Anuvu Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments

Equity Method Investments

3 Months Ended

Mar. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

In connection with the EMC Acquisition, the Company acquired 49% equity interests in each of WMS and Santander (which interests EMC owned at the time of the EMC Acquisition). These investments are accounted for using the equity method of accounting, under which our results of operations include our share of the income of WMS and Santander in Income from equity method investments in our Condensed Consolidated Statements of Operations. Following is (1) the summarized balance sheet information for these equity method investments on an aggregated basis as of March 31, 2017 and December 31, 2016, and (2) results of operations information for these equity method investments on an aggregated basis for the three months ended March 31, 2017 (in thousands):



	March 31, 2017		December 31, 2016
Current assets	$	34,083	$	30,837
Non-current assets	20,156		21,822
Current liabilities	19,648		20,455
Non-current liabilities	1,260		1,307



	Three Months Ended March 31, 2017
Revenue	$	34,429
Net income	6,449

The carrying values of the Company’s equity interests in WMS and Santander for the three months ended March 31, 2017 and 2016 were as follows (in thousands):



	March 31, 2017		December 31, 2016
Carrying value in WMS	$	153,695	$	154,614
Carrying value in Santander	1,928		1,913

As of March 31, 2017 there was an aggregate difference of $139.6 million between the carrying amounts of these investments and the amounts of underlying equity in net assets in these investments. The difference was determined by applying the acquisition method of accounting in connection with the EMC Acquisition and is being amortized ratably over the life of the related acquired intangible assets. The weighted-average life of the intangible assets at the time of the EMC Acquisition in total was 14.9 years.