Thank you for standing by, and welcome to the Third Quarter 2025 Earnings Conference Call for System1. Joining me today to discuss System1's business and financial results are our Co-Founder and Chief Executive Officer, Michael Blend; and Chief Financial Officer, Tridivesh Kidambi. A recording of this conference call will be available on our Investor Relations website shortly after this call has ended. I'd like to take this opportunity to remind you that during the call, we will be making certain forward-looking statements. This includes statements relating to the operating performance of our business, future financial results and guidance, strategy, long-term growth and overall future prospects. We may also make statements regarding regulatory or compliance matters. These statements are subject to known and unknown risks and uncertainties that could cause our actual results to differ materially from those projected or implied during this call, in particular, those described in our risk factors included in our annual report on Form 10-K for fiscal year 2024 filed on March 10 as well as the current uncertainty and unpredictability in our business, the markets and the global economy generally. You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on management's assumptions and beliefs as of the date hereof, and System1 disclaims any obligation to update any forward-looking statements, except as required by law. Our discussion today will include non-GAAP financial measures, including adjusted EBITDA and adjusted gross profit. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Information regarding our non-GAAP financial measures, including a reconciliation of our non-GAAP financial measures to our most comparable historical GAAP financial measures may be found on our Investor Relations website. I would now like to turn the conference call over to System1's Co-Founder and Chief Executive Officer, Michael Blend.

Thanks, Kyle. Good afternoon, everyone, and thank you for joining System1 on our Q3 earnings call. Q3 performance reflected solid execution across many of our strategic initiatives, including our ongoing push to integrate AI across our company and strong growth in our higher-margin product segment. Our strong execution was offset by a previously anticipated disruption in one of our primary monetization sources, Google. Specifically, in Q3, Google reduced monetization on its AdSense for Domains product, which we refer to as AFD, effectively sunsetting that product. AFD has historically been a significant part of our marketing business, and its effective deprecation had a negative impact on our O&O marketing and partner marketing business lines. While this Google volatility impacted results across our Marketing segment, our core operations remained strong and we continue to deliver healthy profitability. Revenue for the quarter was approximately $62 million with adjusted gross profit of $36 million and adjusted EBITDA of $9.9 million, each down 4% year-over-year as we navigated the marketing volatility. Without the Google disruption, we would have shown significant growth in both gross profit and our bottom line. The Product segment continues to show strong year-over-year growth with revenue increasing 8% from Q3 2024. Our Startpage, MapQuest and CouponFollow teams continue to introduce new features that extend our product reach and boost engagement, contributing to a 23% year-over-year growth in sessions. Now as I mentioned, our marketing business had a volatile quarter as we were no longer monetizing traffic through Google's AFD product as of the end of Q3. While we had anticipated Google's transition away from AFD and have been focusing our efforts on Google's replacement product, the AFD transition did occur sooner than we expected. While the timing was not ideal, it now allows our team to focus fully on Google's Related…

 Thanks, Michael. As Michael made clear in his remarks, we experienced mixed results in the third quarter as continued volatility in the Marketing segment offset solid execution across other areas of the business. Delivering these results despite having one of our main monetization sources be effectively deprecated, underscores the strength of our diverse operations and the stability of our broader business.  Let's get into the details. Q3 revenue was $61.6 million, representing a 31% year-over-year decrease and a sequential decrease of 21%. Marketing GAAP revenue was $39.1 million, down 43% year-over-year and down 28% sequentially. Products revenue was $22.5 million, up 8% year-over-year, but down 6% sequentially. The sequential decline reflected softer monetization trends, which we view as more indicative of current market conditions than of execution. Adjusted gross profit was $36.1 million, down 4% year-over-year and down 12% sequentially. Product segment profit was $21.2 million, up 6% year-over-year, but down 7% sequentially. Sessions increased 23% year-over-year and 12% sequentially, reflecting strong execution by our teams driving more users to our products. RPS declined 12% year-over-year and 16% sequentially to $0.04, reflecting lower monetization driven by reduced advertiser demand. Product segment profit represents 56% of total segment profit, up from 51% in the third quarter of 2024.  Before diving further into gross profit trends for the Marketing segment, I wanted to add some color with respect to the AFD monetization channel and the impact of these changes on our financial results. As previously disclosed on the company's earnings calls for the fourth quarter of 2024 and the first and second quarters of 2025, the company noted that Google had previously announced it was going to opt advertisers out of the AFD product on a rolling basis and indicated the possibility that the AFD monetization channel could be eventually discontinued as…

[Operator instructions]. Our first question comes from the line of Tom Forte with Maxim Group. 

I have one question and one follow-up. I'll go one at a time. So, on its earnings call, Microsoft highlighted its market share gains for Bing. Can you talk about your efforts with Microsoft and if you're able to capitalize on Bing's market share gains?

Yes. Thanks, Tom, and thanks for joining. Good to speak with you. So, we do work pretty closely with Bing in a way similar that we work with Google. What we found in the past was that the reason why we've been such a large Google Partner is the Google Network essentially outperformed the Bing network historically. What we have been seeing over the last, I would say, 2 or 3 quarters is performance on the Bing side is starting to improve. And as we're seeing monetization go up on the Bing side, we've been shifting a little bit more of our efforts over there. So, we do retain a pretty strong partnership with Bing. We had mentioned on our earlier remarks that the majority of our efforts on the marketing side are working with Google's new RSOC product, but we do have some business going with Bing and Yahoo! as well, which operate out of the same network. And we would love to increase our business with both those companies.

Great. And then for my second and final question, in your earnings release, you mentioned Startpage.com’s efforts with ChatGPT and cloud, cloud rather, which I thought was quite impressive. I was curious to find out if there are other ways you're working with OpenAI and Anthropic.

Yes. So yes, so just to reiterate, so on the Startpage side, we've got a new product called Vanish, which is essentially Private AI Chat. And we're pretty excited about the product. One thing we've been hearing from consumers is that people are very excited about using chatbots and using AI, but as they increasingly are using them for things like legal work and health care and kind of a lot of the private matters that they're trying to get answers from, they get a little bit concerned about their questions kind of going out and feeding the LLMs and just not being private. So we do think that a product like Vanish is going to potentially have some pretty good consumer acceptance. On a macro level, our company as a whole is working quite heavily with really all of the models. So we've got business going with Gemini, Claude, ChatGPT to rebuild our platform and get our Products built quicker. Specifically as it relates to AI-related products, we don't have anything more than Vanish to announce, but we do intend on over the next year, rolling out several consumer-focused agents in specific verticals that will be leaning quite heavily on AI to give the answers. So we think there's a really nice opportunity on the consumer side, and we intend to capitalize on it.

Thank you for your questions. I will now turn the call back to Michael Blend, CEO and Co-Founder, for closing remarks.

All right. Well, thanks, everybody, for joining us on our earnings call. We look forward to presenting hopefully some good results on our next earnings call and speak to you in about 3 months. Happy Thanksgiving.

This concludes today's call. Thank you for attending. You may now disconnect.