And our Q4 guidance reflects the full benefits of these actions. And those initiatives that we took in previous years and this year are positioning us to enter 2024 with a much leaner cost structure year-over-year that reflects a weaker demand environment and meet the challenges that we and many of our digital peers are facing these days.
Amita Tomkoria: So just to take a step back, Jonah, maybe back to you, in terms of some of the revenue dynamics that Marcela has discussed as well as the sort of platform landscape that you discussed on the call earlier, in your view, is the business still positioned to capture revenue synergies from the combined brand portfolio or can you share your kind of latest thoughts on that?
Jonah Peretti: Yes. I mean, there’s certainly a lot of changes and challenges in the digital media ecosystem right now that are being felt by companies across our industry. And I think the thing that really separates us is that we have strong differentiated IP. Each brand has a really distinct voice that resonates in the marketplace with both audiences and advertisers. And we’ve built a platform that allows us to plug assets in like HuffPost that make them profitable and grow traffic. And we’re always open to opportunities, to the range of options depending on what makes the most sense for the business overall. And I would say that in a market like this, it’s very challenging to build new brands and to scale and build a brand that people will know and love widely, that consumers will resonate with and say, hey, I’ve heard of that brand.
I know that brand. I love that brand. I know what I get from that brand. And we have many brands that already have broad awareness and love from a wide range of different types of consumers and demographics, and building that is really hard to do right now. And so, we feel very fortunate that we have these brands as part of our company and that there’s a lot of strategic value as well as opportunities to drive revenue from those brands even in a tough market.
Amita Tomkoria: So, to pivot to liquidity, each of the 3 of you discussed liquidity on the call, and maybe Marcela, you can sort of elaborate on this. But just given the revenue trends and the current sort of cash position for the company, is it fair to say that the company is considering asset sales or other options to access additional liquidity or how would you sort of — is there anything more that you can share there?
Marcela Martin: Yes, sure. Thank you for the question again. So let me first address liquidity. So, at the end of the quarter, we ended with cash and cash equivalents of approximately $42 million, which is $1 million higher quarter-over-quarter despite one-time restructuring payments of approximately $2 million. And further on a year-to-date basis, we used $2.4 million in operating cash, inclusive of approximately $10 million in a one-time restructuring payment. And with the restructuring payments now behind us, as we have said in Q3, we expect to realize the full cash benefit of our restructuring program in Q4 on an ongoing basis. And additionally, I think that we talked a little bit about this earlier as well that we have completed the consolidation of our real estate footprint in Los Angeles that will help us to drive further reduction in quarter-over-quarter operating expenses.
And we are always looking and trying to continue to look for ways to reduce our cash cost structure and further optimize our liquidity — overall liquidity position. And in terms of revenues, last quarter and actually in this quarter as well, we discussed that the sales cycle is about 6 months, so it’s pretty long. But we have already started to see some green shoots from the [ centers ] that we have enacted in the last restructuring of the sales organization with regards to the realignment and the go-to-market strategy. And our AI and creator products are attracting interest and ad dollars from clients, as Jonah mentioned earlier. And we continue to be laser-focused on improving direct traffic and combating the monetization challenges that we are taking these days.
