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, 2019

Equity Method Investments and Joint Ventures [Abstract]

In connection with the EMC Acquisition, the Company acquired 49% equity interests in each of its Wireless Maritime Services, LLC (“WMS”) and Santander Teleport S.L. (“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 March 31, 2019 and December 31, 2018 (in thousands):



	March 31, 2019		December 31, 2018
Current assets	$	37,439	$	40,224
Non-current assets	27,162		26,115
Current liabilities	14,824		15,880
Non-current liabilities	2,449		2,581

Following is the summarized results of operations information for these equity method investments on an aggregated basis for the three months ended March 31, 2019 and 2018 (in thousands):



	Three Months Ended March 31,
	2019		2018
Revenue	$	32,100	$	36,211
Net income	6,887		5,899

The carrying values of the Company’s equity interests in WMS and Santander as of March 31, 2019 and December 31, 2018 were as follows (in thousands):



	March 31, 2019		December 31, 2018
Carrying value in our equity method investments	$	85,230	$	83,135

As of March 31, 2019, there was an aggregate difference of $58.6 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.