ZIFF DAVIS, INC., 10-K filed on 2/25/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 0-25965    
Entity Registrant Name ZIFF DAVIS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 47-1053457    
Entity Address, Address Line One 360 Park Avenue S    
Entity Address, City or Town New York    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10010    
City Area Code 212    
Local Phone Number 503-3500    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol ZD    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,502,418,985
Entity Common Stock, Shares Outstanding   42,845,041  
Documents Incorporated by Reference
Portions of the definitive Proxy Statement to be delivered to stockholders in connection with the Annual Meeting of Stockholders to be held May 7, 2025 are incorporated by reference into Part III of this Form 10-K.
    
Entity Central Index Key 0001084048    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Audit Information [Abstract]    
Auditor Name KPMG LLP BDO USA, P.C.
Auditor Location New York, New York Los Angeles, California
Auditor Firm ID 185 243
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 505,880 $ 737,612
Short-term investments 0 27,109
Accounts receivable, net of allowances of $8,148 and $6,871, respectively 660,223 337,703
Prepaid expenses and other current assets 105,966 88,570
Total current assets 1,272,069 1,190,994
Long-term investments 158,187 140,906
Property and equipment, net 197,216 188,169
Trade names and trademarks, net 153,019 155,784
Customer relationships, net 215,328 137,250
Other purchased intangibles, net 57,402 32,372
Goodwill 1,580,258 1,546,065
Deferred income taxes 7,487 8,731
Other assets 63,368 70,751
TOTAL ASSETS 3,704,334 3,471,022
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable and accrued expenses 670,769 216,936
Income taxes payable, current 19,715 14,458
Deferred revenue, current 199,664 184,549
Other current liabilities 9,499 15,890
Total current liabilities 899,647 431,833
Long-term debt 864,282 1,001,312
Deferred revenue, noncurrent 5,504 8,169
Income taxes payable, noncurrent 0 8,486
Liability for uncertain tax positions 30,296 36,055
Deferred income taxes 46,018 45,503
Other noncurrent liabilities 47,705 46,666
TOTAL LIABILITIES 1,893,452 1,578,024
Commitments and contingencies (Note 12)
Preferred stock 0 0
Common stock, $0.01 par value. Authorized 95,000,000; total issued and outstanding 42,848,339 and 46,078,464 shares at December 31, 2024 and 2023, respectively 428 461
Additional paid-in capital 491,891 472,201
Retained earnings 1,401,034 1,491,956
Accumulated other comprehensive loss (82,471) (71,620)
TOTAL STOCKHOLDERS’ EQUITY 1,810,882 1,892,998
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 3,704,334 3,471,022
Series A Preferred Stock    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Preferred stock 0 0
Series B Preferred Stock    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Preferred stock $ 0 $ 0
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Allowance for doubtful accounts $ 8,148 $ 6,871
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 95,000,000 95,000,000
Common stock, shares issued (in shares) 42,848,339 46,078,464
Common stock, shares outstanding (in shares) 42,848,339 46,078,464
Series A Preferred Stock    
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 6,000 6,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Series B Preferred Stock    
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 20,000 20,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Total Revenues $ 1,401,688 $ 1,364,028 $ 1,390,997
Operating costs and expenses:      
Direct costs 200,323 185,650 184,546
Sales and marketing 519,694 487,365 490,777
Research, development, and engineering 67,373 68,860 74,093
General, administrative, and other related costs 203,461 195,726 181,871
Depreciation and amortization 211,916 236,966 233,400
Goodwill impairment 85,273 56,850 27,369
Total operating costs and expenses 1,288,040 1,231,417 1,192,056
Income from operations 113,648 132,611 198,941
Interest expense, net (13,988) (20,031) (33,842)
Gain on debt extinguishment, net 0 0 11,505
Loss on sale of businesses (3,780) 0 0
Loss on investments, net (7,654) (28,138) (53,888)
Other income (loss), net 4,968 (9,468) 8,437
Income from continuing operations before income tax expense and income (loss) from equity method investment 93,194 74,974 131,153
Income tax expense (41,370) (24,142) (57,957)
Income (loss) from equity method investment, net of tax 11,223 (9,329) (7,730)
Net income from continuing operations 63,047 41,503 65,466
Loss from discontinued operations, net of tax 0 0 (1,709)
Net Income (Loss) Attributable to Parent, Total $ 63,047 $ 41,503 $ 63,757
Net income per common share from continuing operations:      
Basic (in dollars per share) $ 1.42 $ 0.89 $ 1.39
Diluted (in dollars per share) 1.42 0.89 1.39
Net loss per common share from discontinued operations:      
Basic (in dollars per share) 0 0 (0.04)
Diluted (in dollars per share) 0 0 (0.04)
Net income per common share:      
Basic (in dollars per share) 1.42 0.89 1.36
Diluted (in dollars per share) $ 1.42 $ 0.89 $ 1.36
Weighted average shares outstanding:      
Basic (in shares) 44,457,071 46,400,941 46,954,558
Diluted (in shares) 44,519,693 46,464,261 47,025,849
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 63,047 $ 41,503 $ 63,757
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustment (12,426) 13,657 (32,479)
Consensus separation adjustment 0 0 4,056
Change in fair value on available-for-sale investments, net of tax expense of $514, $16 and $0 for the years ended December 31, 2024, 2023 and 2023, respectively 1,575 96 272
Other comprehensive (loss) income, net of tax (10,851) 13,753 (28,151)
Comprehensive income $ 52,196 $ 55,256 $ 35,606
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Tax expense $ 514 $ 16 $ 0
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 63,047 $ 41,503 $ 63,757
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 211,916 236,966 233,400
Non-cash operating lease costs 10,923 11,141 13,412
Share-based compensation 40,915 31,920 26,601
Provision for credit losses (benefit) on accounts receivable 2,898 2,809 (255)
Deferred income taxes, net (18,822) (30,017) (12,991)
Gain on extinguishment of debt, net 0 0 (11,505)
Loss on sale of businesses 3,780 0 0
Goodwill impairment 85,273 56,850 27,369
Changes in fair value of contingent consideration 0 (200) (2,575)
(Income) loss from equity method investments (11,223) 9,329 7,730
Loss on investments, net 7,654 28,138 53,888
Other 3,601 5,159 3,637
Decrease (increase) in:      
Accounts receivable (153,121) (35,371) 14,948
Prepaid expenses and other current assets (17,153) (8,700) 9,665
Other assets 11,367 (5,574) (16,240)
Increase (decrease) in:      
Accounts payable 171,280 9,419 (20,246)
Deferred revenue 5,043 (6,802) (20,962)
Accrued liabilities and other current liabilities (27,063) (26,608) (33,189)
Net cash provided by operating activities 390,315 319,962 336,444
Cash flows from investing activities:      
Purchases of property and equipment (106,635) (108,729) (106,154)
Acquisition of businesses, net of cash received (217,570) (9,492) (104,094)
Purchases of equity method investment 0 (11,858) 0
Proceeds from sale of equity investments 19,455 3,174 4,527
Investment in available-for-sale securities 0 0 (15,000)
Proceeds from sale of businesses, net of cash divested 7,860 0 0
Other (565) (503) (50)
Net cash used in investing activities (297,455) (127,408) (220,771)
Cash flows from financing activities:      
Payment of debt (134,989) 0 (166,904)
Proceeds from term loan 0 0 112,286
Debt extinguishment costs (277) 0 (756)
Repurchase of common stock (185,181) (108,527) (78,291)
Issuance of common stock under employee stock purchase plan 8,371 8,727 9,431
Proceeds from exercise of stock options 0 0 148
Deferred payments for acquisitions (7,842) (15,241) (16,116)
Other (1,076) 250 (630)
Net cash used in financing activities (320,994) (114,791) (140,832)
Effect of exchange rate changes on cash and cash equivalents (3,598) 7,056 (16,890)
Net change in cash and cash equivalents (231,732) 84,819 (42,049)
Cash and cash equivalents at beginning of year 737,612 652,793 694,842
Cash and cash equivalents at end of year $ 505,880 $ 737,612 $ 652,793
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Common stock
Additional paid-in capital
Additional paid-in capital
Cumulative Effect, Period of Adoption, Adjustment
Retained earnings
Retained earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated other comprehensive loss
Beginning balance, common stock (in shares) at Dec. 31, 2021     47,440,137          
Beginning balance at Dec. 31, 2021 $ 1,967,732 $ (64,701) $ 474 $ 509,122 $ (88,137) $ 1,515,358 $ 23,436 $ (57,222)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 63,757         63,757    
Other comprehensive income (loss), net of tax expense (benefit) $ (32,207)     (206)   206   (32,207)
Exercise of stock options (in shares) 5,439   5,439          
Exercise of stock options $ 148     148        
Issuance of restricted stock, net (in shares)     493,300          
Issuance of restricted stock, net (1)   $ 5 (6)        
Issuance of shares under employee stock purchase plan (in shares)     139,992          
Issuance of shares under employee stock purchase plan 9,431   $ 1 9,430        
Repurchase and retirement of common stock (in shares)     (809,422)          
Repurchase and retirement of common stock (78,291)   $ (7) (17,277)   (61,007)    
Share-based compensation 26,601     26,601        
Other, net 142     6   (3,920)   4,056
Ending balance, common stock (in shares) at Dec. 31, 2022     47,269,446          
Ending balance at Dec. 31, 2022 1,892,611   $ 473 439,681 $ (88,100) 1,537,830 $ 23,400 (85,373)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 41,503         41,503    
Other comprehensive income (loss), net of tax expense (benefit) $ 13,753             13,753
Exercise of stock options (in shares) 0              
Issuance of restricted stock, net (in shares)     47,274          
Issuance of restricted stock, net $ (4,647)     (6,220)   1,573    
Issuance of shares under employee stock purchase plan (in shares)     161,488          
Issuance of shares under employee stock purchase plan 8,727   $ 2 8,725        
Issuance of common stock, net (in shares)     186,102          
Issuance of common stock, net 13,422   $ 2 13,420        
Repurchase and retirement of common stock (in shares)     (1,585,846)          
Repurchase and retirement of common stock (104,919)   $ (16) (15,388)   (89,515)    
Share-based compensation 31,920     31,920        
Other, net $ 628     63   565   0
Ending balance, common stock (in shares) at Dec. 31, 2023 46,078,464   46,078,464          
Ending balance at Dec. 31, 2023 $ 1,892,998   $ 461 472,201   1,491,956   (71,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 63,047         63,047    
Other comprehensive income (loss), net of tax expense (benefit) $ (10,851)             (10,851)
Exercise of stock options (in shares) 0              
Issuance of restricted stock, net (in shares)     95,169          
Issuance of restricted stock, net $ (5,148)     (7,632)   2,484    
Issuance of shares under employee stock purchase plan (in shares)     174,706          
Issuance of shares under employee stock purchase plan 8,371   $ 2 8,369        
Repurchase and retirement of common stock (in shares)     (3,500,000)          
Repurchase and retirement of common stock (181,830)   $ (35) (24,973)   (156,822)    
Share-based compensation 40,915     40,915        
Increase in fair value of conversion feature on 3.625% Convertible Notes, net of tax effect of $1,000 3,001     3,001        
Other, net $ 379     10   369   0
Ending balance, common stock (in shares) at Dec. 31, 2024 42,848,339   42,848,339          
Ending balance at Dec. 31, 2024 $ 1,810,882   $ 428 $ 491,891   $ 1,401,034   $ (82,471)
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Accounting Standards Update [Extensible List] Accounting Standards Update 2020-06 [Member]
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The Company
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
The Company The Company
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Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Ziff Davis and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, including judgments about investment classifications and the reported amounts of net revenue and expenses during the reporting period. The Company believes that its most significant estimates are those related to revenue recognition, valuation and impairment of investments, its assessment of ownership interests as variable interest entities and the related determination of consolidation, share-based compensation expense, fair value of assets acquired and liabilities assumed in connection with business combinations, long-lived and intangible asset impairment, contingent consideration, income taxes and contingencies, and allowance for credit losses. On an ongoing basis, management evaluates its estimates based on historical experience and on various other factors that the Company believes to be reasonable under the circumstances. Actual results could materially differ from those estimates.
Consensus, Inc. Spin-Off and Discontinued Operations
On September 21, 2021, the Company announced that its Board of Directors approved its previously announced separation of the cloud fax business (the “Separation”) into an independent publicly traded company, Consensus Cloud Solutions, Inc. (“Consensus”). During the year ended December 31, 2022, the Company recorded $1.7 million in income tax expense within ‘(Loss) income from discontinued operations, net of income taxes’ within the Consolidated Statement of Operations related to the finalization of state tax returns related to the Separation.
Reclassifications
Certain prior year reported amounts have been reclassified to conform to the 2024 presentation. For the year ended December 31, 2022, the Company reclassified depreciation and amortization of $11.0 million and $222.4 million from ‘Direct costs’ and ‘General, administrative, and other related costs’, respectively, to ‘Depreciation and amortization’ to conform with current period presentation. For the year ended December 31, 2023, the Company reclassified depreciation and amortization of $11.6 million and $225.3 million from ‘Direct costs’ and ‘General, administrative, and other related costs’, respectively, to ‘Depreciation and amortization’ to conform with current period presentation.
Segment Reporting
ASC Topic 280, Segment Reporting (“ASC 280”), establishes standards for the way that public business enterprises report information about operating segments in their annual consolidated financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers. The Company’s business segments are based on the organization structure used by the chief operating decision maker for making operating and investment decisions and for assessing performance.
Following changes to our internal reporting structure, the Company concluded that it has five operating segments which are now presented as the following five reportable segments: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. Prior period segment information is presented on a comparable basis to conform to this new segment presentation with no effect on previously reported consolidated results. Refer to Note 17 — Segment Information for additional detail.
Cash and Cash Equivalents
The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the Company purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value.
Accounts Receivable, net
Accounts receivable, net consisted of the following (in thousands):
December 31,
20242023
Settlement receivables, net$296,553 $— 
Trade receivables, net363,670 337,703 
Accounts receivable, net$660,223 $337,703 
Settlement receivables, net represent amounts due from third parties that are collected by the Company and passed through to our customers, net of a fee earned by the Company, related to services provided in the facilitation of gift card processing and program management. Settlement receivables, net is associated with our TDS Gift Cards (“TDS”) business, which was acquired in 2024. Refer to Note 4 — Business Acquisitions for details.
Allowances for Credit Losses
The Company maintains an allowance for credit losses on accounts receivable, which is recorded as a reduction to accounts receivable. Changes in the allowance are classified as ‘General, administrative, and other related costs’ in the Consolidated Statements of Operations. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when it identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status. It also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. On an ongoing basis, management evaluates the adequacy of these reserves.
The rollforward of allowance for credit losses on Accounts receivable, net is as follows (in thousands):
Years ended December 31,
202420232022
Beginning balance$6,871 $6,868 $9,811 
Increases (decreases) to bad debt expense
2,898 2,809 (255)
Write-offs, net of recoveries(1,621)(2,806)(2,688)
Ending balance$8,148 $6,871 $6,868 
Investments
The Company accounts for its investments in debt securities in accordance with ASC Topic 320, Investments — Debt Securities (“ASC 320”). The Company’s available-for-sale debt securities are carried at an estimated fair value with any unrealized gains or losses, net of taxes, included in accumulated other comprehensive loss on our Consolidated Balance Sheets. All debt securities are accounted for on a specific identification basis. Available-for-sale debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Expected credit losses on available-for-sale debt securities are recognized in loss on investments, net on our Consolidated Statements of Operations, and any remaining unrealized losses, net of taxes, are included in accumulated comprehensive loss on our Consolidated Balance Sheets.
The Company accounts for its investments in equity securities in accordance with ASC Topic 321, Investments — Equity Securities (“ASC 321”) which requires the accounting for equity investments, other than those accounted for under the equity method of accounting, generally be measured at fair value for equity securities with readily determinable fair values. Equity securities without a readily determinable fair value, which are not accounted for under the equity method of accounting, are measured at their cost, less impairment, if any, and adjusted for observable price changes arising from orderly transactions in the same or similar investment from the same issuer. Any unrealized gains or losses will be reported within earnings on our Consolidated Statements of Operations.
The Company assesses whether an other-than-temporary impairment loss on an investment has occurred due to declines in fair value or other market conditions. Refer to Note 5 — Investments for additional information.
The Company accounted for its investment in Consensus common stock as an investment in an equity securities, at fair value under the fair value option, and the related fair value gains and losses were recognized in earnings. The fair value of Consensus common stock was readily available as Consensus is a publicly traded company.
Concentration of Credit Risk
The Company primarily invests its cash, cash equivalents, and marketable securities with major financial institutions primarily within the United States, Canada, United Kingdom, Australia, the European Union, Japan, Denmark, Sweden, and Norway. These investments are made in accordance with the Company’s investment policy with the principal objectives being preservation of capital, fulfillment of liquidity needs, and above market returns commensurate with preservation of capital. The Company’s investment policy also requires that investments in marketable securities be in only highly rated instruments, with limitations on investing in securities of any single issuer. However, these investments are not insured against the possibility of a total or near complete loss of earnings or principal and are inherently subject to the credit risk related to the continued credit worthiness of the underlying issuer and general credit market risks. As of December 31, 2024, the Company’s cash and cash equivalents that were maintained in demand deposit accounts in qualifying financial institutions are insured up to the limit determined by the applicable governmental agency. 
Variable Interest Entities (“VIE”s)
A VIE requires consolidation by the entity’s primary beneficiary. The Company evaluates its investments in entities in which it is involved to determine if the entity is a VIE and if so, whether it holds a variable interest and is the primary beneficiary. The Company has determined that it holds a variable interest in its investment as a limited partner in the OCV Fund I, LP (“OCV Fund”, “OCV” or the “Fund”), as well as in another independent corporation. The Company has concluded that it will not consolidate these VIEs, as it is not the primary beneficiary.
OCV qualifies as an investment company under ASC Topic 946, Financial Services, Investment Companies (“ASC 946”). Under ASC Topic 323, Investments — Equity Method and Joint Ventures, an investor that holds investments that qualify for specialized industry accounting for investment companies in accordance with ASC 946 should record its share of the earnings or losses, realized or unrealized, as reported by its equity method investees in the Consolidated Statements of Operations.
Fair Value Measurements
The Company complies with the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), in measuring fair value and in disclosing fair value measurements. ASC 820 provides a framework for measuring fair value and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities.
The carrying values of cash and cash equivalents, accounts receivable, interest receivable, accounts payable, accrued expenses, interest payable, customer deposits, and long-term debt are reflected in the financial statements at cost. With the exception of certain investments and long-term debt, cost approximates fair value due to the short-term nature of such instruments. The fair value of the Company’s outstanding debt was determined using the quoted market prices of debt instruments with similar terms and maturities when available. As of the same dates, the carrying value of other noncurrent liabilities approximated fair value as the related interest rates approximate rates currently available to the Company.
Property and Equipment
Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets and is recorded in ‘Depreciation and amortization’ on the Consolidated Statements of Operations based on the function the underlying asset supports. The estimated useful lives of property and equipment range from one to ten years. Fixtures, which are comprised primarily of leasehold improvements are amortized on a straight-line basis over their estimated useful lives or for leasehold improvements, the related lease term, if less. The Company has capitalized certain internal-use software and website development costs which are included in property and equipment and depreciated using a straight-line method over the estimated useful life which is typically three years.
Leases
The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date of the lease in determining the present value of future payments. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. There are lease agreements with lease and non-lease components, which are generally accounted for as a single lease component.
Impairment or Disposal of Long-Lived Assets
The Company accounts for long-lived assets, which include property and equipment, operating lease right-of-use assets, and identifiable intangible assets with finite useful lives (subject to amortization), in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment (“ASC 360”), which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset to the expected undiscounted future net cash flows generated by the asset. If it is determined that the asset may not be recoverable, and if the carrying amount of an asset exceeds its estimated fair value, an impairment charge is recognized to the extent of the difference.
The Company assesses the impairment of identifiable definite-lived intangibles and long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the Company determined that the carrying value of definite-lived intangibles and long-lived assets may not be recoverable based upon the existence of one or more indicators of impairment, it would record an impairment equal to the excess of the carrying amount of the asset over its estimated fair value.
Business Combinations and Valuation of Goodwill and Intangible Assets
The Company applies the acquisition method of accounting for business combinations in accordance with GAAP and uses estimates and judgments to allocate the purchase price paid for acquisitions to the fair value of the assets, including identifiable intangible assets and liabilities acquired. Such estimates may be based on significant unobservable inputs and assumptions such as, but not limited to, future revenue growth rates, gross and operating margins, customer attrition rates, royalty rates, discount rates, and terminal growth rate assumptions. The Company uses established valuation techniques and may engage reputable valuation specialists to assist with the valuations. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company tests goodwill for impairment annually on October 1st at the reporting unit level, or more frequently if indicators of impairment exist, or if a decision is made to dispose of a business.
The Company evaluates its goodwill and indefinite-lived intangible assets for impairment pursuant to ASC Topic 350, Intangibles— Goodwill and Other (“ASC 350”), which provides that goodwill and other intangible assets with indefinite lives are not amortized but tested annually for impairment or more frequently if the Company believes indicators of impairment exist. In connection with the annual impairment test for goodwill, the Company has the option to perform a qualitative assessment in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it was more likely than not that the fair value of the reporting unit is less than its carrying amount, it then performs an impairment test of goodwill. The impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company generally determines the fair value of its reporting units using a mix of an income approach and a market approach. If the carrying value of a reporting unit exceeds the reporting unit’s fair value, an impairment loss is recognized for the difference. During the years ended December 31, 2024, 2023, and 2022, the Company recorded goodwill impairments of $85.3 million, $56.9 million, and $27.4 million, respectively. Refer to Note 8 — Goodwill and Intangible Assets for additional details.
The Company did not have intangible assets with indefinite lives during years ended December 31, 2024, 2023, and 2022.
Intangible assets resulting from the acquisitions of entities accounted for using the acquisition method of accounting are recorded at the estimated fair value of the assets acquired. Identifiable intangible assets are comprised of purchased customer relationships, trademarks, trade names, and other intangible assets, including developed technologies. The fair values of these identified intangible assets are based upon expected future cash flows or income, which take into consideration certain assumptions such as customer turnover, trade names, and patent lives. These determinations are primarily based upon the Company’s historical experience and expected benefit of each intangible asset. If it is determined that such assumptions are not accurate, then the resulting change will impact the fair value of the intangible asset. Trade names and trademarks are generally amortized on a straight-line basis with an estimated useful life ranging from two to twenty years. The Company amortizes customer relationship assets in a pattern that best reflects the pace at which the asset’s benefits are consumed with useful lives ranging from three to sixteen years. This pattern results in more amortization expense being recognized earlier in the useful life. Other intangible assets subject to amortization are amortized over the period of estimated economic benefit ranging from one to ten years. Amortization expense of definite-lived intangibles assets is included in depreciation and amortization on the Consolidated Statements of Operations.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
December 31,
20242023
Accounts payable$164,352 $123,256 
Settlement payables, net408,747 — 
Accrued employee related costs55,800 50,068 
Other accrued liabilities41,870 43,612 
Total Accounts payable and accrued expenses$670,769 $216,936 
Settlement payables, net represent amounts owed to our customers related to services provided in the facilitation of gift card processing and program management whereby, as part of our services we collect from third-parties and pass through payment to our customers, net of a fee earned by the Company. Settlement payables, net is associated with our TDS business, which was acquired in 2024. Refer to Note 4 — Business Acquisitions for details.
Contingent Consideration
Certain of the Company’s acquisition agreements include contingent earn-out arrangements, which are generally based on the achievement of future income thresholds or other metrics. The contingent earn-out arrangements are based upon the Company’s valuations of the acquired companies and reduce the risk of overpaying for acquisitions if the projected financial results are not achieved.
The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration as a liability on the Consolidated Balance Sheets. The Company reviews and re-assesses the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could be materially different from the initial estimates or prior amounts. Changes in the estimated fair value of its contingent earn-out liabilities and adjustments to the estimated fair value related to changes in all other unobservable inputs are reported in general, administrative, and other related costs on our Consolidated Statements of Operations.
Debt Issuance Costs and Debt Discount
The Company capitalizes costs incurred with borrowing and issuance of debt securities and records debt issuance costs and discounts as a reduction to the debt amount. These costs and discounts are amortized and included in interest expense over the life of the borrowing using the effective interest method.
In August 2020, the FASB issued ASU 2020-06. The provisions of this update simplifies the accounting for convertible instruments by removing certain separation models in ASC 470-20, Debt — Debt with Conversion and Other Options, for convertible instruments. The convertible debt instruments are accounted for as a single liability at the amortized cost if separation is no longer required unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Similarly, the debt discount, which is equal to the carrying value of the embedded conversion feature upon issuance, is no longer amortized into income as interest expense over the life of the instrument. Additionally, ASU 2020-06 requires the use of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share, which includes the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards.
On January 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective method. The cumulative effect of the changes made on the Consolidated Balance Sheet upon this adoption increased the carrying amount of the 1.75% Convertible Notes (as defined in Note 9 — Debt below) by approximately $85.9 million, increased retained earnings by approximately $23.4 million, reduced deferred tax liabilities by approximately $21.2 million and reduced additional paid-in capital by approximately $88.1 million.
Revenue Recognition
The Company recognizes revenue when the Company satisfies its obligation by transferring control of the goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Refer to Note 3 — Revenues for additional details.
Share-Based Compensation
The Company accounts for share-based awards to employees and non-employees in accordance with the provisions of ASC Topic 718, Compensation — Stock Compensation (“ASC 718”), which requires compensation cost, measured at the grant date fair value, to be recognized over the employee’s requisite service period using the straight-line method. The measurement of share-based compensation expense is based on several criteria, including but not limited to the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate, and award cancellation rate. Certain of these inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining share-based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future share-based compensation expense. Any such changes could materially impact the Company’s results of operations in the period in which the changes are made and in periods thereafter. The amount of share-based compensation expense recognized in the Consolidated Statements of Operations is net of estimated forfeitures. The forfeiture rate is estimated at the grant date based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from the estimated rate. The expense ultimately recorded is for the awards that vest.
Direct Costs
Direct costs represent the Company’s costs of revenue and primarily include costs associated with compensation for personnel directly involved in revenue generation, content fees, production costs, royalty fees, hosting and licensing costs, and processing fees. Direct costs exclude depreciation and amortization expenses for all periods presented. For the years ended December 31, 2024, 2023, and 2022, direct costs were $200.3 million, $185.7 million, and $184.5 million, respectively.
Research, Development, and Engineering
Research, development, and engineering costs are costs associated with software design and development and primarily consist of compensation for personnel. Costs incurred during the preliminary project stage are expensed as incurred. Costs for software development incurred during the application development stage are capitalized and amortized over their estimated useful lives. We do not capitalize any costs once the software is ready for its intended use. For the years ended December 31, 2024, 2023, and 2022, research, development, and engineering expenditures were $67.4 million, $68.9 million, and $74.1 million, respectively.
Advertising Costs
The Company incurs external advertising costs to promote its brands. These costs primarily consist of expenses related to digital advertising on websites and apps of third parties, creative services, trade shows and similar events, marketing expenses, and marketing intelligence expenses. Advertising costs are expensed as incurred. For the years ended December 31, 2024, 2023, and 2022 external advertising costs were $114.8 million, $120.8 million, and $128.8 million, respectively.
Foreign Currency
Most of the Company’s foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated at exchange rates prevailing at the balance sheet dates. Revenues and expenses are translated into U.S. Dollars at average exchange rates for the period. Gains and losses resulting from translation are recorded as a component of accumulated other comprehensive income (loss). Net translation income (loss) was $12.4 million, $13.7 million, and $(32.5) million for the years ended December 31, 2024, 2023, and 2022, respectively. Realized gains and losses from foreign currency transactions are recognized within ‘Other income (loss), net’ on our Consolidated Statements of Operations. Foreign exchange (losses) gains amounted to $(1.0) million, $(3.9) million, and $8.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Income Taxes
The Company’s income is subject to taxation in both the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves for tax contingencies are established when the Company believes that certain positions might be challenged despite the Company’s belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of a tax audit or lapse of a statute of limitations. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate.
The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires deferred tax assets and liabilities to be recognized using enacted tax rates for the effect of temporary differences between the book and tax basis of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the net deferred tax assets will not be realized. Valuation allowances are reviewed quarterly based upon the facts and circumstances known at the time. In assessing valuation allowances, the Company reviews historical and future expected operating results and other factors, including its recent cumulative earnings experience, expectations of future taxable income by taxing jurisdiction and the carryforward periods available for tax reporting purposes, to determine whether it is more likely than not that deferred tax assets are realizable.
ASC 740 provides guidance on the minimum threshold that an uncertain income tax benefit is required to meet before it can be recognized in the financial statements and applies to all income tax positions taken by a company. ASC 740 contains a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. If it is not more likely than not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain income tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. The Company recognizes accrued interest and penalties related to uncertain income tax positions in income tax expense on its Consolidated Statements of Operations.
Earnings Per Common Share (“EPS”)
EPS is calculated pursuant to the two-class method as defined in ASC Topic 260, Earnings per Share (“ASC 260”), which specifies that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents are considered participating securities and should be included in the computation of EPS pursuant to the two-class method.
Basic EPS is calculated by dividing net distributed and undistributed earnings allocated to common shareholders, excluding participating securities, by the weighted-average number of common shares outstanding. The Company’s participating securities consist of its unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents.
The Company applies the if-converted method for the diluted net income per share calculation of convertible debt instruments.
Share Repurchases
The Company accounts for share repurchases on a trade date basis by allocating cost in excess of par value between retained earnings and additional paid-in capital. The repurchased shares are constructively retired and returned to an authorized but unissued status. In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022, which imposed a 1.0% excise tax on share repurchases made after December 31, 2022. As a result, the Company accrued excise tax in connection with the share repurchases it completed during years ended December 31, 2024 and December 31, 2023.
Recent Accounting Pronouncements
Recently issued applicable accounting pronouncements adopted
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides for optional financial reporting alternatives to reduce cost and complexities associated with accounting for contracts, hedging relationships, and other transactions affected by reference rate reform. This update applies only to contracts, hedging relationships, and other transactions that reference London Interbank Offer Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The accommodations were available for all entities through December 31, 2022, with early adoption permitted. This update was later amended by ASU 2022-06.
In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. This update defers the expiration date of ASC Topic 848 from December 31, 2022 to December 31, 2024. We adopted this update during the fourth quarter of 2024. The adoption of this update did not have a material impact on our consolidated financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides for enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The purpose of the guidance is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. We adopted this update for the annual period ended December 31, 2024 and the amendments have been applied retrospectively to all prior periods presented in the consolidated financial statements by expanding certain disclosures, including the disclosure of significant expenses included in our segment measure of profitability.
Recently issued applicable accounting pronouncements not yet adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC's existing disclosure requirements and entities required to file/furnish financial statements with or to the SEC in preparation for the sale of or for the purpose of issuing securities that are not subject to contractual restrictions on transfer, the effective date for which each amendment will be the date on the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, amendments will be effective two years later. We do not anticipate that adoption of this update will have a material impact on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than 5% of the amount computed by multiplying pretax income by statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid. The amendments eliminate some of the previously required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within twelve months. The amendments in this update are effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expenses Disaggregation Disclosure (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities. The amendments in this update do not change the expense captions an entity presents on the face of the income statement; rather, they require disaggregation of certain expense captions into specified categories, including but not limited to purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. This update is effective for annual reporting periods beginning after December 15, 2025, and for interim periods within fiscal years beginning after December 15, 2027. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
v3.25.0.1
Revenues
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The following describes the nature of the Company’s primary types of revenue.
Advertising and Performance Marketing
Advertising and performance marketing revenues are earned primarily from the delivery of advertising services and from marketing, performance marketing, and production services. Revenues from the delivery of advertising services are earned on websites and applications that are owned and operated by the Company and on those websites and applications that are part of the Company’s advertising network. Revenues are primarily earned by generating traffic to the Company’s websites, apps, and third-party platforms on which brands of the Company have a presence and monetizing this traffic. The value provided to the customer is primarily derived from the provision of traffic the Company generates from its specific content within each vertical, as well as data obtained by the website or app traffic. Such revenues are generally recognized over the period in which the products or services are delivered.
The Company determines whether revenue should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the Company’s advertising and performance marketing revenue is recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC Topic 606, Revenue from Contracts with Customer (“ASC 606”). Revenues recognized on a gross basis are generated (i) by the Company serving online display and video advertising across its owned and operated web properties, on third-party sites, or on unaffiliated advertising networks; and (ii) through the Company’s lead-generation business. The Company records revenue on a net basis with respect to revenue paid to the Company by certain third-party advertising networks who serve online display and video advertising across the Company’s owned-and-operated web properties and certain third-party platforms, primarily related to the transfer of functional intellectual property. The Company records revenue on a net basis with respect to revenue earned from servicing client gift card programs where we collect the total value of the gift card on our customers’ behalf.
Subscription and Licensing
Revenues from subscriptions are earned through (i) the granting of access to, or delivery of, data products or services to customers; (ii) usage-based fees, and (iii) reselling various third-party solutions, primarily through the Company’s email security line of business. Subscriptions cover video games and related content, health information, data, and other copyrighted material. Revenues are also earned from listing fees, subscriptions to online publications, and from other sources. Third-party solutions, along with the Company’s proprietary products, allow the Company to offer customers a variety of solutions to better meet the customer’s needs. Subscription revenues are primarily recognized over the contract term. Revenues related to the provision of access to historical data for certain services are recorded at the time of delivery. In instances where usage-based fees are charged, a significant portion of which are paid in advance, the Company defers the portions of monthly, quarterly, semi-annual, and annual fees collected in advance of the satisfaction of performance obligations and recognizes them in the period earned.
Licensing revenues are earned through the license of certain assets to clients. Assets are licensed for clients’ use in their own promotional materials or otherwise and may include logos, editorial reviews, or other copyrighted material that represent symbolic intellectual property, as defined in ASC 606. Revenues under such license agreements are generally recognized over the contract term. In instances when technology assets in the form of functional intellectual property are licensed to the Company’s clients, revenues from the license of these assets are recognized at a point in time.
Licensing revenues also include revenues from transactions involving the sale of perpetual software licenses, related software support, and maintenance. Revenue will be recognized when the obligations are met, either over time or at a point in time, depending on the nature of the obligation.
•Revenues from software license performance obligations are generally recognized upfront at the point in time that the software is made available to the customer for download and use.
•Revenues from related software support and maintenance are generally recognized ratably over the contractual period, because technical support, unspecified software product upgrades, maintenance releases, and patches are provided to customers on an as needed basis and they are available during the term of the support period.
The Company determines whether revenue should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the subscription and licensing revenue is recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenue on a gross basis with respect to revenue generated from the resale of various third-party solutions, primarily through its email security line of business, because the Company has control of the specified good or service prior to transferring control to the customer.
Other
Other revenues primarily include those from the sale of hardware used in conjunction with software described above, online course revenue, and game publishing revenue. Hardware product and related software performance obligations, such as those relating to an operating system or firmware, are highly interdependent and interrelated and are accounted for as a bundled performance obligation. The revenues for this bundled performance obligation are generally recognized at the point in time that the hardware and software products are delivered and ownership is transferred to the customer.
The Company determines whether revenue should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The majority of the Company’s other revenue is recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenue on a net basis with respect to games sold on third-party platforms.
Disaggregated Revenues
Revenues from external customers classified by revenue source are as follows (in thousands).
Year ended December 31,
Technology & Shopping
2024 (1)
2023 (1)
2022 (1)
Advertising and performance marketing$345,655 $310,733 $354,545 
Subscription and licensing7,158 8,256 10,052 
Other9,069 11,568 20,332 
Total Technology & Shopping revenues$361,882 $330,557 $384,929 
Gaming & Entertainment
Advertising and performance marketing$120,788 $114,074 $112,305 
Subscription and licensing59,468 54,747 54,020 
Other20 — — 
Total Gaming & Entertainment revenues$180,276 $168,821 $166,325 
Health & Wellness
Advertising and performance marketing$299,474 $309,182 $304,379 
Subscription and licensing49,538 41,185 21,244 
Other13,396 11,556 10,260 
Total Health & Wellness revenues$362,408 $361,923 $335,883 
Connectivity
Advertising and performance marketing$11,926 $13,112 $16,353 
Subscription and licensing185,994 179,286 159,150 
Other15,700 19,120 15,751 
Total Connectivity revenues$213,620 $211,518 $191,254 
Cybersecurity & Martech
Subscription and licensing$283,502 $291,209 $312,606 
Other— — — 
Total Cybersecurity & Martech revenues$283,502 $291,209 $312,606 
Corporate$— $— $— 
Total Revenues$1,401,688 $1,364,028 $1,390,997 
(1)Amounts presented are net of inter-segment revenues.
The Company recorded $181.7 million and $160.1 million of revenue for the years ended December 31, 2024 and 2023, respectively, which was previously included in the deferred revenue balance as of the beginning of each respective year.
Performance Obligations
The Company may be a party to multiple concurrent contracts with the same customers, or a party or parties related to those customers. Some of these situations may require an evaluation to determine if those arrangements should be accounted for as a single contract. The Company’s contracts with customers may include multiple performance obligations, including contracts when advertising and licensing services are sold together.
The Company determines the transaction price based on the amount to which the Company expects to be entitled in exchange for services provided. The Company includes any fixed consideration within its contracts as part of the total transaction price. The Company’s contracts occasionally contain variable consideration, such as commissions that are
recognized in the period of the commissionable event. Payment terms vary by type and location of customers and the services offered. The time between invoicing and when payment is due is generally not significant. Due to the nature of the services provided, there are no obligations for returns.
Advertising and performance marketing revenues consist primarily of performance obligations that are satisfied over time, where the customer simultaneously receives and consumes the benefit of the services provided. In certain instances, the Company provides content to its advertising partners and receives a revenue share based on the terms of the agreement. Revenue is recognized based on delivery of services over the contract period for advertising. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on individual contracts with customers, revenues from advertising and performance marketing revenues are recognized over time as distinct performance obligations are satisfied, including when:
•Online display and video advertising in form of impressions, video views and other means is placed for viewing on the Company’s owned-and-operated properties and on third-party sites.
•Commissions are earned upon the sale of an advertised product.
•Qualified sales leads are delivered.
•Visitor “clicks through” an advertisement.
Subscription and licensing revenues are earned from (i) subscription services with performance obligations that are satisfied over time; and (ii) licensing arrangements that have standalone functionality with performance obligations satisfied at a point in time, where the customer simultaneously receives and consumes the benefit of the services provided regardless of whether the customer uses the services. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on the individual contracts with the customer, revenues for subscription and licensing services are recognized over the contract period as distinct performance obligations are satisfied, including when:
•Voice, email marketing, and search engine optimization as services are delivered.
•Consumer privacy services and data backup capabilities are provided.
•Security solutions, including email and endpoint, are provided.
•Access is granted to data products and services.
•Continuing access to the content on our websites and apps is provided.
The Company has concluded the best measure of progress toward the complete satisfaction of the performance obligation delivered over the time is a time-based measure. The Company recognizes revenue on a straight-line basis throughout the subscription period, or as usage occurs, or when functional intellectual property is delivered for services outside of the subscription.
Other revenues consist primarily of performance obligations that are satisfied at a point in time at which control for goods and services is transferred to a customer. The Company believes that the methods described are a faithful depiction of the transfer of goods and services.
Transaction Price Allocation to Future Performance Obligations
As of December 31, 2024, the aggregate amount of transaction price that is allocated to future performance obligations was approximately $71.9 million and is expected to be recognized as follows: 66% by December 31, 2025 and 34% thereafter. The amount disclosed does not include revenues related to performance obligations that are part of contracts with original expected durations of twelve months or less or portions of the contracts that remain subject to cancellations. Further, the disclosure does not include contracts for which the transaction price is a variable consideration that corresponds directly with the Company’s performance.
Sales Taxes
The Company has made an accounting policy election to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are (i) both imposed on and concurrent with a specific revenue-producing transaction and (ii) collected by the Company from a customer.
Costs to Obtain a Contract
The Company’s revenues are primarily generated from customer contracts that are for one year or less. Costs primarily consist of incentive compensation paid based on the achievements of sales targets in a given period for related revenue streams and are recognized in the month when the revenue is earned. Incentive compensation is paid on the issuance or renewal of the customer contract. As a practical expedient, for amortization periods which are determined to be one year or less, the Company expenses any incremental costs of obtaining the contract with a customer when incurred. For those customers with amortization periods determined to be greater than one year, the Company capitalizes and amortizes the expenses over the period of benefit.
In addition, the Company partners with various affiliates in order to generate a portion of its revenue for certain lines of business. The commissions earned by the Company’s affiliates are incentive based and are paid on the acquisition of new customers in a given period. For those customers with amortization periods determined to be greater than one year, the Company capitalizes and amortizes the incentive over the period of benefit. As of December 31, 2024 and 2023, the Company capitalized approximately $14.2 million and $14.9 million, respectively, related to these costs and they are included in ‘Prepaid expenses and other current assets’ and ‘Other assets’ in the Consolidated Balance Sheets. During the years ended December 31, 2024, 2023, and 2022, the Company recognized expense of $14.6 million, $12.9 million, and $15.4 million respectively, related to the amortization of capitalized costs to obtain a contract with a customer.
Practical Expedients
Existence of a Significant Financing Component in a Contract
If at contract inception, the Company expects that the period between payment by the customer and the transfer of promised goods or services by the Company to the customer will be one year or less, the Company does not assess whether a contract has a significant financing component. In addition, the Company has determined that the payment terms that the Company provides to its customers are structured primarily for reasons other than the provision of finance to the customer. The Company typically charges a single upfront amount for services because other payment terms would affect the nature of the risk assumed by the Company to provide service given the costs of the customer acquisition and the highly competitive and commoditized nature of the business it operates, which allows customers to easily move from one provider to another. This additional risk may make it uneconomical to provide the service.
v3.25.0.1
Business Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Acquisitions Business Acquisitions
The Company uses acquisitions as a strategy to grow its customer base by increasing its presence in new and existing markets, expand and diversify its service offerings, enhance its technology, and acquire skilled personnel.
2024 Acquisitions
The Company completed the following acquisitions during the year ended December 31, 2024, paying the purchase price in cash in each transaction: (a) a purchase of 100% of the equity interest in TDS, acquired on February 5, 2024, a digital gifting and branded payments platform, which is reported within our Technology & Shopping segment; (b) a purchase of 100% of the equity interest in CNET Media, Inc. and certain related entities (“CNET”), acquired on September 12, 2024, a digital media publication platform, which is reported within our Technology & Shopping segment; and (c) two other immaterial acquisitions. The acquisition of TDS is expected to expand our ability to offer innovative shopping solutions to our merchant partners and broaden our capabilities to help facilitate commerce between consumers and some of the market’s most highly visible brands. The acquisition of CNET is expected to allow us to reach a wider audience that is attractive to advertisers in the technology space. Total consideration for all businesses acquired in 2024 was $365.0 million, or $219.0 million, net of cash acquired.
The following table summarizes the allocation of the purchase consideration for the acquisition of TDS and CNET as of December 31, 2024 (in thousands):
Valuation
Assets and Liabilities
TDS
CNET
Cash
$142,957 $— 
Accounts receivable and other current assets (1)
171,290 16,351 
Intangible assets
108,340 101,000 
Goodwill (1)
81,248 36,607 
Deferred tax asset, noncurrent (2)
— 11,412 
Other assets
203 655 
Accounts payable and other current liabilities
(290,161)(3,819)
Deferred tax liability, noncurrent
(25,442)— 
Deferred revenue, noncurrent
— (7,958)
Other noncurrent liabilities
(847)— 
Total
$187,588 $154,248 
(1)The fair value of the assets acquired includes accounts receivable of $170.7 million (including Settlement receivables, net of $166.8 million) for TDS and $15.6 million related to CNET, of which none is expected to be uncollectible. $4.5 million of the goodwill recognized is expected to be deductible for income tax purposes.
(2)Deferred tax asset balance for CNET is presented within ‘Deferred income taxes’ in the ‘Liabilities and Stockholders’ Equity’ section on the Consolidated Balance Sheets.
The amounts assigned to intangible assets by type for all acquisitions during the year ended December 31, 2024 are summarized in the table below (in thousands):
Gross Carrying ValueWeighted Average Estimated Life
Customer relationships$146,215 10 years
Trade names and trademarks27,895 9 years
Other purchased intangibles43,793 5 years
Total gross carrying value$217,903 
The initial accounting for the 2024 acquisitions, excluding TDS, is incomplete due to the timing of available information and is subject to change. As of December 31, 2024, the Company has recorded provisional amounts for certain intangible assets (including customer relationships, trade names, and other purchased intangibles), preliminary acquisition date working capital, and related tax items.
The accompanying Consolidated Statements of Operations reflects the results of operations of the 2024 acquisitions since the date of each respective acquisition.
For the year ended December 31, 2024, the Company recorded $83.2 million of incremental revenue from the businesses acquired during 2024. Net income from continuing operations contributed by these acquisitions was not separately identifiable due to the Company’s integration activities and is impracticable to provide.
Unaudited Pro Forma Financial Information for the 2024 Acquisitions
The following unaudited pro forma information reflects the combined results from these acquisitions had they occurred on January 1, 2023. This information is not necessarily indicative of the Company’s consolidated results of operations in future periods or the results that actually would have been realized had the Company and the acquired businesses been combined companies during the periods presented. These pro forma results are estimates and exclude any savings or synergies that would have resulted from these business acquisitions had they occurred on January 1, 2023. This unaudited pro forma supplemental information includes incremental intangible asset amortization and other charges as a result of the acquisitions, net of the related tax effects.
Years ended December 31,
(in thousands, except per share data)
20242023
(unaudited)
Revenues$1,470,182 $1,521,064 
Net income$49,433 $22,206 
Income per common share from continuing operations - Basic
$1.11 $0.48 
Income per common share from continuing operations - Diluted
$1.11 $0.48 
2023 Acquisitions
The Company completed two immaterial acquisitions during the year ended December 31, 2023, paying the purchase price in cash in each transaction.
The accompanying Consolidated Statements of Operations reflect the results of operations of the 2023 acquisitions since the date of each respective acquisition.
Goodwill recognized associated with these acquisitions during the year ended December 31, 2023 was $6.5 million, all of which is expected to be deductible for income tax purposes. Approximately $7.2 million of definite-lived intangibles were recorded in connection with the acquisitions during the year ended December 31, 2023.
During the year ended December 31, 2023, the Company recorded adjustments to the initial working capital and to the purchase accounting of certain prior period acquisitions due to the finalization of prior period acquisitions in the Health business which resulted in a net decrease in goodwill of $0.1 million.
2022 Acquisitions
The Company completed the following acquisitions during the year ended December 31, 2022, paying the purchase price in cash in each transaction: (a) a purchase of 100% of equity interests of Lifecycle Marketing Group Limited, acquired on January 21, 2022, a portfolio of pregnancy and parenting brands, including Emma’s Diary and Health Professional Academy, reported within the Health & Wellness segment; (b) a purchase of 100% of equity interests of FitNow, Inc., acquired on June 2, 2022, a provider of weight loss products and support, reported within the Health & Wellness segment; and (c) four other immaterial acquisitions.
The accompanying Consolidated Statements of Operations reflect the results of operations of the 2022 acquisitions since the date of each respective acquisition. For the year ended December 31, 2022, these acquisitions contributed $33.0 million to the Company’s revenues. Net income from continuing operations contributed by these acquisitions was not separately identifiable due to the Company’s integration activities and is impracticable to provide. Total consideration for all businesses acquired in 2022 was $151.4 million, or $121.7 million, net of cash acquired.
The following table summarizes the allocation of the purchase consideration for all 2022 acquisitions as of December 31, 2022 (in thousands):
Assets and LiabilitiesValuation
Accounts receivable$7,433 
Prepaid expenses and other current assets4,915 
Property and equipment369 
Operating lease right-of-use assets, noncurrent545 
Trade names12,839 
Customer relationships20,040 
Goodwill (1)
95,737 
Other intangibles18,166 
Other noncurrent assets11 
Accounts payable and accrued expenses(6,221)
Deferred revenue(21,474)
Deferred tax liability(10,140)
Other noncurrent liabilities(516)
Total$121,704 
(1)Goodwill recognized associated with these acquisitions during the year ended December 31, 2022 is $95.7 million, of which $1.2 million is expected to be deductible for income tax purposes.
The fair value of the assets acquired includes accounts receivable of $7.4 million, all of which was expected to be collectible. The Company did not acquire any other classes of receivables as a result of its acquisitions.
Unaudited Pro Forma Financial Information for All 2022 Acquisitions
The following unaudited pro forma information is not necessarily indicative of the Company’s consolidated results of operations in future periods or the results that actually would have been realized had the Company and the acquired businesses been combined companies during the periods presented. These pro forma results are estimates and exclude any savings or synergies that would have resulted from these business acquisitions had they occurred on January 1, 2021. This unaudited pro forma supplemental information includes incremental intangible asset amortization and other charges as a result of the acquisitions, net of the related tax effects.
The supplemental information on an unaudited pro forma financial basis presents the combined results of the Company and its 2022 acquisitions as if each acquisition had occurred on January 1, 2021 (in thousands, except per share amounts):
Year ended
December 31, 2022
(unaudited)
Revenues$1,407,300 
Net income from continuing operations$64,877 
Income per common share from continuing operations - Basic$1.38 
Income per common share from continuing operations - Diluted$1.38 
Deferred Acquisition Payments
As of December 31, 2024, future payments associated with contractual obligations for holdback payments in connection with all business acquisitions are as follows (in thousands):
Fiscal Year:
2025$1,305 
2026363 
$1,668 
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Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments consist of equity and debt securities.
Investment in equity securities
Following the Separation, the Company retained an interest in Consensus common stock. As of December 31, 2024 and December 31, 2023, the Company held approximately zero and 1.0 million shares, respectively, of the common stock of Consensus. During the year ended December 31, 2022, the Company completed the non-cash tax-free debt-for-equity exchanges of 2,800,000 shares of its common stock of Consensus for the extinguishment of $112.3 million of principal of the Company’s Term Loan Facilities (as defined in Note 9 — Debt), and related interest. During the year ended December 31, 2023, the Company sold 52,393 shares of common stock of Consensus in the open market. As of December 31, 2023, the carrying value of the investment in Consensus was $27.1 million, which was included in ‘Short-term investments’ on the Consolidated Balance Sheets. The Company accounted for its investment in Consensus at fair value under the fair value option, and the related fair value gains and losses are recognized in earnings. During the second quarter of 2024, the Company sold its remaining 1,034,295 shares of Consensus in the open market. For the years ended December 31, 2024, 2023, and 2022, losses of $7.7 million, $28.1 million, and $53.9 million, respectively, were recorded in the Consolidated Statements of Operations.
On July 31, 2023, the Company entered into an agreement to purchase $25.0 million of equity in Xyla, Inc. for a minority ownership stake. This minority investment was made in the form of cash and shares of the Company’s common stock. The Company accounts for its investment in Xyla as an equity investment without a readily determinable fair value measured under the measurement alternative in accordance with ASC Topic 321, Investments - Equity Securities. As of December 31, 2024, the investment in Xyla has a carrying value of $25.3 million, including transaction costs, and is included in ‘Long-term investments’ in the Consolidated Balance Sheets.
Investment in corporate debt security
On April 12, 2022, the Company entered into an agreement with an entity to acquire 4% convertible notes with an aggregate value of $15.0 million. On May 19, 2023, the Company entered into the Note Amendment Agreement (the “Amendment”) with respect to the same entity. The Amendment increased the interest rate on the convertible notes to 6%, extended the maturity date, and subordinated all existing and future obligations, liabilities, and indebtedness of the entity to the entity’s senior creditor, as defined in the Amendment. This investment is included in ‘Long-term investments’ in the Consolidated Balance Sheets and is classified as available-for-sale. The investment was initially measured at its transaction price and subsequently remeasured at fair value, with unrealized gains and losses reported as a component of other comprehensive income.
As of December 31, 2024, both the carrying value and the maximum exposure of the Company’s investment in corporate debt securities was approximately $17.8 million, with a contractual maturity date that was more than one year but less than five years. As of December 31, 2023, both the carrying value and the maximum exposure of the Company’s investment in corporate debt securities was approximately $15.7 million, with a contractual maturity date that was more than one year but less than five years. Cumulative gross unrealized gains on investment in corporate debt securities as of December 31, 2024 and 2023 was approximately $2.8 million and $0.7 million, respectively.
There were no investments in an unrealized loss position as of December 31, 2024 or December 31, 2023.
During the years ended December 31, 2024, 2023, and 2022, the Company did not recognize any other-than-temporary impairment losses on its debt securities.
Equity method investment
On September 25, 2017, the Company entered into a commitment to invest in the OCV Fund. The Company recognizes its equity in the net earnings or losses relating to the investment in OCV on a one-quarter lag due to the timing and availability of financial information from OCV. If the Company becomes aware of a significant decline in value that is other-than-temporary, the loss will be recorded in the period in which the Company identifies the decline.
During the years ended December 31, 2024, 2023, and 2022, the Company recognized income (loss) from equity method investment, net of $11.2 million, $(9.3) million, and $(7.7) million, net of tax expense (benefit), respectively. The gains and losses in the years presented were primarily the result of gains and losses in the underlying investments.
As of December 31, 2024, both the carrying value and the maximum exposure of the Company’s equity method investment was approximately $115.0 million. As of December 31, 2023, both the carrying value and the maximum exposure of the Company’s equity method investment was approximately $99.9 million. These equity securities are included within ‘Long-term investments’ in the Consolidated Balance Sheets.
As a limited partner, the Company’s maximum exposure to loss is limited to its proportional ownership in the partnership. In addition, the Company is not required to contribute any further capital. Finally, there are no call or put options, or other types of arrangements, which limit the Company’s ability to participate in losses and returns of the OCV Fund.
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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company complies with the provisions of ASC 820, which defines fair value, provides a framework for measuring fair value, and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value.
§Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
§Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
§Level 3 – Unobservable inputs which are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Recurring Fair Value Measurements
The Company’s money market funds are classified within Level 1. The Company values these Level 1 investments using quoted market prices.
The fair value of the Company’s investment in Consensus common stock was determined using quoted market prices, which a Level 1 input. On May 22, 2024, the Company sold its remaining investments in Consensus common stock (see Note 5 — Investments).
The Company has investment in a corporate debt security that does not have a readily determinable fair value because the acquired securities are privately held, not traded on any public exchanges, and not an investment in a mutual fund or similar investment. The investment in corporate debt securities is classified as available-for-sale and is initially measured at its transaction price. The fair value of the corporate debt securities is determined primarily based on estimates and assumptions, including Level 3 inputs. As of December 31, 2024 and 2023, the fair value was determined based upon various probability-weighted scenarios which included discount rate assumptions between 9% and 10%, depending on the probability scenario. In addition, the determination of fair value included a conversion timeframe of approximately six months to two years, depending on the probability scenario, as of December 31, 2024, and approximately one to three years, depending on the probability scenario, as of December 31, 2023.
The Company classifies its contingent consideration liability in connection with acquisitions within Level 3 because factors used to develop the estimated fair value are unobservable inputs, such as volatility and market risks, and are not supported by market activity. The valuation approaches used to value Level 3 investments considers unobservable inputs in the market such as time to liquidity, volatility, dividend yield, and breakpoints. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.
As of December 31, 2024 and 2023, the contingent consideration was determined using a 100% probability of payout at the maximum amount, without any other estimates applied.
The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):
December 31, 2024Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$85,833 $— $— $85,833 $85,833 
Long-term investments:
Investment in corporate debt securities— — 17,788 17,788 17,788 
Total assets measured at fair value$85,833 $— $17,788 $103,621 $103,621 
Liabilities:
Contingent consideration$— $— $2,834 $2,834 $2,834 
Total liabilities measured at fair value$— $— $2,834 $2,834 $2,834 
December 31, 2023Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$340,928 $— $— $340,928 $340,928 
Short-term investments:
Consensus common stock27,109 — — 27,109 27,109 
Long-term investments:
Investment in corporate debt securities— — 15,699 15,699 15,699 
Total assets measured at fair value$368,037 $— $15,699 $383,736 $383,736 
Liabilities:
Contingent consideration$— $— $2,834 $2,834 $2,834 
Total liabilities measured at fair value$— $— $2,834 $2,834 $2,834 
At the end of each reporting period, management reviews the inputs to the fair value measurements of financial and non-financial assets and liabilities to determine when transfers between levels are deemed to have occurred. For the year ended December 31, 2024 and 2023, there were no transfers that occurred between levels.
The following table presents a reconciliation of the Company’s Level 3 financial assets related to our contingent consideration arrangements and investment in corporate debt securities that are measured at fair value on a recurring basis (in thousands):
Years ended December 31,
20242023
Contingent Consideration ArrangementsCorporate Debt SecuritiesContingent Consideration ArrangementsCorporate Debt Securities
Balance as of January 1$2,834 $15,699 $555 $15,586 
Fair value at date of acquisition— — 2,834 — 
Fair value adjustments (1)
— 2,089 (200)113 
Payments— — (355)— 
Balance as of December 31
$2,834 $17,788 $2,834 $15,699 
(1)The fair value adjustments to the contingent consideration arrangements in the table above were recorded within ‘General, administrative, and other related costs’ on the Consolidated Statements of Operations during the years ended December 31, 2024 and 2023. The fair value adjustments to the corporate debt securities in the table above were recorded within ‘Change in fair value on available-for-sale investments, net’ on the Consolidated Statements of Comprehensive Income during the years ended December 31, 2024 and 2023.
Nonrecurring Fair Value Measurements
The Company’s non-financial assets, such as goodwill, intangible assets, right-of-use assets, and property, plant and equipment, are adjusted to fair value only when an impairment is recognized. The Company’s financial assets, comprised of equity securities without readily determinable fair value, are adjusted to fair value when observable price changes are identified or due to impairment. Such fair value measurements are based predominately on Level 3 inputs. See Note 8 — Goodwill and Intangible Assets for further information on a goodwill impairment charges recorded in the years ended December 31, 2024, 2023, and 2022.
Other Fair Value Disclosures
The fair value of the Company’s 4.625% Senior Notes, 3.625% Convertible Notes, and 1.75% Convertible Notes (as defined in Note 9 — Debt) was determined using quoted market prices or dealer quotes for instruments with similar maturities and other terms and credit ratings, which are Level 1 inputs. If such information is not available for the 1.75% Convertible Notes and 3.625% Convertible Notes, the fair value is determined using cash-flow models of the scheduled payments discounted at market interest rates for comparable debt without the conversion feature.
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:
December 31,
20242023
Carrying ValueFair ValueCarrying ValueFair Value
4.625% Senior Notes
$457,211 $420,935 $456,796 $405,408 
1.75% Convertible Notes (1)
$148,186 $139,976 $544,516 $519,492 
3.625% Convertible Notes (1)
$258,885 $259,200 $— $— 
(1)On July 16, 2024, the Company exchanged approximately $400.9 million in aggregate principal amount of the Company’s 1.75% Convertible Notes as part of the Exchange Transaction. The Company issued $263.1 million in aggregate principal amount of new 3.625% Convertible Notes, as defined in Note 9 — Debt, and paid an aggregate of approximately $135.0 million in cash. Refer to Note 9 — Debt for additional information.
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Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, stated at cost, consists of the following (in thousands):
December 31,
20242023
Computer hardware, software, and related equipment
$546,777 $502,564 
Furniture and equipment4,820 2,836 
Leasehold improvements7,328 9,784 
558,925 515,184 
Less: Accumulated depreciation and amortization(361,710)(327,015)
 Total property and equipment, net$197,216 $188,169 
Depreciation expense included in ‘Depreciation and amortization’ on our Consolidated Statements of Operations was $94.4 million, $92.1 million, and $76.7 million for the years ended December 31, 2024, 2023, and 2022, respectively.
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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in carrying amounts of goodwill for the years ended December 31, 2024 and 2023 are as follows (in thousands):
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechConsolidated
Balance as of January 1, 2023
$346,684 $61,644 $399,982 $257,679 $525,485 $1,591,474 
Goodwill acquired (Note 4)
3,849 — 2,602 — — 6,451 
Goodwill impairment(56,850)— — — — (56,850)
Purchase accounting adjustments (1)
215 (219)(72)4 — (72)
Foreign exchange translation(246)60 745 803 3,700 5,062 
Balance as of December 31, 2023
$293,652 $61,485 $403,257 $258,486 $529,185 $1,546,065 
Goodwill acquired (Note 4)
117,855 6,811 — — 4,532 129,190 
Goodwill removed due to sale of business (2)
(3,983)— — — — (3,983)
Goodwill impairment(85,273)— — — — (85,273)
Foreign exchange translation(194)5 (201)(1,544)(3,815)(5,741)
Balance as of December 31, 2024
$322,057 $68,301 $403,056 $256,942 $529,902 $1,580,258 
(1)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior business acquisitions (see Note 4 — Business Acquisitions).
(2)During the year ended December 31, 2024, in a cash transaction, the Company sold an international business at Technology & Shopping, which resulted in $4.0 million of goodwill being removed in connection with this sale.
During the year ended December 31, 2024, the Company reassessed the fair value of certain reporting units within the Technology & Shopping, Health & Wellness, and Cybersecurity & Martech reportable segments as a result of a sustained decline in the Company’s stock price, and forecasted reduction in revenue and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) in certain of its reporting units. Based on the quantitative fair value test of two reporting units within the Technology & Shopping reportable segment, the carrying value of the reporting units exceeded their fair value, and the Company recorded an impairment of approximately $85.3 million during the year ended December 31, 2024.
During the year ended December 31, 2023, the Company reassessed the fair value of certain reporting units within the Technology & Shopping reportable segment as a result of forecasted reduction in revenue and EBITDA in the reporting unit, as well as an increase in interest rates and market volatility that could affect the Company’s assumptions on its discount rates. Based on the quantitative fair value test, the carrying value of the reporting unit exceeded its fair value, and the Company recorded an impairment of approximately $56.9 million during the year ended December 31, 2023.
During each period, the fair value of the relevant reporting unit was determined using an equal weighting of an income approach that was based on the discounted estimated future cash flows of the reporting unit and a market approach that uses the guideline public company approach. We believe the combination of these approaches provides an appropriate valuation because it incorporates the expected cash generation of the reporting unit in addition to how a third-party market participant would value the reporting unit based on public and private market information. As each business is assumed to continue in perpetuity, the discounted future cash flows include a terminal value. Determining fair value using a discounted estimated future cash flow analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the discounted cash flow analyses were based on the most recent forecast for the reporting unit. For years beyond the forecast period, the estimates were based, in part, on forecasted growth rates. The discount rate the Company used represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in its reporting unit operations and the rate of return a market participant would expect to earn. Determining fair value using a market approach considers multiples of financial metrics based on trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined, which is applied to financial metrics to estimate the fair value of the reporting unit.
Goodwill as of December 31, 2024 and 2023 reflects accumulated impairment losses of $169.5 million and $84.2 million, respectively, in the Technology & Shopping reportable segment.
Intangible Assets Subject to Amortization
As of December 31, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks
$375,449 $222,430 $153,019 
Customer relationships
836,254 620,926 215,328 
Other purchased intangibles421,128 363,726 57,402 
Total$1,632,831 $1,207,082 $425,749 
As of December 31, 2023, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks
$347,895 $192,111 $155,784 
Customer relationships
692,634 555,384 137,250 
Other purchased intangibles
379,703 347,331 32,372 
Total$1,420,232 $1,094,826 $325,406 

