Good day, ladies and gentlemen, and welcome to the Ziff Davis First Quarter 2025 Earnings Conference Call. My name is Paul, and I will be the operator assisting you today. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. On this call will be Vivek Shah, CEO of Ziff Davis, and Bret Richter, Chief Financial Officer of Ziff Davis. I will now turn the call over to Bret Richter, Chief Financial Officer of Ziff Davis. Thank you. You may begin. Thank you. Good morning, everyone, and welcome to the Ziff Davis Investor Conference Call for Q1 2025. As the operator mentioned, I am Bret Richter, Chief Financial Officer of Ziff Davis, and I am joined by our Chief Executive Officer, Vivek Shah. A presentation is available for today's call. A copy of this presentation is available on our website. When you launch the webcast, there is a button on the viewer on the right-hand side, which will allow you to expand the slides. If you have not received a copy of the press release, you may access it through our corporate website at www.ziffdavis.com. In addition, you'll be able to access the webcast from this site. After completing the formal presentation, we'll be conducting a Q&A. The operator will instruct you at that time regarding the procedures for asking questions. In addition, you can email questions to investor@ziffdavis.com. Before we begin our prepared remarks, allow me to read the safe harbor language. As you know, this call and the webcast will include forward-looking statements. Such statements may involve risks and uncertainties that would cause actual results to differ materially from the anticipated results. Some of those risks and uncertainties include, but are not limited to, the risk factors that we have disclosed in our SEC filings, including our 10-K filings, recent 10-Q filings, various proxy statements and 8-K filings, as well as additional risk factors that we have included as part of the slideshow for the webcast. We refer you to discussions in those documents regarding safe harbor language, as well as forward-looking statements. In addition, following our business outlook slides are our supplemental materials, including reconciliation statements for non-GAAP measures to the nearest GAAP equivalent. Now, let me turn the call over to Vivek for his remarks. Thank you, Brett, and good morning, everyone. We are pleased with our first quarter results, with revenues and adjusted EBITDA both ahead of our internal estimates. We also believe that Q2 will show accelerating growth, and we are reaffirming our full-year guidance, which, as a reminder, reflects revenue growth of 5% and adjusted EBITDA growth of 6% at the midpoint. We continue to be an active buyer of our shares, and we are settling into a nice M&A cadence with two acquisitions in Q1, one in early Q2, and another signed last week. Four of our five reportable segments grew in revenues in Q1. Taken together, these four segments, which historically were combined into the digital media segment, grew over 9%. The fifth segment, cybersecurity and martech, declined nearly 11%. However, much of that decline relates to certain timing benefits that occurred in the first quarter of 2024. I'd like to share some thoughts about each of our five segments. Starting with tech and shopping, revenues grew nearly 18% through the combination of organic growth and M&A, and adjusted EBITDA grew nearly 44%. Our bottom-line growth reflects the margin expansion we had planned for CNET, as well as the shift in our strategy for B2B. We've simplified our B2B product offerings and reduced expenses in a shrink-to-grow approach that's working. CES was a great success this past January, where we unveiled our new tech media portfolio branding, CNET Group, to clients and agencies at the event. We also partnered with the CTA, the organizers of CES, to launch the official Best of CES Awards, reinforcing our category leadership. Gaming and entertainment revenues grew by nearly 4%, with 7% growth in ad revenue, while subscription revenues were slightly down. Our Humble Bundle platform had a weaker lineup of game offerings during the quarter. We’re focused on improving our merchandising assortment and securing better IP for future bundles. We’re cautiously optimistic that the June launch of Nintendo Switch 2 will represent a nice tailwind for the video game ad market. Adjusted EBITDA for gaming and entertainment declined in the quarter, based on revenue mix and expense timing, which we believe will reverse itself in Q2. Health and wellness grew revenues over 7%, and adjusted EBITDA grew by over 12%. Prior to last year, the health and wellness business was one of our most consistent growers. We view last year as an aberration, and this quarter’s growth, as well as a healthy pharma ad upfront, has indications of a promising return to high single-digit growth for the segment. It's also worth noting that the subscription business is now 15% of the segment's revenues, which has been a diversification priority for all of our digital