|9 Months Ended|
Sep. 30, 2018
|Subsequent Events [Abstract]|
On October 15, 2018, we entered into an agreement and plan of merger, by which we acquired all of the outstanding stock of Rentlytics, Inc., a provider of business intelligence and data analytics software and services for the multifamily housing industry. Purchase consideration was comprised of $49.1 million of cash paid at closing, subject to working capital adjustments, and deferred cash obligations of up to $8.0 million. The deferred cash obligations are subject to any indemnification claims and will be released in part on the first anniversary of the closing with the remainder released on the second anniversary of the closing.
Due to the timing of this acquisition, certain disclosures required by ASC 805, including the allocation of the purchase price, have been omitted because the initial accounting for the business combinations was incomplete as of the filing date of this report. Such information will be included in our subsequent Form 10-K.
Federal Trade Commission
In October 2018, we reached a settlement with the FTC for $3.0 million resolving all issues raised by the FTC related to the previously disclosed Civil Investigative Demand. Refer to Note 9, “Commitments and Contingencies” for additional information.
Stock Repurchase Program
In October 2018, our board of directors approved a new share repurchase program authorizing the repurchase of up to $100.0 million of our outstanding common stock. The share purchase program is effective through October 25, 2019. Shares repurchased under the plan will be retired.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef