Juno 2014 Annual Report Download - page 48
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Table of Contents
During the year ended December 31, 2013, the Company recognized a benefit of $5.1 million as a result of changes in the estimated fair value of
contingent consideration related to the acquisition in June 2012 of schoolFeed, due to the restriction of certain functionality of the schoolFeed app by
Facebook, which limited schoolFeed's ability to use the Facebook platform to contact users who were not registered members of schoolFeed. In May 2013,
Facebook discontinued the schoolFeed app's access to the Facebook platform, which resulted in the termination of future new installations of the schoolFeed
app through Facebook, as well as the discontinuance of the sharing of Facebook content through the schoolFeed app. We accrued $3.4 million for the
contingent consideration payment for the earnout period ended June 30, 2013, which was paid in August 2013. For the June 30, 2014 earnout period, no
contingent consideration was earned. We do not currently expect any contingent consideration will be earned for the remaining earnout period ending
June 30, 2015.
Consolidated restructuring and other exit costs for the year ended December 31, 2014 included $1.6 million and $0.4 million of employee termination
costs and facility closure and relocation costs, respectively, in the Content & Media segment, as well as $1.2 million of employee termination costs in
unallocated corporate expenses and $0.4 million of employee termination costs in the Communications segment. These restructuring charges were a result of
management's decision to streamline segment operations and increase profitability. At December 31, 2014, accrued restructuring and other exit costs totaled
$0.2 million.
Consolidated restructuring and other exit costs for the year ended December 31, 2013 included $2.3 million of employee termination costs and
$0.2 million of contract termination costs recorded in our Content & Media segment.
Goodwill impairment charges totaling $55.4 million were recorded in the year ended December 31, 2013 due to a material reduction in the fair value of
the Classmates reporting unit.
47
Contingent consideration—fair value adjustment $ — $ (5,124) $ 5,124 (100)%
Restructuring and other exit costs $ 3,558 $ 2,501 $ 1,057 42%
Impairment of goodwill, intangible assets and long-lived assets $ — $ 55,440 $ (55,440) (100)%