Expected amortization expenses for intangible assets subject to amortization at December 31, 2024 are as follows (in thousands):
Fiscal Year:
2025$114,658 
202696,383 
202773,690 
2028
49,319 
202932,343 
Thereafter
59,356 
Total expected amortization expense$425,749 
Amortization expense included in ‘Depreciation and amortization’ on our Consolidated Statements of Operations was approximately $117.5 million, $144.9 million, and $156.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consists of the following (in thousands):
December 31,
20242023
4.625% Senior Notes
$460,038 $460,038 
1.75% Convertible Notes
149,109 550,000 
3.625% Convertible Notes
263,147 — 
Total Notes872,294 1,010,038 
Credit Agreement— — 
Less: Unamortized discount(5,676)(2,463)
Deferred issuance costs (1)
(2,336)(6,263)
Total long-term debt$864,282 $1,001,312 
(1)Includes $0.7 million and $0.8 million of carrying amount of deferred issuance costs on the 4.625% Senior Notes as of December 31, 2024 and December 31, 2023, respectively, $0.9 million and $5.5 million of carrying amount of deferred issuance costs on the 1.75% Convertible Notes as of December 31, 2024 and December 31, 2023, respectively, and $0.7 million of carrying amount of deferred issuance costs on the 3.625% Convertible Notes as of December 31, 2024.
At December 31, 2024, future principal and interest payments for debt are as follows (in thousands):
PrincipalInterest
2025$— $33,425 
2026149,109 33,426 
2027— 30,816 
2028263,147 26,047 
2029— 21,277 
Thereafter460,038 21,276 
Total
$872,294 $166,267 
Interest expense was $35.3 million, $41.6 million, and $37.1 million for the years ended December 31, 2024, 2023, and 2022, respectively.
4.625% Senior Notes
On October 7, 2020, the Company completed the issuance and sale of $750.0 million aggregate principal amount of its 4.625% senior notes due 2030 (the “4.625% Senior Notes”) in a private placement offering exempt from the registration requirements of the Securities Act of 1933, as amended. The Company received proceeds of $742.7 million after deducting the initial purchasers’ discounts, commissions and offering expenses. The net proceeds were used to redeem all of its then outstanding 6.0% Senior Notes due in 2025 and the remaining net proceeds were available for general corporate purposes which may include acquisitions and the repurchase or redemption of other outstanding indebtedness.
These senior notes bear interest at a rate of 4.625% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2021. The 4.625% Senior Notes mature on October 15, 2030, and are senior unsecured obligations of the Company which are guaranteed, jointly and severally, on an unsecured basis by certain of the Company’s existing and future domestic direct and indirect wholly-owned subsidiaries (collectively, the “Guarantors”). If the Company or any of its restricted subsidiaries acquires or creates a domestic restricted subsidiary, other than an Insignificant Subsidiary (as defined in the indenture pursuant to which the 4.625% Senior Notes were issued (the “Indenture”)), after the issue date, or any Insignificant Subsidiary ceases to fit within the definition of Insignificant Subsidiary, such restricted subsidiary is required to unconditionally guarantee, jointly and severally, on an unsecured basis, the Company’s obligations under the 4.625% Senior Notes.
The Company may redeem some or all of the 4.625% Senior Notes at any time on or after October 15, 2025 at specified redemption prices plus accrued and unpaid interest, if any, up to, but excluding the redemption date. Before October 15, 2023, and following certain equity offerings, the Company also may redeem up to 40% of the 4.625% Senior Notes at a price equal to 104.625% of the principal amount, plus accrued and unpaid interest, if any, up to, but excluding the redemption date. The Company may make such redemption only if, after such redemption, at least 50% of the aggregate principal amount of the 4.625% Senior Notes remains outstanding. In addition, at any time prior to October 15, 2025, the Company may redeem some or all of the 4.625% Senior Notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus an applicable “make-whole” premium. The discount and deferred issuance costs are being amortized, at an effective interest rate of 4.7%, to interest expense through the maturity date.
The Indenture contains covenants that restrict the Company’s ability to (i) pay dividends or make distributions on the Company’s common stock or repurchase the Company’s capital stock; (ii) make certain restricted payments; (iii) create liens or enter into sale and leaseback transactions; (iv) enter into transactions with affiliates; (v) merge or consolidate with another company; and (vi) transfer and sell assets. These covenants contain certain exceptions. Restricted payments are applicable only if the Company and subsidiaries designated as restricted subsidiaries have a net leverage ratio of greater than 3.5 to 1.0. In addition, if such net leverage ratio is in excess of 3.5 to 1.0, the restriction on restricted payments is subject to various exceptions, including the total aggregate amount not exceeding the greater of (A) $250 million and (B) 50.0% of EBITDA for the most recently ended four fiscal quarter period ended immediately prior to such date for which internal financial statements are available. The Company is in compliance with its debt covenants for the 4.625% Senior Notes as of December 31, 2024.
Prior to 2022, the Company repurchased $83.3 million in aggregate principal of its 4.625% Senior Notes. Repurchases of 4.625% Senior Notes on the open market (excluding those from a tender offer) during the periods presented were as follows (in thousands):
Year ended
December 31, 2022
Principal repurchased$181,238 
Aggregate purchase price$167,661 
(Gain) loss on repurchase (1)
$(12,060)
(1)Presented within ‘Gain (loss) on debt extinguishment, net’ on the Consolidated Statements of Operations.
Cumulatively as of December 31, 2024, the Company repurchased approximately $290.0 million in aggregate principal of its 4.625% Senior Notes.
The following table provides additional information on the 4.625% Senior Notes (in thousands):
December 31,
20242023
Principal amount of 4.625% Senior Notes
$460,038 $460,038 
Less: Unamortized discount
(2,148)(2,463)
Less: Deferred issuance costs
(679)(779)
Net carrying amount of 4.625% Senior Notes
$457,211 $456,796 
The following table provides the components of interest expense related to 4.625% Senior Notes (in thousands):
Years ended December 31,
202420232022
Coupon interest expense$21,269 $21,159 $24,500 
Amortization of discount and debt issuance costs
415 396 442 
Total interest expense related to 4.625% Senior Notes
$21,684 $21,555 $24,942 

1.75% Convertible Notes
On November 15, 2019, the Company issued $550.0 million aggregate principal amount of 1.75% convertible senior notes due November 1, 2026 (the “1.75% Convertible Notes”). The Company received proceeds of $537.1 million in cash, net of purchasers’ discounts and commissions and other debt issuance costs. A portion of the net proceeds were used to pay off all
amounts outstanding under the then-existing Credit Facility. The 1.75% Convertible Notes bear interest at a rate of 1.75% per annum, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2020. The 1.75% Convertible Notes will mature on November 1, 2026, unless earlier converted or repurchased.
On July 16, 2024, the Company exchanged approximately $400.9 million in aggregate principal amount of its 1.75% Convertible Notes as part of the Exchange Transaction, as defined below. As of December 31, 2024, the remaining principal amount of the 1.75% Convertible Notes was $149.1 million. The Company also paid outstanding and accrued interest of $1.5 million on the exchanged 1.75% Convertible Notes during 2024.
Under certain conditions set forth in the indenture, the 1.75% Convertible Notes bear additional interest of 0.50% per annum payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. During the year ended December 31, 2023, the Company recorded $7.7 million of interest expense related to the 1.75% Convertible Notes for such additional interest. The Company paid $7.0 million of this interest obligation to the trustee under the indenture for the 1.75% Convertible Notes in August 2023 and the remaining $0.7 million in November 2023. As of August 1, 2023, the Company has complied with the conditions set forth in the indenture. As such, the cumulative $7.7 million interest expense was non-recurring.
Holders may surrender their 1.75% Convertible Notes for conversion at any time prior to the close of business on the business day immediately preceding July 1, 2026 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding the calendar quarter is greater than 130% of the applicable conversion price of the 1.75% Convertible Notes on each such applicable trading day; (ii) during the five business day period following any 10 consecutive trading day period in which the trading price per $1,000 principal amount of 1.75% Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after July 1, 2026, and prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances. The 1.75% Convertible Notes can be settled in cash, the Company’s common stock, or a combination of cash and the Company’s common stock, at $0.01 par value per share, at the Company’s election The Company will settle conversions of the 1.75% Convertible Notes by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination thereof at the Company’s election. Holders of the notes will have the right to require the Company to repurchase for cash all or any portion of their notes upon the occurrence of certain corporate events, subject to certain conditions. As of December 31, 2024 and December 31, 2023, the market trigger conditions did not meet the conversion requirements of the 1.75% Convertible Notes and, accordingly, the 1.75% Convertible Notes are classified as long-term debt on our Consolidated Balance Sheets.
Prior to the Separation, the conversion rate on the 1.75% Convertible Notes was 7.9864 shares of the Company’s common stock for each $1,000 principal amount of 1.75% Convertible Notes, which represented a conversion price of approximately $125.21 per share of the Company’s common stock. The Separation constituted an event under the 1.75% Convertible Notes that required an adjustment and the conversion rate increased to 9.3783 shares of the Company’s common stock for each $1,000 principal amount of 1.75% Convertible Notes which represents a conversion price of approximately $106.63 per share of the Company’s common stock. As of December 31, 2024 and December 31, 2023, this rate equated to 1,398,391 shares and 5,158,071 shares, respectively. The conversion rate is subject to adjustment for certain events as set forth in the indenture governing the 1.75% Convertible Notes but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a “Make-Whole Fundamental Change” (as defined in the 1.75% Convertible Note Indenture), in certain circumstances, the Company will increase the conversion rate for a holder that elects to convert its 1.75% Convertible Notes in connection with such a corporate event.
The Company may not redeem the 1.75% Convertible Notes prior to November 1, 2026, and no sinking fund is provided for the 1.75% Convertible Notes.
The 1.75% Convertible Notes are the Company’s general senior unsecured obligations and rank: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 1.75% Convertible Notes; (ii) equal in right of payment to the Company’s existing and future indebtedness that is not so subordinated; (iii) effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other liabilities incurred by the Company’s subsidiaries.
The following table provides additional information related to the 1.75% Convertible Notes (in thousands):
December 31,
20242023
Principal amount of 1.75% Convertible Notes
$149,109 $550,000 
Less: Deferred issuance costs
(923)(5,484)
Net carrying amount of 1.75% Convertible Notes
$148,186 $544,516 

The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):
Years ended December 31,
202420232022
Coupon interest expense$6,429 $17,369 $9,776 
Amortization of debt issuance costs1,251 1,863 1,858 
Total interest expense related to 1.75% Convertible Notes
$7,680 $19,232 $11,634 
Accounting for the 1.75% Convertible Notes
On January 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective method. As a result of this adoption, the Company de-recognized the remaining unamortized debt discount of $87.3 million on the 1.75% Convertible Notes and, therefore, no longer recognizes any amortization of debt discounts as interest expense.
In connection with the issuance of the 1.75% Convertible Notes, the Company incurred $12.9 million of deferred issuance costs, which primarily consisted of the underwriters’ discount, legal and other professional service fees. Of the total deferred issuance costs incurred, $10.1 million was attributable to the liability component and is being amortized to interest expense through the maturity date at an effective interest rate of 5.5% . The remaining $2.8 million of the deferred issuance costs were netted with the equity component in additional paid-in capital at the issuance date. Upon adoption of ASU 2020-06, the Company reclassified the $2.8 million from additional paid-in-capital to long-term liability and recorded a cumulative adjustment to retained earnings for amortization from the issuance date through January 1, 2022.
3.625% Convertible Notes
On July 16, 2024, the Company issued $263.1 million in aggregate principal amount of new 3.625% Convertible Notes due 2028 (the “3.625% Convertible Notes”) and paid an aggregate of approximately $135.0 million in cash in exchange for approximately $400.9 million in aggregate principal amount of the Company’s 1.75% Convertible Notes (collectively, the “Exchange Transaction”) pursuant to separate, privately negotiated exchange agreements with certain holders of the 1.75% Convertible Notes. The Exchange Transaction was accounted for as a debt modification, and accordingly, no gain or loss was recognized. In connection with the Exchange Transaction, the Company recognized an increase in the fair value of the conversion feature of the 3.625% Convertible Notes compared to the fair value of the conversion feature of the 1.75% Convertible Notes of $4.0 million, partially offset by an increase to deferred tax liabilities of $1.0 million, which is included in ‘Additional paid-in capital’ on the Consolidated Balance Sheets, and a corresponding reduction to the carrying value of the 3.625% Convertible Notes. The discount and deferred issuance costs are being amortized to interest expense through the maturity date at an effective interest rate of 4.2%.
The 3.625% Convertible Notes bear interest at a rate of 3.625% per annum on the principal amount thereof, payable semi-annually in arrears on September 1 and March 1 of each year, beginning on March 1, 2025, to the noteholders of record of the 3.625% Convertible Notes as of the close of business on the immediately preceding August 15 and February 15, respectively. The 3.625% Convertible Notes will mature on March 1, 2028, unless earlier converted or repurchased. The 3.625% Convertible Notes can be settled in cash, the Company’s common stock, or a combination of cash and the Company’s common stock, at $0.01 par value per share, at the Company’s election.
Holders may surrender their 3.625% Convertible Notes for conversion at any time prior to the close of business on the business day immediately preceding December 1, 2027 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on September 30, 2024 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the 3.625% Convertible Notes on each such applicable trading day; (ii) during the 5 business day period following any 10 consecutive trading day period in which the trading price per $1,000 principal amount of 3.625% Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after December 1, 2027, and prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances, at an initial conversion rate of 10 shares of the Company’s common stock per $1,000 principal amount of 3.625% Convertible Notes. The Company will settle conversions of the 3.625% Convertible Notes by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination thereof at the Company’s election. Holders of the notes will have the right to require the Company to repurchase for cash all or any portion of their notes upon the occurrence of certain corporate events, subject to certain conditions. As of December 31, 2024, the market trigger conditions did not meet the conversion requirements of the 3.625% Convertible Notes and, accordingly, the 3.625% Convertible Notes are classified as long-term debt on our Consolidated Balance Sheets.
As of December 31, 2024, the conversion rate of the 3.625% Convertible Notes is 10 shares per $1,000 principal amount of the 3.625% Convertible Notes (or 2,631,470 shares), which represents an initial conversion price of $100 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events as set forth in the indenture governing the 3.625% Convertible Notes, but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a “Make-Whole Fundamental Change”, as defined in the 3.625% Convertible Note Indenture, the Company will in certain circumstances increase the conversion rate for a holder that elects to convert its 3.625% Convertible Notes in connection with such a corporate event.
The Company may not redeem the 3.625% Convertible Notes prior to the maturity date, and no sinking fund is provided for the 3.625% Convertible Notes.
The 3.625% Convertible Notes are the Company’s general senior unsecured obligations and rank: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 3.625% Convertible Notes; (ii) equal in right of payment to the Company’s existing and future indebtedness that is not so subordinated; (iii) effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other liabilities incurred by the Company’s subsidiaries.
The following table provides additional information related to the 3.625% Convertible Notes (in thousands):
December 31, 2024
Principal amount of 3.625% Convertible Notes
$263,147 
Less: Unamortized discount
(3,528)
Less: Deferred issuance costs
(734)
Net carrying amount of 3.625% Convertible Notes
$258,885 

The following table provides the components of interest expense related to the 3.625% Convertible Notes (in thousands):
Year ended
December 31, 2024
Coupon interest expense$4,372 
Amortization of discount and debt issuance costs571 
Total interest expense related to 3.625% Convertible Notes
$4,943 
Credit Agreement
On April 7, 2021, the Company entered into a $100.0 million Credit Agreement (the “Credit Agreement”). Subject to certain conditions and approvals, the Company had the right, from time to time, to request increases in the commitments under the Credit Agreement in an aggregate amount up to $250.0 million, for a total aggregate commitment of up to $350.0 million. On June 18, 2024, the Company entered into a New Lender Joinder Agreement and Eighth Amendment (the “Joinder and Amendment”) to the Credit Agreement. The Joinder and Amendment provides for, among other things, (i) an increase in the Aggregate Revolving Loan Commitment by an aggregate principal amount of $250.0 million for a total of $350.0 million, (ii) an extension of the scheduled maturity date from April 7, 2026 to the earlier of (x) June 18, 2027 or (y) under certain limited circumstances, August 2, 2026, (iii) a “credit spread adjustment” for SOFR-based borrowings of 0.10% across all interest periods, (iv) the inclusion of limited conditionality borrowing mechanics with respect to certain borrowings and (v) certain other related amendments.
At the Company’s option, amounts borrowed under the Credit Agreement bear interest at either (i) a base rate equal to the greater of (x) the Federal Funds Effective Rate (as defined in the Credit Agreement) in effect on such day plus 0.5% per annum, (y) the rate of interest per annum most recently announced by the Agent (as defined in the Credit Agreement) as its U.S. Dollar “Reference Rate” and (z) one month Term SOFR (as defined in the Credit Agreement) plus a credit spread adjustment plus 1.00% or (ii) a rate per annum equal to Term SOFR plus a credit spread adjustment, in each case, plus an applicable margin. The applicable margin relating to any base rate loan ranges from 0.50% to 1.25% and the applicable margin relating to any Term SOFR loan ranges from 1.50% to 2.25%, in each case, depending on the total leverage ratio of the Company. The Company is permitted to make voluntary prepayments of the Credit Facility at any time without payment of a premium or penalty. The Credit Agreement is secured by an associated collateral agreement that provides for a lien on the majority of the Company’s assets and the assets of the guarantors, in each case, subject to customary exceptions.
The Credit Agreement contains financial maintenance covenants, including (i) a maximum total leverage ratio as of the last date of any fiscal quarter not to exceed 4.00:1.00 for the Company and its restricted subsidiaries and (ii) a minimum interest coverage ratio as of the last date of any fiscal quarter not less than 3.00:1.00 for the Company and its restricted subsidiaries. The Credit Agreement also contains restrictive covenants that limit, among other things, the Company’s and its restricted subsidiaries’ ability to incur additional indebtedness, create, incur or assume liens, consolidate, merge, liquidate or dissolve, pay dividends or make other distributions or other restricted payments, make or hold certain investments, enter into certain transactions with affiliates, sell assets other than on terms specified by the Credit Agreement, amend the terms of certain other indebtedness and organizational documents and change their lines of business and fiscal years, in each case, subject to customary exceptions. The Credit Agreement also sets forth customary events of default, including, among other things, the failure to make timely payments under the Credit Facility, the failure to satisfy certain covenants, cross-default and cross-acceleration to other material debt for borrowed money, the occurrence of a change of control and specified events of bankruptcy and insolvency. The Company is in compliance with its debt covenants for the Credit Agreement as of December 31, 2024.
As of each December 31, 2024 and December 31, 2023, net availability under the Credit Agreement was $348.9 million and $100.0 million, respectively, net of letters of credit.
On June 10, 2022 (the “Term Loan Funding Date”), the Company entered into a Fifth Amendment to its Credit Agreement with MUFG Union Bank, N.A, as administrative agent and collateral agent and the lenders party thereto to effectuate a debt-for-equity exchange. The Fifth Amendment to the Credit Agreement provided for the Term Loan Facility in an aggregate principal amount of $90.0 million and certain other changes to the Credit Agreement. The Term Loan Facility had a maturity date that was 60 days after the Term Loan Funding Date. The Term Loan Facility bore interest at a base rate equal to the greater of (x) the Federal Funds Effective Rate, as defined in the Credit Agreement, in effect on such day plus 0.5% per annum, (y) the rate of interest per annum most recently announced by the Agent, as defined in the Credit Agreement, as its U.S. Dollar “Reference Rate” and (z) one month LIBOR plus 1%, provided that the base rate for any term loan made under the Credit Agreement shall be greater of clause (x) and (y) above in each case. During June 2022, the Company borrowed approximately $90.0 million under the Term Loan Facility and completed the non-cash debt-for-equity exchange of 2,300,000 shares of its common stock of Consensus to settle its obligation of $90.0 million outstanding aggregate principal amount of the Term Loan Facility plus an immaterial amount of interest.
On September 15, 2022 (the “Term Loan Two Funding Date”), the Company entered into a Sixth Amendment to its Credit Agreement with MUFG Union Bank, N.A, as administrative agent and collateral agent and the lenders party thereto to effectuate a debt-for-equity exchange. The Sixth Amendment to the Credit Agreement provided for the Term Loan Two Facility in an aggregate principal amount of approximately $22.3 million and certain other changes to the Credit Agreement. The Term Loan Two Facility had a maturity date that was 60 days after the Term Loan Two Funding Date. The Term Loan Two Facility bore interest at a base rate equal to the greater of (x) the Federal Funds Effective Rate, as defined in the Credit Agreement, in
effect on such day plus 0.5% per annum, (y) the rate of interest per annum most recently announced by the Agent, as defined in the Credit Agreement, as its U.S. Dollar “Reference Rate” and (z) one month LIBOR plus 1%, provided that the base rate for any term loan made under the Credit Agreement shall be greater of clause (x) and (y) above in each case. During September 2022, the Company borrowed approximately $22.3 million under the Term Loan Two Facility and completed the non-cash debt-for-equity exchange of 500,000 shares of its common stock of Consensus to settle its obligation of $22.3 million outstanding aggregate principal amount of the Term Loan Two Facility plus an immaterial amount of interest.
As of December 31, 2022, the Company recorded a loss on extinguishment of debt of approximately $0.6 million, related to the debt-for-equity exchanges, which is presented within ‘Gain (loss) on debt extinguishment, net’ on our Consolidated Statements of Operations.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company leases certain facilities and equipment under non-cancelable operating leases which expire at various dates through 2031. Office and equipment leases are typically for terms of three to five years and generally provide renewal options for terms up to an additional five years. Some of the Company’s leases include options to terminate within one year.
During the year ended December 31, 2024, 2023, and 2022, the Company recorded impairments of $0.9 million, $2.2 million, and $1.0 million, respectively on its operating lease right of use assets within various reportable segments primarily related to exiting certain lease space as the Company regularly evaluates its office space requirements in light of more of its workforce working from home as part of a “remote” or “partial remote” work model. The impairments were determined by comparing the fair value of the impacted right-of-use asset to the carrying value of the asset as of the impairment measurement date, as required under ASC Topic 360, Property, Plant, and Equipment. The fair value of the right-of-use asset was based on the estimated sublease income for the affected facilities taking into consideration the time it will take to obtain a sublease tenant, the applicable discount rate and the sublease rate which represent Level 3 unobservable inputs. The impairments are presented in ‘General, administrative, and other related costs’ on the Consolidated Statements of Operations.
In certain agreements in which the Company leases office space where the Company is the tenant, it subleases the site to various other companies through a sublease agreement.
Operating right-of-use assets are included in ‘Other assets’ on the Consolidated Balance Sheets. Operating lease liabilities are included in ‘Other current liabilities’ and ‘Other noncurrent liabilities’, respectively, on the Consolidated Balance Sheets as follows (in thousands):
December 31,
20242023
Operating lease right-of-use assets$26,249 $24,564 
Operating lease liabilities, current$8,666 $15,801 
Operating lease liabilities, noncurrent21,797 16,626 
Total operating lease liabilities$30,463 $32,427 
The components of lease expense are as follows (in thousands):
December 31,
20242023
Operating lease cost$10,760 $15,065 
Short-term lease cost (1)
519 1,070 
Total lease cost$11,279 $16,135 
(1)The Company made an election to account for a short-term lease payments on a straight-line basis over the term of the lease.

Other supplemental operating lease information consists of the following:
December 31,
20242023
Operating leases:
Weighted average remaining lease term3.9 years3.0 years
Weighted average discount rate4.28 %3.27 %

As of December 31, 2024, maturities of operating lease liabilities were as follows (in thousands):
2025$9,371 
20267,716 
20275,419 
20283,708 
20293,796 
Thereafter3,995 
Total lease payments$34,005 
Less: Imputed interest3,542 
Present value of operating lease liabilities$30,463 
Sublease
Total sublease income for the years ended December 31, 2024, 2023, and 2022 was $5.3 million, $6.0 million, and $6.8 million, respectively. Total estimated aggregate sublease income to be received in the future is $3.6 million.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
In the ordinary course of business, the Company enters into commitments including those related to cloud computing, information technology, security, and information and document management. The Company also has revenue sharing arrangements with annual minimum guarantees based upon third-party website advertising metrics and other contractual provisions.
Litigation
From time to time, the Company and its affiliates are involved in litigation and other legal disputes or regulatory inquiries that arise in the ordinary course of business. Any claims or regulatory actions against the Company and its affiliates, whether meritorious or not, could be time consuming and costly, and could divert significant operational resources. The outcomes of such matters are subject to inherent uncertainties, carrying the potential for unfavorable rulings that could include monetary damages and injunctive relief. The Company does not believe, based on current knowledge, that any such legal proceedings or claims, including those set forth below, after giving effect to existing accrued liabilities, are likely to have a material adverse effect on the Company’s overall consolidated financial position, results of operations, or cash flows. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could have a material effect on the Company’s consolidated financial position, results of operations, or cash flows in a particular period.
Although the Company cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may be incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or
range of loss or make a statement that such an estimate cannot be made. The Company follows a thorough process in which it seeks to estimate the reasonably possible loss or range of loss, and only if it is unable to make such an estimate does it conclude and disclose that an estimate cannot be made. Accordingly, unless otherwise indicated below in our discussion of litigation, a reasonably possible loss or range of loss associated with any individual legal proceeding cannot be estimated.
On July 8, 2020, Jeffrey Garcia filed a putative class action lawsuit against the Company in the Central District of California (20-cv-06096), alleging violations of federal securities laws. The court appointed a lead plaintiff. The Company moved to dismiss the consolidated class action complaint. The court granted the motion to dismiss and the plaintiff filed an amended complaint. The Company moved to dismiss the amended complaint. On August 8, 2022, the court granted the Company’s motion to dismiss the amended complaint without leave to amend. The lead plaintiff appealed the dismissal. On April 19, 2024, the Ninth Circuit Court of Appeals affirmed the dismissal.
On December 11, 2020, Danning Huang filed a lawsuit in the District of Delaware (20-cv-01687-LPS) asserting derivative claims against directors of the Company and other third parties. The lawsuit alleges violations of Section 14(a), Section 10(b), Section 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934, as well as breach of fiduciary duty, unjust enrichment and abuse of control.
On March 24, 2021, Fritz Ringling filed a lawsuit in the District of Delaware (21-cv-00421-UNA) asserting substantially similar derivative claims, and on April 8, 2021, the district court consolidated the two actions under the caption In re J2 Global Stockholder Derivative Litigation. No.: 20-cv-01687-LPS. On June 4, 2024, the plaintiffs in the consolidated case dismissed their claims without prejudice.
The Company has not accrued for any material loss contingencies relating to these legal proceedings because materially unfavorable outcomes are not considered probable by management. It is the Company’s policy to expense as incurred legal fees related to various litigations.
Non-Income Related Taxes
The Company does not collect and remit sales and use, telecommunication, or similar taxes and fees in certain jurisdictions where the Company believes such taxes are not applicable or legally required. Several states and other taxing jurisdictions have presented or threatened the Company with assessments, alleging that the Company is required to collect and remit such taxes there. The Company is currently under audit or is subject to audit for indirect taxes in various states, municipalities, and foreign jurisdictions. The Company recognizes a liability for these matters when it is probable that an obligation exists and the amount can be reasonably estimated based on all relevant information that is available at each reporting period.
The Company established reserves for these matters of $25.2 million and $28.1 million as of December 31, 2024 and December 31, 2023, respectively, which are included in ‘Accounts payable and accrued expenses’ and ‘Other noncurrent liabilities’ on the Consolidated Balance Sheet. It is reasonably possible that additional liabilities could be incurred resulting in additional expense, which could have a material impact to our financial results, however, as of December 31, 2024, any potential range of loss was not estimable.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The continuing operations income tax (expense) benefit consisted of the following (in thousands):
 
Years ended December 31,
 20242023 2022
Current:
Federal$(33,333)$(29,040)$(42,698)
State(8,625)(8,179)(12,184)
Foreign(18,234)(16,940)(16,066)
Total current(60,192)(54,159)(70,948)
 
Deferred:
Federal14,684 20,817 12,667 
State2,144 7,177 (1,577)
Foreign1,994 2,023 1,901 
Total deferred18,822 30,017 12,991 
Income tax expense from continuing operations
$(41,370)$(24,142)$(57,957)
A reconciliation of the statutory federal income tax rate with the Company’s continuing operations effective income tax rate is as follows:
 
Years ended December 31,
 202420232022
Statutory tax rate21.0 %21.0 %21.0 %
State income taxes, net5.9 6.5 5.0 
Foreign rate differential4.3 3.1 1.0 
Foreign income inclusion3.1 6.0 5.4 
Foreign tax credit(3.1)(4.7)(5.1)
Reserve for uncertain tax positions(6.1)(5.9)(3.2)
Valuation allowance6.3 — — 
Impact on deferred taxes of enacted tax law and rate changes— 0.6 1.4 
Tax credits and incentives(6.5)(8.4)(5.0)
Impairment of goodwill
19.2 16.0 — 
Mark-to market on investment in Consensus— — 22.1 
Return to provision adjustments
(2.3)(5.1)1.1 
Executive compensation3.2 2.4 1.5 
Other(0.6)0.7 (1.0)
Effective tax rates44.4 %32.2 %44.2 %
The effective tax rate for continuing operation for the year ended December 31, 2024 differs from the federal statutory rate primarily due to the expense recognized for book purposes on the goodwill impairment related to two of the Company’s reporting units that resulted in no corresponding tax benefit and a tax expense recognized due to recording a valuation allowance related to the Company’s U.S. capital loss carryforwards. The detrimental impact to our effective tax rate was partially offset by a tax benefit recognized as a result of a decrease in the reserve for uncertain tax positions that was primarily due to the lapse of the statute of limitations.
The effective tax rate for continuing operations for the year ended December 31, 2023 differs from the federal statutory rate primarily due to the expense recognized for book purposes on the goodwill impairment related to one of the Company’s reporting units that resulted in no corresponding tax benefit and had a detrimental impact to the effective tax rate. The detrimental impact to our effective tax rate was partially offset by a tax benefit recognized as a result of a decrease in the reserve for uncertain tax positions that was primarily due to the lapse of the statute of limitations.
The effective tax rate for continuing operations for the year ended December 31, 2022 differs from the federal statutory rate primarily due to a book-tax difference related to the loss recognized for accounting purposes related to the Company’s shares held in Consensus stock. The Company recognized a deferred tax liability resulting in tax expense of $13.4 million on the outside basis difference between the book basis exceeding the tax basis of the Investment in Consensus on October 7, 2022 due to future disposals of the shares being subject to tax based on guidance and requirements set out by the Internal Revenue Service.
The effective tax rate also differs from the federal statutory tax rate due to income earned in the United States also being subject to income taxes in various state jurisdictions with statutory tax rates that can range from 2.5 percent to 11.5 percent. This increase in the effective income tax rate is offset by a decrease in the net reserve for uncertain tax positions during 2022 and a tax benefit claimed in the United States related to a deduction for foreign-derived intangible income. The decrease in the reserve for uncertain tax positions is primarily due to the lapse of the statute of limitations for U.S. tax reserves.
The Organization for Economic Co-operation and Development (“OECD”) established a Pillar Two Framework that was supported by over 130 countries worldwide. On December 15, 2022, the European Union (“EU”) Member States adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15% with effective dates of January 1, 2025 for certain provisions of the directive. A significant number of other countries are also implementing similar legislation. The Company has analyzed the impact of the Pillar Two framework’s corporate minimum income tax rate of 15% and does not expect that it will have a material effect on the Company’s liability for corporate taxes and the Company’s consolidated effective tax rate.
Deferred tax assets and liabilities result from differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Temporary differences and carryforwards which give rise to deferred tax assets and liabilities from continuing operations are as follows (in thousands):
 
Years ended December 31,
 2024 2023
Deferred tax assets:
Net operating loss and other carryforwards$14,923 $15,762 
Tax credit carryforwards3,727 4,743 
Accrued expenses12,019 14,629 
Allowance for bad debt2,514 2,003 
Share-based compensation expense8,634 6,097 
Operating lease liabilities5,717 6,320 
Basis difference in fixed assets39,242 22,191 
Deferred revenue3,413 2,420 
Convertible debt
2,952 — 
State taxes2,526 1,974 
Other1,675 2,468 
 97,342 78,607 
Less: valuation allowance(7,669)(1,720)
Total deferred tax assets$89,673 $76,887 
  
Deferred tax liabilities: 
Operating lease right-of-use assets(5,040)(4,618)
Basis difference in intangible assets(103,676)(86,712)
Unrealized gains on investments(13,364)(13,512)
Prepaid insurance(2,111)(2,835)
Other(4,014)(5,982)
Total deferred tax liabilities(128,205)(113,659)
Net deferred tax liabilities$(38,532)$(36,772)
The Company had approximately $89.7 million and $76.9 million in deferred tax assets, net of valuation allowances as of December 31, 2024 and 2023, respectively, related primarily to capital loss carryforwards, net operating loss carryforwards, capitalized research and development expenses, fixed asset basis, and accrued expenses being treated differently between its financial statements and its tax returns. Based on the weight of available evidence, the Company assesses whether it is more likely than not that some portion or all of a deferred tax asset will not be realized. If necessary, the Company records a valuation allowance sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The deferred tax assets should be realized through future operating results and the reversal of temporary differences.
The Company had a valuation allowance on deferred tax assets from continuing operations of $7.7 million and $1.7 million as of December 31, 2024 and 2023, respectively.
The rollforward of the valuation allowance on the deferred tax assets from continuing operations is as follows (in thousands):
Years ended December 31,
202420232022
Beginning balance$1,720 $1,699 $1,812 
Charges to costs and expenses
5,949 21 — 
Write-offs and recoveries— — (113)
Ending balance$7,669 $1,720 $1,699 
As of December 31, 2024, the Company had federal net operating loss carryforwards (“NOLs”) of $3.2 million, after considering substantial restrictions on the utilization of these NOLs due to “ownership changes”, as defined in the Internal Revenue Code of 1986, as amended. The Company estimates that all of the above-mentioned federal NOLs will be available for use before their expiration. Approximately $3.2 million of the NOLs expire through 2031 depending on the year the loss was incurred.
As of December 31, 2024, the Company’s deferred tax assets included federal capital loss limitation carryforwards of $23.4 million that begin to expire in 2026 through 2029. During 2024, the Company recognized a valuation allowance on the entire federal capital loss limitation carryforward. In addition, as of December 31, 2024, the Company had available state research and development tax credit carryforwards of $4.1 million, which last indefinitely. The Company had no foreign tax credit carryforwards as of December 31, 2024.
The Company has not provided for deferred taxes on approximately $178.5 million of undistributed earnings from foreign subsidiaries as of December 31, 2024 or with respect to items such as foreign withholding taxes, state income tax or foreign exchange gain or loss that would be due when cash is actually repatriated to the U.S. because those foreign earnings are considered permanently reinvested in the business or may be remitted substantially free of any additional taxes. In addition, because of the various avenues in which to repatriate the earnings, it is not practicable to determine the amount of the unrecognized deferred tax liability related to the undistributed earnings if eventually remitted.
Certain taxes are prepaid during the year and, where appropriate, included within ‘Prepaid expenses and other current assets’ on the Consolidated Balance Sheets. The Company’s prepaid taxes were $6.4 million and $4.7 million at December 31, 2024 and 2023, respectively.
Income from continuing operations before income taxes included income from domestic operations of $25.1 million, $25.8 million, and $71.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, and income from foreign operations of $68.1 million, $49.2 million, and $59.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Uncertain Income Tax Positions
Tax positions are evaluated in a two-step process. The Company first determines whether it is more likely than not that a tax position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as non-current liabilities in the Consolidated Balance Sheets.
As of December 31, 2024, the total amount of unrecognized tax benefits for continuing operations was $22.6 million, of which $21.2 million, if recognized, would affect the Company’s effective tax rate. As of December 31, 2023, the total amount of unrecognized tax benefits for continuing operations was $29.2 million, of which $27.4 million, if recognized, would
affect the Company’s effective tax rate. As of December 31, 2022, the total amount of unrecognized tax benefits for continuing operations was $34.2 million, of which $32.7 million, if recognized, would affect the Company’s effective tax rate.
The aggregate changes in the balance of unrecognized tax benefits, which excludes interest and penalties, for the years ended December 31, 2024, 2023, and 2022, is as follows (in thousands):
Years ended December 31,
202420232022
Beginning balance $29,158 $34,208 $39,527 
Increases related to tax positions during a prior year275 218 — 
Decreases related to tax positions taken during a prior year(540)(1,023)(2,816)
Increases related to tax positions taken in the current year635 744 819 
Decreases related to expiration of statute of limitations(6,911)(4,989)(3,322)
Ending balance$22,617 $29,158 $34,208 
The Company includes interest and penalties related to unrecognized tax benefits within ‘Income tax expense’ on the Consolidated Statements of Operations. As of December 31, 2024, 2023, and 2022, the total amount of interest and penalties accrued was $7.4 million, $7.1 million, and $6.3 million, respectively, which is classified as a liability for uncertain tax positions on the Consolidated Balance Sheets. In connection with the liability for unrecognized tax benefits, the Company recognized interest and penalty expense during the years ended December 31, 2024, 2023, and 2022 of $0.3 million, $0.7 million, and $0.7 million, respectively.
Uncertain income tax positions are reasonably possible to significantly change during the next 12 months as a result of completion of income tax audits and expiration of statutes of limitations. At this point it is not possible to provide an estimate of the amount, if any, of significant changes in reserves for uncertain income tax positions as a result of the completion of income tax audits that are reasonably possible to occur in the next 12 months. In addition, the Company cannot currently estimate the amount of, if any, uncertain income tax positions which will be released in the next 12 months as a result of expiration of statutes of limitations due to ongoing audits. As a result of ongoing federal, state and foreign income tax audits (discussed below), it is reasonably possible that the Company’s entire reserve for uncertain income tax positions for the periods under audit will be released. It is also reasonably possible that the Company’s reserves will be inadequate to cover the entire amount of any such income tax liability.
We conduct business on a global basis and as a result, one or more of our subsidiaries file income tax returns in the U.S. federal and in multiple state, local, and foreign tax jurisdictions. Our U.S. federal income tax returns for years 2012 through 2016 are under various stages of audit by the IRS. We are also under audit for various U.S. state and local tax purposes. With limited exception, our significant foreign tax jurisdictions are no longer subject to an income tax audit by the various tax authorities for tax years prior to 2021.
It is reasonably possible that these audits may conclude in the next twelve months and that the uncertain tax positions the Company has recorded in relation to these tax years may change compared to the liabilities recorded for these periods. If the recorded uncertain tax positions were inadequate to cover the associated tax liabilities, the Company would be required to record additional tax expense in the relevant period, which could be material. If the recorded uncertain tax positions were adequate to cover the associated tax liabilities, the Company would be required to record any excess as reduction in tax expense in the relevant period, which could be material. However, it is not currently possible to estimate the amount, if any, of such change.
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
On August 6, 2020, the Company’s Board of Directors approved a program authorizing the repurchase of up to ten million shares of the Company’s common stock through August 6, 2025 (the “2020 Program”). The Company entered into certain Rule 10b5-1 trading plans to execute repurchases under the 2020 Program.
On August 2, 2024, the Board authorized (i) an increase in its 2020 Program pursuant to which the Company may purchase up to an additional five million shares of the Company’s common stock (the “Additional Authorization”) and (ii) an extension of the expiration date of the share repurchase program from August 6, 2025 to August 2, 2029. As a result of the Additional Authorization, the aggregate number of shares of the Company’s common stock authorized for repurchase under the 2020 Program increased to up to 15 million shares of the Company’s common stock.
During the years ended December 31, 2024, 2023, and 2022, the Company repurchased 3,500,000, 1,585,846, and 736,536 shares, respectively, under the 2020 Program, at an aggregate cost of $181.8 million, $104.9 million, and $71.3 million, respectively (including excise tax). Cumulatively as of December 31, 2024, 8,758,692 shares were repurchased under the 2020 Program, at an aggregate cost of $583.6 million (including excise tax). As a result of the repurchases, the number of shares of the Company’s common stock available for purchase as of December 31, 2024 was 6,241,308 shares.
Periodically, participants in the Company’s stock plans surrender to the Company shares of stock to pay the exercise price or to satisfy tax withholding obligations arising upon the exercise of stock options or the vesting of restricted stock. During the years ended December 31, 2024, 2023 and 2022, the Company purchased and retired 80,241, 69,622, and 72,886 shares at an aggregate cost of approximately $4.1 million, $4.6 million, and $7.0 million, respectively, from plan participants for this purpose.
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The Company’s share-based compensation plans include the Ziff Davis, Inc. 2024 Equity Incentive Plan (the “2024 Plan”), the 2015 Stock Option Plan (the “2015 Plan”), and 2001 Employee Stock Purchase Plan (the “Purchase Plan”). Each plan is described below.
On May 7, 2024, the 2024 Plan was approved by the stockholders of the Company and replaced the 2015 Stock Option Plan. The 2024 Plan permits the Company to issue shares of common stock to or for the benefit of employees, consultants, and non-employee directors of the Company and its subsidiaries as part of their compensation. The 2024 Plan provides for the grant of stock options, restricted stock, stock appreciation rights, restricted stock units, performance-based awards, and other incentive awards. Shares authorized but unissued under the 2015 Plan that were not subject to outstanding awards under the 2015 Plan as of May 7, 2024 were canceled. The total number of shares of the Company’s common stock that may be issued under the 2024 Plan shall not exceed 3,500,000 shares, plus any Returned Shares, as defined in the 2024 Plan, under the 2015 Plan, and any shares under the 2024 Plan that are subsequently forfeited, canceled, reacquired by the Company, satisfied or are otherwise terminated (other than by exercise) or used to pay tax withholding obligations with respect to outstanding awards issued under the 2024 Plan. The 2024 Plan will expire on March 21, 2034, unless earlier terminated by the Board. Awards outstanding under the 2015 Plan were not impacted by the approval of the 2024 Plan. Collectively, the 2015 Plan and 2024 Plan are referred to herein as “Plans”. As of December 31, 2024, 435,135 shares underlying options and 1,173,213 shares of restricted stock units were outstanding under the Plans. As of December 31, 2024, there were 3,617,530 additional shares underlying options, shares of restricted stock, and other share-based awards available for grant under the 2024 Plan.
Share-Based Compensation Expense
The following table presents the effects of share-based compensation expense in the Consolidated Statements of Operations during the periods presented (in thousands):
Year ended December 31,
202420232022
Direct costs
$248 $262 $341 
Sales and marketing3,756 2,686 3,083 
Research, development, and engineering3,665 3,245 2,503 
General, administrative, and other related costs
33,246 25,727 20,674 
Total share-based compensation expense$40,915 $31,920 $26,601 
Stock Options
As of December 31, 2024, 2023, and 2022, options to purchase 326,351, 271,959, and 217,567 shares of common stock were exercisable under and outside of the Plans, at weighted average exercise prices of $68.97, $68.97, $68.97, respectively. Stock options generally expire after 10 years and vest over a 5 to 8 year period.
All stock option grants are approved by “outside directors” within the meaning of Internal Revenue Code Section 162(m).
Stock option activity for the years ended December 31, 2024, 2023, and 2022 is summarized as follows:
Number of Shares
Weighted-Average
Exercise Price
Weighted-Average Remaining Contractual Life (In Years)
  Aggregate Intrinsic Value
Options outstanding at January 1, 2022
440,574 $68.45 
      Granted— $— 
      Exercised(5,439)$27.15 
      Canceled— $— 
Options outstanding at December 31, 2022
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2023
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2024
435,135 $68.97 3.0$0 
Exercisable at December 31, 2024
326,351 $68.97 3.0$0 
Vested and expected to vest at December 31, 2024
102,128 $68.97 3.0$0 

There were no stock option exercises in 2024 and 2023. The total intrinsic values of options exercised during the year ended December 31, 2022 was $0.4 million. The total fair value of options vested during the years ended December 31, 2024, 2023, and 2022 was $1.0 million, $1.0 million, and $1.1 million, respectively.
Cash received from options exercised under all share-based payment arrangements for the year ended December 31, 2022 was $0.1 million. The actual tax benefit realized for the tax deductions from option exercises under the share-based payment arrangements totaled $0.3 million for the year ended December 31, 2022.
As of December 31, 2024, there was $1.0 million of total unrecognized compensation expense related to nonvested share-based compensation options granted under the Plans. That expense is expected to be recognized ratably over a weighted average period of 1.1 years (i.e., the remaining requisite service period).
Restricted Stock and Restricted Stock Units
The Company has awarded restricted stock and restricted stock units to its Board and senior staff pursuant to the Plans. Compensation expense resulting from restricted stock and restricted unit grants is measured at fair value on the date of grant and is recognized as share-based compensation expense over the applicable vesting period. Vesting periods are approximately one year for awards to members of the Company’s Board, generally three or four years for senior staff (excluding market-based awards discussed below), and three to eight years for the Chief Executive Officer. The Company granted 413,053, 305,549, and 154,022 shares of restricted stock units (excluding awards with market conditions below) during the years ended December 31, 2024, 2023, and 2022, respectively.
The Company has awarded certain key employees market-based restricted stock (“PSAs”) and market-based restricted stock units (“PSUs”) pursuant to the Plans. Market-based awards granted prior to 2024 have vesting conditions that are based on specific stock price targets of the company’s common stock. Market conditions were factored into the grant date fair value using a Monte Carlo valuation model, which utilized multiple input variables to determine the probability of the Company achieving the specified stock price targets with a 20-day and 30-day look back (trading days). During the years ended December 31, 2023 and 2022 the Company awarded 167,606 and 100,193, respectively, PSUs at stock price targets ranging from $83.61 to $103.76 per share.
During the year ended December 31, 2024, the Company awarded 308,970 equity classified PSUs that vest in shares of the Company’s stock ranging from 0% to 200% of the award, based on the Company’s attainment of a relative Total Shareholder Return (“TSR”) target compared to the TSR of all listed companies in the market index over the respective one, two, and three-year performance periods. Market conditions were factored into the grant date fair value using a Monte Carlo valuation model, which utilized multiple input variables to determine the probability of the Company and all listed companies in a market index achieving the relative TSR targets.
Share-based compensation expense related to an award with a market condition will be recognized over the requisite service period using the graded-vesting method regardless of whether the market condition is satisfied, provided that the requisite service period has been completed.
The per share weighted average grant-date fair values of PSUs granted during the years ended December 31, 2024, 2023, and 2022 were $87.17, $70.06, and $87.11, respectively.
The assumptions used in determining the weighted-average fair values of PSUs granted during the periods presented are as follows:
December 31,
202420232022
Underlying stock price at valuation date$66.88 $77.80 $99.32 
Expected volatility32.9 %32.0 %36.7 %
Risk-free interest rate4.3 %4.1 %1.8 %

 Restricted stock award (“RSA”) and PSA activity for the years ended December 31, 2024, 2023 and 2022 is set forth below:
RSAs
PSAs
Number of shares
Weighted average
grant date
fair value
Number of shares
Weighted average
grant date
fair value
Nonvested at January 1, 2022
220,782 $72.07 163,181 $36.27 
Granted— — — — 
Vested(67,762)74.13 — — 
Canceled(4,920)77.92 — — 
Nonvested at December 31, 2022
148,100 $70.93 163,181 $36.27 
Granted— — — — 
Vested(52,060)72.29 — — 
Canceled(322)77.75 — — 
Nonvested at December 31, 2023
95,718 $70.17 163,181 $36.27 
Granted— — — — 
Vested(40,735)71.73 — — 
Canceled(154)77.75 — — 
Nonvested at December 31, 2024
54,829 $68.97 163,181 $36.27 
Restricted stock unit activity for the years ended December 31, 2024, 2023 and 2022 is set forth below:
RSUs
PSUs
Number of shares
Weighted average
grant date
fair value
Number of shares (1)
Weighted average
grant date
fair value
Outstanding at January 1, 2022
299,023 $107.52 60,891 $86.78 
Granted154,022 94.47 100,193 87.11 
Vested(84,259)108.04 (30,435)91.23 
Canceled(24,831)94.02 (10,250)89.73 
Outstanding at December 31, 2022
343,955 $102.53 120,399 $87.04 
Granted305,549 76.80 167,606 70.06 
Vested(111,185)101.41 — — 
Canceled(31,894)83.82 (17,233)77.98 
Outstanding at December 31, 2023
506,425 $88.36 270,772 $77.09 
Granted413,053 64.60 308,970 87.17 
Vested(175,564)90.68 — — 
Canceled(91,687)74.44 (58,756)79.88 
Outstanding at December 31, 2024
652,227 74.59 520,986 82.73 
Vested and expected to vest at December 31, 2024
610,299 $74.53 499,185 $82.54 
(1)Represents the number of shares at 100% achievement.
Aggregate intrinsic value of shares outstanding as of December 31, 2024 was $35.4 million and $28.3 million for RSUs and PSUs, respectively. Aggregate intrinsic value for shares vested and expected to vest was $33.2 million and $27.1 million for RSUs and PSUs, respectively.
As of December 31, 2024, the Company had unrecognized share-based compensation cost of approximately $50.8 million associated with these restricted stock awards and restricted stock units. This cost is expected to be recognized over a weighted-average period of 1.1 years for restricted stock awards and 2.0 years for restricted stock units. The total fair value of restricted stock and restricted stock units vested during the years ended December 31, 2024, 2023, and 2022 was $15.9 million, $11.3 million, and $12.4 million, respectively. The actual tax benefit realized for the tax deductions from the vesting of restricted stock and restricted stock units totaled $2.3 million, $1.9 million, and $2.8 million, respectively, for the years ended December 31, 2024, 2023, and 2022. 
Employee Stock Purchase Plan
The Purchase Plan provides for the issuance of a maximum of two million shares of the Company’s common stock. Under the Purchase Plan, eligible employees can have up to 15% of their earnings withheld, up to certain maximums, to be used to purchase shares of the Company’s common stock at certain plan-defined dates. The price of the Company’s common stock purchased under the Purchase Plan for the six-month offering periods is equal to 85% of the lesser of the fair market value of a share of the common stock of the Company on the beginning or the end of the offering period. Employees are immediately vested in the shares purchased at the purchase date.
During 2024, 2023, and 2022, 174,706, 74,390, and 139,992 shares were purchased under the Purchase Plan, respectively, at a price ranging from $46.84 to $48.88 per share during 2024. Cash received upon the issuance of the Company’s common stock under the Purchase Plan was $8.4 million, $8.7 million, and $9.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, 819,505 shares were available under the Purchase Plan for future issuance.
The Company determined that a plan provision exists which allows for the more favorable of two exercise prices, commonly referred to as a “look-back” feature. The purchase price discount and the look-back feature cause the Purchase Plan to be compensatory and the Company to recognize compensation expense. The compensation cost is recognized on a straight-line basis over the requisite service period, or the six-month offering period. The Company used the Black-Scholes option pricing model to calculate the estimated fair value of the purchase right issued under the Purchase Plan. The expected volatility is based on historical volatility of the Company’s common stock. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a term equal to the expected term of the option assumed at the date of grant. The Company uses an annualized dividend yield based upon the per share dividends declared by its Board of Directors. Estimated forfeiture rates were 12.1%, 12.5%, and 11.8% as of December 31, 2024, 2023, and 2022, respectively.
The share-based compensation expense related to the Purchase Plan has been estimated utilizing the following weighted average assumptions:
December 31,
202420232022
Risk-free interest rate5.3%3.4%1.2%
Expected term (in years)0.50.50.5
Expected volatility31.4%38.3%40.7%
v3.25.0.1
Defined Contribution 401(k) Savings Plan
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Defined Contribution 401(k) Savings Plan Defined Contribution 401(k) Savings Plan
The Company has several 401(k) Savings Plans that qualify under Section 401(k) of the Internal Revenue Code. Eligible employees may contribute a portion of their salary through payroll deductions, subject to certain limitations. The Company may make annual contributions at its sole discretion to these plans. For the years ended December 31, 2024, 2023, and 2022, the Company made contributions of $4.9 million, $5.2 million, and $5.1 million, respectively, to these 401(k) Savings Plans.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
     The components of basic and diluted earnings per share from continuing operations are as follows (in thousands, except share and per share data):
 
Years ended December 31,
 202420232022
Numerator for basic and diluted net income per common share:   
Net income from continuing operations$63,047 $41,503 $65,466 
Less: Net income available to participating securities (1)
— (2)(20)
Plus: Convertible Notes interest expense (after-tax)
— — — 
Net income available to the Company’s common shareholders from continuing operations$63,047 $41,501 $65,446 
Denominator:   
Basic weighted-average outstanding shares of common stock44,457,071 46,400,941 46,954,558 
Diluted effect of: 
Equity incentive plans
62,622 63,320 71,291 
Convertible debt
— — — 
Diluted weighted-average outstanding shares of common stock44,519,693 46,464,261 47,025,849 
Net income per share from continuing operations:   
Basic$1.42 $0.89 $1.39 
Diluted$1.42 $0.89 $1.39 
Weighted-average shares excluded from diluted weighted-average shares outstanding:
Anti-dilutive stock options and restricted stock1,069,443 629,807 — 
Anti-dilutive convertible debt4,892,773 5,158,071 5,158,071 
(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s businesses are based on the organizational structure used by the Chief Executive Officer of the Company, who acts as the chief operating decision maker (“CODM”). Following changes to our internal reporting structure, the Company concluded that it has five operating segments which are now presented as the following five reportable segments: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. The Technology & Shopping reportable segment primarily generates revenues from advertising on publishing platforms and commerce sites and through publishing of specialized technology-based content and provision of authoritative content relating to products, services, shopping and savings. The Gaming & Entertainment reportable segment generates revenue by providing authoritative content relating to video games and entertainment and includes a video game and entertainment website focusing on games (including game help), films, anime, television, comics, technology, and other media. It also generates revenues through subscriptions to and storefront sales of video games, ebooks, and software, as well as through related advertising. The Health & Wellness reportable segment generates revenues from a collection of interactive tools and mobile applications that are designed to enable consumers to manage a broad array of health and wellness needs on a daily basis, including medical conditions, pregnancy, diet, and fitness, and from a collection of educational and professional development services, news, and information for healthcare professionals. The Connectivity reportable segment includes several data and services businesses that sit at the center of the broadband economy and are sources of information on internet connectivity and network performance and primarily generates revenues through the granting of access to, or delivery of, data products or services to customers and the sale of perpetual software licenses, related software support, and maintenance. The Cybersecurity & Martech reportable segment generates revenues from cloud-based Software-as-a-Service offerings for various communication, messaging, security, privacy, customer marketing, and other needs of end-users.
The accounting policies of the reportable segments are the same as those described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies. The Company evaluates performance of all of its reportable segments based on its ‘Income from operations’ and the CODM uses ‘Income from operations’ to assess performance, make operating decisions, and allocate resources, including employees, property, and financial or capital resources, for each reportable segment. On a monthly basis, the CODM considers forecast-to-actual variances when making decisions about allocating capital and personnel-related resources to each reportable segment. Segment results presented below are exclusive of inter-segment revenues and inter-segment expenses, which are immaterial. The CODM does not use Balance Sheet information in connection with operating and investment decisions and as such that information is not presented. The CODM does use capital expenditures by reportable segment in connection with operating and investment decisions.
Information on reportable segments revenues is as follows (in thousands):
 Years Ended December 31,
 202420232022
Revenue by reportable segment:
Technology & Shopping$361,882 $330,557 $384,929 
Gaming & Entertainment180,276 168,821 166,325 
Health & Wellness362,408 361,923 335,883 
Connectivity213,620 211,518 191,254 
Cybersecurity & Martech283,502 291,209 312,606 
Total segment revenues
1,401,688 1,364,028 1,390,997 
Corporate
— — — 
Total revenues
$1,401,688 $1,364,028 $1,390,997 
The descriptions of significant reportable segment expenses shown in the following tables are as follows:
•Salaries, benefits, and other employee expenses include employee compensation expenses for salaries, bonuses, benefits, payroll taxes, commissions, share-based compensation, severance costs, other related employee costs.
•Cloud computing, software, and other related expenses include costs associated with cloud computing, software purchases, web hosting, database hosting, and other computer related costs.
•Advertising and related marketing expenses include advertising relationships with an array of online service providers, marketing expenses, and other audience extension costs.
•Partner payments include expense associated with revenue sharing arrangements, content fees, and royalties.
•Professional and other-third party services include expenses for outside providers including freelancers, consultants, legal costs, and other professional services.
Significant reportable segment expenses are set forth in the tables below (in thousands):
Year ended December 31, 2024
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$139,293 $45,294 $115,509 $53,172 $77,518 $430,786 
Cloud computing, software, and other related expenses28,086 5,630 13,903 14,849 40,009 102,477 
Advertising and marketing related expenses51,418 12,226 39,199 2,898 21,799 127,540 
Partner payments7,063 27,262 38,736 932 21,063 95,056 
Professional and other third-party services20,455 5,908 8,730 14,356 17,228 66,677 
Goodwill impairment85,273 — — — — 85,273 
Depreciation and amortization83,424 10,733 52,766 31,882 33,025 211,830 
Other17,942 (1)19,222 (2)26,358 (3)16,157 (4)17,899 (5)97,578 
Total segment operating costs and expenses432,954 126,275 295,201 134,246 228,541 1,217,217 
Corporate (6)
70,823 
Total operating costs and expenses$1,288,040 
Year ended December 31, 2023
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$121,721 $43,224 $109,401 $55,492 $75,340 $405,178 
Cloud computing, software, and other related expenses23,580 3,974 11,599 9,865 37,402 86,420 
Advertising and marketing related expenses55,185 9,468 42,477 3,296 24,189 134,615 
Partner payments7,721 26,637 33,842 730 19,120 88,050 
Professional and other third-party services15,025 3,629 10,604 13,199 18,211 60,668 
Goodwill impairment56,850 — — — — 56,850 
Depreciation and amortization83,271 10,368 59,870 31,793 52,618 237,920 
Other17,702 (1)14,222 (2)30,555 (3)26,552 (4)21,119 (5)110,150 
Total segment operating costs and expenses381,055 111,522 298,348 140,927 247,999 1,179,851 
Corporate (6)
51,566 
Total operating costs and expenses$1,231,417 
Year ended December 31, 2022
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$131,808 $43,386 $99,808 $44,908 $77,909 $397,819 
Cloud computing, software, and other related expenses25,517 3,426 10,172 9,509 34,985 83,609 
Advertising and marketing related expenses61,380 10,626 39,366 2,790 27,187 141,349 
Partner payments9,572 29,965 32,175 — 23,207 94,919 
Professional and other third-party services11,953 1,964 9,990 10,575 22,404 56,886 
Goodwill impairment27,369 — — — — 27,369 
Depreciation and amortization93,187 10,045 55,981 25,445 48,714 233,372 
Other20,578 (1)13,488 (2)22,176 (3)19,665 (4)27,238 (5)103,145 
Total segment operating costs and expenses381,364 112,900 269,668 112,892 261,644 1,138,468 
Corporate (6)
53,588 
Total operating costs and expenses$1,192,056 
(1)Other Technology & Shopping operating costs and expenses consist primarily of credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(2)Other Gaming & Entertainment operating costs and expenses consist primarily of credit card processing fees, inventory-related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(3)Other Health & Wellness operating costs and expenses consist primarily of app-store fees, credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(4)Other Connectivity operating costs and expenses consist primarily of inventory-related costs, credit card processing fees, inventory related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(5)Other Cybersecurity & Martech operating costs and expenses consist primarily of credit card processing fees, telecommunication backbone costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(6)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributed to any particular segment.
Information on (loss) income from operations is set forth in the table below (in thousands).
Years ended December 31,
202420232022
(Loss) income from operations by reportable segment:
Technology & Shopping$(71,072)$(50,498)$3,565 
Gaming & Entertainment54,001 57,299 53,425 
Health & Wellness67,207 63,575 66,215 
Connectivity79,374 70,591 78,362 
Cybersecurity & Martech54,961 43,210 50,962 
Total segment income from operations
184,471 184,177 252,529 
Corporate (1)
(70,823)(51,566)(53,588)
Income from operations$113,648 $132,611 $198,941 
(1)Corporate includes costs associated with general, administrative, and other expenses that are managed on a global basis and that are not directly attributable to any particular segment.

Information on capital expenditures is set forth in the table below (in thousands).
Years ended December 31,
202420232022
Capital expenditures:
Technology & Shopping$13,609 $17,778 $25,088 
Gaming & Entertainment5,298 5,891 6,008 
Health & Wellness36,553 35,070 31,559 
Connectivity24,742 25,182 22,394 
Cybersecurity & Martech25,062 24,712 21,094 
Total from reportable segments105,264 108,633 106,143 
Corporate1,371 96 11 
Total capital expenditures$106,635 $108,729 $106,154 
The Company maintains operations in the U.S., Canada, Ireland, the United Kingdom, India, and other countries. Geographic information about the U.S. and all other countries for the reporting periods is presented below. Such information attributes revenues based on jurisdictions where revenues are reported (in thousands).
 
