Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2022

Adsmurai

Variable Interest Entity [Line Items]

Summary of Preliminary Purchase Price Allocation

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

Cash	$	7.4
Accounts receivable		12.2
Other assets		0.7
Fixed assets		2.8
Intangible assets subject to amortization		8.2
Goodwill		13.0
Current liabilities		(14.4	)
Deferred tax		(2.0	)
Debt		(2.8	)
Noncontrolling interest		(12.3	)
Convertible loan		(12.8	)

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)
Advertiser relationships	$	4.7	7.0
Existing technology		2.4	5.0
Trade name		1.1	5.0

Schedule of Unaudited Pro Forma Information

The following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Adsmurai as if the transaction had occurred on January 1, 2021. This pro forma information was adjusted to exclude acquisition fees and costs of $0.6 million for the year ended December 31, 2022, which were expensed in connection with the transaction. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction 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	Year Ended
	December 31,
	2022		2021
Pro Forma:
Total revenue	$	984,566	$	801,436
Net income (loss) attributable to common stockholders	$	19,283	$	29,696
Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic	$	0.23	$	0.35
Net income (loss) per share, attributable to common stockholders, diluted	$	0.22	$	0.34
Weighted average common shares outstanding, basic		85,391,163		85,301,603
Weighted average common shares outstanding, diluted		87,769,762		87,910,603

Jack of Digital

Variable Interest Entity [Line Items]

Schedule of Unaudited Pro Forma Information

following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Jack of Digital as if the transaction had occurred on January 1, 2021. This pro forma information was adjusted to exclude acquisition fees and costs of $0.3 million for the year ended December 31, 2022, which were expensed in connection with the transaction. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction 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	Year Ended
	December 31,
	2022		2021
Pro Forma:
Total revenue	$	959,693	$	761,130
Net income (loss) attributable to common stockholders	$	18,602	$	29,285
Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic	$	0.22	$	0.34
Net income (loss) per share, attributable to common stockholders, diluted	$	0.21	$	0.33
Weighted average common shares outstanding, basic		85,391,163		85,301,603
Weighted average common shares outstanding, diluted		87,769,762		87,910,603

Reconciliation of Changes in Noncontrolling Interests

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

	Year Ended December 31,
	2022
Beginning balance	$	-
Initial fair value of noncontrolling interests		12,897
Net income (loss) attributable to noncontrolling interest		2,050
Ending balance	$	14,947