Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 27, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GAIA | |
Entity Registrant Name | GAIA, INC | |
Entity Central Index Key | 0001089872 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-27517 | |
Entity Tax Identification Number | 84-1113527 | |
Entity Address, Address Line One | 833 WEST SOUTH BOULDER ROAD | |
Entity Address, City or Town | LOUISVILLE | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80027 | |
City Area Code | 303 | |
Local Phone Number | 222-3600 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Class A Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | CO | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 15,471,060 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,400,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 10,848 | $ 11,562 |
Accounts receivable | 3,499 | 2,955 |
Prepaid expenses and other current assets | 2,383 | 2,656 |
Total current assets | 16,730 | 17,173 |
Media library, software and equipment, net | 51,256 | 51,115 |
Right-of-use lease asset, net | 6,895 | 7,093 |
Real estate, investment and other assets, net | 30,806 | 30,979 |
Goodwill | 31,943 | 31,943 |
Total assets | 137,630 | 138,303 |
Current liabilities: | ||
Accounts payable, accrued and other liabilities | 11,513 | 12,355 |
Short-term debt and lease liability | 901 | 894 |
Deferred revenue | 15,555 | 14,124 |
Total current liabilities | 27,969 | 27,373 |
Long-term debt, net | 14,919 | 14,958 |
Long-term lease liability | 6,298 | 6,489 |
Deferred taxes | 499 | 499 |
Total liabilities | 49,685 | 49,319 |
Shareholders' equity: | ||
Additional paid-in capital | 164,284 | 164,180 |
Accumulated deficit | (76,341) | (75,198) |
Total shareholders' equity | 87,945 | 88,984 |
Total liabilities and shareholders' equity | 137,630 | 138,303 |
Class A Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 1 | 1 |
Class B Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | $ 1 | $ 1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 15,425,792 | 15,406,186 |
Common stock, shares outstanding | 15,425,792 | 15,406,186 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,400,000 | 5,400,000 |
Common stock, shares outstanding | 5,400,000 | 5,400,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues, net | $ 19,647 | $ 21,831 |
Cost of revenues | 2,773 | 2,905 |
Gross profit | 16,874 | 18,926 |
Expenses: | ||
Selling and operating | 16,123 | 16,785 |
Corporate, general and administration | 1,773 | 1,785 |
Acquisition costs | 49 | |
Total operating expenses | 17,896 | 18,619 |
Income (loss) from operations | (1,022) | 307 |
Interest and other expense, net | (121) | (60) |
Income (loss) before income taxes | (1,143) | 247 |
Income (loss) from continuing operations | (1,143) | 247 |
Income (loss) from discontinued operations | (161) | |
Net income (loss) | $ (1,143) | $ 86 |
Basic | ||
Continuing operations | $ (0.05) | $ 0.01 |
Discontinued operations | (0.01) | |
Basic earnings (loss) per share | (0.05) | |
Diluted | ||
Continuing operations | (0.05) | 0.01 |
Discontinued operations | $ (0.01) | |
Diluted earnings (loss) per share | $ (0.05) | |
Weighted-average shares outstanding: | ||
Basic | 20,826 | 20,465 |
Diluted | 20,826 | 20,816 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Accumulated Deficit | Common Stock | Additional Paid-in Capital |
Beginning balance at Dec. 31, 2021 | $ 90,215 | $ (72,103) | $ 2 | $ 162,316 |
Beginning balance (in shares) at Dec. 31, 2021 | 20,461,337 | |||
Issuance of Gaia, Inc. common stock for RSU releases and share-based compensation | 540 | 540 | ||
Issuance of Gaia, Inc. common stock for RSU releases and share-based compensation (in shares) | 313,823 | |||
Net income (loss) | 86 | 86 | ||
Ending balance at Mar. 31, 2022 | 90,841 | (72,017) | $ 2 | 162,856 |
Ending balance (in shares) at Mar. 31, 2022 | 20,775,160 | |||
Beginning balance at Dec. 31, 2022 | 88,984 | (75,198) | $ 2 | 164,180 |
Beginning balance (in shares) at Dec. 31, 2022 | 20,806,186 | |||
Issuance of Gaia, Inc. common stock for RSU releases and share-based compensation | 104 | 104 | ||
Issuance of Gaia, Inc. common stock for RSU releases and share-based compensation (in shares) | 19,606 | |||
Net income (loss) | (1,143) | (1,143) | ||
Ending balance at Mar. 31, 2023 | $ 87,945 | $ (76,341) | $ 2 | $ 164,284 |
Ending balance (in shares) at Mar. 31, 2023 | 20,825,792 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Net income (loss) | $ (1,143) | $ 86 |
Loss from discontinued operations | 161 | |
Income (loss) from continuing operations | (1,143) | 247 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,157 | 3,907 |
Share-based compensation expense | 82 | 540 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (544) | (172) |
Prepaid expenses and other current assets | 18 | 74 |
Accounts payable and accrued liabilities | (863) | (1,439) |
Deferred revenue | 1,431 | 1,007 |
Net cash provided by operating activities - continuing operations | 3,138 | 4,164 |
Net cash used in operating activities - discontinued operations | (161) | |
Net cash provided by operating activities | 3,138 | 4,003 |
Investing activities: | ||
Additions to media library, software and equipment | (3,870) | (4,981) |
Acquisitions, net of cash acquired, and purchase of intangible assets | (847) | |
Net cash used in investing activities | (3,870) | (5,828) |
Financing activities: | ||
Repayment of debt | (7,504) | (46) |
Proceeds from short term borrowings | 7,500 | |
Proceeds from the issuance of common stock | 22 | |
Net cash provided by financing activities | 18 | (46) |
Net change in cash | (714) | (1,871) |
Cash at beginning of period | 11,562 | 10,269 |
Cash at end of period | 10,848 | 8,398 |
Supplemental cash flow information | ||
Interest paid | $ 125 | $ 65 |
Organization, Nature of Operati
Organization, Nature of Operations, and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, Nature of Operations, and Principles of Consolidation | 1. Organization, Nature of Operations, and Principles of Consolidation Gaia, Inc. (“Gaia,” “we” or “us”) operates a global digital video subscription service and on-line community that caters to a unique and underserved member base. Our digital content library includes over 10,000 titles, with a growing selection of titles available in Spanish, German and French. Our members have unlimited access to this vast library of inspiring films, cutting edge documentaries, interviews, yoga classes, transformation-related content and more – 88 % of which is exclusively available to our members for digital streaming on most internet-connected devices anytime, anywhere, commercial free. Our mission is to create a transformational network that empowers a global conscious community. Content on our network is currently organized into four primary channels—Yoga, Transformation, Alternative Healing, and Seeking Truth—and delivered directly to our members through our streaming platform. We curate programming for these channels by producing content in our in-house production studios with a staff of media professionals. This produced and owned content currently comprises approximately 75 % of our members' viewing time. We complement our produced and owned content through long term licensing agreements. We have prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”), and they include our accounts and those of our subsidiaries. Intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial position, results of operations and cash flows for the interim periods disclosed in this report are not necessarily indicative of future financial results. There have been no material changes in our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates and Reclassifications The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and disclosures. Although we base these estimates on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from the estimates. We have made certain reclassifications to prior period amounts to conform to the current period presentations. Discontinued Operations Yoga International historically had a line of business focused on one-time transactional course sales. With the launch of a premium membership tier that includes this content, this line of business was discontinued in 2022 as the contractual commitments related to this line of business lapsed. There are no other assets or liabilities associated with this revenue stream. As this represents a strategic shift with a major effect on our operations and financial results, we have presented the results of operations related to winding up this line of business as discontinued operations on the accompanying condensed consolidated statement of operations in 2022. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition Revenues consist primarily of subscription fees paid by our members. We present revenues net of taxes collected from members. Members are billed in advance and revenues are recognized ratably over the subscription term. Deferred revenue consists of subscription fees collected from members that have not been earned and is recognized ratably over the remaining term of the subscription. We recognize revenue on a net basis for relationships where our partners have the primary relationship, including billing and service delivery, with the member. Payments made to partners to assist in promoting our service on their platforms are expensed as marketing expenses in the period incurred. We do not allow access to our service to be provided as part of a bundle by any of our partners. |
