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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s businesses are based on the organizational structure used by the chief operating decision maker (“CODM”). As described in its Annual Report on Form 10-K for the year ended December 31, 2024, the Company 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. 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 included in the Company’s Form 10-K for the year ended December 31, 2024. 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):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue by reportable segment: |  |  |  |  |  |  |
Technology & Shopping | $ | 85,189 |  |  | $ | 87,126 |  |  | $ | 247,655 |  |  | $ | 228,960 |
Gaming & Entertainment | 47,578 |  |  | 49,714 |  |  | 131,830 |  |  | 129,335 |
Health & Wellness | 102,306 |  |  | 90,771 |  |  | 287,544 |  |  | 256,737 |
Connectivity | 57,179 |  |  | 55,943 |  |  | 170,405 |  |  | 159,372 |
Cybersecurity & Martech | 71,459 |  |  | 70,026 |  |  | 207,122 |  |  | 214,461 |
Total segment revenues | 363,711 |  |  | 353,580 |  |  | 1,044,556 |  |  | 988,865 |
Corporate | — |  |  | — |  |  | — |  |  | — |
Total revenues | $ | 363,711 |  |  | $ | 353,580 |  |  | $ | 1,044,556 |  |  | $ | 988,865 |
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):
| Three months ended September 30, 2025
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Total operating costs and expenses
Salaries, benefits, and other employee expenses | $ | 32,946 |  |  | $ | 10,365 |  |  | $ | 30,012 |  |  | $ | 15,278 |  |  | $ | 17,148 |  |  | $ | 105,749 |
Cloud computing, software, and other related expenses | 6,641 |  |  | 2,090 |  |  | 4,456 |  |  | 4,660 |  |  | 11,069 |  |  | 28,916 |
Advertising and marketing related expenses | 11,692 |  |  | 3,604 |  |  | 10,897 |  |  | 590 |  |  | 4,583 |  |  | 31,366 |
Partner payments | 628 |  |  | 8,231 |  |  | 11,147 |  |  | 132 |  |  | 5,943 |  |  | 26,081 |
Professional and other third-party services | 6,096 |  |  | 1,374 |  |  | 2,308 |  |  | 5,488 |  |  | 5,547 |  |  | 20,813 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | 17,579 |  |  | 17,579 |
Depreciation and amortization | 22,599 |  |  | 2,949 |  |  | 13,406 |  |  | 7,116 |  |  | 11,121 |  |  | 57,191 |
Other | 4,539 |  | (1) | 4,277 |  | (2) | 7,222 |  | (3) | 7,459 |  | (4) | 4,894 |  | (5) | 28,391 |
Total segment operating costs and expenses | 85,141 |  |  | 32,890 |  |  | 79,448 |  |  | 40,723 |  |  | 77,884 |  |  | 316,086 |
Corporate (6) |  |  |  |  |  |  |  |  |  |  | 19,197 |
Total operating costs and expenses |  |  |  |  |  |  |  | $ | 335,283 |
| Three months ended September 30, 2024
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Total operating costs and expenses
Salaries, benefits, and other employee expenses | $ | 31,653 |  |  | $ | 11,429 |  |  | $ | 28,211 |  |  | $ | 13,268 |  |  | $ | 17,516 |  |  | $ | 102,077 |
Cloud computing, software, and other related expenses | 6,928 |  |  | 1,630 |  |  | 3,303 |  |  | 3,871 |  |  | 9,473 |  |  | 25,205 |
Advertising and marketing related expenses | 11,043 |  |  | 3,702 |  |  | 10,144 |  |  | 302 |  |  | 6,168 |  |  | 31,359 |
Partner payments | 2,043 |  |  | 6,286 |  |  | 9,911 |  |  | 249 |  |  | 5,392 |  |  | 23,881 |
Professional and other third-party services | 4,342 |  |  | 1,643 |  |  | 2,132 |  |  | 3,754 |  |  | 3,952 |  |  | 15,823 |
Goodwill impairment | 85,273 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 85,273 |
Depreciation and amortization | 20,333 |  |  | 2,632 |  |  | 12,505 |  |  | 7,868 |  |  | 7,978 |  |  | 51,316 |
Other | 4,126 |  | (1) | 7,348 |  | (2) | 6,318 |  | (3) | 5,818 |  | (4) | 4,656 |  | (5) | 28,266 |
Total segment operating costs and expenses | 165,741 |  |  | 34,670 |  |  | 72,524 |  |  | 35,130 |  |  | 55,135 |  |  | 363,200 |
Corporate (6) |  |  |  |  |  |  |  |  |  |  | 19,684 |
Total operating costs and expenses |  |  |  |  |  |  |  | $ | 382,884 |
| Nine months ended September 30, 2025
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Total operating costs and expenses
Salaries, benefits, and other employee expenses | $ | 102,522 |  |  | $ | 32,339 |  |  | $ | 85,961 |  |  | $ | 43,584 |  |  | $ | 51,896 |  |  | $ | 316,302 |
Cloud computing, software, and other related expenses | 20,237 |  |  | 6,058 |  |  | 12,796 |  |  | 13,083 |  |  | 31,275 |  |  | 83,449 |
