ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair values as of the acquisition date (in thousands):

	Preliminary: May 24, 2021		Measurement Period Adjustments		Updated Preliminary: May 24, 2021
Cash, cash equivalents and restricted cash	$	—	$	—	$	—
Accounts receivable	1,798		—		1,798
Lease right-of-use assets	371		—		371
Goodwill	86,314		1,818		88,132
Intangible assets	53,400		—		53,400
Deferred tax assets	11,171		—		11,171
Lease liabilities	(371)		—		(371)
Deferred revenue	(1,086)		—		(1,086)
Other assets and liabilities	(1,240)		—		(1,240)
Fair value of identifiable net assets acquired	$	150,357	$	1,818	$	152,175

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair values as of the acquisition date (in thousands):

	Preliminary: December 22, 2020		Measurement Period Adjustments		Updated Preliminary: December 22, 2020
Cash, cash equivalents and restricted cash	$	10,225	$	—	$	10,225
Accounts receivable	662		—		662
Lease right-of-use assets	3,437		—		3,437
Goodwill	183,016		1,355		184,371
Intangible assets	67,000		—		67,000
Deferred tax assets (liabilities)	(1,423)		(1,355)		(2,778)
Lease liabilities	(3,375)		—		(3,375)
Deferred revenue	(4,000)		—		(4,000)
Other assets and liabilities	(5,188)		—		(5,188)
Fair value of identifiable net assets acquired	$	250,354	$	—	$	250,354

The following table summarizes the amounts recorded for acquired assets and assumed liabilities recorded at their fair values as of the acquisition date (in thousands):

	Final: June 24, 2020
Cash and cash equivalents	$	3,290
Accounts receivable	131
Lease right-of-use assets	4,945
Goodwill	134,322
Intangible assets	58,000
Lease liabilities	(4,945)
Deferred tax liabilities	(2,981)
Other assets and liabilities	(5,047)
Fair value of identifiable net assets acquired	$	187,715

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the fair values of the identifiable intangible assets acquired in the Homes.com acquisition included in the Company's North America operating segment, their related estimated useful lives (in years) and their respective amortization methods (in thousands):

	Estimated Fair Value		Estimated Useful Life	Amortization Method
Customer base	$	32,000	8	Accelerated
Trade name	21,000		15	Straight-line
Technology	400		2	Straight-line
Total intangible assets	$	53,400

The following table summarizes the fair values of the identifiable intangible assets acquired in the Homesnap acquisition included in the Company's North America operating segment, their related estimated useful lives (in years) and their respective amortization methods (in thousands):

	Estimated Fair Value		Estimated Useful Life	Amortization Method
Customer base	$	45,000	10	Accelerated
Trade name	7,000		10	Straight-line
Technology	15,000		6	Straight-line
Total intangible assets	$	67,000

The following table summarizes the fair values of the identifiable intangible assets acquired in the Ten-X acquisition included in the Company's North America operating segment, their related estimated useful lives (in years) and their respective amortization methods (in thousands):

	Estimated Fair Value		Estimated Useful Life	Amortization Method
Customer base	$	46,000	6	Accelerated
Technology	11,000		5	Straight-line
Other intangible assets	1,000		2	Straight-line
Total intangible assets	$	58,000

Business Acquisition, Pro Forma Information

The unaudited pro forma financial information, in the aggregate, was as follows (in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue	$	499,319	$	446,791	$	1,455,316	$	1,280,143
Net income	$	64,303	$	50,821	$	193,595	$	159,330
Net income per share - basic(1)	$	0.16	$	0.13	$	0.49	$	0.43
Net income per share - diluted(1)	$	0.16	$	0.13	$	0.49	$	0.42
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(1) Prior period amounts have been retroactively adjusted to reflect the ten-for-one stock split effected in the form of a stock dividend in June 2021. See Note 2 for details.