media businesses. Connectivity's revenues grew by 5%, with the core part of the business, subscription and licensing, growing by 7%. In particular, we saw strong growth from both Speedtest and Downdetector. With the market adoption and deployment of Wi-Fi 7 in 2025, we believe we will experience increased demand for Ekahau. Connectivity has historically been our fastest-growing segment, and we're pleased to see it poised for a re-acceleration in growth in 2025. The margins of this business are industry-leading and continue to impress at over 50%, and we believe this will once again be a rule-of-60-plus data services and software business. Finally, as I mentioned, the one segment that did decline in the quarter was cybersecurity and martech, which fell nearly 11% in revenues, partly due to the timing of certain revenues recognized in the prior year's first quarter. Given some of the sequential revenue trends and a small acquisition in early Q2, we still expect to see this segment grow in the second half of the year. We're particularly encouraged by progress in our VPN business, where we believe we've stabilized our revenue, and we're now on a trajectory to grow organically. Our advertising markets, tech and shopping, health and wellness, gaming and entertainment, were strong in Q1 and hold promise for the year. Obviously, there's a meaningful amount of uncertainty in the world right now, but we remain cautiously optimistic. Our subscription and licensing businesses are stable and growing nicely in some parts. As we always do, we're tightly managing our operating costs and capital expenses. Taken together, we feel confident in our ability to exceed our adjusted EBITDA growth rate year over year. On capital allocation, we continue to seek opportunities to further accelerate our EPS growth through share repurchases and acquisitions. On the former, we have bought 4.25 million shares of our stock over the last four quarters, representing roughly 10% of our total shares outstanding. In 2021, the company generated $485 million of adjusted EBITDA, and the stock hit a high of almost $130. This year, the midpoint of our guidance has us generating $523 million of adjusted EBITDA, and the stock is currently in the 30s, with almost 12% fewer shares outstanding. While the market processes this, we will continue to lean into this dislocation. At the same time, this environment is producing compelling acquisition opportunities for us, and we're working to ensure that we are positioned to transact. Last year, we acquired four businesses, and so far this year, we've acquired three, have a contract signed on a fourth, and have an active pipeline of opportunities across all five of our segments. Looking ahead, our focus remains on identifying the most compelling assets within our verticals, situations in which we believe we can uniquely generate value, leveraging our platform's technology teams and know-how. We prize diversification, and you see that in our multiple revenue models of advertising, performance marketing, subscriptions, and licensing, in our multiple end markets of consumers, small and medium businesses, and enterprises, and of course, in our multiple digital categories. It's why we seek to pursue businesses with powerful and established brands that have the proven capacity to adapt. We believe we own the top-tier brands in many of our categories, brands that have endured for decades. Moreover, we expect to see the compounding effects of serial acquisition and share buybacks restore value in the company and for our shareholders. Our decision to file a lawsuit against OpenAI stems from a fundamental conviction to protect the core principles underpinning quality journalism and the significant investments required to produce it. We are committed to advocating for the establishment of a more balanced and fair digital ecosystem, which includes supporting the responsible growth of AI technology. This ecosystem must ensure the long-term sustainability of value for all stakeholders, including the consumers who rely on credible information, the publishers who invest in its creation, and the advertisers who support its dissemination. This is a principled effort to defend the integrity and value of journalism and our copyrights. We are resourced and positioned to challenge the unauthorized use of our content by companies like OpenAI. We believe that this lawsuit is a crucial step towards fostering a digital environment where intellectual property rights are respected and the contributions of journalists and publishers are fairly recognized and compensated. We encourage everyone to read our complaint. It's full of compelling and important insights. With that, I'll hand the call back to Brett. Thank you, Vivek. Let's discuss our financial results. Our earnings release reflects both our GAAP and adjusted financial results for Q1 2025. My commentary will primarily relate to our Q1 2025 adjusted financial results and their comparisons to the relevant prior period. Please see slide 4 for the summary of our financial results. Q1 2025 revenues were $328.6 million. This reflects revenue growth of 4.5% as compared with revenues of $314.5 million for Q1 2024. Q1 2025 adjusted EBITDA was $100.2 million as compared with $100.8 million for the prior year period. Our adjusted EBITDA margin for the quarter was 30.5%. Note, revenues, adjusted EBITDA, and adjusted EBITDA margin each exceeded our internal expectations for the first quarter, and our Q1 2025 results reflect a strong start to the pursuit of our 2025 financial goals. We reported first quarter adjusted diluted EPS of $1.14. This figure was essentially in line with our expectations. Q1 2025 adjusted diluted EPS was negatively impacted as compared with the prior year period by higher net interest expense and higher depreciation and amortization, each primarily related to our 2024 capital allocation activities. Q1 2025 adjusted diluted EPS was also negatively impacted by changes in certain foreign exchange rates, which drove an increase in other loss net. Slide 5 reflects performance summaries for our two primary sources of revenue: advertising and performance marketing and subscription and licensing. Q1 2025 advertising and performance marketing revenue grew 12.3% as compared with the prior period, while subscription and licensing revenues declined by 2%. Other revenues declined by approximately $2 million in Q1 2025 as compared with the prior year period, primarily reflecting a decline in Humble Bundle Game Publishing revenues. Slides 6 through 10 reflect the Q1 financial results of each of our reportable segments, which Vivek discussed in some detail already. Please refer to slide 11 as we discuss our balance sheet. As of the end of Q1 2025, we had $431 million of cash and cash equivalents and $167 million of long-term investments. We also have significant leverage capacity on both a gross and net leverage basis. As of the end of the first quarter, gross leverage was 1.8 times trailing 12 months adjusted EBITDA, and our net leverage was 0.9 times and 0.6 times, including the value of our financial investments. During the first quarter of 2025, we deployed more than $39 million of cash for acquisitions and nearly $35 million related to share repurchases, including the repurchase of 750,000 shares during Q1 2025 under a 10B51 plan. As we had planned for, Q1 marked an active quarter for M&A activity. We closed the acquisition of Skim and Maxwell in March, and our activity has continued during the first half of the second quarter. We anticipate remaining active in M&A during the balance of 2025. We were also acutely aware of the reduction in our stock price, and we continue to believe that our shares are undervalued in the market as compared with the intrinsic value of our underlying businesses. Ziff Davis has long exercised disciplined capital allocation to drive returns. This includes acting decisively in the M&A market and repurchasing our shares in the open market when buying opportunities arise. To continue driving value for shareholders, we intend to use our existing share repurchase authorization to accelerate our share repurchase activity in the second quarter while maintaining our robust balance sheet. Turning to slide 13, we are reaffirming the fiscal year 2025 guidance range that we presented in February 2025. As I noted earlier, our consolidated Q1 results largely met or exceeded our expectations, and to date, we have not experienced any notable negative impact of the expected volatility and instability of the macroeconomic environment. While we, like most companies, are exposed to recessionary risks and other macroeconomic disruptions, year to date, we have not experienced any measurable negative impacts of the evolving tariff landscape. We started 2025 strong, and while a strong start to a fiscal year is often an indication of the potential for strong performance for the balance of 2025, given the uncertainties of the macroeconomic environment, we have simply maintained our guidance. We currently expect growth to improve in Q2 2025 as compared to Q1 2025, and Q2 adjusted EBITDA margins are expected to be similar to, if not slightly below, the prior year period, reflecting our plan to continue to invest in our businesses to support the balance of their 2025 goals, as well as certain other factors, including the acquisition of certain businesses, which initially reflect dilutive margins prior to the completion of their integration plans. As we have noted on prior calls, we plan to continue to focus on the creation of long-term shareholder value and not run the business to achieve short-term quarterly results. Following our business outlook slides are our supplemental materials, including reconciliation statements for the various non-GAAP measures to the nearest GAAP equivalents. Slide 20 includes a reconciliation of free cash flow. Q1 2025 reflects a use of free cash flow of approximately $5 million. This result was largely anticipated and primarily reflects four factors: a full quarter of our TDS business, which is a significant user of working capital in the first quarter, and particularly January, a period that was not reflected in our Q1 2024 results. Overall, Q1 2025 reflects an $84 million cash outflow from operations from TDS for the quarter. Q1 2025 also reflects severance expenses related to a voluntary buyout program that we initiated in Q4 2024 as a way to facilitate some productive turnover. Certain M&A-related expenses and interest payments related to our 3.58% convertible notes as Q1 2024 did not reflect any cash interest payments. In Q1 2024, we significantly broadened our disclosure by reporting five segments. As we said at the time, we believe this reporting structure will allow investors to gain deeper insight into each of our reportable segments and give our stakeholders a deeper appreciation of the diversity of our revenue composition, the scale of our businesses, and the strength of their margins. Since this time, we have received requests for additional historical information relating to these segments, and we plan to share certain reportable segment-level quarterly financial information for the 2023 and 2024 periods in a Form 8-K. We trust that this additional disclosure will facilitate a greater appreciation of the intrinsic value of each of our reportable segments and the discount that our current stock trading level implies when compared with a sum of the parts analysis. In addition to supporting our businesses during the early part of 2025, we have been focused on capital allocation. Our M&A program has been active year to date, and we plan to continue to take advantage of the opportunity to acquire stock at these levels. Overall, we believe that Q1 2025 was a strong start to the year, and while we continue to monitor risks associated with the macroeconomic environment, our second quarter is off to a solid start. We look forward to the balance of 2025. With that, I would now ask the operator to rejoin us to instruct you on how to queue for questions. Thank you. We will now be conducting a question-and-answer session. In the interest of time, we ask that you please limit yourself to one question. To one question. If you would like to ask a question, please press Star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star 2 if you would like to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we begin. The first question today is coming from Sean Patil from Susquehanna. Sean, your line is live. Hey, good morning. This is Aaron Samuels on for Sean. Thank you so much for taking our question. Maybe first, I just wanted to ask for an update on the overall ad market. It sounds like things are good in Q1, and quarter-to-date trends have been good too. Can you just go a little bit deeper in terms of what you've seen so far quarter-to-date? Could you share some thoughts on how things could trend in the rest of the year? Yeah, good morning, Aaron. Thanks for the question. As you point out, look, Q1 was very strong for the ad business, grew a little over 12%. CNET did contribute to that ad growth, but certainly our other consumer tech businesses performed very well. IGN, Everyday Health, all contributed growth, roughly, I think, 7% at gaming and entertainment and health and wellness. Across all of our key verticals, and I always encourage those who study the company to understand the advertising business in the context of the verticals and categories in which we operate. The three, tech and shopping, gaming and entertainment, and health and wellness, look reasonably strong. We did have some offsets, but they were planned, and that's largely in the B2B business, where, as I described in my prepared remarks, we're focused on margin expansion. We're walking away from revenues that were unprofitable. We see profitability now in that business, and that was a really smart decision for us. We think that the trends for the rest of the year continue to be positive. I mentioned in the gaming side, potential tailwinds relating to Nintendo Switch 2. With health and wellness, which is the vertical where we probably have the best visibility because there is an upfront that takes place with respect to pharmaceutical advertising, the upfronts have been good for us. I think that sort of this kind of ad growth that we are looking at should sustain. At the end of the day, if we enter into a recession, I think that would obviously change, not just our perspective, but I think everyone's perspectives, but we do not see any indications of that at this moment. Great. If I could just ask a second question, Vivek, in the prepared remarks, you talked about the opportunity for connectivity to re-accelerate. What would you say are the top one or two priorities that the team is working on to improve the growth rate there? It's entirely in the Wi-Fi part of the business. So the Ekahau part of the business really indexes to wireless access point sales. And so the WAP market last year was pretty bad. Now, I think our view in 