USA TODAY Co., the publisher of USA TODAY and a network of local newspapers in the United States and the United Kingdom, reported on November 5, 2026 that third-quarter revenue fell 7.4% to $519.2 million and lowered its full-year outlook, citing a 32% year-over-year drop in indirect digital advertising, the programmatic and sponsored-link business most exposed to search traffic. The company, which traded as Gannett until it adopted its current name, said it had put in place a $100 million annualized cost reduction program at the end of September, including workforce reductions, and that it had arranged access to up to $50 million in new loans from funds managed by affiliates of Apollo Global Management to buy back its own shares before the end of the year.

Adjusted EBITDA fell 36% to $36.6 million. Net loss attributable to the company narrowed to $4.6 million from $39.2 million a year earlier, a figure helped by $27 million in one-off gains from a swap of newspapers with Lee Enterprises. Digital revenue made up 48.0% of the total. The figures were published in an earnings release, a Form 8-K furnishing that release and a Form 10-Q for the quarter ended September 30, 2026, all dated November 5, and discussed on a conference call at 8:30 a.m. Eastern Time the same day.

In Short

USA TODAY Co., which publishes USA TODAY and hundreds of local papers, made much less money from cheap automated ads that depend on people arriving from Google search, so it cut $100 million a year in costs, including jobs. That matters to advertisers and other publishers because one of the largest news networks in the United States now has fewer low-priced ad impressions to sell and is steering budgets toward premium ads, video, subscriptions and AI content deals instead. The company also plans to borrow money to buy its own stock, and its $901 million lawsuit against Google over ad technology goes before a jury on April 5, 2027.

The 32% hole in indirect advertising

The pressure sat almost entirely in one line. Digital advertising revenue fell 13.9% to $75.0 million, from $87.2 million in the third quarter of 2025, according to the 10-Q. At the USA TODAY Media segment, which houses the national title and the U.S. local papers, digital advertising fell 15% to $62.3 million. At Newsquest, the U.K. arm, it fell 10% to $12.7 million.

The trend has worsened through the year. Digital advertising revenue was $80.9 million in the first quarter, down 3%, as PPC Land reported in May, and $79.8 million in the second quarter, down 9.2%. The third quarter's 13.9% drop is the steepest of the three.

Chairman and chief executive Mike Reed split the company's digital advertising into two parts on the call: advertising sold directly by its sales teams, and indirect advertising, "which includes programmatic advertising and sponsored content recommendations." The second category is where the damage landed.

"It's this indirect revenue, which represents about $100 million of revenue on an annualized basis, or less than 5% of our total business, that has seen the most impact, declining 32% year-over-year in the third quarter," Reed said. "However, this part of the business has historically carried some of our lowest value advertising inventory, generating significantly lower CPMs than our premium direct sold advertising."

Sponsored content recommendations are the widgets of headline-style links that appear below articles, a form of native advertising. Reed described the readers behind that inventory in blunt terms during the question-and-answer session. "It is our lowest value user on the platform with the lowest CPMs attached to any advertising that we sell," he said, referring to anonymous visitors arriving from search. "There is definitely a pull forward here. It is happening a little faster than we would have liked."

The 10-Q gives the formal explanation for the USA TODAY Media decline: "a decrease in national programmatic and sponsored link revenues and lower local revenues, partially offset by higher classified spend, mainly driven by a shift from print." Chief financial officer Trisha Gosser listed three causes on the call: lower page views "tied to the changes in consumer search," "the continued impact of the loss of a programmatic advertising partner in the second quarter," and "lower revenue from the third-party vendors as a result of Google's spam policy."

The back button policy

Reed was more specific about that last point when Barton Crockett of Rosenblatt Securities asked what had changed between the second and third quarters. "In Q2, and I will use the layman's term, but as you know, the back button hijacking that Google started to consider spam, that happened towards late Q2. So it had a much less impact on Q2. We had the full impact of that in Q3. Our exposure there going forward is a couple more quarters, but it's relatively small."

Google announced on April 13, 2026 that manipulating a browser's back button to send users to pages they had not chosen would be treated as spam, with enforcement from June 15, 2026. Search Console warnings to site owners started on April 27. The policy has already shown up in other companies' accounts: Taboola said in August that the policy would remove more than $20 million of expected second-half ex-TAC gross profit from its Explore More product. USA TODAY Co. did not name the third-party vendors involved or quantify its own exposure beyond Reed's "relatively small."

