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ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of business acquisitions by acquisition | The total consideration transferred in the acquisition was $96.8 million, consisting of the following (in thousands):
Cash | $ | 30,830 |
Cash payable | 1,005 |
Previously-held interest on acquisition date | 20,000 |
Class A common stock of the Company | 44,995 |
Total purchase consideration | $ | 96,830 |
The total consideration transferred in the acquisition was $258.0 million, consisting of the following (in thousands):
Cash | $ | 151,424 |
Cash payable | 126 |
Class A common stock of the Company | 103,977 |
RSUs for shares of the Company’s Class A common stock | 2,457 |
Total purchase consideration | $ | 257,984 |
The total consideration transferred in the acquisition was $275.1 million, consisting of the following (in thousands):
Cash | $ | 56,726 |
Cash payable | 10,442 |
Class A common stock of the Company - issued | 174,229 |
Class A common stock of the Company - to be issued | 33,693 |
Total purchase consideration | $ | 275,090 |
Schedule of recognized identified assets acquired and liabilities assumed | The results of operations and the provisional fair values of the assets acquired and liabilities assumed have been included in the condensed consolidated financial statements as of the date of acquisition. The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands):
Cash and cash equivalents | $ | 100 |
Accounts and loans receivable, net of allowance | 425 |
Prepaid expenses and other current assets | 134 |
Goodwill | 65,764 |
Intangible assets, net | 21,100 |
Other non-current assets | 9,911 |
Total assets | 97,434 |
Accounts payable | 604 |
Total liabilities | 604 |
Net assets acquired | $ | 96,830 |
The results of operations and the fair values of the assets acquired and liabilities assumed have been included in the condensed consolidated financial statements from the date of acquisition. The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands):
Cash and cash equivalents | $ | 10,560 |
Restricted cash | 573 |
Accounts and loans receivable, net of allowance | 4,981 |
Prepaid expenses and other current assets | 4,182 |
Lease right-of-use assets | 1,059 |
Property and equipment, net | 1,248 |
Goodwill | 222,732 |
Intangible assets, net | 28,500 |
Other non-current assets | 3,476 |
Total assets | 277,311 |
Accounts payable | 719 |
Accrued expenses and other current liabilities | 11,325 |
Lease liabilities | 1,059 |
Other non-current liabilities | 6,224 |
Total liabilities | 19,327 |
Net assets acquired | $ | 257,984 |
The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands):
Cash and cash equivalents | $ | 10,867 |
Accounts and loans receivable, net of allowance | 411 |
Prepaid expenses and other current assets | 20 |
Intangible assets, net | 41,000 |
Goodwill | 231,685 |
Other non-current assets | 8,295 |
Total assets | 292,278 |
Accounts payable | 472 |
Accrued expenses and other current liabilities | 5,796 |
Other non-current liabilities | 10,920 |
Total liabilities | 17,188 |
Net assets acquired | $ | 275,090 |
Schedule of components of finite lived and indefinite lived identifiable intangible assets acquired | The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data):
| Fair Value |  | Useful Life at Acquisition (in years)
Licenses | $ | 1,100 |  |  | Indefinite
Customer relationships | 17,100 |  |  | 6
In-process research and development ("IPR&D") | 2,900 |  |  | N/A
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data):
| Fair Value |  | Useful Life at Acquisition (in Years)
Developed technology | $ | 15,700 |  |  | 1 - 5
IPR&D | 2,500 |  |  | N/A
Customer relationships | 10,300 |  |  | 2
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands, except for years data):
| Fair Value |  | Useful Life at Acquisition (in Years)
DCM License | $ | 26,900 |  |  | Indefinite
Developed technology | 10,700 |  |  | 5
Trading relationships | 3,400 |  |  | 3

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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