2025 with Wi-Fi 7, but more broadly, the demand for better wireless networks across enterprises, manufacturing centers, hospitals, universities will continue to be long-term very strong. So it's been a near-term issue around, look, if the hardware cycle isn't where we'd like it to be, Ekahau as a software solution that is attached to WAP sales won't do as well. But we view that more as just a little bit of cyclicality in the market. And so the core sort of Speedtest and Downdetector businesses continue to do extremely well. We're posting, as we said, 7% in our subscription and licensing business in Q1 without any contribution from the Ekahau business contributing to organic growth. We expect that's just going to be a further accelerant. I think this has been, and if you look, obviously, the historical segment information is now available, this has been a fantastic business for us. Last year wasn't what we had hoped it was going to be. There was some of this Wi-Fi issue, some major reorganizational and retooling in the business, but we're very excited for it. Great. Thank you very much. Thank you. The next question is coming from Rishi Jaluria from RBC Capital Markets. Rishi, your line is live. Oh, wonderful. Thanks so much for taking my questions. Nice to see the disclosures. That's really helpful for us in just getting more visibility into the business. Vivek, I wanted to, and maybe for Bret as well, I wanted to dive a little bit deeper into kind of assessing some of the potential macro impacts. I think about some of your advertisers and the products they're offering. While you may not directly be impacted in the case that tariffs come through and things kind of go back to the reciprocal tariffs once the 90 days are up, I want to better understand how are we thinking about the impact of that on your customer base? What does that do in terms of advertising demand, in terms of pipeline, even in terms of traffic, right, for some of your properties? Maybe if some of us understand the puts and takes, understand that this will take a while to play out, it's very uncertain, but just any color you could provide us, that would be helpful. Thank you. Yeah, no, it's a great question, Rishi. And we obviously spent a lot of time trying to assess what this could mean, and then obviously, dynamics change fairly frequently in this area. Just with respect to direct impact of tariffs is very low, right? It doesn't impact our costs. It doesn't impact our business in any meaningful direct way. I think your question is, well, what is the indirect exposure, right? The degree to which our revenues are someone else's expenses and what is happening to their expense base and what does that mean? Again, I think it's instructive probably to go by vertical. I will say that in health and wellness, we feel optimistic. The tariff discussion is really on generics. Generics aren't part of our advertising base. Again, anything can happen, but in terms of the current dialogue, we feel fairly well insulated. I think on gaming and entertainment, similarly, yes, there's been some talk about production expenses, et cetera, but the gaming and entertainment space isn't one of the, it's not physical goods. It's not physical in nature. I think digital product, I think generally is reasonably well insulated. It really comes down to tech and shopping. Again, I think some of the, there have been exemptions on certain consumer electronics products. If that were to continue, I think that would be beneficial. Certainly, I think if you start to see significant pressure on the large tech marketers, yes, they're always going to look for ways to manage their P&Ls. Again, we don't see any indication of that. We see a lot of great momentum within the verticals. The final thing I'll say is with shopping is the degree to, because you asked the consumer element of this, and I was trying to think through what that impact may be. One potential benefit actually is the degree to which consumer products go up in price, the tendency for consumers to seek discounts, cashback, deals, and coupons goes up. That obviously benefits us with respect to RetailMeNot. Look, it's early. It's certainly something that we watch. It's something that we try to tabletop a little bit. Right now, I think we feel reasonably good. All right. Very helpful. Thank you. Thank you. Thank you. The next question will be from Ross Sandler from Barclays. Ross, your line is live. Hey, Vivek, you mentioned the upfront for pharma being pretty strong. Could you just talk broadly about how the pipeline looks for the rest of the year and then how the other categories went during the upfront? The lawsuit with OpenAI, could you just talk about what led us down this path versus licensing? Thank you. Yeah. Just on the first question, the upfront is actually upfront commitments for the full year. It gives us visibility at this point this year versus last year how much money has been booked and committed. Now, these are commitments, right? They can always