Years ended December 31,
 202420232022
Revenues:  
United States$1,165,571 $1,137,857 $1,181,936 
All other countries236,117 226,171 209,061 
Total$1,401,688 $1,364,028 $1,390,997 
Long-lived assets, excluding goodwill and other intangible assets are as follows (in thousands):
December 31,
20242023
Long-lived assets:  
United States$178,732 $161,913 
All other countries44,733 50,820 
Total$223,465 $212,733 
v3.25.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Non-cash investing and financing activities were as follows (in thousands):
Years ended December 31,
202420232022
Non-cash investing activity:
Property and equipment, accrued but unpaid$— $55 $150 
Right-of-use assets acquired in exchange for operating lease obligations$13,372 $1,597 $4,130 
Purchase of equity investments with common stock
$— $13,500 $— 
Disposition of Consensus common stock (1)
$— $— $112,286 
Non-cash financing activity:
Debt principal settled in exchange for Consensus common stock (1)
$— $— $112,286 
Increase in fair value of conversion feature on 3.625% Convertible Notes
$4,001 $— $— 
Excise tax on share repurchases
$1,099 $— $— 
(1)During the year ended December 31, 2022, the Company disposed $160.1 million of its investment in Consensus in exchange for $112.3 million of debt and recorded $47.8 million of loss on investment, net.
Supplemental data (in thousands):
Years ended December 31,
202420232022
Interest paid$28,856 $38,653 $36,168 
Income taxes paid, net of refunds$68,731 $64,594 $59,543 
 Operating cash outflows related to lease liabilities were as follows (in thousands):
Years ended December 31,
202420232022
Operating cash outflows related to lease liabilities$17,167 $23,230 $26,921 
v3.25.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The following table summarizes the changes in accumulated balances of other comprehensive loss (income), net of tax, for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Unrealized Gains (Losses) on InvestmentsForeign Currency TranslationTotal
Balance as of January 1, 2022
$169 $(57,391)(57,222)
Other comprehensive income (loss) before reclassifications
272 (32,479)(32,207)
Consensus separation— 4,056 4,056 
Balance as of December 31, 2022
$441 $(85,814)$(85,373)
Other comprehensive income before reclassifications
96 13,657 13,753 
Balance as of December 31, 2023
$537 $(72,157)$(71,620)
Other comprehensive income (loss) before reclassifications
1,575 (12,426)(10,851)
Balance as of December 31, 2024
$2,112 $(84,583)$(82,471)
There were no reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2024, 2023, and 2022.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Consensus
Following the Separation (see Note 2 — Basis of Presentation and Summary of Significant Accounting Policies), the Company retained an approximate 19.9% interest in Consensus common stock. Throughout the year ended December 31, 2022, the Company disposed of a significant portion of its investment in Consensus common stock resulting in Consensus no longer being a related party after September 30, 2022. Related party transactions with Consensus through September 30, 2022 are discussed in Note 5 — Investments.
In connection with the Separation, Ziff Davis and Consensus entered into several agreements that govern the relationship of the parties following the Separation, including a separation and distribution agreement, a transition services agreement, a tax matters agreement, an employee matters agreement, an intellectual property license agreement, and a stockholder and registration rights agreement. The transition services agreement governs services including certain information technology services, finance and accounting services, and human resource and employee benefit services. The agreed-upon charges for such services were generally intended to allow the providing company to recover all costs and expenses of providing such services, and nearly all such services were terminated without extension twelve months after the Separation. During the year ended December 31, 2022, the Company recorded an offset to expense of approximately $1.2 million from Consensus related to the transition services agreement within ‘General, administrative, and other related costs’ within the Consolidated Statements of Operations. Further, the Company assigned its lease of office space in Los Angeles, California to Consensus. Ziff Davis remained the lessee under this lease and its obligations remained in place through October 7, 2022, after which time Consensus took over the lease in full. During the year ended December 31, 2022, the Company recorded an offset to lease expense of approximately $1.5 million related to this lease. However, Consensus paid the landlord directly and not Ziff Davis.
OCV
OCV is considered a related party because it is an investment that is accounted for by the equity method. On September 25, 2017, the Company entered into a commitment to invest $200.0 million (approximately 76.6% of equity) in the OCV Fund. The primary purpose of the OCV Fund is to provide a limited number of select investors with the opportunity to realize long-term appreciation from public and private companies, with a particular focus on the technology and life science industries. The general activities of the OCV Fund is to buy, sell, hold, and otherwise invest in securities of every kind and nature and rights and options with respect thereto, including, without limitation, stock, notes, bonds, debentures, and evidence of indebtedness; to exercise all rights, powers, privileges, and other incidents of ownership or possession with respect to securities held or owned by the OCV Fund; to enter into, make and perform all contracts and other undertakings; and to engage in all activities and transactions as may be necessary, advisable, or desirable to carry out the foregoing.
The manager, OCV Management, LLC, and general partner of the OCV Fund are entities with respect to which Richard S. Ressler, former Chairman of the Board of the Company, is indirectly the majority equity holder. Mr. Ressler’s tenure with the Board ended as of May 10, 2022. As a limited partner in the OCV Fund, prior to the settlement of certain litigation generally related to the Company’s investment in the OCV Fund in January 2022, the Company paid an annual management fee to the manager equal to 2.0% of capital commitments. In addition, subject to the terms and conditions of the Fund’s limited partnership agreement, once the Company has received distributions equal to its invested capital, the OCV Fund’s general partner would be entitled to a carried interest equal to 20%. The OCV Fund has a six year investment period, during which any incremental investments can be made, subject to certain exceptions. The commitment was approved by the Audit Committee of the Board in accordance with the Company’s related-party transaction approval policy. At the time of the settlement of the litigation (see Note 11 — Commitments and Contingencies), the Company had invested approximately $128.8 million in the OCV Fund. In connection with the settlement of the litigation, among other terms, no further capital calls will be made in connection with the Company’s investment in the OCV Fund, nor will any further management fees be paid by the Company to the manager.
During the year ended December 31, 2022, the Company recognized expense for management fees of $1.5 million, net of tax benefit.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 63,047 $ 41,503 $ 63,757
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our and our customer’s data and information assets. As such, we have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
We design and assess our program based on International Organization for Standardization (“ISO”) and National Institute of Standards and Technology (“NIST”) information security risk management frameworks. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the above frameworks as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels, and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Our cybersecurity risk management program includes:
•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;
•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test, or otherwise assist with aspects of our security controls;
•cybersecurity awareness training of our employees, incident response personnel, and senior management, including through the use of third-party providers for regular mandatory trainings;
•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
•a third-party risk management process for service providers, suppliers, and vendors.
Although we have designed our cybersecurity program and governance procedures above to mitigate cybersecurity risks, we face cybersecurity risks, threats and attacks that could materially affect our operations, business strategy, results of operations, or financial condition. For further details on the exposures related to these risks, see the section titled “Risk Factors” within this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our and our customer’s data and information assets. As such, we have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
We design and assess our program based on International Organization for Standardization (“ISO”) and National Institute of Standards and Technology (“NIST”) information security risk management frameworks. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the above frameworks as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels, and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee the oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff, or external experts as part of the Board of Directors’ continuing education on topics that impact public companies.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as certain incidents with lesser impact potential.
The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff, or external experts as part of the Board of Directors’ continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]
The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff, or external experts as part of the Board of Directors’ continuing education on topics that impact public companies.
    Our management team, including our Chief Technology Officer and CISO, is responsible for assessing and managing our material risks from cybersecurity threats. The team has a primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our current Chief Technology Officer has over 25 years of experience in the field of technology, including cybersecurity. His in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our CISO has over 25 years of experience in various roles in cybersecurity and information technology.
Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include receiving briefings from internal security personnel; analyzing threat intelligence
and other information obtained from governmental, public or private sources, including external consultants engaged by us; and reviewing alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our management team, including our Chief Technology Officer and CISO, is responsible for assessing and managing our material risks from cybersecurity threats. The team has a primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our current Chief Technology Officer has over 25 years of experience in the field of technology, including cybersecurity. His in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our CISO has over 25 years of experience in various roles in cybersecurity and information technology.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as certain incidents with lesser impact potential.
The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff, or external experts as part of the Board of Directors’ continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Ziff Davis and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, including judgments about investment classifications and the reported amounts of net revenue and expenses during the reporting period. The Company believes that its most significant estimates are those related to revenue recognition, valuation and impairment of investments, its assessment of ownership interests as variable interest entities and the related determination of consolidation, share-based compensation expense, fair value of assets acquired and liabilities assumed in connection with business combinations, long-lived and intangible asset impairment, contingent consideration, income taxes and contingencies, and allowance for credit losses. On an ongoing basis, management evaluates its estimates based on historical experience and on various other factors that the Company believes to be reasonable under the circumstances. Actual results could materially differ from those estimates.
Consensus, Inc. Spin-Off and Discontinued Operations
Consensus, Inc. Spin-Off and Discontinued Operations
On September 21, 2021, the Company announced that its Board of Directors approved its previously announced separation of the cloud fax business (the “Separation”) into an independent publicly traded company, Consensus Cloud Solutions, Inc. (“Consensus”). During the year ended December 31, 2022, the Company recorded $1.7 million in income tax expense within ‘(Loss) income from discontinued operations, net of income taxes’ within the Consolidated Statement of Operations related to the finalization of state tax returns related to the Separation.
Reclassifications
Reclassifications
Certain prior year reported amounts have been reclassified to conform to the 2024 presentation. For the year ended December 31, 2022, the Company reclassified depreciation and amortization of $11.0 million and $222.4 million from ‘Direct costs’ and ‘General, administrative, and other related costs’, respectively, to ‘Depreciation and amortization’ to conform with current period presentation. For the year ended December 31, 2023, the Company reclassified depreciation and amortization of $11.6 million and $225.3 million from ‘Direct costs’ and ‘General, administrative, and other related costs’, respectively, to ‘Depreciation and amortization’ to conform with current period presentation.
Segment Reporting
Segment Reporting
ASC Topic 280, Segment Reporting (“ASC 280”), establishes standards for the way that public business enterprises report information about operating segments in their annual consolidated financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC 280 also establishes standards for related disclosures about products and services, geographic areas and major customers. The Company’s business segments are based on the organization structure used by the chief operating decision maker for making operating and investment decisions and for assessing performance.
Following changes to our internal reporting structure, the Company concluded that it has five operating segments which are now presented as the following five reportable segments: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. Prior period segment information is presented on a comparable basis to conform to this new segment presentation with no effect on previously reported consolidated results.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the Company purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value.
Accounts Receivable, net
Accounts Receivable, net
Accounts receivable, net consisted of the following (in thousands):
December 31,
20242023
Settlement receivables, net$296,553 $— 
Trade receivables, net363,670 337,703 
Accounts receivable, net$660,223 $337,703 
Settlement receivables, net represent amounts due from third parties that are collected by the Company and passed through to our customers, net of a fee earned by the Company, related to services provided in the facilitation of gift card processing and program management. Settlement receivables, net is associated with our TDS Gift Cards (“TDS”) business, which was acquired in 2024. Refer to Note 4 — Business Acquisitions for details.
Allowances for Credit Losses
Allowances for Credit Losses
The Company maintains an allowance for credit losses on accounts receivable, which is recorded as a reduction to accounts receivable. Changes in the allowance are classified as ‘General, administrative, and other related costs’ in the Consolidated Statements of Operations. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when it identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status. It also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. On an ongoing basis, management evaluates the adequacy of these reserves.
Investments
Investments
The Company accounts for its investments in debt securities in accordance with ASC Topic 320, Investments — Debt Securities (“ASC 320”). The Company’s available-for-sale debt securities are carried at an estimated fair value with any unrealized gains or losses, net of taxes, included in accumulated other comprehensive loss on our Consolidated Balance Sheets. All debt securities are accounted for on a specific identification basis. Available-for-sale debt securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of that difference, if any, is caused by expected credit losses. Expected credit losses on available-for-sale debt securities are recognized in loss on investments, net on our Consolidated Statements of Operations, and any remaining unrealized losses, net of taxes, are included in accumulated comprehensive loss on our Consolidated Balance Sheets.
The Company accounts for its investments in equity securities in accordance with ASC Topic 321, Investments — Equity Securities (“ASC 321”) which requires the accounting for equity investments, other than those accounted for under the equity method of accounting, generally be measured at fair value for equity securities with readily determinable fair values. Equity securities without a readily determinable fair value, which are not accounted for under the equity method of accounting, are measured at their cost, less impairment, if any, and adjusted for observable price changes arising from orderly transactions in the same or similar investment from the same issuer. Any unrealized gains or losses will be reported within earnings on our Consolidated Statements of Operations.
The Company assesses whether an other-than-temporary impairment loss on an investment has occurred due to declines in fair value or other market conditions. Refer to Note 5 — Investments for additional information.
The Company accounted for its investment in Consensus common stock as an investment in an equity securities, at fair value under the fair value option, and the related fair value gains and losses were recognized in earnings. The fair value of Consensus common stock was readily available as Consensus is a publicly traded company.
Concentration of Credit Risk
Concentration of Credit Risk
The Company primarily invests its cash, cash equivalents, and marketable securities with major financial institutions primarily within the United States, Canada, United Kingdom, Australia, the European Union, Japan, Denmark, Sweden, and Norway. These investments are made in accordance with the Company’s investment policy with the principal objectives being preservation of capital, fulfillment of liquidity needs, and above market returns commensurate with preservation of capital. The Company’s investment policy also requires that investments in marketable securities be in only highly rated instruments, with limitations on investing in securities of any single issuer. However, these investments are not insured against the possibility of a total or near complete loss of earnings or principal and are inherently subject to the credit risk related to the continued credit worthiness of the underlying issuer and general credit market risks. As of December 31, 2024, the Company’s cash and cash equivalents that were maintained in demand deposit accounts in qualifying financial institutions are insured up to the limit determined by the applicable governmental agency.
Variable Interest Entities (“VIE”s)
Variable Interest Entities (“VIE”s)
A VIE requires consolidation by the entity’s primary beneficiary. The Company evaluates its investments in entities in which it is involved to determine if the entity is a VIE and if so, whether it holds a variable interest and is the primary beneficiary. The Company has determined that it holds a variable interest in its investment as a limited partner in the OCV Fund I, LP (“OCV Fund”, “OCV” or the “Fund”), as well as in another independent corporation. The Company has concluded that it will not consolidate these VIEs, as it is not the primary beneficiary.
OCV qualifies as an investment company under ASC Topic 946, Financial Services, Investment Companies (“ASC 946”). Under ASC Topic 323, Investments — Equity Method and Joint Ventures, an investor that holds investments that qualify for specialized industry accounting for investment companies in accordance with ASC 946 should record its share of the earnings or losses, realized or unrealized, as reported by its equity method investees in the Consolidated Statements of Operations.
Fair Value Measurements
Fair Value Measurements
The Company complies with the provisions of FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), in measuring fair value and in disclosing fair value measurements. ASC 820 provides a framework for measuring fair value and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities.
The carrying values of cash and cash equivalents, accounts receivable, interest receivable, accounts payable, accrued expenses, interest payable, customer deposits, and long-term debt are reflected in the financial statements at cost. With the exception of certain investments and long-term debt, cost approximates fair value due to the short-term nature of such instruments. The fair value of the Company’s outstanding debt was determined using the quoted market prices of debt instruments with similar terms and maturities when available. As of the same dates, the carrying value of other noncurrent liabilities approximated fair value as the related interest rates approximate rates currently available to the Company.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets and is recorded in ‘Depreciation and amortization’ on the Consolidated Statements of Operations based on the function the underlying asset supports. The estimated useful lives of property and equipment range from one to ten years. Fixtures, which are comprised primarily of leasehold improvements are amortized on a straight-line basis over their estimated useful lives or for leasehold improvements, the related lease term, if less. The Company has capitalized certain internal-use software and website development costs which are included in property and equipment and depreciated using a straight-line method over the estimated useful life which is typically three years.
Leases
Leases
The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date of the lease in determining the present value of future payments. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. There are lease agreements with lease and non-lease components, which are generally accounted for as a single lease component.
Impairment or Disposal of Long-Lived Assets Impairment or Disposal of Long-Lived Assets
The Company accounts for long-lived assets, which include property and equipment, operating lease right-of-use assets, and identifiable intangible assets with finite useful lives (subject to amortization), in accordance with the provisions of ASC Topic 360, Property, Plant, and Equipment (“ASC 360”), which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset to the expected undiscounted future net cash flows generated by the asset. If it is determined that the asset may not be recoverable, and if the carrying amount of an asset exceeds its estimated fair value, an impairment charge is recognized to the extent of the difference.
The Company assesses the impairment of identifiable definite-lived intangibles and long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the Company determined that the carrying value of definite-lived intangibles and long-lived assets may not be recoverable based upon the existence of one or more indicators of impairment, it would record an impairment equal to the excess of the carrying amount of the asset over its estimated fair value.
Business Combinations and Valuation of Goodwill and Intangible Assets
Business Combinations and Valuation of Goodwill and Intangible Assets
The Company applies the acquisition method of accounting for business combinations in accordance with GAAP and uses estimates and judgments to allocate the purchase price paid for acquisitions to the fair value of the assets, including identifiable intangible assets and liabilities acquired. Such estimates may be based on significant unobservable inputs and assumptions such as, but not limited to, future revenue growth rates, gross and operating margins, customer attrition rates, royalty rates, discount rates, and terminal growth rate assumptions. The Company uses established valuation techniques and may engage reputable valuation specialists to assist with the valuations. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings.
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. The Company tests goodwill for impairment annually on October 1st at the reporting unit level, or more frequently if indicators of impairment exist, or if a decision is made to dispose of a business.
The Company evaluates its goodwill and indefinite-lived intangible assets for impairment pursuant to ASC Topic 350, Intangibles— Goodwill and Other (“ASC 350”), which provides that goodwill and other intangible assets with indefinite lives are not amortized but tested annually for impairment or more frequently if the Company believes indicators of impairment exist. In connection with the annual impairment test for goodwill, the Company has the option to perform a qualitative assessment in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it was more likely than not that the fair value of the reporting unit is less than its carrying amount, it then performs an impairment test of goodwill. The impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. The Company generally determines the fair value of its reporting units using a mix of an income approach and a market approach. If the carrying value of a reporting unit exceeds the reporting unit’s fair value, an impairment loss is recognized for the difference. During the years ended December 31, 2024, 2023, and 2022, the Company recorded goodwill impairments of $85.3 million, $56.9 million, and $27.4 million, respectively. Refer to Note 8 — Goodwill and Intangible Assets for additional details.
The Company did not have intangible assets with indefinite lives during years ended December 31, 2024, 2023, and 2022.
Intangible assets resulting from the acquisitions of entities accounted for using the acquisition method of accounting are recorded at the estimated fair value of the assets acquired. Identifiable intangible assets are comprised of purchased customer relationships, trademarks, trade names, and other intangible assets, including developed technologies. The fair values of these identified intangible assets are based upon expected future cash flows or income, which take into consideration certain assumptions such as customer turnover, trade names, and patent lives. These determinations are primarily based upon the Company’s historical experience and expected benefit of each intangible asset. If it is determined that such assumptions are not accurate, then the resulting change will impact the fair value of the intangible asset. Trade names and trademarks are generally amortized on a straight-line basis with an estimated useful life ranging from two to twenty years. The Company amortizes customer relationship assets in a pattern that best reflects the pace at which the asset’s benefits are consumed with useful lives ranging from three to sixteen years. This pattern results in more amortization expense being recognized earlier in the useful life. Other intangible assets subject to amortization are amortized over the period of estimated economic benefit ranging from one to ten years. Amortization expense of definite-lived intangibles assets is included in depreciation and amortization on the Consolidated Statements of Operations.
Accounts Payable and Accrued Expenses
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
December 31,
20242023
Accounts payable$164,352 $123,256 
Settlement payables, net408,747 — 
Accrued employee related costs55,800 50,068 
Other accrued liabilities41,870 43,612 
Total Accounts payable and accrued expenses$670,769 $216,936 
Settlement payables, net represent amounts owed to our customers related to services provided in the facilitation of gift card processing and program management whereby, as part of our services we collect from third-parties and pass through payment to our customers, net of a fee earned by the Company. Settlement payables, net is associated with our TDS business, which was acquired in 2024. Refer to Note 4 — Business Acquisitions for details.
Contingent Consideration
Contingent Consideration
Certain of the Company’s acquisition agreements include contingent earn-out arrangements, which are generally based on the achievement of future income thresholds or other metrics. The contingent earn-out arrangements are based upon the Company’s valuations of the acquired companies and reduce the risk of overpaying for acquisitions if the projected financial results are not achieved.
The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, the Company estimates the fair value of contingent earn-out payments as part of the initial purchase price and records the estimated fair value of contingent consideration as a liability on the Consolidated Balance Sheets. The Company reviews and re-assesses the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could be materially different from the initial estimates or prior amounts. Changes in the estimated fair value of its contingent earn-out liabilities and adjustments to the estimated fair value related to changes in all other unobservable inputs are reported in general, administrative, and other related costs on our Consolidated Statements of Operations.
Debt Issuance Costs and Debt Discount
Debt Issuance Costs and Debt Discount
The Company capitalizes costs incurred with borrowing and issuance of debt securities and records debt issuance costs and discounts as a reduction to the debt amount. These costs and discounts are amortized and included in interest expense over the life of the borrowing using the effective interest method.
In August 2020, the FASB issued ASU 2020-06. The provisions of this update simplifies the accounting for convertible instruments by removing certain separation models in ASC 470-20, Debt — Debt with Conversion and Other Options, for convertible instruments. The convertible debt instruments are accounted for as a single liability at the amortized cost if separation is no longer required unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Similarly, the debt discount, which is equal to the carrying value of the embedded conversion feature upon issuance, is no longer amortized into income as interest expense over the life of the instrument. Additionally, ASU 2020-06 requires the use of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share, which includes the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards.
On January 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective method. The cumulative effect of the changes made on the Consolidated Balance Sheet upon this adoption increased the carrying amount of the 1.75% Convertible Notes (as defined in Note 9 — Debt below) by approximately $85.9 million, increased retained earnings by approximately $23.4 million, reduced deferred tax liabilities by approximately $21.2 million and reduced additional paid-in capital by approximately $88.1 million.
Revenue Recognition
Revenue Recognition
The Company recognizes revenue when the Company satisfies its obligation by transferring control of the goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Refer to Note 3 — Revenues for additional details.
The following describes the nature of the Company’s primary types of revenue.
Advertising and Performance Marketing
Advertising and performance marketing revenues are earned primarily from the delivery of advertising services and from marketing, performance marketing, and production services. Revenues from the delivery of advertising services are earned on websites and applications that are owned and operated by the Company and on those websites and applications that are part of the Company’s advertising network. Revenues are primarily earned by generating traffic to the Company’s websites, apps, and third-party platforms on which brands of the Company have a presence and monetizing this traffic. The value provided to the customer is primarily derived from the provision of traffic the Company generates from its specific content within each vertical, as well as data obtained by the website or app traffic. Such revenues are generally recognized over the period in which the products or services are delivered.
The Company determines whether revenue should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the Company’s advertising and performance marketing revenue is recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC Topic 606, Revenue from Contracts with Customer (“ASC 606”). Revenues recognized on a gross basis are generated (i) by the Company serving online display and video advertising across its owned and operated web properties, on third-party sites, or on unaffiliated advertising networks; and (ii) through the Company’s lead-generation business. The Company records revenue on a net basis with respect to revenue paid to the Company by certain third-party advertising networks who serve online display and video advertising across the Company’s owned-and-operated web properties and certain third-party platforms, primarily related to the transfer of functional intellectual property. The Company records revenue on a net basis with respect to revenue earned from servicing client gift card programs where we collect the total value of the gift card on our customers’ behalf.
Subscription and Licensing
Revenues from subscriptions are earned through (i) the granting of access to, or delivery of, data products or services to customers; (ii) usage-based fees, and (iii) reselling various third-party solutions, primarily through the Company’s email security line of business. Subscriptions cover video games and related content, health information, data, and other copyrighted material. Revenues are also earned from listing fees, subscriptions to online publications, and from other sources. Third-party solutions, along with the Company’s proprietary products, allow the Company to offer customers a variety of solutions to better meet the customer’s needs. Subscription revenues are primarily recognized over the contract term. Revenues related to the provision of access to historical data for certain services are recorded at the time of delivery. In instances where usage-based fees are charged, a significant portion of which are paid in advance, the Company defers the portions of monthly, quarterly, semi-annual, and annual fees collected in advance of the satisfaction of performance obligations and recognizes them in the period earned.
Licensing revenues are earned through the license of certain assets to clients. Assets are licensed for clients’ use in their own promotional materials or otherwise and may include logos, editorial reviews, or other copyrighted material that represent symbolic intellectual property, as defined in ASC 606. Revenues under such license agreements are generally recognized over the contract term. In instances when technology assets in the form of functional intellectual property are licensed to the Company’s clients, revenues from the license of these assets are recognized at a point in time.
Licensing revenues also include revenues from transactions involving the sale of perpetual software licenses, related software support, and maintenance. Revenue will be recognized when the obligations are met, either over time or at a point in time, depending on the nature of the obligation.
•Revenues from software license performance obligations are generally recognized upfront at the point in time that the software is made available to the customer for download and use.
•Revenues from related software support and maintenance are generally recognized ratably over the contractual period, because technical support, unspecified software product upgrades, maintenance releases, and patches are provided to customers on an as needed basis and they are available during the term of the support period.
The Company determines whether revenue should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the subscription and licensing revenue is recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenue on a gross basis with respect to revenue generated from the resale of various third-party solutions, primarily through its email security line of business, because the Company has control of the specified good or service prior to transferring control to the customer.
Other
Other revenues primarily include those from the sale of hardware used in conjunction with software described above, online course revenue, and game publishing revenue. Hardware product and related software performance obligations, such as those relating to an operating system or firmware, are highly interdependent and interrelated and are accounted for as a bundled performance obligation. The revenues for this bundled performance obligation are generally recognized at the point in time that the hardware and software products are delivered and ownership is transferred to the customer.
The Company determines whether revenue should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The majority of the Company’s other revenue is recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenue on a net basis with respect to games sold on third-party platforms.
Performance Obligations
The Company may be a party to multiple concurrent contracts with the same customers, or a party or parties related to those customers. Some of these situations may require an evaluation to determine if those arrangements should be accounted for as a single contract. The Company’s contracts with customers may include multiple performance obligations, including contracts when advertising and licensing services are sold together.
The Company determines the transaction price based on the amount to which the Company expects to be entitled in exchange for services provided. The Company includes any fixed consideration within its contracts as part of the total transaction price. The Company’s contracts occasionally contain variable consideration, such as commissions that are
recognized in the period of the commissionable event. Payment terms vary by type and location of customers and the services offered. The time between invoicing and when payment is due is generally not significant. Due to the nature of the services provided, there are no obligations for returns.
Advertising and performance marketing revenues consist primarily of performance obligations that are satisfied over time, where the customer simultaneously receives and consumes the benefit of the services provided. In certain instances, the Company provides content to its advertising partners and receives a revenue share based on the terms of the agreement. Revenue is recognized based on delivery of services over the contract period for advertising. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on individual contracts with customers, revenues from advertising and performance marketing revenues are recognized over time as distinct performance obligations are satisfied, including when:
•Online display and video advertising in form of impressions, video views and other means is placed for viewing on the Company’s owned-and-operated properties and on third-party sites.
•Commissions are earned upon the sale of an advertised product.
•Qualified sales leads are delivered.
•Visitor “clicks through” an advertisement.
Subscription and licensing revenues are earned from (i) subscription services with performance obligations that are satisfied over time; and (ii) licensing arrangements that have standalone functionality with performance obligations satisfied at a point in time, where the customer simultaneously receives and consumes the benefit of the services provided regardless of whether the customer uses the services. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on the individual contracts with the customer, revenues for subscription and licensing services are recognized over the contract period as distinct performance obligations are satisfied, including when:
•Voice, email marketing, and search engine optimization as services are delivered.
•Consumer privacy services and data backup capabilities are provided.
•Security solutions, including email and endpoint, are provided.
•Access is granted to data products and services.
•Continuing access to the content on our websites and apps is provided.
The Company has concluded the best measure of progress toward the complete satisfaction of the performance obligation delivered over the time is a time-based measure. The Company recognizes revenue on a straight-line basis throughout the subscription period, or as usage occurs, or when functional intellectual property is delivered for services outside of the subscription.
Other revenues consist primarily of performance obligations that are satisfied at a point in time at which control for goods and services is transferred to a customer. The Company believes that the methods described are a faithful depiction of the transfer of goods and services.
Sales Taxes
The Company has made an accounting policy election to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are (i) both imposed on and concurrent with a specific revenue-producing transaction and (ii) collected by the Company from a customer.
Costs to Obtain a Contract
The Company’s revenues are primarily generated from customer contracts that are for one year or less. Costs primarily consist of incentive compensation paid based on the achievements of sales targets in a given period for related revenue streams and are recognized in the month when the revenue is earned. Incentive compensation is paid on the issuance or renewal of the customer contract. As a practical expedient, for amortization periods which are determined to be one year or less, the Company expenses any incremental costs of obtaining the contract with a customer when incurred. For those customers with amortization periods determined to be greater than one year, the Company capitalizes and amortizes the expenses over the period of benefit.
In addition, the Company partners with various affiliates in order to generate a portion of its revenue for certain lines of business. The commissions earned by the Company’s affiliates are incentive based and are paid on the acquisition of new customers in a given period. For those customers with amortization periods determined to be greater than one year, the Company capitalizes and amortizes the incentive over the period of benefit. As of December 31, 2024 and 2023, the Company capitalized approximately $14.2 million and $14.9 million, respectively, related to these costs and they are included in ‘Prepaid expenses and other current assets’ and ‘Other assets’ in the Consolidated Balance Sheets. During the years ended December 31, 2024, 2023, and 2022, the Company recognized expense of $14.6 million, $12.9 million, and $15.4 million respectively, related to the amortization of capitalized costs to obtain a contract with a customer.
Practical Expedients
Existence of a Significant Financing Component in a Contract
If at contract inception, the Company expects that the period between payment by the customer and the transfer of promised goods or services by the Company to the customer will be one year or less, the Company does not assess whether a contract has a significant financing component. In addition, the Company has determined that the payment terms that the Company provides to its customers are structured primarily for reasons other than the provision of finance to the customer. The Company typically charges a single upfront amount for services because other payment terms would affect the nature of the risk assumed by the Company to provide service given the costs of the customer acquisition and the highly competitive and commoditized nature of the business it operates, which allows customers to easily move from one provider to another. This additional risk may make it uneconomical to provide the service.
Share-Based Compensation
Share-Based Compensation
The Company accounts for share-based awards to employees and non-employees in accordance with the provisions of ASC Topic 718, Compensation — Stock Compensation (“ASC 718”), which requires compensation cost, measured at the grant date fair value, to be recognized over the employee’s requisite service period using the straight-line method. The measurement of share-based compensation expense is based on several criteria, including but not limited to the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate, and award cancellation rate. Certain of these inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining share-based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future share-based compensation expense. Any such changes could materially impact the Company’s results of operations in the period in which the changes are made and in periods thereafter. The amount of share-based compensation expense recognized in the Consolidated Statements of Operations is net of estimated forfeitures. The forfeiture rate is estimated at the grant date based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from the estimated rate. The expense ultimately recorded is for the awards that vest.
Direct Costs
Direct Costs
Direct costs represent the Company’s costs of revenue and primarily include costs associated with compensation for personnel directly involved in revenue generation, content fees, production costs, royalty fees, hosting and licensing costs, and processing fees. Direct costs exclude depreciation and amortization expenses for all periods presented. For the years ended December 31, 2024, 2023, and 2022, direct costs were $200.3 million, $185.7 million, and $184.5 million, respectively.
Research, Development, and Engineering
Research, Development, and Engineering
Research, development, and engineering costs are costs associated with software design and development and primarily consist of compensation for personnel. Costs incurred during the preliminary project stage are expensed as incurred. Costs for software development incurred during the application development stage are capitalized and amortized over their estimated useful lives. We do not capitalize any costs once the software is ready for its intended use.
Advertising Costs
Advertising Costs
The Company incurs external advertising costs to promote its brands. These costs primarily consist of expenses related to digital advertising on websites and apps of third parties, creative services, trade shows and similar events, marketing expenses, and marketing intelligence expenses.
Foreign Currency
Foreign Currency
Most of the Company’s foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated at exchange rates prevailing at the balance sheet dates. Revenues and expenses are translated into U.S. Dollars at average exchange rates for the period. Gains and losses resulting from translation are recorded as a component of accumulated other comprehensive income (loss). Net translation income (loss) was $12.4 million, $13.7 million, and $(32.5) million for the years ended December 31, 2024, 2023, and 2022, respectively. Realized gains and losses from foreign currency transactions are recognized within ‘Other income (loss), net’ on our Consolidated Statements of Operations.
Income Taxes
Income Taxes
The Company’s income is subject to taxation in both the U.S. and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company’s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves for tax contingencies are established when the Company believes that certain positions might be challenged despite the Company’s belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of a tax audit or lapse of a statute of limitations. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate.
The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”), which requires deferred tax assets and liabilities to be recognized using enacted tax rates for the effect of temporary differences between the book and tax basis of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the net deferred tax assets will not be realized. Valuation allowances are reviewed quarterly based upon the facts and circumstances known at the time. In assessing valuation allowances, the Company reviews historical and future expected operating results and other factors, including its recent cumulative earnings experience, expectations of future taxable income by taxing jurisdiction and the carryforward periods available for tax reporting purposes, to determine whether it is more likely than not that deferred tax assets are realizable.
ASC 740 provides guidance on the minimum threshold that an uncertain income tax benefit is required to meet before it can be recognized in the financial statements and applies to all income tax positions taken by a company. ASC 740 contains a two-step approach to recognizing and measuring uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. If it is not more likely than not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain income tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. The Company recognizes accrued interest and penalties related to uncertain income tax positions in income tax expense on its Consolidated Statements of Operations.
Earnings Per Common Share (“EPS”)
Earnings Per Common Share (“EPS”)
EPS is calculated pursuant to the two-class method as defined in ASC Topic 260, Earnings per Share (“ASC 260”), which specifies that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents are considered participating securities and should be included in the computation of EPS pursuant to the two-class method.
Basic EPS is calculated by dividing net distributed and undistributed earnings allocated to common shareholders, excluding participating securities, by the weighted-average number of common shares outstanding. The Company’s participating securities consist of its unvested share-based payment awards that contain rights to non-forfeitable dividends or dividend equivalents.
The Company applies the if-converted method for the diluted net income per share calculation of convertible debt instruments.
Share Repurchases
Share Repurchases
The Company accounts for share repurchases on a trade date basis by allocating cost in excess of par value between retained earnings and additional paid-in capital. The repurchased shares are constructively retired and returned to an authorized but unissued status. In August 2022, the U.S. government enacted the Inflation Reduction Act of 2022, which imposed a 1.0% excise tax on share repurchases made after December 31, 2022. As a result, the Company accrued excise tax in connection with the share repurchases it completed during years ended December 31, 2024 and December 31, 2023.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently issued applicable accounting pronouncements adopted
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides for optional financial reporting alternatives to reduce cost and complexities associated with accounting for contracts, hedging relationships, and other transactions affected by reference rate reform. This update applies only to contracts, hedging relationships, and other transactions that reference London Interbank Offer Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The accommodations were available for all entities through December 31, 2022, with early adoption permitted. This update was later amended by ASU 2022-06.
In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. This update defers the expiration date of ASC Topic 848 from December 31, 2022 to December 31, 2024. We adopted this update during the fourth quarter of 2024. The adoption of this update did not have a material impact on our consolidated financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides for enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. The purpose of the guidance is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. We adopted this update for the annual period ended December 31, 2024 and the amendments have been applied retrospectively to all prior periods presented in the consolidated financial statements by expanding certain disclosures, including the disclosure of significant expenses included in our segment measure of profitability.
Recently issued applicable accounting pronouncements not yet adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC's existing disclosure requirements and entities required to file/furnish financial statements with or to the SEC in preparation for the sale of or for the purpose of issuing securities that are not subject to contractual restrictions on transfer, the effective date for which each amendment will be the date on the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, amendments will be effective two years later. We do not anticipate that adoption of this update will have a material impact on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than 5% of the amount computed by multiplying pretax income by statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid. The amendments eliminate some of the previously required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within twelve months. The amendments in this update are effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expenses Disaggregation Disclosure (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities. The amendments in this update do not change the expense captions an entity presents on the face of the income statement; rather, they require disaggregation of certain expense captions into specified categories, including but not limited to purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. This update is effective for annual reporting periods beginning after December 15, 2025, and for interim periods within fiscal years beginning after December 15, 2027. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
Fair Value Measurements
The Company complies with the provisions of ASC 820, which defines fair value, provides a framework for measuring fair value, and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value.
§Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
§Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
§Level 3 – Unobservable inputs which are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Recurring Fair Value Measurements
The Company’s money market funds are classified within Level 1. The Company values these Level 1 investments using quoted market prices.
The fair value of the Company’s investment in Consensus common stock was determined using quoted market prices, which a Level 1 input. On May 22, 2024, the Company sold its remaining investments in Consensus common stock (see Note 5 — Investments).
The Company has investment in a corporate debt security that does not have a readily determinable fair value because the acquired securities are privately held, not traded on any public exchanges, and not an investment in a mutual fund or similar investment. The investment in corporate debt securities is classified as available-for-sale and is initially measured at its transaction price. The fair value of the corporate debt securities is determined primarily based on estimates and assumptions, including Level 3 inputs. As of December 31, 2024 and 2023, the fair value was determined based upon various probability-weighted scenarios which included discount rate assumptions between 9% and 10%, depending on the probability scenario. In addition, the determination of fair value included a conversion timeframe of approximately six months to two years, depending on the probability scenario, as of December 31, 2024, and approximately one to three years, depending on the probability scenario, as of December 31, 2023.
The Company classifies its contingent consideration liability in connection with acquisitions within Level 3 because factors used to develop the estimated fair value are unobservable inputs, such as volatility and market risks, and are not supported by market activity. The valuation approaches used to value Level 3 investments considers unobservable inputs in the market such as time to liquidity, volatility, dividend yield, and breakpoints. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net consisted of the following (in thousands):
December 31,
20242023
Settlement receivables, net$296,553 $— 
Trade receivables, net363,670 337,703 
Accounts receivable, net$660,223 $337,703 
Schedule of Allowance for Credit Losses
The rollforward of allowance for credit losses on Accounts receivable, net is as follows (in thousands):
Years ended December 31,
202420232022
Beginning balance$6,871 $6,868 $9,811 
Increases (decreases) to bad debt expense
2,898 2,809 (255)
Write-offs, net of recoveries(1,621)(2,806)(2,688)
Ending balance$8,148 $6,871 $6,868 
Schedule of Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):
December 31,
20242023
Accounts payable$164,352 $123,256 
Settlement payables, net408,747 — 
Accrued employee related costs55,800 50,068 
Other accrued liabilities41,870 43,612 
Total Accounts payable and accrued expenses$670,769 $216,936 
v3.25.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Revenues from external customers classified by revenue source are as follows (in thousands).
Year ended December 31,
Technology & Shopping
2024 (1)
2023 (1)
2022 (1)
Advertising and performance marketing$345,655 $310,733 $354,545 
Subscription and licensing7,158 8,256 10,052 
Other9,069 11,568 20,332 
Total Technology & Shopping revenues$361,882 $330,557 $384,929 
Gaming & Entertainment
Advertising and performance marketing$120,788 $114,074 $112,305 
Subscription and licensing59,468 54,747 54,020 
Other20 — — 
Total Gaming & Entertainment revenues$180,276 $168,821 $166,325 
Health & Wellness
Advertising and performance marketing$299,474 $309,182 $304,379 
Subscription and licensing49,538 41,185 21,244 
Other13,396 11,556 10,260 
Total Health & Wellness revenues$362,408 $361,923 $335,883 
Connectivity
Advertising and performance marketing$11,926 $13,112 $16,353 
Subscription and licensing185,994 179,286 159,150 
Other15,700 19,120 15,751 
Total Connectivity revenues$213,620 $211,518 $191,254 
Cybersecurity & Martech
Subscription and licensing$283,502 $291,209 $312,606 
Other— — — 
Total Cybersecurity & Martech revenues$283,502 $291,209 $312,606 
Corporate$— $— $— 
Total Revenues$1,401,688 $1,364,028 $1,390,997 
(1)Amounts presented are net of inter-segment revenues.
v3.25.0.1
Business Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Allocation of Aggregate Purchase Consideration
The following table summarizes the allocation of the purchase consideration for the acquisition of TDS and CNET as of December 31, 2024 (in thousands):
Valuation
Assets and Liabilities
TDS
CNET
Cash
$142,957 $— 
Accounts receivable and other current assets (1)
171,290 16,351 
Intangible assets
108,340 101,000 
Goodwill (1)
81,248 36,607 
Deferred tax asset, noncurrent (2)
— 11,412 
Other assets
203 655 
Accounts payable and other current liabilities
(290,161)(3,819)
Deferred tax liability, noncurrent
(25,442)— 
Deferred revenue, noncurrent
— (7,958)
Other noncurrent liabilities
(847)— 
Total
$187,588 $154,248 
(1)The fair value of the assets acquired includes accounts receivable of $170.7 million (including Settlement receivables, net of $166.8 million) for TDS and $15.6 million related to CNET, of which none is expected to be uncollectible. $4.5 million of the goodwill recognized is expected to be deductible for income tax purposes.
(2)Deferred tax asset balance for CNET is presented within ‘Deferred income taxes’ in the ‘Liabilities and Stockholders’ Equity’ section on the Consolidated Balance Sheets.
The following table summarizes the allocation of the purchase consideration for all 2022 acquisitions as of December 31, 2022 (in thousands):
Assets and LiabilitiesValuation
Accounts receivable$7,433 
Prepaid expenses and other current assets4,915 
Property and equipment369 
Operating lease right-of-use assets, noncurrent545 
Trade names12,839 
Customer relationships20,040 
Goodwill (1)
95,737 
Other intangibles18,166 
Other noncurrent assets11 
Accounts payable and accrued expenses(6,221)
Deferred revenue(21,474)
Deferred tax liability(10,140)
Other noncurrent liabilities(516)
Total$121,704 
(1)Goodwill recognized associated with these acquisitions during the year ended December 31, 2022 is $95.7 million, of which $1.2 million is expected to be deductible for income tax purposes.
Summary of Intangible Assets
The amounts assigned to intangible assets by type for all acquisitions during the year ended December 31, 2024 are summarized in the table below (in thousands):
Gross Carrying ValueWeighted Average Estimated Life
Customer relationships$146,215 10 years
Trade names and trademarks27,895 9 years
Other purchased intangibles43,793 5 years
Total gross carrying value$217,903 
Supplementary Information on Unaudited Pro Forma Financial Basis
The following unaudited pro forma information reflects the combined results from these acquisitions had they occurred on January 1, 2023. This information is not necessarily indicative of the Company’s consolidated results of operations in future periods or the results that actually would have been realized had the Company and the acquired businesses been combined companies during the periods presented. These pro forma results are estimates and exclude any savings or synergies that would have resulted from these business acquisitions had they occurred on January 1, 2023. This unaudited pro forma supplemental information includes incremental intangible asset amortization and other charges as a result of the acquisitions, net of the related tax effects.
Years ended December 31,
(in thousands, except per share data)
20242023
(unaudited)
Revenues$1,470,182 $1,521,064 
Net income$49,433 $22,206 
Income per common share from continuing operations - Basic
$1.11 $0.48 
Income per common share from continuing operations - Diluted
$1.11 $0.48 
The supplemental information on an unaudited pro forma financial basis presents the combined results of the Company and its 2022 acquisitions as if each acquisition had occurred on January 1, 2021 (in thousands, except per share amounts):
Year ended
December 31, 2022
(unaudited)
Revenues$1,407,300 
Net income from continuing operations$64,877 
Income per common share from continuing operations - Basic$1.38 
Income per common share from continuing operations - Diluted$1.38 
Contractual Obligation, Fiscal Year Maturity
As of December 31, 2024, future payments associated with contractual obligations for holdback payments in connection with all business acquisitions are as follows (in thousands):
Fiscal Year:
2025$1,305 
2026363 
$1,668 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Values of Financial Instruments Measured On Recurring Basis
The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):
December 31, 2024Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$85,833 $— $— $85,833 $85,833 
Long-term investments:
Investment in corporate debt securities— — 17,788 17,788 17,788 
Total assets measured at fair value$85,833 $— $17,788 $103,621 $103,621 
Liabilities:
Contingent consideration$— $— $2,834 $2,834 $2,834 
Total liabilities measured at fair value$— $— $2,834 $2,834 $2,834 
December 31, 2023Level 1Level 2Level 3Fair ValueCarrying Value
Assets:
Cash equivalents:
   Money market and other funds$340,928 $— $— $340,928 $340,928 
Short-term investments:
Consensus common stock27,109 — — 27,109 27,109 
Long-term investments:
Investment in corporate debt securities— — 15,699 15,699 15,699 
Total assets measured at fair value$368,037 $— $15,699 $383,736 $383,736 
Liabilities:
Contingent consideration$— $— $2,834 $2,834 $2,834 
Total liabilities measured at fair value$— $— $2,834 $2,834 $2,834 
Reconciliation of Level 3 Financial Assets Measured on Recurring Basis
The following table presents a reconciliation of the Company’s Level 3 financial assets related to our contingent consideration arrangements and investment in corporate debt securities that are measured at fair value on a recurring basis (in thousands):
Years ended December 31,
20242023
Contingent Consideration ArrangementsCorporate Debt SecuritiesContingent Consideration ArrangementsCorporate Debt Securities
Balance as of January 1$2,834 $15,699 $555 $15,586 
Fair value at date of acquisition— — 2,834 — 
Fair value adjustments (1)
— 2,089 (200)113 
Payments— — (355)— 
Balance as of December 31
$2,834 $17,788 $2,834 $15,699 
(1)The fair value adjustments to the contingent consideration arrangements in the table above were recorded within ‘General, administrative, and other related costs’ on the Consolidated Statements of Operations during the years ended December 31, 2024 and 2023. The fair value adjustments to the corporate debt securities in the table above were recorded within ‘Change in fair value on available-for-sale investments, net’ on the Consolidated Statements of Comprehensive Income during the years ended December 31, 2024 and 2023.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes:
December 31,
20242023
Carrying ValueFair ValueCarrying ValueFair Value
4.625% Senior Notes
$457,211 $420,935 $456,796 $405,408 
1.75% Convertible Notes (1)
$148,186 $139,976 $544,516 $519,492 
3.625% Convertible Notes (1)
$258,885 $259,200 $— $— 
(1)On July 16, 2024, the Company exchanged approximately $400.9 million in aggregate principal amount of the Company’s 1.75% Convertible Notes as part of the Exchange Transaction. The Company issued $263.1 million in aggregate principal amount of new 3.625% Convertible Notes, as defined in Note 9 — Debt, and paid an aggregate of approximately $135.0 million in cash. Refer to Note 9 — Debt for additional information.
v3.25.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Summary of Property and Equipment
Property and equipment, stated at cost, consists of the following (in thousands):
December 31,
20242023
Computer hardware, software, and related equipment
$546,777 $502,564 
Furniture and equipment4,820 2,836 
Leasehold improvements7,328 9,784 
558,925 515,184 
Less: Accumulated depreciation and amortization(361,710)(327,015)
 Total property and equipment, net$197,216 $188,169 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes In Carrying Amounts Of Goodwill
The changes in carrying amounts of goodwill for the years ended December 31, 2024 and 2023 are as follows (in thousands):
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechConsolidated
Balance as of January 1, 2023
$346,684 $61,644 $399,982 $257,679 $525,485 $1,591,474 
Goodwill acquired (Note 4)
3,849 — 2,602 — — 6,451 
Goodwill impairment(56,850)— — — — (56,850)
Purchase accounting adjustments (1)
215 (219)(72)4 — (72)
Foreign exchange translation(246)60 745 803 3,700 5,062 
Balance as of December 31, 2023
$293,652 $61,485 $403,257 $258,486 $529,185 $1,546,065 
Goodwill acquired (Note 4)
117,855 6,811 — — 4,532 129,190 
Goodwill removed due to sale of business (2)
(3,983)— — — — (3,983)
Goodwill impairment(85,273)— — — — (85,273)
Foreign exchange translation(194)5 (201)(1,544)(3,815)(5,741)
Balance as of December 31, 2024
$322,057 $68,301 $403,056 $256,942 $529,902 $1,580,258 
(1)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior business acquisitions (see Note 4 — Business Acquisitions).
(2)During the year ended December 31, 2024, in a cash transaction, the Company sold an international business at Technology & Shopping, which resulted in $4.0 million of goodwill being removed in connection with this sale.
Intangible Assets Subject to Amortization
As of December 31, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks
$375,449 $222,430 $153,019 
Customer relationships
836,254 620,926 215,328 
Other purchased intangibles421,128 363,726 57,402 
Total$1,632,831 $1,207,082 $425,749 
As of December 31, 2023, intangible assets subject to amortization relate primarily to the following (in thousands):
Historical
Cost		Accumulated
Amortization		Net
Trade names and trademarks
$347,895 $192,111 $155,784 
Customer relationships
692,634 555,384 137,250 
Other purchased intangibles
379,703 347,331 32,372 
Total$1,420,232 $1,094,826 $325,406 
Expected Amortization Expenses for Intangible Assets Subject To Amortization
Expected amortization expenses for intangible assets subject to amortization at December 31, 2024 are as follows (in thousands):
Fiscal Year:
2025$114,658 
202696,383 
202773,690 
2028
49,319 
202932,343 
Thereafter
59,356 
Total expected amortization expense$425,749 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Long-term Debt
Long-term debt consists of the following (in thousands):
December 31,
20242023
4.625% Senior Notes
$460,038 $460,038 
1.75% Convertible Notes
149,109 550,000 
3.625% Convertible Notes
263,147 — 
Total Notes872,294 1,010,038 
Credit Agreement— — 
Less: Unamortized discount(5,676)(2,463)
Deferred issuance costs (1)
(2,336)(6,263)
Total long-term debt$864,282 $1,001,312 
(1)Includes $0.7 million and $0.8 million of carrying amount of deferred issuance costs on the 4.625% Senior Notes as of December 31, 2024 and December 31, 2023, respectively, $0.9 million and $5.5 million of carrying amount of deferred issuance costs on the 1.75% Convertible Notes as of December 31, 2024 and December 31, 2023, respectively, and $0.7 million of carrying amount of deferred issuance costs on the 3.625% Convertible Notes as of December 31, 2024.
Future Principal Payments for Debt
At December 31, 2024, future principal and interest payments for debt are as follows (in thousands):
PrincipalInterest
2025$— $33,425 
2026149,109 33,426 
2027— 30,816 
2028263,147 26,047 
2029— 21,277 
Thereafter460,038 21,276 
Total
$872,294 $166,267 
Schedule of Repurchase Agreements Repurchases of 4.625% Senior Notes on the open market (excluding those from a tender offer) during the periods presented were as follows (in thousands):
Year ended
December 31, 2022
Principal repurchased$181,238 
Aggregate purchase price$167,661 
(Gain) loss on repurchase (1)
$(12,060)
(1)Presented within ‘Gain (loss) on debt extinguishment, net’ on the Consolidated Statements of Operations.
Schedule of Debt
The following table provides additional information on the 4.625% Senior Notes (in thousands):
December 31,
20242023
Principal amount of 4.625% Senior Notes
$460,038 $460,038 
Less: Unamortized discount
(2,148)(2,463)
Less: Deferred issuance costs
(679)(779)
Net carrying amount of 4.625% Senior Notes
$457,211 $456,796 
The following table provides the components of interest expense related to 4.625% Senior Notes (in thousands):
Years ended December 31,
202420232022
Coupon interest expense$21,269 $21,159 $24,500 
Amortization of discount and debt issuance costs
415 396 442 
Total interest expense related to 4.625% Senior Notes
$21,684 $21,555 $24,942 
The following table provides the components of interest expense related to the 3.625% Convertible Notes (in thousands):
Year ended
December 31, 2024
Coupon interest expense$4,372 
Amortization of discount and debt issuance costs571 
Total interest expense related to 3.625% Convertible Notes
$4,943 
Components of Interest Expense Related to Convertible Notes
The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):
Years ended December 31,
202420232022
Coupon interest expense$6,429 $17,369 $9,776 
Amortization of debt issuance costs1,251 1,863 1,858 
Total interest expense related to 1.75% Convertible Notes
$7,680 $19,232 $11,634 
Additional Information Related to Convertible Notes
The following table provides additional information related to the 1.75% Convertible Notes (in thousands):
December 31,
20242023
Principal amount of 1.75% Convertible Notes
$149,109 $550,000 
Less: Deferred issuance costs
(923)(5,484)
Net carrying amount of 1.75% Convertible Notes
$148,186 $544,516 
The following table provides additional information related to the 3.625% Convertible Notes (in thousands):
December 31, 2024
Principal amount of 3.625% Convertible Notes
$263,147 
Less: Unamortized discount
(3,528)
Less: Deferred issuance costs
(734)
Net carrying amount of 3.625% Convertible Notes
$258,885 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Balance Sheet and Other Supplemental Operating Lease Information
Operating right-of-use assets are included in ‘Other assets’ on the Consolidated Balance Sheets. Operating lease liabilities are included in ‘Other current liabilities’ and ‘Other noncurrent liabilities’, respectively, on the Consolidated Balance Sheets as follows (in thousands):
December 31,
20242023
Operating lease right-of-use assets$26,249 $24,564 
Operating lease liabilities, current$8,666 $15,801 
Operating lease liabilities, noncurrent21,797 16,626 
Total operating lease liabilities$30,463 $32,427 
Other supplemental operating lease information consists of the following:
December 31,
20242023
Operating leases:
Weighted average remaining lease term3.9 years3.0 years
Weighted average discount rate4.28 %3.27 %
Components of Lease Expense and Supplemental Cash Flow Information
The components of lease expense are as follows (in thousands):
December 31,
20242023
Operating lease cost$10,760 $15,065 
Short-term lease cost (1)
519 1,070 
Total lease cost$11,279 $16,135 
(1)The Company made an election to account for a short-term lease payments on a straight-line basis over the term of the lease.
Maturities of Operating Lease Liabilities
As of December 31, 2024, maturities of operating lease liabilities were as follows (in thousands):
2025$9,371 
20267,716 
20275,419 
20283,708 
20293,796 
Thereafter3,995 
Total lease payments$34,005 
Less: Imputed interest3,542 
Present value of operating lease liabilities$30,463 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Provision for Income Tax
The continuing operations income tax (expense) benefit consisted of the following (in thousands):
 
Years ended December 31,
 20242023 2022
Current:
Federal$(33,333)$(29,040)$(42,698)
State(8,625)(8,179)(12,184)
Foreign(18,234)(16,940)(16,066)
Total current(60,192)(54,159)(70,948)
 
Deferred:
Federal14,684 20,817 12,667 
State2,144 7,177 (1,577)
Foreign1,994 2,023 1,901 
Total deferred18,822 30,017 12,991 
Income tax expense from continuing operations
$(41,370)$(24,142)$(57,957)
Reconciliation of Statutory Federal Income Tax Rate with Effective Income Tax Rate
A reconciliation of the statutory federal income tax rate with the Company’s continuing operations effective income tax rate is as follows:
 
Years ended December 31,
 202420232022
Statutory tax rate21.0 %21.0 %21.0 %
State income taxes, net5.9 6.5 5.0 
Foreign rate differential4.3 3.1 1.0 
Foreign income inclusion3.1 6.0 5.4 
Foreign tax credit(3.1)(4.7)(5.1)
Reserve for uncertain tax positions(6.1)(5.9)(3.2)
Valuation allowance6.3 — — 
Impact on deferred taxes of enacted tax law and rate changes— 0.6 1.4 
Tax credits and incentives(6.5)(8.4)(5.0)
Impairment of goodwill
19.2 16.0 — 
Mark-to market on investment in Consensus— — 22.1 
Return to provision adjustments
(2.3)(5.1)1.1 
Executive compensation3.2 2.4 1.5 
Other(0.6)0.7 (1.0)
Effective tax rates44.4 %32.2 %44.2 %
Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities result from differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Temporary differences and carryforwards which give rise to deferred tax assets and liabilities from continuing operations are as follows (in thousands):
 
Years ended December 31,
 2024 2023
Deferred tax assets:
Net operating loss and other carryforwards$14,923 $15,762 
Tax credit carryforwards3,727 4,743 
Accrued expenses12,019 14,629 
Allowance for bad debt2,514 2,003 
Share-based compensation expense8,634 6,097 
Operating lease liabilities5,717 6,320 
Basis difference in fixed assets39,242 22,191 
Deferred revenue3,413 2,420 
Convertible debt
2,952 — 
State taxes2,526 1,974 
Other1,675 2,468 
 97,342 78,607 
Less: valuation allowance(7,669)(1,720)
Total deferred tax assets$89,673 $76,887 
  
Deferred tax liabilities: 
Operating lease right-of-use assets(5,040)(4,618)
Basis difference in intangible assets(103,676)(86,712)
Unrealized gains on investments(13,364)(13,512)
Prepaid insurance(2,111)(2,835)
Other(4,014)(5,982)
Total deferred tax liabilities(128,205)(113,659)
Net deferred tax liabilities$(38,532)$(36,772)
Summary of Valuation Allowance on Deferred Tax Assets From Continuing Operations
The rollforward of the valuation allowance on the deferred tax assets from continuing operations is as follows (in thousands):
Years ended December 31,
202420232022
Beginning balance$1,720 $1,699 $1,812 
Charges to costs and expenses
5,949 21 — 
Write-offs and recoveries— — (113)
Ending balance$7,669 $1,720 $1,699 
Schedule of Unrecognized Tax Benefits
The aggregate changes in the balance of unrecognized tax benefits, which excludes interest and penalties, for the years ended December 31, 2024, 2023, and 2022, is as follows (in thousands):
Years ended December 31,
202420232022
Beginning balance $29,158 $34,208 $39,527 
Increases related to tax positions during a prior year275 218 — 
Decreases related to tax positions taken during a prior year(540)(1,023)(2,816)
Increases related to tax positions taken in the current year635 744 819 
Decreases related to expiration of statute of limitations(6,911)(4,989)(3,322)
Ending balance$22,617 $29,158 $34,208 
v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Valuation Assumptions of Stock Options and Market-based Restricted Stock Awards Granted
The following table presents the effects of share-based compensation expense in the Consolidated Statements of Operations during the periods presented (in thousands):
Year ended December 31,
202420232022
Direct costs
$248 $262 $341 
Sales and marketing3,756 2,686 3,083 
Research, development, and engineering3,665 3,245 2,503 
General, administrative, and other related costs
33,246 25,727 20,674 
Total share-based compensation expense$40,915 $31,920 $26,601 
Stock Options Activity
Stock option activity for the years ended December 31, 2024, 2023, and 2022 is summarized as follows:
Number of Shares
Weighted-Average
Exercise Price
Weighted-Average Remaining Contractual Life (In Years)
  Aggregate Intrinsic Value
Options outstanding at January 1, 2022
440,574 $68.45 
      Granted— $— 
      Exercised(5,439)$27.15 
      Canceled— $— 
Options outstanding at December 31, 2022
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2023
435,135 $68.97 
      Granted— $— 
      Exercised— $— 
      Canceled— $— 
Options outstanding at December 31, 2024
435,135 $68.97 3.0$0 
Exercisable at December 31, 2024
326,351 $68.97 3.0$0 
Vested and expected to vest at December 31, 2024
102,128 $68.97 3.0$0 
Valuation Assumptions of Market-based Restricted Stock Awards Granted
The assumptions used in determining the weighted-average fair values of PSUs granted during the periods presented are as follows:
December 31,
202420232022
Underlying stock price at valuation date$66.88 $77.80 $99.32 
Expected volatility32.9 %32.0 %36.7 %
Risk-free interest rate4.3 %4.1 %1.8 %
Restricted Stock and Restricted Stock Unit Award Activity Restricted stock award (“RSA”) and PSA activity for the years ended December 31, 2024, 2023 and 2022 is set forth below:
RSAs
PSAs
Number of shares
Weighted average
grant date
fair value
Number of shares
Weighted average
grant date
fair value
Nonvested at January 1, 2022
220,782 $72.07 163,181 $36.27 
Granted— — — — 
Vested(67,762)74.13 — — 
Canceled(4,920)77.92 — — 
Nonvested at December 31, 2022
148,100 $70.93 163,181 $36.27 
Granted— — — — 
Vested(52,060)72.29 — — 
Canceled(322)77.75 — — 
Nonvested at December 31, 2023
95,718 $70.17 163,181 $36.27 
Granted— — — — 
Vested(40,735)71.73 — — 
Canceled(154)77.75 — — 
Nonvested at December 31, 2024
54,829 $68.97 163,181 $36.27 
Restricted stock unit activity for the years ended December 31, 2024, 2023 and 2022 is set forth below:
RSUs
PSUs
Number of shares
Weighted average
grant date
fair value
Number of shares (1)
Weighted average
grant date
fair value
Outstanding at January 1, 2022
299,023 $107.52 60,891 $86.78 
Granted154,022 94.47 100,193 87.11 
Vested(84,259)108.04 (30,435)91.23 
Canceled(24,831)94.02 (10,250)89.73 
Outstanding at December 31, 2022
343,955 $102.53 120,399 $87.04 
Granted305,549 76.80 167,606 70.06 
Vested(111,185)101.41 — — 
Canceled(31,894)83.82 (17,233)77.98 
Outstanding at December 31, 2023
506,425 $88.36 270,772 $77.09 
Granted413,053 64.60 308,970 87.17 
Vested(175,564)90.68 — — 
Canceled(91,687)74.44 (58,756)79.88 
Outstanding at December 31, 2024
652,227 74.59 520,986 82.73 
Vested and expected to vest at December 31, 2024
610,299 $74.53 499,185 $82.54 
(1)Represents the number of shares at 100% achievement.
Valuation Assumptions of Stock Options Granted
The share-based compensation expense related to the Purchase Plan has been estimated utilizing the following weighted average assumptions:
December 31,
202420232022
Risk-free interest rate5.3%3.4%1.2%
Expected term (in years)0.50.50.5
Expected volatility31.4%38.3%40.7%
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Components of Basic and Diluted Earnings Per Share The components of basic and diluted earnings per share from continuing operations are as follows (in thousands, except share and per share data):
 
Years ended December 31,
 202420232022
Numerator for basic and diluted net income per common share:   
Net income from continuing operations$63,047 $41,503 $65,466 
Less: Net income available to participating securities (1)
— (2)(20)
Plus: Convertible Notes interest expense (after-tax)
— — — 
Net income available to the Company’s common shareholders from continuing operations$63,047 $41,501 $65,446 
Denominator:   
Basic weighted-average outstanding shares of common stock44,457,071 46,400,941 46,954,558 
Diluted effect of: 
Equity incentive plans
62,622 63,320 71,291 
Convertible debt
— — — 
Diluted weighted-average outstanding shares of common stock44,519,693 46,464,261 47,025,849 
Net income per share from continuing operations:   
Basic$1.42 $0.89 $1.39 
Diluted$1.42 $0.89 $1.39 
Weighted-average shares excluded from diluted weighted-average shares outstanding:
Anti-dilutive stock options and restricted stock1,069,443 629,807 — 
Anti-dilutive convertible debt4,892,773 5,158,071 5,158,071 
(1)Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Reconciliation of Total Segment Operating Income to Consolidated Operating Income
Information on reportable segments revenues is as follows (in thousands):
 Years Ended December 31,
 202420232022
Revenue by reportable segment:
Technology & Shopping$361,882 $330,557 $384,929 
Gaming & Entertainment180,276 168,821 166,325 
Health & Wellness362,408 361,923 335,883 
Connectivity213,620 211,518 191,254 
Cybersecurity & Martech283,502 291,209 312,606 
Total segment revenues
1,401,688 1,364,028 1,390,997 
Corporate
— — — 
Total revenues
$1,401,688 $1,364,028 $1,390,997 
The descriptions of significant reportable segment expenses shown in the following tables are as follows:
•Salaries, benefits, and other employee expenses include employee compensation expenses for salaries, bonuses, benefits, payroll taxes, commissions, share-based compensation, severance costs, other related employee costs.
•Cloud computing, software, and other related expenses include costs associated with cloud computing, software purchases, web hosting, database hosting, and other computer related costs.
•Advertising and related marketing expenses include advertising relationships with an array of online service providers, marketing expenses, and other audience extension costs.
•Partner payments include expense associated with revenue sharing arrangements, content fees, and royalties.
•Professional and other-third party services include expenses for outside providers including freelancers, consultants, legal costs, and other professional services.
Significant reportable segment expenses are set forth in the tables below (in thousands):
Year ended December 31, 2024
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$139,293 $45,294 $115,509 $53,172 $77,518 $430,786 
Cloud computing, software, and other related expenses28,086 5,630 13,903 14,849 40,009 102,477 
Advertising and marketing related expenses51,418 12,226 39,199 2,898 21,799 127,540 
Partner payments7,063 27,262 38,736 932 21,063 95,056 
Professional and other third-party services20,455 5,908 8,730 14,356 17,228 66,677 
Goodwill impairment85,273 — — — — 85,273 
Depreciation and amortization83,424 10,733 52,766 31,882 33,025 211,830 
Other17,942 (1)19,222 (2)26,358 (3)16,157 (4)17,899 (5)97,578 
Total segment operating costs and expenses432,954 126,275 295,201 134,246 228,541 1,217,217 
Corporate (6)
70,823 
Total operating costs and expenses$1,288,040 
Year ended December 31, 2023
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$121,721 $43,224 $109,401 $55,492 $75,340 $405,178 
Cloud computing, software, and other related expenses23,580 3,974 11,599 9,865 37,402 86,420 
Advertising and marketing related expenses55,185 9,468 42,477 3,296 24,189 134,615 
Partner payments7,721 26,637 33,842 730 19,120 88,050 
Professional and other third-party services15,025 3,629 10,604 13,199 18,211 60,668 
Goodwill impairment56,850 — — — — 56,850 
Depreciation and amortization83,271 10,368 59,870 31,793 52,618 237,920 
Other17,702 (1)14,222 (2)30,555 (3)26,552 (4)21,119 (5)110,150 
Total segment operating costs and expenses381,055 111,522 298,348 140,927 247,999 1,179,851 
Corporate (6)
51,566 
Total operating costs and expenses$1,231,417 
Year ended December 31, 2022
Technology & ShoppingGaming & EntertainmentHealth & WellnessConnectivityCybersecurity & MartechTotal operating costs and expenses
Salaries, benefits, and other employee expenses$131,808 $43,386 $99,808 $44,908 $77,909 $397,819 
Cloud computing, software, and other related expenses25,517 3,426 10,172 9,509 34,985 83,609 
Advertising and marketing related expenses61,380 10,626 39,366 2,790 27,187 141,349 
Partner payments9,572 29,965 32,175 — 23,207 94,919 
Professional and other third-party services11,953 1,964 9,990 10,575 22,404 56,886 
Goodwill impairment27,369 — — — — 27,369 
Depreciation and amortization93,187 10,045 55,981 25,445 48,714 233,372 
Other20,578 (1)13,488 (2)22,176 (3)19,665 (4)27,238 (5)103,145 
Total segment operating costs and expenses381,364 112,900 269,668 112,892 261,644 1,138,468 
Corporate (6)
53,588 
Total operating costs and expenses$1,192,056 
(1)Other Technology & Shopping operating costs and expenses consist primarily of credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(2)Other Gaming & Entertainment operating costs and expenses consist primarily of credit card processing fees, inventory-related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(3)Other Health & Wellness operating costs and expenses consist primarily of app-store fees, credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(4)Other Connectivity operating costs and expenses consist primarily of inventory-related costs, credit card processing fees, inventory related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(5)Other Cybersecurity & Martech operating costs and expenses consist primarily of credit card processing fees, telecommunication backbone costs, travel and entertainment costs, office expenses, bad debt expense, and certain allocated overhead expenses.
(6)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributed to any particular segment.
Information on (loss) income from operations is set forth in the table below (in thousands).
Years ended December 31,
202420232022
(Loss) income from operations by reportable segment:
Technology & Shopping$(71,072)$(50,498)$3,565 
Gaming & Entertainment54,001 57,299 53,425 
Health & Wellness67,207 63,575 66,215 
Connectivity79,374 70,591 78,362 
Cybersecurity & Martech54,961 43,210 50,962 
Total segment income from operations
184,471 184,177 252,529 
Corporate (1)
(70,823)(51,566)(53,588)
Income from operations$113,648 $132,611 $198,941 
(1)Corporate includes costs associated with general, administrative, and other expenses that are managed on a global basis and that are not directly attributable to any particular segment.
Total Assets, Capital Expenditures, Depreciation and Amortization
Information on capital expenditures is set forth in the table below (in thousands).
Years ended December 31,
202420232022
Capital expenditures:
Technology & Shopping$13,609 $17,778 $25,088 
Gaming & Entertainment5,298 5,891 6,008 
Health & Wellness36,553 35,070 31,559 
Connectivity24,742 25,182 22,394 
Cybersecurity & Martech25,062 24,712 21,094 
Total from reportable segments105,264 108,633 106,143 
Corporate1,371 96 11 
Total capital expenditures$106,635 $108,729 $106,154 
Revenues and Long-lived Assets by Geographic Information Such information attributes revenues based on jurisdictions where revenues are reported (in thousands).
 
Years ended December 31,
 202420232022
Revenues:  
United States$1,165,571 $1,137,857 $1,181,936 
All other countries236,117 226,171 209,061 
Total$1,401,688 $1,364,028 $1,390,997 
Long-lived assets, excluding goodwill and other intangible assets are as follows (in thousands):
December 31,
20242023
Long-lived assets:  
United States$178,732 $161,913 
All other countries44,733 50,820 
Total$223,465 $212,733 
v3.25.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule of Non-cash Investing and Financing Activities
Non-cash investing and financing activities were as follows (in thousands):
Years ended December 31,
202420232022
Non-cash investing activity:
Property and equipment, accrued but unpaid$— $55 $150 
Right-of-use assets acquired in exchange for operating lease obligations$13,372 $1,597 $4,130 
Purchase of equity investments with common stock
$— $13,500 $— 
Disposition of Consensus common stock (1)
$— $— $112,286 
Non-cash financing activity:
Debt principal settled in exchange for Consensus common stock (1)
$— $— $112,286 
Increase in fair value of conversion feature on 3.625% Convertible Notes
$4,001 $— $— 
Excise tax on share repurchases
$1,099 $— $— 
(1)During the year ended December 31, 2022, the Company disposed $160.1 million of its investment in Consensus in exchange for $112.3 million of debt and recorded $47.8 million of loss on investment, net.
Schedule of Cash Flow, Supplemental Disclosures
Supplemental data (in thousands):
Years ended December 31,
202420232022
Interest paid$28,856 $38,653 $36,168 
Income taxes paid, net of refunds$68,731 $64,594 $59,543 
Cash Flow, Operating Capital Operating cash outflows related to lease liabilities were as follows (in thousands):
Years ended December 31,
202420232022
Operating cash outflows related to lease liabilities$17,167 $23,230 $26,921 
v3.25.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Reclassification out of Accumulated Other Comprehensive Loss (Income)
The following table summarizes the changes in accumulated balances of other comprehensive loss (income), net of tax, for the years ended December 31, 2024, 2023, and 2022 (in thousands):
Unrealized Gains (Losses) on InvestmentsForeign Currency TranslationTotal
Balance as of January 1, 2022
$169 $(57,391)(57,222)
Other comprehensive income (loss) before reclassifications
272 (32,479)(32,207)
Consensus separation— 4,056 4,056 
Balance as of December 31, 2022
$441 $(85,814)$(85,373)
Other comprehensive income before reclassifications
96 13,657 13,753 
Balance as of December 31, 2023
$537 $(72,157)$(71,620)
Other comprehensive income (loss) before reclassifications
1,575 (12,426)(10,851)
Balance as of December 31, 2024
$2,112 $(84,583)$(82,471)
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
subsidiary
Dec. 31, 2024
USD ($)
subsidiary
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Nov. 15, 2019
Loss from discontinued operations, net of tax   $ 0 $ 0 $ 1,709    
Depreciation and amortization   211,916 236,966 233,400    
General and administrative expense   $ 203,461 195,726 181,871    
Number of operating segments | subsidiary 5          
Number of reportable segments | subsidiary 5 5        
Goodwill impairment   $ 85,273 56,850 27,369    
Stockholders' equity attributable to parent $ 1,810,882 1,810,882 1,892,998 1,892,611 $ 1,967,732  
Net deferred tax liabilities (46,018) (46,018) (45,503)      
Direct costs   200,323 185,650 184,546    
Research, development, and engineering   67,373 68,860 74,093    
Advertising costs incurred   114,800 120,800 128,800    
Foreign currency translation adjustment   (12,426) 13,657 (32,479)    
Foreign exchange realized gains (losses)   (1,000) (3,900) 8,200    
Revision of Prior Period, Reclassification, Adjustment | Direct costs            
Depreciation and amortization     (11,600) (11,000)    
Revision of Prior Period, Reclassification, Adjustment | General, administrative, and other related costs            
Depreciation and amortization     (225,300) (222,400)    
Retained earnings            
Stockholders' equity attributable to parent 1,401,034 1,401,034 1,491,956 1,537,830 1,515,358  
Additional paid-in capital            
Stockholders' equity attributable to parent $ 491,891 $ 491,891 $ 472,201 439,681 509,122  
Cumulative Effect, Period of Adoption, Adjustment            
Stockholders' equity attributable to parent         (64,701)  
Net deferred tax liabilities       21,200    
Cumulative Effect, Period of Adoption, Adjustment | Retained earnings            
Stockholders' equity attributable to parent       23,400 23,436  
Cumulative Effect, Period of Adoption, Adjustment | Additional paid-in capital            
Stockholders' equity attributable to parent       (88,100) $ (88,137)  
Minimum | Trade names and trademarks            
Useful life 2 years 2 years        
Minimum | Customer relationships            
Useful life 3 years 3 years        
Minimum | Other intangibles            
Useful life 1 year 1 year        
Maximum | Trade names and trademarks            
Useful life 20 years 20 years        
Maximum | Customer relationships            
Useful life 16 years 16 years        
Maximum | Other intangibles            
Useful life 10 years 10 years        
Equipment | Minimum            
Estimated useful lives of property and equipment 1 year 1 year        
Equipment | Maximum            
Estimated useful lives of property and equipment 10 years 10 years        
Software and Software Development Costs            
Estimated useful lives of property and equipment 3 years 3 years        
1.75% Convertible Notes | Cumulative Effect, Period of Adoption, Adjustment            
Convertible notes, increase in carrying amount       $ 85,900    
1.75% Convertible Notes | Convertible Debt            
Stated interest rate       1.75%   1.75%
1.75% Convertible Notes | Convertible Debt | Cumulative Effect, Period of Adoption, Adjustment            
Stated interest rate       1.75%    
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Settlement receivables, net $ 296,553 $ 0
Trade receivables, net 363,670 337,703
Accounts receivable, net $ 660,223 $ 337,703
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Credit Losses on Accounts Receivable (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 6,871 $ 6,868 $ 9,811
Increases (decreases) to bad debt expense 2,898 2,809 (255)
Write-offs, net of recoveries (1,621) (2,806) (2,688)
Ending balance $ 8,148 $ 6,871 $ 6,868
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Accounts Payable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Accounts payable $ 164,352 $ 123,256
Settlement payables, net 408,747 0
Accrued employee related costs 55,800 50,068
Other accrued liabilities 41,870 43,612
Total Accounts payable and accrued expenses $ 670,769 $ 216,936
v3.25.0.1
Revenues - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total Revenues $ 1,401,688 $ 1,364,028 $ 1,390,997
Reportable segments      
Disaggregation of Revenue [Line Items]      
Total Revenues 1,401,688 1,364,028 1,390,997
Reportable segments | Technology & Shopping      
Disaggregation of Revenue [Line Items]      
Total Revenues 361,882 330,557 384,929
Reportable segments | Technology & Shopping | Advertising and performance marketing      
Disaggregation of Revenue [Line Items]      
Total Revenues 345,655 310,733 354,545
Reportable segments | Technology & Shopping | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total Revenues 7,158 8,256 10,052
Reportable segments | Technology & Shopping | Other      
Disaggregation of Revenue [Line Items]      
Total Revenues 9,069 11,568 20,332
Reportable segments | Gaming & Entertainment      
Disaggregation of Revenue [Line Items]      
Total Revenues 180,276 168,821 166,325
Reportable segments | Gaming & Entertainment | Advertising and performance marketing      
Disaggregation of Revenue [Line Items]      
Total Revenues 120,788 114,074 112,305
Reportable segments | Gaming & Entertainment | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total Revenues 59,468 54,747 54,020
Reportable segments | Gaming & Entertainment | Other      
Disaggregation of Revenue [Line Items]      
Total Revenues 20 0 0
Reportable segments | Health & Wellness      
Disaggregation of Revenue [Line Items]      
Total Revenues 362,408 361,923 335,883
Reportable segments | Health & Wellness | Advertising and performance marketing      
Disaggregation of Revenue [Line Items]      
Total Revenues 299,474 309,182 304,379
Reportable segments | Health & Wellness | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total Revenues 49,538 41,185 21,244
Reportable segments | Health & Wellness | Other      
Disaggregation of Revenue [Line Items]      
Total Revenues 13,396 11,556 10,260
Reportable segments | Connectivity      
Disaggregation of Revenue [Line Items]      
Total Revenues 213,620 211,518 191,254
Reportable segments | Connectivity | Advertising and performance marketing      
Disaggregation of Revenue [Line Items]      
Total Revenues 11,926 13,112 16,353
Reportable segments | Connectivity | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total Revenues 185,994 179,286 159,150
Reportable segments | Connectivity | Other      
Disaggregation of Revenue [Line Items]      
Total Revenues 15,700 19,120 15,751
Reportable segments | Cybersecurity & Martech      
Disaggregation of Revenue [Line Items]      
Total Revenues 283,502 291,209 312,606
Reportable segments | Cybersecurity & Martech | Subscription and licensing      
Disaggregation of Revenue [Line Items]      
Total Revenues 283,502 291,209 312,606
Reportable segments | Cybersecurity & Martech | Other      
Disaggregation of Revenue [Line Items]      
Total Revenues 0 0 0
Corporate      
Disaggregation of Revenue [Line Items]      
Total Revenues $ 0 $ 0 $ 0
v3.25.0.1
Revenues - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Contract liability, revenue recognized $ 181.7 $ 160.1  
Revenue, remaining performance obligation, amount 71.9    
Capitalized costs 14.2 14.9  
Amortization of capitalized costs expense $ 14.6 $ 12.9 $ 15.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01      
Disaggregation of Revenue [Line Items]      
Revenue, remaining performance obligation, percentage 66.00%    
Performance obligation, expected duration 1 year    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01      
Disaggregation of Revenue [Line Items]      
Revenue, remaining performance obligation, percentage 34.00%    
Performance obligation, expected duration    
v3.25.0.1
Business Acquisitions - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
acquisition
Dec. 31, 2022
USD ($)
Sep. 12, 2024
Feb. 05, 2024
Business Acquisition [Line Items]          
Acquisition of businesses, net of cash received $ 217,570 $ 9,492 $ 104,094    
Total Revenues 1,401,688 1,364,028 1,390,997    
Goodwill 1,580,258 1,546,065 $ 1,591,474    
Increase (decrease) in goodwill from adjustment under purchase accounting   $ (72)      
TDS Gift Cards          
Business Acquisition [Line Items]          
Equity interest acquired (percentage)         100.00%
Enterprise value 187,588        
Goodwill 81,248        
CNET Media, Inc          
Business Acquisition [Line Items]          
Equity interest acquired (percentage)       100.00%  
Enterprise value 154,248        
Goodwill 36,607        
Fiscal 2024 Acquisitions          
Business Acquisition [Line Items]          
Enterprise value 365,000        
Acquisition of businesses, net of cash received 219,000        
Total Revenues $ 83,200        
Series of Individually Immaterial Business Acquisitions          
Business Acquisition [Line Items]          
Number of immaterial acquisitions | acquisition   2      
Fiscal 2023 Acquisitions          
Business Acquisition [Line Items]          
Goodwill   $ 6,500      
Definite-lived intangibles in connection with acquisition   7,200      
Increase (decrease) in goodwill from adjustment under purchase accounting   $ (100)      
Lifecycle Marketing Group Limited          
Business Acquisition [Line Items]          
Equity interest acquired (percentage)     100.00%    
FitNow, Inc.          
Business Acquisition [Line Items]          
Equity interest acquired (percentage)     100.00%    
Fiscal 2022 Acquisitions          
Business Acquisition [Line Items]          
Enterprise value     $ 121,704    
Acquisition of businesses, net of cash received     121,700    
Goodwill     95,737    
Revenue of acquiree since acquisition date     33,000    
Total consideration of transactions     151,400    
Fair value of assets     $ 7,400    
v3.25.0.1
Business Acquisitions - Allocation of Aggregate Purchase Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]      
Intangible assets $ 217,903    
Goodwill 1,580,258 $ 1,546,065 $ 1,591,474
Expected income tax deductible amount 4,500    
Customer relationships      
Business Acquisition [Line Items]      
Intangible assets 146,215    
Other intangibles      
Business Acquisition [Line Items]      
Intangible assets 43,793    
TDS Gift Cards      
Business Acquisition [Line Items]      
Cash 142,957    
Accounts receivable and other current assets 171,290    
Accounts receivable 170,700    
Intangible assets 108,340    
Goodwill 81,248    
Deferred tax asset, noncurrent 0    
Other assets 203    
Accounts payable and other current liabilities (290,161)    
Deferred tax liability, noncurrent (25,442)    
Deferred revenue, noncurrent 0    
Other noncurrent liabilities (847)    
Total 187,588    
Settlement receivables, net 166,800    
CNET Media, Inc      
Business Acquisition [Line Items]      
Cash 0    
Accounts receivable and other current assets 16,351    
Accounts receivable 15,600    
Intangible assets 101,000    
Goodwill 36,607    
Deferred tax asset, noncurrent 11,412    
Other assets 655    
Accounts payable and other current liabilities (3,819)    
Deferred tax liability, noncurrent 0    
Deferred revenue, noncurrent (7,958)    
Other noncurrent liabilities 0    
Total $ 154,248    
Fiscal 2022 Acquisitions      
Business Acquisition [Line Items]      
Accounts receivable     7,433
Prepaid expenses and other current assets     4,915
Property and equipment     369
Operating lease right-of-use assets, noncurrent     545
Goodwill     95,737
Other assets     11
Accounts payable and accrued expenses     (6,221)
Deferred revenue     (21,474)
Deferred tax liability     (10,140)
Other noncurrent liabilities     (516)
Total     121,704
Expected income tax deductible amount     1,200
Fiscal 2022 Acquisitions | Trade names      
Business Acquisition [Line Items]      
Intangible assets     12,839
Fiscal 2022 Acquisitions | Customer relationships      
Business Acquisition [Line Items]      
Intangible assets     20,040
Fiscal 2022 Acquisitions | Other intangibles      
Business Acquisition [Line Items]      
Intangible assets     $ 18,166
v3.25.0.1
Business Acquisitions - Amounts Assigned to Intangible Assets by Type (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Business Acquisition [Line Items]  
Gross Carrying Value $ 217,903
Customer relationships  
Business Acquisition [Line Items]  
Gross Carrying Value $ 146,215
Weighted Average Estimated Life 10 years
Trade names and trademarks  
Business Acquisition [Line Items]  
Gross Carrying Value $ 27,895
Weighted Average Estimated Life 9 years
Other intangibles  
Business Acquisition [Line Items]  
Gross Carrying Value $ 43,793
Weighted Average Estimated Life 5 years
v3.25.0.1
Business Acquisitions - Supplementary Information on Unaudited Pro Forma Financial Basis (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fiscal 2024 Acquisitions      
Revenues $ 1,470,182 $ 1,521,064  
Net income from continuing operations $ 49,433 $ 22,206  
Income per common share from continuing operations - Basic (in dollars per share) $ 1.11 $ 0.48  
Income per common share from continuing operations - Diluted (in dollars per share) $ 1.11 $ 0.48  
Fiscal 2022 Acquisitions      
Revenues     $ 1,407,300
Net income from continuing operations     $ 64,877
Income per common share from continuing operations - Basic (in dollars per share)     $ 1.38
Income per common share from continuing operations - Diluted (in dollars per share)     $ 1.38
v3.25.0.1
Business Acquisitions - Contractual Obligations (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
2025 $ 1,305
2026 363
Contractual obligation $ 1,668
v3.25.0.1
Investments - Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2023
USD ($)
Sep. 30, 2022
shares
Jun. 30, 2022
shares
Jun. 30, 2024
shares
Dec. 31, 2024
USD ($)
investment
shares
Dec. 31, 2023
USD ($)
investment
shares
Dec. 31, 2022
USD ($)
shares
May 19, 2023
Apr. 12, 2022
USD ($)
Debt Securities, Available-for-Sale [Line Items]                  
Equity securities, shares owned (in shares) | shares         0 1,000,000      
Debt conversion, converted instrument, shares issued | shares   500,000 2,300,000            
Aggregate purchase price             $ 112,300,000    
Shares sold (in shares) | shares       1,034,295   52,393      
Consensus common stock           $ 27,100,000      
Loss on investments, net         $ (7,654,000) (28,138,000) (53,888,000)    
Cumulative gross unrealized gains on investment in corporate debt securities         $ 2,800,000 $ 700,000      
Number of investments in an unrealized loss position | investment         0 0      
Other-than-temporary impairment losses recognized on debt securities         $ 0 $ 0 0    
Income (loss) from equity method investment, net of tax         11,223,000 (9,329,000) (7,730,000)    
Equity method investments         115,000,000.0 99,900,000      
Corporate Debt Securities                  
Debt Securities, Available-for-Sale [Line Items]                  
Available for sale, debt securities, coupon rate               6.00% 4.00%
Investment in corporate debt securities                 $ 15,000,000.0
Investment in corporate debt securities         $ 17,800,000 $ 15,700,000      
Corporate Debt Securities | Minimum                  
Debt Securities, Available-for-Sale [Line Items]                  
Debt securities, term         1 year 1 year      
Corporate Debt Securities | Maximum                  
Debt Securities, Available-for-Sale [Line Items]                  
Debt securities, term         5 years 5 years      
Xyla, Inc.                  
Debt Securities, Available-for-Sale [Line Items]                  
Payments to acquire equity securities without readily determinable fair value $ 25,000,000.0                
Equity securities without readily determinable fair value         $ 25,300,000        
Secured Debt | Revolving Credit Facility                  
Debt Securities, Available-for-Sale [Line Items]                  
Aggregate purchase price             $ 112,300,000    
Public Stock Offering                  
Debt Securities, Available-for-Sale [Line Items]                  
Debt conversion, converted instrument, shares issued | shares             2,800,000    
v3.25.0.1
Fair Value Measurements - Narrative (Details)
Dec. 31, 2024
Jul. 16, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 07, 2020
Nov. 15, 2019
4.625% Senior Notes Due in 2030 | Senior Notes            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Stated interest rate         4.625%  
3.625% Convertible Notes | Convertible Debt            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Stated interest rate   3.625%        
1.75% Convertible Notes | Convertible Debt            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Stated interest rate       1.75%   1.75%
Measurement Input, Discount Rate | Minimum            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Measurement input 0.09   0.09      
Measurement Input, Discount Rate | Maximum            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Measurement input 0.10   0.10      
Measurement Input, Conversion Term | Minimum            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Debt securities, term 6 months   11 months      
Measurement Input, Conversion Term | Maximum            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Debt securities, term 2 years   2 years 8 months      
v3.25.0.1
Fair Value Measurements - Fair Values of Financial Instruments Measured On Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Consensus common stock   $ 27,100
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Consensus common stock   27,109
Investment in corporate debt securities $ 17,788 15,699
Total assets measured at fair value 103,621 383,736
Contingent consideration 2,834 2,834
Total liabilities measured at fair value 2,834 2,834
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Consensus common stock   27,109
Investment in corporate debt securities 17,788 15,699
Total assets measured at fair value 103,621 383,736
Contingent consideration 2,834 2,834
Total liabilities measured at fair value 2,834 2,834
Money market and other funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 85,833 340,928
Money market and other funds | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 85,833 340,928
Level 1 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Consensus common stock   27,109
Investment in corporate debt securities 0 0
Total assets measured at fair value 85,833 368,037
Contingent consideration 0 0
Total liabilities measured at fair value 0 0
Level 1 | Money market and other funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 85,833 340,928
Level 2 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Consensus common stock   0
Investment in corporate debt securities 0 0
Total assets measured at fair value 0 0
Contingent consideration 0 0
Total liabilities measured at fair value 0 0
Level 2 | Money market and other funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds 0 0
Level 3 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Consensus common stock   0
Investment in corporate debt securities 17,788 15,699
Total assets measured at fair value 17,788 15,699
Contingent consideration 2,834 2,834
Total liabilities measured at fair value 2,834 2,834
Level 3 | Money market and other funds | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Money market and other funds $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Reconciliation of Level 3 Financial Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contingent Consideration Arrangements    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance as of January 1 $ 2,834 $ 555
Fair value at date of acquisition 0 2,834
Fair value adjustments 0 (200)
Payments 0 (355)
Balance as of December 31 2,834 2,834
Corporate Debt Securities    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance as of January 1 15,699 15,586
Fair value at date of acquisition 0 0
Fair value adjustments 2,089 113
Payments 0 0
Balance as of December 31 $ 17,788 $ 15,699
v3.25.0.1
Fair Value Measurements - Carrying and Fair Value (Details) - USD ($)
Jul. 16, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 07, 2020
Nov. 15, 2019
4.625% Senior Notes Due in 2030 | Senior Notes            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Stated interest rate         4.625%  
Aggregate principal amount         $ 750,000,000  
4.625% Senior Notes Due in 2030 | Carrying Value            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Fair value of debt instruments   $ 457,211,000 $ 456,796,000      
4.625% Senior Notes Due in 2030 | Fair Value            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Fair value of debt instruments   420,935,000 405,408,000      
1.75% Convertible Notes | Convertible Debt            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Stated interest rate       1.75%   1.75%
Aggregate principal including cash payment $ 400,900,000          
Aggregate principal amount   149,100,000       $ 550,000,000.0
Repayments of convertible debt $ 135,000,000.0          
1.75% Convertible Notes | Carrying Value            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Fair value of debt instruments   148,186,000 544,516,000      
1.75% Convertible Notes | Fair Value            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Fair value of debt instruments   139,976,000 519,492,000      
3.625% Convertible Notes | Convertible Debt            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Stated interest rate 3.625%          
Aggregate principal amount $ 263,100,000          
3.625% Convertible Notes | Carrying Value            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Fair value of debt instruments   258,885,000 0      
3.625% Convertible Notes | Fair Value            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Fair value of debt instruments   $ 259,200,000 $ 0      
v3.25.0.1
Property and Equipment - Summary of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 558,925 $ 515,184
Less: Accumulated depreciation and amortization (361,710) (327,015)
 Total property and equipment, net 197,216 188,169
Computer hardware, software, and related equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 546,777 502,564
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 4,820 2,836
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 7,328 $ 9,784
v3.25.0.1
Property and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 94.4 $ 92.1 $ 76.7
v3.25.0.1
Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Beginning balance $ 1,546,065 $ 1,591,474  
Goodwill acquired (Note 4) 129,190 6,451  
Goodwill impairment (85,273) (56,850) $ (27,369)
Purchase accounting adjustments   (72)  
Foreign exchange translation (5,741) 5,062  
Goodwill removed due to sale of a business (3,983)    
Ending balance 1,580,258 1,546,065 1,591,474
Reportable segments      
Goodwill [Roll Forward]      
Goodwill impairment (85,273) (56,850) (27,369)
Reportable segments | Technology & Shopping      
Goodwill [Roll Forward]      
Beginning balance 293,652 346,684  
Goodwill acquired (Note 4) 117,855 3,849  
Goodwill impairment (85,273) (56,850) (27,369)
Purchase accounting adjustments   215  
Foreign exchange translation (194) (246)  
Goodwill removed due to sale of a business (3,983)    
Ending balance 322,057 293,652 346,684
Reportable segments | Gaming & Entertainment      
Goodwill [Roll Forward]      
Beginning balance 61,485 61,644  
Goodwill acquired (Note 4) 6,811 0  
Goodwill impairment 0 0 0
Purchase accounting adjustments   (219)  
Foreign exchange translation 5 60  
Goodwill removed due to sale of a business 0    
Ending balance 68,301 61,485 61,644
Reportable segments | Health & Wellness      
Goodwill [Roll Forward]      
Beginning balance 403,257 399,982  
Goodwill acquired (Note 4) 0 2,602  
Goodwill impairment 0 0 0
Purchase accounting adjustments   (72)  
Foreign exchange translation (201) 745  
Goodwill removed due to sale of a business 0    
Ending balance 403,056 403,257 399,982
Reportable segments | Connectivity      
Goodwill [Roll Forward]      
Beginning balance 258,486 257,679  
Goodwill acquired (Note 4) 0 0  
Goodwill impairment 0 0 0
Purchase accounting adjustments   4  
Foreign exchange translation (1,544) 803  
Goodwill removed due to sale of a business 0    
Ending balance 256,942 258,486 257,679
Reportable segments | Cybersecurity & Martech      
Goodwill [Roll Forward]      
Beginning balance 529,185 525,485  
Goodwill acquired (Note 4) 4,532 0  
Goodwill impairment 0 0 0
Purchase accounting adjustments   0  
Foreign exchange translation (3,815) 3,700  
Goodwill removed due to sale of a business 0    
Ending balance $ 529,902 $ 529,185 $ 525,485
v3.25.0.1
Goodwill and Intangible Assets - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
reporting_unit
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Finite-Lived Intangible Assets [Line Items]      
Goodwill impairment $ 85,273 $ 56,850 $ 27,369
Amortization expense 117,500 144,900 156,700
Reportable segments      
Finite-Lived Intangible Assets [Line Items]      
Goodwill impairment 85,273 56,850 27,369
Technology & Shopping      
Finite-Lived Intangible Assets [Line Items]      
Accumulated impairment losses 169,500 84,200  
Technology & Shopping | Reportable segments      
Finite-Lived Intangible Assets [Line Items]      
Goodwill impairment $ 85,273 $ 56,850 $ 27,369
Technology & Shopping | Reportable segments | Technology and Subsegment      
Finite-Lived Intangible Assets [Line Items]      
Number of reporting units | reporting_unit 2    
v3.25.0.1
Goodwill and Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Historical Cost $ 1,632,831 $ 1,420,232
Accumulated Amortization 1,207,082 1,094,826
Net 425,749 325,406
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Historical Cost 375,449 347,895
Accumulated Amortization 222,430 192,111
Net 153,019 155,784
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Historical Cost 836,254 692,634
Accumulated Amortization 620,926 555,384
Net 215,328 137,250
Other purchased intangibles    
Finite-Lived Intangible Assets [Line Items]    
Historical Cost 421,128 379,703
Accumulated Amortization 363,726 347,331
Net $ 57,402 $ 32,372
v3.25.0.1
Goodwill And Intangible Assets - Expected Amortization Expenses for Intangible Assets Subject To Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 114,658  
2026 96,383  
2027 73,690  
2028 49,319  
2029 32,343  
Thereafter 59,356  
Net $ 425,749 $ 325,406
v3.25.0.1
Debt - Summary of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jul. 16, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 07, 2020
Nov. 15, 2019
Debt Instrument [Line Items]            
Less: Unamortized discount $ (5,676)   $ (2,463)      
Less: Deferred issuance costs (2,336)   (6,263)      
Total long-term debt 864,282   1,001,312      
Revolving Credit Facility            
Debt Instrument [Line Items]            
Principal amount of Convertible Notes 0   0      
Senior Notes | 4.625% Senior Notes Due in 2030            
Debt Instrument [Line Items]            
Stated interest rate         4.625%  
Principal amount of Convertible Notes 460,038   460,038   $ 750,000  
Less: Unamortized discount (2,148)   (2,463)      
Less: Deferred issuance costs (679)   (779)      
Convertible Debt            
Debt Instrument [Line Items]            
Principal amount of Convertible Notes 872,294   1,010,038      
Convertible Debt | 1.75% Convertible Notes            
Debt Instrument [Line Items]            
Stated interest rate       1.75%   1.75%
Principal amount of Convertible Notes 149,109   550,000      
Less: Deferred issuance costs (923)   (5,484)     $ (2,800)
Convertible Debt | 3.625% Convertible Notes            
Debt Instrument [Line Items]            
Stated interest rate   3.625%        
Principal amount of Convertible Notes 263,147   $ 0      
Less: Unamortized discount (3,528)          
Less: Deferred issuance costs $ (734)          
v3.25.0.1
Debt - Future Principal Payments for Debt (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Principal  
2025 $ 0
2026 149,109
2027 0
2028 263,147
2029 0
Thereafter 460,038
Total principal 872,294
Interest  
2025 33,425
2026 33,426
2027 30,816
2028 26,047
2029 21,277
Thereafter 21,276
Total interest $ 166,267
v3.25.0.1
Debt - Narrative (Details)
 1 Months Ended 12 Months Ended 15 Months Ended
Jul. 16, 2024
USD ($)
tradingDay
$ / shares
Jun. 18, 2024
USD ($)
Nov. 01, 2023
USD ($)
Sep. 15, 2022
USD ($)
Jun. 10, 2022
USD ($)
Oct. 07, 2021
Oct. 06, 2021
Apr. 07, 2021
USD ($)
Oct. 07, 2020
USD ($)
fiscalQuarterPeriod
Nov. 15, 2019
USD ($)
tradingDay
$ / shares
Aug. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
shares
Jun. 30, 2022
USD ($)
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jan. 01, 2022
USD ($)
May 01, 2021
Debt Instrument [Line Items]                                      
Interest expense                           $ 35,300,000 $ 41,600,000 $ 37,100,000      
Debt conversion, converted instrument, shares issued | shares                       500,000 2,300,000            
Debt instrument, unamortized discount                           5,676,000 2,463,000        
Debt issuance costs                           2,336,000 6,263,000        
Increase in fair value of conversion feature on 3.625% Convertible Notes                           4,001,000 $ 0 0      
Tax effect                           $ 1,000,000          
Common stock, par value (in usd per share) | $ / shares $ 0.01                 $ 0.01       $ 0.01 $ 0.01        
Debt instrument, basis spread on variable rate   0.10%                                  
Aggregate purchase price                               112,300,000      
Gain on extinguishment of debt, net                           $ 0 $ 0 (11,505,000)      
Revolving Credit Facility                                      
Debt Instrument [Line Items]                                      
Principal amount of Convertible Notes                           0 0        
Line of credit facility, maximum borrowing capacity   $ 350,000,000.0           $ 350,000,000.0           348,900,000 100,000,000.0        
Increase in limit   $ 250,000,000.0           $ 250,000,000.0                      
3.625% Convertible Notes                                      
Debt Instrument [Line Items]                                      
Increase in fair value of conversion feature on 3.625% Convertible Notes $ 4,000,000.0                                    
Revolving Credit Facility | Secured Debt                                      
Debt Instrument [Line Items]                                      
Aggregate purchase price                               112,300,000      
Gain on extinguishment of debt, net                               600,000      
Bridge Loan | SOFR Rate | Minimum                                      
Debt Instrument [Line Items]                                      
Debt instrument, basis spread on variable rate               1.50%                      
Bridge Loan | SOFR Rate | Maximum                                      
Debt Instrument [Line Items]                                      
Debt instrument, basis spread on variable rate               2.25%                      
Bridge Loan | Base Rate | Minimum                                      
Debt Instrument [Line Items]                                      
Debt instrument, basis spread on variable rate               0.50%                      
Bridge Loan | Base Rate | Maximum                                      
Debt Instrument [Line Items]                                      
Debt instrument, basis spread on variable rate               1.25%                      
Senior Notes | 4.625% Senior Notes Due in 2030                                      
Debt Instrument [Line Items]                                      
Stated interest rate                 4.625%                    
Principal amount of Convertible Notes                 $ 750,000,000         460,038,000 460,038,000        
Face amount                 750,000,000                    
Proceeds from debt, net of issuance costs                 $ 742,700,000                    
Percentage principal outstanding to be eligible for redemption                 50.00%                    
Covenant, leverage ratio, minimum                 3.5                    
Covenant restricted payment threshold                 $ 250,000,000                    
Covenant, EBITDA minimum                 50.00%                    
Covenant, EBITDA minimum, fiscal quarter period | fiscalQuarterPeriod                 4                    
Principal repurchased                           290,000,000.0   181,238,000 $ 83,300,000    
Debt instrument, unamortized discount                           2,148,000 2,463,000        
Effective interest rate                 4.70%                    
Debt issuance costs                           679,000 779,000        
Aggregate purchase price                               167,661,000      
Senior Notes | 4.625% Senior Notes Due in 2030 | Debt Instrument, Redemption, Period One                                      
Debt Instrument [Line Items]                                      
Percentage of principal amount redeemed                 40.00%                    
Redemption price, percentage                 104.625%                    
Senior Notes | 4.625% Senior Notes Due in 2030 | Debt Instrument, Redemption, Period Two                                      
Debt Instrument [Line Items]                                      
Redemption price, percentage                 100.00%                    
Senior Notes | 6.0% Senior Notes                                      
Debt Instrument [Line Items]                                      
Stated interest rate                 6.00%                    
Convertible Debt                                      
Debt Instrument [Line Items]                                      
Principal amount of Convertible Notes                           872,294,000 1,010,038,000        
Convertible Debt | 1.75% Convertible Notes                                      
Debt Instrument [Line Items]                                      
Interest expense                           7,680,000 19,232,000 $ 11,634,000      
Stated interest rate                   1.75%           1.75%      
Principal amount of Convertible Notes                           149,109,000 550,000,000        
Face amount                   $ 550,000,000.0       149,100,000          
Proceeds from debt, net of issuance costs                   $ 537,100,000                  
Interest payable                           $ 1,500,000          
Additional interest, percentage                                     0.50%
Interest expense     $ 700,000                       $ 7,700,000        
Interest expense paid                     $ 7,000,000.0                
Convertible debt conversion ratio           0.0093783 0.0079864                        
Convertible debt conversion price (in usd per share) | $ / shares                   $ 125.21       $ 106.63          
Debt conversion, converted instrument, shares issued | shares                           1,398,391 5,158,071        
Gross debt issuance costs                   $ 12,900,000                  
Accumulated amortization of debt issuance costs                   $ 10,100,000                  
Effective interest rate 4.20%                 5.50%                  
