The Company and Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Accounting Policies [Abstract] |
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| 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):
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As of March 31, |
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2026 |
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|
2025 |
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Cash and cash equivalents |
$ |
68,171 |
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|
$ |
73,610 |
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Restricted cash |
|
799 |
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|
|
789 |
|
Total as presented in the Condensed Consolidated Statements of Cash Flows |
$ |
68,970 |
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|
$ |
74,399 |
|
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| Summary of Non-Vested RSUs Activity |
During the three-month period ended March 31, 2026, the Company had the following non-vested RSUs activity (in thousands, except grant date fair value data):
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Number of RSUs |
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Weighted-Average Grant Date Fair Value |
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Nonvested balance at December 31, 2025 |
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6,270 |
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|
$ |
3.31 |
|
Granted |
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|
5,703 |
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|
3.31 |
|
Vested |
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|
(219 |
) |
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|
3.77 |
|
Forfeited or cancelled |
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|
(400 |
) |
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|
3.02 |
|
Nonvested balance at March 31, 2026 |
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11,354 |
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|
3.31 |
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| 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:
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2026 PSUs |
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Stock price at issuance |
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$ |
3.37 |
|
Expected volatility |
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61.0 |
% |
Risk-free interest rate |
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|
3.77 |
% |
Expected term |
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|
5.0 |
|
Expected dividend yield |
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|
0 |
% |
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| Summary of Non-Vested PSUs Activity |
During the three-month period ended March 31, 2026, the Company had the following non-vested PSUs activity (in thousands, except grant date fair value data):
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Number of PSUs |
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Weighted-Average Grant Date Fair Value |
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Nonvested balance at December 31, 2025 |
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2,590 |
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|
$ |
2.57 |
|
Granted |
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|
200 |
|
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|
2.97 |
|
Vested |
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(44 |
) |
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|
2.11 |
|
Forfeited or cancelled |
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(307 |
) |
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|
2.48 |
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Nonvested balance at March 31, 2026 |
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2,439 |
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|
2.62 |
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| 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):
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Three-Month Period |
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Ended March 31, |
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2026 |
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2025 |
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Numerator: |
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Net income (loss) from continuing operations |
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$ |
12,360 |
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|
$ |
(47,775 |
) |
Net income (loss) from discontinued operations, net of tax |
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- |
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|
(191 |
) |
Net income (loss) attributable to common stockholders |
|
$ |
12,360 |
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|
$ |
(47,966 |
) |
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Basic earnings per share: |
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Denominator: |
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Weighted average common shares outstanding |
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91,985,480 |
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|
90,976,288 |
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Per share: |
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Income (loss) per share from continuing operations |
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$ |
0.13 |
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|
$ |
(0.53 |
) |
Income (loss) per share from discontinued operations, net of tax |
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|
- |
|
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|
(0.00 |
) |
Net income (loss) per share attributable to common stockholders |
|
$ |
0.13 |
|
|
$ |
(0.53 |
) |
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Diluted earnings per share: |
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Denominator: |
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Weighted average common shares outstanding |
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91,985,480 |
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90,976,288 |
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Dilutive securities: |
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Restricted stock units |
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4,434,701 |
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|
- |
|
Diluted shares outstanding |
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96,420,181 |
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90,976,288 |
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Per share: |
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|
Income (loss) per share from continuing operations |
|
$ |
0.13 |
|
|
$ |
(0.53 |
) |
Income (loss) per share from discontinued operations, net of tax |
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|
- |
|
|
|
(0.00 |
) |
Net income (loss) per share attributable to common stockholders |
|
$ |
0.13 |
|
|
$ |
(0.53 |
) |
For the three-month period ended March 31, 2026
|
| Summary of Activity in Restructuring Liability |
The following table rolls forward the activity in the restructuring liability:
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(in thousands) |
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Beginning balance at December 31, 2025 |
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$ |
72 |
|
|
Additional restructuring and related costs |
|
|
983 |
|
|
Non-cash charge (included above) |
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(38 |
) |
|
Cash payments |
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|
(981 |
) |
|
Ending balance March 31, 2026 |
|
$ |
36 |
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|
As the Plan continues to be implemented in a methodical manner, the
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| 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):
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March 31, 2026 |
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Total Fair Value and Carrying Value on Balance Sheet |
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Fair Value Measurement Category |
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Recurring fair value measurements |
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Level 1 |
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Level 2 |
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Level 3 |
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Total Gains (Losses) |
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Assets: |
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Money market account |
|
$ |
2.1 |
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$ |
2.1 |
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— |
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— |
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Corporate bonds and notes |
|
$ |
3.0 |
|
|
|
— |
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$ |
3.0 |
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— |
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December 31, 2025 |
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Total Fair Value and Carrying Value on Balance Sheet |
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Fair Value Measurement Category |
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Recurring fair value measurements |
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Level 1 |
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Level 2 |
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Level 3 |
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Total Gains (Losses) |
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Assets: |
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Money market account |
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$ |
1.3 |
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$ |
1.3 |
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— |
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— |
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Corporate bonds and notes |
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$ |
3.8 |
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— |
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$ |
3.8 |
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— |
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Nonrecurring fair value measurements: |
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FCC licenses |
|
$ |
62.3 |
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— |
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— |
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|
62.3 |
|
$ |
(26.0 |
) |
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| Summary of Amortized Cost and Unrealized Gains (Losses) of Available for Sale Securities |
As of March 31, 2026, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities (in thousands):
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Corporate Bonds and Notes |
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Amortized Cost |
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Unrealized gains (losses) |
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Due within a year |
|
$ |
568 |
|
|
$ |
3 |
|
Due after one year |
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|
2,405 |
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|
(3 |
) |
Total |
|
$ |
2,973 |
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|
$ |
- |
|
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| Summary of Components of AOCI |
The following table provides a roll-forward of accumulated other comprehensive income (loss) (in thousands):
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Foreign
Currency
Translation |
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Marketable
Securities |
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Total |
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Accumulated other comprehensive income (loss) as of December 31, 2025 |
|
$ |
(1,250 |
) |
|
$ |
495 |
|
|
$ |
(755 |
) |
Other comprehensive income (loss) |
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|
- |
|
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|
(35 |
) |
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|
(35 |
) |
Income tax (expense) benefit |
|
|
- |
|
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|
11 |
|
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|
11 |
|
Amounts reclassified from AOCI |
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|
- |
|
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(8 |
) |
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|
(8 |
) |
Other comprehensive income (loss), net of tax |
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|
- |
|
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(32 |
) |
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(32 |
) |
Accumulated other comprehensive income (loss) as of March 31, 2026 |
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|
(1,250 |
) |
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|
463 |
|
|
|
(787 |
) |
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