Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Cisneros Interactive

Business Acquisition [Line Items]

Summary of Purchase Price Allocation

The following is a summary of the final purchase price allocation (in millions):

Cash	$	8.7
Accounts receivable		50.5
Other assets		8.3
Intangible assets subject to amortization		41.7
Goodwill		10.5
Current liabilities		(48.1	)
Deferred tax		(10.9	)
Redeemable noncontrolling interest		(30.8	)

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)
Publisher relationships	$	34.4	10.0
Advertiser relationships		5.2	4.0
Trade name		1.7	2.5
Non-Compete agreements		0.4	4.0

Reconciliation of Changes in Redeemable Noncontrolling Interests

The table below presents the reconciliation of changes in redeemable noncontrolling interests (unaudited; in thousands):

	Three-Month Period
	Ended March 31,
	2022		2021
Beginning balance	$	-	$	33,285
Net income attributable to redeemable noncontrolling interest		-		1,573
Ending balance	$	-	$	34,858

MediaDonuts

Business Acquisition [Line Items]

Summary of Purchase Price Allocation

The Company is in the process of completing the purchase price allocation for its acquisition of MediaDonuts. The measurement period remains open pending the finalization of the pre-acquisition tax-related items. The following is a summary of the purchase price allocation (unaudited; in millions):

Cash	$	4.3
Accounts receivable		9.9
Other assets		1.8
Intangible assets subject to amortization		22.8
Goodwill		13.4
Current liabilities		(10.1	)
Deferred tax		(4.2	)
Debt		(1.7	)

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)
Publisher relationships	$	16.9	10.0
Advertiser relationships		3.7	4.0
Trade name		2.0	5.0
Non-Compete agreements		0.2	4.0

Schedule of Unaudited Pro Forma Information

The following unaudited pro forma information has been prepared to give effect to the Company’s acquisition of MediaDonuts as if the acquisition had occurred on January 1, 2021. This pro forma information was adjusted to exclude acquisition fees and costs of $0.1 million for the three-month period ended March 31, 2021, which were expensed in connection with the acquisition. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this acquisition occurred on such date, nor does it purport to predict the results of operations for any future periods.

	Three-Month Period
	Ended March 31,
	2021
Pro Forma:
Total revenue	$	158,477
Net income (loss) attributable to common stockholders		6,589
Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic and diluted	$	0.08
Weighted average common shares outstanding, basic		85,041,628
Weighted average common shares outstanding, diluted		86,986,581

365 Digital

Business Acquisition [Line Items]

Summary of Purchase Price Allocation

The following is a summary of the purchase price allocation (unaudited; in millions):

Cash	$	0.5
Accounts receivable		1.1
Intangible assets subject to amortization		2.2
Goodwill		2.1
Current liabilities		(1.4	)
Deferred tax		(0.6	)

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)
Publisher relationships	$	1.7	9.0
Advertiser relationships		0.2	4.0
Trade name		0.2	5.0
Non-Compete agreements		0.1	4.0

Schedule of Unaudited Pro Forma Information

The following unaudited pro forma information has been prepared to give effect to the Company’s acquisition of 365 Digital as if the acquisition had occurred on January 1, 2021. This pro forma information does not purport to represent what the actual results of

operations of the Company would have been had this acquisition occurred on such date, nor does it purport to predict the results of operations for any future periods.

	Three-Month Period
	Ended March 31,
	2021
Pro Forma:
Total revenue	$	149,231
Net income (loss) attributable to common stockholders		5,452
Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic and diluted	$	0.06
Weighted average common shares outstanding, basic		85,041,628
Weighted average common shares outstanding, diluted		86,986,581