v3.24.3
Acquisitions, Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price Allocation The following table sets forth the final allocation of the purchase price and summarizes the fair values of the assets acquired and liabilities assumed at the Paperspace Acquisition Date:
Amount
Fair value of consideration transferred
Cash consideration$100,399 
Recognized amounts of identifiable assets acquired and liabilities assumed
Tangible assets acquired:
Cash and cash equivalents$1,376 
Accounts receivable1,042 
Prepaid expenses and other current assets4 
Property and equipment, net4,515 
Operating right-of-use asset, net4,398 
Finance lease right-of-use asset, net11,958 
Other assets
367 
Intangible assets37,690 
Liabilities assumed:
Accounts payable and accrued expenses(1,608)
Deferred revenue(105)
Operating lease liabilities, current(1,475)
Operating lease liabilities, non-current(2,923)
Finance lease liabilities, current(5,707)
Finance lease liabilities, non-current(6,251)
Deferred tax liabilities(1,074)
Total identifiable net assets acquired42,207 
Goodwill recorded in acquisition58,192 
Total purchase price allocation$100,399 
Schedule of Intangible Assets Acquired The fair values allocated to the identifiable intangible assets and their estimated useful lives are as follows:
Estimated Fair Value
Weighted Average Useful Life
(In years)
Trademark/Trade Name$300 1
Developed Technology24,120 5
Customer Relationships13,270 5
Total intangible assets$37,690 
Schedule of Pro Forma Information
The unaudited pro forma information below summarizes the combined results of the Company and Paperspace as if the Company’s acquisition of Paperspace closed on January 1, 2022 but does not necessarily reflect the combined actual results of operations of the Company and Paperspace that would have been achieved, nor are they necessarily indicative of future results of operations. The unaudited pro forma information reflects certain adjustments that were directly attributable to the acquisition of Paperspace, including additional amortization of acquired assets and the timing of nonrecurring acquisition and integration related costs, and other adjustments the Company believes are reasonable for the pro forma presentation. If Paperspace had been acquired on January 1, 2022, it would not have had a material impact to revenue for the three and nine months ended September 30, 2023.
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Net income (loss)
$17,708 $(7,500)