Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
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 | 15,406,186 | |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 6,195 | $ 10,269 |
Accounts receivable | 2,972 | 2,728 |
Prepaid expenses and other current assets | 2,278 | 1,986 |
Total current assets | 11,445 | 14,983 |
Media library, software and equipment, net | 52,618 | 50,558 |
Right-of-use lease asset, net | 7,486 | 7,871 |
Real estate, investment and other assets, net | 31,002 | 31,394 |
Goodwill | 28,870 | 28,870 |
Total assets | 131,421 | 133,676 |
Current liabilities: | ||
Accounts payable, accrued and other liabilities | 11,604 | 14,962 |
Deferred revenue | 15,218 | 14,847 |
Total current liabilities | 26,822 | 29,809 |
Long-term mortgage, net | 6,035 | 6,109 |
Long-term lease liability | 6,865 | 7,234 |
Deferred taxes | 309 | 309 |
Total liabilities | 40,031 | 43,461 |
Shareholders' equity: | ||
Additional paid-in capital | 163,289 | 162,316 |
Accumulated deficit | (71,901) | (72,103) |
Total shareholders' equity | 91,390 | 90,215 |
Total liabilities and shareholders' equity | 131,421 | 133,676 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
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 | 15,406,186 | 15,061,337 |
Common stock, shares outstanding | 15,406,186 | 15,061,337 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 20,720 | $ 19,443 | $ 42,551 | $ 38,339 |
Cost of revenues | 2,759 | 2,509 | 5,664 | 4,947 |
Gross profit | 17,961 | 16,934 | 36,887 | 33,392 |
Expenses: | ||||
Selling and operating | 15,869 | 14,738 | 32,654 | 29,276 |
Corporate, general and administration | 1,794 | 1,501 | 3,579 | 2,997 |
Acquisition costs | 49 | |||
Total operating expenses | 17,663 | 16,239 | 36,282 | 32,273 |
Income from operations | 298 | 695 | 605 | 1,119 |
Interest and other expense, net | (50) | (52) | (110) | (118) |
Income before income taxes | 248 | 643 | 495 | 1,001 |
Income from continuing operations | 248 | 643 | 495 | 1,001 |
Loss from discontinued operations | (132) | (293) | ||
Net income | $ 116 | $ 643 | $ 202 | $ 1,001 |
Basic | ||||
Continuing operations | $ 0.01 | $ 0.03 | $ 0.02 | $ 0.05 |
Discontinued operations | (0.01) | (0.01) | ||
Basic earnings per share | 0.03 | 0.01 | 0.05 | |
Diluted | ||||
Continuing operations | 0.01 | 0.03 | 0.02 | 0.05 |
Discontinued operations | $ (0.01) | (0.01) | ||
Diluted earnings per share | $ 0.03 | $ 0.01 | $ 0.05 | |
Weighted-average shares outstanding: | ||||
Basic | 20,788 | 19,268 | 20,627 | 19,235 |
Diluted | 20,795 | 19,810 | 20,795 | 19,786 |
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, 2020 | $ 74,235 | $ (75,834) | $ 2 | $ 150,067 |
Beginning balance (in shares) at Dec. 31, 2020 | 19,182,951 | |||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan and share-based compensation | 684 | 684 | ||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan and share-based compensation (in shares) | 17,895 | |||
Net income (loss) | 358 | 358 | ||
Ending balance at Mar. 31, 2021 | 75,277 | (75,476) | $ 2 | 150,751 |
Ending balance (in shares) at Mar. 31, 2021 | 19,200,846 | |||
Beginning balance at Dec. 31, 2020 | 74,235 | (75,834) | $ 2 | 150,067 |
Beginning balance (in shares) at Dec. 31, 2020 | 19,182,951 | |||
Net income (loss) | 1,001 | |||
Ending balance at Jun. 30, 2021 | 76,691 | (74,833) | $ 2 | 151,522 |
Ending balance (in shares) at Jun. 30, 2021 | 19,317,987 | |||
Beginning balance at Mar. 31, 2021 | 75,277 | (75,476) | $ 2 | 150,751 |
Beginning balance (in shares) at Mar. 31, 2021 | 19,200,846 | |||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation | 771 | 771 | ||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan, stock option exercises and share-based compensation (in shares) | 117,141 | |||
Net income (loss) | 643 | 643 | ||
Ending balance at Jun. 30, 2021 | 76,691 | (74,833) | $ 2 | 151,522 |
Ending balance (in shares) at Jun. 30, 2021 | 19,317,987 | |||
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, 2021 | 90,215 | (72,103) | $ 2 | 162,316 |
Beginning balance (in shares) at Dec. 31, 2021 | 20,461,337 | |||
Net income (loss) | 202 | |||
Ending balance at Jun. 30, 2022 | 91,390 | (71,901) | $ 2 | 163,289 |
Ending balance (in shares) at Jun. 30, 2022 | 20,806,186 | |||
Beginning balance at Mar. 31, 2022 | 90,841 | (72,017) | $ 2 | 162,856 |
Beginning balance (in shares) at Mar. 31, 2022 | 20,775,160 | |||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan and share-based compensation | 433 | 433 | ||
Issuance of Gaia, Inc. common stock for RSU releases, employee stock purchase plan and share-based compensation (in shares) | 31,026 | |||
Net income (loss) | 116 | 116 | ||
Ending balance at Jun. 30, 2022 | $ 91,390 | $ (71,901) | $ 2 | $ 163,289 |
Ending balance (in shares) at Jun. 30, 2022 | 20,806,186 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income | $ 202 | $ 1,001 |
Loss from discontinued operations | 293 | |
Income from continuing operations | 495 | 1,001 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,904 | 6,331 |
Share-based compensation expense | 930 | 703 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (244) | (804) |
Prepaid expenses and other assets | (292) | 87 |
Accounts payable and accrued liabilities | (2,476) | (226) |
Deferred revenue | 371 | 2,348 |
Net cash provided by operating activities - continuing operations | 6,688 | 9,440 |
Net cash used in operating activities - discontinued operations | (293) | |
Net cash provided by operating activities | 6,395 | 9,440 |
Investing activities: | ||
Additions to media library, property and equipment | (9,572) | (8,979) |
Acquisitions, net of cash acquired, and purchase of intangible assets | (847) | |
Net cash used in investing activities | (10,419) | (8,979) |
Financing activities: | ||
Repayment of debt | (93) | (79) |
Proceeds from the issuance of common stock | 43 | 752 |
Net cash provided by (used in) financing activities | (50) | 673 |
Net change in cash | (4,074) | 1,134 |
Cash at beginning of period | 10,269 | 12,605 |
Cash at end of period | 6,195 | 13,739 |
Supplemental cash flow information | ||
Interest paid | $ 129 | $ 132 |
Organization, Nature of Operati
Organization, Nature of Operations, and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization, Nature of Operations, and Principles of Consolidation | 1. Organization, Nature of Operations, and Principles of Consolidation Gaia, Inc. 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 – 80% 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 curated 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 represents approximately 75% of our viewership. 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, 2021. On December 22, 2021, Gaia completed the acquisition of Yoga International, Inc. (“Yoga International”). Yoga International was founded by the Himalayan Institute in 1991, as a print magazine considered by many to be an authentic voice of yoga in the West. In 2013, Yoga International transformed into a digital-only publication, and has subsequently evolved into an online platform for yoga practice and education, with more than 60% of its current membership outside the United States. See our Annual Report on Form 10-K for the year ended December 31, 2021 for additional information regarding the Yoga International acquisition. 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 is being discontinued in 2022 as the contractual commitments related to this line of business lapse. The course content will be utilized as part of the premium membership tier going forward. 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 statement of operations. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
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 | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity and Share-Based Compensation | 3. Equity and Share-Based Compensation During the first six months of 2022 and 2021, we recognized approximately $930 and $703, 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 six months of 2022 and 90,000 options exercised during the first six months of 2021. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 through June 30, 2022. 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 June 30, 2022 and December 31, 2021. (in thousands) June 30, 2022 December 31, 2021 Amortizable Intangible Assets Customer relationships $ 2,000 $ 2,000 Tradenames 270 270 Accumulated amortization (296 ) (12 ) $ 1,974 $ 2,258 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 and $284 for the three and six months ended June 30, 2022. There was no amortization expense for the first three and six months of 2021. Future amortization of our amortizable intangible assets as of June 30, 2022 is expected to be as follows: (in thousands) 2022 (remaining) $ 284 2023 568 2024 568 2025 554 $ 1,974 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt On September 9, 2020, our wholly owned subsidiary Boulder Road LLC (“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. On December 28, 2020, and entered into a loan agreement with Great Western Bank, as lender, providing for a mortgage in the principal amount of $13,000. The mortgage bears interest at a fixed rate of 3.75% per annum, matures on December 28, 2025, and 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 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. Maturities on long-term debt, net are: (in thousands) 2022 (remaining) $ 73 2023 150 2024 156 2025 5,801 $ 6,180 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