be unbooked, but it was pretty strong. We're excited for that. Both, by the way, because I think this is something that I talked about last year, we had some challenges on the direct-to-provider pharma side. The direct-to-consumer side has been very strong for quite a bit. We had one large pharma kind of rotate out of marketing against physicians, providers, script writers. That is now, one, we're lapping it, but two, that's reversing itself. We're optimistic about the provider side. It's always instructive, right? Because if you, and again, this is now things that you can kind of parse when you start to look at the segment information that we are disclosing. The Everyday Health, the consumer business is the second largest. It is right behind tech and shopping in terms of our ad franchise. It is important. We do not have, in the other categories, if you were asking, we do not have as much visibility. The contracts are kind of booked quarter to quarter, so we cannot give you that more of a down-the-line look. With respect to your second question relating to our suit, look, we have made clear that our content is highly valuable and that we are going to defend our intellectual property. We did attempt in good faith to address and resolve OpenAI's unauthorized use of our content, both in its training activities and in its RAG activities. We did not get to acceptable terms. Legal action was something that was always available to us. I do encourage everyone to read the suit. I think there is a lot that you will get from it and you will see from it. It is a copyright infringement suit in chief, but we have some trademark claims and a DMCA claim. There is a lot here. It is important that we defend our content. We are owners of intellectual property. We are resourced to do this, frankly. We think this is an opportunity to basically capture monetization and payments that are owed to us. I mean, frankly, if someone is going to steal, we are not just going to sit by and do nothing. Thank you. Thank you. Thank you. The next question is coming from Corey Carpenter from JPMorgan. Corey, your line is live. Hey, good morning. Thanks for the question. I had two. Vivek, you've given some pretty helpful color and stats. Understood. Generative search or lack thereof impact on the business. Could you just give us an update on what you're seeing there? Secondly, on the advertising side, we've heard from some companies a shift from direct sales to programmatic in recent weeks or months. Could you just remind us of your direct versus programmatic exposure and if you're seeing anything similar? Thank you. Yeah, great question. With respect to just GenAI, it's probably worth repeating what we discussed last quarter. Roughly 35% of our revenues depend on traffic. Right there, I think this is important because I think that is very different than maybe other similarly situated companies or companies within our industry. Sixty-five percent of our revenues are not traffic-based or traffic-dependent. Within traffic, about 40% of it comes from search, right? You multiply those two, you get to a very different percentage. Now, we're talking about really AI overviews. AI overviews is another percentage. That percentage has gone from roughly 12% to a little over 20% of the top queries that generate our traffic now generate an AI overview. I think if you multiply all this, it's like a 3% case. Sometimes I think maybe the attention on AIOs is not commensurate to kind of its importance within our business. I'll also point out that it's not clear if AIOs are positive, negative, or zero-sum, right? That's another thing when it comes to clicks. We're not sure on that. It's hard for anyone to divine. You've heard things from Google that might suggest they're positive. One thing that we have been tracking and now are able to track is how often we're cited in AIOs that appear on the queries that matter to us. It's about a third of the time. About a third of the time, we're getting cited. Presumably, citations in AIOs is a good thing, right? Because it comes with links. Look, I think that is something to watch. I think maybe the emphasis is not proportional to kind of its import within the context of the business. You had a question, I think, on programmatic versus direct. As you know, or it is worth reiterating, our programmatic business is intentionally relatively small inside of our company. In In terms of the percentage of revenue that programmatic represents overall, you are probably 3% of the company's revenue. It is not a big number. That is really out of design because we have organized our business to be a combination of highly endemic, must-buy direct programs because we are number one in tech, number one in gaming, number one in health. When you want to go endemic, you come to us. I think if you are broad-based, more general proposition, I think you are selling horizontal, and that does lend itself to programmatic. We are dealing with programs that are pretty involved, often custom programs