Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | EVC | |
Entity Registrant Name | ENTRAVISION COMMUNICATIONS CORPORATION | |
Entity Central Index Key | 0001109116 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 1-15997 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4783236 | |
Entity Address, Address Line One | 2425 Olympic Boulevard | |
Entity Address, Address Line Two | Suite 6000 West | |
Entity Address, City or Town | Santa Monica | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90404 | |
City Area Code | 310 | |
Local Phone Number | 447-3870 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Class A Common stock | |
Security Exchange Name | NYSE | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 78,644,012 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Class U common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,352,729 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 99,580 | $ 110,691 |
Marketable securities | 26,881 | 44,528 |
Restricted cash | 761 | 753 |
Trade receivables, (including related parties of $6,440 and $5,814) net of allowance for doubtful accounts of $8,038 and $6,572 | 210,008 | 224,713 |
Assets held for sale | 301 | |
Prepaid expenses and other current assets (including related parties of $274 and $274) | 36,655 | 27,238 |
Total current assets | 374,186 | 407,923 |
Property and equipment, net of accumulated depreciation of $195,759 and $194,448 | 68,654 | 61,362 |
Intangible assets subject to amortization, net of accumulated amortization of $81,875 and $75,992 (including related parties of $3,249 and $3,714) | 60,089 | 61,811 |
Intangible assets not subject to amortization | 207,453 | 207,453 |
Goodwill | 90,706 | 86,991 |
Deferred income taxes | 2,591 | 2,591 |
Operating leases right of use asset | 45,204 | 44,413 |
Other assets | 16,273 | 8,297 |
Total assets | 865,156 | 880,841 |
Current liabilities | ||
Current maturities of long-term debt | 6,799 | 5,256 |
Accounts payable and accrued expenses (including related parties of $1,134 and $1,215) | 236,276 | 237,415 |
Operating lease liabilities | 6,397 | 5,570 |
Total current liabilities | 249,472 | 248,241 |
Long-term debt, less current maturities, net of unamortized debt issuance costs of $1,243 and $1,221 | 204,574 | 207,292 |
Long-term operating lease liabilities | 46,863 | 42,151 |
Other long-term liabilities | 14,538 | 30,198 |
Deferred income taxes | 68,502 | 67,590 |
Total liabilities | 583,949 | 595,472 |
Commitments and contingencies (note 6) | ||
Redeemable noncontrolling interest | 47,288 | |
Stockholders' equity | ||
Additional paid-in capital | 739,571 | 776,298 |
Accumulated deficit | (504,323) | (504,375) |
Accumulated other comprehensive income (loss) | (1,338) | (1,510) |
Total stockholders' equity | 233,919 | 270,422 |
Noncontrolling interest | 14,947 | |
Total equity | 233,919 | 285,369 |
Total liabilities and equity | 865,156 | 880,841 |
Class A common stock | ||
Stockholders' equity | ||
Common stock | 8 | 8 |
Class U common stock | ||
Stockholders' equity | ||
Common stock | $ 1 | $ 1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Trade receivables, related parties | $ 210,008 | $ 224,713 |
Trade receivables, allowance for doubtful accounts | 8,038 | 6,572 |
Prepaid expenses and other current assets | 36,655 | 27,238 |
Property and equipment, accumulated depreciation | 195,759 | 194,448 |
Accumulated amortization of Intangible assets | 81,875 | 75,992 |
Intangible assets subject to amortization, net | 60,089 | 61,811 |
Accounts payable and accrued expenses | 236,276 | 237,415 |
Unamortized debt issuance costs | 1,243 | 1,221 |
Related Parties | ||
Trade receivables, related parties | 10,693 | 5,814 |
Prepaid expenses and other current assets | 274 | 274 |
Intangible assets subject to amortization, net | 3,249 | 3,714 |
Accounts payable and accrued expenses | $ 1,134 | $ 1,215 |
Class A common stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 260,000,000 | 260,000,000 |
Common stock, shares issued | 78,617,017 | 78,172,827 |
Common stock, shares outstanding | 78,617,017 | 78,172,827 |
Class B common stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
Class U common stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 9,352,729 | 9,352,729 |
Common stock, shares outstanding | 9,352,729 | 9,352,729 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net revenue | $ 273,381 | $ 221,695 | $ 512,387 | $ 418,867 |
Expenses: | ||||
Cost of revenue | 195,836 | 144,965 | 363,592 | 274,856 |
Direct operating expenses (including related parties of $1,543, $1,752, $2,964 and $3,328) (including non-cash stock-based compensation of $2,725, $939, $4,581 and $1,897) | 33,065 | 29,596 | 62,927 | 57,419 |
Selling, general and administrative expenses | 23,565 | 17,775 | 46,333 | 33,814 |
Corporate expenses (including non-cash stock-based compensation of $3,243, $1,697, $5,440 and $3,312) | 12,042 | 8,520 | 22,544 | 17,244 |
Depreciation and amortization (including related parties of $232, $232, $464 and $463) | 6,509 | 6,263 | 12,980 | 12,658 |
Change in fair value of contingent consideration | 1,123 | 976 | (2,942) | 6,076 |
Foreign currency (gain) loss | 697 | 993 | (259) | 146 |
Other operating (gain) loss | (834) | (953) | ||
Operating income (loss) | 544 | 13,441 | 7,212 | 17,607 |
Interest expense | (4,306) | (2,334) | (8,334) | (4,170) |
Interest income | 1,037 | 722 | 1,897 | 1,128 |
Dividend income | 14 | 11 | 32 | 14 |
Realized gain (loss) on marketable securities | (29) | (61) | ||
Gain (loss) on debt extinguishment | (1,556) | |||
Income (loss) before income taxes | (2,740) | 11,840 | (810) | 14,579 |
Income tax benefit (expense) | 739 | (3,373) | 508 | (4,225) |
Net income (loss) | (2,001) | 8,467 | (302) | 10,354 |
Net (income) loss attributable to redeemable noncontrolling interest | 12 | 12 | ||
Net (income) loss attributable to noncontrolling interest | 342 | |||
Net income (loss) attributable to common stockholders | $ (1,989) | $ 8,467 | $ 52 | $ 10,354 |
Basic and diluted earnings per share: | ||||
Net income (loss) per share attributable to common stockholders, basic | $ (0.02) | $ 0.1 | $ 0 | $ 0.12 |
Net income (loss) per share attributable to common stockholders, diluted | (0.02) | 0.1 | 0 | 0.12 |
Cash dividends declared per common share | $ 0.05 | $ 0.03 | $ 0.1 | $ 0.05 |
Weighted average common shares outstanding, basic | 87,787,772 | 84,959,130 | 87,706,282 | 85,735,916 |
Weighted average common shares outstanding, diluted | 87,787,772 | 86,985,817 | 89,807,095 | 87,803,178 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Direct operating expenses | $ 33,065 | $ 29,596 | $ 62,927 | $ 57,419 |
Non-cash stock-based compensation | 10,021 | 5,209 | ||
Depreciation and amortization | 6,509 | 6,263 | 12,980 | 12,658 |
Related Parties | ||||
Direct operating expenses | 1,543 | 1,752 | 2,964 | 3,328 |
Depreciation and amortization | 232 | 232 | 464 | 463 |
Direct Operating Expenses | ||||
Non-cash stock-based compensation | 2,725 | 939 | 4,581 | 1,897 |
Corporate Expenses | ||||
Non-cash stock-based compensation | $ 3,243 | $ 1,697 | $ 5,440 | $ 3,312 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (2,001) | $ 8,467 | $ (302) | $ 10,354 |
Other comprehensive income (loss), net of tax: | ||||
Change in foreign currency translation | (71) | (43) | (55) | (43) |
Change in fair value of marketable securities | 101 | (1,250) | 227 | (1,533) |
Total other comprehensive income (loss) | 30 | (1,293) | 172 | (1,576) |
Comprehensive income (loss) | (1,971) | 7,174 | (130) | 8,778 |
Comprehensive (income) loss attributable to redeemable noncontrolling interests | 12 | 12 | ||
Comprehensive (income) loss attributable to noncontrolling interests | 342 | |||
Comprehensive income (loss) attributable to common stockholders | $ (1,959) | $ 7,174 | $ 224 | $ 8,778 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Class A common stock | Class B common stock | Class U common stock | Common Stock Class A common stock | Common Stock Class B common stock | Common Stock Class U common stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Balance, Beginning at Dec. 31, 2021 | $ 256,926 | $ 6 | $ 2 | $ 1 | $ 780,388 | $ (522,494) | $ (977) | |||||
Balance, Beginning, Shares at Dec. 31, 2021 | 63,116,896 | 14,127,613 | 9,352,729 | |||||||||
Issuance of common stock upon exercise of stock options or awards of restricted stock units | 218 | 218 | ||||||||||
Issuance of common stock upon exercise of stock options or awards of restricted stock units, Shares | 66,000 | |||||||||||
Tax payments related to shares withheld for share-based compensation plans | (257) | (257) | ||||||||||
Tax payments related to shares withheld for share-based compensation plans, shares | 14,955 | |||||||||||
Stock-based compensation expense | 2,573 | 2,573 | ||||||||||
Repurchase of Class A common stock | (7,142) | (7,142) | ||||||||||
Repurchase of Class A common stock, shares | (1,114,470) | 1,114,470 | ||||||||||
Retirement of treasury stock, shares | (1,114,470) | |||||||||||
Dividends paid | (2,167) | (2,167) | ||||||||||
Change in fair value of marketable securities | (283) | (283) | ||||||||||
Net income (loss) attributable to common stockholders | 1,887 | 1,887 | ||||||||||
Balance, Ending at Mar. 31, 2022 | 251,755 | $ 6 | $ 2 | $ 1 | 773,613 | (520,607) | (1,260) | |||||
Balance, Ending, Shares at Mar. 31, 2022 | 62,083,381 | 14,127,613 | 9,352,729 | |||||||||
Balance, Beginning at Dec. 31, 2021 | 256,926 | $ 6 | $ 2 | $ 1 | 780,388 | (522,494) | (977) | |||||
Balance, Beginning, Shares at Dec. 31, 2021 | 63,116,896 | 14,127,613 | 9,352,729 | |||||||||
Foreign currency translation gain (loss) | (43) | |||||||||||
Balance, Ending at Jun. 30, 2022 | 255,293 | $ 6 | $ 2 | $ 1 | 769,977 | (512,140) | (2,553) | |||||
Balance, Ending, Shares at Jun. 30, 2022 | 61,465,531 | 14,127,613 | 9,352,729 | |||||||||
Balance, Beginning at Mar. 31, 2022 | 251,755 | $ 6 | $ 2 | $ 1 | 773,613 | (520,607) | (1,260) | |||||
Balance, Beginning, Shares at Mar. 31, 2022 | 62,083,381 | 14,127,613 | 9,352,729 | |||||||||
Tax payments related to shares withheld for share-based compensation plans | (10) | (10) | ||||||||||
Tax payments related to shares withheld for share-based compensation plans, shares | 20,681 | |||||||||||
Stock-based compensation expense | 2,636 | 2,636 | ||||||||||
Repurchase of Class A common stock | (4,138) | (4,138) | ||||||||||
Repurchase of Class A common stock, shares | (638,531) | 638,531 | ||||||||||
Retirement of treasury stock, shares | (638,531) | |||||||||||
Dividends paid | (2,124) | (2,124) | ||||||||||
Change in fair value of marketable securities | (1,250) | (1,250) | ||||||||||
Foreign currency translation gain (loss) | (43) | (43) | ||||||||||
Net income (loss) attributable to common stockholders | 8,467 | 8,467 | ||||||||||
Balance, Ending at Jun. 30, 2022 | 255,293 | $ 6 | $ 2 | $ 1 | 769,977 | (512,140) | (2,553) | |||||
Balance, Ending, Shares at Jun. 30, 2022 | 61,465,531 | 14,127,613 | 9,352,729 | |||||||||
Balance, Beginning at Dec. 31, 2022 | 285,369 | $ 8 | $ 1 | 776,298 | (504,375) | (1,510) | $ 14,947 | |||||
Balance, Beginning, Shares at Dec. 31, 2022 | 78,172,827 | 0 | 9,352,729 | 78,172,827 | 9,352,729 | |||||||
Issuance of common stock upon exercise of stock options or awards of restricted stock units | 313 | 313 | ||||||||||
Issuance of common stock upon exercise of stock options or awards of restricted stock units, Shares | 164,474 | |||||||||||
Tax payments related to shares withheld for share-based compensation plans | (80) | (80) | ||||||||||
Tax payments related to shares withheld for share-based compensation plans, shares | 19,189 | |||||||||||
Stock-based compensation expense | 4,053 | 4,053 | ||||||||||
Dividends paid | (4,386) | (4,386) | ||||||||||
Distributions to noncontrolling interest | (546) | (546) | ||||||||||
Change in fair value of marketable securities | 103 | 103 | ||||||||||
OCI release due to realized gain (loss) on marketable securities. | 23 | 23 | ||||||||||
Foreign currency translation gain (loss) | 16 | 16 | ||||||||||
Net income (loss) attributable to common stockholders | 1,699 | 2,041 | (342) | |||||||||
Balance, Ending at Mar. 31, 2023 | 286,564 | $ 8 | $ 1 | 776,198 | (502,334) | (1,368) | 14,059 | |||||
Balance, Ending, Shares at Mar. 31, 2023 | 78,356,490 | 9,352,729 | ||||||||||
Balance, Beginning at Dec. 31, 2022 | 285,369 | $ 8 | $ 1 | 776,298 | (504,375) | (1,510) | 14,947 | |||||
Balance, Beginning, Shares at Dec. 31, 2022 | 78,172,827 | 0 | 9,352,729 | 78,172,827 | 9,352,729 | |||||||
Repurchase of Class A common stock | $ (11,300) | |||||||||||
Repurchase of Class A common stock, shares | 0 | |||||||||||
Foreign currency translation gain (loss) | (55) | |||||||||||
Balance, Ending at Jun. 30, 2023 | 233,919 | $ 8 | $ 1 | 739,571 | (504,323) | (1,338) | ||||||
Balance, Ending, Shares at Jun. 30, 2023 | 78,617,017 | 0 | 9,352,729 | 78,617,017 | 9,352,729 | |||||||
Balance, Beginning at Mar. 31, 2023 | 286,564 | $ 8 | $ 1 | 776,198 | (502,334) | (1,368) | 14,059 | |||||
Balance, Beginning, Shares at Mar. 31, 2023 | 78,356,490 | 9,352,729 | ||||||||||
Issuance of common stock upon exercise of stock options or awards of restricted stock units | 241 | 241 | ||||||||||
Issuance of common stock upon exercise of stock options or awards of restricted stock units, Shares | 260,527 | |||||||||||
Tax payments related to shares withheld for share-based compensation plans | (15) | (15) | ||||||||||
Stock-based compensation expense | 5,968 | 5,968 | ||||||||||
Repurchase of Class A common stock, shares | 0 | |||||||||||
Dividends paid | (4,396) | (4,396) | ||||||||||
Distributions to noncontrolling interest | (3,810) | (3,810) | ||||||||||
Change in fair value of marketable securities | 79 | 79 | ||||||||||
OCI release due to realized gain (loss) on marketable securities. | 22 | 22 | ||||||||||
Foreign currency translation gain (loss) | (71) | (71) | ||||||||||
Acquisition of noncontrolling interest | (1,374) | (750) | (624) | |||||||||
Accounting for Adsmurai transaction | (47,300) | (37,675) | $ (9,625) | |||||||||
Net income (loss) attributable to common stockholders | (1,989) | (1,989) | ||||||||||
Balance, Ending at Jun. 30, 2023 | $ 233,919 | $ 8 | $ 1 | $ 739,571 | $ (504,323) | $ (1,338) | ||||||
Balance, Ending, Shares at Jun. 30, 2023 | 78,617,017 | 0 | 9,352,729 | 78,617,017 | 9,352,729 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (302) | $ 10,354 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 12,980 | 12,658 |
Deferred income taxes | (129) | (3,213) |
Non-cash interest | 179 | 711 |
Amortization of syndication contracts | 240 | 231 |
Payments on syndication contracts | (241) | (234) |
Non-cash stock-based compensation | 10,021 | 5,209 |
(Gain) loss on marketable securities | 61 | |
(Gain) loss on disposal of property and equipment | 18 | (638) |
(Gain) loss on debt extinguishment | 1,556 | |
Change in fair value of contingent consideration | (2,942) | 6,076 |
Changes in assets and liabilities: | ||
(Increase) decrease in accounts receivable | 17,480 | 17,588 |
(Increase) decrease in prepaid expenses and other current assets, operating leases right of use asset and other assets | (3,297) | (1,252) |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 11,467 | 15,416 |
Net cash provided by operating activities | 47,091 | 62,906 |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment and intangibles | 50 | 2,671 |
Purchases of property and equipment | (14,858) | (3,209) |
Purchase of a business, net of cash acquired | (6,930) | |
Purchases of marketable securities | (10,172) | (87,239) |
Proceeds from sale of marketable securities | 28,093 | 10,499 |
Purchases of investments | (200) | |
Issuance of loan receivable | (8,086) | |
Net cash used in investing activities | (12,103) | (77,278) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 554 | 218 |
Tax payments related to shares withheld for share-based compensation plans | (95) | (267) |
Payments on debt | (213,245) | (1,500) |
Dividends paid | (8,782) | (4,291) |
Distributions to noncontrolling interest | (3,380) | |
Repurchase of Class A common stock | (11,280) | |
Payment of contingent consideration | (31,710) | (43,606) |
Pricipal payments under finance lease obligation | (76) | (39) |
Proceeds from borrowings on debt | 212,419 | |
Payments for debt issuance costs | (1,777) | |
Net cash used in financing activities | (46,092) | (60,765) |
Effect of exchange rates on cash, cash equivalents and restricted cash | 1 | (6) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (11,103) | (75,143) |
Cash, cash equivalents and restricted cash: | ||
Beginning | 111,444 | 185,843 |
Ending | 100,341 | 110,700 |
Cash payments for: | ||
Interest | 8,155 | 3,459 |
Income taxes | 3,582 | 7,438 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Capital expenditures financed through accounts payable, accrued expenses and other liabilities | 2,097 | $ 1,150 |
Fair value of contingent consideration related to acquisition and purchase of noncontrolling interest | 1,854 | |
Fair value of put and call option of redeemable noncontrolling interest | $ 47,300 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION Presentation The consolidated financial statements included herein have been prepared by Entravision Communications Corporation (the “Company”), pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to such rules and regulations. These consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s 2022 10-K for the year ended December 31, 2022. The unaudited information contained herein has been prepared on the same basis as the Company’s audited consolidated financial statements and, in the opinion of the Company’s management, includes all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the information for the periods presented. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2023 or any other future period. |
The Company and Significant Acc
The Company and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
The Company and Significant Accounting Policies | 2. THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business The Company is a global advertising solutions, media and technology company. The Company's operations encompass integrated, end-to-end advertising solutions across multiple media, comprised of digital, television and audio properties. The Company's digital segment, whose operations are located in Latin America, Europe, the United States, Asia and Africa, reaches a global market, with a focus on advertisers principally in emerging economies that wish to advertise on digital platforms owned and operated primarily by global media companies. The Company's television and audio operations reach and engage primarily U.S. Hispanics in the United States. The Company's management has determined that the Company operates in three reportable segments as of June 30, 2023, based upon the type of advertising medium: digital, television and audio. The Company's digital segment provides digital end-to-end advertising solutions that allow advertisers to reach online users worldwide. These solutions are comprised of four business units: • the Company's digital commercial partnerships business; • Smadex, the Company's programmatic ad purchasing platform; • the Company's mobile growth solutions business; and • the Company's digital audio business. Through the Company's digital commercial partnerships business – the largest of its digital business units – the Company acts as an intermediary between primarily global media companies and advertising customers or their ad agencies. The global media companies represented by the Company include Meta Platforms, or Meta (formerly known as Facebook Inc.), X Corp., or X (formerly known as Twitter, Inc.), ByteDance Ltd., or ByteDance, which owns the TikTok platform, and Spotify AB, or Spotify, as well as other media companies, in 40 countries throughout the world. The Company's dedicated local sales teams sell advertising space on these media companies' digital platforms to its advertising customers or their ad agencies for the placement of ads directed to online users of a wide range of Internet-connected devices. The Company also provides some of its advertising customers billing, technological and other support, including strategic marketing and training, which it refers to as managed services. Smadex is the Company's programmatic ad purchasing platform, on which advertisers can purchase ad inventory. This business – the purchase and sale of advertising inventory electronically – is referred to in the Company's industry as programmatic advertising. Smadex is also a “demand-side" platform, which allows advertisers to purchase space from online marketplaces on which media companies list their advertising inventory. Most advertisements acquired through Smadex are placed on mobile devices, but they may also be placed on computers and Internet-connected televisions. The Company also provides managed services to some of its advertising customers in connection with their use of its Smadex platform. The Company also offers a mobile growth solutions business, which provides managed services to advertisers looking to connect with consumers, primarily on mobile devices. This business allows the Company to manage programmatic media buys for its advertising customers or their ad agencies through multiple ad purchasing platforms in real time across multiple channels. The Company's digital audio business provides digital audio advertising solutions for advertisers in the Americas. The Company's advertising customers and their ad agencies use these solutions to promote their brands on online audio streams, and provides them with tools to target specific users by demographic and geographic categories. The Company also has a diversified media portfolio that targets primarily Hispanic audiences. The Company owns and/or operates 49 primary television stations located primarily in California, Colorado, Connecticut, Florida, Kansas, Massachusetts, Nevada, New Mexico, Texas and Washington, D.C. The Company’s television operations comprise the largest affiliate group of both the top-ranked primary Univision television network of TelevisaUnivision Inc. (“TelevisaUnivision”) and TelevisaUnivision’s UniMás network. The Company owns and operates 45 radio stations in 14 U.S. markets. Its radio stations consist of 37 FM and 8 AM stations located in Arizona, California, Colorado, Florida, Nevada, New Mexico and Texas. The Company also sells advertisements and syndicates radio programming to more than 100 markets across the United States. The Impact of the COVID-19 Pandemic on the Company’s Business The COVID-19 pandemic did not have a material effect on the Company's business, from either an operational or financial perspective, during the three- and six-month periods ended June 30, 2023. Subject to the extent and duration of possible resurgences of the pandemic from time to time and the continuing uncertain economic environment that has resulted, in part, from the pandemic, the Company anticipates that the pandemic will continue to have little or no material effect on its business, from either an operational or financial perspective, in future periods. Nonetheless, the Company cannot give any assurance whether a resurgence of the pandemic in any location where its operations have employees or in which it operates would not adversely affect its operations and/or results of operations. Restricted