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Business Combination | 6 Months Ended
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Jun. 30, 2023
Business Combinations [Abstract] |
Business Combination | NOTE 7 – BUSINESS COMBINATION On July 1, 2022, the Company completed the acquisition of Vewd (the “Vewd Acquisition”). Vewd is a leading global provider of OTT and hybrid TV solutions. The Vewd Acquisition established the Company as a leading independent streaming media platform through its TiVo brand and the largest independent provider of Smart TV middleware globally. The total consideration was approximately $102.9 million, consisting of approximately $52.9 million of cash and $50.0 million of deb t. Refer to Note 9—Debt for additional information on this debt. Purchase Price Allocation The Vewd Acquisition has been accounted for as a business combination, using the acquisition method. The following table presents the allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on the fair values at the acquisition date with no measurement period adjustments identified (amounts in thousands, except estimated useful life):
|  | Estimated Useful Life (years) |  |  |  |  | Final Fair Value |
Cash and cash equivalents |  |  |  |  |  |  | $ | 2,684 |
Accounts receivable |  |  |  |  |  |  |  | 3,341 |
Unbilled contracts receivable |  |  |  |  |  |  |  | 2,335 |
Other current assets |  |  |  |  |  |  |  | 1,208 |
Property and equipment |  |  |  |  |  |  |  | 443 |
Operating lease right-of-use assets |  |  |  |  |  |  |  | 2,020 |
Identifiable intangible assets: |  |  |  |  |  |  |  |
Technology |  | 7 |  | $ | 28,050 |  |  |  |
Customer relationships – large |  | 7 |  |  | 4,900 |  |  |  |
Customer relationships – small |  | 4 |  |  | 3,500 |  |  |  |
Non-compete agreements |  | 2 |  |  | 870 |  |  |  |
Trade name |  | 5 |  |  | 830 |  |  |  |
Total identifiable intangible assets |  |  |  |  |  |  |  | 38,150 |
Goodwill |  |  |  |  |  |  |  | 68,115 |
Other long-term assets |  |  |  |  |  |  |  | 977 |
Accounts payable |  |  |  |  |  |  |  | (869 | )
Accrued liabilities |  |  |  |  |  |  |  | (4,777 | )
Deferred revenue |  |  |  |  |  |  |  | (920 | )
Long-term deferred tax liabilities |  |  |  |  |  |  |  | (8,393 | )
Noncurrent operating lease liabilities |  |  |  |  |  |  |  | (1,094 | )
Other long-term liabilities |  |  |  |  |  |  |  | (307 | )
Total purchase price |  |  |  |  |  |  | $ | 102,913 |
Vewd’s results of operations and cash flows have been included in the Company’s condensed consolidated financial statements for periods subsequent to July 1, 2022, and the related assets and liabilities were recorded at their estimated fair values in the Company’s Condensed Consolidated Balance Sheet as of July 1, 2022.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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- References No definition available. + Details
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