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Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2022
Business Combinations [Abstract] |
Summary of Identified Assets Acquired and Liabilities Assumed at Acquisition Date | The following table presents the preliminary purchase price allocation recorded in the Company’s consolidated balance sheet as of the acquisition date, adjustments made during the measurement period ended June 30, 2022, and the final purchase price allocation:
|  | Preliminary Purchase Price Adjustment |  |  | 2021 Measurement Period Adjustments |  |  | 2022 Measurement Period Adjustments |  |  | Final Acquisition Date Purchase Price Allocation |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalent |  |  | 1,080 |  |  |  | - |  |  |  | - |  |  |  | 1,080 |
Accounts receivables |  |  | 692 |  |  |  | (389 | ) |  |  | - |  |  |  | 303 |
Renewal commissions receivable |  |  | 199,575 |  |  |  | (46,128 | ) |  |  | (11,863 | ) |  |  | 141,584 |
Other assets |  |  | 15,705 |  |  |  | - |  |  |  | - |  |  |  | 15,705 |
Intangible assets |  |  | 162,000 |  |  |  | (6,000 | ) |  |  | - |  |  |  | 156,000 |
Goodwill |  |  | 224,180 |  |  |  | 30,973 |  |  |  | 8,553 |  |  |  | 263,706 |
Total assets |  |  | 603,232 |  |  |  | (21,544 | ) |  |  | (3,310 | ) |  |  | 578,378 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  |  | 8,785 |  |  |  | (4,195 | ) | (1) |  | - |  |  |  | 4,590 |
Deferred tax liability |  |  | 65,425 |  |  |  | (13,482 | ) |  |  | (3,310 | ) |  |  | 48,633 |
Other liabilities |  |  | 10,046 |  |  |  | - |  |  |  | - |  |  |  | 10,046 |
Total liabilities |  |  | 84,256 |  |  |  | (17,677 | ) |  |  | (3,310 | ) |  |  | 63,269 |
Net assets acquired |  |  | 518,976 |  |  |  | (3,867 | ) |  |  | - |  |  |  | 515,109 |
Temporary Stockholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  |  | 8,437 |  |  |  | - |  |  |  | - |  |  |  | 8,437 |
Total temporary stockholders' equity |  |  | 8,437 |  |  |  |  |  |  |  |  |  |  |  | 8,437 |
(1) | The Company also recognized an adjustment during the measurement period to reclassify certain amounts from a payable to a reduction in the renewal commissions receivable.
Summary of Unaudited Proforma Information | The following unaudited pro forma consolidated financial information combines the unaudited results of the Company for the three and six months ended June 30, 2021 and the unaudited results of e-TeleQuote for the three and six months ended June 30, 2021, and assumes that the e-TeleQuote acquisition, which closed on July 1, 2021, was completed on January 1, 2021 (the first day of fiscal 2021). The pro forma consolidated financial information has been calculated after applying adjustments for amortization expense of acquired intangible assets and the consequential tax effect. These pro forma results have been prepared for comparative purpose only and do not purport to be indicative of the operating results of the Company that would have been achieved had the e-TeleQuote acquisition actually taken place on January 1, 2021. In addition, these results are not intended to project future results and do not reflect events that may occur including, but not limited to, revenue enhancements, cost savings or operating synergies that the Company may achieve as a result of the Acquisition.
|  | Three months ended June 30, 2021 |  |  | Six months ended June 30, 2021 |
|  | (in thousands) |
Revenue |  | $ | 682,190 |  |  | $ | 1,357,658 |
Net income (loss) |  |  | 121,680 |  |  |  | 218,041 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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