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Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2023
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 has been allocated to the assets acquired and liabilities assumed as follows (in thousands):
Assets acquired and liabilities assumed:
Pond51
Splash NewsTotal
Cash and cash equivalents$11,675 $180 $11,855 
Accounts receivable1,273 500 $1,773 
Other assets1,102 525 1,627 
Right of use asset1,674 — 1,674 
Intangible assets:
Customer relationships34,900 — 34,900 
Trade name5,300 — 5,300 
Developed technology27,600 1,263 28,863 
Intangible assets67,800 1,263 69,063 
Goodwill158,957 5,565 164,522 
Total assets acquired$242,481 $8,033 $250,514 
— 
Accounts payable, accrued expenses and other liabilities(9,304)(1,528)(10,832)
Contributor royalties payable(3,039)(3,039)
Deferred revenue(3,705)— (3,705)
Deferred tax liability(6,381)(189)(6,570)
Lease liability(2,038)— (2,038)
Total liabilities assumed(24,467)(1,717)(26,184)
Net assets acquired$218,014 $6,316 $224,330 
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1 During the three months ended September 30, 2022, the Company updated its preliminary allocation of the Pond5 purchase price to the assets acquired and liabilities assumed. This resulted in a (i) $4.0 million increase to goodwill, (ii) a $4.1 million decrease to intangible assets, including a $7.0 million decrease to the value of customer relationships, partially offset by a $2.3 million increase to the value of the developed technology, and (iii) other immaterial adjustments.
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 March 31,
2022
Revenue
As Reported$199,132 
Pro Forma212,835 
Income before income taxes
As Reported$32,676 
Pro Forma32,412