IAC Inc.

Previous wording

IAC today is comprised of category leading businesses, including Dotdash Meredith (“DDM”) and Care.com among others and holds strategic equity positions in MGM Resorts International (“MGM”) and Turo Inc. (“Turo”).

Current wording

IAC today is comprised of category leading businesses, including People Inc. and Care.com, among others, and holds strategic equity positions in MGM Resorts International (“MGM”) and Turo Inc. (“Turo”).

Previous wording

As used herein, “IAC,” the “Company,” “we,” “our” or “us” and similar terms refer to IAC Inc. and its subsidiaries (unless the context requires otherwise).

Current wording

As used herein, “IAC,” the “Company,” “we,” “our” or “us” and other similar terms refer to IAC Inc. and its subsidiaries (unless the context requires otherwise).

Previous wording

On March 31, 2025, IAC completed the spin-off of Angi Inc. (“Angi”) by means of a special dividend (the “Distribution”) of all shares of Angi capital stock held by IAC to holders of its common stock and Class B common stock. As a result of the Distribution, IAC no longer owns any shares of Angi’s capital stock and Angi became an independent public company. On November 1, 2023, Angi completed the sale of Total Home Roofing, LLC (“Roofing”) and reflected it as a discontinued operation in its standalone financial statements. At the time of its sale, Roofing did not meet the threshold to be reflected as a discontinued operation at the IAC level, therefore, IAC moved Roofing to Emerging & Other. As a result of the Distribution, the operations of Angi, which include Roofing, are presented as discontinued operations within IAC’s consolidated financial statements for all periods prior to March 31, 2025.

Current wording

On March 31, 2025, IAC completed the spin-off of Angi Inc. (“Angi”) by means of a special dividend (the “Distribution”) of all shares of Angi capital stock held by IAC to holders of its common stock and Class B common stock. As a result of the Distribution, IAC no longer owns any shares of Angi’s capital stock and Angi became an independent public company. On November 1, 2023, Angi completed the sale of Total Home Roofing, LLC (“Roofing”) and reflected it as a discontinued operation in its standalone financial statements. At the time of its sale, Roofing did not meet the threshold to be reflected as a discontinued operation at the IAC level, therefore, IAC moved Roofing to Emerging & Other. As a result of the Distribution, the operations of Angi, which include Roofing, are presented as discontinued operations within IAC’s consolidated financial statements for all periods prior to March 31, 2025. See “Note 12—Discontinued Operations” in the accompanying notes to the financial statements included in “Item 1—Consolidated Financial Statements” for additional information.

Previous wording

•DDM - one of the largest digital and print publishers in America. More than 150 million people trust DDM each month to help them make decisions, take action, and find inspiration. DDM’s over 40 iconic brands include People, Better Homes & Gardens, Verywell, FOOD & WINE, The Spruce, allrecipes, BYRDIE, REAL SIMPLE, Investopedia, and Southern Living. DDM has two operating segments: (i) Digital, which includes its digital, mobile and licensing operations; and (ii) Print, which includes its magazine subscription and newsstand operations;

Current wording

•People Inc. - one of the largest digital and print publishers in America and is committed to content—made by people for people—that delights, teaches, inspires and entertains. More than 175 million people trust People Inc. each month to help them make decisions, take action, and find inspiration. People Inc.’s over 40 iconic brands include PEOPLE, Better Homes & Gardens, Verywell, Food & Wine, Travel + Leisure, Allrecipes, REAL SIMPLE, Investopedia, and Southern Living. People Inc. has two operating segments: (i) Digital, which includes its digital, mobile and licensing operations; and (ii) Print, which includes its magazine subscription and newsstand operations;

Previous wording

◦Advertising revenue - primarily includes revenue generated from digital advertisements and intent-based advertising targeting capabilities sold directly to advertisers or through advertising agencies and programmatic advertising networks.

Current wording

◦Advertising revenue - primarily includes revenue generated from digital advertisements and intent-based advertising targeting capabilities (D/Cipher+), which are sold directly to advertisers or through advertising agencies and programmatic advertising networks.

Previous wording

◦Performance marketing revenue - primarily includes commissions generated through affiliate commerce, performance marketing services and affinity marketing channels. Affiliate commerce commission revenue is generated when DDM’s branded content refers consumers to commerce partner websites resulting in a purchase or transaction. Performance marketing services commission revenue is generated on a cost-per-click or cost-per-action basis. Affinity marketing programs are arrangements where DDM acts as an agent for both DDM and third-party publishers to market and place magazine subscriptions online for which commission revenue is earned when a subscriber name has been provided to the publisher.

