Carbonite 2011 Annual Report Download - page 66

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Table of Contents
Carbonite, Inc.
The acquisition of Phanfare has been accounted for as a purchase of a business and, accordingly, the total purchase price has been allocated to the
tangible and identifiable intangible assets acquired and the net liabilities assumed based on their respective fair values on the acquisition date. As a result
of the acquisition of Phanfare, the Company recorded goodwill in the amount of $1.5 million and identifiable intangible assets of $1.2 million. These
identified intangible assets will be amortized on a straight-line basis over their estimated useful lives.
As of December 31, 2011, purchased intangible assets consist of the following (in thousands):
The Company recorded amortization expense of $0.2 million for the year ended December 31, 2011 and future estimated amortization expense of
acquired intangibles is as follows (in thousands):
6. Property and Equipment
Property and equipment consists of the following at December 31, 2011 and 2010 (in thousands):
Depreciation expenses were $7.7 million, $5.1 million, and $3.0 million for the years ended December 31, 2011, 2010, and 2009, respectively.
7. Accrued Expenses
Accrued expenses consist of the following (in thousands):
62
Estimated
Useful Life
Gross
Carrying
Value
Accumulated
Amortization
Net
Carrying
Value
Developed technology
5 years
$
880
$
102
778
Customer relationships
3 years
180
35
145
Non
-
Compete agreements
5 years
150
18
132
$
1,210
$
155
$
1,055
2012
$
266
2013
266
2014
231
2015
206
2016
86
$
1,055
December 31,
2011
2010
Computer equipment
$
36,633
$
24,420
Software
1,239
650
Furniture and fixtures
512
302
Leasehold improvements
800
277
Total property and equipment
39,184
25,649
Less accumulated depreciation
(17,536
)
(9,831
)
Property and equipment, net
$
21,648
$
15,818
December 31,
2011
2010
Accrued compensation
$
2,706
$
1,501
Accrued media spend
1,223
1,410
Accrued other expenses
1,070
1,036
Total accrued expenses
$
4,999
$
3,947