for our clients. On the other piece, we have a fair amount of performance marketing, which is not a CPM-based business, which programmatic is. It is more CPA, cost per acquisition, CPL, cost per lead, CPC, cost per click. We are not really a programmatic player in the way that maybe you will see in some other entities. Thank you very much. Thank you. Thank you. The next question will be from Ygal Arounian from Citi. Ygal, your line is live. Hey, good morning, guys. I wanted to ask about capital allocation. You made a few more tuck-in deals this quarter. Just what are you seeing in the M&A market right now, given the volatility? With where the share price is, and then where I know how you guys feel about the valuation of shares, how do you think about buybacks if you bought a little bit more in Q1 than Q2? Maybe include within all this the desire or ability to lever up to be more aggressive on buybacks and keep the M&A opportunity open. Just to follow up on the OpenAI suit, not sure how much you can comment on this, Vivek, but OpenAI also went to the White House a few months ago and they are trying to push the administration of this AI action plan to kind of unburden some legal tools and regulations around copyright for better development of AI. Any thoughts on that? Was that part of your consideration to go down this route? Would love to get any thoughts you have on that if you do have any. Thanks. Thanks, Gaul. Let me spread and I'll take the first part of that question. I think first and foremost, our capital allocation program continues to be very active. I think you saw that shift in 2024 when we were active on all prongs, both M&A, where we deployed $225 million or so of capital, significantly accelerated our share buyback program. As Vivek highlighted, we bought 4.25 million shares in the last four quarters, shrinking our cap by almost 10%. As we enter 2025, it's continued. We've talked about the number of deals that we've already consummated and/or signed. We can never predict the future, but based on what we're seeing, we have an anticipation that that will continue and balancing that with continuing to buy back stock, which we both mentioned in our prepared remarks. The overall M&A environment, I'd say, is favorable to us in the following respects. One, we have five divisions that are all active and looking at deals. I think importantly, if you look back over the last handful of quarters, we've seen participation in M&A from certain of our divisions that have been sidelined for a couple of years. Our cyber and martec h business has participated. Our gaming and entertainment business has participated. Last year, the absolute dollars were more dedicated towards tech and shopping. We've also consummated over a more extended period of time a number of transactions which have diversified us away from advertising revenue into subscription revenue. Lose It falls into that category. TDS falls into that category. Even in our advertising businesses, we've found ways to identify businesses that generate interest from their communities in a different way, like SKIM, which is essentially an email business. I think there's opportunity in front of us. We also see opportunity to find a home for companies that may be struggling in the current environment. When we do that, sometimes we absorb a P&L that is not quite at the margin that we expected it to be, and it takes us several quarters to bring that up to our expected performance. I think a couple of the deals we've done in the last 12-plus months fall into that category. Overall, really active, and I think we intend to continue to be active. With regards to using leverage, we're thoughtful about that. We have a $350 million revolver, which other than a letter of credit or two is completely undrawn. Taking widening the lens, despite we temper our optimism, as we've talked about, based on our recent performance and our expectations for the year about what's happening in the macro. That factors into our thinking of using leverage as well. Yeah, the only thing I might add before I address the OpenAI question is, look, the valuations in digital media are attractive, right? The fears that, frankly, represent a weight on our stock are also affecting the valuations of others in digital media. We are inclined to lean into the fears as they relate to us, and that expresses itself in buybacks and as it relates to potential acquisition targets within the industry. If there are going to be fears and we are going to see things at significant discounts, we are going to be buyers on all fronts, and we have been. With respect to just the question around OpenAI, I think what is heartening are recent developments that are in some other cases. The Thomson Reuters one on fair use at the advanced stage summary judgment in the same court we are in, right? The District of Delaware, the New York Times, and a couple of other plaintiffs defeated a motion to dismiss brought by OpenAI. Some of these developments give us some