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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2024
Restructuring Cost and Reserve [Line Items] |
Summary of Purchase Consideration | Pursuant to the terms of the business combination agreement, the Company acquired StudyLink for estimated total purchase consideration of approximately $37.6 million or $35.5 million, net of cash acquired, which consisted of (in thousands):
Cash consideration, net of cash acquired |  | $ | 32,764 |
Estimated fair value of contingent consideration |  |  | 2,701 |
Total purchase consideration, net of cash acquired |  | $ | 35,465 |
Summary of Fair Value Of the Assets Acquired and Liabilities Assumed | The table summarizes the allocation of the purchase consideration to the assets acquired and liabilities assumed (in thousands):
Cash |  | $ | 2,108 |
Accounts receivable |  |  | 2,762 |
Prepaid expenses and other current assets |  |  | 432 |
Other assets |  |  | 193 |
Goodwill |  |  | 20,705 |
Identifiable intangible assets |  |  | 19,553 |
Total assets acquired |  |  | 45,753 |
Deferred tax liabilities |  |  | 2,663 |
Deferred revenue |  |  | 2,654 |
Accounts payable |  |  | 859 |
Accrued expenses and other current liabilities |  |  | 2,004 |
Total liabilities assumed |  |  | 8,180 |
Net assets acquired |  |  | 37,573 |
Less: cash acquired |  |  | 2,108 |
Net assets, less cash acquired |  | $ | 35,465 |
Schedule of Estimated Fair Value of the Identified Intangible Assets | The following table reflects the fair values of the identified intangible assets of StudyLink and their respective weighted-average amortization periods.
|  | Fair Values |  |  | Weighted-Average Amortization Periods |
|  | (in thousands) |  |  | (years) |
Developed technology |  | $ | 7,397 |  |  |  | 7 |
Customer relationships |  |  | 12,027 |  |  |  | 14 |
Trade Name/Trademark |  |  | 129 |  |  |  | 2 |
|  | $ | 19,553 |  |  |  |
Summary of Unaudited Pro Forma Financial Information |
|  | Three Months Ended June 30, 2023 |  |  | Six Months Ended June 30, 2023 |
|  | Actual |  |  | Pro Forma |  |  | Actual |  |  | Pro Forma |
|  | (in thousands) |
Revenue |  | $ | 84,869 |  |  | $ | 86,551 |  |  | $ | 179,226 |  |  | $ | 182,714 |
Net Loss |  | $ | (16,813 | ) |  | $ | (17,543 | ) |  | $ | (20,496 | ) |  | $ | (21,600 | )

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