Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Aggregate Purchase Price Allocation to Assets Acquired and Liabilities Assumed

The aggregate purchase price for these acquisitions have been allocated to the assets acquired and liabilities assumed as follows (in thousands):

Assets acquired and liabilities assumed (in thousands):	PicMonkey1		TurboSquid		Total
Cash and cash equivalents	$	—	$	5,165	$	5,165
Other assets	502		1,553		2,055
Property and equipment	—		472		472
Right of use asset	1,420		—		1,420
Intangible assets:
Customer relationships	28,800		9,000		37,800
Trademarks	3,000		2,200		5,200
Developed technology	12,900		7,800		20,700
Content library	—		2,500		2,500
Intangible assets	44,700		21,500		66,200
Goodwill	71,247		59,491		130,738
Deferred tax asset	2,456		—		2,456
Total assets acquired	$	120,325	$	88,181	$	208,506
Accounts payable, accrued expenses and other liabilities	(747)		(4,685)		(5,432)
Contributor royalties payable	—		(2,243)		(2,243)
Deferred revenue	(8,068)		—		(8,068)
Deferred tax liability	(533)		(3,923)		(4,456)
Lease liability	(1,420)		—		(1,420)
Total liabilities assumed	(10,768)		(10,851)		(21,619)
Net assets acquired	$	109,557	$	77,330	$	186,887

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1 The allocation of the purchase price is preliminary and will be finalized within the allowable measurement period once independent valuations of the fair value of the assets acquired and liabilities assumed are completed.

Business Acquisition, Pro Forma Information

These pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what the Company’s operating results would have been, had the acquisitions actually taken place at the beginning of the previous annual period:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue
As Reported	$	194,439	$	165,227	$	567,632	$	485,742
Pro Forma	199,090		178,965		589,715		525,037
Income before income taxes
As Reported	$	20,420	$	28,179	$	90,624	$	57,167
Pro Forma	22,884		29,090		95,738		52,983