Equity and Share-Based Compensa
Equity and Share-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity and Share-Based Compensation | 3. Equity and Share-Based Compensation During the first three months of 2023 and 2022, we recognized approximately $ 82 and $ 540 , respectively, of share-based compensation expense. Total share-based compensation expense is reported in selling and operating expenses and corporate, general and administration expenses on our condensed consolidated statements of operations. There were no options exercised during the first three months of 2023 or 2022 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets There were no changes in goodwill for the period from December 31, 2022 through March 31, 2023. The following table represents our other intangible assets by major asset class as of the dates indicated, which are included in Real estate, investment and other assets, net on the accompanying condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. (in thousands) March 31, 2023 December 31, 2022 Amortizable Intangible Assets Customer relationships $ 2,000 $ 2,000 Tradenames 270 270 Accumulated amortization ( 721 ) ( 579 ) $ 1,549 $ 1,691 Unamortized Intangible Assets Domain names $ 563 $ 563 Our amortizable assets are expected to be amortized on a straight-line basis over 48 months. Amortization expense was $ 142 for the three months ended March 31, 2023 and 2022 . Future amortization of our amortizable intangible assets as of March 31, 2023 is expected to be as follows: (in thousands) 2023 (remaining) $ 425 2024 568 2025 556 $ 1,549 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt On September 9, 2020, Boulder Road sold a 50 % undivided interest in a portion of our corporate campus to Westside Boulder, LLC (“Westside”). Boulder Road retained a 50 % undivided interest in the property as well as full ownership of our studio and production facilities. Boulder Road received consideration of $ 13.2 million in the transaction. On December 28, 2020, Boulder Road and Westside entered into a loan agreement with First Interstate Bank, as lender, providing for a mortgage loan in the principal amount of $ 13.0 million. The mortgage bears interest at a fixed rate of 3.75 % per annum, matures on December 28, 2025 , is secured by a deed of trust on our corporate campus, a portion of which is owned by Boulder Road and Westside as tenants-in-common and the remainder of which is owned by Boulder Road. Westside and Boulder Road each received 50 % of the loan proceeds and are each responsible for 50 % of the monthly installments. Gaia guaranteed payment of the mortgage. The mortgage is subject to certain financial covenants related to the underlying property. On August 25, 2022 (the "Closing Date"), Gaia, as borrower, and certain subsidiaries, as guarantors, entered into a Credit and Security Agreement (the "Credit Agreement") with KeyBank National Association ("KeyBank"). The Credit Agreement provides for a revolving credit facility in an aggregate amount of up to $ 10.0 million with a sublimit of $ 1 million available for issuances of letters of credit. Borrowings under the Credit Agreement are available for working capital and general corporate purposes, but not to fund any permitted acquisitions or other investments. On March 31, 2023, $ 9.0 million was drawn under the Credit Agreement, which is included in Long-term debt, net on the accompanying condensed consolidated balance sheets as of March 31, 2023. Loans made, or letters of credit issued, under the Credit Agreement mature on August 25, 2025 and are secured (subject to permitted liens and other exceptions) by a first priority lien on all business assets, including intellectual property, of Gaia and the subsidiary guarantors. Any advance under the Credit Agreement shall bear interest at the Daily Simple SOFR rate (subject to a floor of 0.00 %), plus, the SOFR Index Adjustment of 0.10 %, plus a margin of 2.00 %; provided, that, during the existence of a Benchmark Unavailability Period or a SOFR Unavailability Period, advances shall bear interest at the Base Rate, which is a fluctuating interest rate per annum equal to the highest of (i) the Federal Funds Rate plus 0.50 %, (ii) KeyBank’s “prime rate,” (iii) SOFR and (iv) 3.00 %, plus, in each instance, a margin of 1.00 %. The aggregate outstanding amount of advances under the Credit Agreement is required to be $ 0 for at least 30 consecutive days during the period commencing on the 12-month anniversary of the Closing Date and ending on the 24-month anniversary of the Closing Date. The Credit Agreement contains customary affirmative and negative covenants (each with customary exceptions), including limitations