Debt issuance costs                   $ 2,800,000       $ 923,000 $ 5,484,000        
Repayments of convertible debt $ 135,000,000.0                                    
Aggregate principal including cash payment $ 400,900,000                                    
Convertible Debt | 1.75% Convertible Notes | Cumulative Effect, Period of Adoption, Adjustment                                      
Debt Instrument [Line Items]                                      
Stated interest rate                               1.75%      
Debt instrument, unamortized discount                                   $ 87,300,000  
Convertible Debt | 1.75% Convertible Notes | Debt Instrument, Redemption, Period One                                      
Debt Instrument [Line Items]                                      
Convertible debt threshold trading days | tradingDay                   20                  
Convertible debt threshold consecutive trading days | tradingDay                   30                  
Convertible debt conversion ratio                   1.30                  
Convertible Debt | 1.75% Convertible Notes | Debt Instrument, Redemption, Period Two                                      
Debt Instrument [Line Items]                                      
Convertible debt threshold trading days | tradingDay                   5                  
Convertible debt threshold consecutive trading days | tradingDay                   10                  
Convertible debt conversion ratio                   0.98                  
Convertible Debt | 3.625% Convertible Notes                                      
Debt Instrument [Line Items]                                      
Interest expense                           4,943,000          
Stated interest rate 3.625%                                    
Principal amount of Convertible Notes                           $ 263,147,000 $ 0        
Face amount $ 263,100,000                                    
Convertible debt conversion ratio 0.01                                    
Convertible debt conversion price (in usd per share) | $ / shares                           $ 100          
Debt conversion, converted instrument, shares issued | shares                           2,631,470          
Debt instrument, unamortized discount                           $ 3,528,000          
Debt issuance costs                           $ 734,000          
Convertible Debt | 3.625% Convertible Notes | Debt Instrument, Redemption, Period One                                      
Debt Instrument [Line Items]                                      
Convertible debt threshold trading days | tradingDay 20                                    
Convertible debt threshold consecutive trading days | tradingDay 30                                    
Convertible debt conversion ratio 1.30                                    
Convertible Debt | 3.625% Convertible Notes | Debt Instrument, Redemption, Period Two                                      
Debt Instrument [Line Items]                                      
Convertible debt threshold trading days | tradingDay 5                                    
Convertible debt threshold consecutive trading days | tradingDay 10                                    
Convertible debt conversion ratio 0.98                                    
Bridge Loan | Bridge Loan | Fed Funds Effective Rate Overnight Index Swap Rate                                      
Debt Instrument [Line Items]                                      
Debt instrument, basis spread on variable rate               0.50%                      
Bridge Loan | Bridge Loan | SOFR Rate                                      
Debt Instrument [Line Items]                                      
Derivative variable rate               1.00%                      
Line of Credit | Credit Agreement                                      
Debt Instrument [Line Items]                                      
Debt instrument, leverage ratio, maximum                           4.00          
Debt instrument, interest coverage ratio, minimum                           3.00          
Line of Credit | Credit Agreement | Secured Debt                                      
Debt Instrument [Line Items]                                      
Face amount       $ 22,300,000 $ 90,000,000                            
Maturity date, period after funding date       60 days 60 days                            
Proceeds from bridge loan                       $ 22,300,000 $ 90,000,000            
Aggregate purchase price       $ 22,300,000                              
Line of Credit | Credit Agreement | Secured Debt | Fed Funds Effective Rate Overnight Index Swap Rate                                      
Debt Instrument [Line Items]                                      
Derivative variable rate       0.50% 0.50%                            
Line of Credit | Credit Agreement | Secured Debt | LIBOR Rate                                      
Debt Instrument [Line Items]                                      
Derivative variable rate       1.00% 1.00%                            
v3.25.0.1
Debt - Repurchases (Details) - USD ($)
$ in Thousands
 12 Months Ended 15 Months Ended
Dec. 31, 2024
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]      
Aggregate purchase price   $ 112,300  
4.625% Senior Notes Due in 2030 | Senior Notes      
Debt Instrument [Line Items]      
Principal repurchased $ 290,000 181,238 $ 83,300
Aggregate purchase price   167,661  
(Gain) Loss on repurchase   $ (12,060)  
v3.25.0.1
Debt - Additional Information Related to Senior Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Oct. 07, 2020
Debt Instrument [Line Items]      
Less: Unamortized discount $ (5,676) $ (2,463)  
Less: Deferred issuance costs (2,336) (6,263)  
4.625% Senior Notes Due in 2030 | Senior Notes      
Debt Instrument [Line Items]      
Principal amount of 4.625% Senior Notes 460,038 460,038 $ 750,000
Less: Unamortized discount (2,148) (2,463)  
Less: Deferred issuance costs (679) (779)  
Total long-term debt $ 457,211 $ 456,796  
v3.25.0.1
Debt - Components of Interest Expense for Senior Notes (Details) - 4.625% Senior Notes Due in 2030 - Senior Notes - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 07, 2020
Debt Instrument [Line Items]        
Stated interest rate       4.625%
Coupon interest expense $ 21,269 $ 21,159 $ 24,500  
Amortization of discount and debt issuance costs 415 396 442  
Total interest expense $ 21,684 $ 21,555 $ 24,942  
v3.25.0.1
Debt - Additional Information Related to Convertible Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jul. 16, 2024
Dec. 31, 2023
Dec. 31, 2022
Nov. 15, 2019
Debt Instrument [Line Items]          
Less: Unamortized discount $ (5,676)   $ (2,463)    
Less: Deferred issuance costs (2,336)   (6,263)    
Convertible Debt          
Debt Instrument [Line Items]          
Principal amount of convertible notes 872,294   1,010,038    
1.75% Convertible Notes | Convertible Debt          
Debt Instrument [Line Items]          
Stated interest rate       1.75% 1.75%
Principal amount of convertible notes 149,109   550,000    
Less: Deferred issuance costs (923)   (5,484)   $ (2,800)
Net carrying amount of convertible notes 148,186   544,516    
3.625% Convertible Notes | Convertible Debt          
Debt Instrument [Line Items]          
Stated interest rate   3.625%      
Principal amount of convertible notes 263,147   $ 0    
Less: Unamortized discount (3,528)        
Less: Deferred issuance costs (734)        
Net carrying amount of convertible notes $ 258,885        
v3.25.0.1
Debt - Components of Interest Expense Related to Convertible Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Total interest expense $ 35,300 $ 41,600 $ 37,100
1.75% Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Coupon interest expense 6,429 17,369 9,776
Amortization of debt issuance costs 1,251 1,863 1,858
Total interest expense 7,680 19,232 11,634
3.625% Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Coupon interest expense 4,372    
Amortization of debt issuance costs 571    
Total interest expense 4,943    
4.625% Senior Notes Due in 2030 | Senior Notes      
Debt Instrument [Line Items]      
Coupon interest expense 21,269 21,159 24,500
Amortization of debt issuance costs $ 415 $ 396 $ 442
v3.25.0.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Operating lease renewal term 5 years    
Operating lease, impairment loss $ 0.9 $ 2.2 $ 1.0
Sublease income 5.3 $ 6.0 $ 6.8
Future minimum payments due $ 3.6    
Minimum      
Lessee, Lease, Description [Line Items]      
Operating lease terms 3 years    
Maximum      
Lessee, Lease, Description [Line Items]      
Operating lease terms 5 years    
v3.25.0.1
Leases - Balance Sheet and Other Supplemental Operating Lease Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease right-of-use assets $ 26,249 $ 24,564
Operating lease liabilities, current 8,666 15,801
Operating lease liabilities, noncurrent 21,797 16,626
Total operating lease liabilities $ 30,463 $ 32,427
Weighted average remaining lease term 3 years 10 months 24 days 3 years
Weighted average discount rate 4.28% 3.27%
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
v3.25.0.1
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease cost $ 10,760 $ 15,065
Short-term lease cost 519 1,070
Total lease cost $ 11,279 $ 16,135
v3.25.0.1
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 9,371  
2026 7,716  
2027 5,419  
2028 3,708  
2029 3,796  
Thereafter 3,995  
Total lease payments 34,005  
Less: Imputed interest 3,542  
Present value of operating lease liabilities $ 30,463 $ 32,427
v3.25.0.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Estimate of possible loss $ 25.2 $ 28.1
v3.25.0.1
Income Taxes - Provision for Income Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ (33,333) $ (29,040) $ (42,698)
State (8,625) (8,179) (12,184)
Foreign (18,234) (16,940) (16,066)
Total current (60,192) (54,159) (70,948)
Deferred:      
Federal 14,684 20,817 12,667
State 2,144 7,177 (1,577)
Foreign 1,994 2,023 1,901
Total deferred 18,822 30,017 12,991
Income tax expense from continuing operations $ (41,370) $ (24,142) $ (57,957)
v3.25.0.1
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate with Effective Income Tax Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statutory tax rate 21.00% 21.00% 21.00%
State income taxes, net 5.90% 6.50% 5.00%
Foreign rate differential 4.30% 3.10% 1.00%
Foreign income inclusion 3.10% 6.00% 5.40%
Foreign tax credit (3.10%) (4.70%) (5.10%)
Reserve for uncertain tax positions (6.10%) (5.90%) (3.20%)
Valuation allowance 6.30% 0.00% 0.00%
Impact on deferred taxes of enacted tax law and rate changes 0.00% 0.60% 1.40%
Tax credits and incentives (6.50%) (8.40%) (5.00%)
Impairment of goodwill 19.20% 16.00% 0.00%
Mark-to market on investment in Consensus 0.00% 0.00% 22.10%
Return to provision adjustments (2.30%) (5.10%) 1.10%
Executive compensation 3.20% 2.40% 1.50%
Other (0.60%) 0.70% (1.00%)
Effective tax rates 44.40% 32.20% 44.20%
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Oct. 07, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes [Line Items]          
Tax expense recognized from deferred tax liability $ 13,400,000        
Total deferred tax assets   $ 89,673,000 $ 76,887,000    
Valuation allowance   (7,669,000) (1,720,000) $ (1,699,000) $ (1,812,000)
Deferred tax asset, interest carryforward   23,400,000      
Undistributed earnings from foreign subsidiaries   178,500,000      
Prepaid tax payments   6,400,000 4,700,000    
Income before income taxes, domestic operations   25,100,000 25,800,000 71,800,000  
Income before income taxes, foreign operations   68,100,000 49,200,000 59,400,000  
Unrecognized tax benefits   22,617,000 29,158,000 34,208,000 $ 39,527,000
Unrecognized tax benefits, if recognized, would affect the Company’s effective tax rat   21,200,000 27,400,000 32,700,000  
Unrecognized tax benefits, interest and penalties accrued   7,400,000 7,100,000 6,300,000  
Unrecognized tax benefits, interest and penalty expense (benefit)   300,000 $ 700,000 $ 700,000  
State and Local Jurisdiction | Research Tax Credit Carryforward          
Income Taxes [Line Items]          
Tax credit carryforward, amount   4,100,000      
Foreign Tax Authority          
Income Taxes [Line Items]          
Tax credit carryforward, amount   0      
Domestic Tax Authority          
Income Taxes [Line Items]          
Net operating loss carryforwards (“NOLs”)   3,200,000      
NOLs subject to expiration   $ 3,200,000      
v3.25.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:        
Net operating loss and other carryforwards $ 14,923 $ 15,762    
Tax credit carryforwards 3,727 4,743    
Accrued expenses 12,019 14,629    
Allowance for bad debt 2,514 2,003    
Share-based compensation expense 8,634 6,097    
Operating lease liabilities 5,717 6,320    
Basis difference in fixed assets 39,242 22,191    
Deferred revenue 3,413 2,420    
Convertible debt 2,952 0    
State taxes 2,526 1,974    
Other 1,675 2,468    
Deferred tax assets, gross 97,342 78,607    
Less: valuation allowance (7,669) (1,720) $ (1,699) $ (1,812)
Total deferred tax assets 89,673 76,887    
Deferred tax liabilities:        
Operating lease right-of-use assets (5,040) (4,618)    
Basis difference in intangible assets (103,676) (86,712)    
Unrealized gains on investments (13,364) (13,512)    
Prepaid insurance (2,111) (2,835)    
Other (4,014) (5,982)    
Total deferred tax liabilities (128,205) (113,659)    
Net deferred tax liabilities $ (38,532) $ (36,772)    
v3.25.0.1
Income Taxes - Schedule of Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Beginning balance $ 1,720 $ 1,699 $ 1,812
Charges to costs and expenses 5,949 21 0
Write-offs and recoveries 0 0 (113)
Ending balance $ 7,669 $ 1,720 $ 1,699
v3.25.0.1
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balance $ 29,158 $ 34,208 $ 39,527
Increases related to tax positions during a prior year 275 218 0
Decreases related to tax positions taken during a prior year (540) (1,023) (2,816)
Increases related to tax positions taken in the current year 635 744 819
Decreases related to expiration of statute of limitations (6,911) (4,989) (3,322)
Ending balance $ 22,617 $ 29,158 $ 34,208
v3.25.0.1
Stockholders' Equity (Details) - USD ($)
$ in Millions
 12 Months Ended 53 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Aug. 02, 2024
Aug. 06, 2020
Equity, Class of Treasury Stock [Line Items]            
Number of shares purchased from plan participants (in shares) 80,241 69,622 72,886      
Decrease for tax withholding obligation $ 4.1 $ 4.6 $ 7.0      
2020 Repurchase Program            
Equity, Class of Treasury Stock [Line Items]            
Maximum number of shares authorized to be repurchased (in shares)         15,000,000 10,000,000
Incremental number of shares (in shares)         5,000,000  
Shares repurchased under the program (in shares) 3,500,000 1,585,846 736,536 8,758,692    
Repurchases of shares of stock $ 181.8 $ 104.9 $ 71.3      
Value of shares repurchased       $ 583.6    
Number of remaining shares available for purchase (in shares) 6,241,308     6,241,308    
v3.25.0.1
Share-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
d
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of options outstanding (in shares) 435,135 435,135 435,135 440,574
Options exercisable (in shares) 326,351 271,959 217,567  
Options exercisable (in dollars per share) | $ / shares $ 68.97 $ 68.97 $ 68.97  
Exercise of stock options (in shares) 0 0 5,439  
Total intrinsic values of options exercised in period | $     $ 400  
Total fair value of options vested | $ $ 1,000 $ 1,000 1,100  
Proceeds from exercise of stock options | $ 0 0 148  
Tax benefit realized for the tax deductions from option exercises | $     300  
Issuance of common stock under employee stock purchase plan | $ $ 8,371 $ 8,727 $ 9,431  
Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number 652,227 506,425 343,955 299,023
Unrecognized compensation expense, period for recognition 2 years      
Restricted stock and restricted units granted (in shares) 413,053 305,549 154,022  
Aggregate intrinsic value, outstanding | $ $ 33,200      
Share-based Payment Arrangement, Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period 10 years      
Unrecognized compensation expense | $ $ 1,000      
Unrecognized compensation expense, period for recognition 1 year 1 month 6 days      
Expected term (in years) 6 months 6 months 6 months  
Restricted Stock and Restricted Stock Unit        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock and restricted units granted (in shares) 413,053 305,549 154,022  
Restricted Stock and Restricted Stock Unit | Board of Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 1 year      
Restricted Stock and Restricted Stock Unit | Chief Executive Officer        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 8 years      
Market-based Restricted Stock Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock and restricted units granted (in shares) 0 0 0  
Weighted-average grant-date fair values of restricted stock awards granted (in dollars per share) | $ / shares $ 87.17 $ 70.06 $ 87.11  
Aggregate intrinsic value, nonvested | $ $ 28,300      
Restricted Stock and Restricted Stock Unit, Market-based Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Tax benefit realized for the tax deductions from option exercises | $ 2,300 $ 1,900 $ 2,800  
Unrecognized compensation expense | $ 50,800      
Total fair value of restricted stock and restricted stock units vested | $ $ 15,900 $ 11,300 $ 12,400  
Market-based Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number 520,986 270,772 120,399 60,891
Lookback period | d 30      
Restricted stock and restricted units granted (in shares) 308,970 167,606 100,193  
Aggregate intrinsic value, outstanding | $ $ 27,100      
Share-based Payment Arrangement, Measurement Input, Trading Days | d 20      
Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation expense, period for recognition 1 year 1 month 6 days      
Restricted stock and restricted units granted (in shares) 0 0 0  
Aggregate intrinsic value, nonvested | $ $ 35,400      
Minimum | Share-based Payment Arrangement, Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 5 years      
Minimum | Restricted Stock and Restricted Stock Unit | Senior Staff        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 3 years      
Minimum | Market-based Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted-average grant-date fair values of restricted stock awards granted (in dollars per share) | $ / shares     $ 83.61  
Award vesting rights, percentage 0.00%      
Maximum | Share-based Payment Arrangement, Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 8 years      
Maximum | Restricted Stock and Restricted Stock Unit | Senior Staff        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting periods 4 years      
Maximum | Market-based Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted-average grant-date fair values of restricted stock awards granted (in dollars per share) | $ / shares     $ 103.76  
Award vesting rights, percentage 200.00%      
2015 Stock Option Plan | Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number 1,173,213      
Employee Stock Purchase Plan | Common stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum issuance of common stock (in shares) 2,000,000      
Additional shares available for grant (in shares) 819,505      
Maximum employee subscription rate 15.00%      
Expected term (in years) 6 months      
Market value of common stock on the date of grant for incentive stock options 85.00%      
Issuance of shares under employee stock purchase plan (in shares) 174,706 74,390 139,992  
Estimated forfeiture rates 12.10% 12.50% 11.80%  
Employee Stock Purchase Plan | Minimum | Employee Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Purchase price under the Purchase Plan (in usd per share) | $ / shares $ 46.84      
Employee Stock Purchase Plan | Maximum | Employee Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Purchase price under the Purchase Plan (in usd per share) | $ / shares $ 48.88      
2024 Stock Option Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum issuance of common stock (in shares) 3,500,000      
Additional shares available for grant (in shares) 3,617,530      
v3.25.0.1
Share-Based Compensation - Effects of Share-based Compensation expense in the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 40,915 $ 31,920 $ 26,601
Direct costs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 248 262 341
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 3,756 2,686 3,083
Research, development, and engineering      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 3,665 3,245 2,503
General, administrative, and other related costs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 33,246 $ 25,727 $ 20,674
v3.25.0.1
Share-Based Compensation - Stock Option Activity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Shares      
Beginning balance (in shares) 435,135 435,135 440,574
Granted (in shares) 0 0 0
Exercised (in shares) 0 0 (5,439)
Canceled (in shares) 0 0 0
Ending balance (in shares) 435,135 435,135 435,135
Options exercisable (in shares) 326,351 271,959 217,567
Vested and expected to vest (in shares) 102,128    
Weighted-Average Exercise Price      
Beginning balance (in dollars per share) $ 68.97 $ 68.97 $ 68.45
Granted (in dollars per share) 0 0 0
Exercised (in dollars per share) 0 0 27.15
Canceled (in dollars per share) 0 0 0
Ending balance (in dollars per share) 68.97 68.97 68.97
Options exercisable (in dollars per share) 68.97 $ 68.97 $ 68.97
Vested and expected to vest (in dollars per share) $ 68.97    
Weighted-Average Remaining Contractual Life (In Years)      
Options outstanding at December 31, 2024 3 years    
Exercisable at December 31, 2024 3 years    
Vested and expected to vest at December 31, 2024 3 years    
  Aggregate Intrinsic Value      
Options outstanding at December 31, 2024 $ 0    
Exercisable at December 31, 2024 0    
Vested and expected to vest at December 31, 2024 $ 0    
v3.25.0.1
Share-Based Compensation - Valuation Assumptions of Market-based Restricted Stock Units Granted (Details) - Market-based Restricted Stock Awards - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Underlying stock price at valuation date (in dollars per share) $ 66.88 $ 77.80 $ 99.32
Expected volatility 32.90% 32.00% 36.70%
Risk-free interest rate 4.30% 4.10% 1.80%
v3.25.0.1
Share-Based Compensation - Restricted Stock and Restricted Stock Unit Award Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of shares      
Vested and expected to vest (in dollars per share) $ 68.97    
Restricted Stock      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Beginning balance (in shares) 95,718 148,100 220,782
Granted (in shares) 0 0 0
Vested (in shares) (40,735) (52,060) (67,762)
Canceled (in shares) (154) (322) (4,920)
Ending balance (in shares) 54,829 95,718 148,100
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Beginning balance (in dollars per share) $ 70.17 $ 70.93 $ 72.07
Granted (in dollars per share) 0 0 0
Vested (in dollars per share) 71.73 72.29 74.13
Canceled (in dollars per share) 77.75 77.75 77.92
Ending balance (in dollars per share) $ 68.97 $ 70.17 $ 70.93
Number of shares      
Granted (in shares) 0 0 0
Vested (in shares) (40,735) (52,060) (67,762)
Canceled (in shares) (154) (322) (4,920)
Market-based Restricted Stock Awards      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Beginning balance (in shares) 163,181 163,181 163,181
Granted (in shares) 0 0 0
Vested (in shares) 0 0 0
Canceled (in shares) 0 0 0
Ending balance (in shares) 163,181 163,181 163,181
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Beginning balance (in dollars per share) $ 36.27 $ 36.27 $ 36.27
Granted (in dollars per share) 0 0 0
Vested (in dollars per share) 0 0 0
Canceled (in dollars per share) 0 0 0
Ending balance (in dollars per share) $ 36.27 $ 36.27 $ 36.27
Number of shares      
Granted (in shares) 0 0 0
Vested (in shares) 0 0 0
Canceled (in shares) 0 0 0
Restricted Stock Units (RSUs)      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Granted (in shares) 413,053 305,549 154,022
Vested (in shares) (175,564) (111,185) (84,259)
Canceled (in shares) (91,687) (31,894) (24,831)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Beginning balance (in dollars per share) $ 88.36 $ 102.53 $ 107.52
Granted (in dollars per share) 64.60 76.80 94.47
Vested (in dollars per share) 90.68 101.41 108.04
Canceled (in dollars per share) 74.44 83.82 94.02
Ending balance (in dollars per share) $ 74.59 $ 88.36 $ 102.53
Number of shares      
Beginning balance (in shares) 506,425 343,955 299,023
Granted (in shares) 413,053 305,549 154,022
Vested (in shares) (175,564) (111,185) (84,259)
Canceled (in shares) (91,687) (31,894) (24,831)
Ending balance (in shares) 652,227 506,425 343,955
Vested and expected to vest (in shares) 610,299    
Vested and expected to vest (in dollars per share) $ 74.53    
Market-based Restricted Stock Units      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Granted (in shares) 308,970 167,606 100,193
Vested (in shares) 0 0 (30,435)
Canceled (in shares) (58,756) (17,233) (10,250)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Beginning balance (in dollars per share) $ 77.09 $ 87.04 $ 86.78
Granted (in dollars per share) 87.17 70.06 87.11
Vested (in dollars per share) 0 0 91.23
Canceled (in dollars per share) 79.88 77.98 89.73
Ending balance (in dollars per share) $ 82.73 $ 77.09 $ 87.04
Number of shares      
Beginning balance (in shares) 270,772 120,399 60,891
Granted (in shares) 308,970 167,606 100,193
Vested (in shares) 0 0 (30,435)
Canceled (in shares) (58,756) (17,233) (10,250)
Ending balance (in shares) 520,986 270,772 120,399
Vested and expected to vest (in shares) 499,185    
Vested and expected to vest (in dollars per share) $ 82.54    
v3.25.0.1
Share-Based Compensation - Share-Based Compensation Expense Related to Purchase Plan (Details) - Share-based Payment Arrangement, Option
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 5.30% 3.40% 1.20%
Expected term (in years) 6 months 6 months 6 months
Expected volatility 31.40% 38.30% 40.70%
v3.25.0.1
Defined Contribution 401(k) Savings Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Expenses incurred for contributions $ 4.9 $ 5.2 $ 5.1
v3.25.0.1
Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator for basic and diluted net income per common share:      
Net income from continuing operations $ 63,047 $ 41,503 $ 65,466
Net income available to participating securities 0 (2) (20)
Plus: Convertible Notes interest expense (after-tax) 0 0 0
Net income available to the Company's common shareholders from continuing operations, basic 63,047 41,501 65,446
Net income available to the Company's common shareholders from continuing operations, diluted $ 63,047 $ 41,501 $ 65,446
Denominator:      
Basic weighted-average outstanding shares of common stock 44,457,071 46,400,941 46,954,558
Diluted effect of:      
Equity incentive plans 62,622 63,320 71,291
Convertible debt (in shares) 0 0 0
Diluted weighted-average outstanding shares of common stock (in shares) 44,519,693 46,464,261 47,025,849
Net income per share from continuing operations:      
Basic (in dollars per share) $ 1.42 $ 0.89 $ 1.39
Diluted (in dollars per share) $ 1.42 $ 0.89 $ 1.39
Stock Options And Restricted Stock      
Net income per share from continuing operations:      
Antidilutive securities excluded from computation of earnings per share (in shares) 1,069,443 629,807 0
Convertible Debt Securities      
Net income per share from continuing operations:      
Antidilutive securities excluded from computation of earnings per share (in shares) 4,892,773 5,158,071 5,158,071
v3.25.0.1
Segment Information - Narrative (Details) - subsidiary
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Segment Reporting [Abstract]    
Number of operating segments 5  
Number of reportable segments 5 5
v3.25.0.1
Segment Information - Reconciliation of Total Segment Operating Income to Consolidated Operating Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total Revenues $ 1,401,688 $ 1,364,028 $ 1,390,997
Operating Costs and Expenses [Abstract]      
Goodwill impairment 85,273 56,850 27,369
Depreciation and amortization 211,916 236,966 233,400
Total operating costs and expenses 1,288,040 1,231,417 1,192,056
Income from operations 113,648 132,611 198,941
Reportable segments      
Segment Reporting Information [Line Items]      
Total Revenues 1,401,688 1,364,028 1,390,997
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 430,786 405,178 397,819
Cloud computing, software, and other related expenses 102,477 86,420 83,609
Advertising and marketing related expenses 127,540 134,615 141,349
Partner payments 95,056 88,050 94,919
Professional and other third-party services 66,677 60,668 56,886
Goodwill impairment 85,273 56,850 27,369
Depreciation and amortization 211,830 237,920 233,372
Other 97,578 110,150 103,145
Total operating costs and expenses 1,217,217 1,179,851 1,138,468
Income from operations 184,471 184,177 252,529
Corporate      
Segment Reporting Information [Line Items]      
Total Revenues 0 0 0
Operating Costs and Expenses [Abstract]      
Total operating costs and expenses 70,823 51,566 53,588
Income from operations (70,823) (51,566) (53,588)
Technology & Shopping | Reportable segments      
Segment Reporting Information [Line Items]      
Total Revenues 361,882 330,557 384,929
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 139,293 121,721 131,808
Cloud computing, software, and other related expenses 28,086 23,580 25,517
Advertising and marketing related expenses 51,418 55,185 61,380
Partner payments 7,063 7,721 9,572
Professional and other third-party services 20,455 15,025 11,953
Goodwill impairment 85,273 56,850 27,369
Depreciation and amortization 83,424 83,271 93,187
Other 17,942 17,702 20,578
Total operating costs and expenses 432,954 381,055 381,364
Income from operations (71,072) (50,498) 3,565
Gaming & Entertainment | Reportable segments      
Segment Reporting Information [Line Items]      
Total Revenues 180,276 168,821 166,325
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 45,294 43,224 43,386
Cloud computing, software, and other related expenses 5,630 3,974 3,426
Advertising and marketing related expenses 12,226 9,468 10,626
Partner payments 27,262 26,637 29,965
Professional and other third-party services 5,908 3,629 1,964
Goodwill impairment 0 0 0
Depreciation and amortization 10,733 10,368 10,045
Other 19,222 14,222 13,488
Total operating costs and expenses 126,275 111,522 112,900
Income from operations 54,001 57,299 53,425
Health & Wellness | Reportable segments      
Segment Reporting Information [Line Items]      
Total Revenues 362,408 361,923 335,883
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 115,509 109,401 99,808
Cloud computing, software, and other related expenses 13,903 11,599 10,172
Advertising and marketing related expenses 39,199 42,477 39,366
Partner payments 38,736 33,842 32,175
Professional and other third-party services 8,730 10,604 9,990
Goodwill impairment 0 0 0
Depreciation and amortization 52,766 59,870 55,981
Other 26,358 30,555 22,176
Total operating costs and expenses 295,201 298,348 269,668
Income from operations 67,207 63,575 66,215
Connectivity | Reportable segments      
Segment Reporting Information [Line Items]      
Total Revenues 213,620 211,518 191,254
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 53,172 55,492 44,908
Cloud computing, software, and other related expenses 14,849 9,865 9,509
Advertising and marketing related expenses 2,898 3,296 2,790
Partner payments 932 730 0
Professional and other third-party services 14,356 13,199 10,575
Goodwill impairment 0 0 0
Depreciation and amortization 31,882 31,793 25,445
Other 16,157 26,552 19,665
Total operating costs and expenses 134,246 140,927 112,892
Income from operations 79,374 70,591 78,362
Cybersecurity & Martech | Reportable segments      
Segment Reporting Information [Line Items]      
Total Revenues 283,502 291,209 312,606
Operating Costs and Expenses [Abstract]      
Salaries, benefits, and other employee expenses 77,518 75,340 77,909
Cloud computing, software, and other related expenses 40,009 37,402 34,985
Advertising and marketing related expenses 21,799 24,189 27,187
Partner payments 21,063 19,120 23,207
Professional and other third-party services 17,228 18,211 22,404
Goodwill impairment 0 0 0
Depreciation and amortization 33,025 52,618 48,714
Other 17,899 21,119 27,238
Total operating costs and expenses 228,541 247,999 261,644
Income from operations $ 54,961 $ 43,210 $ 50,962
v3.25.0.1
Segment Information - Total Capital Expenditures, Depreciation and Amortization (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures $ 106,635 $ 108,729 $ 106,154
Depreciation and amortization 211,916 236,966 233,400
Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 105,264 108,633 106,143
Depreciation and amortization 211,830 237,920 233,372
Corporate      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 1,371 96 11
Technology & Shopping | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 13,609 17,778 25,088
Depreciation and amortization 83,424 83,271 93,187
Gaming & Entertainment | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 5,298 5,891 6,008
Depreciation and amortization 10,733 10,368 10,045
Health & Wellness | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 36,553 35,070 31,559
Depreciation and amortization 52,766 59,870 55,981
Connectivity | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 24,742 25,182 22,394
Depreciation and amortization 31,882 31,793 25,445
Cybersecurity & Martech | Reportable segments      
Segment Reporting, Other Significant Reconciling Item [Line Items]      
Total capital expenditures 25,062 24,712 21,094
Depreciation and amortization $ 33,025 $ 52,618 $ 48,714
v3.25.0.1
Segment Information - Revenues and Long-lived Assets by Geographic Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues $ 1,401,688 $ 1,364,028 $ 1,390,997
Long-lived assets   223,465 212,733
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues 1,165,571 1,137,857 1,181,936
Long-lived assets   178,732 161,913
All other countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenues $ 236,117 226,171 209,061
Long-lived assets   $ 44,733 $ 50,820
v3.25.0.1
Supplemental Cash Flow Information - Non-Cash (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 16, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Non-cash investing activity:        
Property and equipment, accrued but unpaid   $ 0 $ 55 $ 150
Right-of-use assets acquired in exchange for operating lease obligations   13,372 1,597 4,130
Purchase of equity investments with common stock   0 13,500 0
Disposition of investment in Consensus   0 0 112,286
Non-cash financing activity:        
Debt principal settled in exchange for Consensus common stock   0 0 112,286
Increase in fair value of conversion feature on 3.625% Convertible Notes   4,001 0 0
Excise tax on share repurchases   $ 1,099 $ 0 0
Disposition of investment       160,100
Aggregate purchase price       112,300
Loss on sale on investments       $ (47,800)
3.625% Convertible Notes        
Non-cash financing activity:        
Increase in fair value of conversion feature on 3.625% Convertible Notes $ 4,000      
3.625% Convertible Notes | Convertible Debt        
Non-cash financing activity:        
Stated interest rate 3.625%      
v3.25.0.1
Supplemental Cash Flow Information - Supplemental Data (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]      
Interest paid $ 28,856 $ 38,653 $ 36,168
Income taxes paid, net of refunds $ 68,731 $ 64,594 $ 59,543
v3.25.0.1
Supplemental Cash Flow Information - Operating Cash Outflows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]      
Operating cash outflows related to lease liabilities $ 17,167,000 $ 23,230,000 $ 26,921,000
v3.25.0.1
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Balances of Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 1,892,998 $ 1,892,611 $ 1,967,732
Ending balance 1,810,882 1,892,998 1,892,611
Accumulated other comprehensive income (loss)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (71,620) (85,373) (57,222)
Other comprehensive income (loss) before reclassifications (10,851) 13,753 (32,207)
Consensus separation     4,056
Ending balance (82,471) (71,620) (85,373)
Unrealized Gains (Losses) on Investments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 537 441 169
Other comprehensive income (loss) before reclassifications 1,575 96 272
Consensus separation     0
Ending balance 2,112 537 441
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (72,157) (85,814) (57,391)
Other comprehensive income (loss) before reclassifications (12,426) 13,657 (32,479)
Consensus separation     4,056
Ending balance $ (84,583) $ (72,157) $ (85,814)
v3.25.0.1
Accumulated Other Comprehensive Income - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity [Abstract]      
Accumulated other comprehensive loss $ 0 $ 0 $ 0
v3.25.0.1
Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 25, 2017
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]        
Variable interest entity, amount committed to invest $ 200,000      
Variable interest entity, ownership percentage 76.60%      
Annual management fee percentage 2.00%      
Entitled carried interest percentage 20.00%      
Fund investment period 6 years      
Equity method investments     $ 115,000 $ 99,900
Consensus Cloud Solutions        
Related Party Transaction [Line Items]        
Noncontrolling interest, ownership percentage by parent     19.90%  
Fund        
Related Party Transaction [Line Items]        
Equity method investments $ 128,800      
Related Party        
Related Party Transaction [Line Items]        
Management fees recognized   $ 1,500    
Consensus Cloud Solutions | Related Party        
Related Party Transaction [Line Items]        
Expenses from transactions with related party   1,200    
Offset to lease expense   $ 1,500