The Company and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

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 Condensed Consolidated Statements of Cash Flows, was as follows (in thousands):

	As of March 31,
	2024		2023
Cash and cash equivalents	$	128,410	$	141,455
Restricted cash		774		757
Total as presented in the Condensed Consolidated Statements of Cash Flows	$	129,184	$	142,212

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,
	2024		2023
Restricted stock units granted		2,431		3,614
Weighted average fair value	$	4.38	$	6.63

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:

	2024 PSUs			2023 PSUs
Stock price at issuance	$	4.38		$	4.39
Expected volatility		57.0	%		58.0	%
Risk-free interest rate		4.01	%		4.13	%
Expected term		5.0			5.0
Expected dividend yield		0	%		0	%

Summary of Non-Vested PSU Activity

During the three-month period ended March 31, 2024, 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, 2023		1,000	$	3.29
Granted		600		3.78
Vested		-		-
Forfeited or cancelled		-		-
Nonvested balance at March 31, 2024		1,600		3.47

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
	Ended March 31,
	2024			2023
Basic earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	(48,890	)	$	2,041
Denominator:
Weighted average common shares outstanding		89,518,058			87,623,887
Per share:
Net income (loss) per share attributable to common stockholders	$	(0.55	)	$	0.02
Diluted earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	(48,890	)	$	2,041
Denominator:
Weighted average common shares outstanding		89,518,058			87,623,887
Dilutive securities:
Stock options and restricted stock units		-			2,162,698
Diluted shares outstanding		89,518,058			89,786,585
Per share:
Net income (loss) per share attributable to common stockholders	$	(0.55	)	$	0.02

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for each of the Company’s operating segments for the three-month period ended March 31, 2024 are as follows (in thousands):

(in thousands)	December 31, 2023		Impairment			March 31, 2024
Digital	$	50,123	$	(35,400	)	$	14,723
Television		40,549		-			40,549
Consolidated	$	90,672	$	(35,400	)	$	55,272

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):

	March 31, 2024
	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	$	0.2	$	0.2	$	—	$	—
Corporate bonds and notes	$	4.3		—	$	4.3		—
Liabilities:
Contingent consideration	$	25.7	$	—		—	$	25.7
Nonrecurring fair value measurements:
Digital reporting unit goodwill	$	14.7					$	14.7	$	(35.4	)

	December 31, 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	$	1.1	$	1.1	$	—	$	—
Corporate bonds and notes	$	13.2		—	$	13.2		—
Liabilities:
Contingent consideration	$	28.0	$	—		—	$	28.0
Nonrecurring fair value measurements:
FCC licenses	$	27.6		—		—	$	27.6	$	(12.3	)

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

As of March 31, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities (in thousands):

	Corporate Bonds and Notes
	Amortized Cost		Unrealized gains (losses)
Due within a year	$	808	$	1
Due after one year		3,553		(27	)
Total	$	4,361	$	(26	)

Summary of Changes in Contingent Consideration

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

	Three-Month Period
	Ended March 31,
	2024			2023
Beginning balance	$	28.0		$	63.8
Additions from acquisitions		-			-
Payments to sellers		(0.9	)		-
(Gain) loss recognized in earnings		(1.4	)		(4.1	)
Ending balance	$	25.7		$	59.7

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, 2023	$	(1,257	)	$	342		$	(915	)
Other comprehensive income (loss)		(295	)		20			(275	)
Income tax (expense) benefit		-			(5	)		(5	)
Amounts reclassified from AOCI		-			112			112
Income tax (expense) benefit		-			(28	)		(28	)
Other comprehensive income (loss), net of tax		(295	)		99			(196	)
Accumulated other comprehensive income (loss) as of March 31, 2024		(1,552	)		441			(1,111	)