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Acquisition (Tables)

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Summary of Total Purchase Consideration as of Acquisition Date

The following table summarizes the total purchase consideration as of the acquisition date:

			February 3, 2025
			(In thousands)
Cash consideration paid on acquisition date(1)			$	621,948
Fair value of stock consideration(2)			262,938
Total consideration			$	884,886

_____________________________

(1) The cash portion of consideration was funded by the Bridge Facility pursuant to the Credit Agreement, each as defined below, entered into on February 3, 2025. See Note 9 for additional information.

(2) Calculated based on the stock price of $6.01 per share prior to transaction close.

Schedule of Allocation of Purchase Price to Identifiable Assets and Liabilities

The preliminary allocation of the purchase price to the identifiable assets and liabilities based on their estimated fair values as of the Acquisition date was as follows:

			February 3, 2025
			(In thousands)
Cash and cash equivalents			$	23,619
Accounts receivable, net			210,317
Prepaid expenses and other current assets			26,581
Property and equipment			3,581
Operating lease right of use assets			13,218
Other intangible assets			384,400
Indemnification assets			26,305
Other assets			2,076
Total assets acquired			$	690,097
Accounts payable			69,687
Accrued compensation and benefits			34,341
Accrued and other liabilities			79,724
Short-term borrowings			15,424
Deferred tax liability			66,513
Contingent tax liabilities			26,305
Operating lease liabilities, noncurrent			9,830
Other long-term liabilities			4,966
Total liabilities assumed			$	306,790
Net assets acquired			383,307
Goodwill			501,579
Total consideration			$	884,886

Schedule of Identifiable Intangible Assets Acquired

The identifiable intangible assets included within other intangible assets in the table above consist of the following:

			February 3, 2025
			Amount						Weighted-Average Amortization Period
			(In thousands)						(In years)
Customer Relationships			$	237,100					10.3 years
Publisher relationships			51,200						8.0 years
Technology intangibles			73,400						5.0 years
Tradenames			22,700						11.0 years
Total other intangibles			$	384,400

Schedule of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information for three months ended March 31, 2024 is based on our historical consolidated financial statements, adjusted to reflect the Acquisition as if it occurred on January 1, 2024. The unaudited pro forma financial results are as follows:

			Three Months Ended
			March 31, 2025						March 31, 2024
			(In thousands)
Revenue			$	316,844					$	342,329
Net income			$	(83,256)					$	(18,167)

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

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-Name Accounting Standards Codification
-Section 50
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