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Business Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Allocation of Aggregate Purchase Consideration | The following table summarizes the allocation of the purchase consideration for the acquisition of TDS and CNET as of December 31, 2024 (in thousands):
| Valuation
Assets and Liabilities | TDS |  | CNET
Cash | $ | 142,957 |  |  | $ | — |
Accounts receivable and other current assets (1) | 171,290 |  |  | 16,351 |
Intangible assets | 108,340 |  |  | 101,000 |
Goodwill (1) | 81,248 |  |  | 36,607 |
Deferred tax asset, noncurrent (2) | — |  |  | 11,412 |
Other assets | 203 |  |  | 655 |
Accounts payable and other current liabilities | (290,161) |  |  | (3,819) |
Deferred tax liability, noncurrent | (25,442) |  |  | — |
Deferred revenue, noncurrent | — |  |  | (7,958) |
Other noncurrent liabilities | (847) |  |  | — |
Total | $ | 187,588 |  |  | $ | 154,248 |
(1)The fair value of the assets acquired includes accounts receivable of $170.7 million (including Settlement receivables, net of $166.8 million) for TDS and $15.6 million related to CNET, of which none is expected to be uncollectible. $4.5 million of the goodwill recognized is expected to be deductible for income tax purposes. (2)Deferred tax asset balance for CNET is presented within ‘Deferred income taxes’ in the ‘Liabilities and Stockholders’ Equity’ section on the Consolidated Balance Sheets. The following table summarizes the allocation of the purchase consideration for all 2022 acquisitions as of December 31, 2022 (in thousands):
Assets and Liabilities | Valuation
Accounts receivable | $ | 7,433 |
Prepaid expenses and other current assets | 4,915 |
Property and equipment | 369 |
Operating lease right-of-use assets, noncurrent | 545 |
Trade names | 12,839 |
Customer relationships | 20,040 |
Goodwill (1) | 95,737 |
Other intangibles | 18,166 |
Other noncurrent assets | 11 |
Accounts payable and accrued expenses | (6,221) |
Deferred revenue | (21,474) |
Deferred tax liability | (10,140) |
Other noncurrent liabilities | (516) |
Total | $ | 121,704 |
(1)Goodwill recognized associated with these acquisitions during the year ended December 31, 2022 is $95.7 million, of which $1.2 million is expected to be deductible for income tax purposes.
Summary of Intangible Assets | The amounts assigned to intangible assets by type for all acquisitions during the year ended December 31, 2024 are summarized in the table below (in thousands):
| Gross Carrying Value |  | Weighted Average Estimated Life
Customer relationships | $ | 146,215 |  |  | 10 years
Trade names and trademarks | 27,895 |  |  | 9 years
Other purchased intangibles | 43,793 |  |  | 5 years
Total gross carrying value | $ | 217,903 |  |  |
Supplementary Information on Unaudited Pro Forma Financial Basis | The following unaudited pro forma information reflects the combined results from these acquisitions had they occurred on January 1, 2023. This information is not necessarily indicative of the Company’s consolidated results of operations in future periods or the results that actually would have been realized had the Company and the acquired businesses been combined companies during the periods presented. These pro forma results are estimates and exclude any savings or synergies that would have resulted from these business acquisitions had they occurred on January 1, 2023. 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.
| Years ended December 31,
(in thousands, except per share data) | 2024 |  | 2023
| (unaudited)
Revenues | $ | 1,470,182 |  |  | $ | 1,521,064 |
Net income | $ | 49,433 |  |  | $ | 22,206 |
Income per common share from continuing operations - Basic | $ | 1.11 |  |  | $ | 0.48 |
Income per common share from continuing operations - Diluted | $ | 1.11 |  |  | $ | 0.48 |
The supplemental information on an unaudited pro forma financial basis presents the combined results of the Company and its 2022 acquisitions as if each acquisition had occurred on January 1, 2021 (in thousands, except per share amounts):
| Year ended
| December 31, 2022
| (unaudited)
Revenues | $ | 1,407,300 |
Net income from continuing operations | $ | 64,877 |
Income per common share from continuing operations - Basic | $ | 1.38 |
Income per common share from continuing operations - Diluted | $ | 1.38 |
Contractual Obligation, Fiscal Year Maturity | As of December 31, 2024, future payments associated with contractual obligations for holdback payments in connection with all business acquisitions are as follows (in thousands):
Fiscal Year: |
2025 | $ | 1,305 |
2026 | 363 |
| $ | 1,668 |

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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 + 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 -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
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