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 represents amounts related to web hosting, advertising serving platform costs, amounts due to third party websites and platforms to fulfill customers’ advertising campaigns, and production costs paid to third parties. Fixed cost of revenue primarily represents compensation-related expenses and costs incurred for the publishing of editorial, promotional, and news content across all platforms.


	Three Months Ended March 31,
	2026		2025

Variable cost of revenue	$	6,991	$	6,393
Fixed cost of revenue	15,373		17,099
Total cost of revenue, excluding depreciation and amortization	$	22,364	$	23,492