Juno 2014 Annual Report Download - page 63
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Table of Contents
Content & Media contingent consideration—fair value adjustment was comprised of a $5.7 million decrease in the estimated fair value of contingent
consideration, partially offset by $0.5 million of interest expense related to such contingent consideration. During the quarter ended March 31, 2013,
Facebook restricted certain functionality of the schoolFeed app, which limited schoolFeed's ability to use the Facebook platform to contact users who are 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.
Content & Media restructuring and other exit costs included $2.3 million of employee termination costs and $0.2 million of contract termination costs.
These restructuring and other exit costs were a result of management's initiative to improve the operational effectiveness and efficiency of the Content &
Media segment, as well as segment profitability. At December 31, 2013, accrued restructuring and other exit costs totaled $0.2 million, which will be paid
within 12 months.
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. A goodwill and intangible asset impairment charge totaling $26.9 million was recorded in the year ended December, 31, 2012
due to a material reduction in the fair value of the MyPoints reporting unit.
Corporate Revenues
Corporate revenues for the year ended December 31, 2013 were related to transition services provided to FTD in connection with the FTD Spin-Off
Transaction.
62
Content & Media restructuring and other exit costs $ 2,501 $ (14) $ 2,515 *
*Not meaningful
Content & Media impairment of goodwill, intangible assets and long-lived
assets $ 55,440 $ 26,910 $ 28,530 106%
Corporate revenues $ 145 $ — $ 145 N/A