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BUSINESS COMBINATIONS (Tables) | 3 Months Ended
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Mar. 31, 2023
Business Combinations [Abstract] |
Schedule of Business Acquisitions | On January 7, 2022, we completed the acquisition of Entertainment for purchase consideration of $14.6 million, as presented below (in thousands):
| January 7, 2022
Fair value of common stock transferred | $ | 11,937 |
Cash paid to extinguish acquiree debt | 2,053 |
Cash paid to settle pre-acquisition liabilities and acquiree deal-related costs | 624 |
Cash paid to membership interest holders | 24 |
Cash receivable from membership interest holders pursuant to finalization of net working capital | (61) |
Total purchase consideration | $ | 14,577 |
The following table presents the preliminary purchase consideration allocation recorded on our condensed consolidated balance sheet as of the acquisition date (in thousands):
| January 7, 2022
Cash and cash equivalents | $ | 376 |
Accounts receivable and other assets | 1,259 |
Intangible assets | 9,800 |
Goodwill | 5,002 |
Accounts payable and other liabilities | (1,860) |
Total purchase consideration | $ | 14,577 |
The following table presents the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (dollars in thousands):
| Fair Value |  | Useful life (in years)
Trade name | $ | 800 |  |  | 3.0
Developed technology | 700 |  |  | 3.0
Merchant relationships | 8,300 |  |  | 4.0
Business Acquisition, Pro Forma Information | Consequently, actual results will differ from the unaudited pro forma information presented below.
| Three Months Ended March 31, 2022
| (in thousands)
Revenue | $ | 67,949 |
Net income | $ | 32,766 |

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