Financial Data and Key Metrics Changes - In Q3 2025, total billings were $89.2 million, representing a 20.3% decrease year-over-year due to content restrictions impacting budget sizes [18] - Revenue decreased by 22.4% to $52.0 million, driven by the decrease in billings [19] - Adjusted contribution was $30.0 million, down 17.5% from the prior year, but the margin as a percentage of revenue increased to 57.7%, up 3.5 percentage points [20] - Adjusted EBITDA was positive at $3.2 million, an increase of $5.0 million year-over-year [20] - Operating cash flow was positive at $1.8 million, while free cash flow was negative at $2.7 million, showing an improvement of $1.2 million from the prior year [21] Business Line Data and Key Metrics Changes - U.S. revenue, excluding Bridge, decreased by 28% due to lower billings stemming from content restrictions [19] - Bridge revenue decreased by 15% due to the loss of a major account in previous quarters [20] - The U.K. business showed strength with a 22% revenue growth year-over-year, driven by higher billings and increased supply [11][19] Market Data and Key Metrics Changes - The company experienced a significant increase in billings from new merchants, including a large athletic apparel brand [20] - The number of MQUs (Monthly Active Users) increased by 21% to 230.3 million, driven by the full ramp of new FI partners [21] - APU (Average Price per User) was $0.11, down 31% year-over-year due to content restrictions [21] Company Strategy and Development Direction - The company plans to solidify its foundation and grow its commerce media platform in 2026, focusing on expanding its CRP partner cohort and strengthening existing FI partnerships [17] - The strategy includes unlocking increased advertiser budgets by delivering differentiated products such as omnichannel performance [17] - The company aims to replace lost supply through new partnerships and increase engagement with existing partners [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds from the largest FI partner blocking advertiser content but noted that they were able to mitigate a significant portion of the drop due to the larger network [4][6] - The outlook for Q4 includes expected billings between $86 million and $96 million, with a negative year-over-year decrease of 26% to 17% [22] - Management expressed confidence in returning to growth and achieving profitability once current headwinds are navigated [27] Other Important Information - The company fully paid off $46 million in convertible notes and reduced its workforce by 30% to ensure long-term financial health, expecting annualized cash savings of $26 million [16][17] - The company is focusing on strategic pricing decisions to drive incremental spend from advertisers while remaining competitive in the market [25] Q&A Session Summary Question: Billing margins commentary - Management explained that the decrease in billing margins in Q3 was primarily due to supply changes from the largest FI partner, but margins improved by the end of the quarter and are expected to continue improving [30][31] Question: Guidance on adjusted EBITDA range - Management clarified that the larger range in adjusted EBITDA compared to adjusted contribution is due to top-line performance and margin fluctuations, with operating expenses expected to be stable [32][33]