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Table of Contents
76
Intangible assets consist of the following (in thousands):
December 31, 2014
Weighted-
Average
Amortization
Period
(in months)
Gross
Carrying
Amount Accumulated
Amortization Impairment
Net
Carrying
Amount
Developed technology . . . . . . . . . . . . . . . . . . . . . . . . . 49 $ 9,792 $ (5,000) $ (194) $ 4,598
Customer list . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4,363 (1,816)(829) 1,718
Trade name. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 3,132 (1,085)(39) 2,008
Non-compete agreements. . . . . . . . . . . . . . . . . . . . . . . 14 1,637 (421)(278) 938
Master service agreement . . . . . . . . . . . . . . . . . . . . . . 14 1,030 (266) — 764
Corporate partnerships. . . . . . . . . . . . . . . . . . . . . . . . . 0 243 (31)(212) —
Indefinite-lived trade name . . . . . . . . . . . . . . . . . . . . . — 3,600 — — 3,600
Total intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,797 $ (8,619) $ (1,552) $ 13,626
December 31, 2013
Weighted-
Average
Amortization
Period
(in months)
Gross
Carrying
Amount Accumulated
Amortization
Net
Carrying
Amount
Developed technology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 $ 8,008 $ (5,386) $ 2,622
Customer list . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 5,472 (5,029) 443
Trade name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 1,182 (942) 240
Non-compete agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 1,068 (1,062) 6
Total intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,730 $ (12,419) $ 3,311
During the year ended December 31, 2014, 2013 and 2012, amortization expense related to our acquired intangible
assets totaled approximately $5.0 million, $4.4 million, and $6.8 million, respectively.
During the fourth quarter of 2014, we determined that we would not continue to support or look to expand our print
coupon business, resulting in a significant decrease in the expected future cash flows. As a result an impairment analysis was
performed based on a discounted cash flow analysis with key assumptions based on the future revenues expected until the
services were removed from our website. The analysis indicated that the carrying amounts of the intangible assets acquired will
not be fully recoverable, resulting in an impairment charge totaling $1.6 million, which is included in sales and marketing on
our consolidated statements of operations.
As of December 31, 2014, the estimated future amortization expense related to our finite-lived intangible assets is as
follows (in thousands):
2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,761
2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,238
2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,701
2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,018
2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,026
As part of our acquisition of internships.com in October 2014, we acquired an indefinite lived trade name intangible
asset valued at $3.6 million. We will assess this asset for impairment annually during the fourth quarter or whenever events or
changes in circumstances indicate that the carrying value may not be recoverable.