Juno 2014 Annual Report Download - page 107
Download and view the complete annual report
Please find page 107 of the 2014 Juno annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
 |
 |
Table of Contents
The changes in goodwill by reportable segment were as follows (in thousands):
The MyPoints reporting unit typically generates higher revenues and operating income in the quarter ending December 31 when compared to the other
quarters. In the quarter ended December 31, 2012, revenues and operating income were substantially lower than expected. The Company lowered its forecast
for future periods, which resulted in the determination that the estimated fair value of the MyPoints reporting unit was less than its carrying amount,
including goodwill. Accordingly, the second step of the quantitative goodwill impairment test was performed. Based on the results of the second step, the
Company recorded a goodwill impairment charge totaling $26.6 million. The impairment charge was included in impairment of goodwill, intangible assets
and long-lived assets in the consolidated statements of operations.
During the quarter ended September 30, 2013, due to a decline in internal financial projections, the Company performed an interim quantitative
goodwill assessment for its Classmates reporting unit. Due to the complexity and the effort required to estimate the fair value of the Classmates reporting unit
in step one of the impairment test and to estimate the fair value of all assets and liabilities of the Classmates reporting unit in step two of the test, the fair
value estimates were derived based on preliminary assumptions and analysis that are subject to change. Based on the Company's preliminary analysis, the
implied fair value of goodwill was substantially lower than the carrying value of goodwill for the Classmates reporting unit. As a result, the Company
recorded its best estimate of $52.8 million
F-25
Balance at December 31, 2012:
Goodwill (excluding impairment charges) $ 13,227 $ 137,173 $ 150,400
Accumulated impairment charges (5,738) (26,606) (32,344)
Goodwill at December 31, 2012 7,489 110,567 118,056
Acquisition of the Yearbook App. — 413 413
Impairment charge — (55,440) (55,440)
Foreign currency translation — 6 6
Balance at December 31, 2013:
Goodwill (excluding impairment charges) 13,227 137,592 150,819
Accumulated impairment charges (5,738) (82,046) (87,784)
Goodwill at December 31, 2013 7,489 55,546 63,035
Foreign currency translation — (21) (21)
Balance at December 31, 2014:
Goodwill (excluding impairment charges) 13,227 137,571 150,798
Accumulated impairment charges (5,738) (82,046) (87,784)
Goodwill at December 31, 2014 $ 7,489 $ 55,525 $ 63,014