The Company and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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
	September 30,
	2023		2022
Cash and cash equivalents	$	110,624	$	121,589
Restricted cash		765		751
Total as presented in the Consolidated Statements of Cash Flows	$	111,389	$	122,340

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,
	2023		2022		2023		2022
Restricted stock units granted		1,000		-		4,813	175
Weighted average fair value	$	4.39	$	-	$	6.08	$	5.41

Summary Of Valuation Model At The Time Of Award Issuance

The unobservable significant inputs to the valuation model at the time of award issuance were as follows:

Stock price at issuance	$	4.39
Expected volatility		58.0	%
Risk-free interest rate		4.13	%
Expected term		5.0
Expected dividend yield		0	%

Summary of Non-Vested PSU Activity

During the nine-month period ended September 30, 2023, the Company had the following non-vested PSUs activity (in thousands, except grant date fair value data):

	Number of PSUs		Weighted-Average Grant Date Fair Value
Nonvested balance at December 31, 2022		-	$	-
Granted		1,000		3.29
Vested		-		-
Forfeited or cancelled		-		-
Nonvested balance at September 30, 2023		1,000		3.29

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,
	2023		2022		2023		2022
Basic earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	2,719	$	9,393	$	2,771	$	19,747
Denominator:
Weighted average common shares outstanding		87,995,567		84,945,873		87,803,770		85,469,675
Per share:
Net income (loss) per share attributable to common stockholders	$	0.03	$	0.11	$	0.03	$	0.23
Diluted earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	2,719	$	9,393	$	2,771	$	19,747
Denominator:
Weighted average common shares outstanding		87,995,567		84,945,873		87,803,770		85,469,675
Dilutive securities:
Stock options and restricted stock units		1,893,154		2,471,628		2,031,593		2,202,051
Diluted shares outstanding		89,888,721		87,417,501		89,835,363		87,671,726
Per share:
Net income (loss) per share attributable to common stockholders	$	0.03	$	0.11	$	0.03	$	0.23

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, 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	$	0.4	$	0.4	$	—	$	—
Corporate bonds and notes	$	17.4		—	$	17.4		—
Asset-backed securities	$	0.6		—	$	0.6		—
U.S. Government securities	$	0.1		—	$	0.1		—
Liabilities:
Contingent consideration	$	21.6	$	—		—	$	21.6

	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 September 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	$	5,893	$	(92	)	$	-	$	-		$	98	$	-
Due after one year		11,991		(415	)		591		(3	)		-		-
Total	$	17,884	$	(507	)	$	591	$	(3	)	$	98	$	-

Summary of Changes in Contingent Consideration

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

	Nine-Month Period
	Ended September 30,
	2023			2022
Beginning balance	$	63.8		$	114.9
Additions from acquisitions		1.8			-
Payments to sellers		(35.1	)		(65.3	)
(Gain) loss recognized in earnings		(8.9	)		6.8
Ending balance	$	21.6		$	56.4

As of September 30, 2023 the contingent liability fair value was included in the Condensed Consolidated Balance Sheets in the amount of $8.2 million as a current liability within Accounts payable and accrued expenses, and $13.4 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	)
Other comprehensive income (loss)		(408	)		(11	)		(419	)
Amounts reclassified from AOCI		-			33			33
Income tax (expense) benefit		-			(5	)		(5	)
Other comprehensive income (loss), net of tax		(408	)		17			(391	)
Accumulated other comprehensive income (loss) as of September 30, 2023		(1,808	)		79			(1,729	)