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Related Party Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2024
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions | The following table presents significant related party transactions where a related party receives services from the Company:
|  | Total Transaction Value |  | Revenue | Due From Related Party
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30, | September 30, 2024 |  | December 31, 2023
Services |  |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
|  | (dollars in thousands)
Marketing and advertising services (1) |  | $455 |  | $ | — |  |  | $ | 665 |  |  | $ | — |  |  | $ | 1,823 |  |  | $ | — |  |  | $ | 1,518 |
Marketing and advertising services (2) |  | $331 and Continuous (7) |  | 2,811 |  |  | 432 |  |  | 3,752 |  |  | 618 |  |  | 3,773 |  |  | 4,381 |
Marketing and website development services (3) |  | $3,375 and Continuous (7) |  | 462 |  |  | 759 |  |  | 1,731 |  |  | 2,702 |  |  | 361 |  |  | 694 |
Polling services (4) |  | $2,023 |  | 5 |  |  | 670 |  |  | 828 |  |  | 962 |  |  | 202 |  |  | 160 |
Polling and public relation services (5) |  | $1,321 |  | 30 |  |  | 116 |  |  | 328 |  |  | 282 |  |  | 170 |  |  | 39 |
Polling services (6) |  | $4,431 |  | — |  |  | 90 |  |  | — |  |  | 1,046 |  |  | — |  |  | — |
Marketing and advertising services (6) |  | $18,545 |  | 2,323 |  |  | — |  |  | 2,664 |  |  | — |  |  | — |  |  | — |
Total |  |  |  | $ | 5,631 |  |  | $ | 2,732 |  |  | $ | 9,303 |  |  | $ | 7,433 |  |  | $ | 4,506 |  |  | $ | 6,792 |
(1) A member of the Company’s Board was the President of a client. This person retired from his position, and is no longer an employee of the client effective January 2, 2024. (2) Brands’ partners and executives either hold a key leadership position in or are on the board of directors of the client. (3) Client has a significant interest in the Company. (4) A family member of the Company’s Chief Executive Officer holds a key leadership position in the client. (5) A family member of the Company’s President holds a key leadership position in the client. (6) Founder of the client has significant interest in the Company. (7) Certain of the contractual arrangements within these transactions were entered into for an indefinite term and are invoiced as services are provided, while others have a fixed definitive contract value. In 2019, a Brand entered into a loan agreement with a related party who holds a minority interest in the Brand. The loan receivable of $1.8 million and $0.8 million due from the third party is included within Other current assets in the Company’s Unaudited Consolidated Balance Sheet as of September 30, 2024 and Consolidated Balance Sheet as of December 31, 2023, respectively. The Company recognized less than $0.1 million of interest income for each of the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and $0.2 million of interest income for the nine months ended September 30, 2023. The interest income was included within Interest expense, net on the Unaudited Consolidated Statements of Operations. In addition, in 2021, the Brand entered into an arrangement to obtain sales and management services from the same third party. Under the arrangement, the Brand has incurred $0.5 million and $1.3 million of related party expense for the three and nine months ended September 30, 2024, respectively, and $1.1 million and $1.8 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, $1.0 million and $0.6 million, respectively, was due to the third party. In 2018, a Brand entered into an agreement to provide marketing and advertising services to a related party whose partners hold executive leadership positions in the Brand. Under the arrangement, the Brand recognized $0.2 million and $0.8 million of revenue for the three and nine months ended September 30, 2024, respectively, and $0.2 million and $0.6 million for the three and nine months ended September 30, 2023. No revenue was due from the related party as of September 30, 2024 and December 31, 2023, respectively. In addition, on behalf of the related party, the Brand serves as an agent to transfer funds from one of the related party’s customers to the related party. The Brand does not receive revenue from this arrangement. No funds were due to the related party as of September 30, 2024. As of December 31, 2023, $0.7 million was due to the related party. In 2022, the Company made loans to three employees of a subsidiary each in the amount of $0.9 million, together with interest on the unpaid principal balance at a fixed interest rate equal to 3.5% per annum, compounding quarterly. The cash from the loan was used by the employees to purchase the noncontrolling interest of 13.3% in TMA Direct. As of September 30, 2024 and December 31, 2023, $2.7 million and $2.7 million, respectively, was due from the related parties and included in Other assets in the Unaudited Consolidated Balance Sheet.

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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