v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
NOTE 6—SEGMENT INFORMATION
The overall concept that the Company employs in determining its operating segments is to present the financial information in a manner consistent with the chief operating decision maker’s (“CODM”) view of the businesses. The Office of the Chairman, which is comprised of certain executives and members of the board of directors, is the CODM of the Company. In determining our operating segments, we consider how the businesses are organized as to segment management and the focus of the businesses with regards to the types of services or products offered or the target market. In the case of Emerging & Other, operating segments are combined for reporting purposes because they do not meet the quantitative thresholds that require presentation as separate reportable segments.
The following table presents revenue by reportable segment:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
People Inc.(a)
Digital$289,946 $273,999 $543,169 $508,519 
Print132,640 158,263 270,477 321,533 
Intersegment eliminations(b)
(5,899)(4,892)(11,230)(9,611)
Total People Inc.
416,687 427,370 802,416 820,441 
Emerging & Other20,049 15,877 40,127 34,164 
Intersegment eliminations— — (10)(1)
Total$436,736 $443,247 $842,533 $854,604 
_____________________
(a)    Effective January 1, 2026, People Inc. changed its internal management reporting structure to better align and support its D/Cipher advertising capabilities. As a result, the digital portion of a legacy agency business that had previously been included within the People Inc. Print segment now reports to the D/Cipher management team within the People Inc. Digital segment. This change allows D/Cipher to leverage the agency business as a sales channel and to achieve operational and performance efficiencies. As a result of this change, financial information for both the People Inc. Print and Digital segments for prior periods has been recast to conform to the current period presentation.

(b)    Intersegment eliminations relate to People Inc. Digital performance marketing commissions earned for the placement of magazine subscriptions.
Disaggregated Revenue
The following table presents the revenue of the Company’s segments disaggregated by type of service:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
People Inc.(a)
Digital:
Advertising revenue$174,188 $174,816 $320,612 $319,689 
Performance marketing revenue68,758 61,055 134,873 118,321 
Licensing and other revenue47,000 38,128 87,684 70,509 
Total Digital revenue289,946 273,999 543,169 508,519 
Print:
Subscription revenue58,306 73,470 119,718 147,816 
Advertising revenue29,711 36,794 59,337 74,037 
Newsstand revenue25,308 26,529 53,237 54,624 
Project and other revenue14,224 15,907 27,154 31,304 
Performance marketing revenue5,091 5,563 11,031 13,752 
Total Print revenue132,640 158,263 270,477 321,533 
Intersegment eliminations(b)
(5,899)(4,892)(11,230)(9,611)
Total People Inc. revenue
$416,687 $427,370 $802,416 $820,441 
Session-based revenue is related to advertisements served or performance marketing referrals initiated during a session, which is defined as a unique visit to a site that is part of the People Inc.’s network. Session-based revenue includes Advertising and Performance marketing revenue earned from People Inc.’s owned and operated or affiliated sites. Non-session-based revenue is related to revenue not dependent upon a session and primarily includes Advertising and Performance marketing revenue earned outside a session on People Inc.’s owned and operated or affiliated sites, such as D/Cipher+, native campaigns, social platforms, email and affinity marketing and all Licensing and other revenue. The following table presents Digital revenue further disaggregated by session and non-session-based revenue:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Session-based$164,581 $165,579 $315,059 $317,461 
Non-session-based125,365 108,420 228,110 191,058 
Total Digital revenue$289,946 $273,999 $543,169 $508,519 
Segment Expenses
The following table presents the significant segment expenses regularly provided to the CODM for each of the Company’s reportable segments that are included in determining Segment Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), which is the Company’s segment reporting performance measure:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
People Inc.(a)
Digital:
Cost of revenue$84,843 $85,421 $162,242 $161,926 
Selling and marketing expense74,335 69,169 144,986 131,704 
General and administrative expense27,686 27,195 53,133 53,576 
Product development expense28,619 28,902 58,265 56,642 
Total Digital expenses215,483 210,687 418,626 403,848 
Print:
Cost of revenue67,682 72,203 137,735 148,188 
Selling and marketing expense45,695 59,074 96,012 120,669 
General and administrative expense8,862 9,116 18,573 18,966 
Product development expense1,274 1,395 2,530 2,864 
Total Print expenses123,513 141,788 254,850 290,687 
Other:
Other (unallocated corporate costs)10,295 10,156 20,909 21,693 
Intersegment eliminations(5,899)(4,892)(11,230)(9,611)
Total People Inc. expenses
$343,392 $357,739 $683,155 $706,617 
Segment Reporting Performance Measure and Reconciliations
Adjusted EBITDA is the segment reporting performance measure used by the CODM as one of the metrics by which we evaluate the performance of our businesses and our internal budgets are based and may impact management compensation. Adjusted EBITDA is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements; and (4) other specific items, including subsequent true-up adjustments related to such items, that management believes are not representative of the Company’s core ongoing operating performance and certain items that affect comparability between periods, including, but not limited to, certain (i) restructuring costs, including certain severance and employee separation benefits; (ii) gains and losses from lease impairments, terminations and amendments and certain asset sales; (iii) transaction-related costs; and (iv) litigation-related gains and losses associated with specific matters.

