0001084048 12/31 2025 Q3 false 3 1 0.01 0.0093783 P3Y P3Y P2Y xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure zd:acquisition zd:investment zd:reporting_unit zd:fiscalQuarterPeriod zd:tradingDay zd:subsidiary 0001084048 2025-01-01 2025-09-30 0001084048 2025-11-04 0001084048 2025-09-30 0001084048 2024-12-31 0001084048 us-gaap:SeriesAPreferredStockMember 2025-09-30 0001084048 us-gaap:SeriesAPreferredStockMember 2024-12-31 0001084048 us-gaap:SeriesBPreferredStockMember 2025-09-30 0001084048 us-gaap:SeriesBPreferredStockMember 2024-12-31 0001084048 2025-07-01 2025-09-30 0001084048 2024-07-01 2024-09-30 0001084048 2024-01-01 2024-09-30 0001084048 2023-12-31 0001084048 2024-09-30 0001084048 us-gaap:CommonStockMember 2025-06-30 0001084048 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001084048 us-gaap:RetainedEarningsMember 2025-06-30 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001084048 2025-06-30 0001084048 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0001084048 us-gaap:CommonStockMember 2025-07-01 2025-09-30 0001084048 us-gaap:AdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0001084048 us-gaap:CommonStockMember 2025-09-30 0001084048 us-gaap:AdditionalPaidInCapitalMember 2025-09-30 0001084048 us-gaap:RetainedEarningsMember 2025-09-30 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-30 0001084048 us-gaap:CommonStockMember 2024-06-30 0001084048 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0001084048 us-gaap:RetainedEarningsMember 2024-06-30 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0001084048 2024-06-30 0001084048 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0001084048 us-gaap:CommonStockMember 2024-07-01 2024-09-30 0001084048 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-07-16 0001084048 us-gaap:CommonStockMember 2024-09-30 0001084048 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0001084048 us-gaap:RetainedEarningsMember 2024-09-30 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0001084048 us-gaap:CommonStockMember 2024-12-31 0001084048 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001084048 us-gaap:RetainedEarningsMember 2024-12-31 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001084048 us-gaap:RetainedEarningsMember 2025-01-01 2025-09-30 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-09-30 0001084048 us-gaap:CommonStockMember 2025-01-01 2025-09-30 0001084048 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0001084048 us-gaap:CommonStockMember 2023-12-31 0001084048 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001084048 us-gaap:RetainedEarningsMember 2023-12-31 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001084048 us-gaap:RetainedEarningsMember 2024-01-01 2024-09-30 0001084048 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-09-30 0001084048 us-gaap:CommonStockMember 2024-01-01 2024-09-30 0001084048 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-09-30 0001084048 srt:RevisionOfPriorPeriodReclassificationAdjustmentMember 2024-07-01 2024-09-30 0001084048 srt:RevisionOfPriorPeriodReclassificationAdjustmentMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:TechnologyAndShoppingMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:TechnologyAndShoppingMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:TechnologyAndShoppingMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:TechnologyAndShoppingMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:TechnologyAndShoppingMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:TechnologyAndShoppingMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:TechnologyAndShoppingMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:TechnologyAndShoppingMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:TechnologyAndShoppingMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:TechnologyAndShoppingMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:TechnologyAndShoppingMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:TechnologyAndShoppingMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:TechnologyAndShoppingMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:TechnologyAndShoppingMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:TechnologyAndShoppingMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:TechnologyAndShoppingMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:GamingAndEntertainmentMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:GamingAndEntertainmentMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:GamingAndEntertainmentMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:GamingAndEntertainmentMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:GamingAndEntertainmentMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:GamingAndEntertainmentMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:GamingAndEntertainmentMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:GamingAndEntertainmentMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:GamingAndEntertainmentMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:GamingAndEntertainmentMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:GamingAndEntertainmentMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:GamingAndEntertainmentMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:GamingAndEntertainmentMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:GamingAndEntertainmentMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:GamingAndEntertainmentMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:GamingAndEntertainmentMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:HealthAndWellnessMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:HealthAndWellnessMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:HealthAndWellnessMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:HealthAndWellnessMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:HealthAndWellnessMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:HealthAndWellnessMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:HealthAndWellnessMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:HealthAndWellnessMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:HealthAndWellnessMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:HealthAndWellnessMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:HealthAndWellnessMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:HealthAndWellnessMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:HealthAndWellnessMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:HealthAndWellnessMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:HealthAndWellnessMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:HealthAndWellnessMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:ConnectivityMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:ConnectivityMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:ConnectivityMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:AdvertisingAndPerformanceMarketingMember zd:ConnectivityMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:ConnectivityMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:ConnectivityMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:ConnectivityMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:ConnectivityMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:ConnectivityMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:ConnectivityMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:ConnectivityMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:ConnectivityMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:ConnectivityMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:ConnectivityMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:ConnectivityMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:ConnectivityMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:CybersecurityAndMartechSegmentMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:CybersecurityAndMartechSegmentMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:CybersecurityAndMartechSegmentMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:SubscriptionAndLicensingMember zd:CybersecurityAndMartechSegmentMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:CybersecurityAndMartechSegmentMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:CybersecurityAndMartechSegmentMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:CybersecurityAndMartechSegmentMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:OtherMember zd:CybersecurityAndMartechSegmentMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:CybersecurityAndMartechSegmentMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:CybersecurityAndMartechSegmentMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:CybersecurityAndMartechSegmentMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:CybersecurityAndMartechSegmentMember 2024-01-01 2024-09-30 0001084048 2025-10-01 2025-09-30 0001084048 2026-01-01 2025-09-30 0001084048 2027-01-01 2025-09-30 0001084048 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2025-01-01 2025-09-30 0001084048 zd:Fiscal2025AcquisitionMember 2025-09-30 0001084048 zd:Fiscal2025AcquisitionMember 2025-01-01 2025-09-30 0001084048 zd:Fiscal2025AcquisitionMember us-gaap:CustomerRelationshipsMember 2025-01-01 2025-09-30 0001084048 zd:Fiscal2025AcquisitionMember us-gaap:TrademarksAndTradeNamesMember 2025-01-01 2025-09-30 0001084048 zd:Fiscal2025AcquisitionMember us-gaap:OtherIntangibleAssetsMember 2025-01-01 2025-09-30 0001084048 zd:TDSGiftCardsMember 2024-02-05 0001084048 zd:CNETMediaIncMember 2024-02-05 0001084048 us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember 2024-02-05 2024-02-05 0001084048 zd:Fiscal2024AcquisitionMember 2024-12-31 0001084048 zd:Fiscal2024AcquisitionMember 2024-01-01 2024-12-31 0001084048 zd:TDSGiftCardsMember 2024-12-31 0001084048 zd:CNETMediaIncMember 2024-12-31 0001084048 zd:Fiscal2024AcquisitionsMember us-gaap:CustomerRelationshipsMember 2025-01-01 2025-09-30 0001084048 zd:Fiscal2024AcquisitionsMember us-gaap:OtherIntangibleAssetsMember 2025-01-01 2025-09-30 0001084048 zd:Fiscal2024AcquisitionsMember 2025-01-01 2025-09-30 0001084048 2024-04-01 2024-06-30 0001084048 zd:OpenEvidenceMember 2023-07-31 2023-07-31 0001084048 zd:OpenEvidenceMember 2024-12-31 0001084048 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember zd:OpenEvidenceMember 2025-04-24 0001084048 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember zd:OpenEvidenceMember 2025-04-24 2025-04-24 0001084048 us-gaap:CorporateDebtSecuritiesMember 2022-04-12 0001084048 us-gaap:CorporateDebtSecuritiesMember 2023-05-19 0001084048 us-gaap:CorporateDebtSecuritiesMember 2025-09-30 0001084048 us-gaap:CorporateDebtSecuritiesMember 2024-12-31 0001084048 us-gaap:CorporateDebtSecuritiesMember srt:MinimumMember 2025-09-30 0001084048 us-gaap:CorporateDebtSecuritiesMember srt:MinimumMember 2024-12-31 0001084048 us-gaap:CorporateDebtSecuritiesMember srt:MaximumMember 2024-12-31 0001084048 zd:OCVFundMember 2025-07-01 2025-09-30 0001084048 zd:OCVFundMember 2025-01-01 2025-09-30 0001084048 srt:MinimumMember us-gaap:MeasurementInputDiscountRateMember 2025-09-30 0001084048 srt:MinimumMember us-gaap:MeasurementInputDiscountRateMember 2024-12-31 0001084048 srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember 2025-09-30 0001084048 srt:MaximumMember us-gaap:MeasurementInputDiscountRateMember 2024-12-31 0001084048 srt:MinimumMember zd:MeasurementInputConversionTermMember 2024-12-31 0001084048 srt:MaximumMember zd:MeasurementInputConversionTermMember 2024-12-31 0001084048 zd:CompanyAcquisitionsMember 2025-09-30 0001084048 zd:CompanyAcquisitionsMember 2024-12-31 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-09-30 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-09-30 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-09-30 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-09-30 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-09-30 0001084048 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2025-09-30 0001084048 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2025-09-30 0001084048 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2025-09-30 0001084048 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-09-30 0001084048 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-09-30 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0001084048 us-gaap:MoneyMarketFundsMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-31 0001084048 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001084048 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2024-12-31 0001084048 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001084048 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0001084048 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-31 0001084048 zd:ContingentConsiderationArrangementsMember 2024-12-31 0001084048 zd:ContingentConsiderationArrangementsMember 2023-12-31 0001084048 us-gaap:CorporateDebtSecuritiesMember 2023-12-31 0001084048 zd:ContingentConsiderationArrangementsMember 2025-01-01 2025-09-30 0001084048 us-gaap:CorporateDebtSecuritiesMember 2025-01-01 2025-09-30 0001084048 zd:ContingentConsiderationArrangementsMember 2024-01-01 2024-09-30 0001084048 us-gaap:CorporateDebtSecuritiesMember 2024-01-01 2024-09-30 0001084048 zd:ContingentConsiderationArrangementsMember 2025-09-30 0001084048 zd:ContingentConsiderationArrangementsMember 2024-09-30 0001084048 us-gaap:CorporateDebtSecuritiesMember 2024-09-30 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:SeniorNotesMember 2020-10-07 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2019-11-15 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-09-30 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-09-30 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-31 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0001084048 zd:A175ConvertibleNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-09-30 0001084048 zd:A175ConvertibleNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-09-30 0001084048 zd:A175ConvertibleNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-31 0001084048 zd:A175ConvertibleNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-09-30 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2025-09-30 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-31 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0001084048 us-gaap:OperatingSegmentsMember zd:TechnologyAndShoppingMember 2024-12-31 0001084048 us-gaap:OperatingSegmentsMember zd:GamingAndEntertainmentMember 2024-12-31 0001084048 us-gaap:OperatingSegmentsMember zd:HealthAndWellnessMember 2024-12-31 0001084048 us-gaap:OperatingSegmentsMember zd:ConnectivityMember 2024-12-31 0001084048 us-gaap:OperatingSegmentsMember zd:CybersecurityAndMartechSegmentMember 2024-12-31 0001084048 us-gaap:OperatingSegmentsMember zd:TechnologyAndShoppingMember 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:GamingAndEntertainmentMember 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:HealthAndWellnessMember 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:ConnectivityMember 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember zd:CybersecurityAndMartechSegmentMember 2025-09-30 0001084048 zd:TechnologyAndShoppingMember 2024-01-01 2024-09-30 0001084048 zd:TechnologyAndShoppingMember 2024-07-01 2024-09-30 0001084048 zd:TechnologyAndShoppingMember 2025-09-30 0001084048 zd:CybersecurityAndMartechSegmentMember 2025-09-30 0001084048 zd:TechnologyAndShoppingMember 2024-12-31 0001084048 us-gaap:TrademarksAndTradeNamesMember 2025-09-30 0001084048 us-gaap:CustomerRelationshipsMember 2025-09-30 0001084048 us-gaap:OtherIntangibleAssetsMember 2025-09-30 0001084048 us-gaap:TrademarksAndTradeNamesMember 2024-12-31 0001084048 us-gaap:CustomerRelationshipsMember 2024-12-31 0001084048 us-gaap:OtherIntangibleAssetsMember 2024-12-31 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:SeniorNotesMember 2025-09-30 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:SeniorNotesMember 2024-12-31 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2025-09-30 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-12-31 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2025-09-30 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-12-31 0001084048 us-gaap:ConvertibleDebtMember 2025-09-30 0001084048 us-gaap:ConvertibleDebtMember 2024-12-31 0001084048 us-gaap:RevolvingCreditFacilityMember 2025-09-30 0001084048 us-gaap:RevolvingCreditFacilityMember 2024-12-31 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:SeniorNotesMember 2020-10-07 2020-10-07 0001084048 zd:A60SeniorNotesMember us-gaap:SeniorNotesMember 2020-10-07 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:DebtInstrumentRedemptionPeriodTwoMember us-gaap:SeniorNotesMember 2020-10-07 2020-10-07 0001084048 zd:A4625SeniorNotesDueIn2030Member us-gaap:SeniorNotesMember 2025-01-01 2025-09-30 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2019-11-15 2019-11-15 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2021-05-01 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-07-16 0001084048 zd:A175ConvertibleNotesMember us-gaap:DebtInstrumentRedemptionPeriodOneMember us-gaap:ConvertibleDebtMember 2019-11-15 2019-11-15 0001084048 zd:A175ConvertibleNotesMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember us-gaap:ConvertibleDebtMember 2019-11-15 2019-11-15 0001084048 2019-11-15 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2025-01-01 2025-09-30 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2025-07-01 2025-09-30 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-07-01 2024-09-30 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-01-01 2024-09-30 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-07-16 2024-07-16 0001084048 zd:A3.625ConvertibleNotesMember 2024-07-16 2024-07-16 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:DebtInstrumentRedemptionPeriodOneMember us-gaap:ConvertibleDebtMember 2024-07-16 2024-07-16 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember us-gaap:ConvertibleDebtMember 2024-07-16 2024-07-16 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2025-01-01 2025-09-30 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2025-07-01 2025-09-30 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-07-01 2024-09-30 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-01-01 2024-09-30 0001084048 us-gaap:RevolvingCreditFacilityMember 2021-04-07 0001084048 us-gaap:RevolvingCreditFacilityMember 2024-06-18 0001084048 2024-06-18 2024-06-18 0001084048 us-gaap:FederalFundsEffectiveSwapRateMember zd:BridgeLoanFacilityMember us-gaap:BridgeLoanMember 2021-04-07 2021-04-07 0001084048 us-gaap:SecuredOvernightFinancingRateSofrMember zd:BridgeLoanFacilityMember us-gaap:BridgeLoanMember 2021-04-07 0001084048 us-gaap:BaseRateMember zd:BridgeLoanFacilityMember srt:MinimumMember 2021-04-07 2021-04-07 0001084048 us-gaap:BaseRateMember zd:BridgeLoanFacilityMember srt:MaximumMember 2021-04-07 2021-04-07 0001084048 us-gaap:SecuredOvernightFinancingRateSofrMember zd:BridgeLoanFacilityMember srt:MinimumMember 2021-04-07 2021-04-07 0001084048 us-gaap:SecuredOvernightFinancingRateSofrMember zd:BridgeLoanFacilityMember srt:MaximumMember 2021-04-07 2021-04-07 0001084048 zd:CreditAgreementMember us-gaap:LineOfCreditMember 2025-09-30 0001084048 zd:CreditAgreementMember us-gaap:LineOfCreditMember 2025-01-01 2025-09-30 0001084048 zd:A3.625ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2024-07-16 2024-07-16 0001084048 zd:A175ConvertibleNotesMember us-gaap:ConvertibleDebtMember 2021-10-07 2021-10-07 0001084048 us-gaap:OtherCurrentLiabilitiesMember 2025-09-30 0001084048 us-gaap:OtherCurrentLiabilitiesMember 2024-12-31 0001084048 us-gaap:OtherNoncurrentLiabilitiesMember 2025-09-30 0001084048 us-gaap:OtherNoncurrentLiabilitiesMember 2024-12-31 0001084048 zd:A2020RepurchaseProgramMember 2020-08-06 0001084048 zd:A2020RepurchaseProgramMember 2024-08-02 0001084048 zd:A2020RepurchaseProgramMember 2025-07-01 2025-09-30 0001084048 zd:A2020RepurchaseProgramMember 2025-01-01 2025-09-30 0001084048 zd:A2020RepurchaseProgramMember 2024-07-01 2024-09-30 0001084048 zd:A2020RepurchaseProgramMember 2024-01-01 2024-09-30 0001084048 zd:A2020RepurchaseProgramMember 2020-08-06 2025-09-30 0001084048 zd:A2020RepurchaseProgramMember 2025-09-30 0001084048 2025-04-24 2025-04-24 0001084048 zd:A2015StockOptionPlanMember us-gaap:RestrictedStockUnitsRSUMember 2025-09-30 0001084048 zd:A2024StockOptionPlanMember 2025-09-30 0001084048 us-gaap:CostOfSalesMember 2025-07-01 2025-09-30 0001084048 us-gaap:CostOfSalesMember 2024-07-01 2024-09-30 0001084048 us-gaap:CostOfSalesMember 2025-01-01 2025-09-30 0001084048 us-gaap:CostOfSalesMember 2024-01-01 2024-09-30 0001084048 us-gaap:SellingAndMarketingExpenseMember 2025-07-01 2025-09-30 0001084048 us-gaap:SellingAndMarketingExpenseMember 2024-07-01 2024-09-30 0001084048 us-gaap:SellingAndMarketingExpenseMember 2025-01-01 2025-09-30 0001084048 us-gaap:SellingAndMarketingExpenseMember 2024-01-01 2024-09-30 0001084048 us-gaap:ResearchAndDevelopmentExpenseMember 2025-07-01 2025-09-30 0001084048 us-gaap:ResearchAndDevelopmentExpenseMember 2024-07-01 2024-09-30 0001084048 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-01 2025-09-30 0001084048 us-gaap:ResearchAndDevelopmentExpenseMember 2024-01-01 2024-09-30 0001084048 us-gaap:GeneralAndAdministrativeExpenseMember 2025-07-01 2025-09-30 0001084048 us-gaap:GeneralAndAdministrativeExpenseMember 2024-07-01 2024-09-30 0001084048 us-gaap:GeneralAndAdministrativeExpenseMember 2025-01-01 2025-09-30 0001084048 us-gaap:GeneralAndAdministrativeExpenseMember 2024-01-01 2024-09-30 0001084048 us-gaap:OperatingExpenseMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingExpenseMember 2025-01-01 2025-09-30 0001084048 srt:DirectorMember zd:RestrictedStockAndRestrictedStockUnitRSUMember 2025-01-01 2025-09-30 0001084048 zd:RestrictedStockAndRestrictedStockUnitRSUMember srt:MinimumMember zd:SeniorStaffMember 2025-01-01 2025-09-30 0001084048 zd:RestrictedStockAndRestrictedStockUnitRSUMember srt:MaximumMember zd:SeniorStaffMember 2025-01-01 2025-09-30 0001084048 zd:RestrictedStockAndRestrictedStockUnitRSUMember srt:MinimumMember srt:ChiefExecutiveOfficerMember 2025-01-01 2025-09-30 0001084048 zd:RestrictedStockAndRestrictedStockUnitRSUMember srt:MaximumMember srt:ChiefExecutiveOfficerMember 2025-01-01 2025-09-30 0001084048 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-09-30 0001084048 us-gaap:RestrictedStockUnitsRSUMember 2024-01-01 2024-09-30 0001084048 srt:MinimumMember zd:MarketBasedRestrictedStockUnitsMember 2025-01-01 2025-09-30 0001084048 srt:MaximumMember zd:MarketBasedRestrictedStockUnitsMember 2025-01-01 2025-09-30 0001084048 zd:MarketBasedRestrictedStockUnitsMember 2025-01-01 2025-09-30 0001084048 zd:MarketBasedRestrictedStockUnitsMember 2024-01-01 2024-09-30 0001084048 zd:MarketBasedRestrictedStockUnitsMember 2025-09-30 0001084048 zd:MarketBasedRestrictedStockUnitsMember 2024-09-30 0001084048 us-gaap:RestrictedStockMember 2024-12-31 0001084048 zd:MarketBasedRestrictedStockAwardsMember 2024-12-31 0001084048 us-gaap:RestrictedStockMember 2025-01-01 2025-09-30 0001084048 zd:MarketBasedRestrictedStockAwardsMember 2025-01-01 2025-09-30 0001084048 us-gaap:RestrictedStockMember 2025-09-30 0001084048 zd:MarketBasedRestrictedStockAwardsMember 2025-09-30 0001084048 us-gaap:RestrictedStockUnitsRSUMember 2024-12-31 0001084048 zd:MarketBasedRestrictedStockUnitsMember 2024-12-31 0001084048 us-gaap:RestrictedStockUnitsRSUMember 2025-09-30 0001084048 zd:StockOptionsAndRestrictedStockMember 2025-07-01 2025-09-30 0001084048 zd:StockOptionsAndRestrictedStockMember 2024-07-01 2024-09-30 0001084048 zd:StockOptionsAndRestrictedStockMember 2025-01-01 2025-09-30 0001084048 zd:StockOptionsAndRestrictedStockMember 2024-01-01 2024-09-30 0001084048 us-gaap:ConvertibleDebtSecuritiesMember 2025-07-01 2025-09-30 0001084048 us-gaap:ConvertibleDebtSecuritiesMember 2024-07-01 2024-09-30 0001084048 us-gaap:ConvertibleDebtSecuritiesMember 2025-01-01 2025-09-30 0001084048 us-gaap:ConvertibleDebtSecuritiesMember 2024-01-01 2024-09-30 0001084048 2024-01-01 2024-12-31 0001084048 us-gaap:OperatingSegmentsMember 2025-07-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember 2024-07-01 2024-09-30 0001084048 us-gaap:OperatingSegmentsMember 2025-01-01 2025-09-30 0001084048 us-gaap:OperatingSegmentsMember 2024-01-01 2024-09-30 0001084048 us-gaap:CorporateNonSegmentMember 2025-07-01 2025-09-30 0001084048 us-gaap:CorporateNonSegmentMember 2024-07-01 2024-09-30 0001084048 us-gaap:CorporateNonSegmentMember 2025-01-01 2025-09-30 0001084048 us-gaap:CorporateNonSegmentMember 2024-01-01 2024-09-30 0001084048 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-06-30 0001084048 us-gaap:AccumulatedTranslationAdjustmentMember 2025-06-30 0001084048 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-07-01 2025-09-30 0001084048 us-gaap:AccumulatedTranslationAdjustmentMember 2025-07-01 2025-09-30 0001084048 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-09-30 0001084048 us-gaap:AccumulatedTranslationAdjustmentMember 2025-09-30 0001084048 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-12-31 0001084048 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-31 0001084048 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-01-01 2025-09-30 0001084048 us-gaap:AccumulatedTranslationAdjustmentMember 2025-01-01 2025-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 0-25965
ZIFF DAVIS, INC.
(Exact name of registrant as specified in its charter)

Delaware | 47-1053457
(State or other jurisdiction | (I.R.S. Employer
of incorporation or organization) | Identification No.)

360 Park Avenue S, New York, New York 10010
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (212) 503-3500
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock, $0.01 par value | ZD | The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ý | Accelerated filer | o | Non-Accelerated filer | o | Smaller reporting company | ☐
Emerging growth company | ☐ |  |  |  |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ý
There were 39,504,872 shares outstanding of the Registrant’s common stock as of November 4, 2025.

ZIFF DAVIS, INC. AND SUBSIDIARIES
QUARTERLY REPORT
QUARTER ENDED SEPTEMBER 30, 2025
INDEX

|  |  | PAGE
PART I. | FINANCIAL INFORMATION |
| Item 1. | Financial Statements |
|  | Condensed Consolidated Balance Sheets (Unaudited) | 3
|  | Condensed Consolidated Statements of Operations (Unaudited) | 4
|  | Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) | 5
|  | Condensed Consolidated Statements of Cash Flows (Unaudited) | 6
|  | Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) | 7
|  | Notes to Condensed Consolidated Financial Statements (Unaudited) | 9
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 39
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 56
| Item 4. | Controls and Procedures | 57
PART II. | OTHER INFORMATION |
| Item 1. | Legal Proceedings | 58
| Item 1A. | Risk Factors | 58
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 59
| Item 3. | Defaults Upon Senior Securities | 59
| Item 4. | Mine Safety Disclosures | 59
| Item 5. | Other Information | 59
| Item 6. | Exhibits | 60
|  | Signatures | 61

-2-

PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except share and per share data)

| September 30, 2025 |  | December 31, 2024
ASSETS |  |  |
Cash and cash equivalents | $ | 503,368 |  |  | $ | 505,880 |
Accounts receivable, net of allowances of $8,430 and $8,148, respectively | 473,159 |  |  | 660,223 |
Prepaid expenses and other current assets | 148,022 |  |  | 105,966 |
Total current assets | 1,124,549 |  |  | 1,272,069 |
Long-term investments | 119,557 |  |  | 158,187 |
Property and equipment, net of accumulated depreciation of $443,246 and $361,710, respectively | 207,854 |  |  | 197,216 |
Intangible assets, net | 375,321 |  |  | 425,749 |
Goodwill | 1,606,184 |  |  | 1,580,258 |
Deferred income taxes | 7,515 |  |  | 7,487 |
Other assets | 35,954 |  |  | 63,368 |
TOTAL ASSETS | $ | 3,476,934 |  |  | $ | 3,704,334 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Accounts payable and accrued expenses | $ | 472,066 |  |  | $ | 670,769 |
Income taxes payable, current | 5,508 |  |  | 19,715 |
Deferred revenue, current | 203,141 |  |  | 199,664 |
Other current liabilities | 17,291 |  |  | 9,499 |
Total current liabilities | 698,006 |  |  | 899,647 |
Long-term debt | 865,937 |  |  | 864,282 |
Deferred revenue, noncurrent | 5,622 |  |  | 5,504 |
Liability for uncertain tax positions | 24,163 |  |  | 30,296 |
Deferred income taxes | 45,398 |  |  | 46,018 |
Other noncurrent liabilities | 38,899 |  |  | 47,705 |
TOTAL LIABILITIES | 1,678,025 |  |  | 1,893,452 |
Commitments and contingencies (Note 8) |  |  |
Preferred stock, $0.01 par value. Authorized 1,000,000 and none issued | — |  |  | — |
Preferred stock - Series A, $0.01 par value. Authorized 6,000; total issued and outstanding zero | — |  |  | — |
Preferred stock - Series B, $0.01 par value. Authorized 20,000; total issued and outstanding zero | — |  |  | — |
Common stock, $0.01 par value. Authorized 95,000,000; total issued and outstanding 39,993,208 and 42,848,339 shares at September 30, 2025 and December 31, 2024, respectively | 400 |  |  | 428 |
Additional paid-in capital | 482,667 |  |  | 491,891 |
Retained earnings | 1,374,616 |  |  | 1,401,034 |
Accumulated other comprehensive loss | (58,774) |  |  | (82,471) |
TOTAL STOCKHOLDERS’ EQUITY | 1,798,909 |  |  | 1,810,882 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,476,934 |  |  | $ | 3,704,334 |

See Notes to Condensed Consolidated Financial Statements (Unaudited)
-3-

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except share and per share data)

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total revenues | $ | 363,711 |  |  | $ | 353,580 |  |  | $ | 1,044,556 |  |  | $ | 988,865 |
Operating costs and expenses: |  |  |  |  |  |  |
Direct costs | 53,152 |  |  | 51,170 |  |  | 149,334 |  |  | 147,081 |
Sales and marketing | 137,835 |  |  | 127,418 |  |  | 407,113 |  |  | 369,184 |
Research, development, and engineering | 15,402 |  |  | 15,255 |  |  | 47,756 |  |  | 49,824 |
General, administrative, and other related costs | 53,996 |  |  | 52,417 |  |  | 154,976 |  |  | 150,432 |
Depreciation and amortization | 57,319 |  |  | 51,351 |  |  | 170,757 |  |  | 151,945 |
Goodwill impairment | 17,579 |  |  | 85,273 |  |  | 17,579 |  |  | 85,273 |
Total operating costs and expenses | 335,283 |  |  | 382,884 |  |  | 947,515 |  |  | 953,739 |
Income (loss) from operations | 28,428 |  |  | (29,304) |  |  | 97,041 |  |  | 35,126 |
Interest expense, net | (6,496) |  |  | (4,024) |  |  | (19,150) |  |  | (7,597) |
Loss on sale of businesses | — |  |  | — |  |  | — |  |  | (3,780) |
Gain (loss) on investments, net | 678 |  |  | — |  |  | 5,018 |  |  | (7,654) |
Provision for credit losses on investments | (17,566) |  |  | — |  |  | (17,566) |  |  | — |
Other income (loss), net | 4,098 |  |  | (2,633) |  |  | (4,491) |  |  | 2,530 |
Income (loss) before income tax expense and income (loss) from equity method investment | 9,142 |  |  | (35,961) |  |  | 60,852 |  |  | 18,625 |
Income tax expense | (12,778) |  |  | (12,539) |  |  | (25,651) |  |  | (27,760) |
Income (loss) from equity method investment, net of tax | 38 |  |  | (77) |  |  | 11,783 |  |  | 8,095 |
Net (loss) income | $ | (3,598) |  |  | $ | (48,577) |  |  | $ | 46,984 |  |  | $ | (1,040) |
Net (loss) income per common share: |  |  |  |  |  |  |
Basic | $ | (0.09) |  |  | $ | (1.11) |  |  | $ | 1.13 |  |  | $ | (0.02) |
Diluted | $ | (0.09) |  |  | $ | (1.11) |  |  | $ | 1.13 |  |  | $ | (0.02) |
Weighted average shares outstanding: |  |  |  |  |  |  |
Basic | 40,558,629 |  |  | 43,924,158 |  |  | 41,609,182 |  |  | 45,088,272 |
Diluted | 40,558,629 |  |  | 43,924,158 |  |  | 41,685,149 |  |  | 45,088,272 |

See Notes to Condensed Consolidated Financial Statements (Unaudited)
-4-

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited, in thousands)

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net (loss) income | $ | (3,598) |  |  | $ | (48,577) |  |  | $ | 46,984 |  |  | $ | (1,040) |
Other comprehensive (loss) income, net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustment | (4,405) |  |  | 14,514 |  |  | 25,788 |  |  | 7,521 |
Change in fair value on available-for-sale investments, net of tax benefit of $884 and tax expense of $(118) for the three months ended September 30, 2025 and 2024, respectively, and tax benefit of $697 and tax expense of $(200) for the nine months ended September 30, 2025 and 2024, respectively | (2,650) |  |  | 352 |  |  | (2,091) |  |  | 630 |
Other comprehensive (loss) income, net of tax | (7,055) |  |  | 14,866 |  |  | 23,697 |  |  | 8,151 |
Comprehensive (loss) income | $ | (10,653) |  |  | $ | (33,711) |  |  | $ | 70,681 |  |  | $ | 7,111 |

See Notes to Condensed Consolidated Financial Statements (Unaudited)
-5-

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)

| Nine months ended September 30,
| 2025 |  | 2024
Cash flows from operating activities: |  |  |
Net income (loss) | $ | 46,984 |  |  | $ | (1,040) |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 170,757 |  |  | 151,945 |
Non-cash operating lease costs | 5,603 |  |  | 8,392 |
Share-based compensation | 33,676 |  |  | 30,633 |
Provision for credit losses on accounts receivable | 2,493 |  |  | 2,289 |
Provision for credit losses on investments | 17,566 |  |  | — |
Deferred income taxes, net | 1,167 |  |  | (14,575) |
Loss on sale of businesses | — |  |  | 3,780 |
Goodwill impairment | 17,579 |  |  | 85,273 |
Changes in fair value of contingent consideration | (2,834) |  |  | — |
Income from equity method investments, net | (11,783) |  |  | (8,095) |
(Gain) loss on investments, net | (5,018) |  |  | 7,654 |
Other | 2,403 |  |  | 2,390 |
Decrease (increase) in: |  |  |
Accounts receivable | 187,760 |  |  | 46,576 |
Prepaid expenses and other current assets | (10,325) |  |  | (8,152) |
Other assets | 14,658 |  |  | (2,794) |
Increase (decrease) in: |  |  |
Accounts payable | (240,398) |  |  | (66,313) |
Deferred revenue | (4,708) |  |  | 9,269 |
Accrued liabilities and other current liabilities | (9,594) |  |  | (15,150) |
Net cash provided by operating activities | 215,986 |  |  | 232,082 |
Cash flows from investing activities: |  |  |
Purchases of property and equipment | (85,888) |  |  | (79,476) |
Acquisitions, net of cash received | (67,086) |  |  | (211,526) |
Distribution from equity method investment | 10,756 |  |  | — |
Proceeds from sale of equity method investment | 860 |  |  | — |
Proceeds from sale of equity investments | 25,250 |  |  | 19,455 |
Proceeds from sale of businesses, net of cash divested | — |  |  | 7,860 |
Other | (263) |  |  | (884) |
Net cash used in investing activities | (116,371) |  |  | (264,571) |
Cash flows from financing activities: |  |  |
Payment of debt | — |  |  | (134,989) |
Repurchase of common stock | (113,221) |  |  | (183,981) |
Issuance of common stock under employee stock purchase plan | 3,751 |  |  | 4,525 |
Deferred payments for acquisitions | (213) |  |  | (7,442) |
Other | (1,783) |  |  | (1,209) |
Net cash used in financing activities | (111,466) |  |  | (323,096) |
Effect of exchange rate changes on cash and cash equivalents | 9,339 |  |  | 4,095 |
Net change in cash and cash equivalents | (2,512) |  |  | (351,490) |
Cash and cash equivalents at beginning of period | 505,880 |  |  | 737,612 |
Cash and cash equivalents at end of period | $ | 503,368 |  |  | $ | 386,122 |

See Notes to Condensed Consolidated Financial Statements (Unaudited)
-6-

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in thousands, except share amounts)

| Three months ended September 30, 2025
| Common stock | Additional paid-in | Retained | Accumulated other | Total Stockholders’
| Shares | Amount | capital | earnings | comprehensive loss | Equity
Balance, July 1, 2025 | 41,168,057 |  | $ | 412 |  | $ | 484,498 |  | $ | 1,409,468 |  | $ | (51,719) |  | $ | 1,842,659 |
Net loss | — |  | — |  | — |  | (3,598) |  | — |  | (3,598) |
Other comprehensive loss, net of tax benefit of $884 | — |  | — |  | — |  | — |  | (7,055) |  | (7,055) |
Issuance of restricted stock, net | 1,710 |  |  | (62) |  | 33 |  | — |  | (29) |
Repurchase and retirement of common stock | (1,176,559) |  | (12) |  | (13,874) |  | (30,996) |  | — |  | (44,882) |
Share-based compensation | — |  | — |  | 12,111 |  | — |  | — |  | 12,111 |
Other, net | — |  | — |  | (6) |  | (291) |  | — |  | (297) |
Balance, September 30, 2025 | 39,993,208 |  | $ | 400 |  | $ | 482,667 |  | $ | 1,374,616 |  | $ | (58,774) |  | $ | 1,798,909 |

| Three months ended September 30, 2024
| Common stock | Additional paid-in | Retained | Accumulated other | Total Stockholders’
| Shares | Amount | capital | earnings | comprehensive loss | Equity
Balance, July 1, 2024 | 44,740,322 |  | $ | 447 |  | $ | 476,232 |  | $ | 1,471,543 |  | $ | (78,335) |  | $ | 1,869,887 |
Net loss | — |  | — |  | — |  | (48,577) |  | — |  | (48,577) |
Other comprehensive income, net of tax expense of $(118) | — |  | — |  | — |  | — |  | 14,866 |  | 14,866 |
Issuance of restricted stock, net | 526 |  | — |  | (198) |  | 88 |  | — |  | (110) |
Issuance of shares under employee stock purchase plan | — |  | — |  | — |  | — |  | — |  | — |
Repurchase and retirement of common stock | (2,000,000) |  | (20) |  | (9,250) |  | (87,650) |  | — |  | (96,920) |
Share-based compensation | — |  | — |  | 10,161 |  | — |  | — |  | 10,161 |
Increase in fair value of conversion feature on 3.625% Convertible Notes, net of tax effect of $1,000 | — |  | — |  | 3,001 |  | — |  | — |  | 3,001 |
Other, net | — |  | — |  | 325 |  | (321) |  | — |  | 4 |
Balance, September 30, 2024 | 42,740,848 |  | $ | 427 |  | $ | 480,271 |  | $ | 1,335,083 |  | $ | (63,469) |  | $ | 1,752,312 |

-7-

ZIFF DAVIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in thousands, except share amounts)

| Nine months ended September 30, 2025
| Common stock | Additional paid-in | Retained | Accumulated other | Total Stockholders’
| Shares | Amount | capital | earnings | comprehensive loss | Equity
Balance, January 1, 2025 | 42,848,339 |  | $ | 428 |  | $ | 491,891 |  | $ | 1,401,034 |  | $ | (82,471) |  | $ | 1,810,882 |
Net income | — |  | — |  | — |  | 46,984 |  | — |  | 46,984 |
Other comprehensive income, net of tax benefit of $697 | — |  | — |  | — |  | — |  | 23,697 |  | 23,697 |
Issuance of restricted stock, net | 165,479 |  | 3 |  | (8,110) |  | 3,655 |  | — |  | (4,452) |
Issuance of shares under employee stock purchase plan | 133,956 |  | 1 |  | 3,749 |  | — |  | — |  | 3,750 |
Repurchase and retirement of common stock (1) | (3,154,566) |  | (32) |  | (38,457) |  | (76,965) |  | — |  | (115,454) |
Share-based compensation | — |  | — |  | 33,591 |  | — |  | — |  | 33,591 |
Other, net | — |  | — |  | 3 |  | (92) |  | — |  | (89) |
Balance, September 30, 2025 | 39,993,208 |  | $ | 400 |  | $ | 482,667 |  | $ | 1,374,616 |  | $ | (58,774) |  | $ | 1,798,909 |

(1)Includes 143,161 shares received in connection with sale of our minority equity ownership interest in OpenEvidence during the nine months ended September 30, 2025.

| Nine months ended September 30, 2024
| Common stock | Additional paid-in | Retained | Accumulated other | Total Stockholders’
| Shares | Amount | capital | earnings | comprehensive loss | Equity
Balance, January 1, 2024 | 46,078,464 |  | $ | 461 |  | $ | 472,201 |  | $ | 1,491,956 |  | $ | (71,620) |  | $ | 1,892,998 |
Net loss | — |  | — |  | — |  | (1,040) |  | — |  | (1,040) |
Other comprehensive income, net of tax expense of $(200) | — |  | — |  | — |  | — |  | 8,151 |  | 8,151 |
Issuance of restricted stock, net | 69,795 |  | — |  | (5,450) |  | 1,502 |  | — |  | (3,948) |
Issuance of shares under employee stock purchase plan | 92,589 |  | 1 |  | 4,524 |  | — |  | — |  | 4,525 |
Repurchase and retirement of common stock | (3,500,000) |  | (35) |  | (24,973) |  | (156,822) |  | — |  | (181,830) |
Share-based compensation | — |  | — |  | 30,633 |  | — |  | — |  | 30,633 |
Increase in fair value of conversion feature on 3.625% Convertible Notes, net of tax effect of $1,000 | — |  | — |  | 3,001 |  | — |  | — |  | 3,001 |
Other, net | — |  | — |  | 335 |  | (513) |  | — |  | (178) |
Balance, September 30, 2024 | 42,740,848 |  | $ | 427 |  | $ | 480,271 |  | $ | 1,335,083 |  | $ | (63,469) |  | $ | 1,752,312 |

See Notes to Condensed Consolidated Financial Statements (Unaudited)
-8-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1.Basis of Presentation and Overview
The accompanying Condensed Consolidated Financial Statements of Ziff Davis, Inc. and its direct and indirect wholly-owned subsidiaries (“Ziff Davis”, the “Company”, “our”, “us”, or “we”), were prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), and all adjustments considered necessary for a fair presentation have been included. All intercompany accounts and transactions have been eliminated in consolidation.
The accompanying interim Condensed Consolidated Financial Statements have been prepared in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. All normal recurring adjustments necessary for a fair presentation of these interim Condensed Consolidated Financial Statements were made.
This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025 and other filings with the SEC.
The results of operations for this interim period are not necessarily indicative of the operating results that may be expected for the full year or for any future period.
Description of Business
Ziff Davis is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, health and wellness, connectivity, cybersecurity, and martech. Our business specializes in the technology, shopping, gaming and entertainment, healthcare, and connectivity markets, offering content, tools, and services to consumers and businesses, and provides internet-delivered cloud-based services to consumers and businesses including cybersecurity, privacy, and marketing technology.
Reclassifications
Certain prior year reported amounts have been reclassified to conform to the 2025 presentation. For the three and nine months ended September 30, 2024, the Company reclassified depreciation of $2.1 million and $5.8 million, respectively, and amortization of $49.3 million and $146.1 million, respectively from ‘Direct costs’ and ‘General, administrative, and other related costs’, respectively, to ‘Depreciation and amortization’ to conform with current period presentation.
Significant Accounting Policies
The significant accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2024. For the nine months ended September 30, 2025, there have been no new or material changes to the significant accounting policies discussed in the Company’s Form 10-K for the fiscal year ended December 31, 2024.
Accounts Receivable, net
Accounts receivable, net consisted of the following (in thousands):

| September 30, 2025 |  | December 31, 2024
Settlement receivables, net | $ | 183,277 |  |  | $ | 296,553 |
Trade receivables, net | 283,431 |  |  | 349,120 |
Other receivables | 6,451 |  |  | 14,550 |
Accounts receivable, net | $ | 473,159 |  |  | $ | 660,223 |

Settlement receivables, net represent amounts due from third parties that are collected by the Company and passed through to our customers, net of a fee earned by the Company, related to services provided in the facilitation of gift card processing and program management.
-9-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following (in thousands):

| September 30, 2025 |  | December 31, 2024
Accounts payable | $ | 147,671 |  |  | $ | 164,352 |
Settlement payables, net | 239,293 |  |  | 408,747 |
Accrued employee related costs | 31,921 |  |  | 55,800 |
Other accrued liabilities | 53,181 |  |  | 41,870 |
Accounts payable and accrued expenses | $ | 472,066 |  |  | $ | 670,769 |

Settlement payables, net represent amounts owed to our customers related to services provided in the facilitation of gift card processing and program management whereby, as part of our services we collect from third-parties and pass through payment to our customers, net of a fee earned by the Company.
Recent Accounting Pronouncements
Recently issued applicable accounting pronouncements not yet adopted
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update eliminates accounting considerations for software project development stages and replaces it with the requirement to commence software capitalization when (1) management has authorized and committed to funding the project and (2) it is probable that the project will be completed and will be used to perform its intended function. This update further provides the guidance about “probable-to-complete” recognition threshold. Specifically, such threshold is not considered being met when there is a significant uncertainty associated with the development activities of the software, This update is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the effect of adoption of this update on our consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides all entities with the practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (“ASC”) Topic 606, Revenues from Contracts with Customers (“ASC 606”). This update permits all entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. This update is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted for financial statements that have not been issued or made available for issuance. The Company is currently evaluating the effect of adoption of this update on our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than 5% of the amount computed by multiplying pretax income by statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5% of total income taxes paid. The amendments eliminate some of the previously required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within twelve months. The amendments in this update are effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
-10-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expenses Disaggregation Disclosure (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities. The amendments in this update do not change the expense captions an entity presents on the face of the income statement; rather, they require disaggregation of certain expense captions into specified categories, including but not limited to purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statements - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This update will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
2.Revenues
The following describes the nature of the Company’s primary types of revenues.
Advertising and Performance Marketing
Advertising and performance marketing revenues are earned primarily from the delivery of advertising services and from marketing, performance marketing, and production services. Revenues from the delivery of advertising services are earned on websites and applications that are owned and operated by the Company and on those websites and applications that are part of the Company’s advertising network. Revenues are primarily earned by generating traffic to the Company’s websites, apps, and third-party platforms on which brands of the Company have a presence and monetize this traffic. The value provided to the customer is primarily derived from the provision of traffic the Company generates from its specific content within each vertical, as well as data obtained by the website or app traffic. Such revenues are generally recognized over the period in which the products or services are delivered.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the Company’s advertising and performance marketing revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. Revenues recognized on a gross basis are generated (i) by the Company serving online display and video advertising across its owned and operated web properties, on third-party sites, or on unaffiliated advertising networks; and (ii) through the Company’s lead-generation business. The Company records revenues on a net basis with respect to revenues paid to the Company by certain third-party advertising networks who serve online display and video advertising across the Company’s owned-and-operated web properties and certain third-party platforms. The Company also records revenues on a net basis with respect to the transfer of functional intellectual property through third-party gaming platforms and with respect to revenues earned from servicing client gift card programs.
Subscription and Licensing
Revenues from subscriptions are earned through (i) the granting of access to, or delivery of, data products or services to customers; (ii) usage-based fees, and (iii) reselling various third-party solutions, primarily through the Company’s email security line of business. Subscriptions cover video games and related content, health information, data, and other copyrighted material. Revenues are also earned from listing fees, subscriptions to online publications, and from other sources. Third-party solutions, along with the Company’s proprietary products, allow the Company to offer customers a variety of solutions to better meet the customer’s needs. Subscription revenues are primarily recognized over the contract term. Revenues related to the provision of access to historical data for certain services are recorded at the time of delivery. In instances where usage-based fees are charged, a significant portion of which are paid in advance, the Company defers the portions of monthly, quarterly, semi-annual, and annual fees collected in advance of the satisfaction of performance obligations and recognizes them in the period earned.
Licensing revenues are earned through the license of certain assets to clients. Assets are licensed for clients’ use in their own promotional materials or otherwise and may include logos, editorial reviews, or other copyrighted material that represent symbolic intellectual property, as defined in ASC 606. Revenues under such license agreements are generally recognized over the contract term. In instances when technology assets in the form of functional intellectual property are licensed to the Company’s clients, revenues from the license of these assets are recognized at a point in time.
Licensing revenues also include revenues from transactions involving the sale of perpetual software licenses, related software support, and maintenance. Revenues will be recognized when the obligations are met, either over time or at a point in time, depending on the nature of the obligation.
-11-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
•Revenues from software license performance obligations are generally recognized upfront at the point in time that the software is made available to the customer for download and use.
•Revenues from related software support and maintenance are generally recognized ratably over the contractual period, because technical support, unspecified software product upgrades, maintenance releases, and patches are provided to customers on an as needed basis and they are available during the term of the support period.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The vast majority of the subscription and licensing revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a gross basis with respect to revenues generated from the resale of various third-party solutions, primarily through its email security line of business, because the Company has control of the specified good or service prior to transferring control to the customer.
Other
Other revenues primarily include those from the sale of hardware used in conjunction with software described above, online course revenues, game publishing revenues, and revenues from a customer acquisition platform for subscription services companies. Hardware product and related software performance obligations, such as those relating to an operating system or firmware, are highly interdependent and interrelated and are accounted for as a bundled performance obligation. The revenues for this bundled performance obligation are generally recognized at the point in time that the hardware and software products are delivered and ownership is transferred to the customer.
The Company determines whether revenues should be reported on a gross or net basis by assessing whether the Company is acting as the principal or an agent in the transaction, respectively. The majority of the Company’s other revenues are recognized on a gross basis as the Company primarily acts as a “principal” as defined under ASC 606. The Company records revenues on a net basis with respect to games sold on third-party platforms.
-12-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Disaggregated Revenues
Revenues from external customers classified by revenue source are as follows (in thousands):

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 (1) |  | 2024 (1) |  | 2025 (1) |  | 2024 (1)
Technology & Shopping |  |  |  |  |  |  |
Advertising and performance marketing | $ | 84,226 |  |  | $ | 80,485 |  |  | $ | 242,500 |  |  | $ | 215,645 |
Subscription and licensing | 2,777 |  |  | 1,594 |  |  | 7,581 |  |  | 5,155 |
Other | (1,814) |  |  | 5,047 |  |  | (2,426) |  |  | 8,160 |
Total Technology & Shopping revenues | $ | 85,189 |  |  | $ | 87,126 |  |  | $ | 247,655 |  |  | $ | 228,960 |
Gaming & Entertainment |  |  |  |  |  |  |
Advertising and performance marketing | $ | 31,917 |  |  | $ | 34,909 |  |  | $ | 88,539 |  |  | $ | 85,839 |
Subscription and licensing | 15,657 |  |  | 14,795 |  |  | 43,268 |  |  | 43,486 |
Other | 4 |  |  | 10 |  |  | 23 |  |  | 10 |
Total Gaming & Entertainment revenues | $ | 47,578 |  |  | $ | 49,714 |  |  | $ | 131,830 |  |  | $ | 129,335 |
Health & Wellness |  |  |  |  |  |  |
Advertising and performance marketing | $ | 85,587 |  |  | $ | 75,084 |  |  | $ | 237,049 |  |  | $ | 209,898 |
Subscription and licensing | 13,679 |  |  | 12,751 |  |  | 40,494 |  |  | 36,539 |
Other | 3,040 |  |  | 2,936 |  |  | 10,001 |  |  | 10,300 |
Total Health & Wellness revenues | $ | 102,306 |  |  | $ | 90,771 |  |  | $ | 287,544 |  |  | $ | 256,737 |
Connectivity |  |  |  |  |  |  |
Advertising and performance marketing | $ | 3,368 |  |  | $ | 3,135 |  |  | $ | 9,057 |  |  | $ | 8,649 |
Subscription and licensing | 49,198 |  |  | 48,309 |  |  | 149,132 |  |  | 138,501 |
Other | 4,613 |  |  | 4,499 |  |  | 12,216 |  |  | 12,222 |
Total Connectivity revenues | $ | 57,179 |  |  | $ | 55,943 |  |  | $ | 170,405 |  |  | $ | 159,372 |
Cybersecurity & Martech |  |  |  |  |  |  |
Subscription and licensing | $ | 69,145 |  |  | $ | 70,026 |  |  | $ | 204,808 |  |  | $ | 214,461 |
Other | 2,314 |  |  | — |  |  | 2,314 |  |  | — |
Total Cybersecurity & Martech revenues | $ | 71,459 |  |  | $ | 70,026 |  |  | $ | 207,122 |  |  | $ | 214,461 |
Total Revenues | $ | 363,711 |  |  | $ | 353,580 |  |  | $ | 1,044,556 |  |  | $ | 988,865 |

(1)Amounts presented are net of inter-segment revenues.
The Company recorded $35.0 million and $33.9 million of revenues for the three months ended September 30, 2025 and 2024, respectively, and $173.9 million and $166.3 million of revenues for the nine months ended September 30, 2025 and 2024, respectively, which was previously included in the deferred revenues balance as of the beginning of each respective year.
Performance Obligations
The Company may be a party to multiple concurrent contracts with the same customers, or a party or parties related to those customers. Some of these situations may require an evaluation to determine if those arrangements should be accounted for as a single contract. The Company’s contracts with customers may include multiple performance obligations, including contracts when advertising and licensing services are sold together.
The Company determines the transaction price based on the amount to which the Company expects to be entitled in exchange for services provided. The Company includes any fixed consideration within its contracts as part of the total
-13-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
transaction price. The Company’s contracts occasionally contain variable consideration, such as commissions that are recognized in the period of the commissionable event. Payment terms vary by type and location of customers and the services offered. The time between invoicing and when payment is due is generally not significant. Due to the nature of the services provided, there are no obligations for returns.
Advertising and performance marketing revenues consist primarily of performance obligations that are satisfied over time, where the customer simultaneously receives and consumes the benefit of the services provided. In certain instances, the Company provides content to its advertising partners and receives a revenue share based on the terms of the agreement. Revenues are recognized based on delivery of services over the contract period for advertising. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on individual contracts with customers, revenues from advertising and performance marketing revenues are recognized over time as distinct performance obligations are satisfied, including when:
•Online display and video advertising in form of impressions, video views and other means is placed for viewing on the Company’s owned-and-operated properties and on third-party sites.
•Commissions are earned upon the sale of an advertised product.
•Qualified sales leads are delivered.
•Visitor “clicks through” an advertisement.
Subscription and licensing revenues are earned from (i) subscription services with performance obligations that are satisfied over time; and (ii) licensing arrangements that have standalone functionality with performance obligations satisfied at a point in time, where the customer simultaneously receives and consumes the benefit of the services provided regardless of whether the customer uses the services. The Company believes that the methods described are a faithful depiction of the transfer of goods and services. Depending on the individual contracts with the customer, revenues for subscription and licensing services are recognized over the contract period as distinct performance obligations are satisfied, including when:
•Voice, email marketing, and search engine optimization as services are delivered.
•Consumer privacy services and data backup capabilities are provided.
•Security solutions, including email and endpoint, are provided.
•Access is granted to data products and services.
•Continuing access to the content on our websites and apps is provided.
The Company has concluded the best measure of progress toward the complete satisfaction of the performance obligation delivered over the time is a time-based measure. The Company recognizes revenues on a straight-line basis throughout the subscription period, or as usage occurs, or when functional intellectual property is delivered for services outside of the subscription.
Other revenues consist primarily of performance obligations that are satisfied at a point in time at which control for goods and services is transferred to a customer. The Company believes that the methods described are a faithful depiction of the transfer of goods and services.
Transaction Price Allocation to Future Performance Obligations
As of September 30, 2025, the aggregate amount of transaction price that is allocated to future performance obligations was approximately $77.5 million and is expected to be recognized as follows: 22% by December 31, 2025, 49% by December 31, 2026, and 29% thereafter. The amount disclosed does not include revenues related to performance obligations that are part of contracts with original expected durations of twelve months or less or portions of the contracts that remain subject to cancellations. Further, the disclosure does not include contracts for which the transaction price is a variable consideration that corresponds directly with the Company’s performance.
3.Acquisitions
The Company uses acquisitions as a strategy to grow its customer base by increasing its presence in new and existing markets, expand and diversify its service offerings, enhance its technology, and acquire skilled personnel.
-14-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
2025 Acquisitions
The Company completed seven immaterial acquisitions during the nine months ended September 30, 2025, paying the purchase price in cash for each transaction. These acquisitions were comprised of six acquisitions that were accounted for as business combinations and one accounted for as an asset acquisition. Total consideration for these acquisitions was $81.6 million, or $76.4 million, net of cash acquired.
Goodwill recognized for these acquisitions during the nine months ended September 30, 2025 was $30.3 million, of which $21.0 million is expected to be deductible for income tax purposes. Approximately $40.2 million of definite-lived intangibles were recorded in connection with the acquisitions during the nine months ended September 30, 2025, including $25.1 million of Customer relationships, net, $7.0 million of Trade names and trademarks, net, and $8.1 million of Other purchased intangibles, net. The initial accounting for 2025 business acquisitions is incomplete due to the timing of available information and is subject to change. As of September 30, 2025, the Company has recorded provisional amounts for certain intangible assets (including customer relationships, trade names, and other purchased intangibles), preliminary acquisition date working capital, and related tax items.
The Condensed Consolidated Statement of Operations reflects the results of operations of the 2025 acquisitions since the date of each respective acquisition.
2024 Acquisitions
The Company completed the following acquisitions during the year ended December 31, 2024, paying a purchase price in cash in each transaction: (a) a purchase of 100% of the equity interest in TDS Gift Cards (“TDS”), acquired on February 5, 2024, a digital gifting and branded payments platform, which is reported within our Technology & Shopping segment; (b) a purchase of 100% of the equity interest in CNET Media, Inc. and certain related entities (“CNET”), acquired on September 12, 2024, a digital medial publication platform, which is reported within our Technology & Shopping segment; and two other immaterial acquisitions. All of these acquisitions were accounted for as business combinations. The acquisition of TDS expanded our ability to offer innovative shopping solutions to our merchant partners and broaden our capabilities to help facilitate commerce between consumers and some of the market’s most highly visible brands. The acquisition of CNET has allowed us to reach a wider audience that is attractive to advertisers in the technology space. Total consideration for all businesses acquired in 2024 was $365.1 million, or $219.2 million, net of cash acquired.
-15-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed for our 2024 acquisitions (in thousands):

|  | Valuation
|  | TDS |  | CNET (2)
Assets and Liabilities |  |  |  |
Cash |  | $ | 142,957 |  |  | $ | — |
Accounts receivable and other current assets (1) |  | 171,290 |  |  | 17,236 |
Intangible assets |  | 108,340 |  |  | 100,500 |
Goodwill (2) |  | 81,248 |  |  | 36,316 |
Deferred tax asset, noncurrent |  | — |  |  | 11,412 |
Other assets |  | 203 |  |  | 1,480 |
Accounts payable and other current liabilities |  | (290,161) |  |  | (11,827) |
Deferred tax liability, noncurrent |  | (25,442) |  |  | (169) |
Other noncurrent liabilities |  | (847) |  |  | (700) |
Total |  | $ | 187,588 |  |  | $ | 154,248 |

(1)The fair value of the assets acquired includes accounts receivable of $170.7 million (including Settlement receivables, net of $166.8 million) related to TDS and $16.5 million related to CNET.
(2)During the nine months ended September 30, 2025, we recorded a measurement period adjustment of $(1.2) million to Customer relationships, $0.7 million to Other purchased intangibles assets, $0.9 million to Accounts receivable and other current assets, $0.8 million to Other assets, $(0.7) million to Other noncurrent liabilities, and $(0.2) million to Deferred tax liability, noncurrent with corresponding adjustments to Goodwill.
The accompanying Condensed Consolidated Statements of Operations reflect the results of operations of the 2024 acquisitions since the date of each respective acquisition.
4.Investments
Investments consist of equity and debt securities.
Investment in equity securities
On October 7, 2021, we completed the separation of our cloud fax business (the “Separation”) into an independent publicly traded company. Following the Separation, the Company retained shares of publicly traded common stock of Consensus Cloud Solutions, Inc. (“Consensus”). During the second quarter of 2024, the Company sold its remaining 1,034,295 shares of Consensus common stock in the open market. As of December 31, 2024, the Company did not hold any shares of t common stock of Consensus. The Company accounted for its investment in Consensus at fair value under the fair value option, and the related fair value gains and losses were recognized in earnings. For the three and nine months ended September 30, 2024, loss of zero million and $7.7 million were recorded in the Condensed Consolidated Statement of Operations.
On July 31, 2023, the Company entered into an agreement to purchase a $25.0 million minority equity ownership interest in OpenEvidence (formerly known as Xyla), an artificial intelligence company. This minority investment was made in the form of cash and shares of the Company’s common stock. The Company accounted for its investment in OpenEvidence as an equity investment without a readily determinable fair value measured under the measurement alternative in accordance with ASC Topic 321, Investments — Equity Securities. As of December 31, 2024, the investment in OpenEvidence had a carrying value of $25.3 million, including transaction costs, and was included in ‘Long-term investments’ in the Condensed Consolidated Balance Sheets. On April 24, 2025, the Company sold its minority interest in OpenEvidence for $29.7 million, including $25.2 million in cash and 143,161 shares of the Company’s common stock, all of which had been issued in the purchase of the minority interest in OpenEvidence.
Investment in a corporate debt security
On April 12, 2022, the Company entered into an agreement with an entity to acquire 4% convertible notes with an aggregate value of $15.0 million. On May 19, 2023, the Company entered into the Note Amendment Agreement (the “Amendment”) with respect to the same entity. The Amendment increased the interest rate on the convertible notes to 6%, extended the maturity date, and subordinated all existing and future obligations, liabilities, and indebtedness of the entity to the
-16-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
entity’s senior creditor, as defined in the Amendment. This investment is included in ‘Short-term investments’ in the Condensed Consolidated Balance Sheets and is classified as available-for-sale. The investment was initially measured at its transaction price and subsequently re-measured at fair value, with unrealized gains and losses reported as a component of other comprehensive income. In evaluating the available-for-sale debt security, the Company elected to exclude accrued interest receivable from the fair value and amortized cost basis. The amortized cost of the available-for-sale debt security excluded accrued interest receivable of zero, net of allowance for credit losses of $2.6 million, as of September 30, 2025 and $2.1 million, net of allowance for credit losses of zero, as of December 31, 2024, which is presented in 'Prepaid expenses and other current assets' in the Condensed Consolidated Balance Sheets.
During the three and nine months ended September 30, 2025, based on the latest available financial and certain other information related to the issuing entity, the Company determined that the fair value of its investment in this corporate debt security was below its amortized cost. Based on this information, the Company determined that a credit loss exists. During the three and nine months ended September 30, 2025, the Company recognized the provision for credit losses of $17.6 million, respectively, on total accrued interest receivable and amortized cost of the available-for-sale debt security in ‘Provision for credit losses on investments’ in the Condensed Consolidated Statements of Operations. An additional $3.5 million, before tax, representing the excess of unrealized losses over the provision for credit losses was recognized in ‘Accumulated other comprehensive loss’ in the Condensed Consolidated Balance Sheets. There were no investments in an unrealized loss position as of December 31, 2024. The Company does not intend to sell its available-for-sale corporate debt security. In addition, it is more likely than not that the Company will not be required to sell it before recovery of the amortized cost basis, which may be at maturity.
As of September 30, 2025, the carrying value and the maximum exposure of the Company’s investment in the corporate debt security was zero and $15.0 million, with a contractual maturity date that was less than one year. As of December 31, 2024, both the carrying value and the maximum exposure of the Company’s investment in the corporate debt security was approximately $17.8 million, with a contractual maturity date that was more than one year but less than five years. Cumulative gross unrealized gains (losses) on investment in the corporate debt security as of September 30, 2025 were zero. Cumulative gross unrealized gains on investment in the corporate debt security as of December 31, 2024 were approximately $2.8 million.
Equity method investment
On September 25, 2017, the Company entered into a commitment to invest in the OCV Fund I, LP (the “OCV Fund”). The Company recognizes its equity in the net earnings or losses relating to the investment in OCV Fund on a one-quarter lag due to the timing and availability of financial information from OCV Fund. If the Company becomes aware of a significant decline in value that is other-than-temporary, the loss will be recorded in the period in which the Company identifies the decline.
During the three months ended September 30, 2025 and 2024, the Company recognized income (loss) from the equity method investment, net of taxes, of less than $0.1 million and $(0.1) million, net of taxes, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized income from the equity method investment, net of taxes, of $11.8 million and $8.1 million, respectively. The income in the periods presented were primarily the result of gains or losses in the underlying investments.
During the three and nine months ended September 30, 2025, the Company received a distribution from the OCV Fund of $1.5 million and $10.8 million, respectively.
As of September 30, 2025, both the carrying value and the maximum exposure of the Company’s equity method investment was approximately $119.6 million. As of December 31, 2024, both the carrying value and the maximum exposure of the Company’s equity method investment was approximately $115.0 million. These equity securities are included within ‘Long-term investments’ in the Condensed Consolidated Balance Sheets.
As a limited partner, the Company’s maximum exposure to loss is limited to its proportional ownership in the partnership. In addition, the Company is not required to contribute any further capital. Finally, there are no call or put options, or other types of arrangements, which limit the Company’s ability to participate in losses and returns of the OCV Fund.
-17-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
5.Fair Value Measurements
The Company complies with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, provides a framework for measuring fair value and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value.

| § | Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
| § | Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
| § | Level 3 – Unobservable inputs which are supported by little or no market activity.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Recurring Fair Value Measurements
The Company’s money market funds are classified within Level 1. The Company values these Level 1 investments using quoted market prices.
The fair value of the Company’s investment in Consensus common stock was determined using quoted market prices, which is Level 1 input. During the second quarter of 2024, the Company sold its remaining investments in Consensus common stock (see Note 4 - Investments).
The Company has an investment in a corporate debt security that does not have a readily determinable fair value because the acquired security is privately held, not traded on any public exchange and not an investment in a mutual fund or similar investment. The investment is classified as available-for-sale and is initially measured at its transaction price. The fair value of the corporate debt security is determined primarily based on estimates and assumptions, including Level 3 inputs. During the three and nine months ended September 30, 2025, the Company determined that the fair value of the Company’s investment in this corporate debt security fell below its amortized cost to zero based on the latest available financial and certain other information related to the issuing entity. Refer to Note 4 - Investments for further information. As of December 31, 2024, the fair value was determined based upon various probability-weighted scenarios which included discount rate assumptions between 9% and 10%, depending on the probability scenario. In addition, the determination of fair value included a conversion timeframe of approximately three months to two years, depending on the probability scenario, as of December 31, 2024.
The Company classifies its contingent consideration liability in connection with acquisitions within Level 3 because factors used to develop the estimated fair value are unobservable inputs, such as volatility and market risks, and are not supported by market activity. The valuation approaches used to value Level 3 investments considers unobservable inputs in the market such as time to liquidity, volatility, risk-free rates, dividend yield, and breakpoints. The Company also estimates the fair value of certain contingent consideration arrangements based upon its current expectation of achievement of the targets underlying the contingent consideration. Significant increases or decreases in any of the inputs in isolation could result in a significantly lower or higher fair value measurement.
-18-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
In connection with certain of the Company’s acquisitions, contingent consideration may be payable upon achieving certain future earnings before interest, taxes, depreciation and amortization (“EBITDA”), gross margin, and/or revenue thresholds and had a combined fair value of $6.8 million and $2.8 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, the possible payments under these arrangements ranged from zero to a maximum total of $9.2 million. As of December 31, 2024, the possible payments under these arrangements ranged from zero to a maximum total of $2.8 million. As of December 31, 2024, the contingent consideration was determined using a 100% probability of payout at the maximum amount, without any other estimates applied.
The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):

September 30, 2025 | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Carrying Value
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market and other funds | $ | 115,186 |  |  | $ | — |  |  | $ | — |  |  | $ | 115,186 |  |  | $ | 115,186 |
Total assets measured at fair value | $ | 115,186 |  |  | $ | — |  |  | $ | — |  |  | $ | 115,186 |  |  | $ | 115,186 |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 6,768 |  |  | $ | 6,768 |  |  | $ | 6,768 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 6,768 |  |  | $ | 6,768 |  |  | $ | 6,768 |

December 31, 2024 | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Carrying Value
Assets: |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market and other funds | $ | 85,833 |  |  | $ | — |  |  | $ | — |  |  | $ | 85,833 |  |  | $ | 85,833 |
Long-term investments: |  |  |  |  |  |  |  |  |
Investment in corporate debt security | — |  |  | — |  |  | 17,788 |  |  | 17,788 |  |  | 17,788 |
Total assets measured at fair value | $ | 85,833 |  |  | $ | — |  |  | $ | 17,788 |  |  | $ | 103,621 |  |  | $ | 103,621 |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 2,834 |  |  | $ | 2,834 |  |  | $ | 2,834 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 2,834 |  |  | $ | 2,834 |  |  | $ | 2,834 |

At the end of each reporting period, management reviews the inputs to the fair value measurements of financial and non-financial assets and liabilities to determine when transfers between levels are deemed to have occurred. For the three and nine months ended September 30, 2025 and 2024, there were no transfers that occurred between levels.
-19-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
The following table presents a reconciliation of the Company’s Level 3 financial assets related to our contingent consideration arrangements and investment in corporate debt security that are measured at fair value on a recurring basis (in thousands):

| Nine months ended September 30,
| 2025 |  | 2024
| Contingent Consideration Arrangements |  | Corporate Debt Security |  | Contingent Consideration Arrangements |  | Corporate Debt Security
Balance as of January 1 | $ | 2,834 |  |  | $ | 17,788 |  |  | $ | 2,834 |  |  | $ | 15,699 |
Fair value at date of acquisition | 6,865 |  |  | — |  |  | — |  |  | — |
Fair value adjustments (1) | (2,834) |  |  | (17,788) |  |  | — |  |  | 830 |
Foreign currency translation adjustment | $ | (97) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Balance as of September 30 | $ | 6,768 |  |  | $ | — |  |  | $ | 2,834 |  |  | $ | 16,529 |

(1)During the nine months ended September 30, 2025, the fair value adjustments to the contingent consideration arrangements in the table above were recorded within ‘General, administrative, and other related costs’ in the Condensed Consolidated Statements of Operations and relate to changes in the expected payout against financial targets. During the nine months ended September 30, 2025 and 2024, the fair value adjustments to the corporate debt security in the table above were recorded in ‘Change in fair value on available-for-sale investments, net’ in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the portion of the change that does not relate to change in credit conditions and in the ‘Provision for credit losses on investments’ in the Condensed Consolidated Statements of Operations for the portion of the change that relates to change in credit conditions.
Nonrecurring Fair Value Measurements
The Company’s non-financial assets, such as goodwill, intangible assets, right-of-use assets, and property, plant and equipment, are adjusted to fair value only when an impairment is recognized. The Company’s financial assets, comprised of equity securities without readily determinable fair value, are adjusted to fair value when observable price changes are identified or due to impairment. Such fair value measurements are based predominately on Level 3 inputs.
Other Fair Value Disclosures
The fair value of the Company’s 4.625% Senior Notes, 3.625% Convertible Notes, and 1.75% Convertible Notes (as defined in Note 7 — Debt) was determined using quoted market prices or dealer quotes for instruments with similar maturities and other terms and credit ratings, which are Level 1 inputs. If such information is not available for the 1.75% Convertible Notes and 3.625% Convertible Notes, the fair value is determined using cash flow models of the scheduled payments discounted at market interest rates for comparable debt without the conversion feature.
The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes (in thousands):

| September 30, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
4.625% Senior Notes | $ | 460,038 |  |  | $ | 431,286 |  |  | $ | 457,211 |  |  | $ | 420,935 |
1.75% Convertible Notes | $ | 149,109 |  |  | $ | 144,449 |  |  | $ | 148,186 |  |  | $ | 139,976 |
3.625% Convertible Notes | $ | 263,147 |  |  | $ | 253,937 |  |  | $ | 258,885 |  |  | $ | 259,200 |

-20-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
6.Goodwill and Intangible Assets
Goodwill
The changes in carrying amounts of goodwill for the nine months ended September 30, 2025 are as follows (in thousands):

| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Consolidated
Balance as of January 1, 2025 | $ | 322,057 |  |  | $ | 68,301 |  |  | $ | 403,056 |  |  | $ | 256,942 |  |  | $ | 529,902 |  |  | $ | 1,580,258 |
Goodwill acquired (Note 3) | — |  |  | 11,743 |  |  | 508 |  |  | 401 |  |  | 17,666 |  |  | 30,318 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | (17,579) |  |  | (17,579) |
Purchase accounting adjustments (1) | (291) |  |  | 48 |  |  | — |  |  | — |  |  | 123 |  |  | (120) |
Foreign exchange translation | 18 |  |  | 588 |  |  | 971 |  |  | 2,855 |  |  | 8,875 |  |  | 13,307 |
Balance as of September 30, 2025 | $ | 321,784 |  |  | $ | 80,680 |  |  | $ | 404,535 |  |  | $ | 260,198 |  |  | $ | 538,987 |  |  | $ | 1,606,184 |

(1)Purchase accounting adjustments relate to measurement period adjustments to goodwill in connection with prior year business acquisitions (see Note 3 — Business Acquisitions).
During the three and nine months ended September 30, 2025, the Company performed quantitative fair value tests of all of its reporting units following a sustained decline in the Company’s stock price. Based on the quantitative fair value tests, the carrying value of one reporting unit within the Cybersecurity & Martech reportable segment exceeded its fair value, and the Company recorded an impairment of approximately $17.6 million during the three and nine months ended September 30, 2025.
During the three and nine months ended September 30, 2024, the Company reassessed the fair value of certain reporting units within the Technology & Shopping, Health & Wellness, and Cybersecurity & Martech reportable segments as a result of a sustained decline in the Company’s stock price, and forecasted reductions in revenue or EBITDA in certain of its reporting units. Based on the quantitative fair value test of two reporting units within the Technology & Shopping reportable segment, the carrying value of the reporting units exceeded their fair value, and the Company recorded an impairment of approximately $85.3 million during the three and nine months ended September 30, 2024.
In each period, the fair value of the reporting units was determined using an equal weighting of an income approach that was based on the discounted estimated future cash flows of the reporting unit and a market approach that uses the guideline public company approach. We believe the combination of these approaches provides an appropriate valuation because it incorporates the expected cash generation of the reporting unit in addition to how a third-party market participant would value the reporting unit. As the business is assumed to continue in perpetuity, the discounted future cash flows include a terminal value. Determining fair value using a discounted estimated future cash flow analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the discounted cash flow analyses were based on the most recent forecast for the reporting unit. For years beyond the forecast period, the estimates were based, in part, on forecasted growth rates. The discount rate the Company used represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in its reporting unit operations and the rate of return a market participant would expect to earn. Determining fair value using a market approach considers multiples of financial metrics based on trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined, which is applied to financial metrics to estimate the fair value of the reporting unit.
Goodwill as of September 30, 2025 reflects accumulated impairment losses of $169.5 million in the Technology & Shopping reportable segment and $17.6 million in the Cybersecurity & Martech reportable segment. Goodwill as of December 31, 2024 reflects accumulated impairment losses of $169.5 million in the Technology & Shopping reportable segment.
-21-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Intangible Assets Subject to Amortization
As of September 30, 2025, intangible assets subject to amortization relate primarily to the following (in thousands):

| Historical Cost |  | Accumulated Amortization |  | Net
Trade names and trademarks | $ | 391,733 |  |  | $ | 254,573 |  |  | $ | 137,160 |
Customer relationships | 829,220 |  |  | 636,425 |  |  | 192,795 |
Other purchased intangibles | 421,461 |  |  | 376,095 |  |  | 45,366 |
Total | $ | 1,642,414 |  |  | $ | 1,267,093 |  |  | $ | 375,321 |

As of December 31, 2024, intangible assets subject to amortization relate primarily to the following (in thousands):

| Historical Cost |  | Accumulated Amortization |  | Net
Trade names and trademarks | $ | 375,449 |  |  | $ | 222,430 |  |  | $ | 153,019 |
Customer relationships | 836,254 |  |  | 620,926 |  |  | 215,328 |
Other purchased intangibles | 421,128 |  |  | 363,726 |  |  | 57,402 |
Total | $ | 1,632,831 |  |  | $ | 1,207,082 |  |  | $ | 425,749 |

Amortization expense, included in ‘Depreciation and amortization’ in our Condensed Consolidated Statements of Operations, was approximately $31.3 million and $28.5 million for the three months ended September 30, 2025 and 2024, respectively, and $90.7 million and $82.5 million for the nine months ended September 30, 2025 and 2024, respectively.
7.Debt
Long-term debt consists of the following (in thousands):

| September 30, 2025 |  | December 31, 2024
4.625% Senior Notes | $ | 460,038 |  |  | $ | 460,038 |
1.75% Convertible Notes | 149,109 |  |  | 149,109 |
3.625% Convertible Notes | 263,147 |  |  | 263,147 |
Total Notes | 872,294 |  |  | 872,294 |
Credit Agreement | — |  |  | — |
Less: Unamortized discount | (4,637) |  |  | (5,676) |
Deferred issuance costs (1) | (1,720) |  |  | (2,336) |
Total long-term debt | $ | 865,937 |  |  | $ | 864,282 |

(1)Includes $0.6 million and $0.7 million of carrying amount of deferred issuance costs on the 4.625% Senior Notes as of September 30, 2025 and December 31, 2024, respectively, $0.5 million and $0.9 million of carrying amount of deferred issuance costs on the 1.75% Convertible Notes as of September 30, 2025 and December 31, 2024, respectively, and $0.6 million and $0.7 million of carrying amount of deferred issuance costs on the 3.625% Convertible Notes as of September 30, 2025 and December 31, 2024, respectively.
-22-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
As of September 30, 2025, $149.1 million of principal of the 1.75% Convertible Notes will mature in 2026, $263.1 million of principal of the 3.625% Convertible Notes will mature in 2028, and $460.0 million of principal of the 4.625% Senior Notes will mature in 2030.
4.625% Senior Notes
On October 7, 2020, the Company completed the issuance and sale of $750.0 million aggregate principal amount of its 4.625% senior notes due 2030 (the “4.625% Senior Notes”) in a private placement offering exempt from the registration requirements of the Securities Act of 1933, as amended. The Company received proceeds of $742.7 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The net proceeds were used to redeem all of its then outstanding 6.0% Senior Notes due in 2025 and the remaining net proceeds were available for general corporate purposes, including acquisitions and the repurchase or redemption of other outstanding indebtedness.
These 4.625% Senior Notes bear interest at a rate of 4.625% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, and payments commenced on April 15, 2021. The 4.625% Senior Notes mature on October 15, 2030, and are senior unsecured obligations of the Company which are guaranteed, jointly and severally, on an unsecured basis by certain of the Company’s existing and future domestic direct and indirect wholly-owned subsidiaries (collectively, the “Guarantors”). If the Company or any of its restricted subsidiaries acquires or creates a domestic restricted subsidiary, other than an Insignificant Subsidiary (as defined in the indenture pursuant to which the 4.625% Senior Notes were issued (the “Indenture”)), after the issue date, or any Insignificant Subsidiary ceases to fit within the definition of Insignificant Subsidiary, such restricted subsidiary is required to unconditionally guarantee, jointly and severally, on an unsecured basis, the Company’s obligations under the 4.625% Senior Notes.
The Company may redeem some or all of the 4.625% Senior Notes at any time on or after October 15, 2025 at specified redemption prices plus accrued and unpaid interest, if any, up to, but excluding the redemption date. In addition, at any time prior to October 15, 2025, the Company was permitted to redeem some or all of the 4.625% Senior Notes at a price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus an applicable “make-whole” premium. The discount and deferred issuance costs are being amortized, at an effective interest rate of 4.7%, to interest expense through the maturity date.
The Indenture contains covenants that restrict the Company’s ability to (i) pay dividends or make distributions on the Company’s common stock or repurchase the Company’s capital stock; (ii) make certain restricted payments; (iii) create liens or enter into sale and leaseback transactions; (iv) enter into transactions with affiliates; (v) merge or consolidate with another company; and (vi) transfer and sell assets. These covenants contain certain exceptions. Restricted payments are applicable only if the Company and subsidiaries designated as restricted subsidiaries have a net leverage ratio of greater than 3.5 to 1.0. In addition, if such net leverage ratio is in excess of 3.5 to 1.0, the restriction on restricted payments is subject to various exceptions, including the total aggregate amount not exceeding the greater of (A) $250 million and (B) 50.0% of EBITDA for the most recently ended four fiscal quarter period ended immediately prior to such date for which internal financial statements are available. The Company is in compliance with its debt covenants for the 4.625% Senior Notes as of September 30, 2025.
Cumulatively as of September 30, 2025, the Company has repurchased approximately $290 million in aggregate principal of its 4.625% Senior Notes. There were no repurchases of 4.625% Senior Notes during the three and nine months ended September 30, 2025 and September 30, 2024.
1.75% Convertible Notes
On November 15, 2019, the Company issued $550.0 million aggregate principal amount of 1.75% convertible senior notes due November 1, 2026 (the “1.75% Convertible Notes”). The Company received proceeds of $537.1 million in cash, net of purchasers’ discounts and commissions and other debt issuance costs. A portion of the net proceeds were used to pay off all amounts outstanding under the then-existing Credit Facility. The 1.75% Convertible Notes bear interest at a rate of 1.75% per annum, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2020. The 1.75% Convertible Notes will mature on November 1, 2026, unless earlier converted or repurchased. Under certain conditions set forth in the indenture, the 1.75% Convertible Notes bear additional interest of 0.50% per annum payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021.
On July 16, 2024, the Company exchanged approximately $400.9 million in aggregate principal amount of its 1.75% Convertible Notes as part of the Exchange Transaction, as defined below. As of September 30, 2025, the remaining principal amount of the 1.75% Convertible Notes was $149.1 million.
Holders may surrender their 1.75% Convertible Notes for conversion at any time prior to the close of business on the business day immediately preceding July 1, 2026 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30
-23-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
consecutive trading days ending on, and including, the last trading day of the immediately preceding the calendar quarter is greater than 130% of the applicable conversion price of the 1.75% Convertible Notes on each such applicable trading day; (ii) during the five business day period following any 10 consecutive trading day period in which the trading price per $1,000 principal amount of 1.75% Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after July 1, 2026, and prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances. The 1.75% Convertible Notes can be settled in cash, the Company’s common stock, or a combination of cash and the Company’s common stock, at $0.01 par value per share, at the Company’s election. The Company will settle conversions of the 1.75% Convertible Notes by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination thereof at the Company’s election. Holders of the notes will have the right to require the Company to repurchase for cash all or any portion of their notes upon the occurrence of certain corporate events, subject to certain conditions. As of September 30, 2025 and December 31, 2024, the market trigger conditions did not meet the conversion requirements of the 1.75% Convertible Notes and, accordingly, the 1.75% Convertible Notes are classified as long-term debt on our Condensed Consolidated Balance Sheets.
As of September 30, 2025, the conversion rate is 9.3783 shares of the Company’s common stock for each $1,000 principal amount of 1.75% Convertible Notes (or 1,398,391 shares in the aggregate), which represents a conversion price of approximately $106.63 per share of the Company’s common stock. The conversion rate is subject to adjustment for certain events as set forth in the indenture governing the 1.75% Convertible Notes, but will not be adjusted for accrued interest. In addition, upon the occurrence of a “Make-Whole Fundamental Change” (as defined in the 1.75% Convertible Note indenture), in certain circumstances, the Company will increase the conversion rate for a holder that elects to convert its 1.75% Convertible Notes in connection with such a corporate event.
The Company may not redeem the 1.75% Convertible Notes prior to November 1, 2026, and no sinking fund is provided for the 1.75% Convertible Notes.
The 1.75% Convertible Notes are the Company’s general senior unsecured obligations and rank: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 1.75% Convertible Notes; (ii) equal in right of payment to the Company’s existing and future indebtedness that is not so subordinated; (iii) effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other liabilities incurred by the Company’s subsidiaries.
The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Contractual interest expense | $ | 652 |  |  | $ | 964 |  |  | $ | 1,957 |  |  | $ | 5,777 |
Amortization of discount and deferred issuance costs | 125 |  |  | 185 |  |  | 373 |  |  | 1,128 |
Total interest expense related to 1.75% Convertible Notes | $ | 777 |  |  | $ | 1,149 |  |  | $ | 2,330 |  |  | $ | 6,905 |

3.625% Convertible Notes
On July 16, 2024, the Company issued $263.1 million in aggregate principal amount of 3.625% Convertible Notes due 2028 (the “3.625% Convertible Notes”) and paid an aggregate of approximately $135.0 million in cash in exchange for approximately $400.9 million in aggregate principal amount of the Company’s 1.75% Convertible Notes (collectively, the “Exchange Transaction”) pursuant to separate, privately negotiated exchange agreements with certain holders of the 1.75% Convertible Notes. The Exchange Transaction was accounted for as a debt modification, and accordingly, no gain or loss was recognized. In connection with the Exchange Transaction, the Company recognized an increase in the fair value of the conversion feature of the 3.625% Convertible Notes compared to the fair value of the conversion feature of the 1.75% Convertible Notes of $4.0 million, partially offset by an increase to deferred tax liabilities of $1.0 million, which is included in ‘Additional paid-in capital’ on the Condensed Consolidated Balance Sheets, and a corresponding reduction to the carrying value of the 3.625% Convertible Notes. The discount and deferred issuance costs are being amortized to interest expense through the maturity date, at an effective interest rate of 4.2%.
-24-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
The 3.625% Convertible Notes bear interest at a rate of 3.625% per annum on the principal amount thereof, payable semi-annually in arrears on September 1 and March 1 of each year, beginning on March 1, 2025, to the noteholders of record of the 3.625% Convertible Notes as of the close of business on the immediately preceding August 15 and February 15, respectively. The 3.625% Convertible Notes will mature on March 1, 2028, unless earlier converted or repurchased. The 3.625% Convertible Notes can be settled in cash, the Company’s common stock at an initial conversion rate of $100 per share, or a combination of cash and the Company’s common stock, at the Company’s election.
Holders may surrender their 3.625% Convertible Notes for conversion at any time prior to the close of business on the business day immediately preceding December 1, 2027 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on September 30, 2024 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the 3.625% Convertible Notes on each such applicable trading day; (ii) during the 5 business day period following any 10 consecutive trading day period in which the trading price per $1,000 principal amount of 3.625% Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after December 1, 2027, and prior to the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, regardless of the foregoing circumstances, at an initial conversion rate of 10 shares of the Company’s common stock per $1,000 principal amount of 3.625% Convertible Notes. The Company will settle conversions of the 3.625% Convertible Notes by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination thereof at the Company’s election. Holders of the notes will have the right to require the Company to repurchase for cash all or any portion of their notes upon the occurrence of certain corporate events, subject to certain conditions. As of September 30, 2025 and December 31, 2024, the market trigger conditions did not meet the conversion requirements of the 3.625% Convertible Notes and, accordingly, the 3.625% Convertible Notes are classified as long-term debt on our Condensed Consolidated Balance Sheets.
As of September 30, 2025, the conversion rate of the 3.625% Convertible Notes is 10 shares per $1,000 principal amount of the 3.625% Convertible Notes (or 2,631,470 shares), which represents an initial conversion price of $100 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events as set forth in the indenture governing the 3.625% Convertible Notes, but will not be adjusted for accrued and unpaid interest. In addition, upon the occurrence of a “Make-Whole Fundamental Change”, as defined in the 3.625% Convertible Note Indenture, the Company will in certain circumstances increase the conversion rate for a holder that elects to convert its 3.625% Convertible Notes in connection with such a corporate event.
The Company may not redeem the 3.625% Convertible Notes prior to the maturity date, and no sinking fund is provided for the 3.625% Convertible Notes.
The 3.625% Convertible Notes are the Company’s general senior unsecured obligations and rank: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the 3.625% Convertible Notes; (ii) equal in right of payment to the Company’s existing and future indebtedness that is not so subordinated; (iii) effectively junior to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all existing and future indebtedness and other liabilities incurred by the Company’s subsidiaries.
-25-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
The following table provides the components of interest expense related to the 3.625% Convertible Notes (in thousands):

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Coupon interest expense | $ | 2,385 |  |  | $ | 1,987 |  |  | $ | 7,154 |  |  | $ | 1,987 |
Amortization of discount and debt issuance costs | 323 |  |  | 258 |  |  | 958 |  |  | 258 |
Total interest expense related to 3.625% Convertible Notes | $ | 2,708 |  |  | $ | 2,245 |  |  | $ | 8,112 |  |  | $ | 2,245 |

Credit Agreement
On April 7, 2021, the Company entered into a $100.0 million Credit Agreement (the “Credit Agreement”). Subject to certain conditions and approvals, the Company had the right, from time to time, to request increases in the commitments under the Credit Agreement in an aggregate amount up to $250.0 million, for a total aggregate commitment of up to $350.0 million. On June 18, 2024, the Company entered into a New Lender Joinder Agreement and Eighth Amendment (the “Joinder and Amendment”) to the Credit Agreement. The Joinder and Amendment provides for, among other things, (i) an increase in the Aggregate Revolving Loan Commitment by an aggregate principal amount of $250.0 million for a total of $350.0 million, (ii) an extension of the scheduled maturity date from April 7, 2026 to the earlier of (x) June 18, 2027 or (y) under certain limited circumstances, August 2, 2026, (iii) a “credit spread adjustment” for SOFR-based borrowings of 0.10% across all interest periods, (iv) the inclusion of limited conditionality borrowing mechanics with respect to certain borrowings and (v) certain other related amendments.
At the Company’s option, amounts borrowed under the Credit Agreement bear interest at either (i) a base rate equal to the greater of (x) the Federal Funds Effective Rate (as defined in the Credit Agreement) in effect on such day plus 0.5% per annum, (y) the rate of interest per annum most recently announced by the Agent (as defined in the Credit Agreement) as its U.S. Dollar “Reference Rate” and (z) one month Term SOFR (as defined in the Credit Agreement) plus a credit spread adjustment plus 1.00% or (ii) a rate per annum equal to Term SOFR plus a credit spread adjustment, in each case, plus an applicable margin. The applicable margin relating to any base rate loan ranges from 0.50% to 1.25% and the applicable margin relating to any Term SOFR loan ranges from 1.50% to 2.25%, in each case, depending on the total leverage ratio of the Company. The Company is permitted to make voluntary prepayments of the Credit Facility at any time without payment of a premium or penalty. The Credit Agreement is secured by an associated collateral agreement that provides for a lien on the majority of the Company’s assets and the assets of the guarantors, in each case, subject to customary exceptions.
The Credit Agreement contains financial maintenance covenants, including (i) a maximum total leverage ratio as of the last date of any fiscal quarter not to exceed 4.00:1.00 for the Company and its restricted subsidiaries and (ii) a minimum interest coverage ratio as of the last date of any fiscal quarter not less than 3.00:1.00 for the Company and its restricted subsidiaries. The Credit Agreement also contains restrictive covenants that limit, among other things, the Company’s and its restricted subsidiaries’ ability to incur additional indebtedness, create, incur or assume liens, consolidate, merge, liquidate or dissolve, pay dividends or make other distributions or other restricted payments, make or hold certain investments, enter into certain transactions with affiliates, sell assets other than on terms specified by the Credit Agreement, amend the terms of certain other indebtedness and organizational documents, and change their lines of business and fiscal years, in each case, subject to customary exceptions. The Credit Agreement also sets forth customary events of default, including, among other things, the failure to make timely payments under the Credit Facility, the failure to satisfy certain covenants, cross-default and cross-acceleration to other material debt for borrowed money, the occurrence of a change of control, and specified events of bankruptcy and insolvency. The Company is in compliance with its debt covenants for the Credit Agreement as of September 30, 2025.
As of September 30, 2025 and December 31, 2024, availability under the Credit Agreement was $348.8 million and $348.9 million, respectively, net of letters of credit.
-26-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
8.Commitments and Contingencies
Commitments
In the ordinary course of business, the Company enters into commitments including those related to cloud computing, information technology, security, and information and document management. The Company also has revenue sharing arrangements with annual minimum guarantees based upon third-party website advertising metrics and other contractual provisions.
Litigation
From time to time, the Company and its affiliates are involved in litigation and other legal disputes or regulatory inquiries that arise in the ordinary course of business. Any claims or regulatory actions against the Company and its affiliates, whether meritorious or not, could be time consuming and costly, and could divert significant operational resources. The outcomes of such matters are subject to inherent uncertainties, carrying the potential for unfavorable rulings that could include monetary damages and injunctive relief.
On June 13, 2025, a putative class action captioned John Milito v. Ookla, LLC, et al., 25-2-17772-6 SEA, was filed against certain subsidiaries of the Company in the Superior Court of the State of Washington, King County, alleging that subsidiaries of the Company posted certain job openings without disclosing either wage scales or salary ranges in violation of Washington law and seeking statutory damages, interest, attorney’s fees, expenses, and costs of suit, as well as injunctive and other relief.
On December 17, 2024, a putative class action captioned Dawn Fregosa v. Mashable, Inc., 24CV103566, was filed against Mashable, Inc., a subsidiary of the Company, in the Superior Court of the State of California for the County of Alameda. The complaint alleges that the Mashable website uses third-party “trackers” in violation of the California Invasion of Privacy Act and seeks statutory damages, interest, attorney’s fees, expenses, and costs of suit. On February 3, 2025, Mashable removed the action to the United States District Court for the Northern District of California, case number 25-cv-01094. On April 10, 2025, the court granted Mashable’s motion to dismiss the first amended complaint with leave to amend. On October 9, 2025, the court denied Mashable’s motion to dismiss the second amended complaint.
On June 18, 2024, a putative class action captioned Joseph Josue v. IGN Entertainment, Inc., 24-cv-11579, was filed against IGN Entertainment, Inc., a subsidiary of the Company, in United States District Court for the District of Massachusetts. The complaint alleges that IGN disclosed to third parties the titles and URLs of the videos that plaintiff viewed on the IGN website in violation of the Video Privacy Protection Act. The complaint seeks statutory damages, punitive damages, interest, attorney’s fees, expenses, and costs of suit. On July 10, 2025, the court denied IGN’s motion to dismiss the first amended complaint.
The Company does not believe, based on current knowledge, that any such legal proceedings or claims, after giving effect to any existing accrued liabilities for such legal proceedings or claims, are likely to have a material adverse effect on the Company’s overall consolidated financial position, results of operations, or cash flows. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could have a material effect on the Company’s consolidated financial position, results of operations, or cash flows in a particular period.
Although the Company cannot predict the outcome of legal or other proceedings with certainty, where there is at least a reasonable possibility that a loss may be incurred, GAAP requires us to disclose an estimate of the reasonably possible loss or range of loss or make a statement that such an estimate cannot be made. The Company follows a thorough process in which it seeks to estimate the reasonably possible loss or range of loss, and only if it is unable to make such an estimate does it conclude and disclose that an estimate cannot be made. Due to the uncertainty of the pending litigation discussed above, the Company cannot currently reasonably estimate the amount of any possible loss or range of loss relating to such claims.
The Company has not accrued for any material loss contingencies relating to these legal proceedings because materially unfavorable outcomes are not considered probable by management. It is the Company’s policy to expense as incurred legal fees related to various litigations.
-27-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Non-Income Related Taxes
The Company does not collect and remit sales and use, telecommunication, or similar taxes and fees in certain jurisdictions where the Company believes such taxes are not applicable or legally required. Several states and other taxing jurisdictions have presented or threatened the Company with assessments, alleging that the Company is required to collect and remit such taxes there. The Company is currently under audit or is subject to audit for indirect taxes in various states, municipalities, and foreign jurisdictions. The Company recognizes a liability for these matters when it is probable that an obligation exists and the amount can be reasonably estimated based on all relevant information that is available at each reporting period.
The Company established reserves for these matters of $23.4 million and $25.2 million as of September 30, 2025 and December 31, 2024, respectively, which are included in ‘Accounts payable and accrued expenses’ and ‘Other noncurrent liabilities’ on the Condensed Consolidated Balance Sheets. It is reasonably possible that additional liabilities could be incurred resulting in additional expense, which could have a material impact on our financial results. However, as of September 30, 2025 any potential loss or range of loss was not estimable.
9.Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate adjusted for discrete interim period tax impacts. Each quarter the Company updates its estimated annual effective tax rate and, if the estimate changes, makes a cumulative adjustment. The Company’s effective tax rate was 139.8% and (34.9)% for the three months ended September 30, 2025 and 2024, respectively, and 42.2% and 149.0% for the nine months ended September 30, 2025 and 2024, respectively.
The Company’s effective tax rate for the three and nine months ended September 30, 2025 was disproportionally impacted by the goodwill impairment of $17.6 million related to the reassessment of the fair value of one reporting unit within the Cybersecurity & Martech reportable segment, for which no corresponding tax benefit was recorded since it is entirely related to the excess financial statement goodwill with no tax basis. The effective tax rate was further impacted by a tax shortfall related to share-based compensation, changes in the valuation allowance against its U.S. capital loss carryforwards and remeasurement of reserves for uncertain tax positions.
During the three months ended September 30, 2025, the Company recorded an additional valuation allowance against its U.S. capital loss carryforwards which resulted in a discrete tax expense of $3.8 million and a remeasurement of the reserve for uncertain tax positions, which resulted in a discrete tax expense of $1.1 million. During the nine months ended September 30, 2025, the Company recognized a discrete tax expense of $2.1 million related to the vesting of share-based compensation resulting in a tax shortfall, a $1.1 million discrete tax expense on the remeasurement of reserves for uncertain tax positions, and a net $0.5 million discrete tax expense related to changes to its valuation allowance against U.S. capital loss carryforwards.
The Company’s effective tax rate for the three and nine months ended September 30, 2024 was disproportionately impacted by the goodwill impairment of $85.3 million related to the reassessment of the fair value of certain reporting units within the Technology & Shopping reportable segment, for which no corresponding tax benefit was recorded since it entirely related to the excess financial statement goodwill with no tax basis. Additionally, during the nine months ended September 30, 2024, the Company recognized a net valuation allowance against a portion of its U. S. capital loss carryforwards, which resulted in a discrete tax charge of $2.5 million.
As of September 30, 2025 and December 31, 2024, the Company had $8.9 million and zero, respectively, for uncertain income tax positions in ‘Other current liabilities’ on the Condensed Consolidated Balance Sheets. As of September 30, 2025 and December 31, 2024, the Company had $24.2 million and $30.3 million, respectively, for uncertain income tax positions in ‘Other noncurrent liabilities’ on the Condensed Consolidated Balance Sheets. Accrued interest and penalties related to unrecognized tax benefits associated with uncertain tax positions are recognized in income tax expense in our Condensed Consolidated Statements of Operations.
Certain taxes are prepaid during the year and, where appropriate, included within ‘Prepaid expenses and other current assets’ on the Condensed Consolidated Balance Sheets. The Company’s prepaid taxes were $18.3 million and $6.4 million as of September 30, 2025 and December 31, 2024, respectively.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law which, among other things, provided a permanent extension of certain tax measures initially established under the 2017 Tax Cuts and Jobs Act, which were set to expire at the end of 2025, and modified tax legislation affecting bonus depreciation rules and the tax treatment of research and development expenses and interest deductions. Specifically, the OBBBA provides for 100% bonus depreciation and eliminates the requirement under Internal Revenue Code Section 174 to capitalize and amortize U.S. based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred beginning after 2024. The
-28-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Company currently does not expect the OBBBA to have a material impact on its effective tax rate but expects these provisions to result in a reduction of current income tax liabilities and an increase in deferred tax liabilities, which could be material. The Company will continue to assess the implications of the OBBBA and will provide further disclosures in subsequent reporting periods, as necessary.
10.Stockholders’ Equity
On August 6, 2020, the Company’s Board of Directors (the “Board”) approved a program authorizing the repurchase of up to ten million shares of the Company’s common stock through August 6, 2025 (the “2020 Program”). The Company entered into certain Rule 10b5-1 trading plans to execute repurchases under the 2020 Program.
On August 2, 2024, the Board authorized (i) an increase in its 2020 Program pursuant to which the Company may purchase up to an additional five million shares of the Company’s common stock (the “Additional Authorization”) and (ii) an extension of the expiration date of the share repurchase program from August 6, 2025 to August 2, 2029. As a result of the Additional Authorization, the aggregate number of shares of the Company’s common stock authorized for repurchase under the 2020 Program increased from up to ten million to up to 15 million shares of the Company’s common stock.
During the three and nine months ended September 30, 2025, the Company repurchased 1,176,559 and 3,011,405 shares, respectively, under the 2020 Program at an aggregate cost of approximately $43.7 million and $109.9 million, respectively (including excise tax). During the three and nine months ended September 30, 2024, the Company repurchased 2,000,000 and 3,500,000 shares, respectively under the 2020 Program at an aggregate cost of approximately $96.9 million and $181.8 million, respectively (including excise tax). Cumulatively as of September 30, 2025, 11,770,097 shares were repurchased under the 2020 Program, at an aggregate cost of $693.5 million (including excise tax). As a result of the repurchases, the number of shares of the Company’s common stock available for repurchase as of September 30, 2025 was 3,229,903 shares.
On April 24, 2025, the Company repurchased 143,161 shares of its common stock at an aggregate value of approximately $4.4 million in connection with the sale of its minority equity ownership interest in OpenEvidence. The repurchase transaction had a non-cash nature and involved our common stock that was issued in 2023 as partial consideration for the acquisition of a minority equity ownership interest in OpenEvidence. Refer to Note 4 - Investments and Note 14 - Supplemental Cash Flow Information for further information.
Periodically, participants in the Company’s stock plans surrender to the Company shares of stock to pay the exercise price or to satisfy tax withholding obligations arising upon the vesting of restricted stock. During the three months ended September 30, 2025 and 2024, the Company purchased and retired 926 and 2,464 shares, respectively, at an aggregate cost of less than $0.1 million and $0.1 million, respectively, from plan participants for this purpose. During the nine months ended September 30, 2025 and 2024, the Company purchased and retired 107,809 and 62,054 shares, respectively, at an aggregate cost of approximately $4.5 million and $4.1 million, respectively, from plan participants for this purpose.
-29-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
11.Share-Based Compensation
The Company’s share-based compensation plans include the Ziff Davis, Inc. 2024 Equity Incentive Plan (the “2024 Plan”), the 2015 Stock Option Plan (the “2015 Plan”), and 2001 Employee Stock Purchase Plan (the “Purchase Plan”). Collectively, the 2015 Plan and 2024 Plan are referred to herein as the “Plans.” As of September 30, 2025, 435,135 shares underlying options and 2,153,431 restricted stock units were outstanding under the Plans. As of September 30, 2025, there were 1,926,382 additional shares underlying options, shares of restricted stock and other share-based awards available for grant under the 2024 Plan.
Share-Based Compensation Expense
The following table presents the effects of share-based compensation expense in the Condensed Consolidated Statements of Operations during the periods presented (in thousands):

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Direct costs | $ | 72 |  |  | $ | 68 |  |  | $ | 203 |  |  | $ | 191 |
Sales and marketing | 1,320 |  |  | 1,014 |  |  | 3,655 |  |  | 2,865 |
Research, development, and engineering | 935 |  |  | 769 |  |  | 2,662 |  |  | 2,930 |
General, administrative, and other related costs (1) | 9,870 |  |  | 8,310 |  |  | 27,156 |  |  | 24,647 |
Total share-based compensation expense | $ | 12,197 |  |  | $ | 10,161 |  |  | $ | 33,676 |  |  | $ | 30,633 |

(1)Includes expense of $0.1 million related to liability classified awards issued to non-employees of the Company for the three and nine months ended September 30, 2025, respectively.
Restricted Stock and Restricted Stock Units
The Company has awarded restricted stock and restricted stock units to its Board and senior staff pursuant to the Plans. Compensation expense resulting from restricted stock and restricted unit grants is measured at fair value on the date of grant and is recognized as share-based compensation expense over the applicable vesting period. Vesting periods are approximately one year for awards to members of the Company’s Board, generally three or four years for senior staff (excluding market-based awards discussed below), and three to eight years for the Chief Executive Officer. The Company granted 752,246 and 394,994 restricted stock units (excluding market-based awards discussed below) (“RSUs”) during the nine months ended September 30, 2025 and 2024, respectively.
The Company has awarded certain key employees equity classified market-based restricted stock (“PSAs”) and equity classified market-based restricted stock units (“PSUs”) pursuant to the Plans. PSAs and PSUs granted prior to 2024 have vesting conditions that are based on specific stock price targets of the Company’s common stock. PSUs granted in 2024 and 2025 vest in shares of the Company’s stock ranging from 0% to 200% of the award based on the Company’s attainment of a relative Total Shareholder Return (“TSR”) target compared to the TSR of all listed companies in a market index over the respective performance periods. Performance periods for the PSUs granted in 2025 are two and three years. In each of 2024 and 2025, market conditions were factored into the grant date fair value using a Monte Carlo valuation model, which utilized multiple input variables to determine the probability of the Company and all listed companies in the market index achieving the relative TSR targets.
Share-based compensation expense related to an award with a market condition is recognized over the requisite service period using the graded-vesting method regardless of whether the market condition is satisfied, provided that the requisite service period has been completed.
The per share weighted average grant-date fair value of PSUs granted during the nine months ended September 30, 2025 and 2024 was $38.80 and $87.17, respectively.
-30-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
The assumptions used in determining the weighted-average fair values of PSUs granted during the periods presented are as follows:

| Nine months ended September 30,
| 2025 |  | 2024
Underlying stock price at valuation date | $ | 38.19 |  |  | $ | 66.88 |
Expected volatility | 34.5 | % |  | 32.9 | %
Risk-free interest rate | 3.9 | % |  | 4.3 | %

Restricted stock award (“RSA”) and PSA activity for the nine months ended September 30, 2025 is set forth below:

|  | RSAs |  | PSAs
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2025 |  | 54,829 |  |  | $ | 68.97 |  |  | 163,181 |  |  | $ | 36.27 |
Granted |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Vested |  | (27,632) |  |  | $ | 68.97 |  |  | — |  |  | $ | — |
Forfeited |  | — |  |  | $ | — |  |  | — |  |  | $ | — |
Nonvested at September 30, 2025 |  | 27,197 |  |  | $ | 68.97 |  |  | 163,181 |  |  | $ | 36.27 |

RSU and PSU activity for the nine months ended September 30, 2025 is set forth below:

| RSUs |  | PSUs
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares (1) |  | Weighted Average Grant Date Fair Value
Outstanding at January 1, 2025 | 652,227 |  |  | $ | 74.59 |  |  | 520,986 |  |  | $ | 82.73 |
Granted | 752,246 |  |  | $ | 37.23 |  |  | 598,676 |  |  | $ | 38.80 |
Vested | (249,811) |  |  | $ | 73.28 |  |  | (23,477) |  |  | $ | 78.73 |
Forfeited | (42,415) |  |  | $ | 55.83 |  |  | (55,001) |  |  | $ | 58.90 |
Outstanding at September 30, 2025 | 1,112,247 |  |  | $ | 50.33 |  |  | 1,041,184 |  |  | $ | 58.19 |