Current wording

◦Performance marketing revenue - primarily includes commissions generated through affiliate commerce, performance marketing services and affinity marketing channels. Affiliate commerce commission revenue is generated when People Inc.’s branded content refers consumers to commerce partner websites resulting in a purchase or transaction. Performance marketing services commission revenue is generated on a cost-per-click or cost-per-action basis. Affinity marketing programs are arrangements where People Inc. acts as an agent for both People Inc. and third-party publishers to market and place magazine subscriptions online for which commission revenue is earned when a subscriber name has been provided to the publisher.

Previous wording

•Print Revenue - primarily includes subscription, advertising, newsstand, project and other, and performance marketing revenue.

Current wording

•Print Revenue - primarily includes subscription, advertising, newsstand, project and other, and performance marketing revenue. Project and other and performance marketing revenue include revenue from advertising agency related revenue and customer publishing, and revenue from marketing third-party magazine subscriptions, respectively.

Previous wording

•Total Sessions - represents unique visits to all sites that are part of DDM’s network.

Current wording

•Total Sessions - represents unique visits to all sites that are part of People Inc.’s network.

Previous wording

•Core Sessions - represents a subset of Total Sessions that comprises unique visits to DDM’s most significant (in terms of investment) owned and operated sites as follows:

Current wording

•Core Sessions - represents a subset of Total Sessions that comprises unique visits to People Inc.’s most significant (in terms of investment) owned and operated sites as follows:

Previous wording

•Enterprise Revenue - consists of revenue primarily generated through annual contracts with businesses (employers or re-sellers) who provide access to Care.com’s suite of products and services as an employee benefit.

Current wording

•Enterprise Revenue - consists of revenue primarily generated through annual contracts with businesses(Care for Business) (employers or re-sellers) who provide access to Care.com’s suite of products and services as an employee benefit.

Previous wording

•Cost of revenue (exclusive of depreciation) -consists primarily of traffic acquisition costs, which include (i) payments made to partners who direct traffic to our Ask Media Group websites and who distribute our business-to-business customized browser-based applications and (ii) the amortization of fees paid to Apple and Google related to the distribution of apps and the facilitation of in-app purchases. Traffic acquisition costs include payment of amounts based on revenue share and other arrangements. Cost of revenue also includes production, distribution and editorial costs at DDM, compensation expense (including stock-based compensation expense) and other employee-related costs, content costs, hosting fees, credit card processing fees and payments made to care providers for Care For Business.

Current wording

•Cost of revenue (exclusive of depreciation) -consists primarily of traffic acquisition costs, which include (i) payments made to partners who direct traffic to our Ask Media Group websites and who distribute our business-to-business customized browser-based applications and (ii) the amortization of fees paid to Apple and Google related to the distribution of apps and the facilitation of in-app purchases. Traffic acquisition costs include payment of amounts based on revenue share and other arrangements. Cost of revenue also includes production, distribution and editorial costs at People Inc. related to the Print segment, compensation expense (including stock-based compensation expense) and other employee-related costs, content costs, hosting fees, credit card processing fees and payments made to care providers for Care For Business.

Previous wording

•Selling and marketing expense -consists primarily of advertising expenditures, which include online marketing expenditures, including fees paid to search engines, social media sites and other online marketing platforms, offline marketing expenditures, which primarily consists of costs related to television, streaming and radio advertising within our Care.com segment, compensation expense (including stock-based compensation expense) and other employee-related costs for sales force and marketing personnel and subscription acquisition costs related to DDM.

Current wording

•Selling and marketing expense -consists primarily of advertising expenditures, which include online marketing expenditures, including fees paid to search engines, social media sites and other online marketing platforms, offline marketing expenditures, which primarily consists of costs related to television, streaming, direct mail and radio advertising within our Care.com segment, compensation expense (including stock-based compensation expense) and other employee-related costs for sales force and marketing personnel and subscription acquisition costs related to People Inc.

Previous wording

Long-term debt(for additional information see “Note 3—Long-term Debt” in the accompanying notes to the financial statements included in “Item 1—Consolidated Financial Statements”):

Current wording

Long-term debt -All of the Company’s long-term debt are liabilities of People Inc. (For additional information see “Note 3—Long-term Debt” in the accompanying notes to the financial statements included in “Item 1—Consolidated Financial Statements”):

Previous wording

Google has made changes to the policies under the Services Agreement and has also made industry-wide changes that have in the past (and could in the future) require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which have negatively impacted revenue and been costly to address (and could in the future), which have had and could have an adverse effect on our business, financial condition and results of operations. Further, changes to certain of the economic terms of the Services Agreement became effective April 1, 2025 and could impact Search revenue. See “Note 1—The Company and Summary of Significant Accounting Policies” in the accompanying notes to the financial statements included in “Item 1—Consolidated Financial Statements” for additional information on the Services Agreement with Google.

Current wording

Google has made changes to the policies under the Services Agreement and has also made industry-wide changes that have in the past (and could in the future) require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which have negatively impacted revenue and been costly to address (and could in the future), and which have had and could have an adverse effect on our business, financial condition and results of operations. Further, changes to certain of the economic terms of the Services Agreement became effective April 1, 2025 and could impact Search revenue. See “Note 1—The Company and Summary of Significant Accounting Policies” in the accompanying notes to the financial statements included in “Item 1—Consolidated Financial Statements” for additional information on the Services Agreement.

Previous wording

Results of Operations for the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Current wording

Results of Operations for the Three and Six Months Ended June 30, 2025 Compared to the Three and Six Months Ended June 30, 2024

Previous wording

◦The Digital increase was due primarily to increases of $7.5 million, or 30%, in Licensing and Other revenue, $5.7 million, or 11%, in Performance marketing revenue and $1.7 million, or 1%, in Advertising revenue. The increase in Licensing and Other revenue was due primarily to the addition of the OpenAI partnership, which began in May 2024, and improved performance of content syndication partners including Apple News+. The increase in Performance marketing revenue was due primarily to an increase in affiliate commerce commission revenue, partially offset by a decrease in performance marketing service revenue in the Finance category. The increase in Advertising revenue was driven primarily by an increase in premium advertising sold through the DDM sales team in the Technology, Retail and Beauty & Style categories, partially offset by lower programmatic revenue as a result of lower impression volumes driven by a 3% decrease in Core Sessions, partially offset by higher programmatic rates.

Current wording

◦The Digital increase was due primarily to increases of $7.7 million, or 5%, in Advertising revenue, $7.5 million, or 14.0%, in Performance marketing revenue and $7.0 million, or 23%, in Licensing and Other revenue. The increase in Advertising revenue was driven primarily by an increase in premium advertising sold through the People Inc. sales team in the Health and Pharmaceuticals, Technology and Travel categories, partially offset by lower programmatic revenue primarily due to lower impression volumes driven by higher premium advertising growth and related impression consumption, partially offset by higher programmatic rates. The increase in Performance marketing revenue was due primarily to an increase in affiliate commerce commission revenue, partially offset by a decrease in performance marketing service revenue in the Finance category. The increase in Licensing and Other revenue was due primarily toimproved performance from content syndication partners and Apple News+, as well as the contribution of a full quarter of OpenAI revenue, a partnership which beganin May 2024 (the “OpenAI Partnership”).

Previous wording

◦The Print decrease was due primarily to decreases of $5.2 million, or 12%, in advertising revenue, $3.6 million, or 5% in subscription revenue, $2.6 million, or 9%, in project and other revenue and $2.4 million, or 23%, in performance marketing revenue. The decreases in advertising revenue, subscription revenue and performance marketing revenue are all due, in part, to ongoing portfolio optimization changes that resulted in a reduction in the number of issues sold in the current quarter compared to the prior year quarter and the ongoing migration of audience from print to digital platforms. The decrease in project and other revenue was due primarily to political advertising spend from a legacy agency business in 2024 on third-party publisher platforms.

Current wording

◦The Print decrease was due primarily to decreases of $8.3 million, or 18%, in advertising revenue, $6.8 million, or 18%, in project and other revenue, $2.7 million, or 33%, in performance marketing revenue and $2.6 million, or 3% in subscription revenue, partially offset by an increase of $2.4 million, or 10%, in newsstand revenue. The decreases in advertising revenue, performance marketing revenue and subscription revenue are all due, in part, to ongoing portfolio optimization changes that resulted in a reduction in the number of issues sold in the current quarter compared to the prior year quarter and the ongoing migration of audience from print to digital platforms. The decrease in project and other revenue was due to a decrease in ticket sales for certain branded events. The increase in newsstand revenue was due primarily to an increase in the number of newsstand only issues produced in the current year and increased sales efficiency on titles produced in the prior year.

Previous wording

•Care.com revenue decreased 4% to $88.9 million due primarily to a decrease of $4.8 million, or 9%, in Consumer Revenue, partially offset by an increase of $1.1 million, or 3%, in Enterprise Revenue. The decrease in Consumer Revenue was driven by a lower number of subscriptions on the Care.com platform. The increase in Enterprise Revenue was primarily due to an increase in backup care usage.

Current wording

•Care.com revenue decreased 6% to $82.0 million due primarily to decreases of $4.2 million, or 9%, in Consumer Revenue and $1.4 million, or 4%, in Enterprise Revenue. The decrease in Consumer Revenue was driven by fewer Care.com platform subscriptions. The decrease in Enterprise Revenue was primarily due to lower overall product utilization.

Previous wording

•Search revenue decreased 35% to $70.3 million due to decreases of $32.3 million, or 36%, from Ask Media Group, resulting from a reduction in marketing from affiliate partners that drove fewer visitors to our ad supported search and content websites and $5.9 million, or 32%, from Desktop due primarily to a decline in search queries from our legacy business-to-business partnership operations.

Current wording

•Search revenue decreased 39% to $61.7 million due to decreases of $32.8 million, or 39%, from Ask Media Group, resulting from channel mix, and a reduction in marketing through affiliate partners, which drove fewer visitors to our ad-supported search and content websites and, $7.3 million, or 41%, from Desktop due primarily to the continued decline in search queries from our legacy business-to-business partnership operations.

Previous wording

•Emerging & Other revenue decreased 46% to $18.3 million due primarily to the inclusion in the prior year period of $17.9 million in revenue from Mosaic Group, the assets of which were sold on February 15, 2024, partially offset by an increase in revenue of $2.6 million, or 72%, from The Daily Beast.

Current wording

•Emerging & Other revenue decreased 37% to $34.2 million due primarily to the inclusion in the prior year period of $17.8 million in revenue from Mosaic Group, the assets of which were sold on February 15, 2024, and a decrease of $4.4 million, or 71%, from IAC Films, partially offset by an increase in revenue of 39%, from The Daily Beast.

Previous wording

Cost of revenue in 2025 decreased from 2024 due primarily to decreases of $40.2 million from Search, $8.4 million from Emerging & Other and $4.2 million from DDM.

Current wording

Cost of revenue in 2025 decreased from 2024 due primarily to decreases of $44.4 million from Search, $4.1 million from People Inc. and $2.4 million from Emerging & Other.

Previous wording

•The Search decrease was due primarily to a decrease in traffic acquisition costs of $39.3 million following a decrease in revenue and the proportion of revenue earned from affiliate partners who direct traffic to our websites.

Current wording

•The Search decrease was due primarily to a decrease in traffic acquisition costs of $43.8 million following a decrease in revenue and the proportion of revenue earned from affiliate partners who direct traffic to our websites.

Previous wording

•The DDM decrease was due primarily to a decrease of $13.5 million from Print, partially offset by an increase of $9.4 million from Digital.

Current wording

•The People Inc. decrease was due primarily to a decrease of $11.8 million from Print, partially offset by an increase of $9.4 million from Digital.

Previous wording

•The Emerging & Other decrease was due primarily to the inclusion in the prior year period of $7.8 million in expense from Mosaic Group, the assets of which were sold on February 15, 2024.

Current wording

•The Emerging & Other decrease was due primarily to the inclusion in the prior year period of $7.7 million in expense from Mosaic Group, the assets of which were sold on February 15, 2024, and a decrease of $2.6 million in compensation expense at The Daily Beast resulting from a planned reduction in editorial staff in the prior year.

Previous wording

◦The Print decrease was due primarily to a decrease of $10.9 million in production and distribution costs (postage, printing, paper and content) resulting from the planned reduction in the number of printed copies of certain publications and a decrease in paper costs and a decrease of $2.1 million in compensation expense primarily related to headcount reductions in the fourth quarter of 2024 intended to better align resources with strategic initiatives.

Current wording

◦The Print decrease was due primarily to a decrease of $21.5 million in production and distribution costs (postage, printing, paper and editorial) resulting from the planned reduction in the number of printed copies of certain publications and a decrease in paper costs and a decrease of $2.3 million in compensation expense primarily related to headcount reductions in the fourth quarter of 2024 intended to better align resources with strategic initiatives.

