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ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of supplemental cash flow information

Supplemental cash flow information

The following table shows supplemental cash flow information (in thousands):

			Year Ended December 31,
			2022						2021						2020
Supplemental disclosures of cash flow information:
Cash paid during the period:
Interest paid, net of amounts capitalized			$	1,777					$	1,775					$	1,808
Income taxes paid, net			2,562						2,262						1,452
Non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities			$	2,527					$	508					$	336

See also Note 11—Leases for additional supplemental disclosures of cash flow information related to our leases.

Schedule of estimated useful lives of the fixed assets

Property and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets or the term of the related finance lease, whichever is shorter, as follows:

			Life (years)
Building			40
Land improvements			20
Building machinery and equipment			15-20
Furniture and equipment			5-7
Computer hardware			3-4
Computer software, including internal-use software and website development			2-4

Schedule of valuation techniques and unobservable inputs

The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of our Level 3 equity securities:

Investment

Fair Value

Valuation technique

Unobservable inputs

Inputs

tZERO

$

78,867

Market approach - transaction backsolve with an option pricing model

Term to liquidity

5.0 years

Volatility

125%

Percentage change in enterprise value for guideline public companies

(32.4)%

SpeedRoute

3,920

Market approach - recent transactions

N/A

N/A

Total

$

82,787

Valuation technique						Unobservable inputs						Range (1)						Weighted average (2)
Market approach						Enterprise value to revenue multiple						0.88x						0.88x
Discounted cash flows - exit multiple						Discount rate						9.0% - 35.0%						32.4%
						Enterprise value to revenue multiple						0.75x - 5.00x						4.40x
						Projected terminal year						2023 - 2027						2025
						Annual revenue growth rate						1.3% - 124.0%						109.4%
						Annual EBITDA % of revenues						5.2% - 41.2%						36.3%
Discounted cash flows - perpetual growth						Discount rate						30.0%						30.0%
						Projected terminal year						2028						2028
						Perpetual revenue growth rate						3.0%						3.0%
						Annual revenue growth rate						25.7%						25.7%
						Annual EBITDA % of revenues						14.9%						14.9%

 __________________________________________

(1)     — The range for the Annual revenue growth rate and Annual EBITDA % of revenues are based on the weighted average metrics for the annual periods of the separate cash flow models for the respective component.

(2)     — Unobservable inputs were weighted by the relative fair value based on the fair value of the underlying components subjected to the identified valuation technique. For projected terminal year, the amount represents the median of the inputs and is not a weighted average.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

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