Classmates.com 2004 Annual Report Download - page 87
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five years, 0% dividend, volatility of 99%, and a risk-free interest rate of 3%. The following table summarizes the purchase price (in thousands):
The following table summarizes the net liabilities assumed and goodwill and intangible assets acquired in connection with the acquisition of
Classmates (in thousands):
The weighted average amortizable life of acquired definite-lived intangible assets is 7.2 years. The goodwill is not deductible for tax
purposes.
The following summarized unaudited pro forma financial information assumes that the acquisition of Classmates had occurred at the
beginning of each of the periods presented (in thousands, except per share amounts).
F-18
Cash
$
125,453
Fair value of options assumed
4,325
Intrinsic value of unvested options
(1,445
)
Acquisition costs
3,065
Total purchase price
$
131,398
Description
Estimated
Fair Value
Estimated
Amortizable
Life
Net liabilities assumed:
Cash
$
30,350
Accounts receivable
3,397
Property and equipment
9,700
Other assets
2,384
Accounts payable and accrued liabilities
(6,713
)
Deferred revenue
(23,757
)
Deferred income taxes
(15,897
)
Capital leases
(1,485
)
Other long
-
term liabilities
(286
)
Total net liabilities assumed
(2,307
)
Intangible assets acquired:
Trademark and trade name
13,800
10 years
Advertising contracts and related relationships
7,200
3.5 years
Pay accounts
21,700
4 years
Free accounts
21,500
10 years
Other intangibles
536
7 years
Total intangible assets acquired
64,736
Goodwill
68,969
Total purchase price
$
131,398
Year Ended
December 31,
2004
2003
Revenues
$
513,300
$
417,642
Net income
$
111,882
$
51,189
Net income per share
—
basic
$
1.82
$
0.81
Net income per share
—
diluted
$
1.70
$
0.74