XML 23 R10.htm IDEA: XBRL DOCUMENT
v3.25.2

Revenue Recognition | 6 Months Ended
--- | ---
Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Contract Balances Our contract assets relate to our trademark licensing revenue stream, which arrangements are typically long-term and non-cancelable. Contract assets are reclassified to accounts receivable when the right to bill becomes unconditional. Our contract liabilities consist of billings or payments received in advance of revenue recognition and are recognized as revenue when transfer of control to customers has occurred. Contract assets and contract liabilities are netted on a contract-by-contract basis. Contract liabilities are classified as deferred revenue in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024. The following table summarizes our contract assets and certain contract liabilities (in thousands):
| June 30, 2025 |  | December 31, 2024 |  | December 31, 2023
Accounts receivable | $ | 2,707 |  |  | $ | 7,271 |  |  | $ | 7,496 |
Contract Balances: |  |  |  |  |
Contract assets, current portion | $ | 1,936 |  |  | $ | 1,531 |  |  | $ | 1,547 |
Contract assets, net of current portion | 8,631 |  |  | 7,848 |  |  | 8,716 |
Contract liabilities, current portion | (5,016) |  |  | (9,693) |  |  | (9,205) |
Contract liabilities, net of current portion | (3,095) |  |  | (5,762) |  |  | (4,641) |
Contract assets (liabilities), net | $ | 2,456 |  |  | $ | (6,076) |  |  | $ | (3,583) |
The following tables provide a roll-forward of our netted contract assets and contract liabilities (in thousands):
| Contract (Liabilities) Assets, Net
Balance at December 31, 2024 | $ | (6,076) |
Revenues recognized that were included in gross contract liabilities at December 31, 2024 | 15,082 |
Contract assets reclassified to accounts receivable in the six months ended June 30, 2025 | (6,185) |
Cash received in advance since prior year and remained in net contract liabilities at period-end | (508) |
Contract terminations in 2025 | 143 |
Balance at June 30, 2025 | $ | 2,456 |
| Contract Liabilities, Net
Balance at December 31, 2023 | $ | (3,583) |
Revenues recognized that were included in gross contract liabilities at December 31, 2023 | 13,195 |
Contract assets reclassified to accounts receivable in the six months ended June 30, 2024 | (11,882) |
Cash received in advance since prior year and remained in net contract liabilities at period-end | (1,934) |
Balance at June 30, 2024 | $ | (4,204) |
Future Performance Obligations As of June 30, 2025, unrecognized revenue attributable to unsatisfied and partially unsatisfied performance obligations under our long-term contracts was $360.8 million, of which $357.0 million related to trademark licensing, including minimum guaranteed royalties from licensed digital operations per the LMA, $3.3 million pertained to December 31, 2024 deferred revenue balances from our legacy digital subscriptions and products operations and $0.5 million related to direct-to-consumer products. Unrecognized revenue of the trademark licensing revenue stream is expected to be recognized over the next 15 years, of which 46% is expected to be recognized in the first five years. Such unrecognized revenue does not include variable consideration determined based on the customer’s subsequent sale or usage. Unrecognized revenue of our prior digital subscriptions and products operations, which pertains to related deferred revenue balances as of December 31, 2024, will be recognized over the next five years, of which 51% is expected to be recognized in the first year. Effective January 1, 2025, revenues from the licensed digital operations are remitted to Byborg per the terms of the LMA. Disaggregation of Revenue The following table disaggregates revenue by type (in thousands):
| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
| Direct-to-Consumer |  | Licensing |  | Corporate |  | All Other |  | Total |  | Direct-to-Consumer |  | Licensing |  | Corporate |  | All Other |  | Total
Consumer products | $ | 16,493 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,493 |  |  | $ | 32,824 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32,824 |
Trademark licensing | — |  |  | 10,932 |  |  | — |  |  | — |  |  | 10,932 |  |  | — |  |  | 22,317 |  |  | — |  |  | — |  |  | 22,317 |
Digital subscriptions and products | — |  |  | — |  |  | — |  |  | 588 |  |  | 588 |  |  | — |  |  | — |  |  | — |  |  | 1,434 |  |  | 1,434 |
Events and sponsorships | — |  |  | — |  |  | 135 |  |  | — |  |  | 135 |  |  | — |  |  | — |  |  | 448 |  |  | — |  |  | 448 |
Total revenues | $ | 16,493 |  |  | $ | 10,932 |  |  | $ | 135 |  |  | $ | 588 |  |  | $ | 28,148 |  |  | $ | 32,824 |  |  | $ | 22,317 |  |  | $ | 448 |  |  | $ | 1,434 |  |  | $ | 57,023 |
| Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
| Direct-to-Consumer |  | Licensing |  | Corporate |  | All Other |  | Total |  | Direct-to-Consumer |  | Licensing |  | Corporate |  | All Other |  | Total
Consumer products | $ | 14,504 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,504 |  |  | $ | 33,244 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 33,244 |
Trademark licensing | — |  |  | 5,335 |  |  | — |  |  | — |  |  | 5,335 |  |  | — |  |  | 9,482 |  |  | — |  |  | — |  |  | 9,482 |
Digital subscriptions and products | — |  |  | — |  |  | — |  |  | 3,416 |  |  | 3,416 |  |  | — |  |  | — |  |  | — |  |  | 7,158 |  |  | 7,158 |
TV and cable programming | — |  |  | — |  |  | — |  |  | 1,630 |  |  | 1,630 |  |  | — |  |  | — |  |  | — |  |  | 3,320 |  |  | 3,320 |
Total revenues | $ | 14,504 |  |  | $ | 5,335 |  |  | $ | — |  |  | $ | 5,046 |  |  | $ | 24,885 |  |  | $ | 33,244 |  |  | $ | 9,482 |  |  | $ | — |  |  | $ | 10,478 |  |  | $ | 53,204 |
The following table disaggregates revenue by point in time versus over time (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Point in time | $ | 16,628 |  |  | $ | 15,837 |  |  | $ | 33,334 |  |  | $ | 36,125 |
Over time | 11,520 |  |  | 9,048 |  |  | 23,689 |  |  | 17,079 |
Total revenues | $ | 28,148 |  |  | $ | 24,885 |  |  | $ | 57,023 |  |  | $ | 53,204 |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration