People Inc recasts 10-K after Search exit, sale and EBITDA reset

This is a financial presentation reset, not a new earnings release. The filing replaces selected 2025 10-K sections but explicitly says it does not otherwise update the annual report, so there is no new revenue, profit or cash-flow result to measure against consensus. The filing also provides no published market benchmark; the cleanest read is therefore versus what was already known about the business changes.

The biggest accounting change formalizes the company’s post-Search structure. Search is now classified as discontinued operations for all periods after the Google services agreement expired on April 30, 2026, and People Inc. says it ceased operating that segment. The underlying development was already partly known because Google’s non-renewal notice was disclosed before this filing; the new information is the completed accounting presentation and the resulting historical recast. 〔0〕

is also removed from continuing operations, but that transaction is confirmation rather than surprise. The sale occurred on March 16, 2026, so the filing mainly makes the discontinued-operations treatment consistent across all periods presented. 〔1〕

The revised Adjusted EBITDA definition is the most consequential new comparability issue. Beginning in the second quarter of 2026, the company began excluding additional items it considers non-core or disruptive to period comparisons; because the filing does not specify the dollar impact here, investors cannot establish whether reported EBITDA would have been higher or lower under the old definition. That makes the event neither a clean beat nor a clean miss, but it does make future results harder to compare with prior company-reported figures. 〔2〕

Net: the filing clarifies the smaller continuing business while adding a measurement wrinkle. The Search shutdown and sale are economically important but largely known; the fresh element is the formal recast and EBITDA-definition change. With no new financial outcome or consensus comparison, the appropriate scorecard is a mixed financial presentation reset rather than a directional earnings call.