The programmatic partner lost in the second quarter was not named in the third-quarter filings either. PPC Land's report on the second quarter recorded Gosser citing the loss of a programmatic partner at the time, also without a name.

What the arithmetic says about direct sales

Reed called direct-sold digital advertising "a $200 million growth category that returned to growth in the third quarter," and said he expected growth to accelerate in the fourth quarter. The company did not disclose the third-quarter dollar figure for direct sales or the size of the increase.

The rounded figures management did give allow a rough check. A business running at about $100 million a year after a 32% fall would have been running at roughly $147 million a year at the prior-year pace, a gap of about $47 million a year, or close to $12 million a quarter, by PPC Land's calculation. The total digital advertising line fell by $12.2 million. On those rounded numbers, the indirect decline accounts for nearly the entire drop, and the growth in direct-sold advertising was small in dollar terms. Because Reed's $100 million is an approximation, the calculation cannot establish the exact split.

Does the company see shorter visits too? Crockett raised Taboola's commentary from the previous day that people were spending less time on some pages and generating fewer impressions. "We're not seeing a decline in the amount of time people are spending on our platform," Gosser said. "We are not seeing a decline in the impressions per page that we are delivering."

An audience measured two ways

USA TODAY Co. reported 161 million average monthly unique visitors in the third quarter, up from 158 million in the second quarter. The company presented the sequential increase as a sign of stabilization. "We didn't see any further erosion or degradation in audience," Reed said.

The total combines two different measurement systems, according to the release footnotes. About 108 million visitors came from the U.S. media network, "as measured by © 2026 Comscore, Media Metrix (September 2026), Desktop + Mobile," and about 53 million came from U.K. properties "based on Adobe Analytics." The second-quarter figure used Comscore's June 2026 reading for the U.S. (about 107 million) and Adobe Analytics for the U.K. (about 51 million). The U.S. number therefore rests on a single month of third-party panel data, while the U.K. number comes from the company's own analytics tool.

The longer comparison is less flattering. The company reported 187 million average monthly unique visitors in the third quarter of 2025, as PPC Land noted in November 2025, and 180 million in the first quarter of 2026. The third-quarter 2026 figure is 26 million, or 13.9%, below the year-earlier level, by PPC Land's calculation. The second quarter alone took 22 million monthly visitors off the total.

"We are seeing lower search traffic," Reed said. "We saw that in Q2. We saw it again in Q3. That is lower search traffic versus the prior year. I think it is important to note we did not see any sequential declines from Q2 to Q3."

The 10-Q describes the mechanism in its list of industry trends. "We continue to see impacts from structural shifts and evolving user behaviors influenced by the integration of generative AI into search engines and web browsers which provide direct answers and summaries within the platform itself, reducing the need for users to click through to publisher platforms," it states. That is the pattern usually described as zero-click search.

Inside the $100 million program

Gosser said the program was "put in place in late September" and "fully implemented by early October." The third quarter therefore carried only a partial month of savings. "We did need to lower our cost structure, but also really protect the areas that are the most important to our long-term strategy," she said. "We were able in these cost reductions to do things like leveraging automation, outsourcing, using technology to make the more significant structural changes in our cost base."

Reed tied the program directly to search. "We did take $100 million of costs out at the very end of Q3 to help us mitigate the near-term financial impact of the changes of search," he said.

The quarterly filing is less specific than the call. The 10-Q does not use the $100 million figure, does not state how many jobs were eliminated and does not separate the cost of the program from the company's other restructuring. What it does show is the bill for the quarter: integration and reorganization costs of $18.0 million, of which $12.5 million was severance and $5.5 million other reorganization costs. Severance was booked mainly at USA TODAY Media ($5.9 million) and in the corporate category ($5.1 million), with $1.5 million at LocaliQ and $56,000 at Newsquest. Accrued severance stood at $14.1 million on September 30, up from $10.1 million at the start of the year.

Operating costs fell about 4% to $337.2 million and selling, general and administrative expenses fell about 3% to $148.6 million. Within USA TODAY Media, compensation and benefits in SG&A fell 18%, and the 10-Q attributes the reduction to "a decrease in headcount tied to ongoing cost control initiatives." LocaliQ's operating compensation and benefits fell 36%.

