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Business Combinations (Tables)
 6 Months Ended
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

)