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Variable Interest Entities (Tables) | 6 Months Ended
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Jun. 30, 2023
Adsmurai |
Variable Interest Entity [Line Items] |
Summary of Preliminary Purchase Price Allocation | The following is a summary of the preliminary purchase price allocation (in millions):
Cash | $ | 7.4 |
Accounts receivable |  | 11.9 |
Other assets |  | 0.7 |
Fixed assets |  | 2.8 |
Intangible assets subject to amortization |  | 8.2 |
Goodwill |  | 13.3 |
Current liabilities |  | (14.4 | )
Deferred tax |  | (2.0 | )
Debt |  | (2.8 | )
Noncontrolling interest |  | (12.3 | )
Convertible loan |  | (12.8 | )
Summary of Intangible Assets Subject to Amortization Acquired | Intangible assets subject to amortization acquired includes:
Intangible Asset | Estimated Fair Value (in millions) |  | Weighted average life (in years) |
Advertiser relationships | $ | 4.7 |  | 7.0 |
Existing technology |  | 2.4 |  | 5.0 |
Trade name |  | 1.1 |  | 5.0 |
Schedule of Unaudited Pro Forma Information | The following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Adsmurai as if the transaction had occurred on January 1, 2022. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction occurred on such date, nor does it purport to predict the results of operations for any future periods.
In thousands, except share and per share data |  | Three-Month Period |  |  | Six-Month Period |  |
|  | Ended June 30, |  |  | Ended June 30, |  |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |
Pro Forma: |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 273,381 |  |  | $ | 236,680 |  |  | $ | 512,387 |  |  | $ | 443,275 |  |
Net income (loss) attributable to common stockholders |  | $ | (1,989 | ) |  | $ | 8,955 |  |  | $ | (97 | ) |  | $ | 10,852 |  |
Basic and diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) per share, attributable to common stockholders, basic |  | $ | (0.02 | ) |  | $ | 0.11 |  |  | $ | (0.00 | ) |  | $ | 0.13 |  |
Net income (loss) per share, attributable to common stockholders, diluted |  | $ | (0.02 | ) |  | $ | 0.10 |  |  | $ | (0.00 | ) |  | $ | 0.12 |  |
Weighted average common shares outstanding, basic |  |  | 87,787,772 |  |  |  | 84,959,130 |  |  |  | 87,706,282 |  |  |  | 85,735,916 |  |
Weighted average common shares outstanding, diluted |  |  | 87,787,772 |  |  |  | 86,985,817 |  |  |  | 89,807,095 |  |  |  | 87,803,178 |  |
Reconciliation of Changes in Noncontrolling Interests | The table below presents the reconciliation of changes in redeemable noncontrolling interests (in thousands):
|  | Three-Month Period |  |  | Six-Month Period |
|  | Ended June 30, |  |  | Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Beginning balance |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Transfer of noncontrolling interest to redeemable noncontrolling interest |  |  | 9,625 |  |  |  | - |  |  |  | 9,625 |  |  |  | - |
Acquisition of redeemable noncontrolling interest |  |  | 37,675 |  |  |  | - |  |  |  | 37,675 |  |  |  | - |
Net income attributable to redeemable noncontrolling interest |  |  | (12 | ) |  |  | - |  |  |  | (12 | ) |  |  | - |
Ending balance |  | $ | 47,288 |  |  | $ | - |  |  | $ | 47,288 |  |  | $ | - |
Jack of Digital |
Variable Interest Entity [Line Items] |
Schedule of Unaudited Pro Forma Information | The following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Jack of Digital as if the transaction had occurred on January 1, 2022. This pro forma information was adjusted to exclude acquisition fees and costs of $0.2 million and $0.3 million for the three- and six-month periods ended June 30, 2022, respectively, which were expensed in connection with the transaction. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction occurred on such date, nor does it purport to predict the results of operations for any future periods.
In thousands, except share and per share data |  | Three-Month Period |  |  | Six-Month Period |  |
|  | Ended June 30, |  |  | Ended June 30, |  |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |
Pro Forma: |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 273,381 |  |  | $ | 222,509 |  |  | $ | 512,387 |  |  | $ | 420,243 |  |
Net income (loss) attributable to common stockholders |  | $ | (1,989 | ) |  | $ | 8,760 |  |  | $ | 90 |  |  | $ | 10,745 |  |
Basic and diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) per share, attributable to common stockholders, basic |  | $ | (0.02 | ) |  | $ | 0.10 |  |  | $ | 0.00 |  |  | $ | 0.13 |  |
Net income (loss) per share, attributable to common stockholders, diluted |  | $ | (0.02 | ) |  | $ | 0.10 |  |  | $ | 0.00 |  |  | $ | 0.12 |  |
Weighted average common shares outstanding, basic |  |  | 87,787,772 |  |  |  | 84,959,130 |  |  |  | 87,706,282 |  |  |  | 85,735,916 |  |
Weighted average common shares outstanding, diluted |  |  | 87,787,772 |  |  |  | 86,985,817 |  |  |  | 89,807,095 |  |  |  | 87,803,178 |  |
Reconciliation of Changes in Noncontrolling Interests | The table below presents the reconciliation of changes in noncontrolling interests (in thousands):
|  | Three-Month Period |  |  | Six-Month Period |
|  | Ended June 30, |  |  | Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 14,059 |  |  | $ | - |  |  | $ | 14,947 |  |  | $ | - |
Distributions to noncontrolling interest |  |  | (3,810 | ) |  |  | - |  |  |  | (4,356 | ) |  |  | - |
Transfer of noncontrolling interest to redeemable noncontrolling interest |  |  | (9,625 | ) |  |  |  |  |  | (9,625 | ) |  |  |
Acquisition of noncontrolling interest |  |  | (624 | ) |  |  |  |  |  | (624 | ) |  |  |
Net income (loss) attributable to noncontrolling interest |  |  | - |  |  |  | - |  |  |  | (342 | ) |  |  | - |
Ending balance |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |

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