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Acquisitions, Intangible Assets, and Goodwill (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the consideration transferred consisted of the following:
|  | Acquisition Date
Consideration transferred |  | Fair Value
Cash paid at close |  | $ | 8,910 |
Fair value of deferred purchase payments |  | 1,572 |
Total purchase consideration |  | $ | 10,482 |
The acquisition date fair value of the consideration transferred consisted of the following:
|  | Acquisition Date
Consideration transferred |  | Fair Value
Cash paid at close |  | $ | 10,650 |
Fair value of deferred purchase payments |  | 2,878 |
Consideration transferred |  | $ | 13,528 |
The acquisition date fair value of the consideration transferred consisted of the following:
|  | Acquisition Date
Consideration transferred |  | Fair Value
Fair value of the January 2021 and February 2022 Convertible Notes |  | $ | 7,530 |
Cash paid at close |  | 4,255 |
Other consideration |  | 2,070 |
Total purchase consideration |  | $ | 13,855 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the Company’s preliminary purchase price allocation. The allocation of the purchase price is preliminary as of September 30, 2024 as the Company continues to gather information supporting the acquired assets and liabilities to finalize the purchase price allocation.
|  | Purchase Price
Assets acquired |  | Allocation
Fair value of tangible assets: |  |
Cash and cash equivalents |  | $ | 1,550 |
Accounts Receivable |  | 742 |
Prepaid Expenses |  | 463 |
Other current assets |  | 676 |
Other assets |  | 100 |
Identifiable intangible assets |  | 2,630 |
Goodwill |  | 10,489 |
Total assets acquired |  | $ | 16,650 |
Liabilities assumed |  |
Accounts payable |  | $ | 194 |
Short-term debt |  | 2,529 |
Accrued liabilities |  | 457 |
Deferred revenue |  | 2,708 |
Other liabilities |  | 280 |
Total Liabilities Assumed |  | $ | 6,168 |
Fair value of assets acquired and liabilities assumed, net |  | $ | 10,482 |
The table below summarizes the Company’s preliminary purchase price allocation. The allocation of the purchase price is preliminary as of September 30, 2024 as the Company continues to gather information supporting the acquired assets and liabilities to finalize the purchase price allocation.
|  | Purchase Price
Assets acquired |  | Allocation
Fair value of tangible assets: |  |
Cash and cash equivalents |  | $ | 1,502 |
Accounts Receivable |  | 139 |
Other assets |  | 686 |
Identifiable intangible assets |  | 9,350 |
Goodwill |  | 15,846 |
Total assets acquired |  | $ | 27,523 |
Liabilities assumed |  |
Deferred revenue, current |  | 847 |
Deferred tax liabilities |  | 1,411 |
Other liabilities |  | 1,891 |
Total Liabilities Assumed |  | $ | 4,149 |
Fair value of assets acquired and liabilities assumed, net |  | $ | 23,374 |
Fair value of noncontrolling interest |  | $ | 9,846 |
Fair value of controlling interest acquired |  | $ | 13,528 |
The allocation of the purchase price is final as of September 30, 2024.
|  | Purchase Price
Assets acquired |  | Allocation
Fair value of tangible assets: |  |
Cash and cash equivalents |  | $ | 549 |
Accounts receivable |  | 518 |
Prepaid expenses and other current assets |  | 320 |
Property and equipment, net |  | 8 |
Other long-term assets |  | 3 |
Identifiable intangible assets |  | 2,780 |
Goodwill |  | 16,791 |
Total assets acquired |  | $ | 20,969 |
Liabilities assumed |  |
Accounts payable |  | 342 |
Deferred revenue |  | 367 |
Accrued expenses |  | 213 |
Other current liabilities |  | 609 |
Other long-term liabilities |  | 417 |
Total Liabilities Assumed |  | $ | 1,948 |
Fair value of assets acquired and liabilities assumed, net |  | $ | 19,021 |
Fair value of noncontrolling interest, including call option |  | $ | 5,166 |
Fair value of controlling interest acquired |  | $ | 13,855 |
Schedule of Intangible Assets | Intangible assets consist of the following:
| As of September 30, 2024
| Weighted Average Remaining Useful Life (years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Developed technology | 4.1 |  | $ | 8,799 |  |  | $ | (2,447) |  |  | $ | 6,352 |
Trade name | 3.5 |  | 5,176 |  |  | (2,069) |  |  | 3,107 |
Content | 2.7 |  | 3,142 |  |  | (1,497) |  |  | 1,645 |
Customer relationships | 5.4 |  | 10,814 |  |  | (1,300) |  |  | 9,514 |
Capitalized internal-use software | 2.7 |  | 13,784 |  |  | (3,656) |  |  | 10,128 |
Total as of September 30, 2024 |  |  | $ | 41,715 |  |  | $ | (10,969) |  |  | $ | 30,746 |
| As of December 31, 2023
| Weighted Average Remaining Useful Life (years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Developed technology | 4.1 |  | $ | 5,604 |  |  | $ | (1,518) |  |  | $ | 4,086 |
Trade name | 3.7 |  | 4,451 |  |  | (1,404) |  |  | 3,047 |
Content | 2.3 |  | 2,387 |  |  | (1,021) |  |  | 1,366 |
Customer relationships | 4.4 |  | 1,694 |  |  | (396) |  |  | 1,298 |
Capitalized internal-use software | 2.8 |  | 8,460 |  |  | (2,174) |  |  | 6,286 |
Total as of December 31, 2023 |  |  | $ | 22,596 |  |  | $ | (6,513) |  |  | $ | 16,083 |
Schedule of Future Amortization Expense | As of September 30, 2024, future amortization expense is expected to be as follows:
|  | Amount
Remainder of 2024 |  | $ | 2,015 |
2025 |  | 7,808 |
2026 |  | 6,869 |
2027 |  | 4,599 |
2028 |  | 3,037 |
Thereafter |  | 6,418 |
Total |  | $ | 30,746 |
Schedule of Goodwill | The changes in the carrying value of goodwill during the nine months ended September 30, 2024 were as follows:
|  | Amount
Balance as of January 1, 2024 |  | $ | 24,879 |
Datos purchase price allocation adjustment |  | (104) |
Brand 24 acquisition |  | 15,846 |
Ryte acquisition |  | 10,489 |
Exploding Topics acquisition |  | 1,888 |
Foreign currency translation adjustment |  | 1,301 |
Balance as of September 30, 2024 |  | $ | 54,299 |

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