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Business Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Summary of Preliminary Purchase Consideration

The following table summarizes the allocation of the preliminary purchase consideration for the acquisition of TDS Gift Cards as of June 30, 2024 (in thousands):

Assets and Liabilities						Valuation (1)
Cash						$	142,957
Accounts receivable and other current assets (2)						171,440
Intangible assets						108,924
Goodwill (2)						80,577
Other assets						289
Accounts payable and other current liabilities						(290,266)
Deferred tax liability, noncurrent						(25,580)
Other noncurrent liabilities						(861)
Total						$	187,480

(1)During the three months ended June 30, 2024, we recorded a measurement period adjustment of $7.2 million primarily reducing goodwill and increasing customer relationships asset and other purchased intangibles.

(2)The fair value of the assets acquired includes accounts receivable of $170.8 million, of which none is expected to be uncollectible. None of the goodwill recognized is expected to be deductible for income tax purposes.

Summary of Intangible Assets

The preliminary amounts assigned to intangible assets by type for the acquisitions during the six months ended June 30, 2024 are summarized in the table below (in thousands):

			Gross Carrying Value						Weighted Average Estimated Life
Customer relationships			$	88,695					10 years
Trade names and trademarks			3,727						6 years
Other purchased intangibles			22,253						8 years
Total gross carrying value			$	114,675

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- References

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- Definition

Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-1

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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
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

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