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 presents the preliminary purchase price allocation recorded in the Company’s Condensed Consolidated Balance Sheet as of the date of acquisition (in thousands):

	Amounts acquired on March 10, 2021		Measurement period adjustments		Amounts acquired on March 10, 2021 (as adjusted)
Assets
Cash and cash equivalents	$	1,267	$	—	$	1,267
Gross loans receivable(1)	196,138		—		196,138
Prepaid expenses and other	687		—		687
Property and equipment	460		—		460
Right-of-use assets	616		—		616
Intangibles	50,876		3,572		54,448
Deferred tax assets	2,741		908		3,649
Total assets	$	252,785	$	4,480	$	257,265
Liabilities
Accounts payable and accrued liabilities	$	9,356	$	—	$	9,356
Credit facilities	174,367		—		174,367
Lease liabilities	616		—		616
Total liabilities	$	184,339	$	—	$	184,339
Net assets acquired	$	68,446	$	4,480	$	72,926
Total consideration paid	113,347				113,347
Goodwill	$	44,901	$	(4,480)	$	40,421
(1) The gross contractual loans receivables as of March 10, 2021 were $208.6 million, of which the Company estimates $12.5 million will not be collected.

The following table sets forth the components of identifiable intangible assets acquired, as adjusted for measurement period adjustments, and their estimated useful lives as of the date of acquisition (dollars in thousands):

	Fair Value		Useful Life
Developed technology	$	31,827	5.0 years
Merchant relationships	19,684		5.0 years
Customer relationships	2,937		3.0 years
Total identified intangible assets	$	54,448

The following table summarizes the allocation of the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:

(in thousands)	Amounts acquired on January 3, 2020
Assets
Cash and cash equivalents	$	3,360
Accounts receivable	465
Property and equipment	358
Intangible assets	1,101
Goodwill	14,791
Operating lease asset	235
Total assets	$	20,310
Liabilities
Accounts payable and accrued liabilities	$	2,264
Operating lease liabilities	235
Total liabilities	$	2,499
Total cash consideration transferred	$	17,811