Cash As of June 30, 2023 and December 31, 2022, the Company’s balance she et includes $ 0.8 milli on in restricted cash, which was deposited into a separate account as collateral for the Company’s letters of credit. The Company's cash and cash equivalents and restricted cash, as presented in the Consolidated Statements of Cash Flows, was as follows (in thousands): As of June 30, 2023 2022 Cash and cash equivalents $ 99,580 $ 109,950 Restricted cash 761 750 Total as presented in the Consolidated Statements of Cash Flows $ 100,341 $ 110,700 Related Party Substantially all of the Company’s television stations are Univision- or UniMás-affiliated television stations. The network affiliation agreement with TelevisaUnivision provides certain of the Company’s owned stations the exclusive right to broadcast TelvisaUnivision’s primary Univision network and UniMás network programming in their respective markets. Under the network affiliation agreement, the Company retains the right to sell no less than four minutes per hour of the available advertising time on stations that broadcast Univision network programming, and the right to sell approximately four and a half minutes per hour of the available advertising time on stations that broadcast UniMás network programming, subject to adjustment from time to time by TelevisaUnivision. Under the network affiliation agreement, TelevisaUnivision acts as the Company’s exclusive third-party sales representative for the sale of certain national advertising on the Univision- and UniMás-affiliate television stations, and the Company pays certain sales representation fees to TelevisaUnivision relating to sales of all advertising for broadcast on its Univision- and UniMás-affiliate television stations. During the three-month periods ended June 30, 2023 and 2022, the amount the Company paid TelevisaUnivision in this capacity w as $ 1.5 million and $ 1.8 million, respectively. During the six-month periods ended June 30, 2023 and 2022, the amount the Company paid TelevisaUnivision in this capacity w as $ 3.0 milli on and $ 3.3 million, respectively. These amounts were included in Direct Operating Expenses in the Company's Condensed Consolidated Statements of Operations. The Company also generates revenue under two marketing and sales agreements with TelevisaUnivision, which give it the right to manage the marketing and sales operations of TelevisaUnivision-owned Univision affiliates in three markets – Albuquerque, Boston and Denver. Under the Company’s current proxy agreement with TelevisaUnivision, the Company grants TelevisaUnivision the right to negotiate the terms of retransmission consent agreements for its Univision- and UniMás-affiliated television station signals. Among other things, the proxy agreement provides terms relating to compensation to be paid to the Company by TelevisaUnivision with respect to retransmission consent agreements entered into with multichannel video programming distributors, (“MVPDs”). As of June 30, 2023, the amount due to the Company from TelevisaUni vision was $ 10.7 million re lated to the agreements for the carriage of its Univision and UniMás-affiliated television station signals. During the three-month periods ended June 30, 2023 and 2022, retransmission consent revenue accounted fo r $ 9.3 million and $ 9.0 million, respectively, of which $ 6.5 million and $ 6.2 million, respectively, relate to the TelevisaUnivision proxy agreement. During the six-month periods ended June 30 , 2023 and 2022, retransmission consent revenue accounted for $ 18.9 million and $ 18.2 million, respectively, of which $ 13.1 million and $ 12.5 million, respectively, relate to the TelevisaUnivision proxy agreement. On October 2, 2017, the Company entered into the current affiliation agreement with TelevisaUnivision, which superseded and replaced the Company's prior affiliation agreements with TelevisaUnivision. Additionally, on the same date, the Company entered into the current proxy agreement and current marketing and sales agreements with TelevisaUnivision, each of which superseded and replaced the prior comparable agreements with TelevisaUnivision. The term of each of these current agreements expires on December 31, 2026 for all of the Univision and UniMás network affiliate stations, except that each current agreement expired on December 31, 2021 with respect to the Univision and UniMás network affiliate stations in Orlando, Tampa and Washington, D.C. TelevisaUnivision currently owns approximat ely 11 % of the Company’s common stock on a fully-converted basis. The Company’s Class U common stock, all of which is held by TelevisaUnivision, has limited voting rights and does not include the right to elect directors. Each share of Class U common stock is automatically convertible into one share of the Company’s Class A common stock (subject to adjustment for stock splits, dividends or combinations) in connection with any transfer of such shares of Class U common stock to a third party that is not an affiliate of TelevisaUnivision. In addition, as the holder of all of the Company’s issued and outstanding Class U common stock, so long as TelevisaUnivision holds a certain number of shares of Class U common stock, the Company may not, without the consent of TelevisaUnivision, merge, consolidate or enter into a business combination, dissolve or liquidate the Company or dispose of any interest in any Federal Communications Commission (“FCC”) license with respect to television stations which are affiliates of TelevisaUnivision, among other things. Stock-Based Compensation The Company measures all stock-based awards using a fair value method and recognizes the related stock-based compensation expense in the consolidated financial statements over the requisite service period. As stock-based compensation expense recognized in the Company’s consolidated financial statements is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Stock-based compensation expense was $ 6.0 million and $ 2.6 million for the three-month periods ended June 30, 2023 and 2022, respectively. Stock-based compensation expense was $ 10.0 million and $ 5.2 million for the six-month periods ended June 30, 2023 and 2022, respectively. Restricted Stock Units Stock-based compensation expense related to restricted stock units is based on the fair value of the Company’s stock price on the date of grant and is amortized over the vesting period, generally between 1 to 4 years . The following is a summary of non-vested restricted stock units granted (in thousands, except grant date fair value data): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Restricted stock units granted 200 122 3,814 175 Weighted average fair value $ 4.66 $ 5.13 $ 6.53 $ 5.41 The 2023 restricted stock units reflect the annual grant, which was made in February 2023, and the Board of Directors grant, which was made in June 2023. In previous years, the annual grant was typically in December of the same year. As of June 30, 2023, there w as $ 24.6 million of total unrecognized compensation expense related to grants of restricted stock units that is expected to be recognized over a weighted-average period of 1.7 y ears. 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, 2023 2022 2023 2022 Basic earnings per share: Numerator: Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,467 $ 52 $ 10,354 Denominator: Weighted average common shares outstanding 87,787,772 84,959,130 87,706,282 85,735,916 Per share: Net income (loss) per share attributable to common stockholders $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.12 Diluted earnings per share: Numerator: Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,467 $ 52 $ 10,354 Denominator: Weighted average common shares outstanding 87,787,772 84,959,130 87,706,282 85,735,916 Dilutive securities: Stock options and restricted stock units - 2,026,687 2,100,813 2,067,262 Diluted shares outstanding 87,787,772 86,985,817 89,807,095 87,803,178 Per share: Net income (loss) per share attributable to common stockholders $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.12 For the three-month period ended June 30, 2023, all dilutive securities have been excluded as their inclusion would have had an antidilutive effect on loss per share. The number of securities whose conversion would result in an incremental number of shares that would be included in determining the weighted average shares outstanding for diluted earnings per share if their effect was not antidilutive was 2,038,928 equivalent shares of dilutive securities for the three-month period ended June 30, 2023. For the six-month period ended June 30, 2023, a tota l of 1,122,655 shares of dilutive securities were not included in the computation of diluted income per share because the exercise prices of the dilutive securities were greater than the average market price of the common shares. For the three- and six-month periods ended June 30, 2022, a total of 81,700 and 49,556 shares, respectively, of dilutive securities were not included in the computation of diluted income per share because the exercise prices of the dilutive securities were greater than the average market price of the common shares. Treasury Stock On March 1, 2022, the Company's Board of Directors approved a share repurchase of up to $ 20 million of the Company's common stock. Under this share repurchase program, the Company is authorized to purchase shares of its common stock from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors. On the same date, the Board terminated the Company's previous share repurchase program of up to $ 45 million of the Company's common stock. In the three- and six-month periods ended June 30, 2023 , the Company did no t repurchase any shares of its Class A common stock. As of June 30 , 2023 , the Company has repurchased a total of 1.8 million shares of its Class A common stock under the current share repurchase program for an aggregate purchase price of $ 11.3 million, or an average price per share of $ 6.43 . All such repurchased shares were retired as of June 30 , 2023. Treasury stock is included as a deduction from equity in the Stockholders’ Equity section of the Condensed Consolidated Balance Sheets. Shares repurchased pursuant to the Company’s share repurchase program are retired during the same calendar year. 2017 Credit Facility The following discussion pertains to the Company’s previous credit facility (the "2017 Credit Facility") and the agreement, as amended (the “2017 Credit Agreement”), governing the 2017 Credit Facility. It does not purport to be a complete discussion of the full terms and conditions of the 2017 Credit Facility or the 2017 Credit Agreement. For more information, please refer to the 2017 Credit Agreement itself . The 2017 Credit Agreement was amended and restated as of March 17, 2023, when the Company entered into the Amended and Restated Credit Agreement (the "2023 Credit Agreement"), establishing its current credit facility (the "2023 Credit Facility"). A discussion of the 2023 Credit Facility and the 2023 Credit Agreement follows this discussion. On November 30, 2017 (the “2017 Closing Date”), the Company entered into the 2017 Credit Facility pursuant to the 2017 Credit Agreement. The 2017 Credit Facility consisted of a $ 300.0 million senior secured Term Loan B Facility (the “Term Loan B Facility”), which was drawn in full on the 2017 Closing Date. Borrowings under the Term Loan B Facility were used on the 2017 Closing Date (a) to repay in full all of the outstanding obligations of the Company and its subsidiaries under the Company’s previous credit facility and to terminate the credit agreement relating thereto, (b) to pay fees and expenses in connection with the 2017 Credit Facility, and (c) for general corporate purposes. The 2017 Credit Facility was guaranteed on a senior secured basis by certain of the Company’s existing and future wholly-owned domestic subsidiaries, and was secured on a first priority basis by the Company’s and those subsidiaries’ assets. The Company’s borrowings under the 2017 Credit Facility bore interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either: (i) the Eurodollar Rate (as defined in the 2017 Credit Agreement) plus 2.75 %; or (ii) the Base Rate (as defined in the 2017 Credit Agreement) plus 1.75 %. As of March 16, 2023, the interest rate on the Company's Term Loan B was 7.38 %. The Term Loan B Facility had an expiration date on November 30, 2024 (the “Original Maturity Date”). The amounts outstanding under the 2017 Credit Facility could be prepaid at the Company’s option without premium or penalty, provided that certain limitations were observed, and subject to customary breakage fees in connection with the prepayment of a LIBOR rate loan. The principal amount of the Term Loan B Facility was to be paid in installments on the dates and in the respective amounts set forth in the 2017 Credit Agreement, with the final balance due on the Original Maturity Date. As further discussed below, on March 17, 2023, the Company repaid in full all of the outstanding obligations under the 2017 Credit Agreement and accounted for this repayment as an extinguishment of debt in accordance with Accounting Standards Codification (" ASC") 470, "Debt". The repayment resulted in a loss on debt extinguishment of $ 1.6 million, which included a write-off of unamortized debt issuance costs in the amount of $ 1.1 million. 2023 Credit Facility The following discussion pertains to the 2023 Credit Facility and the 2023 Credit Agreement. It does not purport to be a complete discussion of the full terms and conditions of the 2023 Credit Facility or the 2023 Credit Agreement. For more information, please refer to the 2023 Credit Agreement itself. On March 17, 2023 (the “2023 Closing Date”), the Company entered into the 2023 Credit Facility, pursuant to the 2023 Credit Agreement, by and among the Company, Bank of America, N.A., as Administrative Agent (the “Agent”), and the other financial institutions party thereto as Lenders (collectively, the “Lenders” and individually each a “Lender”). As provided for in the 2023 Credit Agreement, the 2023 Credit Facility consists of (i) a $ 200.0 million senior secured Term A Facility (the "Term A Facility"), which was drawn in full on the 2023 Closing Date, and (ii) a $ 75.0 million Revolving Credit Facility (the “Revolving Credit Facility”), of which $ 11.5 million was drawn on the 2023 Closing Date. In addition, the 2023 Credit Agreement provides that the Company may increase the aggregate principal amount of the 2023 Credit Facility by an additional amount equal to $ 100.0 million plus the amount that would result in the Company’s first lien net leverage ratio (as such term is used in the 2023 Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions . Borrowings under the 2023 Credit Facility were used on the 2023 Closing Date (a) to repay in full all of the outstanding obligations of the Company and its subsidiaries under the 2017 Credit Facility, (b) to pay fees and expenses in connection the 2023 Credit Facility and (c) for general corporate purposes. The 2023 Credit Facility matures on March 17, 2028 (the “Maturity Date”). The 2023 Credit Facility is guaranteed on a senior secured basis by certain of the Company’s existing and future wholly-owned domestic subsidiaries, and secured on a first priority basis by the Company’s and those subsidiaries’ assets. The Company’s borrowings under the 2023 Credit Facility bear interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either: (i) the Term SOFR (as defined in the 2023 Credit Agreement) plus a margin between 2.50 % and 3.00 %, depending on the Total Net Leverage Ratio or (ii) the Base Rate (as defined in the 2023 Credit Agreement) plus a margin between 1.50 % and 2.00 %, depending on the Total Net Leverage Ratio. In addition, the unused portion of the Revolving Credit Facility is subject to a rate per annum between 0.30 % and 0.40 %, depending on the Total Net Leverage Ratio. As of June 30, 2023, the interest rate on the Company's Term A Facility and the drawn portion of the Revolving Credit Facility was 7.95 %. The amounts outstanding under the 2023 Credit Facility may be prepaid at the option of the Company without premium or penalty, provided that certain limitations are observed, and subject to customary breakage fees in connection with the prepayment of a Term SOFR loan. The principal amount of the Term A Facility shall be paid in installments on the dates and in the respective amounts set forth in the 2023 Credit Agreement, with the final balance due on the Maturity Date. The Company incurred debt issuance costs of $ 1.8 million associated with the 2023 Credit Facility. Debt outstanding under the 2023 Credit Facility is presented net of issuance costs on the Company's condensed consolidated balance sheets. The debt issuance costs are amortized on an effective interest basis over the term of the 2023 Credit Facility, and are included in interest expense in the Company's condensed consolidated statements of operations. Subject to certain exceptions, the 2023 Credit Agreement contains covenants that limit the ability of the Company and its restricted subsidiaries to, among other things: • incur certain liens on its property or assets; • make certain investments; • incur certain additional indebtedness; • consummate any merger, dissolution, liquidation, consolidation or sale of substantially all assets; • dispose of certain assets; • make certain restricted payments; • make certain acquisitions; • enter into substantially different lines of business; • enter into certain transactions with affiliates; • use loan proceeds to purchase or carry margin stock or for any other prohibited purpose; • change or amend the terms of organizational documents of the Company or certain restricted subsidiaries in a materially adverse way to the lenders, or change or amend the terms of certain indebtedness; • permit certain financial ratios to fall out of compliance; • enter into sale and leaseback transactions; • make prepayments of any subordinated indebtedness, subject to certain conditions; • violate the Foreign Corrupt Practices Act or other anti-bribery laws of other jurisdictions; or • change its fiscal year, or accounting policies or reporting practices. The 2023 Credit Facility also requires compliance with financial covenants related to total net leverage ratio and interest coverage ratio (calculated as set forth in the 2023 Credit Agreement). The 2023 Credit Agreement includes the following events of default and certain other customary events of default: • any revocation, termination, substantial and adverse modification, or refusal by final order to renew, any media license, or the requirement (by final non-appealable order) to sell a television or radio station, where any such event or failure is reasonably expected to have a material adverse effect; • the interruption of operations of any television or radio station for more than 96 consecutive hours during any period of seven consecutive days; • default for three ( 3 ) business days in the payment when due of principal or interest on borrowings under the 2023 Credit Facility ; • default for five ( 5 ) business days in the payment when due of any other amounts due under the 2023 Credit Facility ; • failure by the Company or any subsidiary to comply with the negative covenants (including the financial covenants) and certain other covenants contained in the 2023 Credit Agreement; • material breaches of certain representations and warranties by the Company or any subsidiary; • failure by the Company or any subsidiary to comply with certain other covenants in the 2023 Credit Agreement and related loan documents that continues for thirty ( 30 ) days (or ten ( 10 ) days in the case of failure to comply with covenants related to inspection rights of the administrative agent and lenders and permitted uses of proceeds from borrowings under the 2023 Credit Facility) after the Company’s officers first become aware of such failure or first receive written notice of such failure from any lender ; • default in the payment of other indebtedness if the amount of such indebtedness aggregates to $ 15.0 million or more, or failure to comply with the terms of any agreements related to such indebtedness if the holder or holders of such indebtedness can cause such indebtedness to be declared due and payable ; • certain events of bankruptcy or insolvency with respect to the Company or any significant subsidiary; • final judgment is entered against the Company or any restricted subsidiary in an aggregate amount over $ 15.0 million, and either enforcement proceedings are commenced by any creditor or there is a period of 30 consecutive days during which the judgment remains unpaid and no stay is in effect ; • any material provision of any agreement or instrument governing the 2023 Credit Facility ceases to be in full force and effect; • a change of control of the Company; or • the failure to create, or the cessation of, any liens contemplated by the 2023 Credit Agreement. The security agreement that the Company entered into with respect to its 2017 Credit Facility remains in effect with respect to its 2023 Credit Facility. The carrying amount of the Term Loan A Facility as of June 30, 2023 approximated its fair value and was $ 197.5 million, net of $ 1.2 million of unamortized debt issuance costs and original issue discount. As of June 30, 2023, the Company believes that it is in compliance with all covenants in the 2023 Credit Agreement. Concentrations of Credit Risk and Trade Receivables The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. From time to time, the Company has had, and may have, bank deposits in excess of Federal Deposit Insurance Corporation ("FDIC") insurance limits. As of June 30, 2023, the majority of all U.S. deposits are maintained in two financial institutions. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. In addition, to the Company's knowledge, all of the bank deposits held in banks outside of the United States are not insured. The Company’s credit risk is spread across a large number of customers in the United States, Latin America, Asia and various other countries, therefore spreading the trade receivable credit risk. The Company routinely assesses the financial strength of its customers and, as a consequence, believes that it is managing its trade receivable credit risk effectively. Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. An allowance for doubtful accounts is provided for known and anticipated credit losses, as determined by management in the course of regularly evaluating individual customer receivables. This evaluation takes into consideration of a customer’s financial condition and credit history, as well as current economic conditions. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. No interest is charged on customer accounts. Aggregate receivables from the largest five advertisers represented 6 % and 2 % of total trade receivables as of June 30, 2023 and December 31, 2022, respectively. No single advertiser represents more than 5% of the total trade receivables. Revenue from the largest advertiser represented 13 % and 16 % of total revenue for the three-month periods ended June 30, 2023 and 2022, respectively, and 13 % and 16 % of total revenue for the six-month periods ended June 30, 2023 and 2022, respectively. This advertiser pays on a frequent basis and management does not believe this concentration of credit represents a significant risk to the Company. No other advertiser represented more than 5% of the total revenue. Estimated losses for bad debts are provided for in the consolidated financial statements through a charge to expense that aggregated $ 0.7 million and $ 0.9 million for the three-month periods ended June 30, 2023 and 2022, respectively, and $ 1.7 million and $ 1.0 million for the six-month periods ended June 30, 2023 and 2022, respectively. The net charge off of bad debts aggregated $ 0.1 million and $ 0.3 million for the three-month periods ended June 30, 2023 and 2022, respectively, and $ 0.3 million and $ 0.4 million for the six-month periods ended June 30, 2023 and 2022, respectively. Dependence on Global Media Companies The Company is dependent on the continued commercial agreements with, as well as the financial and business strength of, the global media companies for which the Company acts as a commercial partner in the digital segment, as well as the companies from which it obtains programming in the television and audio segments. The Company could be at risk should any of these entities fails to perform its respective obligations to the Company or terminates its relationship with the Company. This in turn could materially adversely affect the Company’s business, results of operations and financial condition. Revenue related to a single global media company for which the Company acts as a commercial partner represented 53 % and 52 % of the Company's total revenue for the three-month periods ended June 30, 2023 and 2022, respectively, and 52 % of the Company's total revenue for each of the six -month periods ended June 30, 2023 and 2022. The Company expects that this dependence will continue. Based on communications with this media company, the Company will receive a lower rate of payment on the Company's sales made on behalf of this media company beginning in the second half of 2023, resulting in lower margins. Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. ASC 820, “Fair Value Measurements and Disclosures”, defines and establishes a framework for measuring fair value and expands disclosures about fair value measurements. In accordance with ASC 820, the Company has categorized its financial assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 3. REVENUES Revenue Recognition Revenues are recognized when control of the promised services is transferred to the Company’s customers, in an amount equal to the consideration the Company expects to be entitled to in exchange for those services. Digital Advertising. Revenue from digital advertising is earned primarily from sales of advertising that are placed by the Company's advertising customers or their ad agencies on the digital platforms of third-party media companies for which the Company acts as commercial partner or placed directly with online digital marketplaces through the Company's Smadex programmatic ad purchasing platform. Revenue in the digital segment is recognized when display or other digital advertisements record impressions on the websites and mobile and Internet-connected television apps of media companies on whose digital platforms the advertisements are placed or as the advertiser’s previously agreed-upon performance criteria are satisfied. Broadcast Advertising. Revenue related to the sale of advertising in the television and audio segments is recognized at the time of broadcast. Broadcast advertising rates are fixed based on each medium’s ability to attract audiences in demographic groups targeted by advertisers and rates can vary based on the time of day and ratings of the programming airing in that day part. Broadcast and digital advertising revenue is recognized over time in a series as a single performance obligation as the ad, impression or performance advertising is delivered per the insertion order. The Company applies the practical expedient to recognize revenue for each distinct advertising service delivered at the amount the Company has the right to invoice, which corresponds directly to the value a customer has received relative to the Company’s performance. Contracts with customers are short term in nature and billing occurs on a monthly basis with payment due in 30 days. Value added taxes collected concurrently with advertising revenue producing activities are excluded from revenue. Cash payments received prior to services being rendered result in deferred revenue, which is then recognized as revenue when the advertising time or space is actually provided. Retransmission Consent. The Company generates revenue from retransmission consent agreements that are entered into with MVPDs. The Company grants the MVPDs access to its television station signals so that they may rebroadcast the signals and charge their subscribers for this programming. Payments are received on a monthly basis based on the number of monthly subscribers. Retransmission consent revenues are considered licenses of functional intellectual property and are recognized over time utilizing the sale-based or usage-based royalty exception. The Company’s performance obligation is to provide the licensee access to the Company's intellectual property. MVPD subscribers receive and consume the content monthly as the television signal is delivered. Spectrum Usage Rights. The Company generates revenue from agreements associated with its television stations’ spectrum usage rights from a variety of sources, including but not limited to agreements with third parties to utilize excess spectrum for the broadcast of their multicast networks; charging fees to accommodate the operations of third parties, including moving channel positions or accepting interference with broadcasting operations; and modifying and/or relinquishing spectrum usage rights while continuing to broadcast through channel sharing or other arrangements. Revenue generated by spectrum usage rights agreements are recognized in accordance with the contractual fees over the term of the agreement or when the Company has relinquished all or a portion of its spectrum usage rights for a station or have relinquished its rights to operate a station on the existing channel free from interference. Other Revenue. The Company generates other revenues that are related to its broadcast operations, which primarily consist of representation fees earned by the Company’s radio national representation firm, talent fees for the Company’s on air personalities, ticket and concession sales for radio events, rent from tenants of the Company’s owned facilities, barter revenue and revenue generated under joint sales agreements. In the case of representation fees noted above, the Company does not control the distinct service, that being the commercial advertisement, prior to delivery and therefore recognizes revenue on a net basis. Similarly for joint service agreements, the Company does not own or control the station providing the airtime, and is not the principal in the arrangement, and therefore recognizes revenue on a net basis. In the case of talent fees, the on air personality is an employee of the Company and therefore the Company controls the service provided and recognizes revenue gross with an expense for fees paid to the employee. Practical Expedients and Exemptions The Company does not disclose the value of unsatisfied performance obligations when (i) contracts have an original expected length of one year or less, which applies to essentially all of the Company's advertising contracts, and (ii) variable consideration is a sales-based or usage-based royalty promised in exchange for a license of intellectual property, which applies to retransmission consent revenue. The Company applies the practical expedient to expense contract acquisition costs, such as sales commissions generated either by internal direct sales employees or through third party advertising agency intermediaries, when incurred because the amortization period is one year or less. These costs are recorded within direct operating expenses. Disaggregated Revenue The following table presents our revenues disaggregated by major source (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Digital advertising $ 229,896 $ 174,378 $ 426,378 $ 328,089 Broadcast advertising 30,983 35,347 60,610 66,804 Spectrum usage rights 2,078 1,674 4,224 3,209 Retransmission consent 9,324 9,038 18,947 18,233 Other 1,100 1,258 2,228 2,532 Total revenue $ 273,381 $ 221,695 $ 512,387 $ 418,867 Contracts are entered into directly with customers or through an advertising agency that represents the customer. Sales of advertising to customers or agencies within a station’s designated market area (“DMA”) are referred to as local revenue, whereas sales from outside the DMA are referred to as national revenue. The following table further disaggregates the Company’s broadcast advertising revenue by sales channel (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Local direct $ 5,480 $ 6,009 $ 10,788 $ 11,430 Local agency 13,687 13,017 26,559 25,570 National agency 11,816 16,321 23,263 29,804 Total revenue $ 30,983 $ 35,347 $ 60,610 $ 66,804 The following table further disaggregates the Company’s revenue by geographical region, based on the location of the sales office (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 U.S. $ 51,946 $ 59,069 $ 98,916 $ 111,340 Latin America 154,231 127,669 286,149 242,838 Asia 29,502 18,895 53,565 36,074 EMEA 37,702 16,062 73,757 28,615 Total revenue $ 273,381 $ 221,695 $ 512,387 $ 418,867 Deferred Revenue The Company records deferred revenues within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets, when cash payments are received or due in advance of its performance, including amounts which are refundable. The change in the deferred revenue balance for the six-month period ended June 30, 2023 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, offset by revenues recognized that were included in the deferred revenue balance as of December 31, 2022. The Company’s payment terms vary by the type and location of customer and the products or services offered. The term between invoicing and when payment is due is typically 30 days. For certain individual customers and customer types, the Company generally requires payment before the services are delivered to the customer. (in thousands) December 31, 2022 Increase Decrease * June 30, 2023 Deferred revenue $ 7,175 7,080 ( 7,175 ) $ 7,080 * The amount reflects revenue that was deferred as of December 31, 2022 and has been recorded as revenue in the six-month period ended June 30, 2023. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | 4. LEASES The Company’s leases are considered operating leases and primarily consist of real estate such as office space, broadcasting towers, land and land easements. A Right of Use (“ROU”) asset and lease liability is recognized as of the lease commencement date based on the present value of the future minimum lease payments over the lease term. As the implicit rate for operating leases is not readily determinable, the future minimum lease payments were discounted using an incremental borrowing rate. Due to the Company’s centralized treasury function, the Company applied a portfolio approach to discount its domestic lease obligations using its secured publicly traded U.S. dollar denominated debt instruments interpolating the duration of the debt to the remaining lease term. The incremental borrowing rate for international leases is the interest rate that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The operating leases are reflected within the condensed consolidated balance sheet as Operating leases right of use asset with the related liability presented as Operating lease liabilities and Long-term operating lease liabilities. Lease expense is recognized on a straight-line basis over the lease term. Generally, lease terms include options to renew or extend the lease. Unless the renewal option is considered reasonably certain, the exercise of any such options have been excluded from the calculation of lease liabilities. In addition, as permitted within the guidance, ROU assets and lease liabilities are not recorded for leases within an initial term of one year or less. The Company’s existing leases have remaining terms of less than one year up to 27 years . Certain of the Company’s lease agreements include rental payments based on changes in the consumer price index (“CPI”). Lease liabilities are not remeasured as a result of changes in the CPI; instead, changes in the CPI are treated as variable lease payments and recognized in the period in which the related obligation was incurred. Lease agreements do not contain any material residual value guarantees or material restrictive covenants. Certain real estate leases include additional costs such as common area maintenance (non-lease component), as well as property insurance and property taxes. These costs were excluded from future minimum lease payments as they are variable payments. As such, these costs were not part of the calculation of ROU assets and lease liabilities associated with operating leases upon transition. The Company’s corporate headquarters are located in Santa Monica, California. The Company leased approximately 16,000 square feet of space in the building housing its corporate headquarters under a lease that was most recently amended as of June 7, 2022 . The lease, as amended, provided that the Company would relocate and expand its corporate headquarters within the same building to a space consisting of approximately 38,000 square feet, at which point the term of the lease will be extended until January 31, 2034 . The Company moved into temporary premises in December 2022, and completed its relocation into the permanent premises during the second quarter of 2023. The Company also leased approximately 41,000 square feet of space in the building housing its radio network headquarters in Los Angeles, California. In 2021, the Company amended the lease to terminate it in September 2022 and paid a termination fee of $ 0.4 million in 2022. The Company leased this space on a month-to-month basis until June 2023, and then relocated all of its personnel into its new, permanent premises in Santa Monica. The types of properties required to support each of the Company’s television and radio stations typically include offices, broadcasting studios and antenna towers where broadcasting transmitters and antenna equipment are located. The majority of the Company’s office, studio and tower facilities are leased pursuant to non-cancelable long-term leases. The Company also owns the buildings and/or land used for office, studio and tower facilities at certain of its television and/or radio properties. The Company owns substantially all of the equipment used in its television and radio broadcasting business. The following table summarizes the expected future payments related to operating lease liabilities as of June 30, 2023: (in thousands) Remainder of 2023 $ 4,387 2024 9,944 2025 9,359 2026 7,730 2027 6,046 2028 and thereafter 33,847 Total minimum payments $ 71,313 Less amounts representing interest ( 17,654 ) Less amounts representing tenant improvement allowance ( 399 ) Present value of minimum lease payments 53,260 Less current operating lease liabilities ( 6,397 ) Long-term operating lease liabilities $ 46,863 The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of June 30, 2 023 were 8.8 years and 6.2 %, respectively. The weighted average remaining lease term and the weighted average discount rate used to calculate the Company’s lease liabilities as of June 30, 2022 were 9.1 years and 6.3 %, respectively . The following table summarizes operating lease payments and supplemental non-cash disclosures: Six-Month Period Ended June 30, (in thousands) 2023 2022 Cash paid for amounts included in lease liabilities: Operating cash flows from operating leases $ 4,107 $ 5,146 Non-cash additions to operating lease assets $ 4,657 $ 2,998 The following table summarizes the components of operating lease expense: Three-Month Period Three-Month Period Six-Month Period Six-Month Period Ended June 30, Ended June 30, Ended June 30, Ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 2,471 $ 2,208 $ 4,948 $ 4,373 Variable lease cost 391 274 583 592 Short-term lease cost 1,196 591 2,621 1,006 Total lease cost $ 4,058 $ 3,073 $ 8,152 $ 5,971 For the three-month period ended June 30, 2023, lease cost of $ 1.5 million, $ 2.3 million and $ 0.3 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the six-month period ended June 30, 2023, lease cost of $ 2.9 million, $ 4.6 million and $ 0.7 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the three-month perio d ended June 30, 2022, lease cost of $ 1.5 million, $ 1.4 million and $ 0.2 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. For the six-month period ended June 30, 2022, lease cost of $ 3.0 million, $ 2.7 million and $ 0.3 million, were recorded to direct operating expenses, selling, general and administrative expenses and corporate expenses, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 5. SEGMENT INFORMATION The Company’s management has determined that the Company operates in three reportable segments as of June 30, 2023, based upon the type of advertising medium, which segments are digital, television and audio. The Company’s segments results reflect information presented on the same basis that is used for internal management reporting and it is also how the chief operating decision maker evaluates the business. Digital The Company's digital segment, whose operations are located in Latin America, Europe, the United States, Asia and Africa, reaches a global market, with a focus on advertisers principally in emerging economies that wish to advertise on digital platforms owned and operated primarily by global media companies. The Company provides digital end-to-end advertising solutions that allow advertisers to reach online users worldwide. These solutions are comprised of four business units: • the Company's digital commercial partnerships business; • Smadex, the Company's programmatic ad purchasing platform; • the Company's mobile growth solutions business; and • the Company's digital audio business. Through the Company's digital commercial partnerships business – the largest of its digital business units – the Company acts as an intermediary between primarily global media companies and advertising customers or their ad agencies. The global media companies represented by the Company include Meta (formerly known as Facebook Inc.), Spotify, ByteDance and X (formerly known as Twitter, Inc.), as well as other media companies throughout the world. The Company's dedicated local sales teams sell advertising space on these and other media companies' digital platforms to its advertising customers or their ad agencies for the placement of ads directed to online users of a wide range of Internet-connected devices. The Company also provides some of its advertising customers billing, technological and other support, including strategic marketing and training, which it refers to as managed services. Smadex is the Company's programmatic ad purchasing platform, on which advertisers can purchase ad inventory. This business – the purchase and sale of advertising inventory electronically – is referred to in the Company's industry as programmatic advertising. Smadex is also a “demand-side" platform, which allows advertisers to purchase space from online marketplaces on which media companies list their advertising inventory. Most advertisements acquired through Smadex are placed on mobile devices, but they may also be placed on computers and other Internet-connected devices. The Company also provides managed services to some of its advertising customers in connection with their use of its Smadex platform. The Company also offers a mobile growth solutions business, which provides managed services to advertisers looking to connect with consumers, primarily on mobile devices. This business allows the Company to manage programmatic media buys for its advertising customers or their ad agencies through multiple ad purchasing platforms in real time across multiple channels. The Company's digital audio business provides digital audio advertising solutions for advertisers in the Americas. The Company's advertising customers and their ad agencies use these solutions to promote their brands on online audio streams, and provides them with tools to target specific users by demographic and geographic categories. Television The Company's television operations reach and engage primarily U.S. Hispanics in the United States. The Company owns and/or operates 49 primary television stations located primarily in California, Colorado, Connecticut, Florida, Kansas, Massachusetts, Nevada, New Mexico, Texas and Washington, D.C. The Company generates revenue from advertising, retransmission consent agreements and the monetization of spectrum usage rights in these markets . Audio The Company's audio operations reach and engage primarily U.S. Hispanics in the United States. The Company owns and operates 45 radio stations (37 FM and 8 AM) located primarily in Arizona, California, Colorado, Florida, Nevada, New Mexico and Texas . The Company also sells advertisements and syndicates radio programming to more than 100 markets across the United States. Separate financial data for each of the Company’s operating segments are pr ovided below. Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, foreign currency (gain) loss and other operating (gain) loss. The Company generated 81 % and 73 % of its revenue outside the United States during the three-month periods ended June 30, 2023 and 2022, respectively. The Company generated 81 % and 73 % of its revenue outside the United States during the six-month periods ended June 30, 2023 and 2022, respectively. The Company evaluates the performance of its operating segments based on the following (in thousands): Three-Month Period Six-Month Period Ended June 30, % Ended June 30, % 2023 2022 Change 2023 2022 Change Net revenue Digital $ 229,896 $ 174,378 32 % $ 426,378 $ 328,089 30 % Television 29,943 32,373 ( 8 )% 60,255 63,240 ( 5 )% Audio 13,542 14,944 ( 9 )% 25,754 27,538 ( 6 )% Consolidated 273,381 221,695 23 % 512,387 418,867 22 % Cost of revenue - digital 195,836 144,965 35 % 363,592 274,856 32 % Direct operating expenses Digital 10,283 7,843 31 % 18,293 14,976 22 % Television 15,024 14,488 4 % 29,783 28,771 4 % Audio 7,758 7,265 7 % 14,851 13,672 9 % Consolidated 33,065 29,596 12 % 62,927 57,419 10 % Selling, general and administrative expenses Digital 14,760 9,419 57 % 28,289 17,521 61 % Television 4,844 5,238 ( 8 )% 10,184 10,195 ( 0 )% Audio 3,961 3,118 27 % 7,860 6,098 29 % Consolidated 23,565 17,775 33 % 46,333 33,814 37 % Depreciation and amortization Digital 3,729 2,644 41 % 7,360 5,321 38 % Television 2,551 2,808 ( 9 )% 5,209 5,701 ( 9 )% Audio 229 811 ( 72 )% 411 1,636 ( 75 )% Consolidated 6,509 6,263 4 % 12,980 12,658 3 % Segment operating profit (loss) Digital 5,288 9,507 ( 44 )% 8,844 15,415 ( 43 )% Television 7,524 9,839 ( 24 )% 15,079 18,573 ( 19 )% Audio 1,594 3,750 ( 57 )% 2,632 6,132 ( 57 )% Consolidated 14,406 23,096 ( 38 )% 26,555 40,120 ( 34 )% Corporate expenses 12,042 8,520 41 % 22,544 17,244 31 % Change in fair value of contingent consideration 1,123 976 15 % ( 2,942 ) 6,076 * Foreign currency (gain) loss 697 993 ( 30 )% ( 259 ) 146 * Other operating (gain) loss - ( 834 ) ( 100 )% - ( 953 ) ( 100 )% Operating income (loss) 544 13,441 ( 96 )% 7,212 17,607 ( 59 )% Interest expense $ ( 4,306 ) $ ( 2,334 ) 84 % $ ( 8,334 ) $ ( 4,170 ) 100 % Interest income 1,037 722 44 % 1,897 1,128 68 % Dividend income 14 11 27 % 32 14 129 % Realized gain (loss) on marketable securities ( 29 ) - * ( 61 ) - * Gain (loss) on debt extinguishment - - * ( 1,556 ) - * Income (loss) before income taxes ( 2,740 ) 11,840 ( 123 )% ( 810 ) 14,579 ( 106 )% Capital expenditures Digital $ 1,370 $ 1,092 $ 2,481 $ 1,861 Television 2,555 676 6,875 1,136 Audio 2,371 123 5,490 411 Consolidated $ 6,296 $ 1,891 $ 14,846 $ 3,408 June 30, December 31, Total assets 2023 2022 Digital 399,474 408,027 Television 356,282 363,904 Audio 109,400 108,910 Consolidated $ 865,156 $ 880,841 * Percentage not meaningful. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. COMMITMENTS AND CONTINGENCIES The Company is subject to various outstanding claims and other legal proceedings that may arise in the ordinary course of business. In the opinion of management, any liability of the Company that may arise out of or with respect to these matters will not materially adversely affect the financial position, results of operations or cash flows of the Company. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | 7. ACQUISITIONS Adsmurai On August 5, 2022, the Company made a loan (the "Adsmurai Loan") in the principal amount of € 12,535,000 ( $ 12.8 million as of that date) to an entity affiliated with owners of a majority interest in Adsmurai, S.L. (“Adsmurai”), a company engaged in the sale and marketing of digital advertising. The loan had a two-year term, an interest rate of 5 % annually, and could be converted into 51 % of the issued and outstanding shares of stock of Adsmurai at the Company’s sole discretion. If the Company elected not to convert the loan, the borrower had the option to repay the loan at maturity either in cash or with 51 % of the issued and outstanding shares of stock of Adsmurai. As of that date, the Company determined for accounting purposes that (i) Adsmurai was a VIE because the equity investors at risk, as a group, lacked the characteristics of a controlling financial interest; and (ii) the Company was the primary beneficiary because the conversion right gave it the power to direct the activities of the entity that most significantly impacted the entity’s economic performance. The Company determined that Adsmurai was a business and accounted for its consolidation under the provisions of ASC 805, “Business Combinations”, and included Adsmurai's results of operations since the date of the loan in the Company's Consolidated Statements of Operations. The Company is in the process of completing the purchase price allocation for Adsmurai. The following is a summary of the preliminary purchase price allocation (in millions): Cash $ 7.4 Accounts receivable 11.9 Other assets 0.7 Fixed assets 2.8 Intangible assets subject to amortization 8.2 Goodwill 13.3 Current liabilities ( 14.4 ) Deferred tax ( 2.0 ) Debt ( 2.8 ) Noncontrolling interest ( 12.3 ) Convertible loan ( 12.8 ) Intangible assets subject to amortization acquired includes: Intangible Asset Estimated Fair Value (in millions) Weighted average life (in years) Advertiser relationships $ 4.7 7.0 Existing technology 2.4 5.0 Trade name 1.1 5.0 The fair value of the trade receivables is $ 11.9 million. The gross amount due under contract is $ 12.3 million, of which $ 0.4 million is expected to be uncollectable. The goodwill, which is not expected to be deductible for tax purposes, is assigned to the Company’s digital segment and is attributable to Adsmurai’s workforce and synergies from combining Adsmurai’s operations with those of the Company. On April 3, 2023 , the Company entered into an agreement (the “Adsmurai Acquisition Agreement”), among the Company and the selling stockholders of Adsmurai (the “Adsmurai Sellers”), pursuant to which the Company acquired a 51 % equity interest in Adsmurai (the “Adsmurai Acquisition”) on the same date . The Company acquired 51 % of the issued and outstanding shares of stock of Adsmurai by means of conversion of the Adsmurai Loan, for total purchase consideration of € 13.0 million ($ 14.2 million as of April 3, 2023), including interest. The Adsmurai Acquisition Agreement also contains representations, warranties, covenants and indemnities of the parties thereto. As of that date, the Company determined that Adsmurai was no longer a VIE. In connection with the Adsmurai Acquisition, the Company made a loan to entities affiliated with owners of the remaining 49 % interest in Adsmurai in the principal amount of € 7,355,500 ($ 8.1 million as of April 3, 2023) plus an additional amount of € 4,993,344 ($ 5.6 million) to be paid in the third quarter based on Adsmurai’s EBITDA for calendar year 2022 (the “New Adsmurai Loan”). The New Adsmurai Loan has a seven-year term, bears interest at a rate of 5 % annually and can be repaid upon the exercise of the option rights set forth in the Adsmurai Options Agreement (defined below). The loan receivable is recorded within Other assets in the Condensed Consolidated Balance Sheets. In connection with the Adsmurai Acquisition, the Company and the Adsmurai Sellers also entered into an Options Agreement (the “Adsmurai Options Agreement”). Subject to the terms of the Adsmurai Options Agreement, for a purchase price based on a predetermined multiple of Adsmurai’s EBITDA in the trailing four fiscal quarters, plus amounts outstanding under the Adsmurai Loan: • the Adsmurai Sellers have the right to cause the Company to purchase: o 10 % of the issued and outstanding shares of Adsmurai stock between January and March 2024; o 10 % of the issued and outstanding shares of Adsmurai stock between January and March 2025; o all of the remaining issued and outstanding shares of Adsmurai stock between January and June 2027; and • the Company has the right to purchase all of the remaining issued and outstanding shares of Adsmurai stock between January and June 2027. Applicable accounting guidance requires an equity instrument that is redeemable for cash or other assets to be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event that is not solely within the control of the issuer. As a result of the put and call option redemption feature, and because the redemption is not solely within the control of the Company, the noncontrolling interest is considered redeemable, and is classified in temporary equity within the Company’s Condensed Consolidated Balance Sheets initially at its acquisition date fair value. The noncontrolling interest is adjusted each reporting period for income (or loss) attributable to the noncontrolling interest as well as any applicable distributions made. In addition, because the noncontrolling interest is not currently redeemable, but is probable that it will become redeemable, the Company is required to adjust the amount presented in temporary equity to its redemption value at end of each reporting period. The Company has elected the immediate method to recognize changes in the redemption value as they occur and adjust the carrying amount of the redeemable noncontrolling interest to equal the redemption value at the end of each reporting period. The fair value of the redeemable noncontrolling interest, which includes the Adsmurai Options Agreement, recognized on the acquisition date was $ 47.3 million. The fair value was estimated by applying the real options approach. Key assumptions include risk-neutral expected growth rates based on management’s assessments of expected growth in EBITDA, adjusted by appropriate factors capturing their correlation with the market and volatility, discounted at a cost of debt rate. The following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Adsmurai as if the transaction had occurred on January 1, 2022. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Pro Forma: Total revenue $ 273,381 $ 236,680 $ 512,387 $ 443,275 Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,955 $ ( 97 ) $ 10,852 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic $ ( 0.02 ) $ 0.11 $ ( 0.00 ) $ 0.13 Net income (loss) per share, attributable to common stockholders, diluted $ ( 0.02 ) $ 0.10 $ ( 0.00 ) $ 0.12 Weighted average common shares outstanding, basic 87,787,772 84,959,130 87,706,282 85,735,916 Weighted average common shares outstanding, diluted 87,787,772 86,985,817 89,807,095 87,803,178 The table below presents the reconciliation of changes in redeemable noncontrolling interests (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Beginning balance $ - $ - $ - $ - Transfer of noncontrolling interest to redeemable noncontrolling interest 9,625 - 9,625 - Acquisition of redeemable noncontrolling interest 37,675 - 37,675 - Net income attributable to redeemable noncontrolling interest ( 12 ) - ( 12 ) - Ending balance $ 47,288 $ - $ 47,288 $ - Jack of Digital On August 3, 2022 , the Company made an investment of $ 0.1 million in exchange for 15 % of the issued and outstanding stock of Jack of Digital, a digital marketing services company that serves as the exclusive advertising sales partner of ByteDance in Pakistan. As of that date, the Company determined for accounting purposes that (i) Jack of Digital was a VIE because the equity investors at risk, as a group, lacked the characteristics of a controlling financial interest; and (ii) the Company was the primary beneficiary because it had the power to direct the activities of the entity that most significantly impacted the entity’s economic performance. On April 3, 2023, the Company acquired the remaining issued and outstanding stock of Jack of Digital for $ 1.1 million. Of that amount, the Company paid an initial installment payment of $ 0.5 million and the balance will be paid through December 2025. Additionally, the transaction includes a contingent earn-out payment based upon the achievement of an EBITDA target in calendar year 2026, calculated as a predetermined multiple of EBITDA for that year. The total purchase price for the acquisition, including the fair value of the contingent consideration, was $ 1.4 million. As of that date, the Company determined that Jack of Digital was no longer a VIE. The following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Jack of Digital as if the transaction had occurred on January 1, 2022. This pro forma information was adjusted to exclude acquisition fees and costs of $ 0.2 million and $ 0.3 million for the three- and six-month periods ended June 30, 2022, respectively, which were expensed in connection with the transaction. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Pro Forma: Total revenue $ 273,381 $ 222,509 $ 512,387 $ 420,243 Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,760 $ 90 $ 10,745 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.13 Net income (loss) per share, attributable to common stockholders, diluted $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.12 Weighted average common shares outstanding, basic 87,787,772 84,959,130 87,706,282 85,735,916 Weighted average common shares outstanding, diluted 87,787,772 86,985,817 89,807,095 87,803,178 The table below presents the reconciliation of changes in noncontrolling interests (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Beginning balance $ 14,059 $ - $ 14,947 $ - Distributions to noncontrolling interest ( 3,810 ) - ( 4,356 ) - Transfer of noncontrolling interest to redeemable noncontrolling interest ( 9,625 ) ( 9,625 ) Acquisition of noncontrolling interest ( 624 ) ( 624 ) Net income (loss) attributable to noncontrolling interest - - ( 342 ) - Ending balance $ - $ - $ - $ - BCNMonetize On May 19 , 2023 , the Company acquired 100 % of the issued and outstanding shares of stock of BCNMonetize, a global mobile app marketing solutions company headquartered in Barcelona . The acquisition, funded from the Company’s cash on hand, included an initial purchase price of $ 6.0 million in cash, which amount was adjusted at closing to $ 7.2 million due to customary purchase price adjustments for cash, i ndebtedness and estimated working capital . Additionally, the transaction includes contingent earn-out payments based upon the achievement of certain EBITDA targets in calendar years 2023 through 2026, calculated as a predetermined multiple of EBITDA for each of those years. The total purchase price for the acquisition, including the fair value of the contingent consideration, was $ 8.8 million. The Company is in the process of completing the purchase price allocation for BCNMonetize. The following is a summary of the preliminary purchase price allocation (in millions): Cash $ 0.8 Accounts receivable 2.8 Other assets 0.7 Intangible assets subject to amortization 4.2 Goodwill 3.5 Current liabilities ( 2.1 ) Deferred tax ( 1.1 ) Intangible assets subject to amortization acquired includes: Intangible Asset Estimated Fair Value (in millions) Weighted average life (in years) Publisher relationships $ 2.2 3.0 Advertiser relationships 1.5 1.0 Trade name 0.3 1.0 Non-Compete agreements 0.2 1.5 The fair value of the assets acquired includes trade receivables of $ 2.8 million. The gross amount due under contract was $ 2.9 million, of which $ 0.1 million was expected to be uncollectable. The goodwill, which is not expected to be deductible for tax purposes, is assigned to the Company’s digital segment and is attributable to BCNMonetize's workforce and expected synergies from combining BCNMonetize's operations with the Company's operations. As noted above, t he acquisition of BCNMonetize includes a contingent consideration arrangement that requires additional consideration to be paid by the Company to the selling stockholders of BCNMonetize, based on a pre-determined multiple of BCNMonetize's 12-month EBITDA in calendar years 2023 through 2026. The fair value of the contingent consideration recognized on the acquisition date of $ 1.6 million was estimated by applying the real options approach. Key assumptions include risk-neutral expected growth rates based on management’s assessments of expected growth in EBITDA, adjusted by appropriate factors capturing their correlation with the market and volatility, discounted at a cost of debt rate ranging from 8.2 % to 8.4 % over the three-year period. These are significant inputs that are not observable in the market, which ASC 820-10-35 refers to as Level 3 inputs. During the three-and six-month periods ended June 30, 2023, BCNMonetize generated net revenue $ 0.8 million. During the three-and six-month periods ended June 30, 2023, BCNMonetize generated de minimis net income. The following unaudited pro forma information has been prepared to give effect to the Company’s acquisition of BCNMonetize as if the acquisition had occurred on January 1, 2022. This pro forma information was adjusted to exclude acquisition fees and costs of $ 0.2 million for the six-month period ended June 30, 2023, which were expensed in connection with the acquisition. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this acquisition occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Pro Forma: Total revenue $ 276,058 $ 225,823 $ 518,400 $ 426,992 Net income (loss) attributable to common stockholders $ ( 1,380 ) $ 9,563 $ 1,593 $ 12,854 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic and diluted $ ( 0.02 ) $ 0.11 $ 0.02 $ 0.15 Weighted average common shares outstanding, basic 87,787,772 84,959,130 87,706,282 85,735,916 Weighted average common shares outstanding, diluted 87,787,772 86,985,817 89,807,095 87,803,178 The changes in the carrying amount of goodwill for each of the Company’s operating segments for the six-month period ended June 30, 2023 are as follows (in thousands): December 31, Purchase Price Additions From June 30, (in thousands) 2022 Adjustments Acquisitions 2023 Digital $ 46,442 $ 235 $ 3,480 $ 50,157 Television 40,549 - - 40,549 Consolidated $ 86,991 $ 235 $ 3,480 $ 90,706 |
The Company and Significant A_2
The Company and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
The Impact of the COVID-19 Pandemic on the Company's Business | The Impact of the COVID-19 Pandemic on the Company’s Business The COVID-19 pandemic did not have a material effect on the Company's business, from either an operational or financial perspective, during the three- and six-month periods ended June 30, 2023. Subject to the extent and duration of possible resurgences of the pandemic from time to time and the continuing uncertain economic environment that has resulted, in part, from the pandemic, the Company anticipates that the pandemic will continue to have little or no material effect on its business, from either an operational or financial perspective, in future periods. Nonetheless, the Company cannot give any assurance whether a resurgence of the pandemic in any location where its operations have employees or in which it operates would not adversely affect its operations and/or results of operations. |
Restricted Cash | Restricted Cash As of June 30, 2023 and December 31, 2022, the Company’s balance she et includes $ 0.8 milli on in restricted cash, which was deposited into a separate account as collateral for the Company’s letters of credit. The Company's cash and cash equivalents and restricted cash, as presented in the Consolidated Statements of Cash Flows, was as follows (in thousands): As of June 30, 2023 2022 Cash and cash equivalents $ 99,580 $ 109,950 Restricted cash 761 750 Total as presented in the Consolidated Statements of Cash Flows $ 100,341 $ 110,700 |
Related Party | Related Party Substantially all of the Company’s television stations are Univision- or UniMás-affiliated television stations. The network affiliation agreement with TelevisaUnivision provides certain of the Company’s owned stations the exclusive right to broadcast TelvisaUnivision’s primary Univision network and UniMás network programming in their respective markets. Under the network affiliation agreement, the Company retains the right to sell no less than four minutes per hour of the available advertising time on stations that broadcast Univision network programming, and the right to sell approximately four and a half minutes per hour of the available advertising time on stations that broadcast UniMás network programming, subject to adjustment from time to time by TelevisaUnivision. Under the network affiliation agreement, TelevisaUnivision acts as the Company’s exclusive third-party sales representative for the sale of certain national advertising on the Univision- and UniMás-affiliate television stations, and the Company pays certain sales representation fees to TelevisaUnivision relating to sales of all advertising for broadcast on its Univision- and UniMás-affiliate television stations. During the three-month periods ended June 30, 2023 and 2022, the amount the Company paid TelevisaUnivision in this capacity w as $ 1.5 million and $ 1.8 million, respectively. During the six-month periods ended June 30, 2023 and 2022, the amount the Company paid TelevisaUnivision in this capacity w as $ 3.0 milli on and $ 3.3 million, respectively. These amounts were included in Direct Operating Expenses in the Company's Condensed Consolidated Statements of Operations. The Company also generates revenue under two marketing and sales agreements with TelevisaUnivision, which give it the right to manage the marketing and sales operations of TelevisaUnivision-owned Univision affiliates in three markets – Albuquerque, Boston and Denver. Under the Company’s current proxy agreement with TelevisaUnivision, the Company grants TelevisaUnivision the right to negotiate the terms of retransmission consent agreements for its Univision- and UniMás-affiliated television station signals. Among other things, the proxy agreement provides terms relating to compensation to be paid to the Company by TelevisaUnivision with respect to retransmission consent agreements entered into with multichannel video programming distributors, (“MVPDs”). As of June 30, 2023, the amount due to the Company from TelevisaUni vision was $ 10.7 million re lated to the agreements for the carriage of its Univision and UniMás-affiliated television station signals. During the three-month periods ended June 30, 2023 and 2022, retransmission consent revenue accounted fo r $ 9.3 million and $ 9.0 million, respectively, of which $ 6.5 million and $ 6.2 million, respectively, relate to the TelevisaUnivision proxy agreement. During the six-month periods ended June 30 , 2023 and 2022, retransmission consent revenue accounted for $ 18.9 million and $ 18.2 million, respectively, of which $ 13.1 million and $ 12.5 million, respectively, relate to the TelevisaUnivision proxy agreement. On October 2, 2017, the Company entered into the current affiliation agreement with TelevisaUnivision, which superseded and replaced the Company's prior affiliation agreements with TelevisaUnivision. Additionally, on the same date, the Company entered into the current proxy agreement and current marketing and sales agreements with TelevisaUnivision, each of which superseded and replaced the prior comparable agreements with TelevisaUnivision. The term of each of these current agreements expires on December 31, 2026 for all of the Univision and UniMás network affiliate stations, except that each current agreement expired on December 31, 2021 with respect to the Univision and UniMás network affiliate stations in Orlando, Tampa and Washington, D.C. TelevisaUnivision currently owns approximat ely 11 % of the Company’s common stock on a fully-converted basis. The Company’s Class U common stock, all of which is held by TelevisaUnivision, has limited voting rights and does not include the right to elect directors. Each share of Class U common stock is automatically convertible into one share of the Company’s Class A common stock (subject to adjustment for stock splits, dividends or combinations) in connection with any transfer of such shares of Class U common stock to a third party that is not an affiliate of TelevisaUnivision. In addition, as the holder of all of the Company’s issued and outstanding Class U common stock, so long as TelevisaUnivision holds a certain number of shares of Class U common stock, the Company may not, without the consent of TelevisaUnivision, merge, consolidate or enter into a business combination, dissolve or liquidate the Company or dispose of any interest in any Federal Communications Commission (“FCC”) license with respect to television stations which are affiliates of TelevisaUnivision, among other things. |
Stock-Based Compensation | Stock-Based Compensation The Company measures all stock-based awards using a fair value method and recognizes the related stock-based compensation expense in the consolidated financial statements over the requisite service period. As stock-based compensation expense recognized in the Company’s consolidated financial statements is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Stock-based compensation expense was $ 6.0 million and $ 2.6 million for the three-month periods ended June 30, 2023 and 2022, respectively. Stock-based compensation expense was $ 10.0 million and $ 5.2 million for the six-month periods ended June 30, 2023 and 2022, respectively. Restricted Stock Units Stock-based compensation expense related to restricted stock units is based on the fair value of the Company’s stock price on the date of grant and is amortized over the vesting period, generally between 1 to 4 years . The following is a summary of non-vested restricted stock units granted (in thousands, except grant date fair value data): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Restricted stock units granted 200 122 3,814 175 Weighted average fair value $ 4.66 $ 5.13 $ 6.53 $ 5.41 The 2023 restricted stock units reflect the annual grant, which was made in February 2023, and the Board of Directors grant, which was made in June 2023. In previous years, the annual grant was typically in December of the same year. As of June 30, 2023, there w as $ 24.6 million of total unrecognized compensation expense related to grants of restricted stock units that is expected to be recognized over a weighted-average period of 1.7 y ears. |
Income (Loss) Per Share | 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, 2023 2022 2023 2022 Basic earnings per share: Numerator: Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,467 $ 52 $ 10,354 Denominator: Weighted average common shares outstanding 87,787,772 84,959,130 87,706,282 85,735,916 Per share: Net income (loss) per share attributable to common stockholders $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.12 Diluted earnings per share: Numerator: Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,467 $ 52 $ 10,354 Denominator: Weighted average common shares outstanding 87,787,772 84,959,130 87,706,282 85,735,916 Dilutive securities: Stock options and restricted stock units - 2,026,687 2,100,813 2,067,262 Diluted shares outstanding 87,787,772 86,985,817 89,807,095 87,803,178 Per share: Net income (loss) per share attributable to common stockholders $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.12 For the three-month period ended June 30, 2023, all dilutive securities have been excluded as their inclusion would have had an antidilutive effect on loss per share. The number of securities whose conversion would result in an incremental number of shares that would be included in determining the weighted average shares outstanding for diluted earnings per share if their effect was not antidilutive was 2,038,928 equivalent shares of dilutive securities for the three-month period ended June 30, 2023. For the six-month period ended June 30, 2023, a tota l of 1,122,655 shares of dilutive securities were not included in the computation of diluted income per share because the exercise prices of the dilutive securities were greater than the average market price of the common shares. For the three- and six-month periods ended June 30, 2022, a total of 81,700 and 49,556 shares, respectively, of dilutive securities were not included in the computation of diluted income per share because the exercise prices of the dilutive securities were greater than the average market price of the common shares. |
Treasury Stock | Treasury Stock On March 1, 2022, the Company's Board of Directors approved a share repurchase of up to $ 20 million of the Company's common stock. Under this share repurchase program, the Company is authorized to purchase shares of its common stock from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors. On the same date, the Board terminated the Company's previous share repurchase program of up to $ 45 million of the Company's common stock. In the three- and six-month periods ended June 30, 2023 , the Company did no t repurchase any shares of its Class A common stock. As of June 30 , 2023 , the Company has repurchased a total of 1.8 million shares of its Class A common stock under the current share repurchase program for an aggregate purchase price of $ 11.3 million, or an average price per share of $ 6.43 . All such repurchased shares were retired as of June 30 , 2023. Treasury stock is included as a deduction from equity in the Stockholders’ Equity section of the Condensed Consolidated Balance Sheets. Shares repurchased pursuant to the Company’s share repurchase program are retired during the same calendar year. |
2017 and 2023 Credit Facility | 2017 Credit Facility The following discussion pertains to the Company’s previous credit facility (the "2017 Credit Facility") and the agreement, as amended (the “2017 Credit Agreement”), governing the 2017 Credit Facility. It does not purport to be a complete discussion of the full terms and conditions of the 2017 Credit Facility or the 2017 Credit Agreement. For more information, please refer to the 2017 Credit Agreement itself . The 2017 Credit Agreement was amended and restated as of March 17, 2023, when the Company entered into the Amended and Restated Credit Agreement (the "2023 Credit Agreement"), establishing its current credit facility (the "2023 Credit Facility"). A discussion of the 2023 Credit Facility and the 2023 Credit Agreement follows this discussion. On November 30, 2017 (the “2017 Closing Date”), the Company entered into the 2017 Credit Facility pursuant to the 2017 Credit Agreement. The 2017 Credit Facility consisted of a $ 300.0 million senior secured Term Loan B Facility (the “Term Loan B Facility”), which was drawn in full on the 2017 Closing Date. Borrowings under the Term Loan B Facility were used on the 2017 Closing Date (a) to repay in full all of the outstanding obligations of the Company and its subsidiaries under the Company’s previous credit facility and to terminate the credit agreement relating thereto, (b) to pay fees and expenses in connection with the 2017 Credit Facility, and (c) for general corporate purposes. The 2017 Credit Facility was guaranteed on a senior secured basis by certain of the Company’s existing and future wholly-owned domestic subsidiaries, and was secured on a first priority basis by the Company’s and those subsidiaries’ assets. The Company’s borrowings under the 2017 Credit Facility bore interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either: (i) the Eurodollar Rate (as defined in the 2017 Credit Agreement) plus 2.75 %; or (ii) the Base Rate (as defined in the 2017 Credit Agreement) plus 1.75 %. As of March 16, 2023, the interest rate on the Company's Term Loan B was 7.38 %. The Term Loan B Facility had an expiration date on November 30, 2024 (the “Original Maturity Date”). The amounts outstanding under the 2017 Credit Facility could be prepaid at the Company’s option without premium or penalty, provided that certain limitations were observed, and subject to customary breakage fees in connection with the prepayment of a LIBOR rate loan. The principal amount of the Term Loan B Facility was to be paid in installments on the dates and in the respective amounts set forth in the 2017 Credit Agreement, with the final balance due on the Original Maturity Date. As further discussed below, on March 17, 2023, the Company repaid in full all of the outstanding obligations under the 2017 Credit Agreement and accounted for this repayment as an extinguishment of debt in accordance with Accounting Standards Codification (" ASC") 470, "Debt". The repayment resulted in a loss on debt extinguishment of $ 1.6 million, which included a write-off of unamortized debt issuance costs in the amount of $ 1.1 million. 2023 Credit Facility The following discussion pertains to the 2023 Credit Facility and the 2023 Credit Agreement. It does not purport to be a complete discussion of the full terms and conditions of the 2023 Credit Facility or the 2023 Credit Agreement. For more information, please refer to the 2023 Credit Agreement itself. On March 17, 2023 (the “2023 Closing Date”), the Company entered into the 2023 Credit Facility, pursuant to the 2023 Credit Agreement, by and among the Company, Bank of America, N.A., as Administrative Agent (the “Agent”), and the other financial institutions party thereto as Lenders (collectively, the “Lenders” and individually each a “Lender”). As provided for in the 2023 Credit Agreement, the 2023 Credit Facility consists of (i) a $ 200.0 million senior secured Term A Facility (the "Term A Facility"), which was drawn in full on the 2023 Closing Date, and (ii) a $ 75.0 million Revolving Credit Facility (the “Revolving Credit Facility”), of which $ 11.5 million was drawn on the 2023 Closing Date. In addition, the 2023 Credit Agreement provides that the Company may increase the aggregate principal amount of the 2023 Credit Facility by an additional amount equal to $ 100.0 million plus the amount that would result in the Company’s first lien net leverage ratio (as such term is used in the 2023 Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions . Borrowings under the 2023 Credit Facility were used on the 2023 Closing Date (a) to repay in full all of the outstanding obligations of the Company and its subsidiaries under the 2017 Credit Facility, (b) to pay fees and expenses in connection the 2023 Credit Facility and (c) for general corporate purposes. The 2023 Credit Facility matures on March 17, 2028 (the “Maturity Date”). The 2023 Credit Facility is guaranteed on a senior secured basis by certain of the Company’s existing and future wholly-owned domestic subsidiaries, and secured on a first priority basis by the Company’s and those subsidiaries’ assets. The Company’s borrowings under the 2023 Credit Facility bear interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either: (i) the Term SOFR (as defined in the 2023 Credit Agreement) plus a margin between 2.50 % and 3.00 %, depending on the Total Net Leverage Ratio or (ii) the Base Rate (as defined in the 2023 Credit Agreement) plus a margin between 1.50 % and 2.00 %, depending on the Total Net Leverage Ratio. In addition, the unused portion of the Revolving Credit Facility is subject to a rate per annum between 0.30 % and 0.40 %, depending on the Total Net Leverage Ratio. As of June 30, 2023, the interest rate on the Company's Term A Facility and the drawn portion of the Revolving Credit Facility was 7.95 %. The amounts outstanding under the 2023 Credit Facility may be prepaid at the option of the Company without premium or penalty, provided that certain limitations are observed, and subject to customary breakage fees in connection with the prepayment of a Term SOFR loan. The principal amount of the Term A Facility shall be paid in installments on the dates and in the respective amounts set forth in the 2023 Credit Agreement, with the final balance due on the Maturity Date. The Company incurred debt issuance costs of $ 1.8 million associated with the 2023 Credit Facility. Debt outstanding under the 2023 Credit Facility is presented net of issuance costs on the Company's condensed consolidated balance sheets. The debt issuance costs are amortized on an effective interest basis over the term of the 2023 Credit Facility, and are included in interest expense in the Company's condensed consolidated statements of operations. Subject to certain exceptions, the 2023 Credit Agreement contains covenants that limit the ability of the Company and its restricted subsidiaries to, among other things: • incur certain liens on its property or assets; • make certain investments; • incur certain additional indebtedness; • consummate any merger, dissolution, liquidation, consolidation or sale of substantially all assets; • dispose of certain assets; • make certain restricted payments; • make certain acquisitions; • enter into substantially different lines of business; • enter into certain transactions with affiliates; • use loan proceeds to purchase or carry margin stock or for any other prohibited purpose; • change or amend the terms of organizational documents of the Company or certain restricted subsidiaries in a materially adverse way to the lenders, or change or amend the terms of certain indebtedness; • permit certain financial ratios to fall out of compliance; • enter into sale and leaseback transactions; • make prepayments of any subordinated indebtedness, subject to certain conditions; • violate the Foreign Corrupt Practices Act or other anti-bribery laws of other jurisdictions; or • change its fiscal year, or accounting policies or reporting practices. The 2023 Credit Facility also requires compliance with financial covenants related to total net leverage ratio and interest coverage ratio (calculated as set forth in the 2023 Credit Agreement). The 2023 Credit Agreement includes the following events of default and certain other customary events of default: • any revocation, termination, substantial and adverse modification, or refusal by final order to renew, any media license, or the requirement (by final non-appealable order) to sell a television or radio station, where any such event or failure is reasonably expected to have a material adverse effect; • the interruption of operations of any television or radio station for more than 96 consecutive hours during any period of seven consecutive days; • default for three ( 3 ) business days in the payment when due of principal or interest on borrowings under the 2023 Credit Facility ; • default for five ( 5 ) business days in the payment when due of any other amounts due under the 2023 Credit Facility ; • failure by the Company or any subsidiary to comply with the negative covenants (including the financial covenants) and certain other covenants contained in the 2023 Credit Agreement; • material breaches of certain representations and warranties by the Company or any subsidiary; • failure by the Company or any subsidiary to comply with certain other covenants in the 2023 Credit Agreement and related loan documents that continues for thirty ( 30 ) days (or ten ( 10 ) days in the case of failure to comply with covenants related to inspection rights of the administrative agent and lenders and permitted uses of proceeds from borrowings under the 2023 Credit Facility) after the Company’s officers first become aware of such failure or first receive written notice of such failure from any lender ; • default in the payment of other indebtedness if the amount of such indebtedness aggregates to $ 15.0 million or more, or failure to comply with the terms of any agreements related to such indebtedness if the holder or holders of such indebtedness can cause such indebtedness to be declared due and payable ; • certain events of bankruptcy or insolvency with respect to the Company or any significant subsidiary; • final judgment is entered against the Company or any restricted subsidiary in an aggregate amount over $ 15.0 million, and either enforcement proceedings are commenced by any creditor or there is a period of 30 consecutive days during which the judgment remains unpaid and no stay is in effect ; • any material provision of any agreement or instrument governing the 2023 Credit Facility ceases to be in full force and effect; • a change of control of the Company; or • the failure to create, or the cessation of, any liens contemplated by the 2023 Credit Agreement. The security agreement that the Company entered into with respect to its 2017 Credit Facility remains in effect with respect to its 2023 Credit Facility. The carrying amount of the Term Loan A Facility as of June 30, 2023 approximated its fair value and was $ 197.5 million, net of $ 1.2 million of unamortized debt issuance costs and original issue discount. As of June 30, 2023, the Company believes that it is in compliance with all covenants in the 2023 Credit Agreement. |
Concentrations of Credit Risk and Trade Receivables | Concentrations of Credit Risk and Trade Receivables The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. From time to time, the Company has had, and may have, bank deposits in excess of Federal Deposit Insurance Corporation ("FDIC") insurance limits. As of June 30, 2023, the majority of all U.S. deposits are maintained in two financial institutions. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. In addition, to the Company's knowledge, all of the bank deposits held in banks outside of the United States are not insured. The Company’s credit risk is spread across a large number of customers in the United States, Latin America, Asia and various other countries, therefore spreading the trade receivable credit risk. The Company routinely assesses the financial strength of its customers and, as a consequence, believes that it is managing its trade receivable credit risk effectively. Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. An allowance for doubtful accounts is provided for known and anticipated credit losses, as determined by management in the course of regularly evaluating individual customer receivables. This evaluation takes into consideration of a customer’s financial condition and credit history, as well as current economic conditions. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. No interest is charged on customer accounts. Aggregate receivables from the largest five advertisers represented 6 % and 2 % of total trade receivables as of June 30, 2023 and December 31, 2022, respectively. No single advertiser represents more than 5% of the total trade receivables. Revenue from the largest advertiser represented 13 % and 16 % of total revenue for the three-month periods ended June 30, 2023 and 2022, respectively, and 13 % and 16 % of total revenue for the six-month periods ended June 30, 2023 and 2022, respectively. This advertiser pays on a frequent basis and management does not believe this concentration of credit represents a significant risk to the Company. No other advertiser represented more than 5% of the total revenue. Estimated losses for bad debts are provided for in the consolidated financial statements through a charge to expense that aggregated $ 0.7 million and $ 0.9 million for the three-month periods ended June 30, 2023 and 2022, respectively, and $ 1.7 million and $ 1.0 million for the six-month periods ended June 30, 2023 and 2022, respectively. The net charge off of bad debts aggregated $ 0.1 million and $ 0.3 million for the three-month periods ended June 30, 2023 and 2022, respectively, and $ 0.3 million and $ 0.4 million for the six-month periods ended June 30, 2023 and 2022, respectively. |
Dependence on Global Media Companies | Dependence on Global Media Companies The Company is dependent on the continued commercial agreements with, as well as the financial and business strength of, the global media companies for which the Company acts as a commercial partner in the digital segment, as well as the companies from which it obtains programming in the television and audio segments. The Company could be at risk should any of these entities fails to perform its respective obligations to the Company or terminates its relationship with the Company. This in turn could materially adversely affect the Company’s business, results of operations and financial condition. Revenue related to a single global media company for which the Company acts as a commercial partner represented 53 % and 52 % of the Company's total revenue for the three-month periods ended June 30, 2023 and 2022, respectively, and 52 % of the Company's total revenue for each of the six -month periods ended June 30, 2023 and 2022. The Company expects that this dependence will continue. Based on communications with this media company, the Company will receive a lower rate of payment on the Company's sales made on behalf of this media company beginning in the second half of 2023, resulting in lower margins. |
Fair Value Measurements | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. ASC 820, “Fair Value Measurements and Disclosures”, defines and establishes a framework for measuring fair value and expands disclosures about fair value measurements. In accordance with ASC 820, the Company has categorized its financial assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. Level 1 – Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the company has the ability to access at the measurement date. Level 2 – Assets and liabilities whose values are based on quoted prices for similar attributes in active markets; quoted prices in markets where trading occurs infrequently; and inputs other than quoted prices that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. 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, 2023 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 $ 25.9 — $ 25.9 — Asset-backed securities $ 0.6 — $ 0.6 — U.S. Government securities $ 0.4 — $ 0.4 — Liabilities: Contingent consideration $ 31.0 $ — — $ 31.0 December 31, 2022 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 $ 1.4 $ 1.4 $ — $ — Corporate bonds and notes $ 44.5 — $ 44.5 — Liabilities: Contingent consideration $ 63.8 $ — — $ 63.8 Nonrecurring fair value measurements: FCC licenses $ 24.5 — — $ 24.5 $ ( 1.6 ) The Company’s money market account is comprised of cash and cash equivalents, which are recorded at their fair market value within Cash and cash equivalents in the Condensed Consolidated Balance Sheets. The Company’s available for sale debt securities are comprised of corporate bonds and notes, asset-backed securities, and U.S. Government securities. The majority of the carrying value of these securities held by the Company are investment grade. These securities are valued using quoted prices for similar attributes in active markets (Level 2). Since these investments are classified as available for sale, they are recorded at their fair market value within Marketable securities in the Condensed Consolidated Balance Sheets and their unrealized gains or losses are included in other comprehensive income. Realized gains and losses from the sale of available for sale securities are included in the Condensed Statements of Operations and were determined on a specific identification basis. As of June 30, 2023, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities (in thousands): Corporate Bonds and Notes Asset-Backed Securities U.S. Government securities Amortized Cost Unrealized gains (losses) Amortized Cost Unrealized gains (losses) Amortized Cost Unrealized gains (losses) Due within a year $ 11,532 $ ( 142 ) $ - $ - $ 369 $ ( 1 ) Due after one year 14,927 ( 385 ) 585 ( 4 ) - - Total $ 26,459 $ ( 527 ) $ 585 $ ( 4 ) $ 369 $ ( 1 ) The Company’s available for sale debt securities are considered for credit losses under the guidance of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326). As of June 30, 2023 and December 31, 2022, the Company determined that a credit loss allowance is not required. Included in interest income for the three-month periods ended June 30, 2023 and 2022 was interest income related to the Company’s available for sale se curities of $ 0.3 million and $ 0.7 million, respectively. Included in interest income for the six-month periods ended June 30, 2023 and 2022 was interest income related to the Company’s available for sale securities of $ 0.8 million and $ 1.1 million, respectively. The fair value of the contingent consideration is related to the acquisitions of: • the remaining 49 % of the issued and outstanding shares of stock of a digital advertising solutions company that, together with its subsidiaries, does business under the name Cisneros Interactive ("Cisneros Interactive"). As of December 31, 2022, the contingent liability was adjusted to its fair value of $ 41.4 million, of which $ 30.0 million was a current liability and $ 11.4 million was a noncurrent liability. As of June 30, 2023 the contingent liability was adjusted to its current fair value of $ 8.0 million, of which $ 7.1 million is a current liability and $ 0.9 million is a noncurrent liability. The change in the fair value of the contingent liability during the three-month periods ended June 30, 2023 and 2022, of $ 0.6 million expense and $ 0.5 million expense, respectively, is reflected in the Consolidated Statements of Operations. The change in the fair value of the contingent liability during the six-month periods ended June 30, 2023 and 2022, of $ 5.9 million income and $ 1.0 million expense, respectively, is reflected in the Consolidated Statements of Operations. • 100 % of the issued and outstanding shares of stock of a digital advertising solutions company in Southeast Asia that, together with its subsidiaries, does business under the name MediaDonuts ("MediaDonuts"). As of December 31, 2022, the contingent liability was adjusted to its fair value of $ 22.2 million, of which $ 6.5 million was a current liability and $ 15.7 million was a noncurrent liability. As of June 30, 2023 the contingent liability was adjusted to its current fair value of $ 20.9 million, of which $ 11.0 million is a current liability and $ 9.9 million is a noncurrent liability. The change in the fair value of the contingent liability during the three-month periods ended June 30, 2023 and 2022, of $ 0.5 million expense and $ 1.7 million expense, respectively, is reflected in the Consolidated Statements of Operations. The change in the fair value of the contingent liability during the six-month periods ended June 30, 2023 and 2022, of $ 2.2 million expense and $ 3.3 million expense, respectively, is reflected in the Consolidated Statements of Operations. • 100 % of the issued and outstanding shares of stock of a digital advertising solutions company headquartered in South Africa, that, together with its subsidiaries, does business under the name 365 Digital ("365 Digital"). As of December 31, 2022, the contingent liability was adjusted to its fair value of $ 0.2 million, all of which was a noncurrent liability. As of June 30, 2023 the contingent liability fair value was $ 0.2 million, of which $ 0.1 million is a current liability and $ 0.1 million is a noncurrent liability. The change in the fair value of the contingent liability during the three-month periods ended June 30, 2023 and 2022, of de minimis expense and $ 1.2 million income, respectively, is reflected in the Consolidated Statements of Operations. The change in the fair value of the contingent liability during the six-month periods ended June 30, 2023 and 2022, of $ 0.7 million expense and $ 1.8 million expense, respectively, is reflected in the Consolidated Statements of Operations. • the remaining 85 % of the issued and outstanding shares of stock of a digital marketing services company that, together with its subsidiaries, does business under the name Jack of Digital ("Jack of Digital"). As of June 30, 2023, the contingent liability fair value was $ 0.3 million, all of which is a noncurrent liability. • 100 % of the issued and outstanding shares of stock of a global mobile app marketing solutions company that, together with its subsidiaries, does business under the name BCNMonetize ("BCNMonetize"). As of June 30, 2023, the contingent liability fair value was $ 1.6 million, of which $ 1.0 million is a current liability and $ 0.6 million is a noncurrent liability. The fair value of the contingent consideration was estimated by applying the real options approach. Key assumptions include risk-neutral expected growth rates based on management’s assessments of expected growth in EBITDA, adjusted by appropriate factors capturing their correlation with the market and volatility, discounted at a cost of debt. These are significant inputs that are not observable in the market, which ASC 820-10-35 refers to as Level 3 inputs. The following table presents the changes in the contingent consideration (in millions): Six-Month Period Ended June 30, 2023 2022 Beginning balance $ 63.8 $ 114.9 Additions from acquisitions 1.8 - Payments to sellers ( 31.7 ) ( 43.6 ) (Gain) loss recognized in earnings ( 2.9 ) 6.1 Ending balance $ 31.0 $ 77.4 As of June 30, 2023 the contingent liability fair value was included in the Condensed Consolidated Balance Sheets in the amount of $ 19.1 million as a current liability within Accounts payable and accrued expenses, and $ 11.9 million as a noncurrent liability within Other long-term liabilities. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) includes foreign currency translation adjustments and changes in the fair value of available for sale securities. The following table provides a roll-forward of accumulated other comprehensive income (loss) (in thousands): Foreign Marketable Total Accumulated other comprehensive income (loss) as of December 31, 2022 $ ( 1,345 ) $ ( 165 ) $ ( 1,510 ) Other comprehensive income (loss) 16 138 154 Income tax (expense) benefit - ( 35 ) ( 35 ) Amounts reclassified from AOCI - 31 31 Income tax (expense) benefit - ( 8 ) ( 8 ) Other comprehensive income (loss), net of tax 16 126 142 Accumulated other comprehensive income (loss) as of March 31, 2023 ( 1,329 ) ( 39 ) ( 1,368 ) Other comprehensive income (loss) ( 71 ) 106 35 Income tax (expense) benefit - ( 27 ) ( 27 ) Amounts reclassified from AOCI - 29 29 Income tax (expense) benefit - ( 7 ) ( 7 ) Other comprehensive income (loss), net of tax ( 71 ) 101 30 Accumulated other comprehensive income (loss) as of June 30, 2023 ( 1,400 ) 62 ( 1,338 ) |
Foreign Currency | Foreign Currency The Company’s reporting currency is the U.S. dollar. All transactions initiated in foreign currencies are translated into U.S. dollars in accordance with ASC 830, “Foreign Currency Matters” and the related rate fluctuation on transactions is included in the consolidated statements of operations. For foreign operations with the local currency as the functional currency, assets and liabilities are translated from the respective local currencies into U.S. dollars at the exchange rate prevailing at the balance sheet date, and equity and long term assets are translated at historical rates. Revenues and expenses are translated at the average exchange rate for the period. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive (income) loss. Based on data reported by the International Monetary Fund, Argentina has been identified as a country with a highly inflationary economy. According to GAAP, a registrant should apply highly inflationary accounting in the first reporting period after such determination. Therefore, the Company transitioned the accounting for its Argentine operations to highly inflationary status as of July 1, 2018 and, commencing that date, changed the functional currency from the Argentine peso to the U.S. dollar. |
Cost of Revenue | Cost of Revenue Cost of revenue related to the Company’s digital segment consists primarily of the costs of online media acquired from third-party media companies. |
Assets Held For Sale | Assets Held For Sale Assets are classified as held for sale when the carrying value is expected to be recovered through a sale rather than through their continued use and all of the necessary classification criteria have been met. Assets held for sale are recorded at the lower of their carrying value or estimated fair value less selling costs and classified as current assets. Depreciation is not recorded on assets classified as held for sale. |
Variable Interest Entities | Variable Interest Entities In accordance with the provisions of the Financial Accounting Standards Board or ASC 810, “Consolidation,” the Company evaluates entities for which control is achieved through means other than voting rights to determine if the Company is the primary beneficiary of a variable interest entity (a "VIE"). An entity is a VIE if it has any of the following characteristics : (1) the entity has insufficient equity to permit it to finance its activities without additional subordinated financial support; (2) equity holders, as a group, lack the characteristics of a controlling financial interest; or (3) the entity is structured with non-substantive voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company consolidates its investment in a VIE when it determines that the Company is the primary beneficiary of such entity. In determining whether it is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; and the significance of the Company’s investment and other means of participation in the VIE’s expected profits/losses. Significant judgments related to these determinations include estimates about the current and future fair values and performance of assets held by these VIEs and general market conditions. The Company may change its original assessment of a VIE upon subsequent events such as the acquisition of a majority of the equity of a previously existing VIE, the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. See Note 7 for more details. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There were no new accounting pronouncements that were issued or became effective since the issuance of the 2022 10-K that had, or are expected to have, a material impact on the Company’s consolidated financial statements. Newly Adopted Accounting Standards There were no new accounting standards that were adopted since the issuance of the 2022 10-K. |
The Company and Significant A_3
The Company and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 Consolidated Statements of Cash Flows, was as follows (in thousands): As of June 30, 2023 2022 Cash and cash equivalents $ 99,580 $ 109,950 Restricted cash 761 750 Total as presented in the Consolidated Statements of Cash Flows $ 100,341 $ 110,700 |
Summary of Non-Vested Restricted Stock Units Granted | The following is a summary of non-vested restricted stock units granted (in thousands, except grant date fair value data): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Restricted stock units granted 200 122 3,814 175 Weighted average fair value $ 4.66 $ 5.13 $ 6.53 $ 5.41 |
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, 2023 2022 2023 2022 Basic earnings per share: Numerator: Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,467 $ 52 $ 10,354 Denominator: Weighted average common shares outstanding 87,787,772 84,959,130 87,706,282 85,735,916 Per share: Net income (loss) per share attributable to common stockholders $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.12 Diluted earnings per share: Numerator: Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,467 $ 52 $ 10,354 Denominator: Weighted average common shares outstanding 87,787,772 84,959,130 87,706,282 85,735,916 Dilutive securities: Stock options and restricted stock units - 2,026,687 2,100,813 2,067,262 Diluted shares outstanding 87,787,772 86,985,817 89,807,095 87,803,178 Per share: Net income (loss) per share attributable to common stockholders $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.12 |
Fair Value of Assets and Liabilities Measured on Recurring Basis 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, 2023 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 $ 25.9 — $ 25.9 — Asset-backed securities $ 0.6 — $ 0.6 — U.S. Government securities $ 0.4 — $ 0.4 — Liabilities: Contingent consideration $ 31.0 $ — — $ 31.0 December 31, 2022 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 $ 1.4 $ 1.4 $ — $ — Corporate bonds and notes $ 44.5 — $ 44.5 — Liabilities: Contingent consideration $ 63.8 $ — — $ 63.8 Nonrecurring fair value measurements: FCC licenses $ 24.5 — — $ 24.5 $ ( 1.6 ) |
Summary of Amortized Cost and Unrealized Gains (Losses) of Available for Sale Securities | As of June 30, 2023, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities (in thousands): Corporate Bonds and Notes Asset-Backed Securities U.S. Government securities Amortized Cost Unrealized gains (losses) Amortized Cost Unrealized gains (losses) Amortized Cost Unrealized gains (losses) Due within a year $ 11,532 $ ( 142 ) $ - $ - $ 369 $ ( 1 ) Due after one year 14,927 ( 385 ) 585 ( 4 ) - - Total $ 26,459 $ ( 527 ) $ 585 $ ( 4 ) $ 369 $ ( 1 ) |
Summary of Changes in Contingent Consideration | The following table presents the changes in the contingent consideration (in millions): Six-Month Period Ended June 30, 2023 2022 Beginning balance $ 63.8 $ 114.9 Additions from acquisitions 1.8 - Payments to sellers ( 31.7 ) ( 43.6 ) (Gain) loss recognized in earnings ( 2.9 ) 6.1 Ending balance $ 31.0 $ 77.4 As of June 30, 2023 the contingent liability fair value was included in the Condensed Consolidated Balance Sheets in the amount of $ 19.1 million as a current liability within Accounts payable and accrued expenses, and $ 11.9 million as a noncurrent liability within Other long-term liabilities. |
Summary of Components of AOCI | The following table provides a roll-forward of accumulated other comprehensive income (loss) (in thousands): Foreign Marketable Total Accumulated other comprehensive income (loss) as of December 31, 2022 $ ( 1,345 ) $ ( 165 ) $ ( 1,510 ) Other comprehensive income (loss) 16 138 154 Income tax (expense) benefit - ( 35 ) ( 35 ) Amounts reclassified from AOCI - 31 31 Income tax (expense) benefit - ( 8 ) ( 8 ) Other comprehensive income (loss), net of tax 16 126 142 Accumulated other comprehensive income (loss) as of March 31, 2023 ( 1,329 ) ( 39 ) ( 1,368 ) Other comprehensive income (loss) ( 71 ) 106 35 Income tax (expense) benefit - ( 27 ) ( 27 ) Amounts reclassified from AOCI - 29 29 Income tax (expense) benefit - ( 7 ) ( 7 ) Other comprehensive income (loss), net of tax ( 71 ) 101 30 Accumulated other comprehensive income (loss) as of June 30, 2023 ( 1,400 ) 62 ( 1,338 ) |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue by Major Source, Sales Channel and by Geographical Region Based on Location of Sales Office | The following table presents our revenues disaggregated by major source (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Digital advertising $ 229,896 $ 174,378 $ 426,378 $ 328,089 Broadcast advertising 30,983 35,347 60,610 66,804 Spectrum usage rights 2,078 1,674 4,224 3,209 Retransmission consent 9,324 9,038 18,947 18,233 Other 1,100 1,258 2,228 2,532 Total revenue $ 273,381 $ 221,695 $ 512,387 $ 418,867 Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Local direct $ 5,480 $ 6,009 $ 10,788 $ 11,430 Local agency 13,687 13,017 26,559 25,570 National agency 11,816 16,321 23,263 29,804 Total revenue $ 30,983 $ 35,347 $ 60,610 $ 66,804 The following table further disaggregates the Company’s revenue by geographical region, based on the location of the sales office (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 U.S. $ 51,946 $ 59,069 $ 98,916 $ 111,340 Latin America 154,231 127,669 286,149 242,838 Asia 29,502 18,895 53,565 36,074 EMEA 37,702 16,062 73,757 28,615 Total revenue $ 273,381 $ 221,695 $ 512,387 $ 418,867 |
Summary of Deferred Revenue | (in thousands) December 31, 2022 Increase Decrease * June 30, 2023 Deferred revenue $ 7,175 7,080 ( 7,175 ) $ 7,080 * The amount reflects revenue that was deferred as of December 31, 2022 and has been recorded as revenue in the six-month period ended June 30, 2023. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Summary of Expected Future Payments Related to Lease Liabilities | The following table summarizes the expected future payments related to operating lease liabilities as of June 30, 2023: (in thousands) Remainder of 2023 $ 4,387 2024 9,944 2025 9,359 2026 7,730 2027 6,046 2028 and thereafter 33,847 Total minimum payments $ 71,313 Less amounts representing interest ( 17,654 ) Less amounts representing tenant improvement allowance ( 399 ) Present value of minimum lease payments 53,260 Less current operating lease liabilities ( 6,397 ) Long-term operating lease liabilities $ 46,863 |
Summary of Lease Payments and Supplemental Non-Cash Disclosures | The following table summarizes operating lease payments and supplemental non-cash disclosures: Six-Month Period Ended June 30, (in thousands) 2023 2022 Cash paid for amounts included in lease liabilities: Operating cash flows from operating leases $ 4,107 $ 5,146 Non-cash additions to operating lease assets $ 4,657 $ 2,998 |
Summary of Components of Lease Expense | The following table summarizes the components of operating lease expense: Three-Month Period Three-Month Period Six-Month Period Six-Month Period Ended June 30, Ended June 30, Ended June 30, Ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 2,471 $ 2,208 $ 4,948 $ 4,373 Variable lease cost 391 274 583 592 Short-term lease cost 1,196 591 2,621 1,006 Total lease cost $ 4,058 $ 3,073 $ 8,152 $ 5,971 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Separate Financial Data for Each of Company's Operating Segment | Separate financial data for each of the Company’s operating segments are pr ovided below. Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, foreign currency (gain) loss and other operating (gain) loss. The Company generated 81 % and 73 % of its revenue outside the United States during the three-month periods ended June 30, 2023 and 2022, respectively. The Company generated 81 % and 73 % of its revenue outside the United States during the six-month periods ended June 30, 2023 and 2022, respectively. The Company evaluates the performance of its operating segments based on the following (in thousands): Three-Month Period Six-Month Period Ended June 30, % Ended June 30, % 2023 2022 Change 2023 2022 Change Net revenue Digital $ 229,896 $ 174,378 32 % $ 426,378 $ 328,089 30 % Television 29,943 32,373 ( 8 )% 60,255 63,240 ( 5 )% Audio 13,542 14,944 ( 9 )% 25,754 27,538 ( 6 )% Consolidated 273,381 221,695 23 % 512,387 418,867 22 % Cost of revenue - digital 195,836 144,965 35 % 363,592 274,856 32 % Direct operating expenses Digital 10,283 7,843 31 % 18,293 14,976 22 % Television 15,024 14,488 4 % 29,783 28,771 4 % Audio 7,758 7,265 7 % 14,851 13,672 9 % Consolidated 33,065 29,596 12 % 62,927 57,419 10 % Selling, general and administrative expenses Digital 14,760 9,419 57 % 28,289 17,521 61 % Television 4,844 5,238 ( 8 )% 10,184 10,195 ( 0 )% Audio 3,961 3,118 27 % 7,860 6,098 29 % Consolidated 23,565 17,775 33 % 46,333 33,814 37 % Depreciation and amortization Digital 3,729 2,644 41 % 7,360 5,321 38 % Television 2,551 2,808 ( 9 )% 5,209 5,701 ( 9 )% Audio 229 811 ( 72 )% 411 1,636 ( 75 )% Consolidated 6,509 6,263 4 % 12,980 12,658 3 % Segment operating profit (loss) Digital 5,288 9,507 ( 44 )% 8,844 15,415 ( 43 )% Television 7,524 9,839 ( 24 )% 15,079 18,573 ( 19 )% Audio 1,594 3,750 ( 57 )% 2,632 6,132 ( 57 )% Consolidated 14,406 23,096 ( 38 )% 26,555 40,120 ( 34 )% Corporate expenses 12,042 8,520 41 % 22,544 17,244 31 % Change in fair value of contingent consideration 1,123 976 15 % ( 2,942 ) 6,076 * Foreign currency (gain) loss 697 993 ( 30 )% ( 259 ) 146 * Other operating (gain) loss - ( 834 ) ( 100 )% - ( 953 ) ( 100 )% Operating income (loss) 544 13,441 ( 96 )% 7,212 17,607 ( 59 )% Interest expense $ ( 4,306 ) $ ( 2,334 ) 84 % $ ( 8,334 ) $ ( 4,170 ) 100 % Interest income 1,037 722 44 % 1,897 1,128 68 % Dividend income 14 11 27 % 32 14 129 % Realized gain (loss) on marketable securities ( 29 ) - * ( 61 ) - * Gain (loss) on debt extinguishment - - * ( 1,556 ) - * Income (loss) before income taxes ( 2,740 ) 11,840 ( 123 )% ( 810 ) 14,579 ( 106 )% Capital expenditures Digital $ 1,370 $ 1,092 $ 2,481 $ 1,861 Television 2,555 676 6,875 1,136 Audio 2,371 123 5,490 411 Consolidated $ 6,296 $ 1,891 $ 14,846 $ 3,408 June 30, December 31, Total assets 2023 2022 Digital 399,474 408,027 Television 356,282 363,904 Audio 109,400 108,910 Consolidated $ 865,156 $ 880,841 * Percentage not meaningful. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
BCNMonetize | |
Business Acquisition [Line Items] | |
Summary of Purchase Price Allocation | The Company is in the process of completing the purchase price allocation for BCNMonetize. The following is a summary of the preliminary purchase price allocation (in millions): Cash $ 0.8 Accounts receivable 2.8 Other assets 0.7 Intangible assets subject to amortization 4.2 Goodwill 3.5 Current liabilities ( 2.1 ) Deferred tax ( 1.1 ) |
Summary of Intangible Assets Subject to Amortization Acquired | Intangible assets subject to amortization acquired includes: Intangible Asset Estimated Fair Value (in millions) Weighted average life (in years) Publisher relationships $ 2.2 3.0 Advertiser relationships 1.5 1.0 Trade name 0.3 1.0 Non-Compete agreements 0.2 1.5 |
Schedule of Unaudited Pro Forma Information | The following unaudited pro forma information has been prepared to give effect to the Company’s acquisition of BCNMonetize as if the acquisition had occurred on January 1, 2022. This pro forma information was adjusted to exclude acquisition fees and costs of $ 0.2 million for the six-month period ended June 30, 2023, which were expensed in connection with the acquisition. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this acquisition occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Pro Forma: Total revenue $ 276,058 $ 225,823 $ 518,400 $ 426,992 Net income (loss) attributable to common stockholders $ ( 1,380 ) $ 9,563 $ 1,593 $ 12,854 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic and diluted $ ( 0.02 ) $ 0.11 $ 0.02 $ 0.15 Weighted average common shares outstanding, basic 87,787,772 84,959,130 87,706,282 85,735,916 Weighted average common shares outstanding, diluted 87,787,772 86,985,817 89,807,095 87,803,178 |
Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for each of the Company’s operating segments for the six-month period ended June 30, 2023 are as follows (in thousands): December 31, Purchase Price Additions From June 30, (in thousands) 2022 Adjustments Acquisitions 2023 Digital $ 46,442 $ 235 $ 3,480 $ 50,157 Television 40,549 - - 40,549 Consolidated $ 86,991 $ 235 $ 3,480 $ 90,706 |
Adsmurai, S.L | |
Business Acquisition [Line Items] | |
Summary of Purchase Price Allocation | The following is a summary of the preliminary purchase price allocation (in millions): Cash $ 7.4 Accounts receivable 11.9 Other assets 0.7 Fixed assets 2.8 Intangible assets subject to amortization 8.2 Goodwill 13.3 Current liabilities ( 14.4 ) Deferred tax ( 2.0 ) Debt ( 2.8 ) Noncontrolling interest ( 12.3 ) Convertible loan ( 12.8 ) |
Summary of Intangible Assets Subject to Amortization Acquired | Intangible assets subject to amortization acquired includes: Intangible Asset Estimated Fair Value (in millions) Weighted average life (in years) Advertiser relationships $ 4.7 7.0 Existing technology 2.4 5.0 Trade name 1.1 5.0 |
Reconciliation of Changes in Redeemable Noncontrolling Interests | The table below presents the reconciliation of changes in redeemable noncontrolling interests (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Beginning balance $ - $ - $ - $ - Transfer of noncontrolling interest to redeemable noncontrolling interest 9,625 - 9,625 - Acquisition of redeemable noncontrolling interest 37,675 - 37,675 - Net income attributable to redeemable noncontrolling interest ( 12 ) - ( 12 ) - Ending balance $ 47,288 $ - $ 47,288 $ - |
Schedule of Unaudited Pro Forma Information | The following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Adsmurai as if the transaction had occurred on January 1, 2022. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Pro Forma: Total revenue $ 273,381 $ 236,680 $ 512,387 $ 443,275 Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,955 $ ( 97 ) $ 10,852 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic $ ( 0.02 ) $ 0.11 $ ( 0.00 ) $ 0.13 Net income (loss) per share, attributable to common stockholders, diluted $ ( 0.02 ) $ 0.10 $ ( 0.00 ) $ 0.12 Weighted average common shares outstanding, basic 87,787,772 84,959,130 87,706,282 85,735,916 Weighted average common shares outstanding, diluted 87,787,772 86,985,817 89,807,095 87,803,178 |
