Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

17. Segment Reporting

The Company leverages its Platform to build content verticals powered by anchor brands. The Company’s strategy is to focus on key subject matter verticals where audiences are passionate about a topic category where it can leverage the strength of its core brands to grow its audience and monetize editorially focused online content through various display and video advertisements that are viewed by internet users of the content.

The Company’s CODM is the Chief Executive Officer. The Company’s CODM was newly appointed to this role in 2024 and began reviewing segment gross profit by vertical when evaluating performance and making resource allocation decisions rather than focusing on consolidated company net income, which resulted in a change to reportable segments. The prior period presented has been re-cast to reflect this change. Changes to the CODM in subsequent periods may result in a change to reportable segments. This segment profit measure is defined as segment revenue less segment cost of revenue, consisting of costs and expenses directly attributable to the segment. The Company now has four reportable segments: Sports & Leisure, Finance, Lifestyle, and Platform. The Company’s reportable segments are organized in subject matter verticals that offer content on the respective topic.

Each of the reportable segments derives its revenue from digital advertising, digital subscriptions, performance marketing, publisher revenue, and licensing and publisher revenues as described above in Note 2.

The following tables summarize key financial information by segment:

	Three Months Ended March 31, 2025
	Sports & Leisure		Finance		Lifestyle		Platform		Total
Digital advertising	$	9,716	$	3,959	$	5,164	$	2,978
Digital subscriptions		-		1,649		-		22
Publisher Revenue		1,632		454		861		157
Performance Marketing		1,107		2,036		1,647		-
Other digital revenue		8		-		-		218
Total digital revenue		12,463		8,098		7,672		3,375
Print revenue		-		-		207		-
Total		12,463		8,098		7,879		3,375	$	31,815
Less: (1)
External Cost of Content		1,972		85		127		1,911
Internal Cost of Content		1,996		2,250		2,381		8
Technology costs		958		537		508		351
Print, distribution and fulfillment costs		1		-		176		-
Other segment items		-		2		-		-
Segment gross profit		7,536	$	5,224	$	4,687	$	1,105		18,552

Reconciliation of Segment Gross Profit to Net Income Before Income Taxes:
Less unallocated cost of revenue amounts:
Internal cost of content		360
Technology costs		1,247
Amortization of developed technology and platform development		1,276
Selling and marketing		2,134
General and administrative		5,283
Depreciation and amortization		890
Interest expense, net		3,004
Liquidated damages		75
Total unallocated costs		14,269
Net income before income taxes	$	4,283

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

	Three Months Ended March 31, 2024
	Sports & Leisure		Finance		Lifestyle		Platform		Total
Digital advertising	$	11,054	$	3,401	$	5,745	$	2,548
Digital subscriptions		-		2,318		-		16
Publisher Revenue		1,057		340		465		241
Performance Marketing		294		202		176		-
Other digital revenue		550		8		9		244
Total digital revenue		12,955		6,269		6,395		3,049
Print revenue		273		-		-		-
Total		13,228		6,269		6,395		3,049	$	28,941
Less: (1)
External Cost of Content		4,279		52		79		1,947
Internal Cost of Content		2,213		1,692		1,935		78
Technology costs		505		633		184		181
Print, distribution and fulfillment costs		150		-		94		-
Other segment items		26		-		2		-
Segment gross profit	$	6,055	$	3,892	$	4,101	$	843		14,891

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

The Company’s long-lived assets, consisting of property and equipment, and operating leases, are located in the United States. No asset information is provided to the CODM.