on the Company’s ability to incur liens or debt, make investments, pay dividends, enter into transactions with its affiliates and engage in certain fundamental changes. Additionally, the Credit Agreement requires Gaia to maintain a Fixed Charge Coverage Ratio of not less than 1.20 to 1.00 and to not permit the Leverage Ratio to exceed 1.50 to 1.00 for any computation period. Maturities on long-term debt, net are: (in thousands) 2023 (remaining) $ 112 2024 156 2025 14,801 $ 15,069 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 6. Leases In connection with the sale of a portion of our corporate campus as further discussed in Note 5, we leased the property pursuant to a master lease for an initial term extending through September 30, 2030, with two five-year extensions . We record the right to use the underlying asset for the operating lease term as an asset and our obligation to make lease payments as a liability, based on the present value of the lease payments over the initial lease term. On commencement of the lease, we recorded a right-of-use asset and operating lease liability of $ 8,800 . Because the rate implicit in the lease is not readily determinable, we used our incremental borrowing rate to determine the present value of lease payments. Information related to our right-of-use asset and related lease liability were as follows: March 31, December 31, (in thousands) Balance Sheet Classification 2023 2022 Right-of-use asset Right-of-use lease asset, net $ 6,895 $ 7,093 Operating lease liability (current) Accounts payable, accrued and other liabilities $ 751 $ 745 Operating lease liability (non-current) Long-term lease liability 6,298 6,489 $ 7,049 $ 7,234 For the Three Months Ended March 31, (in thousands) 2023 2022 Cash paid for operating lease liabilities $ 250 $ 250 For the Three Months Ended March 31, (in thousands) 2023 2022 Cash paid for operating lease liabilities $ 250 $ 250 Operating lease expense is recognized on a straight-line basis over the lease term. Future amortization of our lease liability as of March 31, 2023 is expected to be: (in thousands) 2023 (remaining) $ 751 2024 1,008 2025 1,035 2026 1,064 2027 1,093 Thereafter 3,158 Future lease payments, gross 8,109 Less: Imputed interest ( 1,060 ) Operating lease liability $ 7,049 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. Earnings Per Share Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period (“common stock equivalents”). Common stock equivalents consist of incremental shares issuable upon the assumed exercise of stock options and vesting of restricted stock units utilizing the treasury stock method. The weighted-average diluted shares outstanding computation is: For the Three Months Ended March 31, (in thousands, except per share data) 2023 2022 (unaudited) Weighted-average common stock outstanding 20,826 20,465 Common stock equivalents — 351 Weighted-average number of shares 20,826 20,816 Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential shares of common stock excluded from the diluted calculation: For the Three Months Ended March 31, (in thousands) 2023 2022 (unaudited) Common stock equivalents excluded due to net loss 69 — Employee stock options and RSUs 439 228 508 228 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Periodically, we perform assessments of the realization of our net deferred tax assets considering all available evidence, both positive and negative. Based on our historical operating losses, combined with our plans to continue to invest in our revenue growth and content library, we have a full valuation allowance on our deferred tax assets as of March 31, 2023. As of March 31, 2023, our net operating loss carryforwards on a gross basis were $ 78,214 and $ 25,847 for federal and state, respectively. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 9. Contingencies From time to time, we are involved in legal proceedings that we consider to be in the normal course of business. We record accruals for losses related to those matters against us that we consider to be probable and that can be reasonably estimated. Based on available information, in the opinion of management, settlements, arbitration awards and final judgments, if any, that are considered probable of being rendered against us in litigation or arbitration in existence at March 31, 2023 and that can be reasonably estimated are either reserved against or would not have a material adverse effect on our financial condition, results of operations or cash flows. SEC Investigation and Anticipated Settlement In June 2020, Gaia received a request for voluntary production of documents in an investigation by the staff of the Denver Regional Office (the “Staff”) of the U.S. Securities and Exchange Commission (the “SEC”). Since that time, Gaia has responded to the initial voluntary requests and subsequent subpoenas issued by the Staff. In September 2022, Gaia and Gaia's Chief Financial Officer (“CFO”) reached an agreement in principle with the Staff on a framework for a complete resolution of the investigation. The agreement in principle contemplates that Gaia would consent, without admitting or denying any findings, to the entry of an administrative order: (1) finding that Gaia (a) misstated in its April 29, 2019 earnings release and earnings call the number of paying subscribers for the period ending March 31, 2019, a quarter during which Gaia extended a free month of service to certain subscribers in the midst of a transition to a new enterprise-wide data system and (b) failed to comply with SEC whistleblower protection requirements with respect to the termination of one employee and the language used in severance agreements for other employees; and (2) requiring Gaia to pay a total civil monetary penalty of $ 2.0 million over a one-year period for these violations. At the same time, the CFO would consent, without admitting or denying any findings, to the entry of an administrative order: (1) finding that the CFO caused Gaia's misstatements in the April 29, 2019 earnings release and earnings call that is described above; and (2) requiring the CFO to pay a civil monetary penalty of $ 0.05 million. The contemplated settlement with Gaia and the CFO involve violations that require only negligence rather than intentional conduct. There can be no assurance that the contemplated settlement will be finalized and approved. Based on Gaia's agreement in principle with the Staff, however, Gaia has accrued a liability in the amount of $ 2.0 million. This liability is included in Accounts payable, accrued and other liabilities on the accompanying condensed consolidated balance sheets. |
Organization, Nature of Opera_2
Organization, Nature of Operations, and Principles of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates and Reclassifications | Use of Estimates and Reclassifications The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and disclosures. Although we base these estimates on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from the estimates. We have made certain reclassifications to prior period amounts to conform to the current period presentations. |
Discontinued Operations | Discontinued Operations Yoga International historically had a line of business focused on one-time transactional course sales. With the launch of a premium membership tier that includes this content, this line of business was discontinued in 2022 as the contractual commitments related to this line of business lapsed. There are no other assets or liabilities associated with this revenue stream. As this represents a strategic shift with a major effect on our operations and financial results, we have presented the results of operations related to winding up this line of business as discontinued operations on the accompanying condensed consolidated statement of operations in 2022. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Other Intangible Assets by Major Asset Class | The following table represents our other intangible assets by major asset class as of the dates indicated, which are included in Real estate, investment and other assets, net on the accompanying condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. (in thousands) March 31, 2023 December 31, 2022 Amortizable Intangible Assets Customer relationships $ 2,000 $ 2,000 Tradenames 270 270 Accumulated amortization ( 721 ) ( 579 ) $ 1,549 $ 1,691 Unamortized Intangible Assets Domain names $ 563 $ 563 |
Schedule of Future Amortization Expense of Intangible Assets | Future amortization of our amortizable intangible assets as of March 31, 2023 is expected to be as follows: (in thousands) 2023 (remaining) $ 425 2024 568 2025 556 $ 1,549 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities on Long Term Debt, Net | Maturities on long-term debt, net are: (in thousands) 2023 (remaining) $ 112 2024 156 2025 14,801 $ 15,069 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Right of Use Asset and Related Lease Liability and Supplemental Cash Flow Information | Because the rate implicit in the lease is not readily determinable, we used our incremental borrowing rate to determine the present value of lease payments. Information related to our right-of-use asset and related lease liability were as follows: March 31, December 31, (in thousands) Balance Sheet Classification 2023 2022 Right-of-use asset Right-of-use lease asset, net $ 6,895 $ 7,093 Operating lease liability (current) Accounts payable, accrued and other liabilities $ 751 $ 745 Operating lease liability (non-current) Long-term lease liability 6,298 6,489 $ 7,049 $ 7,234 For the Three Months Ended March 31, (in thousands) 2023 2022 Cash paid for operating lease liabilities $ 250 $ 250 For the Three Months Ended March 31, (in thousands) 2023 2022 Cash paid for operating lease liabilities $ 250 $ 250 |