Jack of Digital | |
Business Acquisition [Line Items] | |
Reconciliation of Changes in Redeemable Noncontrolling Interests | The table below presents the reconciliation of changes in noncontrolling interests (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Beginning balance $ 14,059 $ - $ 14,947 $ - Distributions to noncontrolling interest ( 3,810 ) - ( 4,356 ) - Transfer of noncontrolling interest to redeemable noncontrolling interest ( 9,625 ) ( 9,625 ) Acquisition of noncontrolling interest ( 624 ) ( 624 ) Net income (loss) attributable to noncontrolling interest - - ( 342 ) - Ending balance $ - $ - $ - $ - |
Schedule of Unaudited Pro Forma Information | The following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Jack of Digital as if the transaction had occurred on January 1, 2022. This pro forma information was adjusted to exclude acquisition fees and costs of $ 0.2 million and $ 0.3 million for the three- and six-month periods ended June 30, 2022, respectively, which were expensed in connection with the transaction. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Pro Forma: Total revenue $ 273,381 $ 222,509 $ 512,387 $ 420,243 Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,760 $ 90 $ 10,745 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.13 Net income (loss) per share, attributable to common stockholders, diluted $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.12 Weighted average common shares outstanding, basic 87,787,772 84,959,130 87,706,282 85,735,916 Weighted average common shares outstanding, diluted 87,787,772 86,985,817 89,807,095 87,803,178 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Adsmurai | |
Variable Interest Entity [Line Items] | |
Summary of Preliminary Purchase Price Allocation | The following is a summary of the preliminary purchase price allocation (in millions): Cash $ 7.4 Accounts receivable 11.9 Other assets 0.7 Fixed assets 2.8 Intangible assets subject to amortization 8.2 Goodwill 13.3 Current liabilities ( 14.4 ) Deferred tax ( 2.0 ) Debt ( 2.8 ) Noncontrolling interest ( 12.3 ) Convertible loan ( 12.8 ) |
Summary of Intangible Assets Subject to Amortization Acquired | Intangible assets subject to amortization acquired includes: Intangible Asset Estimated Fair Value (in millions) Weighted average life (in years) Advertiser relationships $ 4.7 7.0 Existing technology 2.4 5.0 Trade name 1.1 5.0 |
Schedule of Unaudited Pro Forma Information | The following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Adsmurai as if the transaction had occurred on January 1, 2022. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Pro Forma: Total revenue $ 273,381 $ 236,680 $ 512,387 $ 443,275 Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,955 $ ( 97 ) $ 10,852 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic $ ( 0.02 ) $ 0.11 $ ( 0.00 ) $ 0.13 Net income (loss) per share, attributable to common stockholders, diluted $ ( 0.02 ) $ 0.10 $ ( 0.00 ) $ 0.12 Weighted average common shares outstanding, basic 87,787,772 84,959,130 87,706,282 85,735,916 Weighted average common shares outstanding, diluted 87,787,772 86,985,817 89,807,095 87,803,178 |
Reconciliation of Changes in Noncontrolling Interests | The table below presents the reconciliation of changes in redeemable noncontrolling interests (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Beginning balance $ - $ - $ - $ - Transfer of noncontrolling interest to redeemable noncontrolling interest 9,625 - 9,625 - Acquisition of redeemable noncontrolling interest 37,675 - 37,675 - Net income attributable to redeemable noncontrolling interest ( 12 ) - ( 12 ) - Ending balance $ 47,288 $ - $ 47,288 $ - |
Jack of Digital | |
Variable Interest Entity [Line Items] | |
Schedule of Unaudited Pro Forma Information | The following unaudited pro forma information has been prepared to give effect to the Company’s consolidation of Jack of Digital as if the transaction had occurred on January 1, 2022. This pro forma information was adjusted to exclude acquisition fees and costs of $ 0.2 million and $ 0.3 million for the three- and six-month periods ended June 30, 2022, respectively, which were expensed in connection with the transaction. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had this transaction occurred on such date, nor does it purport to predict the results of operations for any future periods. In thousands, except share and per share data Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Pro Forma: Total revenue $ 273,381 $ 222,509 $ 512,387 $ 420,243 Net income (loss) attributable to common stockholders $ ( 1,989 ) $ 8,760 $ 90 $ 10,745 Basic and diluted earnings per share: Net income (loss) per share, attributable to common stockholders, basic $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.13 Net income (loss) per share, attributable to common stockholders, diluted $ ( 0.02 ) $ 0.10 $ 0.00 $ 0.12 Weighted average common shares outstanding, basic 87,787,772 84,959,130 87,706,282 85,735,916 Weighted average common shares outstanding, diluted 87,787,772 86,985,817 89,807,095 87,803,178 |
Reconciliation of Changes in Noncontrolling Interests | The table below presents the reconciliation of changes in noncontrolling interests (in thousands): Three-Month Period Six-Month Period Ended June 30, Ended June 30, 2023 2022 2023 2022 Beginning balance $ 14,059 $ - $ 14,947 $ - Distributions to noncontrolling interest ( 3,810 ) - ( 4,356 ) - Transfer of noncontrolling interest to redeemable noncontrolling interest ( 9,625 ) ( 9,625 ) Acquisition of noncontrolling interest ( 624 ) ( 624 ) Net income (loss) attributable to noncontrolling interest - - ( 342 ) - Ending balance $ - $ - $ - $ - |
The Company and Significant A_4
The Company and Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 16 Months Ended | |||||||||
Mar. 17, 2023 USD ($) | Mar. 16, 2023 | Nov. 30, 2017 USD ($) | Jun. 30, 2023 USD ($) Market Advertiser Country AdvertisingCustomer Unit shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) Market Station Advertiser AdvertisingCustomer Country Segment Unit $ / shares shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) Advertiser | Jun. 30, 2023 USD ($) Market Advertiser Country AdvertisingCustomer Unit shares | May 19, 2023 USD ($) | Apr. 03, 2023 | Mar. 01, 2022 USD ($) | |
Accounting Policies [Line Items] | |||||||||||||
Number of reportable segments | Segment | 3 | ||||||||||||
Number of business units | Unit | 4 | 4 | 4 | ||||||||||
Sales Operations in Number of Countries | Country | 40 | 40 | 40 | ||||||||||
Restricted cash | $ 761,000 | $ 750,000 | $ 761,000 | $ 750,000 | $ 753,000 | $ 761,000 | |||||||
Retransmission consent revenue | 9,300,000 | 9,000,000 | $ 18,900,000 | 18,200,000 | |||||||||
Number of Class A common stock shares converted | shares | 1 | ||||||||||||
Share-based compensation expenses | $ 6,000,000 | $ 2,600,000 | $ 10,000,000 | $ 5,200,000 | |||||||||
Shares of dilutive securities not included in computation of diluted earnings per share | shares | 2,038,928 | 81,700 | 1,122,655 | 49,556 | |||||||||
Amount approved under share purchase | $ 20,000,000 | ||||||||||||
Aggregate purchase price of repurchased shares | $ 4,138,000 | $ 7,142,000 | |||||||||||
Gain (loss) on debt extinguishment | $ (1,556,000) | ||||||||||||
Unamortized debt issuance costs | $ 1,243,000 | $ 1,243,000 | $ 1,221,000 | $ 1,243,000 | |||||||||
Number of advertisers represent more than five percent of trade receivables | Advertiser | 0 | 0 | 0 | ||||||||||
Number of advertising customer represented more than five percent of revenue | AdvertisingCustomer | 0 | 0 | 0 | ||||||||||
Estimated losses for bad debts | $ 700,000 | 900,000 | $ 1,700,000 | $ 1,000,000 | |||||||||
Bad debts actually charged off | 100,000 | 300,000 | 300,000 | 400,000 | |||||||||
Interest income related to available-for-sale securities | 1,037,000 | 722,000 | 1,897,000 | 1,128,000 | |||||||||
Change in fair value of contingent consideration | 1,123,000 | $ 976,000 | (2,942,000) | $ 6,076,000 | |||||||||
Accounts Payable and Accrued Expenses | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Contingent Liability, Current | 19,100,000 | 19,100,000 | $ 19,100,000 | ||||||||||
Other Long-term Liabilities | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Contingent Liability, Noncurrent | 11,900,000 | 11,900,000 | 11,900,000 | ||||||||||
Related Parties | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Amount due from television stations for carriage | $ 10,700,000 | $ 10,700,000 | $ 10,700,000 | ||||||||||
Customer Concentration Risk | Revenue | Commercial Partner | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Concentration risk percentage | 53% | 52% | 52% | 52% | |||||||||
Largest Advertisers | Customer Concentration Risk | Trade Receivables | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Number of largest advertisers | Advertiser | 5 | 5 | 5 | 5 | |||||||||
Concentration risk percentage | 6% | 2% | |||||||||||
Largest Advertisers | Customer Concentration Risk | Revenue | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Concentration risk percentage | 13% | 16% | 13% | 16% | |||||||||
Cisneros Interactive | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Remaining ownership interest acquired | 49% | 49% | 49% | ||||||||||
Fair value of contingent consideration recognized | $ 8,000,000 | $ 8,000,000 | $ 41,400,000 | $ 8,000,000 | |||||||||
Contingent Liability, Current | 7,100,000 | 7,100,000 | 30,000,000 | 7,100,000 | |||||||||
Contingent Liability, Noncurrent | 900,000 | 900,000 | 11,400,000 | $ 900,000 | |||||||||
Change in fair value of contingent consideration | $ 600,000 | $ 500,000 | $ 5,900,000 | $ 1,000,000 | |||||||||
MediaDonuts | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Ownership interest acquired | 100% | 100% | 100% | ||||||||||
Fair value of contingent consideration recognized | $ 20,900,000 | $ 20,900,000 | 22,200,000 | $ 20,900,000 | |||||||||
Contingent Liability, Current | 11,000,000 | 11,000,000 | 6,500,000 | 11,000,000 | |||||||||
Contingent Liability, Noncurrent | 9,900,000 | 9,900,000 | 15,700,000 | $ 9,900,000 | |||||||||
Change in fair value of contingent consideration | $ 500,000 | 1,700,000 | $ 2,200,000 | 3,300,000 | |||||||||
365 Digital | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Ownership interest acquired | 100% | 100% | 100% | ||||||||||
Fair value of contingent consideration recognized | $ 200,000 | $ 200,000 | 200,000 | $ 200,000 | |||||||||
Contingent Liability, Current | 100,000 | 100,000 | 100,000 | ||||||||||
Contingent Liability, Noncurrent | 100,000 | 100,000 | $ 200,000 | $ 100,000 | |||||||||
Change in fair value of contingent consideration | $ 1,200,000 | 1,200,000 | $ 700,000 | 1,800,000 | |||||||||
Adsmurai Acquisition | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Ownership interest acquired | 51% | ||||||||||||
Jack of Digital Acquisition | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Ownership interest acquired | 85% | 85% | 85% | ||||||||||
Fair value of contingent consideration recognized | $ 300,000 | $ 300,000 | $ 300,000 | ||||||||||
Contingent Liability, Noncurrent | $ 300,000 | $ 300,000 | $ 300,000 | ||||||||||
BCNMonetize | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Ownership interest acquired | 100% | 100% | 100% | 100% | |||||||||
Fair value of contingent consideration recognized | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | |||||||||
Contingent Liability, Current | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||
Contingent Liability, Noncurrent | 600,000 | 600,000 | 600,000 | ||||||||||
Available-for-Sale Securities | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Interest income related to available-for-sale securities | 300,000 | 700,000 | $ 800,000 | 1,100,000 | |||||||||
2017 Credit Facility | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Agreement date | Nov. 30, 2017 | ||||||||||||
Gain (loss) on debt extinguishment | $ (1,600,000) | ||||||||||||
Write-off of unamortized debt issuance costs | $ 1,100,000 | ||||||||||||
2017 Credit Facility | Eurodollar Rate | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Variable interest rate basis spread on debt | 2.75% | ||||||||||||
2017 Credit Facility | Base Rate Margin | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Variable interest rate basis spread on debt | 1.75% | ||||||||||||
2017 Credit Facility | Term Loan B Facility | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Senior Secured debt | $ 300,000,000 | ||||||||||||
Interest rate | 7.38% | ||||||||||||
Maturity date of revolving credit facility | Nov. 30, 2024 | ||||||||||||
2023 Credit Facility | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Agreement date | Mar. 17, 2023 | ||||||||||||
Additional borrowing capacity | $ 100,000,000 | ||||||||||||
First lien net leverage ratio | 2.25% | ||||||||||||
Maturity date of revolving credit facility | Mar. 17, 2028 | ||||||||||||
Debt issuance costs | $ 1,800,000 | ||||||||||||
Certain customary events of default, number of business days to default in the payment of interest on borrowings | 3 days | ||||||||||||
Certain customary events of default, number of business days to default in the payment of any other amounts | 5 days | ||||||||||||
Certain customary events of default, number of days default continue for compliance with other agreement | 30 days | ||||||||||||
Certain customary events of default, number of days default continue for financial statement delivery obligations | 10 days | ||||||||||||
Certain customary events of default, indebtedness aggregate amount | $ 15,000,000 | ||||||||||||
Certain customary events of default, failure in payment of final judgments aggregate amount | $ 15,000,000 | ||||||||||||
Certain customary events of default, failure in payment of final judgments aggregate amount period | 30 days | ||||||||||||
2023 Credit Facility | Term Loan A Facility | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Senior Secured debt | 200,000,000 | ||||||||||||
Interest rate | 7.95% | ||||||||||||
Unamortized debt issuance costs | 1,200,000 | $ 1,200,000 | 1,200,000 | ||||||||||
Estimated fair value of term loan | $ 197,500,000 | $ 197,500,000 | $ 197,500,000 | ||||||||||
2023 Credit Facility | Revolving Credit Facility | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Senior Secured debt | 75,000,000 | ||||||||||||
Amount drawn | $ 11,500,000 | ||||||||||||
Interest rate | 7.95% | ||||||||||||
Class A common stock | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Number of shares repurchased | shares | 0 | 0 | 1,800,000 | ||||||||||
Aggregate purchase price of repurchased shares | $ 11,300,000 | ||||||||||||
Average price of repurchased shares | $ / shares | $ 6.43 | ||||||||||||
Restricted Stock Units | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Total unrecognized compensation expense related to grants of restricted stock units | $ 24,600,000 | $ 24,600,000 | $ 24,600,000 | ||||||||||
Weighted average period for unrecognized compensation expense related to grants of restricted stock units | 1 year 8 months 12 days | ||||||||||||
TelevisaUnivision | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Payment of sales representation fees to television stations | 1,500,000 | 1,800,000 | $ 3,000,000 | 3,300,000 | |||||||||
Number of markets involved in sales and marketing | Market | 3 | ||||||||||||
Retransmission consent revenue | $ 6,500,000 | $ 6,200,000 | $ 13,100,000 | $ 12,500,000 | |||||||||
Common stock percentage held by Univision | 11% | 11% | 11% | ||||||||||
UniMas | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Affiliate advertising minutes per hour for which entity has right to sell | 4 minutes 30 seconds | ||||||||||||
Minimum | 2023 Credit Facility | Base Rate Margin | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Variable interest rate basis spread on debt | 1.50% | ||||||||||||
Minimum | 2023 Credit Facility | SOFR | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Variable interest rate basis spread on debt | 2.50% | ||||||||||||
Minimum | 2023 Credit Facility | Revolving Credit Facility | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Interest rate | 0.30% | ||||||||||||
Minimum | Restricted Stock Units | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Vesting period | 1 year | ||||||||||||
Minimum | TelevisaUnivision | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Affiliate advertising minutes per hour for which entity has right to sell | 4 minutes | ||||||||||||
Maximum | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Terminated stock repurchase program amount | $ 45,000,000 | ||||||||||||
Maximum | 2023 Credit Facility | Base Rate Margin | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Variable interest rate basis spread on debt | 2% | ||||||||||||
Maximum | 2023 Credit Facility | SOFR | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Variable interest rate basis spread on debt | 3% | ||||||||||||
Maximum | 2023 Credit Facility | Revolving Credit Facility | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Interest rate | 0.40% | ||||||||||||
Maximum | Restricted Stock Units | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Vesting period | 4 years | ||||||||||||
Television | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Number of stations owned | Station | 49 | ||||||||||||
Radio | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Number of stations owned | Station | 45 | ||||||||||||
Number of markets operated | Market | 14 | 14 | 14 | ||||||||||
Advertisements and Syndicate Radio Programming | Minimum | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Number of markets owned | Market | 100 |
The Company and Significant A_5
The Company and Significant Accounting Policies - Summary of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 99,580 | $ 110,691 | $ 109,950 | |
Restricted cash | 761 | 753 | 750 | |
Total as presented in the Consolidated Statements of Cash Flows | $ 100,341 | $ 111,444 | $ 110,700 | $ 185,843 |
The Company and Significant A_6
The Company and Significant Accounting Policies - Summary of Non-Vested Restricted Stock Units Granted (Detail) - Restricted Stock Units - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock units granted | 200 | 122 | 3,814 | 175 |
Weighted Average Fair Value | $ 4.66 | $ 5.13 | $ 6.53 | $ 5.41 |
The Company and Significant A_7
The Company and Significant Accounting Policies - Reconciliation of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net income (loss) attributable to common stockholders | $ (1,989) | $ 8,467 | $ 52 | $ 10,354 |
Denominator: | ||||
Weighted average common shares outstanding, basic | 87,787,772 | 84,959,130 | 87,706,282 | 85,735,916 |
Basic earnings per share: | ||||
Net income (loss) per share attributable to common stockholders | $ (0.02) | $ 0.1 | $ 0 | $ 0.12 |
Numerator: | ||||
Net income (loss) attributable to common stockholders | $ (1,989) | $ 8,467 | $ 52 | $ 10,354 |
Denominator: | ||||
Weighted average common shares outstanding, basic | 87,787,772 | 84,959,130 | 87,706,282 | 85,735,916 |
Dilutive securities: | ||||
Stock options and restricted stock units | 0 | 2,026,687 | 2,100,813 | 2,067,262 |
Weighted average common shares outstanding, diluted | 87,787,772 | 86,985,817 | 89,807,095 | 87,803,178 |
Diluted earnings per share: | ||||
Net income (loss) per share attributable to common stockholders | $ (0.02) | $ 0.1 | $ 0 | $ 0.12 |
The Company and Significant A_8
The Company and Significant Accounting Policies - Fair Value Assets and Liabilities Measured on Recurring Basis and Nonrecurring Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2023 | |
Fair Value, Measurements, Recurring | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Liabilities | $ 63.8 | $ 31 |
Fair Value, Measurements, Recurring | Money Market Account | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | 1.4 | 1.3 |
Fair Value, Measurements, Recurring | Corporate Bonds and Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | 44.5 | 25.9 |
Fair Value, Measurements, Recurring | Asset-Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | 0.6 | |
Fair Value, Measurements, Recurring | U.S. Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | 0.4 | |
Fair Value, Measurements, Recurring | Level 1 | Money Market Account | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | 1.4 | 1.3 |
Fair Value, Measurements, Recurring | Level 2 | Corporate Bonds and Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | 44.5 | 25.9 |
Fair Value, Measurements, Recurring | Level 2 | Asset-Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | 0.6 | |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | 0.4 | |
Fair Value, Measurements, Recurring | Level 3 | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Liabilities | 63.8 | $ 31 |
Fair Value, Measurements, Nonrecurring | FCC Licenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | 24.5 | |
Total Gains (Losses) | (1.6) | |
Fair Value, Measurements, Nonrecurring | Level 3 | FCC Licenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value and Carrying Value on Assets | $ 24.5 |
The Company and Significant A_9
The Company and Significant Accounting Policies - Summary of Amortized Cost and Unrealized Gains (Losses) of Available for Sale Securities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Corporate Bonds and Notes | |
Amortized Cost | |
Due within a year | $ 11,532 |
Due after one year | 14,927 |
Total | 26,459 |
Unrealized gains (losses) | |
Due within a year | (142) |
Due after one year | (385) |
Total | (527) |
Asset-backed Securities [Member] | |
Amortized Cost | |
Due after one year | 585 |
Total | 585 |
Unrealized gains (losses) | |
Due after one year | (4) |
Total | (4) |
U.S. Government Securities | |
Amortized Cost | |
Due within a year | 369 |
Total | 369 |
Unrealized gains (losses) | |
Due within a year | (1) |
Total | $ (1) |
The Company and Significant _10
The Company and Significant Accounting Policies - Summary of Changes in Contingent Consideration (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Asset Acquisition, Contingent Consideration [Line Items] | ||
Payment to sellers | $ (31,710) | $ (43,606) |
Level 3 | ||
Asset Acquisition, Contingent Consideration [Line Items] | ||
Beginning balance | 63,800 | 114,900 |
Additions from acquisitions | 1,800 | |
Payment to sellers | (31,700) | (43,600) |
(Gain) loss recognized in earnings | (2,900) | 6,100 |
Ending balance | $ 31,000 | $ 77,400 |
The Company and Significant _11
The Company and Significant Accounting Policies - Summary of Components of AOCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance, Beginning | $ (1,510) | $ (1,510) | |||
Other comprehensive income (loss) | $ 35 | 154 | |||
Income tax (expense) benefit | (27) | (35) | |||
Amounts reclassified from AOCI | 29 | 31 | |||
Income tax (expense) benefit | (7) | (8) | |||
Total other comprehensive income (loss) | 30 | 142 | $ (1,293) | 172 | $ (1,576) |
Balance, Ending | (1,338) | (1,338) | |||
Foreign Currency Translation | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance, Beginning | (1,329) | (1,345) | (1,345) | ||
Other comprehensive income (loss) | (71) | 16 | |||
Total other comprehensive income (loss) | (71) | 16 | |||
Balance, Ending | (1,400) | (1,329) | (1,400) | ||