Previous wording

◦The Digital increase was due primarily to increases of $5.6 million in compensation expense and $2.0 million in both traffic acquisition costs and content costs. The increase in compensation expense was due primarily to an increase in headcount to better align resources with strategic initiatives. The increase in traffic acquisition costs was due primarily to a new contractual relationship entered into in the prior year to increase programmatic revenue rates. The increase in content costs was due primarily to increased demand for custom content campaigns within premium advertising revenue.

Current wording

◦The Digital increase was due primarily to increases of $12.0 million in compensation expense, $4.8 million in content costs, $1.8 million in traffic acquisition costs and $1.3 million in spend related to advertising campaigns sold with D/Cipher+. The increases in both compensation expense and content costs were due primarily to the factors described above in the three-month discussion. The increase in traffic acquisition costs was due primarily to a new contractual relationship entered into in the prior year to increase programmatic revenue rates.

Previous wording

•The Search increase was due primarily to an increase of $6.5 million in online marketing spend due to higher traffic volume.

Current wording

•The Search increase was due primarily to an increase of $7.0 million in online marketing spend due to higher traffic through internal marketing efforts, partially offset by a decrease of $0.5 million in compensation expense due to a reduction in headcount.

Previous wording

◦The Digital increase was due primarily to increases in compensation expense and online marketing spend of $2.3 million and $1.8 million, respectively. The increase in compensation expense was primarily related to higher headcount and commissions. The increase in online marketing spend was due primarily to an increase in paid affiliate commerce.

Current wording

◦The Digital increase was due primarily to increases of $10.0 million in advertising and events production expense due, in part, to an increase in online marketing spend due primarily to an increase in paid affiliate commerce commission revenue and $2.5 million in compensation expense due primarily to higher headcount and commissions.

Previous wording

◦The Print decrease was due primarily to decreases of $2.7 million in compensation expense and $1.7 million in offline marketing spend. The decrease in compensation expense was primarily related to headcount reductions in the fourth quarter of 2024 intended to better align resources with strategic initiatives. The decrease in offline marketing spend was due primarily to the promotion of branded events in the prior year period.

Current wording

◦The Print decrease was due primarily to decreases of $5.2 million in advertising and events production expense due, in part, to a decrease in direct mail marketing spend, and $1.0 million in compensation expense primarily related to headcount reductions in the fourth quarter of 2024 intended to better align resources with strategic initiatives.

Previous wording

•The DDM decrease was due primarily to the inclusion in 2025 of a gain of $36.2 million from the termination of a lease for certain unoccupied office space at Other (unallocated corporate costs).

Current wording

•The People Inc. decrease was due primarily to the inclusion in 2025 of a gain of $36.2 million from the termination of a lease for certain unoccupied office space at Other (unallocated corporate costs).

Previous wording

•The Corporate decrease was due primarily to a decrease in compensation expense of $21.6 million, partially offset by $4.8 million intransaction-related costs related to the Distribution. The decrease in compensation expense was due primarily to a decrease of $37.9 million in stock-based compensation expense due primarily to the reversal of $49.8 million of previously recognized expense related to the forfeiture of our former Chief Executive Officer’s (“CEO”), Joseph Levin, 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, prior to the Distribution, to Mr. Levin, pursuant to the Employment Transition Agreement. Partially offsetting this decrease in stock-based compensation is $14.5 million in separation benefits to our former CEO under the Employment Transition Agreement and $1.8 million in severance and related expenses driven by other headcount reductions.

Current wording

•The Corporate decrease was due primarily to a decrease in compensation expense of $28.1 million, partially offset by $4.8 million intransaction-related costs related to the Distribution. The decrease in compensation expense was due primarily to a decrease of $41.9 million in stock-based compensation expense due primarily to the inclusion in the prior year period of $4.9 million of expense related to our former CEO’s restricted stock award and the reversal in the current year period of $49.8 million of previously recognized expense related to the forfeiture of the aforementioned restricted stock award pursuant to the Employment Transition Agreement described above in the three-month discussion, 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, prior to the Distribution, to our former CEO, pursuant to the Employment Transition Agreement. Partially offsetting this decrease in stock-based compensation expense is $14.7 million in separation benefits to our former CEO under the Employment Transition Agreement and $2.1 million in severance and related expenses driven by other headcount reductions.

Previous wording

•The Emerging & Other decrease was due primarily to the inclusion in the prior year period of$8.0 million of expense from Mosaic Group, the assets of which were sold on February 15, 2024.

Current wording

•The Emerging & Other decrease was due primarily to the inclusion in the prior year period of$8.0 million of expense from Mosaic Group, the assets of which were sold on February 15, 2024, and a decrease of $1.8 million in compensation expense from Vivian Health related to headcount reductions.