Schedule of Future Amortization of Lease Liability | Operating lease expense is recognized on a straight-line basis over the lease term. Future amortization of our lease liability as of March 31, 2023 is expected to be: (in thousands) 2023 (remaining) $ 751 2024 1,008 2025 1,035 2026 1,064 2027 1,093 Thereafter 3,158 Future lease payments, gross 8,109 Less: Imputed interest ( 1,060 ) Operating lease liability $ 7,049 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted-Average Diluted Shares Outstanding | The weighted-average diluted shares outstanding computation is: For the Three Months Ended March 31, (in thousands, except per share data) 2023 2022 (unaudited) Weighted-average common stock outstanding 20,826 20,465 Common stock equivalents — 351 Weighted-average number of shares 20,826 20,816 |
Summary of Potential Common Shares Excluded from Diluted Calculation | The following table summarizes the potential shares of common stock excluded from the diluted calculation: For the Three Months Ended March 31, (in thousands) 2023 2022 (unaudited) Common stock equivalents excluded due to net loss 69 — Employee stock options and RSUs 439 228 508 228 |
Organization, Nature of Opera_3
Organization, Nature of Operations, and Principles of Consolidation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 USD ($) Channel Title | |
Organization Nature Of Operations And Principles Of Consolidation [Line Items] | |
Number of channels | Channel | 4 |
Percentage of produced and owned content views | 75% |
A La Carte Course Purchase [Member] | |
Organization Nature Of Operations And Principles Of Consolidation [Line Items] | |
Assets | $ 0 |
Liabilities | $ 0 |
Minimum [Member] | |
Organization Nature Of Operations And Principles Of Consolidation [Line Items] | |
Number of titles available in digital content library | Title | 10,000 |
Percentage of digital streaming exclusively available for subscribers | 88% |
Equity and Share-Based Compen_2
Equity and Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Share-based compensation expense | $ 82 | $ 540 |
Options exercised during period | 0 | 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Line Items] | ||
Changes in goodwill | $ 0 | |
Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Intangible assets, useful life | 48 months | |
Intangible assets, amortization method | straight-line basis | |
Intangible assets, amortization expense | $ 142,000 | $ 142,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Other Unamortized Intangible Assets Included in Real Estate, Investments and Other Assets, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Amortizable Intangible Assets, Accumulated amortization | $ (721) | $ (579) |
Amortizable Intangible Assets, Net | 1,549 | 1,691 |
Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Amortizable Intangible Assets, Gross carrying amount | 2,000 | 2,000 |
Trade Names [Member] | ||
Goodwill [Line Items] | ||
Amortizable Intangible Assets, Gross carrying amount | 270 | 270 |
Domain Names [Member] | ||
Goodwill [Line Items] | ||
Unamortized Intangible Assets | $ 563 | $ 563 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2023 (remaining) | $ 425 | |
2024 | 568 | |
2025 | 556 | |
Amortizable Intangible Assets, Net | $ 1,549 | $ 1,691 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Dec. 28, 2020 | Sep. 09, 2020 | Mar. 31, 2023 | Aug. 25, 2022 | |
Credit Agreement [Member] | Keybank [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding amount under credit facility | $ 9,000,000 | |||
Required aggregate outstanding amount for period of 30 consecutive days | $ 0 | |||
Number of days considered for calculation of aggregate outstanding amount | 30 days | |||
Minimum required fixed charge coverage ratio | 1.20 | |||
Maximum required leverage ratio | 1.50 | |||
Line of credit facility, expiration | Aug. 25, 2025 | |||
Credit Agreement [Member] | Keybank [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity under credit facility | $ 10,000,000 | |||
Credit Agreement [Member] | Keybank [Member] | Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Sublimit for letter of credit facility | $ 1,000,000 | |||
Credit Agreement [Member] | Keybank [Member] | Floor Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0% | |||
Credit Agreement [Member] | Keybank [Member] | SOFR [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of adjustment to floor interest rate | 0.10% | |||
