v3.26.1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
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.
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 
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 
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 
Schedule of Adjusted EBITDA
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 
Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss)
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.
Schedule of Capital Expenditures by Segment
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