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Acquisition (Tables)

12 Months Ended

Dec. 31, 2020

Business Acquisition [Line Items]

Summary of Estimated Fair Value of Acquisition-Related Liabilities

The following summarizes the changes in the estimated fair value of acquisition-related liabilities (in thousands):

Acquisition-related liabilities (Level 3):
Balance at December 31, 2018 (1):		$	1,509
Contingent consideration - Sonar acquisition (2)			1,016
Change in fair value (3)			(941	)
Balance at December 31, 2019		$	1,584
Change in fair value (3)			(1,584	)
Total acquisition-related liabilities as of December 31, 2020 (4):		$	—
(1) The balance at December 31, 2018 related to contingent consideration specific to the Telmetrics acquisition in 2018.
(2) In connection with the Sonar acquisition, the Company recognized contingent consideration during the year ended December 31, 2019 of approximately $1.0 million in fair value. As of December 31, 2019, the amount recognized for the contingent consideration arrangement, the range of outcomes, and the assumptions used to develop the estimate had not changed.
(3) During the year ended December 31, 2019 and 2020, the Company recognized a net change in fair value of the contingent consideration of approximately $941,000 and $1.6 million, and the change is recorded on the income statement in acquisition-related costs (benefit). The net change in fair value was primarily due to a change in the assumptions used in the original estimate of the liability.
(4) There were not transfers between levels during the periods presented.

Sonar Acquisition

Business Acquisition [Line Items]

Summary of Consideration for Acquisition

A summary of the consideration for the acquisition is as follows (in thousands):

Cash		$	8,496
Fair value of equity consideration			3,803
Future consideration			1,016
Total		$	13,315

Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following summarizes the estimated fair value of the assets acquired and the liabilities assumed at the acquisition date (in thousands):

Cash and cash equivalents		$	480
Accounts receivable			141
Prepaid expenses and other current assets			42
Property and equipment			25
Identifiable intangible assets			5,052
Liabilities assumed			(171	)
Deferred tax liabilities			(1,184	)
Net assets acquired			4,385
Goodwill			8,930
Total		$	13,315

Summary of Unaudited Pro Forma Financial Information

The amount of Sonar revenue and the amount of net loss included in the Company’s Consolidated Statements of Operations from the acquisition date for the year ended December 31, 2019 was not significant.

		(Unaudited)
		(in thousands)
		Year ended December 31, 2019
Revenue		$	56,704
Net loss applicable to common stockholders			(4,838	)

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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.

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