Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Cisneros Interactive

Reconciliation of Changes in Redeemable Noncontrolling Interests

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

	Years Ended December 31,
	2020		2019		2018
Beginning balance	$	-	$	-	$	-
Initial fair value of redeemable noncontrolling interests		30,762		-		-
Net income (loss) attributable to redeemable noncontrolling interest		2,523		-		-
Ending balance	$	33,285	$	-	$	-

Summary of Purchase Price Allocation

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

Cash	$	8.7
Accounts receivable		50.5
Other assets		6.2
Intangible assets subject to amortization		41.7
Goodwill		12.3
Current liabilities		(48.1	)
Deferred tax		(10.6	)
Redeemable noncontrolling interest		(30.8	)

Summary of Intangible Assets Subject to Amortization Acquired

Intangibles 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

Schedule of Unaudited Pro Forma Information

The following unaudited pro forma information for the years ended December 31, 2020 and 2019 has been prepared to give effect to the acquisition of a majority interest in Cisneros Interactive as if the acquisition had occurred on January 1, 2019. This pro forma information was adjusted to exclude acquisition fees and costs of $0.9 million for the year ended December 31, 2020, 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.

	Years Ended
	Ended December 31,
	2020			2019
Pro Forma:
Total revenue	$	488,137		$	432,966
Net income (loss)		5,257			(11,403	)
Net income (loss) attributable to redeemable noncontrolling interest		(5,343	)		(4,071	)
Net income (loss) attributable to common stockholders	$	(86	)	$	(15,474	)
Basic and diluted earnings per share:
Net income (loss) per share, attributable to common stockholders, basic and diluted	$	0.00		$	(0.18	)
Weighted average common shares outstanding, basic and diluted		84,231,212			85,107,301

Smadex

Summary of Purchase Price Allocation

The following is a summary of the final purchase price allocation for the Company’s acquisition of Smadex (in millions):

Accounts receivable	$	0.9
Other current assets		0.4
Intangible assets subject to amortization		2.0
Goodwill		3.6
Current liabilities		(2.8	)
Long-term liabilities		(0.2	)
Deferred tax		(0.4	)

Schedule of Unaudited Pro Forma Information

The following unaudited pro forma information for the years ended December 31, 2018 and 2017 has been prepared to give effect to the acquisition of Smadex as if the acquisition had occurred on January 1, 2017.  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 future periods.

	Years Ended December 31,
	2018
Pro Forma:
Total revenue	$	307,805
Net income (loss)	$	13,133
Basic and diluted earnings per share:
Net income per share, basic	$	0.15
Net income per share, diluted	$	0.15
Weighted average common shares outstanding, basic		89,115,997
Weighted average common shares outstanding, diluted		90,328,583