The Company and Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| 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 June 30, |
|
|
2026 |
|
|
2025 |
|
Cash and cash equivalents |
$ |
80,794 |
|
|
$ |
64,508 |
|
Restricted cash |
|
800 |
|
|
|
791 |
|
Total as presented in the Condensed Consolidated Statements of Cash Flows |
$ |
81,594 |
|
|
$ |
65,299 |
|
|
| Summary of Non-Vested RSUs Activity |
During the six-month period ended June 30, 2026, 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, 2025 |
|
|
6,270 |
|
|
$ |
3.31 |
|
Granted |
|
|
6,942 |
|
|
|
3.61 |
|
Vested |
|
|
(392 |
) |
|
|
3.14 |
|
Forfeited or cancelled |
|
|
(404 |
) |
|
|
3.06 |
|
Nonvested balance at June 30, 2026 |
|
|
12,416 |
|
|
|
3.49 |
|
|
| 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:
|
|
|
|
|
|
|
2026 PSUs |
|
Stock price at issuance |
|
$ |
3.37 |
|
Expected volatility |
|
|
61.0 |
% |
Risk-free interest rate |
|
|
3.77 |
% |
Expected term |
|
|
5.0 |
|
Expected dividend yield |
|
|
0 |
% |
|
| Summary of Non-Vested PSUs Activity |
During the six-month period ended June 30, 2026, 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, 2025 |
|
|
2,590 |
|
|
$ |
2.57 |
|
Granted |
|
|
200 |
|
|
|
2.97 |
|
Vested |
|
|
(146 |
) |
|
|
2.44 |
|
Forfeited or cancelled |
|
|
(307 |
) |
|
|
2.48 |
|
Nonvested balance at June 30, 2026 |
|
|
2,337 |
|
|
|
2.63 |
|
|
| 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 |
|
|
Six-Month Period |
|
|
|
Ended June 30, |
|
|
Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations |
|
$ |
19,686 |
|
|
$ |
(3,500 |
) |
|
$ |
32,046 |
|
|
$ |
(51,275 |
) |
Net income (loss) from discontinued operations, net of tax |
|
|
- |
|
|
|
163 |
|
|
|
- |
|
|
|
(28 |
) |
Net income (loss) attributable to common stockholders |
|
$ |
19,686 |
|
|
$ |
(3,337 |
) |
|
$ |
32,046 |
|
|
$ |
(51,303 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
92,113,571 |
|
|
|
90,976,288 |
|
|
|
92,049,879 |
|
|
|
90,976,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share from continuing operations |
|
$ |
0.21 |
|
|
$ |
(0.04 |
) |
|
$ |
0.35 |
|
|
$ |
(0.56 |
) |
Income (loss) per share from discontinued operations, net of tax |
|
|
- |
|
|
|
0.00 |
|
|
|
- |
|
|
|
(0.00 |
) |
Net income (loss) per share attributable to common stockholders |
|
$ |
0.21 |
|
|
$ |
(0.04 |
) |
|
$ |
0.35 |
|
|
$ |
(0.56 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
92,113,571 |
|
|
|
90,976,288 |
|
|
|
92,049,879 |
|
|
|
90,976,288 |
|
Dilutive securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units |
|
|
10,744,035 |
|
|
|
- |
|
|
|
7,589,368 |
|
|
|
- |
|
Diluted shares outstanding |
|
|
102,857,606 |
|
|
|
90,976,288 |
|
|
|
99,639,247 |
|
|
|
90,976,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share from continuing operations |
|
$ |
0.19 |
|
|
$ |
(0.04 |
) |
|
$ |
0.32 |
|
|
$ |
(0.56 |
) |
Income (loss) per share from discontinued operations, net of tax |
|
|
- |
|
|
|
0.00 |
|
|
|
- |
|
|
|
(0.00 |
) |
Net income (loss) per share attributable to common stockholders |
|
$ |
0.19 |
|
|
$ |
(0.04 |
) |
|
$ |
0.32 |
|
|
$ |
(0.56 |
) |
|
| Summary of Activity in Restructuring Liability |
The following table rolls forward the activity in the restructuring liability:
|
|
|
|
|
|
(in thousands) |
|
|
|
|
Beginning balance at December 31, 2025 |
|
$ |
72 |
|
|
Additional restructuring and related costs |
|
|
983 |
|
|
Non-cash charge (included above) |
|
|
(38 |
) |
|
Cash payments |
|
|
(1,017 |
) |
|
Ending balance June 30, 2026 |
|
$ |
- |
|
|
The
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
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 |
|
$ |
0.6 |
|
|
$ |
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
|
Corporate bonds and notes |
|
$ |
2.6 |
|
|
|
— |
|
|
$ |
2.6 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 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 |
|
$ |
1.3 |
|
|
$ |
1.3 |
|
|
|
— |
|
|
|
— |
|
|
|
|
Corporate bonds and notes |
|
$ |
3.8 |
|
|
|
— |
|
|
$ |
3.8 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonrecurring fair value measurements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCC licenses |
|
$ |
62.3 |
|
|
|
— |
|
|
|
— |
|
|
|
62.3 |
|
$ |
(26.0 |
) |
|
| Summary of Amortized Cost and Unrealized Gains (Losses) of Available for Sale Securities |
As of June 30, 2026, 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 |
|
$ |
482 |
|
|
$ |
2 |
|
Due after one year |
|
|
2,091 |
|
|
|
12 |
|
Total |
|
$ |
2,573 |
|
|
$ |
14 |
|
|
| 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, 2025 |
|
$ |
(1,250 |
) |
|
$ |
495 |
|
|
$ |
(755 |
) |
Other comprehensive income (loss) |
|
|
- |
|
|
|
(35 |
) |
|
|
(35 |
) |
Income tax (expense) benefit |
|
|
- |
|
|
|
11 |
|
|
|
11 |
|
Amounts reclassified from AOCI |
|
|
- |
|
|
|
(8 |
) |
|
|
(8 |
) |
Other comprehensive income (loss), net of tax |
|
|
- |
|
|
|
(32 |
) |
|
|
(32 |
) |
Accumulated other comprehensive income (loss) as of March 31, 2026 |
|
|
(1,250 |
) |
|
|
463 |
|
|
|
(787 |
) |
Other comprehensive income (loss) |
|
|
- |
|
|
|
16 |
|
|
|
16 |
|
Income tax (expense) benefit |
|
|
- |
|
|
|
(3 |
) |
|
|
(3 |
) |
Amounts reclassified from AOCI |
|
|
- |
|
|
|
(3 |
) |
|
|
(3 |
) |
Other comprehensive income (loss), net of tax |
|
|
- |
|
|
|
10 |
|
|
|
10 |
|
Accumulated other comprehensive income (loss) as of June 30, 2026 |
|
$ |
(1,250 |
) |
|
$ |
473 |
|
|
$ |
(777 |
) |
|