confidence. Now, look, litigation's uncertain, right? Our cost-benefit analysis basically suggested that litigation is a prudent course for us to take. This will take a while to play out, right? We're not sitting here saying this is going to get addressed overnight, but it needs to get addressed. There needs to be finality. In the end, we need to know what the law and the interpretation of the law is. Thank you. Very helpful. Thank you. Thank you. The next question is coming from Robert Coolbrith from Evercore. Robert, your line is live. Great. Thanks for taking the question. Going back to the tech and shopping trends, certainly seem quite robust. Just wondering, since we do not yet have the quarterly detail from prior quarters, was there a particular inflection in performance or anything you could maybe tell us about the organic trend? When you look at the trends within that business in the quarter and maybe quarter to date as well, just wondering if you could talk about the sustainability of that or any perspective you have there, whether you are seeing any pull forward from the consumer or advertisers ahead of tariffs and just any additional commentary there. A follow-up on AIO. Realize it is quite small, but is there any way for you to determine at this point whether there is a conversion benefit? Is the traffic that comes from an AIO page more qualified or productive in any measurable way? Thanks. Yeah, no, I'll take that second question first and then just to go back to tech and shopping. We don't know, right? It's a very good point, which is, does an AIO click, is that a more refined click? And does that fact that it's more refined have more value? It's very hard. A lot of the tracking is just not there. This is actually work that our Moz business is working on. It's interesting because the market demand to better understand AIO, the rate of AIO presence, the rate of inclusion in AIO, the performance out of AIO, that's actually a data need that can't be addressed through Google Search Console. Now looking for third-party answers. In many ways, we're getting a lot of customer interest at Moz because we're in the SEO analytics business there to better understand that. We internally leverage Moz and Stat, which is an enterprise solution within Moz in our company too, by the way. We're lucky that we have some real experts on staff because we happen to own the business. Look, I think on the tech and shopping side, there's a lot of things going on here. Clearly, there's a benefit from CNET being in the quarter this quarter versus last year. PCMag, 10% organic growth and that set of properties, so that has done very well. RetailMeNot has been essentially slightly up at kind of a flat proposition. We have offsets. Remember, we have the planned decline, significant actually, in B2B. I mean, that revenue probably fell by a third, but again, there was no EBITDA. It was negative EBITDA in Q1 of last year, and it is positive EBITDA in Q1 of this year. Lots of puts and takes there, but what I would say is generally positive. It really is the consumer tech plus RetailMeNot. Again, we know what the revenue drag will be from B2B, but it is an EBITDA contributor. That is where sometimes maybe the revenue growth, while very robust, would have been in fact more robust if you excluded B2B in that equation. The only thing I might add there, and we did receive some requests for that historical information, which we will disclose. When you see the quarterly information on our quarterly segment basis, you may see some various updowns that do not present themselves as clear trends. There are reasons for that. All the reasons that Vivek mentioned, the different components that have different impacts over time, including the decline in certain businesses, which we have talked about for an extended period of time, and the incremental additions in M&A, but also tying back to some of the other conversation we had earlier on this call, is we are not really a price-times-quantity business where we are just monetizing traffic in the marketplace and you could see trends based on the macro or others. We are very much first-party, very much campaign-driven. Those campaigns often rise and fall in quarters based on product releases and far more product releases in gaming. You will, when you see these historical quarters, see some updowns that will not necessarily present this trend. Got it. Thank you. Thank you. Thank you. There are no other questions in the queue at this time. I would now like to hand the call back to Bret Richter for any closing remarks. Thank you, Paul. Thank you, everyone, for participating in the call and your continued interest. We look forward to continuing to connect with each of you later this quarter in our upcoming conferences, and we hope to see some of you at these events. Thank you again and have a great day. Thank you. This does conclude today's conference. You may disconnect your lines at this time and have a wonderful day. Thank you for your participation.