Some costs moved the other way. Gosser said Adjusted EBITDA was hit by "elevated costs for raw materials, healthcare, and distribution." Newsprint and other production materials at USA TODAY Media rose 5% to $13.8 million, and the 10-Q warns of continued newsprint price increases in 2026. Corporate costs not allocated to segments rose to $8.3 million from $2.6 million a year earlier. The filings do not explain that increase.

More cuts are planned. "We absolutely believe we continue to have opportunities to improve our cost structure over time," Gosser said, listing vendor consolidation, technology platforms, outsourcing agreements, print operations and further automation.

Fewer subscribers, paying more

Digital-only subscription revenue rose 5.3% to $46.0 million, the third consecutive quarter of year-over-year growth. The base itself shrank. Digital-only paid subscriptions fell 12% to 1.396 million at September 30. USA TODAY Media lost 15% of its subscribers, falling to 1.236 million, while Newsquest gained 15% to 160,000.

Price did the work. Digital-only average revenue per user reached a record $10.82 a month, up 23%. At USA TODAY Media, the figure rose 27% to $11.45; over nine months, it rose 38%. Newsquest's fell 5% to $5.76.

Kristin Roberts, president of USA TODAY Media, framed it as a deliberate trade. "Over the past year, we've prioritized subscriber quality over raw volume, and as a result, we have a much healthier base," she said. "We moved away from all of those heavily discounted promotional offers," she added later.

The next stage involves selling single articles. "We've tested pay-per-article in the past, but we kept those tests small because we found it could cannibalize subscriptions," Roberts said, adding that stronger audience data now lets the company scale the format "with precision to a broader audience." She also described a "next best action" approach that personalizes the timing, messaging, placement and offer shown to each reader, and tools to identify subscribers at risk of cancelling. For 2027, the stated goal is to combine the price gains with renewed subscriber growth. "We really do not expect that transition to happen overnight," she said.

Digital other and the AI licensing pipeline

The category the company calls digital other, which includes AI partnerships, content licensing agreements and syndication, rose 24.8% to $21.3 million. At USA TODAY Media, it rose 29% to $16.1 million in the quarter and 71% to $60.5 million over nine months. The 10-Q attributes the increase "primarily" to "revenues from AI partnerships" and to higher affiliate and syndication revenues.

The quarterly pattern is uneven. Group digital other revenue was $75.5 million over nine months and $20.4 million in the second quarter, which leaves roughly $33.8 million for the first quarter, by PPC Land's calculation. That first-quarter spike was the subject of PPC Land's May report, when the line grew 125.6%. The third quarter's $21.3 million was up about 4% on the second quarter.

The company had expected more. Gosser said management had anticipated "a benefit" from new AI licensing deals earlier in the third and fourth quarters, and that the shift "to later in the year" was one of the two main reasons for lowering guidance.

Reed acknowledged a wider slowdown when Matt Condon of Citizens asked about the pace of deals. "There has been a little bit of a slowdown in the number of deals being signed across media businesses and AI platforms this year, really," he said. "We actually still believe we will announce at least one, possibly two, this year before the end of the fourth quarter."

He described the strategy as long-term and defensive. "We still believe long-term that this is a significant revenue category, but we do think it is the long game that we have to play to get there, continuing to block content, block the scrapers." He pointed to a licensing agreement he said Anthropic had signed with the Associated Press for real-time election content, and to Anthropic's IPO registration statement: "they did say in their Form S-1, no surprise to anybody, that they claim fair use for use of copyright-protected content." The company's earlier AI agreements include Microsoft's Publisher Content Marketplace, announced with the third-quarter 2025 results. In July, Reed was among the publishing executives openly weighing whether to cut off Google's access if search traffic kept falling.

Affiliate automation, newsletters and Palantir

Roberts described several products built on what the company calls audience intelligence. The most concrete result came from commerce. Until the second quarter, matching affiliate offers to stories was largely manual work. In the third quarter, the company automated it: "When an eligible story is published, a relevant affiliate offer is identified and added automatically." The system now runs across local sports content, USA TODAY Sports, the SportsWire sites and entertainment. "Across the network-wide rollout, affiliate clicks have increased 38%," Roberts said. The company did not disclose affiliate revenue. The next step is product-level recommendations rather than general offers.

