Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $560.8 million, a decrease of 8.4% year-over-year, or 6.8% on a same-store basis [27] - Adjusted EBITDA was $57.2 million, representing a 10.2% margin, impacted by revenue timing shifts and incremental expenses [28] - Total digital revenues were $262.7 million, a decrease of 5.3% year-over-year, representing 47% of total company revenue [29] Business Line Data and Key Metrics Changes - Digital-only subscription revenues totaled $43.7 million, reflecting sequential growth of 2.4% [29] - Digital-only ARPU reached a record high of $8.80, up approximately 8% year-over-year [30] - Core platform revenue in the Digital Marketing Solutions (DMS) segment was $114 million, with segment adjusted EBITDA at $9.8 million [32] Market Data and Key Metrics Changes - The company achieved an average of 187 million monthly unique visitors, growing more than 3% compared to Q2 [11] - Digital advertising revenues increased by 2.9%, driven by improved client retention and a large audience base [29] - The company anticipates stronger results in Q4, fueled by strong advertiser response in high engagement verticals [29] Company Strategy and Development Direction - The company is focused on expanding its digital audience and maximizing monetization across the customer journey [11] - A $100 million cost reduction program is fully implemented, expected to drive significant year-over-year growth in adjusted EBITDA in Q4 [5][28] - The company is optimistic about the potential of AI licensing deals, including partnerships with Microsoft and Perplexity [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong Q4, driven by the realization of delayed revenues and the full benefit of cost reduction measures [28][80] - The recent ruling in the Google antitrust lawsuit is seen as a significant win, establishing liability and moving the case towards damages [40][80] - The company expects to achieve full-year growth in adjusted EBITDA and a 30% increase in free cash flow [33] Other Important Information - Total debt fell below $1 billion for the first time since the merger in 2019, marking a significant milestone [5][33] - The company blocked 75 million AI bots in September, primarily from OpenAI, indicating the value of its content [21][63] Q&A Session Summary Question: Can you share the recent developments in the Google antitrust lawsuit? - Management highlighted a positive ruling from Judge Castell, establishing liability for Google and focusing the case on damages [40] Question: What is driving the shift of large revenue drivers from Q3 to Q4? - Management clarified that the shift was primarily due to timing related to product launches and advertising deals, not broader trends [42] Question: Can you elaborate on the incremental expenses incurred during Q3? - Incremental expenses were mainly tied to headcount reductions and associated benefits, which are not expected to continue in Q4 [44] Question: How do you see the digital revenue mix evolving into 2026? - The company expects digital revenue to surpass 50% in 2026, supported by diverse revenue streams and strong audience engagement [48] Question: Can you elaborate on the AI partnerships and their monetization? - Management discussed the importance of high-quality content and the evolving monetization models with AI partners, emphasizing the need for fair compensation [51] Question: What is the current status of traffic from AI platforms? - Management noted that there is currently no meaningful traffic from AI search companies, highlighting the importance of licensing deals for monetization [60]

The U.S. Supreme Court declined on Monday to halt key parts of a judge's order requiring Alphabet's Google to make major changes to its app store Play, as the company prepares to appeal a decision in a lawsuit brought by "Fortnite" maker Epic Games. ...

Core Points - Google is urging the U.S. Supreme Court to halt significant parts of a judge's order that would require major changes to its Play app store as it prepares to appeal a decision in an ongoing lawsuit [1] Group 1 - Google is seeking to prevent the implementation of a judge's order that could alter its app store operations significantly [1] - The company is in the process of appealing a decision related to a lawsuit that may impact its business model [1]