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The Company and Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Line Items]  
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 September 30,

 

 

2024

 

 

2023

 

Cash and cash equivalents

$

90,258

 

 

$

110,624

 

Restricted cash

 

783

 

 

 

765

 

Total as presented in the Condensed Consolidated Statements of Cash Flows

$

91,041

 

 

$

111,389

 
Summary of Non-Vested RSUs Activity

During the nine-month period ended September 30, 2024, the Company had the following non-vested RSUs activity (in thousands, except grant date fair value data):

 

 

 

Number of RSUs

 

 

Weighted-Average Grant Date Fair Value

 

Nonvested balance at December 31, 2023

 

 

6,358

 

 

$

5.74

 

Granted

 

 

2,928

 

 

 

4.01

 

Vested

 

 

(896

)

 

 

6.23

 

Forfeited or cancelled

 

 

(1,390

)

 

 

5.46

 

Nonvested balance at September 30, 2024

 

 

7,000

 

 

 

5.00

 
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 nine-month period ended September 30, 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

 

 

(300

)

 

 

3.78

 

Nonvested balance at September 30, 2024

 

 

1,300

 

 

 

3.40

 
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,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

(10,841

)

 

$

(6,103

)

 

$

(14,619

)

 

$

(19,945

)

Net income (loss) from discontinued operations

 

 

(1,139

)

 

 

8,822

 

 

 

(77,931

)

 

 

22,716

 

Net income (loss) attributable to common stockholders

 

$

(11,980

)

 

$

2,719

 

 

$

(92,550

)

 

$

2,771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

89,987,110

 

 

 

87,995,567

 

 

 

89,776,075

 

 

 

87,803,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per share from continuing operations

 

$

(0.12

)

 

$

(0.07

)

 

$

(0.16

)

 

$

(0.23

)

Income (loss) per share from discontinued operations

 

 

(0.01

)

 

 

0.10

 

 

 

(0.87

)

 

 

0.26

 

Net income (loss) per share attributable to common stockholders

 

$

(0.13

)

 

$

0.03

 

 

$

(1.03

)

 

$

0.03

 

 
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, 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

 

$

1.9

 

 

$

1.9

 

 

$

—

 

 

$

—

 

 

 

 

Corporate bonds and notes

 

$

2.8

 

 

 

—

 

 

$

2.8

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

1.9

 

 

$

—

 

 

 

—

 

 

$

1.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30, 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

 

$

842

 

 

$

(7

)

Due after one year

 

 

1,977

 

 

 

14

 

Total

 

$

2,819

 

 

$

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

)

Other comprehensive income (loss)

 

 

302

 

 

 

4

 

 

 

306

 

Amounts reclassified from AOCI

 

 

-

 

 

 

(4

)

 

 

(4

)

Other comprehensive income (loss), net of tax

 

 

302

 

 

 

-

 

 

 

302

 

Accumulated other comprehensive income (loss) as of June 30, 2024

 

$

(1,250

)

 

$

441

 

 

$

(809

)

Other comprehensive income (loss)

 

 

1

 

 

 

32

 

 

 

33

 

Amounts reclassified from AOCI

 

 

-

 

 

 

1

 

 

 

1

 

Other comprehensive income (loss), net of tax

 

 

1

 

 

 

33

 

 

 

34

 

Accumulated other comprehensive income (loss) as of September 30, 2024

 

 

(1,249

)

 

 

474

 

 

 

(775

)