(1)Represents the number of shares at 100% achievement.
As of September 30, 2025, share-based compensation cost of $0.5 million is expected to be recognized over a weighted-average period of 0.3 years for RSAs, share-based compensation cost of $39.7 million is expected to be recognized over a weighted-average period of 2.0 years for RSUs, and share-based compensation cost of $25.7 million is expected to be recognized over a weighted-average period of 2.0 years for PSUs. Share based compensation cost for PSAs is fully recognized,
-31-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
12.Earnings Per Share
The components of basic and diluted earnings per share are as follows (in thousands, except share and per share data):

| Three months ended September 30,
| 2025 |  | 2024
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net loss per common share: |  |  |  |  |  |
Net loss | $ | (3,598) |  |  | $ | (3,598) |  |  | $ | (48,577) |  |  | $ | (48,577) |
Plus: Convertible Notes interest expense (after-tax) | — |  |  | — |  |  | — |  |  | — |
Net loss available to the Company’s common shareholders | $ | (3,598) |  |  | $ | (3,598) |  |  | $ | (48,577) |  |  | $ | (48,577) |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 40,558,629 |  |  | 40,558,629 |  |  | 43,924,158 |  |  | 43,924,158 |
Dilutive effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | — |  |  | — |  |  | — |
Convertible debt | — |  |  | — |  |  | — |  |  | — |
Diluted weighted-average outstanding shares of common stock | 40,558,629 |  |  | 40,558,629 |  |  | 43,924,158 |  |  | 43,924,158 |
Net loss per share | $ | (0.09) |  |  | $ | (0.09) |  |  | $ | (1.11) |  |  | $ | (1.11) |

| Nine months ended September 30,
| 2025 |  | 2024
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator for basic and diluted net loss per common share: |  |  |  |  |  |
Net income (loss) | $ | 46,984 |  |  | $ | 46,984 |  |  | $ | (1,040) |  |  | $ | (1,040) |
Plus: Convertible Notes interest expense (after-tax) | — |  |  | — |  |  | — |  |  | — |
Net income (loss) available to the Company’s common shareholders | $ | 46,984 |  |  | $ | 46,984 |  |  | $ | (1,040) |  |  | $ | (1,040) |
Denominator: |  |  |  |  |  |  |
Basic weighted-average outstanding shares of common stock | 41,609,182 |  |  | 41,609,182 |  |  | 45,088,272 |  |  | 45,088,272 |
Dilutive effect of: |  |  |  |  |  |  |
Equity incentive plans | — |  |  | 75,967 |  |  | — |  |  | — |
Convertible debt | — |  |  | — |  |  | — |  |  | — |
Diluted weighted-average outstanding shares of common stock | 41,609,182 |  |  | 41,685,149 |  |  | 45,088,272 |  |  | 45,088,272 |
Net income (loss) per share | $ | 1.13 |  |  | $ | 1.13 |  |  | $ | (0.02) |  |  | $ | (0.02) |

For the three months ended September 30, 2025 and 2024, there were 2,778,944 and 1,879,840 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive due to the net loss and average stock price during the 2025 and 2024 periods, respectively. For the nine months ended September 30, 2025 and 2024, there were 848,420 and 1,879,840 shares, respectively, of stock options and restricted stock excluded from the calculation of diluted shares as they were anti-dilutive due to the average stock price during the 2025 and 2024 periods and due to the net loss during 2024, respectively. For the three months ended September 30, 2025 and 2024, 4,029,861 and 4,213,808 shares, respectively, related to convertible debt were excluded from diluted shares because they were anti-dilutive under the if-converted method for the diluted net income per share calculation. For the nine months ended September 30, 2025 and 2024, 4,029,861 and 5,406,679 shares, respectively, related to convertible debt were excluded from diluted shares because they were anti-dilutive under the if-converted method for the diluted net income per share calculation.
-32-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
13.Segment Information
The Company’s businesses are based on the organizational structure used by the chief operating decision maker (“CODM”). As described in its Annual Report on Form 10-K for the year ended December 31, 2024, the Company has five operating segments which are now presented as the following five reportable segments: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. Prior period segment information is presented on a comparable basis to conform to this new segment presentation with no effect on previously reported consolidated results.
The accounting policies of the reportable segments are the same as those described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies included in the Company’s Form 10-K for the year ended December 31, 2024. The CODM does not use Balance Sheet information in connection with operating and investment decisions and as such that information is not presented. The CODM does use capital expenditures by reportable segment in connection with operating and investment decisions.
Information on reportable segments revenues is as follows (in thousands):

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue by reportable segment: |  |  |  |  |  |  |
Technology & Shopping | $ | 85,189 |  |  | $ | 87,126 |  |  | $ | 247,655 |  |  | $ | 228,960 |
Gaming & Entertainment | 47,578 |  |  | 49,714 |  |  | 131,830 |  |  | 129,335 |
Health & Wellness | 102,306 |  |  | 90,771 |  |  | 287,544 |  |  | 256,737 |
Connectivity | 57,179 |  |  | 55,943 |  |  | 170,405 |  |  | 159,372 |
Cybersecurity & Martech | 71,459 |  |  | 70,026 |  |  | 207,122 |  |  | 214,461 |
Total segment revenues | 363,711 |  |  | 353,580 |  |  | 1,044,556 |  |  | 988,865 |
Corporate | — |  |  | — |  |  | — |  |  | — |
Total revenues | $ | 363,711 |  |  | $ | 353,580 |  |  | $ | 1,044,556 |  |  | $ | 988,865 |

The descriptions of significant reportable segment expenses shown in the following tables are as follows:
•Salaries, benefits, and other employee expenses include employee compensation expenses for salaries, bonuses, benefits, payroll taxes, commissions, share-based compensation, severance costs, other related employee costs.
•Cloud computing, software, and other related expenses include costs associated with cloud computing, software purchases, web hosting, database hosting, and other computer related costs.
•Advertising and related marketing expenses include advertising relationships with an array of online service providers, marketing expenses, and other audience extension costs.
•Partner payments include expense associated with revenue sharing arrangements, content fees, and royalties.
•Professional and other third-party services include expenses for outside providers including freelancers, consultants, legal costs, and other professional services.
-33-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Significant reportable segment expenses are set forth in the tables below (in thousands):

| Three months ended September 30, 2025
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Total operating costs and expenses
Salaries, benefits, and other employee expenses | $ | 32,946 |  |  | $ | 10,365 |  |  | $ | 30,012 |  |  | $ | 15,278 |  |  | $ | 17,148 |  |  | $ | 105,749 |
Cloud computing, software, and other related expenses | 6,641 |  |  | 2,090 |  |  | 4,456 |  |  | 4,660 |  |  | 11,069 |  |  | 28,916 |
Advertising and marketing related expenses | 11,692 |  |  | 3,604 |  |  | 10,897 |  |  | 590 |  |  | 4,583 |  |  | 31,366 |
Partner payments | 628 |  |  | 8,231 |  |  | 11,147 |  |  | 132 |  |  | 5,943 |  |  | 26,081 |
Professional and other third-party services | 6,096 |  |  | 1,374 |  |  | 2,308 |  |  | 5,488 |  |  | 5,547 |  |  | 20,813 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | 17,579 |  |  | 17,579 |
Depreciation and amortization | 22,599 |  |  | 2,949 |  |  | 13,406 |  |  | 7,116 |  |  | 11,121 |  |  | 57,191 |
Other | 4,539 |  | (1) | 4,277 |  | (2) | 7,222 |  | (3) | 7,459 |  | (4) | 4,894 |  | (5) | 28,391 |
Total segment operating costs and expenses | 85,141 |  |  | 32,890 |  |  | 79,448 |  |  | 40,723 |  |  | 77,884 |  |  | 316,086 |
Corporate (6) |  |  |  |  |  |  |  |  |  |  | 19,197 |
Total operating costs and expenses |  |  |  |  |  |  |  | $ | 335,283 |

-34-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

| Three months ended September 30, 2024
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Total operating costs and expenses
Salaries, benefits, and other employee expenses | $ | 31,653 |  |  | $ | 11,429 |  |  | $ | 28,211 |  |  | $ | 13,268 |  |  | $ | 17,516 |  |  | $ | 102,077 |
Cloud computing, software, and other related expenses | 6,928 |  |  | 1,630 |  |  | 3,303 |  |  | 3,871 |  |  | 9,473 |  |  | 25,205 |
Advertising and marketing related expenses | 11,043 |  |  | 3,702 |  |  | 10,144 |  |  | 302 |  |  | 6,168 |  |  | 31,359 |
Partner payments | 2,043 |  |  | 6,286 |  |  | 9,911 |  |  | 249 |  |  | 5,392 |  |  | 23,881 |
Professional and other third-party services | 4,342 |  |  | 1,643 |  |  | 2,132 |  |  | 3,754 |  |  | 3,952 |  |  | 15,823 |
Goodwill impairment | 85,273 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 85,273 |
Depreciation and amortization | 20,333 |  |  | 2,632 |  |  | 12,505 |  |  | 7,868 |  |  | 7,978 |  |  | 51,316 |
Other | 4,126 |  | (1) | 7,348 |  | (2) | 6,318 |  | (3) | 5,818 |  | (4) | 4,656 |  | (5) | 28,266 |
Total segment operating costs and expenses | 165,741 |  |  | 34,670 |  |  | 72,524 |  |  | 35,130 |  |  | 55,135 |  |  | 363,200 |
Corporate (6) |  |  |  |  |  |  |  |  |  |  | 19,684 |
Total operating costs and expenses |  |  |  |  |  |  |  | $ | 382,884 |

| Nine months ended September 30, 2025
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Total operating costs and expenses
Salaries, benefits, and other employee expenses | $ | 102,522 |  |  | $ | 32,339 |  |  | $ | 85,961 |  |  | $ | 43,584 |  |  | $ | 51,896 |  |  | $ | 316,302 |
Cloud computing, software, and other related expenses | 20,237 |  |  | 6,058 |  |  | 12,796 |  |  | 13,083 |  |  | 31,275 |  |  | 83,449 |
Advertising and marketing related expenses | 36,445 |  |  | 10,913 |  |  | 30,806 |  |  | 2,874 |  |  | 13,975 |  |  | 95,013 |
Partner payments | 2,140 |  |  | 22,296 |  |  | 33,031 |  |  | 590 |  |  | 17,450 |  |  | 75,507 |
Professional and other third-party services | 17,993 |  |  | 4,192 |  |  | 7,602 |  |  | 14,851 |  |  | 14,777 |  |  | 59,415 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | 17,579 |  |  | 17,579 |
Depreciation and amortization | 68,053 |  |  | 8,621 |  |  | 40,705 |  |  | 21,768 |  |  | 31,329 |  |  | 170,476 |
Other | 12,124 |  | (1) | 12,694 |  | (2) | 20,805 |  | (3) | 18,883 |  | (4) | 11,708 |  | (5) | 76,214 |
Total segment operating costs and expenses | 259,514 |  |  | 97,113 |  |  | 231,706 |  |  | 115,633 |  |  | 189,989 |  |  | 893,955 |
Corporate (6) |  |  |  |  |  |  |  |  |  |  | 53,560 |
Total operating costs and expenses |  |  |  |  |  |  |  | $ | 947,515 |

-35-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued

| Nine months ended September 30, 2024
| Technology & Shopping |  | Gaming & Entertainment |  | Health & Wellness |  | Connectivity |  | Cybersecurity & Martech |  | Total operating costs and expenses
Salaries, benefits, and other employee expenses | $ | 93,278 |  |  | $ | 33,249 |  |  | $ | 85,194 |  |  | $ | 39,570 |  |  | $ | 55,526 |  |  | $ | 306,817 |
Cloud computing, software, and other related expenses | 21,125 |  |  | 4,038 |  |  | 10,298 |  |  | 11,168 |  |  | 29,499 |  |  | 76,128 |
Advertising and marketing related expenses | 33,074 |  |  | 10,511 |  |  | 29,242 |  |  | 2,453 |  |  | 17,018 |  |  | 92,298 |
Partner payments | 6,015 |  |  | 19,833 |  |  | 26,239 |  |  | 693 |  |  | 15,454 |  |  | 68,234 |
Professional and other third-party services | 12,572 |  |  | 4,532 |  |  | 6,609 |  |  | 10,068 |  |  | 13,123 |  |  | 46,904 |
Depreciation and amortization | 58,111 |  |  | 7,865 |  |  | 38,917 |  |  | 22,485 |  |  | 24,520 |  |  | 151,898 |
Other | 12,829 |  | (1) | 15,550 |  | (2) | 20,089 |  | (3) | 11,061 |  | (4) | 13,455 |  | (5) | 72,984 |
Total segment operating costs and expenses | 322,277 |  |  | 95,578 |  |  | 216,588 |  |  | 97,498 |  |  | 168,595 |  |  | 900,536 |
Corporate (6) |  |  |  |  |  |  |  |  |  |  | 53,203 |
Total operating costs and expenses |  |  |  |  |  |  |  | $ | 953,739 |

(1)Other Technology & Shopping operating costs and expenses consist primarily of credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(2)Other Gaming & Entertainment operating costs and expenses consist primarily of credit card processing fees, inventory-related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(3)Other Health & Wellness operating costs and expenses consist primarily of app-store fees, credit card processing fees, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(4)Other Connectivity operating costs and expenses consist primarily of inventory-related costs, credit card processing fees, inventory related costs, campaign fulfillment costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(5)Other Cybersecurity & Martech operating costs and expenses consist primarily of credit card processing fees, telecommunication backbone costs, travel and entertainment costs, office expenses, bad debt expense, contingent consideration changes, and certain allocated overhead expenses.
(6)Corporate includes costs associated with general, administrative, and other expenses (including some depreciation and amortization) that are managed on a global basis and that are not directly attributed to any particular segment.
-36-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Information on income (loss) from operations is set forth in the table below (in thousands).

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income (loss) from operations by reportable segment: |  |  |  |  |  |  |
Technology & Shopping | $ | 48 |  |  | $ | (78,615) |  |  | $ | (11,859) |  |  | $ | (93,317) |
Gaming & Entertainment | 14,688 |  |  | 15,044 |  |  | 34,717 |  |  | 33,757 |
Health & Wellness | 22,858 |  |  | 18,247 |  |  | 55,838 |  |  | 40,149 |
Connectivity | 16,456 |  |  | 20,813 |  |  | 54,772 |  |  | 61,874 |
Cybersecurity & Martech | (6,425) |  |  | 14,891 |  |  | 17,133 |  |  | 45,866 |
Total segment operating income | 47,625 |  |  | (9,620) |  |  | 150,601 |  |  | 88,329 |
Corporate (1) | (19,197) |  |  | (19,684) |  |  | (53,560) |  |  | (53,203) |
Income (loss) from operations | $ | 28,428 |  |  | $ | (29,304) |  |  | $ | 97,041 |  |  | $ | 35,126 |

(1)Corporate includes costs associated with general, administrative, and other expenses that are managed on a global basis and that are not directly attributable to any particular segment.
Information on capital expenditures is set forth in the table below (in thousands).

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital expenditures: |  |  |  |  |  |  |
Technology & Shopping | $ | 4,146 |  |  | $ | 3,343 |  |  | $ | 11,746 |  |  | $ | 10,732 |
Gaming & Entertainment | 1,776 |  |  | 1,013 |  |  | 6,180 |  |  | 3,446 |
Health & Wellness | 10,010 |  |  | 9,125 |  |  | 29,733 |  |  | 26,796 |
Connectivity | 7,799 |  |  | 5,804 |  |  | 20,176 |  |  | 19,040 |
Cybersecurity & Martech | 6,213 |  |  | 6,267 |  |  | 17,433 |  |  | 19,181 |
Total from reportable segments | 29,944 |  |  | 25,552 |  |  | 85,268 |  |  | 79,195 |
Corporate | 192 |  |  | 291 |  |  | 620 |  |  | 281 |
Total capital expenditures | $ | 30,136 |  |  | $ | 25,843 |  |  | $ | 85,888 |  |  | $ | 79,476 |

14.Supplemental Cash Flow Information
Non-cash investing and financing activities were as follows (in thousands):

| Nine months ended September 30,
| 2025 |  | 2024
Non-cash investing activity: |  |  |
Property and equipment, accrued but unpaid | $ | — |  |  | $ | — |
Right-of-use assets acquired in exchange for operating lease obligations | $ | 340 |  |  | $ | 1,035 |
Sale of equity investments for common stock (1) | $ | 4,448 |  |  | $ | — |
Non-cash financing activity: |  |  |
Increase in fair value of conversion feature on 3.625% Convertible Notes | $ | — |  |  | $ | 4,001 |
Excise tax on share repurchases | $ | 984 |  |  | $ | 1,797 |

(1)Represents 143,161 shares received in connection with the sale of our minority equity ownership interest in OpenEvidence during the nine months ended September 30, 2025.
-37-

ZIFF DAVIS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - Continued
Supplemental data (in thousands):

| Nine months ended September 30,
| 2025 |  | 2024
Interest paid | $ | 22,675 |  |  | $ | 16,912 |
Income taxes paid, net of refunds | $ | 46,067 |  |  | $ | 49,660 |

15.Accumulated Other Comprehensive Loss
The following table summarizes the changes in accumulated other comprehensive income (loss) income, net of tax, for the three months ended September 30, 2025 (in thousands):

| Unrealized Gains on Investments |  | Foreign Currency Translation |  | Total
Balance as of July 1, 2025 | $ | 2,671 |  |  | $ | (54,390) |  |  | $ | (51,719) |
Other comprehensive income, net of tax | (2,650) |  |  | (4,405) |  |  | (7,055) |
Balance as of September 30, 2025 | $ | 21 |  |  | $ | (58,795) |  |  | $ | (58,774) |

The following table summarizes the changes in accumulated other comprehensive income (loss) income, net of tax, for the nine months ended September 30, 2025 (in thousands):

| Unrealized Gains on Investments |  | Foreign Currency Translation |  | Total
Balance as of January 1, 2025 | $ | 2,112 |  |  | $ | (84,583) |  |  | $ | (82,471) |
Other comprehensive income, net of tax | (2,091) |  |  | 25,788 |  |  | 23,697 |
Balance as of September 30, 2025 | $ | 21 |  |  | $ | (58,795) |  |  | $ | (58,774) |

During the three and nine months ended September 30, 2025 we reclassified $2.7 million, net of tax, out of accumulated other comprehensive loss, representing the excess of unrealized losses over the provision for credit losses on the corporate debt security. See Note 4 – Investments for further details. There were no reclassifications out of accumulated other comprehensive loss during the three and nine months ended September 30, 2024.
-38-

