The Company and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

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
	June 30,
	2023		2022
Cash and cash equivalents	$	99,580	$	109,950
Restricted cash		761		750
Total as presented in the Consolidated Statements of Cash Flows	$	100,341	$	110,700

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				Six-Month Period
	Ended June 30,				Ended June 30,
	2023		2022		2023		2022
Restricted stock units granted		200	122			3,814	175
Weighted average fair value	$	4.66	$	5.13	$	6.53	$	5.41

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					Six-Month Period
	Ended June 30,					Ended June 30,
	2023			2022		2023		2022
Basic earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	(1,989	)	$	8,467	$	52	$	10,354
Denominator:
Weighted average common shares outstanding		87,787,772			84,959,130		87,706,282		85,735,916
Per share:
Net income (loss) per share attributable to common stockholders	$	(0.02	)	$	0.10	$	0.00	$	0.12
Diluted earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	(1,989	)	$	8,467	$	52	$	10,354
Denominator:
Weighted average common shares outstanding		87,787,772			84,959,130		87,706,282		85,735,916
Dilutive securities:
Stock options and restricted stock units		-			2,026,687		2,100,813		2,067,262
Diluted shares outstanding		87,787,772			86,985,817		89,807,095		87,803,178
Per share:
Net income (loss) per share attributable to common stockholders	$	(0.02	)	$	0.10	$	0.00	$	0.12

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):

	June 30, 2023
	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	$	1.3	$	1.3	$	—	$	—
Corporate bonds and notes	$	25.9		—	$	25.9		—
Asset-backed securities	$	0.6		—	$	0.6		—
U.S. Government securities	$	0.4		—	$	0.4		—
Liabilities:
Contingent consideration	$	31.0	$	—		—	$	31.0

	December 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	$	1.4	$	1.4	$	—	$	—
Corporate bonds and notes	$	44.5		—	$	44.5		—
Liabilities:
Contingent consideration	$	63.8	$	—		—	$	63.8
Nonrecurring fair value measurements:
FCC licenses	$	24.5		—		—	$	24.5	$	(1.6	)

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

As of June 30, 2023, 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					U.S. Government securities
	Amortized Cost		Unrealized gains (losses)			Amortized Cost		Unrealized gains (losses)			Amortized Cost		Unrealized gains (losses)
Due within a year	$	11,532	$	(142	)	$	-	$	-		$	369	$	(1	)
Due after one year		14,927		(385	)		585		(4	)		-		-
Total	$	26,459	$	(527	)	$	585	$	(4	)	$	369	$	(1	)

Summary of Changes in Contingent Consideration

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

	Six-Month Period
	Ended June 30,
	2023			2022
Beginning balance	$	63.8		$	114.9
Additions from acquisitions		1.8			-
Payments to sellers		(31.7	)		(43.6	)
(Gain) loss recognized in earnings		(2.9	)		6.1
Ending balance	$	31.0		$	77.4

As of June 30, 2023 the contingent liability fair value was included in the Condensed Consolidated Balance Sheets in the amount of $19.1 million as a current liability within Accounts payable and accrued expenses, and $11.9 million as a noncurrent liability within Other long-term liabilities.

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, 2022	$	(1,345	)	$	(165	)	$	(1,510	)
Other comprehensive income (loss)		16			138			154
Income tax (expense) benefit		-			(35	)		(35	)
Amounts reclassified from AOCI		-			31			31
Income tax (expense) benefit		-			(8	)		(8	)
Other comprehensive income (loss), net of tax		16			126			142
Accumulated other comprehensive income (loss) as of March 31, 2023		(1,329	)		(39	)		(1,368	)
Other comprehensive income (loss)		(71	)		106			35
Income tax (expense) benefit		-			(27	)		(27	)
Amounts reclassified from AOCI		-			29			29
Income tax (expense) benefit		-			(7	)		(7	)
Other comprehensive income (loss), net of tax		(71	)		101			30
Accumulated other comprehensive income (loss) as of June 30, 2023		(1,400	)		62			(1,338	)