Personalized newsletters are in pilot in select local markets and are "outperforming our non-personalized standard," according to Roberts, with expansion planned to USA TODAY and sports newsletters. Newsrooms are using AI tools to identify story opportunities. "To be clear, this does not replace experience and judgment of our journalists. It amplifies it," she said.

The work with Palantir "continues to make solid progress, with our first products now live and beginning to scale," Reed said. He linked it to growing the number of known users, readers the company can identify, who he said command higher CPMs. The company gave no revenue figure for the Palantir work.

Reed named three levers for direct-sold advertising: known users, video and what he called "AI-driven discovery." On video, he said the category is "a very small category for us today" and that the company aims to make "all of our content available in video format as well as text." On discovery, he described a branded content product, rolled out in September, that is designed to be discoverable on AI platforms, alongside "our AI answer engine with deeper dives." His pitch to advertisers was pointed: "As this marketplace continues to grow because there is so much crap and untrusted content out there on the AI platforms, it is a real opportunity for us to partner with brands to create trusted messaging and to make that discoverable on AI platforms."

LocaliQ: fewer small business customers

LocaliQ, the digital marketing services unit that sells search advertising, display advertising, search optimization, social media and website products to small and medium-sized businesses, shrank again. Segment revenue fell 8% to $105.7 million and Segment Adjusted EBITDA fell 26% to $7.3 million, a margin of 6.9% against 8.5% a year earlier.

Core platform revenue fell 8% to $105.4 million. The average customer count fell 13% to about 11,700, from 13,400. Over nine months, the average was 11,900 against 14,100, a 16% decline. Average revenue per customer rose 6% to a record $2,996 a month. Third-party media fees, which include the cost of buying media for clients, fell $4.3 million, "driven by a corresponding decrease in revenues," according to the 10-Q. Reed said digital marketing services revenue trends "improved sequentially" in the quarter.

Print and commercial revenue fell 9.4% to $269.9 million and still accounted for about 52% of the total. Print advertising fell 7.7% to $103.8 million and print circulation fell 13.1% to $120.4 million. The 10-Q attributes the circulation decline to "a reduction in the volume of subscribers," partially offset by higher rates. Gosser said both print advertising and print circulation trends improved compared with the second quarter.

A loss narrowed by a newspaper swap

On September 28, 2026, USA TODAY Co. acquired the remaining 50% interest in TNI Partners from Lee Enterprises and took full ownership and operation of the Arizona Daily Star. In exchange, it transferred its Montana and South Dakota publications to Lee. The 10-Q records an $18.1 million noncash exchange of businesses, and the company said the transactions added no debt. The 10-Q values 100% of TNI Partners at $34.4 million: $18.1 million for the publications handed to Lee and $16.3 million for the half of TNI the company already owned.

The accounting produced two gains in the quarter: $16.8 million from remeasuring the existing TNI stake at fair value, and $10.2 million from deconsolidating the Montana and South Dakota titles. Together they contributed about $27 million to a quarter in which the pre-tax loss was $5.8 million. Without them, the pre-tax loss would have been roughly $32.8 million, by PPC Land's calculation before tax effects. The deal also added $19.4 million of goodwill and $16.1 million of intangible assets, including a $3.8 million value for the Arizona Daily Star masthead.

The year-over-year comparison is also shaped by taxes. The third quarter of 2025 carried a $17.6 million tax provision; the third quarter of 2026 had a $1.2 million tax benefit. Adjusted net income, which excludes restructuring costs and asset gains, was $1.4 million, against an adjusted net loss of $31.0 million a year earlier.

Over nine months, revenue fell 6.6% to $1.604 billion, digital revenue fell 1.7% to $765.6 million and Total Adjusted EBITDA fell 3.1% to $166.6 million, by PPC Land's calculations from the 10-Q.

Guidance lowered

The company had reiterated its outlook in August. On November 5, it changed it.

  • Same-store total revenue is now expected to fall in the mid-single digits for 2026, against a previous expectation of a low single-digit decline, according to Gosser.
  • Digital revenue is now expected to exceed 50% of total revenue during 2027. The earlier target was 2026.
  • Net income attributable to the company is still expected to grow against 2025.
  • Total Adjusted EBITDA, cash from operating activities and free cash flow are expected to decline against 2025, with sequential improvement in the fourth quarter.

The first-quarter outlook, as PPC Land reported in May, also expected digital revenue to grow on a same-store basis in 2026. The November outlook contains no such statement. Same-store digital revenue fell 4.2% in the third quarter.

