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**Strategic Review Launched**: Engaged advisors to explore transactions amid $503M cash and 34% EBITDA margin. 
**Revenue Growth**: Q3 +3% to $363.7M, driven by cybersecurity (+2%) and health/wellness (+13%). 
**AI Breakthroughs**: AI automates 80% of coupon processing; Halo/Imagine platforms targeting $2B+ markets. 
**Share Buybacks**: $109M spent YTD, 3.6M shares repurchased at 17% discount. 
**M&A Pipeline**: $67M invested in 7 deals, targeting leadership brands with 20%+ returns.

**【Management Opening Remarks】**
- CFO Brett Richter announced the engagement of outside advisors to evaluate potential transactions to unlock shareholder value, noting the company's enhanced segment-level reporting and sum-of-the-parts valuation approach. 
- Emphasized the disconnect between current market cap and intrinsic value, with $503.4M in cash and a strong balance sheet supporting strategic flexibility.

**【CEO Commentary】**
- CEO Vivek Shah highlighted Q3 revenue growth of nearly 3% (YoY), driven by cybersecurity/martech and health/wellness segments, despite challenges in tech/shopping due to declining game publishing revenue.
- Launched AI initiatives: Halo (health targeting) and Imagine (gaming cognitive AI), with 80% of coupon processing now automated via AI.
- Discussed strategic review rationale: inbound interest from strategics/private equity, and the potential for competitive dynamics in a sum-of-the-parts valuation environment.

**【CFO Financial Commentary】**
- Q3 2025: Revenues $363.7M (+3% YoY), Adjusted EBITDA $124.1M (-0.5% YoY), Adjusted EPS $1.76 (+7% YoY). 
- Free cash flow $108.2M (+35% YoY), with $109M spent on share buybacks (85% of YTD FCF). 
- Connectivity and cybersecurity/martech segments showed strong pipeline growth, offsetting tech/shopping headwinds.

**【Q&A Highlights】**
- **Valuation Disconnect**: CEO noted 35% of revenue dependent on search, but 17.5% exposure to AIO reviews, with stable query prevalence. 
- **M&A Strategy**: $67.3M invested in 7 YTD acquisitions, focusing on leadership brands with cash-on-cash returns. 
- **AI Licensing**: Joined RSL Collective for content compensation, blocking AI bots to preserve content quality. 
- **Future Growth**: Connectivity and cybersecurity/martech poised for Q4 acceleration with new product launches.

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