Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule Purchase Price Allocation

The purchase price of Circulation was calculated as follows:

Cash purchase of common stock	$	45,123
Providence’s acquisition date fair value equity interest in Circulation	9,577
Total consideration	$	54,700

The table below presents Circulation’s net assets at the date of acquisition based upon the final estimate of respective fair values:

Cash	$	1,302
Accounts receivable	996
Other assets	216
Property and equipment	49
Intangibles	15,700
Goodwill	40,001
Deferred taxes, net	(2,199)
Accounts payable and accrued liabilities	(1,244)
Deferred revenue	(69)
Other non-current liabilities	(52)
Total of assets acquired and liabilities assumed	$	54,700

Schedule of Finite-Lived Intangible Assets Acquired

The fair value of intangible assets was as follows:

	Type	Life	Value
Customer relationships	Amortizable	3 years	$	1,400
Trademarks and trade names	Amortizable	3 years	200
Developed technology	Amortizable	5 years	14,100
			$	15,700

Pro Forma Information

The amounts of Circulation’s revenue and net income included in the Company’s consolidated statement of operations for the year ended December 31, 2018, and the unaudited pro forma revenue and net (loss) income attributable to Providence of the combined entity had the acquisition date been January 1, 2017, were:

	Year Ended December 31, 2018
Actual Circulation:
Revenue	$	2,205
Net loss	(2,108)
	Year Ended December 31,
	2018		2017
Pro forma:
Revenue	$	1,388,203	$	1,319,195
Net (loss) income attributable to Providence	(21,541)		49,097
Diluted (loss) earnings per share	$	(2.11)	$	2.85