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The Company and Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31,

 

 

2025

 

 

2024

 

Cash and cash equivalents

$

73,610

 

 

$

98,422

 

Cash and cash equivalents - discontinued operations

 

-

 

 

 

29,988

 

Restricted cash

 

789

 

 

 

774

 

Total as presented in the Condensed Consolidated Statements of Cash Flows

$

74,399

 

 

$

129,184

 
Summary of Non-Vested RSUs Activity

During the three-month period ended March 31, 2025, 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, 2024

 

 

4,585

 

 

$

4.62

 

Granted

 

 

3,070

 

 

 

2.28

 

Vested

 

 

-

 

 

 

-

 

Forfeited or cancelled

 

 

(40

)

 

 

4.52

 

Nonvested balance at March 31, 2025

 

 

7,615

 

 

 

3.67

 
Summary of Valuation Model at Time of Award Issuance The unobservable significant inputs to the valuation model at the time of award issuance were as follows:

 

 

2025 PSUs

 

Stock price at issuance

 

$

2.28

 

Expected volatility

 

 

66.0

%

Risk-free interest rate

 

 

4.40

%

Expected term

 

 

5.0

 

Expected dividend yield

 

 

0

%
Summary of Non-Vested PSUs Activity

During the three-month period ended March 31, 2025, 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, 2024

 

 

1,200

 

 

$

3.37

 

Granted

 

 

1,390

 

 

 

1.88

 

Vested

 

 

-

 

 

 

-

 

Forfeited or cancelled

 

 

-

 

 

 

-

 

Nonvested balance at March 31, 2025

 

 

2,590

 

 

 

2.57

 
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,

 

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

(47,775

)

 

$

(7,510

)

Net income (loss) from discontinued operations

 

 

(191

)

 

 

(41,380

)

Net income (loss) attributable to common stockholders

 

$

(47,966

)

 

$

(48,890

)

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

90,976,288

 

 

 

89,518,058

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

Income (loss) per share from continuing operations

 

$

(0.53

)

 

$

(0.08

)

Income (loss) per share from discontinued operations

 

 

(0.00

)

 

 

(0.47

)

Net income (loss) per share attributable to common stockholders

 

$

(0.53

)

 

$

(0.55

)
Financial Assets and Liabilities Measured at Fair Value on Recurring 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, 2025

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

 

$

0.3

 

 

$

0.3

 

 

 

—

 

 

 

—

 

 

 

 

Corporate bonds and notes

 

$

4.5

 

 

 

—

 

 

$

4.5

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets held for sale

 

$

4.7

 

 

$

4.7

 

 

 

—

 

 

 

—

 

$

(23.7

)

 

December 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds and notes

 

$

4.7

 

 

 

—

 

 

$

4.7

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring fair value measurements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FCC licenses

 

$

93.5

 

 

 

—

 

 

 

—

 

 

$

93.5

 

$

(17.9

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

As of March 31, 2025, 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

 

$

1,099

 

 

$

(7

)

Due after one year

 

 

3,449

 

 

 

(4

)

Total

 

$

4,548

 

 

$

(11

)

 
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, 2024

 

$

(1,249

)

 

$

448

 

 

$

(801

)

Other comprehensive income (loss)

 

 

-

 

 

 

9

 

 

 

9

 

Income tax (expense) benefit

 

 

-

 

 

 

(2

)

 

 

(2

)

Amounts reclassified from AOCI

 

 

-

 

 

 

(1

)

 

 

(1

)

Accumulated other comprehensive income (loss) as of March 31, 2025

 

 

(1,249

)

 

 

454

 

 

 

(795

)