12. COMMITMENTS AND CONTINGENCIES

The Company has non-cancelable agreements with certain media research and ratings providers, expiring at various dates from April 2026 through June 2028, to provide television and radio audience measurement services. Pursuant to these agreements, as of December 31, 2025, the Company is obligated to pay these providers a total of approximately $25.2 million. In addition, as of December 31, 2025, the Company has commitments consisting primarily of obligations for software licenses utilized by the

Company's sales team of approximately $3.6 million. The 2026 and 2027 annual commitments total approximately $14.6 million and $9.7 million, respectively. The annual commitments beyond 2027 total approximately $4.5 million.

Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 6, 2025
2023Mar 14, 2024
2022Mar 16, 2023
2021Mar 16, 2022

About Commitments Disclosures

Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.

Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.