Prior to the second quarter of 2026, Adjusted EBITDA was defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. Beginning with the second quarter of 2026, the Company revised its definition of Adjusted EBITDA to also exclude (4) other specific items, including subsequent true-up adjustments related to such items, that management believes are not representative of the Company’s core ongoing operating performance and certain items that affect comparability between periods. Adjusted EBITDA for prior periods has been recast to conform to the current period presentation.

Approximately one-half of our consolidated annual Adjusted EBITDA is generated in the fourth quarter of each fiscal year. This is due to the concentration of spending by advertisers, which drives higher advertising revenue, and consumer spending, which drives higher performance marketing revenue, during the year-end holiday selling season at People Inc.
The following table presents a summary of Segment Adjusted EBITDA:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
People Inc.(a)
Digital$74,463 $63,312 $124,543 $104,671 
Print9,127 16,475 15,627 30,846 
Other (unallocated corporate costs)(10,295)(10,156)(20,909)(21,693)
Total People Inc.
73,295 69,631 119,261 113,824 
Emerging & Other2,877 171 6,838 1,728 
Total Segment Adjusted EBITDA$76,172 $69,802 $126,099 $115,552 
The following table reconciles total Segment Adjusted EBITDA to earnings (loss) from continuing operations before income taxes:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Total Segment Adjusted EBITDA$76,172 $69,802 $126,099 $115,552 
Corporate Adjusted EBITDA loss(20,263)(21,065)(40,898)(44,544)
Stock-based compensation expense(c)
(34,997)(18,310)(51,409)3,080 
Depreciation(7,504)(7,268)(14,818)(18,509)
Amortization of intangibles(19,044)(22,418)(38,084)(44,836)
Restructuring costs, including certain severance and employee separation benefits(1,179)(780)(11,789)(17,004)
Gains and (losses) from lease impairments, terminations and amendments and certain asset sales
257 66 257 35,974 
Transaction-related costs(696)54 (6,255)(4,698)
Litigation matters(7,033)(7,573)(9,206)(11,404)
Interest expense(25,865)(37,167)(51,723)(65,481)
Unrealized gain (loss) on investment in MGM Resorts International721,682 307,437 755,687 (16,828)
Other income, net10,552 2,796 24,630 10,428 
Earnings (loss) from continuing operations before income taxes$692,082 $265,574 $682,491 $(58,270)
_____________________
(c)    The six months ended June 30, 2025 reflect the reversal of $49.8 million of previously recognized stock-based compensation expense related to the forfeiture of our former Chief Executive Officer’s (“CEO”) restricted stock award pursuant to an employment transition agreement (the “Employment Transition Agreement”) entered into on January 13, 2025, partially offset by $14.9 million of stock-based compensation expense related to the transfer of 5.0 million Class B shares of Angi held by the Company to our former CEO prior to the Distribution pursuant to the Employment Transition Agreement.
Segment Assets
Segment asset information is not regularly presented to the CODM.
Capital Expenditures
The following table presents capital expenditures:
Six Months Ended June 30,
20262025
(In thousands)
People Inc.
$19,001 $7,734 
Corporate147 422 
Total$19,148 $8,156