Advertising and marketing related expenses | 36,445 |  |  | 10,913 |  |  | 30,806 |  |  | 2,874 |  |  | 13,975 |  |  | 95,013 |
Partner payments | 2,140 |  |  | 22,296 |  |  | 33,031 |  |  | 590 |  |  | 17,450 |  |  | 75,507 |
Professional and other third-party services | 17,993 |  |  | 4,192 |  |  | 7,602 |  |  | 14,851 |  |  | 14,777 |  |  | 59,415 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | 17,579 |  |  | 17,579 |
Depreciation and amortization | 68,053 |  |  | 8,621 |  |  | 40,705 |  |  | 21,768 |  |  | 31,329 |  |  | 170,476 |
Other | 12,124 |  | (1) | 12,694 |  | (2) | 20,805 |  | (3) | 18,883 |  | (4) | 11,708 |  | (5) | 76,214 |
Total segment operating costs and expenses | 259,514 |  |  | 97,113 |  |  | 231,706 |  |  | 115,633 |  |  | 189,989 |  |  | 893,955 |
Corporate (6) |  |  |  |  |  |  |  |  |  |  | 53,560 |
Total operating costs and expenses |  |  |  |  |  |  |  | $ | 947,515 |
| Nine months ended September 30, 2024
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Total operating costs and expenses
Salaries, benefits, and other employee expenses | $ | 93,278 |  |  | $ | 33,249 |  |  | $ | 85,194 |  |  | $ | 39,570 |  |  | $ | 55,526 |  |  | $ | 306,817 |
Cloud computing, software, and other related expenses | 21,125 |  |  | 4,038 |  |  | 10,298 |  |  | 11,168 |  |  | 29,499 |  |  | 76,128 |
Advertising and marketing related expenses | 33,074 |  |  | 10,511 |  |  | 29,242 |  |  | 2,453 |  |  | 17,018 |  |  | 92,298 |
Partner payments | 6,015 |  |  | 19,833 |  |  | 26,239 |  |  | 693 |  |  | 15,454 |  |  | 68,234 |
Professional and other third-party services | 12,572 |  |  | 4,532 |  |  | 6,609 |  |  | 10,068 |  |  | 13,123 |  |  | 46,904 |
Depreciation and amortization | 58,111 |  |  | 7,865 |  |  | 38,917 |  |  | 22,485 |  |  | 24,520 |  |  | 151,898 |
Other | 12,829 |  | (1) | 15,550 |  | (2) | 20,089 |  | (3) | 11,061 |  | (4) | 13,455 |  | (5) | 72,984 |
Total segment operating costs and expenses | 322,277 |  |  | 95,578 |  |  | 216,588 |  |  | 97,498 |  |  | 168,595 |  |  | 900,536 |
Corporate (6) |  |  |  |  |  |  |  |  |  |  | 53,203 |
Total operating costs and expenses |  |  |  |  |  |  |  | $ | 953,739 |
(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, contingent consideration changes, 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, contingent consideration changes, 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, contingent consideration changes, 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, contingent consideration changes, 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, contingent consideration changes, 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 income (loss) from operations is set forth in the table below (in thousands).
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income (loss) from operations by reportable segment: |  |  |  |  |  |  |
Technology & Shopping | $ | 48 |  |  | $ | (78,615) |  |  | $ | (11,859) |  |  | $ | (93,317) |
Gaming & Entertainment | 14,688 |  |  | 15,044 |  |  | 34,717 |  |  | 33,757 |
Health & Wellness | 22,858 |  |  | 18,247 |  |  | 55,838 |  |  | 40,149 |
Connectivity | 16,456 |  |  | 20,813 |  |  | 54,772 |  |  | 61,874 |
Cybersecurity & Martech | (6,425) |  |  | 14,891 |  |  | 17,133 |  |  | 45,866 |
Total segment operating income | 47,625 |  |  | (9,620) |  |  | 150,601 |  |  | 88,329 |
Corporate (1) | (19,197) |  |  | (19,684) |  |  | (53,560) |  |  | (53,203) |
Income (loss) from operations | $ | 28,428 |  |  | $ | (29,304) |  |  | $ | 97,041 |  |  | $ | 35,126 |
(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).
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital expenditures: |  |  |  |  |  |  |
Technology & Shopping | $ | 4,146 |  |  | $ | 3,343 |  |  | $ | 11,746 |  |  | $ | 10,732 |
Gaming & Entertainment | 1,776 |  |  | 1,013 |  |  | 6,180 |  |  | 3,446 |
Health & Wellness | 10,010 |  |  | 9,125 |  |  | 29,733 |  |  | 26,796 |
Connectivity | 7,799 |  |  | 5,804 |  |  | 20,176 |  |  | 19,040 |
Cybersecurity & Martech | 6,213 |  |  | 6,267 |  |  | 17,433 |  |  | 19,181 |
Total from reportable segments | 29,944 |  |  | 25,552 |  |  | 85,268 |  |  | 79,195 |
Corporate | 192 |  |  | 291 |  |  | 620 |  |  | 281 |
Total capital expenditures | $ | 30,136 |  |  | $ | 25,843 |  |  | $ | 85,888 |  |  | $ | 79,476 |

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- Definition The entire disclosure for reporting segments including data and tables. 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