Acquisition (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Pro Forma Financial Information

The following table presents management's current purchase price allocation and the initial purchase price allocation:

(in thousands)	Current purchase price allocation		Initial purchase price allocation
Cash	$	4,244	$	4,244
Accounts receivable	1,262		2,208
Property and equipment	307		307
Developed technology	18,200		18,200
Customer relationships	39,400		39,000
Trademarks	5,400		6,600
Non-competition agreements	3,500		4,800
Prepaid and other acquired assets	774		774
Goodwill	137,008		132,140
Total assets	210,095		208,273
Accounts payable	317		317
Accrued expenses	4,459		4,459
Deferred revenue	7,680		5,443
Deferred taxes	7,934		8,349
Consideration paid	$	189,705	$	189,705

Schedule of Pro Forma Financial Information

The following table summarizes the Company's unaudited pro forma results of operations for the three months ended June 30, 2023 and the six months ended June 30, 2024 and 2023 as if the Stuzo Acquisition had occurred on January 1, 2023:

	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2023		2024		2023
Total revenue	$	79,676	$	156,066	$	158,025
Net loss from continuing operations	(21,054)		(51,359)		(32,623)

The unaudited pro forma results presented above are for illustrative purposes only and do not reflect the realization of actual cost savings or any related integration costs. The unaudited pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future. These unaudited pro forma results include certain adjustments, primarily due to increases in amortization expense due to the fair value adjustments of intangible assets, acquisition related costs and the impact of income taxes on the pro forma adjustments. $2.4 million of acquisition costs have been reflected in the 2023 pro forma results.