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 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: June 30, December 31, (in thousands) Balance Sheet Classification 2022 2021 Right-of-use asset Right-of-use lease asset, net $ 7,486 $ 7,871 Operating lease liability (current) Accounts payable, accrued and other liabilities $ 731 $ 718 Operating lease liability (non-current) Long-term lease liability 6,865 7,234 $ 7,596 $ 7,952 For the Three Months Ended June 30, (in thousands) 2022 2021 Cash paid for operating lease liabilities $ 250 $ 250 For the Six Months Ended June 30, (in thousands) 2022 2021 Cash paid for operating lease liabilities $ 500 $ 500 Operating lease expense is recognized on a straight-line basis over the lease term. Future amortization of our lease liability as of June 30, 2022 is expected to be: (in thousands) 2022 (remaining) $ 499 2023 1,001 2024 1,008 2025 1,035 2026 1,064 Thereafter 4,253 Future lease payments, gross 8,860 Less: Imputed interest (1,264 ) Operating lease liability $ 7,596 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2022 2021 2022 2021 (unaudited) (unaudited) Weighted-average common stock outstanding 20,788 19,268 20,627 19,235 Common stock equivalents 7 542 168 551 Weighted-average number of shares 20,795 19,810 20,795 19,786 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 June 30, For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 (unaudited) (unaudited) Employee stock options and RSU's 475 24 413 31 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 As of June 30, 2022, our net operating loss carryforwards on a gross basis were $76,600 and $20,700 for federal and state, respectively. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 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. |
Organization, Nature of Opera_2
Organization, Nature of Operations, and Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 is being discontinued in 2022 as the contractual commitments related to this line of business lapse. The course content will be utilized as part of the premium membership tier going forward. 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 statement of operations. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021. (in thousands) June 30, 2022 December 31, 2021 Amortizable Intangible Assets Customer relationships $ 2,000 $ 2,000 Tradenames 270 270 Accumulated amortization (296 ) (12 ) $ 1,974 $ 2,258 Unamortized Intangible Assets Domain names $ 563 $ 563 |
Schedule of Future Amortization Expense of Intangible Assets | Future amortization of our amortizable intangible assets as of June 30, 2022 is expected to be as follows: (in thousands) 2022 (remaining) $ 284 2023 568 2024 568 2025 554 $ 1,974 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities on Long Term Debt, Net | Maturities on long-term debt, net are: (in thousands) 2022 (remaining) $ 73 2023 150 2024 156 2025 5,801 $ 6,180 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, December 31, (in thousands) Balance Sheet Classification 2022 2021 Right-of-use asset Right-of-use lease asset, net $ 7,486 $ 7,871 Operating lease liability (current) Accounts payable, accrued and other liabilities $ 731 $ 718 Operating lease liability (non-current) Long-term lease liability 6,865 7,234 $ 7,596 $ 7,952 For the Three Months Ended June 30, (in thousands) 2022 2021 Cash paid for operating lease liabilities $ 250 $ 250 For the Six Months Ended June 30, (in thousands) 2022 2021 Cash paid for operating lease liabilities $ 500 $ 500 |
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 June 30, 2022 is expected to be: (in thousands) 2022 (remaining) $ 499 2023 1,001 2024 1,008 2025 1,035 2026 1,064 Thereafter 4,253 Future lease payments, gross 8,860 Less: Imputed interest (1,264 ) Operating lease liability $ 7,596 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted-Average Diluted Shares Outstanding | The weighted-average diluted shares outstanding computation is: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands, except per share data) 2022 2021 2022 2021 (unaudited) (unaudited) Weighted-average common stock outstanding 20,788 19,268 20,627 19,235 Common stock equivalents 7 542 168 551 Weighted-average number of shares 20,795 19,810 20,795 19,786 |
