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The Company and Significant Accounting Policies (Tables) | 3 Months Ended
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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 | )

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