Credit Agreement [Member] | Keybank [Member] | Margin [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of adjustment to floor interest rate | 2% | |||
Credit Agreement [Member] | Keybank [Member] | Benchmark or SOFR Unavailability Period [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3% | |||
Credit Agreement [Member] | Keybank [Member] | Benchmark or SOFR Unavailability Period [Member] | Margin [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of adjustment to floor interest rate | 1% | |||
Credit Agreement [Member] | Keybank [Member] | Benchmark or SOFR Unavailability Period [Member] | Federal Funds Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of adjustment to floor interest rate | 0.50% | |||
Boulder Road LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Subsidiary interest percentage | 50% | |||
Undivided interest sold consideration received | $ 13,200,000 | |||
Boulder Road and Westside Boulder, LLC [Member] | Loan Agreement [Member] | First Interstate Bank [Member] | Mortgage Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan principal amount | $ 13,000,000 | |||
Interest rate | 3.75% | |||
Debt instrument, maturity date | Dec. 28, 2025 | |||
Percentage of line of credit proceeds | 50% | |||
Percentage of line of credit monthly installments | 50% | |||
Westside Boulder, LLC. [Member] | Boulder Road LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Undivided interest sold percentage | 50% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities on Long Term Debt, Net (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Maturities Of Long Term Debt [Abstract] | |
2023 (remaining) | $ 112 |
2024 | 156 |
2025 | 14,801 |
Total maturities on long-term debt | $ 15,069 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 09, 2020 | |
Lessee Lease Description [Line Items] | |||
Operating lease, extending Description | we leased the property pursuant to a master lease for an initial term extending through September 30, 2030, with two five-year extensions | ||
Operating lease, existence of option to extend [true false] | true | ||
Right-of-use lease asset, net | $ 6,895 | $ 7,093 | $ 8,800 |
Operating lease liability | $ 7,049 | $ 7,234 | $ 8,800 |
Two Five Year Extensions [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating lease, Renewal Term | 5 years |
Leases - Schedule of Right of U
Leases - Schedule of Right of Use Asset and Related Lease Liability (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 09, 2020 |
Leases [Abstract] | |||
Right-of-use asset | $ 6,895 | $ 7,093 | $ 8,800 |
Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List | Right-of-use asset | Right-of-use asset | |
Operating lease liability (current) | $ 751 | $ 745 | |
Operating Lease Liability Current Statement Of Financial Position Extensible List | Accounts payable, accrued and other liabilities | Accounts payable, accrued and other liabilities | |
Operating lease liability (non-current) | $ 6,298 | $ 6,489 | |
Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List | Operating lease liability (non-current) | Operating lease liability (non-current) | |
Operating Lease, Liability | $ 7,049 | $ 7,234 | $ 8,800 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Cash paid for operating lease liabilities | $ 250 | $ 250 |
Leases - Schedule of Future Amo
Leases - Schedule of Future Amortization of Lease Liability (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 09, 2020 |
Leases [Abstract] | |||
2022 (remaining) | $ 751 | ||
2023 | 1,008 | ||
2024 | 1,035 | ||
2025 | 1,064 | ||
2026 | 1,093 | ||
Thereafter | 3,158 | ||
Future lease payments, gross | 8,109 | ||
Less: Imputed interest | (1,060) | ||
Operating lease liability | $ 7,049 | $ 7,234 | $ 8,800 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Weighted-Average Diluted Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted-average common stock outstanding | 20,826 | 20,465 |
Common stock equivalents | 351 | |
Weighted-average number of shares | 20,826 | 20,816 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Potential Common Shares Excluded from Diluted Calculation (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 508 | 228 |
Common Stock Equivalents Excluded due to Net Loss [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 69 | |
Employee Stock Options and RSUs [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 439 | 228 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Federal [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 78,214 |
State [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 25,847 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Civil monetary penalty to be paid | $ 2,000 |
Civil monetary penalty to be paid by CFO | 50 |
Accrued penalty liabilities | $ 2,000 |