Gosser gave two reasons for the change. Although audience and page views stabilized between the second and third quarters, "we did see a little bit further of an erosion in that programmatic and sponsored links revenue year-over-year." Direct-sold revenue improved, "but not at enough of a pace to outpace that indirect revenue decline." The second reason was the delay in AI licensing deals.

Reed said the search changes "have pushed out our path to same-store total revenue growth by a few quarters" in his prepared remarks, and "a couple quarters" in his closing. "2027 will be a year with Adjusted EBITDA and free cash flow growth, driven by improving revenue trends and our significant cost reductions," he said.

Executive pay is tied to some of those targets. A new form of performance stock unit agreement filed with the 10-Q weights awards 40% on Total Digital Revenues, 30% on Total Adjusted EBITDA and 30% on free cash flow, across three one-year cycles. Payouts range from 50% of target at threshold to 120% at maximum.

Borrowing from Apollo to buy back stock

Cash and cash equivalents stood at $68.2 million on September 30. Total debt principal was $952.9 million: $705.1 million under the first lien term loan maturing October 15, 2029, $223.7 million of 6% convertible notes due 2031 and $24.1 million of 6% convertible notes due 2027. Net debt was $884.7 million. First lien net leverage was 2.5x, down 8.2% from a year earlier. The company paid down $17.7 million of debt in the quarter, matching the term loan's quarterly amortization. The term loan carries interest at Adjusted Term SOFR plus 4.50%, with a 1.50% floor on the SOFR component, and its effective rate was 8.9% on September 30, according to the 10-Q.

Free cash flow was $4.3 million, against $4.9 million a year earlier. Cash from operating activities rose 9.9% to $16.7 million, and capital expenditures were $12.6 million. Interest paid fell to $15.2 million from $18.9 million.

Against that backdrop, the company wants to buy its own shares. Its board has authorized repurchases of up to $100 million, of which $96.9 million remained available on September 30. No shares were repurchased under the program in the first nine months of 2026. "We think that where our shares are trading today, the company is significantly undervalued," Reed told Giuliano Bologna of Compass Point. "It's an opportunity for us to purchase shares at a significant discount to where the company should be trading."

The funding comes partly from new debt. On November 4, 2026, the term loan was amended to let the company incur up to $50.0 million of incremental loans from funds managed by affiliates of Apollo Global Management, no later than 45 days after the amendment, which falls on December 19, 2026 by PPC Land's count. The proceeds may be used to repurchase common stock on or before December 31, 2026. The company obtained consents from certain term loan lenders and certain holders of the 2031 notes to make the repurchases. The filings do not disclose the pricing of the incremental loans.

The consents matter because of the credit agreement's terms. Its general exception for dividends and share repurchases allows up to $25 million per quarter only when first lien net leverage is at or below 2.00x, rising to $50 million per quarter at or below 1.50x and no limit at or below 1.00x. Leverage was 2.5x on September 30.

Reed described the capital priorities in order: "reduction of debt, investment in the business, and opportunistic share repurchases." Gosser said that "debt paydown remains our primary focus of capital allocation." A company stating that priority is adding term debt to fund a buyback in the same week in which it lowered its outlook.

What the convertible notes imply

The 10-Q also allows a rough read on the share price. It states that the if-converted value of the 2031 notes exceeded their principal by $57.7 million on September 30. With 44.7 million shares issuable at the $5.00 conversion price, that implies a share price of about $6.29 at quarter-end, by PPC Land's calculation. At that price, the full $96.9 million remaining authorization would buy about 15.4 million shares, roughly 10.4% of the 147.8 million shares outstanding on November 2, and the $50 million Apollo facility alone would cover about 8.0 million shares. Actual purchase prices will differ.

The convertible notes work in the other direction. They can be converted into 49.6 million shares at the $5.00 conversion price (44.7 million for the 2031 notes and 4.8 million for the 2027 notes), and up to 158.2 million shares in total if the maximum make-whole adjustment applied, according to the 10-Q.

Gannett v. Google: $901 million before trebling

The company filed its civil action against Google LLC and Alphabet Inc. on June 20, 2023, in the U.S. District Court for the Southern District of New York, seeking injunctive relief and damages for what it alleges is "the anticompetitive monopolization of advertising technology markets" and "deceptive commercial practices," according to the 10-Q.

