BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 30, 2024

BUSINESS COMBINATION

Schedule of preliminary purchase price allocation

The following table presents the preliminary purchase price allocation for the acquisition (in thousands):

Preliminary Amount Recognized as of the Acquisition Date
Assets acquired
Cash and cash equivalents	$	14,736
Accounts receivable		113,743
Merchandise inventories		336,741
Textbook rental inventories		9,835
Prepaid expenses and other current assets (including $4.8 million in restricted cash)		26,969
Property and equipment		118,818
Operating lease right-of-use assets		155,664
Intangible assets		95,000
Other assets noncurrent (including $1.0 million in restricted cash)		11,634
Total assets acquired	$	883,140
Liabilities assumed
Accounts payable	$	279,456
Accrued liabilities		51,123
Deferred revenue - current		7,651
Operating lease liabilities - current		80,263
Deferred tax liabilities - noncurrent		636
Operating lease liabilities - noncurrent		107,400
Deferred revenue - noncurrent		3,393
Other long-term liabilities		12,413
Long-term borrowings		101,235
Total liabilities assumed	$	643,570
Net assets acquired		239,570
Total consideration transferred	$	50,133
Less: Net assets acquired		(239,570	)
Plus: Noncontrolling interest		203,657
Goodwill		14,220

Schedule of identifiable intangible assets acquired

Identifiable intangible assets acquired were comprised of the following (in thousands except for estimated useful life):

		Amount	Estimated Life
Trade name	$	45,000	Indefinite
Customer relationships		50,000	13 years
Total intangible assets	$	95,000

Schedule of pro forma condensed combined financial information

The following table presents the unaudited pro forma condensed combined financial information (in thousands):

		Three Months Ended June 30,					Six Months Ended June 30,
		2024		2023			2024		2023
Revenues	$	288,325	$	221,171		$	788,845	$	667,299
Net income (loss)		19,433		(35,189	)		36,830		(48,975	)