Previous wording

Depreciation in 2025 decreased from 2024 due primarily to a decrease of $1.1 million at Care.com, partially offset by an increase of $0.6 million at DDM. The decrease at Care.com was due primarily to certain capitalized software being fully depreciated. The increase at DDM was due primarily to accelerated depreciation expense recognized in 2025 on certain leasehold improvements in connection with the termination of a lease for certain unoccupied office space, partially offset by certain assets being fully depreciated in the fourth quarter of 2024 and accelerated depreciation expense recognized in 2024 on certain leasehold improvements in connection with the termination of a lease.

Current wording

Depreciation in 2025 decreased from 2024 due primarily to decreases of $0.8 million at People Inc. and $0.3 million at Care.com. The decrease at People Inc. was due primarily to certain assets being fully depreciated in the prior year. The decrease at Care.com was due primarily to certain capitalized software being fully depreciated.

Previous wording

Amortization of intangibles in 2025 decreased from 2024 due primarily to lower expense at DDM due to certain intangible assets that became fully amortized in the prior year.

Current wording

Amortization of intangibles in 2025 decreased from 2024 due primarily to lower expense at People Inc. due to certain intangible assets that became fully amortized in the prior year.

Previous wording

Operating income in 2025 increased $99.2 million to $35.8 million from a loss of $63.4 million in 2024 due primarily to an increase of $45.3 million in Adjusted EBITDA, described below, a decrease of $39.9 million in stock-based compensation expense and decreases of $13.2 million in amortization of intangibles and $0.8 million in depreciation, both described above. The decrease in stock-based compensation expense was due primarily to a reversal of expense resulting from an increase in awards being forfeited in the current year, as described above in the general and administrative expense discussion, partially offset by new awards granted in 2024.

Current wording

Operating income in 2025 increased $121.3 million to $36.4 million from a loss of $84.9 million in 2024 due primarily to an increase of $52.0 million in Adjusted EBITDA, described below, a decrease of $40.9 million in stock-based compensation expense and decreases of $26.5 million in amortization of intangibles and $1.9 million in depreciation. The decrease in stock-based compensation expense was due primarily to the inclusion in the prior year period of expense related to our former CEO’s restricted stock award and the subsequent reversal of expense in 2025 resulting from the forfeiture of the aforementioned award on January 13, 2025, as described above in the general and administrative expense discussion, partially offset by new awards granted subsequent to June 30, 2024. The decreases in amortization of intangibles and depreciation are described above.

Previous wording

At March 31, 2025, there was $96.6 million of unrecognized compensation cost, net of estimated forfeitures, related to all equity-based awards, which is expected to be recognized over a weighted average period of approximately 2.2 years.

Current wording

At June 30, 2025, there was $108.4 million of unrecognized compensation cost, net of estimated forfeitures, related to all equity-based awards, which is expected to be recognized over a weighted average period of approximately 2.2 years.

Previous wording

◦The Print Adjusted EBITDA increase was due primarily to lower operating expenses from continued cost rationalization efforts, including lower cost of revenue, partially offset by lower revenue.

Current wording

◦The Print Adjusted EBITDA increase was due primarily to lower operating expenses from continued cost rationalization efforts, partially offset by lower revenue.

Previous wording

◦The Digital Adjusted EBITDA increase was due primarily to higher revenue, partially offset by higher cost of revenue and an increase in online marketing.

Current wording

◦The Digital Adjusted EBITDA decrease was due primarily to higher cost of revenue, an increase in online marketing spend and increased investment in D/Cipher+ and the PEOPLE app, partially offset by higher revenue.

Previous wording

•Care.com Adjusted EBITDA decreased 12% to $14.5 million due primarily to lower revenue and higher compensation costs, partially offset by lower selling and marketing expense.

Current wording

•Search Adjusted EBITDA increased 10% to $5.1 million due primarily to lower traffic acquisition costs, partially offset by lower revenue and higher selling and marketing expense.

Previous wording

•DDM Adjusted EBITDA increased 166% to $80.3 million due to increases in Adjusted EBITDA of $34.1 million from Other (unallocated corporate costs), $10.5 million from Print and $5.4 million from Digital.

Current wording

•People Inc. Adjusted EBITDA increased 55% to $149.9 million due to increases in Adjusted EBITDA of $34.3 million from Other (unallocated corporate costs), $14.0 million from Print and $5.0 million from Digital.