Judge P. Kevin Castel's ruling of September 30, 2026 denied most of Google's summary judgment motion in the cases brought by Gannett and Daily Mail. The release describes Google's motion as "recently denied." On the call, Reed was more precise: "At the end of September, the judge ruled against most all of Google's summary judgment, which was favorable to us." He said the trial date was set a few days later. The trial is expected to begin on April 5, 2027.

The ruling made the company's damages calculation public for the first time. "They were $901 million, and that was the damages that were part of our filing as of 2024," Reed said. "Those damages will roll forward to the trial date and be higher than the $901 million." Antitrust damages are subject to trebling, which on the $901 million figure alone would mean about $2.7 billion, by PPC Land's arithmetic. That outcome depends on a jury verdict in the company's favor, on the size of any award and on appeals.

The 10-Q is more cautious than the call. "At this stage, the Company is unable to predict the outcome or impact on its business and financial results," it states. The company accounts for the case as a gain contingency under ASC 450 and will record any gain only when the matter is resolved.

Two further details in the filing bear on the case. The term loan was amended in January 2026 to add a 1.00% prepayment premium if the company uses proceeds from the Google action, or any other judgment or settlement above $50.0 million, to prepay the loan. And a line covering "Google litigation costs (including related reimbursements) and other legal settlements" produced net income of $14.6 million over nine months, against a $4.4 million expense a year earlier. The 10-Q does not break down the reimbursements or the settlements.

Why the numbers matter for advertisers and publishers

USA TODAY Co.'s quarter is a large-scale case study in what happens to the open-web ad supply when search referrals fall. Chartbeat data covered by PPC Land showed search accounting for 12% of North American publisher pageviews in the third quarter of 2026, down from 21% a year earlier. One of the largest U.S. news networks now reports that its cheapest programmatic and sponsored-link inventory is shrinking by a third a year, and its chief executive describes the anonymous search visitor as the lowest-value user it serves.

For media buyers, that points to less low-cost open exchange supply from this network and more emphasis on direct deals, video and branded content packaged as "AI-discoverable." For other publishers, the quarter shows the limits of the offsets. Subscriptions grew only through price increases on a smaller base. AI licensing revenue arrived in lumps and the next deals slipped. Affiliate automation lifted clicks by 38%, with no revenue figure attached. And the $100 million cost program, which the company tied explicitly to search, was announced in the same release as a debt-funded share buyback.

The company has staked a large part of its argument on two dates. The fourth quarter, when the full effect of the cost cuts and any new AI agreements should appear, ends on December 31, 2026. The trial against Google begins on April 5, 2027.

Timeline

Summary

Who: USA TODAY Co., Inc. (NYSE: TDAY), formerly Gannett, publisher of USA TODAY, the USA TODAY NETWORK of local titles, Newsquest in the U.K. and the LocaliQ digital marketing business; chairman and CEO Mike Reed, CFO Trisha Gosser and USA TODAY Media president Kristin Roberts; Apollo Global Management, whose affiliated funds may lend up to $50 million; Lee Enterprises; and Google, the defendant in the company's antitrust case.

What: Third-quarter revenue fell 7.4% to $519.2 million and Adjusted EBITDA fell 36% to $36.6 million. Indirect digital advertising, mainly programmatic and sponsored content recommendations, fell 32% to about $100 million a year. The company implemented a $100 million annualized cost reduction program including workforce reductions, lowered its 2026 outlook, pushed its 50% digital revenue target to 2027 and arranged up to $50 million of Apollo-managed loans to fund share repurchases. It also disclosed a $901 million damages calculation, before trebling, in its case against Google.

When: The results, 8-K and 10-Q are dated November 5, 2026, covering the quarter ended September 30, 2026. The cost program was put in place in late September and completed in early October; the term loan amendment is dated November 4, 2026; the Google trial is set for April 5, 2027.

Where: The company operates in the United States and the United Kingdom, with a principal executive office in Pittsford, New York. The Google case is in the U.S. District Court for the Southern District of New York.

Why: According to the company, changes in consumer search reduced page views and indirect advertising revenue, the loss of a programmatic partner and Google's spam policy against back button hijacking cut third-party vendor revenue, and AI licensing deals arrived later than expected. Management says the cost cuts, direct-sold advertising, subscriptions and AI licensing will return the company to Adjusted EBITDA and free cash flow growth in 2027, and that its shares are undervalued.