From a significant segment expense perspective, the CODM receives and uses a more bifurcated view of total cost of revenue, excluding depreciation and amortization, as outlined in the table below. Variable cost of revenue primarily represents amounts related to web hosting, and advertising serving platform costs, along with amounts due to third party websites and platforms to fulfill customers’ advertising campaigns, as well as production costs paid to third parties. Fixed cost of revenue primarily represents represent compensation-related expenses and costs incurred for the publishing of editorial, promotional, and news content across all platforms.


	Year Ended December 31,
	2025		2024		2023

Variable cost of revenue	$	49,396	$	39,061	$	45,870
Fixed cost of revenue	60,755		66,004		83,912
Total cost of revenue, excluding depreciation and amortization	$	110,151	$	105,065	$	129,782