XML 41 R29.htm IDEA: XBRL DOCUMENT
v3.24.3

Business Acquisitions (Tables) | 9 Months Ended
--- | ---
Sep. 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 and CNET as of September 30, 2024 (in thousands):
|  | Valuation
Assets and Liabilities |  | TDS (1) |  | CNET
Cash |  | $ | 142,957 |  |  | $ | — |
Accounts receivable and other current assets (2) |  | 171,290 |  |  | 21,930 |
Intangible assets |  | 108,924 |  |  | 111,650 |
Goodwill (2) |  | 80,835 |  |  | 24,930 |
Deferred tax asset, noncurrent (3) |  | — |  |  | 7,355 |
Other assets |  | 289 |  |  | 655 |
Accounts payable and other current liabilities |  | (290,266) |  |  | (3,841) |
Deferred tax liability, noncurrent |  | (25,580) |  |  | — |
Deferred revenue, noncurrent |  | — |  |  | (7,958) |
Other noncurrent liabilities |  | (861) |  |  | — |
Total |  | $ | 187,588 |  |  | $ | 154,721 |
(1)During the three months ended September 30, 2024, we recorded a measurement period adjustment increasing goodwill by $0.3 million with a corresponding adjustment to current assets. (2)The fair value of the assets acquired includes accounts receivable of $170.7 million for TDS and $21.2 million related to CNET, of which none is expected to be uncollectible. None of the goodwill recognized is expected to be deductible for income tax purposes. (3)Deferred tax asset balance for CNET is presented within ‘Deferred income taxes’ on the Condensed Consolidated Balance Sheets.
Summary of Intangible Assets | The preliminary amounts assigned to intangible assets by type for all acquisitions during the nine months ended September 30, 2024 are summarized in the table below (in thousands):
| Gross Carrying Value |  | Weighted Average Estimated Life
Customer relationships | $ | 152,595 |  |  | 10 years
Trade names and trademarks | 27,027 |  |  | 9 years
Other purchased intangibles | 46,703 |  |  | 5 years
Total gross carrying value | $ | 226,325 |  |  |
Schedule of Pro Forma SuppIemental Information | This unaudited pro forma supplemental information includes incremental intangible asset amortization and other charges as a result of the acquisitions, net of the related tax effects.
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands, except per share data) | 2024 |  | 2023 |  | 2024 |  | 2023
| (unaudited) |  | (unaudited) |  | (unaudited) |  | (unaudited)
Revenues | $ | 370,719 |  |  | $ | 378,343 |  |  | $ | 1,050,666 |  |  | $ | 1,075,400 |
Net loss | $ | (51,585) |  |  | $ | (34,772) |  |  | $ | (15,451) |  |  | $ | (46,950) |
Loss per common share - Basic | $ | (1.17) |  |  | $ | (0.75) |  |  | $ | (0.34) |  |  | $ | (1.01) |
Loss per common share - Diluted | $ | (1.17) |  |  | $ | (0.75) |  |  | $ | (0.34) |  |  | $ | (1.01) |

X
- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfAcquiredFiniteLivedIntangibleAssetsByMajorClassTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration