The Company and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 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):

	As of
	September 30,
	2022		2021
Cash and cash equivalents	$	121,589	$	182,891
Restricted cash		751		749
Total as presented in the Consolidated Statements of Cash Flows	$	122,340	$	183,640

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				Nine-Month Period
	Ended September 30,				Ended September 30,
	2022		2021		2022		2021
Restricted stock units granted		-		-	175		85
Weighted average fair value	$	-	$	-	$	5.41	$	4.69

Reconciliation of Basic and Diluted Income (Loss) Per Share

The following table illustrates the reconciliation of the basic and diluted income (loss) per share (in thousands, except share and per share data):

	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2022		2021		2022		2021
Basic earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	9,393	$	12,131	$	19,747	$	25,424
Denominator:
Weighted average common shares outstanding		84,945,873		85,390,333		85,469,675		85,207,992
Per share:
Net income (loss) per share attributable to common stockholders	$	0.11	$	0.14	$	0.23	$	0.30
Diluted earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	9,393	$	12,131	$	19,747	$	25,424
Denominator:
Weighted average common shares outstanding		84,945,873		85,390,333		85,469,675		85,207,992
Dilutive securities:
Stock options and restricted stock units		2,471,628		2,925,399		2,202,051		2,486,403
Diluted shares outstanding		87,417,501		88,315,732		87,671,726		87,694,395
Per share:
Net income (loss) per share attributable to common stockholders	$	0.11	$	0.14	$	0.23	$	0.29

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 condensed consolidated balance sheets (in millions):

	September 30, 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	$	2.0	$	2.0	$	—	$	—
Corporate bonds and notes	$	42.5			$	42.5
Asset-backed securities	$	0.7			$	0.7
Liabilities:
Contingent consideration	$	56.4	$	—		—	$	56.4

	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 September 30, 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	$	24,428	$	(294	)	$	-	$	-
Due after one year		19,351		(1,029	)		759		(3	)
Total	$	43,779	$	(1,323	)	$	759	$	(3	)

Summary of Changes in Contingent Consideration

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

	Nine-Month Period
	Ended September 30,
	2022			2021
Beginning balance	$	114.9		$	-
Additions from acquisitions					104.7
Payments to sellers		(65.3	)		-
(Gain) loss recognized in earnings		6.8			-
Ending balance	$	56.4		$	104.7

Summary of Components of AOCI

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

	Foreign Currency Translation			Marketable Securities			Total
Accumulated other comprehensive income (loss) as of December 31, 2021	$	(1,300	)	$	323		$	(977	)
Other comprehensive income (loss)		-			(380	)		(380	)
Income tax (expense) benefit		-			97			97
Other comprehensive income (loss), net of tax		-			(283	)		(283	)
Accumulated other comprehensive income (loss) as of March 31, 2022		(1,300	)		40			(1,260	)
Other comprehensive income (loss)		(43	)		(1,678	)		(1,721	)
Income tax (expense) benefit		-			428			428
Other comprehensive income (loss), net of tax		(43	)		(1,250	)		(1,293	)
Accumulated other comprehensive income (loss) as of June 30, 2022		(1,343	)		(1,210	)		(2,553	)
Other comprehensive income (loss)		(23	)		267			244
Income tax (expense) benefit		-			(68	)		(68	)
Amounts reclassified from AOCI		-			473			473
Income tax (expense) benefit		-			(121	)		(121	)
Other comprehensive income (loss), net of tax		(23	)		551			528
Accumulated other comprehensive income (loss) as of September 30, 2022		(1,366	)		(659	)		(2,025	)