Aarons 2015 Annual Report Download - page 70
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The estimated intangible assets attributable to the Progressive acquisition are comprised of the following:
Internal Use Software
$ 14,000
3.0
Technology
66,000
10.0
Trade Names and Trademarks
53,000
Indefinite
Customer Lease Contracts
11,000
1.0
Merchant Relationships
181,000
12.0
Total Acquired Intangible Assets1
$ 325,000
1 Acquired definite-lived intangible assets have a total weighted average life of 10.6 years.
During the year ended December 31, 2014, the Company incurred $6.6 million of transaction costs in connection with the acquisition of Progressive. These
costs were included in the line item "Progressive-related transaction costs" in the consolidated statements of earnings. In addition, during the year ended
December 31, 2014, the Company incurred approximately $2.3 million in debt financing costs related to the $491.3 million of new indebtedness incurred to
partially finance the acquisition, which has been capitalized as a component of prepaid expenses and other assets in the consolidated balance sheets.
Pro Forma Financial Information
The following table presents unaudited consolidated pro forma information as if the acquisition of Progressive had occurred on January 1, 2013:
Revenues $ 2,695,033
$ 2,851,631
$ 2,234,631
$ 2,607,977
Net Earnings 78,233
86,038
120,666
105,682
The unaudited pro forma financial information presented above does not purport to represent what the actual results of the Company's operations would have
been if the acquisition of Progressive had occurred on January 1, 2013, nor is it indicative of future performance. The unaudited pro forma financial
information does not reflect the impact of future events that may occur after the acquisition, including, but not limited to, anticipated cost savings from
operating synergies.
The unaudited pro forma financial information presented in the table above has been adjusted to give effect to adjustments that are (1) directly related to the
business combination; (2) factually supportable; and (3) expected to have a continuing impact. These adjustments include, but are not limited to,
amortization related to fair value adjustments to intangible assets and the adjustment of interest expense to reflect the additional borrowings of the Company
in conjunction with the acquisition.
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