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

6 Months Ended

Jun. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

In connection with the EMC Acquisition, the Company acquired 49% equity interests in each of its WMS and Santander joint ventures (which equity-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 the summarized balance sheet information for these equity method investments on an aggregated basis as of June 30, 2018 and December 31, 2017 (in thousands):



	June 30, 2018		December 31, 2017
Current assets	$	37,257	$	35,859
Non-current assets	23,247		21,009
Current liabilities	16,626		15,151
Non-current liabilities	2,930		1,056

Following is the summarized results of operations information for these equity method investments on an aggregated basis for the three and six months ended June 30, 2018 and 2017 (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Revenue	$	29,068	$	32,986	$	64,905	$	67,419
Net income	4,200		4,527		10,098		10,975

The carrying values of the Company’s equity interests in WMS and Santander as of June 30, 2018 and December 31, 2017 were as follows (in thousands):



	June 30, 2018		December 31, 2017
Carrying value in our equity method investments	$	135,430	$	137,299

As of June 30, 2018 there was an aggregate difference of $114.8 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.