The Company and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Cash and Cash Equivalents and Restricted Cash

The Company's cash and cash equivalents and restricted cash, as presented in the Consolidated Statements of Cash Flows, was as follows (in thousands):

	Three-Month Period
	Ended March 31,
	2022		2021
Cash and cash equivalents	$	126,574	$	149,987
Restricted cash		749		749
Total as presented in the Consolidated Statements of Cash Flows	$	127,323	$	150,736

Summary of Non-Vested Restricted Stock Units Granted

The following is a summary of non-vested restricted stock units granted (in thousands, except grant date fair value data):

	Three-Month Period
	Ended March 31, 2022
	Number Granted	Weighted Average Fair Value
Restricted stock units	53	$	6.06

Reconciliation of Basic and Diluted Income (Loss) Per Share

The following table illustrates the reconciliation of the basic and diluted income (loss) per share computations required by Accounting Standards Codification (ASC) 260-10, “Earnings per Share” (in thousands, except share and per share data):

Basic income (loss) per share is computed as net income (loss) divided by the weighted average number of shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, if any, that could occur from shares issuable through stock options and restricted stock awards.

	Three-Month Period
	Ended March 31,
	2022		2021
Basic earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	1,887	$	5,429
Denominator:
Weighted average common shares outstanding		86,522,378		85,041,628
Per share:
Net income (loss) per share attributable to common stockholders	$	0.02	$	0.06
Diluted earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	1,887	$	5,429
Denominator:
Weighted average common shares outstanding		86,522,378		85,041,628
Dilutive securities:
Stock options and restricted stock units		2,107,838		1,944,953
Diluted shares outstanding		88,630,216		86,986,581
Per share:
Net income (loss) per share attributable to common stockholders	$	0.02	$	0.06

Fair Value of Assets and Liabilities Measured on Recurring Basis and Nonrecurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring and nonrecurring basis in the consolidated balance sheets (in millions):

	March 31, 2022
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
Recurring fair value measurements			Level 1		Level 2		Level 3		Total Gains (Losses)
Assets:
Money market account	$	28.3	$	28.3	$	—	$	—
Corporate bonds and notes	$	76.5			$	76.5
Asset-backed securities	$	8.5			$	8.5
Liabilities:
Contingent consideration	$	105.3	$	—		—	$	105.3

	December 31, 2021
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
Recurring fair value measurements			Level 1		Level 2		Level 3			Total Gains (Losses)
Assets:
Money market account	$	88.3	$	88.3	$	—	$	—
Liabilities:
Contingent consideration	$	114.9	$	—		—	$	114.9
Nonrecurring fair value measurements:
FCC licenses	$	0.7		—		—	$	0.7	$	(0.1	)

Summary of Amortized Cost and Unrealized (Gains) Losses of Available for Sale Securities

As of March 31, 2022, the following table summarizes the amortized cost and the unrealized (gains) losses of the available for sale securities (in thousands):

	Corporate Bonds and Notes					Asset-Backed Securities
	Amortized Cost		Unrealized gains (losses)			Amortized Cost		Unrealized gains (losses)
Due within a year	$	44,006	$	(219	)	$	-	$	-
Due after one year		32,877		(133	)		8,506		(27	)
Total	$	76,883	$	(352	)	$	8,506	$	(27	)

Summary of Changes in Contingent Consideration

The following table presents the changes in the contingent consideration (in millions):

	Three-Month Period
	Ended March 31,
	2022			2021
Beginning balance	$	114.9		$	-
Payments to sellers		(14.7	)		-
(Gain) loss recognized in earnings		5.1			-
Ending balance	$	105.3		$	-

Summary of Components of AOCI

The following table provides a roll-forward of accumulated other comprehensive income (loss) (in millions):

	Foreign Currency Translation			Marketable Securities			Total
Accumulated other comprehensive income (loss) as of December 31, 2021	$	(1.2	)	$	0.3		$	(0.9	)
Other comprehensive income (loss)		-			(0.4	)		(0.4	)
Income tax (expense) benefit		-			0.1			0.1
Other comprehensive income (loss), net of tax		-			(0.3	)		(0.3	)
Accumulated other comprehensive income (loss) as of March 31, 2022		(1.2	)		-			(1.2	)