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v3.23.2

The Company and Significant Accounting Policies (Tables) | 6 Months Ended
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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 | )

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