

 

 

 

 

70,511

 

 
Summary of Rollforward of Restructuring and Integration Liabilities

The following table presents a rollforward of restructuring and integration liabilities:

 

(in millions)

 

2019

 

 

2018

 

 

2017

 

Liability balance, beginning of period

 

$

 

0.1

 

 

$

 

0.1

 

 

$

 

7.4

 

Severance expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USAA AMCO Acquisition

 

 

 

6.2

 

 

 

 

—

 

 

 

 

—

 

RS Investments

 

 

 

—

 

 

 

 

—

 

 

 

 

0.5

 

Other

 

 

 

—

 

 

 

 

0.7

 

 

 

 

0.3

 

Contract termination expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RS Investments

 

 

 

—

 

 

 

 

—

 

 

 

 

5.0

 

USAA AMCO Acquisition

 

 

 

0.2

 

 

 

 

—

 

 

 

 

—

 

Integration costs

 

 

 

2.3

 

 

 

 

—

 

 

 

 

0.4

 

Restructuring and integration costs

 

 

 

8.7

 

 

 

 

0.7

 

 

 

 

6.2

 

Settlement of liabilities

 

 

 

(5.8

)

 

 

 

(0.7

)

 

 

 

(13.5

)

Liability balance, end of period

 

$

 

3.0

 

 

$

 

0.1

 

 

$

 

0.1

 

Accrued expenses

 

$

 

2.9

 

 

$

 

0.1

 

 

$

 

0.1

 

Other liabilities

 

 

 

0.1

 

 

 

 

—

 

 

 

 

—

 

Liability balance, end of period

 

$

 

3.0

 

 

$

 

0.1

 

 

$

 

0.1

 
Summary of Business Acquisition Related Cost

 

 

Acquisition-related costs

 

(in thousands)

 

 

2019

 

 

2018

 

 

2017

 

USAA AMCO

 

$

 

21,333

 

 

$

 

3,180

 

 

$

 

-

 

Harvest

 

 

 

895

 

 

 

 

1,116

 

 

 

 

-

 

RS Investments

 

 

 

-

 

 

 

 

-

 

 

 

 

355

 

Other

 

 

 

89

 

 

 

 

50

 

 

 

 

1,739

 

 

 

$

 

22,317

 

 

$

 

4,346

 

 

$

 

2,094

 

 
USAA AMCO  
Acquisitions  
Summary of Allocation of Purchase Price

The following table presents the estimated amounts of assets acquired and liabilities assumed as of the acquisition date:   

 

(in thousands)

 

 

 

 

 

Cash and cash equivalents

 

$

 

17,473

 

Investment management fees receivable

 

 

 

25,353

 

Fund administration and distribution fees receivable

 

 

 

4,779

 

Other receivables and prepaid expenses

 

 

 

948

 

Property and equipment

 

 

 

1,165

 

Other intangible assets(1)

 

 

 

808,670

 

Goodwill

 

 

 

120,643

 

Accounts payable and accrued expenses

 

 

 

(5,575

)

Accrued compensation and benefits

 

 

 

(5,907

)

Payable to members and custodians

 

 

 

(17,473

)

Contingent consideration payable to sellers

 

 

 

(98,800

)

Cash paid at closing

 

$

 

851,276