Marketable Securities | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance, Beginning | (39) | (165) | (165) | ||
Other comprehensive income (loss) | 106 | 138 | |||
Income tax (expense) benefit | (27) | (35) | |||
Amounts reclassified from AOCI | 29 | 31 | |||
Income tax (expense) benefit | (7) | (8) | |||
Total other comprehensive income (loss) | 101 | 126 | |||
Balance, Ending | 62 | (39) | 62 | ||
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance, Beginning | (1,368) | (1,510) | (1,510) | ||
Balance, Ending | $ (1,338) | $ (1,368) | $ (1,338) |
Revenues - Summary of Revenues
Revenues - Summary of Revenues Disaggregated by Major Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 273,381 | $ 221,695 | $ 512,387 | $ 418,867 |
Digital Advertising | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 229,896 | 174,378 | 426,378 | 328,089 |
Broadcast Advertising | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 30,983 | 35,347 | 60,610 | 66,804 |
Spectrum Usage Rights | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,078 | 1,674 | 4,224 | 3,209 |
Retransmission Consent | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 9,324 | 9,038 | 18,947 | 18,233 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 1,100 | $ 1,258 | $ 2,228 | $ 2,532 |
Revenues - Summary of Disaggreg
Revenues - Summary of Disaggregation of Broadcast Advertising Revenue by Sales Channel (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 273,381 | $ 221,695 | $ 512,387 | $ 418,867 |
Advertising | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 30,983 | 35,347 | 60,610 | 66,804 |
Advertising | Local Direct | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 5,480 | 6,009 | 10,788 | 11,430 |
Advertising | Local Agency | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 13,687 | 13,017 | 26,559 | 25,570 |
Advertising | National Agency | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 11,816 | $ 16,321 | $ 23,263 | $ 29,804 |
Revenues - Summary of Disaggr_2
Revenues - Summary of Disaggregation of Revenue by Geographical Region Based on Location of Sales Office (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 273,381 | $ 221,695 | $ 512,387 | $ 418,867 |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 51,946 | 59,069 | 98,916 | 111,340 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 154,231 | 127,669 | 286,149 | 242,838 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 29,502 | 18,895 | 53,565 | 36,074 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 37,702 | $ 16,062 | $ 73,757 | $ 28,615 |
Revenues - Summary of Deferred
Revenues - Summary of Deferred Revenue (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Beginning Balance | $ 7,175 |
Increase | 7,080 |
Decrease | (7,175) |
Ending Balance | $ 7,080 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 07, 2022 ft² | Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | |
Lessee Lease Description [Line Items] | |||||
Payment of operating lease termination fee | $ 400 | ||||
Remaining term description of leases | The Company’s existing leases have remaining terms of less than one year up to 27 years. | ||||
Weighted average remaining lease term | 8 years 9 months 18 days | 9 years 1 month 6 days | 8 years 9 months 18 days | 9 years 1 month 6 days | |
Weighted average discount rate | 6.20% | 6.30% | 6.20% | 6.30% | |
Lease cost | $ 4,058 | $ 3,073 | $ 8,152 | $ 5,971 | |
Santa Monica | |||||
Lessee Lease Description [Line Items] | |||||
Area under operating leases for corporate headquarters | ft² | 38,000 | 16,000 | 16,000 | ||
Operating lease extended expire date | Jan. 31, 2034 | ||||
Operating lease amended date | Jun. 07, 2022 | ||||
Los Angeles | |||||
Lessee Lease Description [Line Items] | |||||
Area under operating leases for corporate headquarters | ft² | 41,000 | 41,000 | |||
Direct Operating Expenses | |||||
Lessee Lease Description [Line Items] | |||||
Lease cost | $ 1,500 | 1,500 | $ 2,900 | 3,000 | |
Selling, General and Administrative Expenses | |||||
Lessee Lease Description [Line Items] | |||||
Lease cost | 2,300 | 1,400 | 4,600 | 2,700 | |
Corporate Expenses | |||||
Lessee Lease Description [Line Items] | |||||
Lease cost | $ 300 | $ 200 | $ 700 | $ 300 | |
Maximum | |||||
Lessee Lease Description [Line Items] | |||||
Remaining term of leases | 27 years |
Leases - Summary of Expected Fu
Leases - Summary of Expected Future Payments Related to Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 4,387 | |
2024 | 9,944 | |
2025 | 9,359 | |
2026 | 7,730 | |
2027 | 6,046 | |
2028 and thereafter | 33,847 | |
Total minimum payments | 71,313 | |
Less amounts representing interest | (17,654) | |
Less amounts representing tenant improvement allowance | (399) | |
Present value of minimum lease payments | 53,260 | |
Less current operating lease liabilities | (6,397) | $ (5,570) |
Long-term operating lease liabilities | $ 46,863 | $ 42,151 |
Leases - Summary of Lease Payme
Leases - Summary of Lease Payments and Supplemental Non-Cash Disclosures (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid for amounts included in lease liabilities: | ||
Operating cash flows from operating leases | $ 4,107 | $ 5,146 |
Non-cash additions to operating lease assets | $ 4,657 | $ 2,998 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,471 | $ 2,208 | $ 4,948 | $ 4,373 |
Variable lease cost | 391 | 274 | 583 | 592 |
Short-term lease cost | 1,196 | 591 | 2,621 | 1,006 |
Total lease cost | $ 4,058 | $ 3,073 | $ 8,152 | $ 5,971 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 Unit | Jun. 30, 2022 | Jun. 30, 2023 Station Market Segment Unit | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 3 | |||
Number of business units | Unit | 4 | 4 | ||
Percentage of revenue generated from outside the United States | 81% | 73% | 81% | 73% |
Television | ||||
Segment Reporting Information [Line Items] | ||||
Number of stations owned | 49 | |||
Audio | ||||
Segment Reporting Information [Line Items] | ||||
Number of stations owned | 45 | |||
Advertisements and Syndicates Radio Programming | Minimum | ||||
Segment Reporting Information [Line Items] | ||||
Number of markets owned | Market | 100 |
Segment Information - Separate
Segment Information - Separate Financial Data for Each of Company's Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 273,381 | $ 221,695 | $ 512,387 | $ 418,867 | |
Cost of revenue | 195,836 | 144,965 | 363,592 | 274,856 | |
Direct operating expenses | 33,065 | 29,596 | 62,927 | 57,419 | |
Selling, general and administrative expenses | 23,565 | 17,775 | 46,333 | 33,814 | |
Depreciation and amortization | 6,509 | 6,263 | 12,980 | 12,658 | |
Operating income (loss) | 544 | 13,441 | 7,212 | 17,607 | |
Corporate expenses | 12,042 | 8,520 | 22,544 | 17,244 | |
Change in fair value of contingent consideration | 1,123 | 976 | (2,942) | 6,076 | |
Foreign currency (gain) loss | 697 | 993 | (259) | 146 | |
Other operating (gain) loss | (834) | (953) | |||
Interest expense | (4,306) | (2,334) | (8,334) | (4,170) | |
Interest income | 1,037 | 722 | 1,897 | 1,128 | |
Dividend income | 14 | 11 | 32 | 14 | |
Realized gain (loss) on marketable securities | (29) | (61) | |||
Gain (loss) on debt extinguishment | (1,556) | ||||
Income (loss) before income taxes | (2,740) | 11,840 | (810) | 14,579 | |
Capital expenditures | 6,296 | 1,891 | 14,846 | 3,408 | |
Total assets | $ 865,156 | $ 865,156 | $ 880,841 | ||
Percentage change in net revenue | 23% | 22% | |||
Percentage change in direct operating expenses | 12% | 10% | |||
Percentage change in selling, general and administrative expenses | 33% | 37% | |||
Percentage change in depreciation and amortization | 4% | 3% | |||
Percentage change in segment operating profit (loss) | (38.00%) | (34.00%) | |||
Percentage change in corporate expenses | 41% | 31% | |||
Percentage change in fair value of contingent consideration | 15% | ||||
Percentage change in foreign currency (gain) loss | (30.00%) | ||||
Percentage change in other operating (gain) loss | (100.00%) | (100.00%) | |||
Percentage change in operating income (loss) | (96.00%) | (59.00%) | |||
Percentage change in interest expense | 84% | 100% | |||
Percentage change in interest income | 44% | 68% | |||
Percentage change in dividend income | 27% | 129% | |||
Percentage change in income (loss) before income taxes | (123.00%) | (106.00%) | |||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | $ 14,406 | 23,096 | $ 26,555 | 40,120 | |
Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Corporate expenses | 12,042 | 8,520 | 22,544 | 17,244 | |
Digital | |||||
Segment Reporting Information [Line Items] | |||||
Cost of revenue | 195,836 | 144,965 | 363,592 | 274,856 | |
Direct operating expenses | 10,283 | 7,843 | 18,293 | 14,976 | |
Selling, general and administrative expenses | 14,760 | 9,419 | 28,289 | 17,521 | |
Depreciation and amortization | 3,729 | 2,644 | 7,360 | 5,321 | |
Capital expenditures | 1,370 | 1,092 | 2,481 | 1,861 | |
Total assets | $ 399,474 | $ 399,474 | 408,027 | ||
Percentage change in cost of revenue | 35% | 32% | |||
Percentage change in direct operating expenses | 31% | 22% | |||
Percentage change in selling, general and administrative expenses | 57% | 61% | |||
Percentage change in depreciation and amortization | 41% | (38.00%) | |||
Percentage change in segment operating profit (loss) | (44.00%) | (43.00%) | |||
Digital | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | $ 5,288 | 9,507 | $ 8,844 | 15,415 | |
Digital | Advertising and Retransmission Consent | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 229,896 | 174,378 | $ 426,378 | 328,089 | |
Percentage change in net revenue | 32% | 30% | |||
Television | |||||
Segment Reporting Information [Line Items] | |||||
Direct operating expenses | $ 10,184 | 10,195 | |||
Selling, general and administrative expenses | $ 4,844 | 5,238 | |||
Depreciation and amortization | 2,551 | 2,808 | 5,209 | 5,701 | |
Capital expenditures | (2,555) | 676 | 6,875 | 1,136 | |
Total assets | $ 356,282 | $ 356,282 | 363,904 | ||
Percentage change in direct operating expenses | 4% | 4% | |||
Percentage change in selling, general and administrative expenses | (8.00%) | 0% | |||
Percentage change in depreciation and amortization | (9.00%) | (9.00%) | |||
Percentage change in segment operating profit (loss) | (24.00%) | (19.00%) | |||
Television | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Direct operating expenses | $ 15,024 | 14,488 | $ 29,783 | 28,771 | |
Operating income (loss) | 7,524 | 9,839 | 15,079 | 18,573 | |
Television | Advertising and Retransmission Consent | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 29,943 | 32,373 | $ 60,255 | 63,240 | |
Percentage change in net revenue | (8.00%) | (5.00%) | |||
Audio | |||||
Segment Reporting Information [Line Items] | |||||
Direct operating expenses | $ 7,758 | 7,265 | $ 7,860 | 6,098 | |
Selling, general and administrative expenses | 3,961 | 3,118 | |||
Depreciation and amortization | 229 | 811 | 411 | 1,636 | |
Capital expenditures | 2,371 | 123 | 5,490 | 411 | |
Total assets | $ 109,400 | $ 109,400 | $ 108,910 | ||
Percentage change in direct operating expenses | 7% | 9% | |||
Percentage change in selling, general and administrative expenses | 27% | 29% | |||
Percentage change in depreciation and amortization | (72.00%) | (75.00%) | |||
Percentage change in segment operating profit (loss) | (57.00%) | (57.00%) | |||
Audio | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Direct operating expenses | $ 14,851 | 13,672 | |||
Operating income (loss) | $ 1,594 | 3,750 | 2,632 | 6,132 | |
Audio | Advertising and Retransmission Consent | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 13,542 | $ 14,944 | $ 25,754 | $ 27,538 | |
Percentage change in net revenue | (9.00%) | (6.00%) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 240 Months Ended | ||||||||||||||
May 19, 2023 USD ($) | Apr. 03, 2023 USD ($) | Apr. 03, 2023 EUR (€) | Aug. 05, 2022 USD ($) | Aug. 03, 2022 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 GBP (£) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Aug. 05, 2022 USD ($) | Mar. 31, 2025 | Mar. 31, 2024 | Apr. 03, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Aug. 05, 2022 EUR (€) | |
Business Acquisition [Line Items] | |||||||||||||||||
Change in fair value of contingent consideration | $ 1,123,000 | $ 976,000 | $ (2,942,000) | $ 6,076,000 | |||||||||||||
Payment of additional amount | 213,245,000 | 1,500,000 | |||||||||||||||
Net revenue | 273,381,000 | 221,695,000 | 512,387,000 | 418,867,000 | |||||||||||||
Adsmurai, S.L | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Accounts receivables assets acquired, fair value | $ 11,900,000 | $ 11,900,000 | |||||||||||||||
Gross amount account receivables asset acquired | 12,300,000 | 12,300,000 | |||||||||||||||
Amount due under contract expected to be uncollectible | 400,000 | 400,000 | |||||||||||||||
Principal amount | $ 8,100,000 | $ 12,800,000 | $ 12,800,000 | € 7,355,500 | € 12,535,000 | ||||||||||||
Payment of additional amount | $ 5,600,000 | £ 4,993,344 | |||||||||||||||
Loan term | 7 years | 7 years | 2 years | ||||||||||||||
Loan annual interest rate | 5% | 5% | 5% | 5% | 5% | ||||||||||||
Percentage owned or converted | 51% | 51% | |||||||||||||||
Remaining interest owned percentage | 49% | 49% | |||||||||||||||
Jack of Digital | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Total purchase price for acquisition, including fair value of contingent consideration | $ 1,400,000 | ||||||||||||||||
Investment | 1,100,000 | $ 100,000 | |||||||||||||||
Acquisition fees and costs | 200,000 | 300,000 | |||||||||||||||
Percentage owned or converted | 15% | ||||||||||||||||
Initial installment payment | $ 500,000 | ||||||||||||||||
Cisneros Interactive | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Contingent Liability, Current | 7,100,000 | 7,100,000 | $ 30,000,000 | ||||||||||||||
Contingent consideration noncurrent liabilities | 900,000 | 900,000 | 11,400,000 | ||||||||||||||
Change in fair value of contingent consideration | $ 600,000 | 500,000 | $ 5,900,000 | 1,000,000 | |||||||||||||
Remaining ownership interest acquired | 49% | 49% | |||||||||||||||
Fair value of contingent consideration recognized | $ 8,000,000 | $ 8,000,000 | 41,400,000 | ||||||||||||||
MediaDonuts | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership interest acquired | 100% | 100% | |||||||||||||||
Contingent Liability, Current | $ 11,000,000 | $ 11,000,000 | 6,500,000 | ||||||||||||||
Contingent consideration noncurrent liabilities | 9,900,000 | 9,900,000 | 15,700,000 | ||||||||||||||
Change in fair value of contingent consideration | 500,000 | 1,700,000 | 2,200,000 | 3,300,000 | |||||||||||||
Fair value of contingent consideration recognized | $ 20,900,000 | $ 20,900,000 | 22,200,000 | ||||||||||||||
BCNMonetize | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition date | May 19, 2023 | ||||||||||||||||
Ownership interest acquired | 100% | 100% | 100% | ||||||||||||||
Aggregate cash consideration | $ 6,000,000 | ||||||||||||||||
Accounts receivables assets acquired, fair value | 2,800,000 | ||||||||||||||||
Gross amount account receivables asset acquired | 2,900,000 | ||||||||||||||||
Amount due under contract expected to be uncollectible | $ 100,000 | ||||||||||||||||
Period of discounted cost of debt rate | 3 years | ||||||||||||||||
Contingent Liability, Current | $ 1,000,000 | $ 1,000,000 | |||||||||||||||
Contingent consideration noncurrent liabilities | 600,000 | 600,000 | |||||||||||||||
Business combination consideration, transferred | $ 7,200,000 | ||||||||||||||||
Total purchase price for acquisition, including fair value of contingent consideration | 8,800,000 | ||||||||||||||||
Acquisition fees and costs | 200,000 | ||||||||||||||||
Fair value of contingent consideration recognized | $ 1,600,000 | 1,600,000 | 1,600,000 | ||||||||||||||
Net revenue | $ 800,000 | $ 800,000 | |||||||||||||||
BCNMonetize | Maximum | Discount Rate | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Discounted cost of debt rate | 0.084 | ||||||||||||||||
BCNMonetize | Minimum | Discount Rate | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Discounted cost of debt rate | 0.082 | ||||||||||||||||
365 Digital | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership interest acquired | 100% | 100% | |||||||||||||||
Contingent Liability, Current | $ 100,000 | $ 100,000 | |||||||||||||||
Contingent consideration noncurrent liabilities | 100,000 | 100,000 | 200,000 | ||||||||||||||
Change in fair value of contingent consideration | 1,200,000 | $ 1,200,000 | 700,000 | $ 1,800,000 | |||||||||||||
Fair value of contingent consideration recognized | $ 200,000 | $ 200,000 | $ 200,000 | ||||||||||||||
Adsmurai Acquisition | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business acquisition date | Apr. 03, 2023 | Apr. 03, 2023 | |||||||||||||||
Ownership interest acquired | 51% | 51% | |||||||||||||||
Aggregate cash consideration | $ 14,200,000 | € 13,000,000 | |||||||||||||||
Redeemable noncontrolling interest | $ 47,300,000 | $ 47,300,000 | |||||||||||||||
Adsmurai Acquisition | Scenario Forecast | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership interest acquired | 10% | 10% |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | May 19, 2023 | Dec. 31, 2022 | Aug. 05, 2022 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 90,706 | $ 86,991 | ||
Adsmurai, S.L | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 7,400 | |||
Accounts receivable | 11,900 | |||
Other assets | 700 | |||
Fixed assets | 2,800 | |||
Intangible assets subject to amortization | 8,200 | |||
Goodwill | 13,300 | |||
Current liabilities | (14,400) | |||
Deferred tax | (2,000) | |||
Debt | (2,800) | |||
Noncontrolling interest | (12,300) | |||
Convertible loan | $ (12,800) | |||
BCNMonetize | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 800 | |||
Accounts receivable | 2,800 | |||
Other assets | 700 | |||
Intangible assets subject to amortization | 4,200 | |||
Goodwill | $ 90,706 | 3,500 | $ 86,991 | |
Current liabilities | (2,100) | |||
Deferred tax | $ (1,100) |
Acquisitions - Summary of Intan
Acquisitions - Summary of Intangible Assets Subject to Amortization Acquired (Detail) - USD ($) $ in Millions | May 19, 2023 | Aug. 05, 2022 |
Adsmurai, S.L | Advertiser Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value, Intangible Asset | $ 4.7 | |
Weighted average remaining life in years | 7 years | |
Adsmurai, S.L | Existing technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value, Intangible Asset | $ 2.4 | |
Weighted average remaining life in years | 5 years | |
Adsmurai, S.L | Trade Name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value, Intangible Asset | $ 1.1 | |
Weighted average remaining life in years | 5 years | |
BCNMonetize | Publisher Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value, Intangible Asset | $ 2.2 | |
Weighted average remaining life in years | 3 years | |
BCNMonetize | Advertiser Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value, Intangible Asset | $ 1.5 | |
Weighted average remaining life in years | 1 year | |
BCNMonetize | Trade Name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value, Intangible Asset | $ 0.3 | |
Weighted average remaining life in years | 1 year | |
BCNMonetize | Non-Compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Fair Value, Intangible Asset | $ 0.2 | |
Weighted average remaining life in years | 1 year 6 months |
Acquisitions - Reconciliation o
Acquisitions - Reconciliation of Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | |||
Distributions to noncontrolling interest | $ (3,810) | $ (546) | |
Net income (loss) attributable to redeemable noncontrolling interest | (12) | $ (12) | |
Ending balance | 47,288 | 47,288 | |
Adsmurai Acquisition | |||
Business Acquisition [Line Items] | |||
Tramsfer of noncontrolling interest to redeemable noncontrolling interest | 9,625 | 9,625 | |
Acquisition of redeemable noncontrolling interest | 37,675 | 37,675 | |
Net income (loss) attributable to redeemable noncontrolling interest | (12) | (12) | |
Ending balance | 47,288 | 47,288 | |
Jack of Digital | |||
Business Acquisition [Line Items] | |||
Beginning balance | 14,059 | 14,947 | 14,947 |
Distributions to noncontrolling interest | (3,810) | (4,356) | |
Tramsfer of noncontrolling interest to redeemable noncontrolling interest | (9,625) | (9,625) | |
Acquisition of redeemable noncontrolling interest | $ 624 | 624 | |
Net income (loss) attributable to redeemable noncontrolling interest | $ (342) | ||
Ending balance | $ 14,059 |
Acquisitions - Schedule of Unau
Acquisitions - Schedule of Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
BCNMonetize | ||||
Pro Forma: | ||||
Total revenue | $ 276,058 | $ 225,823 | $ 518,400 | $ 426,992 |
Net income (loss) attributable to common stockholders | $ (1,380) | $ 9,563 | $ 1,593 | $ 12,854 |
Basic and diluted earnings per share: | ||||
Net income (loss) per share, attributable to common stockholders, basic | $ (0.02) | $ 0.11 | $ 0.02 | $ 0.15 |
Net income (loss) per share, attributable to common stockholders, diluted | $ (0.02) | $ 0.11 | $ 0.02 | $ 0.15 |
Weighted average common shares outstanding, basic | 87,787,772 | 84,959,130 | 87,706,282 | 85,735,916 |
Weighted average common shares outstanding, diluted | 87,787,772 | 86,985,817 | 89,807,095 | 87,803,178 |
Adsmurai, S.L | ||||
Pro Forma: | ||||
Total revenue | $ 273,381 | $ 236,680 | $ 512,387 | $ 443,275 |
Net income (loss) attributable to common stockholders | $ (1,989) | $ 8,955 | $ (97) | $ 10,852 |
Basic and diluted earnings per share: | ||||
Net income (loss) per share, attributable to common stockholders, basic | $ (0.02) | $ 0.11 | $ 0 | $ 0.13 |
Net income (loss) per share, attributable to common stockholders, diluted | $ (0.02) | $ 0.1 | $ 0 | $ 0.12 |
Weighted average common shares outstanding, basic | 87,787,772 | 84,959,130 | 87,706,282 | 85,735,916 |
Weighted average common shares outstanding, diluted | 87,787,772 | 86,985,817 | 89,807,095 | 87,803,178 |
Jack of Digital | ||||
Pro Forma: | ||||
Total revenue | $ 273,381 | $ 222,509 | $ 512,387 | $ 420,243 |
Net income (loss) attributable to common stockholders | $ (1,989) | $ 8,760 | $ 90 | $ 10,745 |
Basic and diluted earnings per share: | ||||
Net income (loss) per share, attributable to common stockholders, basic | $ (0.02) | $ 0.1 | $ 0 | $ 0.13 |
Net income (loss) per share, attributable to common stockholders, diluted | $ (0.02) | $ 0.1 | $ 0 | $ 0.12 |
Weighted average common shares outstanding, basic | 87,787,772 | 84,959,130 | 87,706,282 | 85,735,916 |
Weighted average common shares outstanding, diluted | 87,787,772 | 86,985,817 | 89,807,095 | 87,803,178 |
Acquisitions - Carrying Amount
Acquisitions - Carrying Amount of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Business Acquisition [Line Items] | |
December 31, 2022 | $ 86,991 |
June 30, 2023 | 90,706 |
BCNMonetize | |
Business Acquisition [Line Items] | |
December 31, 2022 | 86,991 |
Purchase Price Adjustments | 235 |
Additions From Acquisition | 3,480 |
June 30, 2023 | 90,706 |
Digital | BCNMonetize | |
Business Acquisition [Line Items] | |
December 31, 2022 | 46,442 |
Purchase Price Adjustments | 235 |
Additions From Acquisition | 3,480 |
June 30, 2023 | 50,157 |
Television | BCNMonetize | |
Business Acquisition [Line Items] | |
December 31, 2022 | 40,549 |
Purchase Price Adjustments | 0 |
Additions From Acquisition | 0 |
June 30, 2023 | $ 40,549 |