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Acquisitions (Tables)

9 Months Ended

Sep. 30, 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 (in thousands):


		Three-Month Period								Nine-Month Period
		Ended September 30,								Ended September 30,
		2022				2021				2022				2021
Beginning balance		$	-			$	37,470			$	-			$	33,285
Net income attributable to redeemable noncontrolling interest			-				1,753				-				5,938
Acquisition of redeemable noncontrolling interest			-				(39,223	)			-				(39,223	)
Ending balance		$	-			$	-			$	-			$	-

Business Acquisition [Line Items]

Summary of Purchase Price Allocation


Cash	$	4.3
Accounts receivable		9.9
Other assets		1.8
Intangible assets subject to amortization		22.8
Goodwill		13.2
Current liabilities		(10.1	)
Deferred tax		(4.0	)
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 $0.7 million for the nine-month period ended September 30, 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.


In thousands, except share and per share data		Nine-Month Period
		Ended September 30,
		2021
Pro Forma:
Total revenue		$	560,045
Net income (loss) attributable to common stockholders		$	29,032

Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic		$	0.34
Net income (loss) per share, attributable to common stockholders, diluted		$	0.33

Weighted average common shares outstanding, basic			85,207,992
Weighted average common shares outstanding, diluted			87,694,395

Business Acquisition [Line Items]

Summary of Purchase Price Allocation

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


Cash	$	0.5
Accounts receivable		1.1
Intangible assets subject to amortization		2.2
Goodwill		3.7
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.


In thousands, except share and per share data		Three-Month Period				Nine-Month Period
		Ended September 30,				Ended September 30,
		2021				2021
Pro Forma:
Total revenue		$	200,167			$	528,406
Net income (loss) attributable to common stockholders		$	12,225			$	25,581

Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic		$	0.14			$	0.30
Net income (loss) per share, attributable to common stockholders, diluted		$	0.14			$	0.29

Weighted average common shares outstanding, basic			85,390,333				85,207,992
Weighted average common shares outstanding, diluted			88,315,732				87,694,395