Juno 2013 Annual Report Download - page 142

Table of Contents
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summarized below (in thousands). The Company believes that the recorded fair values assigned to the assets acquired and the liabilities assumed were
based on reasonable assumptions.
The primary reason for the acquisition was to, among other things, increase the free and pay membership base of the Classmates business by
extending its presence through Facebook. These factors contributed to a purchase price in excess of the fair value of schoolFeed's net liabilities as of the
date of acquisition and, as a result, the Company has recorded goodwill in connection with this transaction. The goodwill was attributable to synergies
expected to arise after the acquisition and is included in the Content & Media segment. Goodwill acquired in connection with the acquisition of
schoolFeed is not deductible for tax purposes. The weighted- average amortizable life of the definite-lived acquired intangible assets is 5.2 years.
schoolFeed's revenues and earnings for the period from the Closing Date through December 31, 2012 were immaterial.
The following unaudited pro forma information assumes the schoolFeed acquisition occurred on January 1, 2011 (in thousands):
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Net liabilities assumed:
Cash and cash equivalents $ 59
Other current assets (including accounts receivable) 78
Other noncurrent assets 8
Accounts payable and other liabilities (153)
Deferred tax liabilities (2,742)
Total net liabilities assumed (2,750)
Intangible assets acquired:
Technology 2,800 5 years
Member relationships 2,400 5 years
Non-compete agreements 1,390 5 years
Trademarks and trade names 600 7 years
Total intangible assets acquired 7,190
Goodwill 12,457
Total purchase price $ 16,897
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Revenues $ 257,900 $ 310,959
Net income $ 11,730 $ 50,189