On October 1, 2018, the Company completed the purchase of AmOne, an online performance marketing company in the financial services client vertical, to broaden its publisher and customer relationships. In exchange for all outstanding shares of AmOne, the Company paid $23.0 million in cash upon closing (including $2.7 million cash for net assets acquired subject to post-closing adjustments) and will make $8.0 million in post-closing payments, payable in equal semi-annual installments over a two year period, with the first installment being paid six months following the date of closing.

On April 15, 2019, the Company completed the purchase of CCM, a marketing services company in the education client vertical, to broaden its customer relationships. In exchange for all the outstanding shares of CCM, the Company paid $8.3 million in cash upon closing (including $0.8 million cash for net assets acquired subject to post-closing adjustments) and will make a series of future payments following the acquisition date. The $7.5 million post-closing payments are payable in cash in equal semi-annual installments over a four year period, with the first installment paid six months following the date of closing. The contingent consideration is payable for five years following the date of closing and is calculated every June 30 and December 31 for the preceding six months.

On May 14, 2019, the Company completed the purchase of MBT, a leading personal finance website to broaden its customer relationships. In exchange for all the outstanding shares of MBT, the Company paid $4.5 million in cash upon closing (including $1.5 million cash for net assets acquired) and will make a series of future payments following the acquisition date. The $4.0 million post-closing payments are payable in cash in equal semi-annual installments over a two year period, with the first installment payable twelve months following the date of closing. The contingent consideration is calculated semi-annually for the preceding six months beginning on December 31, 2019 and ending on June 30, 2023.

The following table summarizes the consideration for each acquisition as of the acquisition dates (in thousands):

	AmOne		CCM			MBT
Cash	$	23,032	$	8,281		$	4,511
Post-closing adjustments for net assets acquired		138		(72	)		—
Post-closing payments, net of imputed interest ⁽¹⁾		7,514		6,671			3,708
Contingent consideration		—		3,553			1,505
Total	$	30,684	$	18,433		$	9,724

The acquisitions were accounted for as business combinations and the results of operations of the acquired businesses have been included in the Company’s results of operations as of the acquisition date. The Company expensed all transaction costs in the period in which they were incurred. The Company allocated the purchase price to identifiable assets acquired based on their estimated fair values. The fair value of the consideration transferred and the assets acquired and liabilities assumed was determined by the Company and in doing so management engaged a third-party valuation specialist to assist with the measurement of the fair value of identifiable intangible assets and obligations related to post-closing payments and contingent consideration. The estimated fair value of the identifiable assets acquired and liabilities assumed in the relevant acquisition was based on management’s best estimates. The fair value of the publisher and advertiser relationships was determined using the multi-period excess earnings income approach or cost approach. The fair value of trade names was determined using the relief-from-royalty method. The fair value of acquired technology was determined using the cost approach. The excess of the purchase price over the aggregate fair value of the identifiable assets acquired was recorded as goodwill and is primarily attributable to synergies the Company expects to achieve related to the acquisition. The goodwill is deductible for tax purposes. The fair value of the contingent consideration was determined using the real options technique. See Note 5, Fair Value Measurements, for additional information regarding the valuation of the contingent consideration.

The following table summarizes the allocation of the purchase price and the estimated useful lives of the identifiable assets acquired as of the date of the acquisition (in thousands):

	AmOne		Estimated Useful Life	CCM		Estimated Useful Life	MBT		Estimated Useful Life
Customer/publisher/advertiser relationships	$	21,300	7 years	$	4,500	3-4 years	$	3,400	3-12 years
Website/trade/domain names		900	15 years		300	5 years		1,100	15 years
Acquired technology and others		500	3 years		—	n/a		—	n/a
Net assets		2,838	n/a		2,071	n/a		1,671	n/a
Goodwill		5,146	Indefinite		11,562	Indefinite		3,553	Indefinite
Total	$	30,684		$	18,433		$	9,724

The Company is still finalizing the allocation of the purchase price of CCM and MBT to the individual assets acquired. Accordingly, these preliminary estimates are subject to change during the measurement period, which is the period subsequent to the acquisition date during which the acquirer may adjust the provisional amounts recognized for a business combination, not to exceed one year from the acquisition date. The final purchase price allocation, which may include changes in the allocations within intangible assets and between intangible assets and goodwill, as well as changes in the estimated useful lives of the intangible assets, will be determined when the Company has completed the detailed review of underlying inputs and assumptions used in its preliminary purchase price allocation.

The unaudited pro forma financial information in the table below summarizes the combined results of operations for the Company and the acquired businesses as though these acquisitions occurred as of the beginning of fiscal year 2018. The unaudited pro-forma financial information is presented for illustrative purposes only and do not necessarily reflect what the combined company’s results of operations would have been had the acquisitions occurred as of the beginning of fiscal year 2018, nor is it necessarily indicative of the future results of operations of the combined Company.


	Three Months Ended		Six Months Ended
	December 31, 2018		December 31, 2018
	(In thousands)		(In thousands)
Net revenue	$	104,096	$	223,455
Net income		52,846		59,379

The pro forma financial information for the three and six months ended December 31, 2018 includes the elimination of $20 thousand and $192 thousand of nonrecurring acquisition costs incurred by the Company that are directly related to the acquisition.