XML 39 R26.htm IDEA: XBRL DOCUMENT

Acquisition (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Fair Value of Consideration Transferred

The fair value of the consideration transferred to acquire Vast Holdings, Inc. was approximately $117.1 million at the acquisition date and consisted of the following (in thousands):

	Fair Value
Cash	$	77,010
Common stock issued ⁽¹⁾		39,030
Fair value of unvested stock options assumed ⁽²⁾		1,017
Total	$	117,057

(1)

The Company issued 1,072,117 shares of common stock. The fair value of common stock was determined based on the closing market price on the date of acquisition discounted for a lack of marketability of 10.0% to account for the 180 day lock up period.

(2)

The fair value of the unvested stock options assumed by the Company was determined using the Black-Scholes option pricing model. The share conversion ratio of 0.0392 was applied to convert CarStory’s outstanding equity awards for CarStory's common stock into equity awards for shares of the Company's common stock.

Summary of Fair Value of Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the identified assets acquired and liabilities assumed as of the acquisition date (in thousands):

	Fair Value
Cash and cash equivalents	$	865
Accounts receivable, prepaid expenses and other current assets		1,330
Property and equipment and other assets		371
Intangible Assets		34,300
Goodwill		81,134
Current liabilities		(943	)
Net assets acquired	$	117,057

Summary of Preliminary Identifiable Intangible Assets Acquired and their Estimated Weighted Average Useful Life

The following table summarizes the preliminary identifiable intangible assets acquired and their estimated weighted average useful life at the date of acquisition (in thousands):

	Fair Value		Weighted Average Useful Life
Developed technology	$	25,700	5
Trademarks		5,200	8
Customer relationships		3,400	8
Total intangible assets subject to amortization	$	34,300