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 June 30, For the Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 (unaudited) (unaudited) Employee stock options and RSU's 475 24 413 31 |
Organization, Nature of Opera_3
Organization, Nature of Operations, and Principles of Consolidation - Additional Information (Detail) | 6 Months Ended | |
Dec. 22, 2021 | Jun. 30, 2022 USD ($) Title Channel | |
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 | |
Yoga International [Member] | ||
Organization Nature Of Operations And Principles Of Consolidation [Line Items] | ||
Acquisition date | Dec. 22, 2021 | |
Yoga International [Member] | Outside United States [Member] | ||
Organization Nature Of Operations And Principles Of Consolidation [Line Items] | ||
Minimum current membership percentage outside United States | 60% | |
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 | 80% |
Equity and Share-Based Compen_2
Equity and Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Share-based compensation expense | $ 930 | $ 703 |
Options exercised during period | 0 | 90,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||||
Changes in goodwill | $ 0 | $ 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 | $ 0 | $ 284,000 | $ 0 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||
Amortizable Intangible Assets, Accumulated amortization | $ (296) | $ (12) |
Amortizable Intangible Assets, Net | 1,974 | 2,258 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2022 (remaining) | $ 284 | |
2023 | 568 | |
2024 | 568 | |
2025 | 554 | |
Amortizable Intangible Assets, Net | $ 1,974 | $ 2,258 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 28, 2020 | Sep. 09, 2020 |
Boulder Road LLC [Member] | ||
Debt Instrument [Line Items] | ||
Subsidiary interest percentage | 50% | |
Boulder Road and Westside Boulder, LLC [Member] | Loan Agreement [Member] | Great Western Bank [Member] | Mortgage Loan [Member] | ||
Debt Instrument [Line Items] | ||
Loan principal amount | $ 13,000 | |
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 | Jun. 30, 2022 USD ($) |
Maturities Of Long Term Debt [Abstract] | |
2022 (remaining) | $ 73 |
2023 | 150 |
2024 | 156 |
2025 | 5,801 |
Total maturities on long-term debt | $ 6,180 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | 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 | $ 7,486 | $ 7,871 | $ 8,800 |
Operating lease liability | $ 7,596 | $ 7,952 | $ 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 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 09, 2020 |
Leases [Abstract] | |||
Right-of-use asset | $ 7,486 | $ 7,871 | $ 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) | $ 731 | $ 718 | |
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) | $ 6,865 | $ 7,234 | |
Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List | Operating lease liability (non-current) | Operating lease liability (non-current) | |
Operating Lease, Liability | $ 7,596 | $ 7,952 | $ 8,800 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Cash paid for operating lease liabilities | $ 250 | $ 250 | $ 500 | $ 500 |
Leases - Schedule of Future Amo
Leases - Schedule of Future Amortization of Lease Liability (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 09, 2020 |
Leases [Abstract] | |||
2022 (remaining) | $ 499 | ||
2023 | 1,001 | ||
2024 | 1,008 | ||
2025 | 1,035 | ||
2026 | 1,064 | ||
Thereafter | 4,253 | ||
Future lease payments, gross | 8,860 | ||
Less: Imputed interest | (1,264) | ||
Operating lease liability | $ 7,596 | $ 7,952 | $ 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common stock outstanding | 20,788 | 19,268 | 20,627 | 19,235 |
Common stock equivalents | 7 | 542 | 168 | 551 |
Weighted-average number of shares | 20,795 | 19,810 | 20,795 | 19,786 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Stock Options and RSU's [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 475 | 24 | 413 | 31 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Federal [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 76,600 |
State [Member] | |
Income Taxes [Line Items] | |
Net operating loss carryforwards | $ 20,700 |