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Information
In addition to historical information, certain statements included in this Quarterly Report on Form 10-Q may be forward-looking statements, including statements regarding the intent, belief or current expectations of the Company. These statements may include those concerning our possible or assumed future results of operations, business, strategy and current and future acquisitions, as well as the assumptions on which such statements are based. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements generally are identified by use of the words “anticipates,” “believes,” “estimates,” “hopes,” “may,” “will,” “seeks,” “protects,” “potential,” “predicts,” “expects,” “plans,” “intends,” “would,” “could,” “should,” or similar expressions, although not all forward-looking statements contain these identifying words. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those discussed below, the risk factors discussed in Part II, Item 1A - “Risk Factors” of this Quarterly Report on Form 10-Q (if any) and in Part I, Item 1A - “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 (together, the “Risk Factors”), the factors discussed in Part I, Item 3 in this Quarterly Report on Form 10-Q entitled “Quantitative and Qualitative Disclosures About Market Risk”, and any risks and uncertainties identified in our other filings with the SEC, as such risks, uncertainties and other important factors may be updated from time to time in our subsequent reports. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions and speak only as of the date they are made. We undertake no obligation to revise, update or publicly release the results of any revision to these forward-looking statements to reflect changed assumptions, new information or the occurrence of unanticipated events, unless required by law.
Some factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include, but are not limited to, our ability and intention to:
◦Sustain growth or profitability, particularly in light of an uncertain U.S. or worldwide economy, including the possibility of an economic downturn or recession, global conflicts, continuing inflation, elevated interest rates, supply chain disruptions, increased tariffs and trade protection measures, and other factors and their related impacts on customer acquisition and retention rates, customer usage levels, and credit and debit card payment declines;
◦Maintain and increase our customer base and average revenue per customer;
◦Generate sufficient cash flow to make interest and debt payments, reinvest in our business, and pursue desired activities and businesses plans while satisfying restrictive covenants relating to debt obligations;
◦Acquire or divest businesses on acceptable terms, execute on our investment strategies, successfully manage our growth, and integrate and realize anticipated synergies from acquisitions;
◦Continue to expand our businesses and operations internationally in the wake of numerous risks, including adverse currency fluctuations, difficulty in staffing and managing international operations, higher operating costs as a percentage of revenues, or the implementation of adverse regulations;
◦Maintain our financial position, operating results and cash flows in the event that we incur new or unanticipated costs or tax liabilities, including those relating to federal and state income tax and indirect taxes, such as sales, value-added, and telecommunication taxes;
◦Manage certain risks related to the unauthorized use of our content and the infringement of our intellectual property rights by developers and users of generative artificial intelligence (“AI”);
◦Prevent system failures, security breaches, and other technological issues;
◦Achieve positive outcomes in our pending and future legal proceedings;
◦Accurately estimate the assumptions underlying our effective worldwide tax rate;
◦Maintain favorable relationships with critical third-party vendors that are financially stable;
◦Create compelling digital media content facilitating increased traffic and advertising levels and additional advertisers or an increase in advertising spend, and effectively target digital media advertisements to desired audiences;
-39-

◦Manage certain risks inherent to our business, such as costs associated with fraudulent activity, system failure, or security breach; effectively maintaining and managing our billing systems; the time and resources required to manage our legal proceedings; liability for legal and other claims; our ability to consummate a sale of one or more of our business lines pursuant to our announced review of potential value-creating opportunities, or adhering to our internal controls and procedures;
◦Compete with other similar providers with regard to price, service, and functionality;
◦Achieve business and financial objectives in light of burdensome domestic and international telecommunications, internet, or other regulations, including regulations related to data privacy, access, security, retention, and sharing;
◦Successfully adapt to technological changes and diversify services and related revenues at acceptable levels of financial return;
◦Successfully develop and protect our intellectual property, both domestically and internationally, including our brands, content, copyrights, patents, trademarks, and domain names from infringement by third parties, and avoid infringing upon the proprietary rights of others;
◦Manage certain risks associated with environmental, social, and governmental matters, including related reporting obligations, that could adversely affect our reputation and performance;
◦Recruit and retain key personnel and maintain the beneficial aspects of our corporate culture globally;
◦Meet our publicly announced guidance or other expectations about our business and future operating results; and
◦Avoid disruptions to our operations, financial position, and reputation as a result of the collapse of certain banks and potentially other financial institutions.
In addition, other factors that could cause actual results to differ materially from those anticipated in these forward-looking statements or materially impact our financial results include the risks associated with new accounting pronouncements, as well as those associated with natural disasters, public health crises, pandemics, and other catastrophic events outside of our control.
Overview
Ziff Davis, Inc. was incorporated in 2014 as a Delaware corporation through the creation of a holding company structure. Ziff Davis, Inc., together with its subsidiaries (“Ziff Davis”, “the Company”, “our”, “us” or “we”), is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, health and wellness, connectivity, cybersecurity, and martech. Our business specializes in the technology, shopping, gaming and entertainment, healthcare, and connectivity markets, offering content, tools, and services to consumers and businesses and provides internet-delivered cloud-based services to consumers and businesses including cybersecurity, privacy, and marketing technology.
Segments
As described in our Annual Report on Form 10-K for the year ended December 31, 2024, the Company has five operating segments which are now presented as the following five reportable segments: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. Prior period segment information is presented on a comparable basis to conform to this new segment presentation with no effect on previously reported consolidated results. Refer to Note 13 — Segment Information for additional detail.
Revenues Overview
The primary types of revenues that we generate are described below.
Advertising and Performance Marketing - We sell online display and video advertising on our owned-and-operated websites and applications and on third-party sites. We have contractual arrangements with advertisers either directly or through agencies. The terms of these contracts specify the price of the advertising to be sold and the volume of advertisements that will be served over the course of a campaign. Additionally, we have contractual arrangements with certain third-party websites and applications not owned by us, and third-party advertising networks to deliver online display and video advertising to their websites and applications or to third-party sites. We generate leads for advertisers, including vendors of consumer health and wellness products, consumer packaged goods, and information technology services, through various marketing methods. We also generate clicks to online merchants by listing products, deals, and discounts on our web properties, and earn a commission when customers “click-through” the ad to make a purchase.
-40-

Subscription and Licensing - We provide cloud-based subscription services and generate “fixed” subscription revenues for customer subscriptions and, to a lesser extent, “variable” usage revenues generated from actual usage by our subscribers. We offer subscription and licensing services to businesses, which offer up-to-date insights into global fixed broadband and mobile performance data, and we offer subscription packages to consumers through the Lose It! weight loss app and through Humble Bundle’s digital subscriptions and storefront for video games, ebooks, and software. We also generate revenue from the sale of perpetual software licenses, related software support, and maintenance used in conjunction with software and other related services. We license our proprietary technology, data, and intellectual property to third parties for various purposes.
Other - Other revenues primarily include those from the sale of hardware used in conjunction with software, online course revenues, and game publishing revenues, and revenues from a customer acquisition platform for subscription services companies.
Revenues from external customers classified by revenue source are as follows (in thousands):

| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Technology & Shopping |  |  |  |  |  |  |
Advertising and performance marketing | $ | 84,226 |  |  | $ | 80,485 |  |  | $ | 242,500 |  |  | $ | 215,645 |
Subscription and licensing | 2,777 |  |  | 1,594 |  |  | 7,581 |  |  | 5,155 |
Other | (1,814) |  |  | 5,047 |  |  | (2,426) |  |  | 8,160 |
Total Technology & Shopping revenues | $ | 85,189 |  |  | $ | 87,126 |  |  | $ | 247,655 |  |  | $ | 228,960 |
Gaming & Entertainment |  |  |  |  |  |  |
Advertising and performance marketing | $ | 31,917 |  |  | $ | 34,909 |  |  | $ | 88,539 |  |  | $ | 85,839 |
Subscription and licensing | 15,657 |  |  | 14,795 |  |  | 43,268 |  |  | 43,486 |
Other | 4 |  |  | 10 |  |  | 23 |  |  | 10 |
Total Gaming & Entertainment revenues | $ | 47,578 |  |  | $ | 49,714 |  |  | $ | 131,830 |  |  | $ | 129,335 |
Health & Wellness |  |  |  |  |  |  |
Advertising and performance marketing | $ | 85,587 |  |  | $ | 75,084 |  |  | $ | 237,049 |  |  | $ | 209,898 |
Subscription and licensing | 13,679 |  |  | 12,751 |  |  | 40,494 |  |  | 36,539 |
Other | 3,040 |  |  | 2,936 |  |  | 10,001 |  |  | 10,300 |
Total Health & Wellness revenues | $ | 102,306 |  |  | $ | 90,771 |  |  | $ | 287,544 |  |  | $ | 256,737 |
Connectivity |  |  |  |  |  |  |
Advertising and performance marketing | $ | 3,368 |  |  | $ | 3,135 |  |  | $ | 9,057 |  |  | $ | 8,649 |
Subscription and licensing | 49,198 |  |  | 48,309 |  |  | 149,132 |  |  | 138,501 |
Other | 4,613 |  |  | 4,499 |  |  | 12,216 |  |  | 12,222 |
Total Connectivity revenues | $ | 57,179 |  |  | $ | 55,943 |  |  | $ | 170,405 |  |  | $ | 159,372 |
Cybersecurity & Martech |  |  |  |  |  |  |
Subscription and licensing | $ | 69,145 |  |  | $ | 70,026 |  |  | $ | 204,808 |  |  | $ | 214,461 |
Other | 2,314 |  |  | — |  |  | 2,314 |  |  | — |
Total Cybersecurity & Martech revenues | $ | 71,459 |  |  | $ | 70,026 |  |  | $ | 207,122 |  |  | $ | 214,461 |
Total Revenues | $ | 363,711 |  |  | $ | 353,580 |  |  | $ | 1,044,556 |  |  | $ | 988,865 |

Performance Metrics
-41-

We use certain metrics to generally assess the operational and financial performance of our businesses. These metrics are described in further detail below and are used by management in managing or monitoring the performance of each reportable segment when the respective revenues category is significant to the revenues of the reportable segment overall. For advertising and performance marketing revenues, these metrics are used for the Technology & Shopping, Gaming & Entertainment, and Health & Wellness reportable segments. For subscription and licensing revenues, these metrics are used for the Gaming & Entertainment, Health & Wellness, Connectivity, and Cybersecurity & Martech reportable segments. Since all revenues are not reflected in these metrics, management does not use these metrics on a consolidated basis to evaluate performance, but rather uses them on a reportable segment basis as shown further below.
Advertising and Performance Marketing - For our advertising and performance marketing revenues, management has identified net advertising and performance marketing revenue retention, the number of customers, and quarterly revenue per customer as relevant to investors’ and others’ assessment of our financial condition and results of operations. Net advertising and performance marketing revenue retention is an indicator of our ability to retain the spend of our existing advertisers year over year, which we view as a reflection of the effectiveness of our advertising and performance marketing platforms. Similarly, we monitor the number of our customers and the revenue per customer, as defined below, as these metrics provide further details related to our reported revenue and contribute to certain of our business planning decisions.
The following table sets forth certain key operating metrics for the advertising and performance marketing revenues based on the reportable segment for the three months ended September 30, 2025 and 2024.

| Three months ended September 30,
| 2025 |  | 2024
Technology & Shopping |  |  |
Net advertising and performance marketing revenue retention (1) | 94.0 | % |  | 91.0 | %
Customers (2) | 634 |  |  | 599 |
Quarterly revenue per customer (3) | $ | 132,849 |  |  | $ | 134,366 |
Gaming & Entertainment |  |  |
Net advertising and performance marketing revenue retention (1) | 88.8 | % |  | 96.0 | %
Customers (2) | 431 |  |  | 429 |
Quarterly revenue per customer (3) | $ | 74,053 |  |  | $ | 81,373 |
Health & Wellness |  |  |
Net advertising and performance marketing revenue retention (1) | 102.1 | % |  | 93.3 | %
Customers (2) | 825 |  |  | 795 |
Quarterly revenue per customer (3) | $ | 103,132 |  |  | $ | 93,975 |

(1) Net advertising and performance marketing revenue retention equals (i) the trailing twelve months revenues recognized related to prior year customers in the current year period (excluding revenues from acquisitions during the stub period) divided by (ii) the trailing twelve months revenues recognized related to prior year customers in the prior year period (excluding revenues from acquisitions during the stub period). This excludes customers that generated less than $10,000 of revenues in the measurement period.
(2) Excludes customers that generated less than $2,500 in the quarter.
(3) Represents total gross quarterly advertising and performance marketing revenues divided by customers as defined in footnote (2).
Subscription and Licensing - For our subscription and licensing revenues, management has identified the number of customers and average quarterly revenue per customer as relevant to investors’ and others’ assessment of our financial condition and results of operations. We believe that the number of customers that we serve is an indicator of our customer retention and growth. We believe the average monthly revenue per customer provides insights that contribute to certain of our business planning decisions. Beginning in the first quarter of 2025, management no longer uses Subscription and Licensing churn rate in its assessment of broad performance of each reportable segment. Management no longer analyzes churn rate broadly because it believes that the number of total customers is a more meaningful reportable segment level metric due to the impact of expiring licenses on the metric. Additionally, due to the nature of certain of the Company’s services, changes in our customer base are expected and do not have significant financial implications to the Company as the Company generally does not have significant upfront customer acquisition costs for these customers.
-42-

The following table sets forth certain key operating metrics for subscription and licensing revenues based on the reportable segment for the three months ended September 30, 2025 and 2024.

| Three months ended September 30, |  |
| 2025 |  | 2024 |  |
Gaming & Entertainment |  |  |  |  |
Customers (1)(2) | 514,000 |  | 484,000 |  |
Average quarterly revenue per customer (2)(3) | $30.49 |  | $30.60 |  |
Health & Wellness |  |  |  |  |
Customers (1)(2) | 1,902,000 |  | 1,731,000 |  |
Average quarterly revenue per customer (2)(3) | $7.17 |  | $7.38 |  |
Connectivity |  |  |  |  |
Customers (1)(2) | 25,000 |  | 24,000 |  |
Average quarterly revenue per customer (2)(3) | $1,988 |  | $1,972 |  |
Cybersecurity & Martech |  |  |  |  |
Customers (1)(4) | 1,232,000 |  | 1,251,000 |  |
Average quarterly revenue per customer (3) | $56.13 |  | $55.99 |  |

(1) Represents the quarterly average of the end of month customer counts (rounded).
(2) The metric includes the sale of perpetual software licenses, when applicable, revenue for which is recorded at a point-in time rather than over-time.
(3) Represents quarterly gross subscription and licensing revenues divided by customers as defined in footnote (1).
(4) Resellers within Cybersecurity & Martech segment are counted as one customer when there is not visibility into the number of underlying customers served by the reseller.
Critical Accounting Policies and Estimates
In the ordinary course of business, we have made a number of estimates and assumptions relating to the reporting of results of operations and financial condition in the preparation of our financial statements. Actual results could differ significantly from those estimates under different assumptions and conditions. Our critical accounting policies are described in our 2024 Annual Report on Form 10-K filed with the SEC on February 25, 2025. During the nine months ended September 30, 2025, there were no significant changes in our critical accounting policies and estimates. See Note 1 — Basis of Presentation and Overview in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional description of significant accounting policies of the Company.
Goodwill
The Company tests goodwill for impairment annually or more frequently if the Company believes indicators of impairment exist. The Company assessed current economic indicators, including changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a particular reporting unit.
During the three and nine months ended September 30, 2025, the Company performed quantitative fair value tests of all of its reporting units following a sustained decline in the Company’s stock price. Based on the quantitative fair value tests, the carrying value of one reporting unit within the Cybersecurity & Martech reportable segment exceeded its fair value, and the Company recorded an impairment of approximately $17.6 million during the three and nine months ended September 30, 2025. Following the impairment at one reporting unit within the Cybersecurity & Martech reportable segment, there was no excess fair value over carrying value at that reporting unit. Goodwill at this reporting unit was $177.7 million as of September 30, 2025. There were no other reporting units with less than 10% excess fair value over carrying value as of the most recent evaluation that may be at risk of impairment as of September 30, 2025. Changes in market conditions, and key assumptions made in future quantitative assessments, including expected cash flows, competitive factors and discount rates, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
-43-

During the three and nine months ended September 30, 2024, the Company reassessed the fair value of certain reporting units within the Technology & Shopping, Health & Wellness, and Cybersecurity & Martech reportable segments following a sustained decline in the Company’s stock price, and forecasted reductions in revenue or EBITDA in those reporting units. Based on the quantitative fair value test of two reporting units within the Technology & Shopping reportable segment, the carrying value of the reporting units exceeded their fair value, and the Company recorded an impairment of approximately $85.3 million during the three and nine months ended September 30, 2024.
In each period, the fair value of the reporting units was determined using an equal weighting of an income approach that was based on the discounted estimated future cash flows of the reporting unit and a market approach that uses the guideline public company approach. We believe the combination of these approaches provides an appropriate valuation because it incorporates the expected cash generation of the reporting unit in addition to how a third-party market participant would value the reporting unit. As the business is assumed to continue in perpetuity, the discounted future cash flows include a terminal value. Determining fair value using a discounted estimated future cash flow analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the discounted cash flow analyses were based on the most recent forecast for the reporting unit. For years beyond the forecast period, the estimates were based, in part, on forecasted growth rates. The discount rate the Company used represents the estimated weighted average cost of capital, which reflects the overall level of inherent risk involved in its reporting unit operations and the rate of return a market participant would expect to earn. Determining fair value using a market approach considers multiples of financial metrics based on trading multiples of a selected peer group of companies. From the comparable companies, a representative market multiple is determined, which is applied to financial metrics to estimate the fair value of the reporting unit. Refer to Note 6 — Goodwill and Intangible Assets in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional details.
Results of Operations for the Three and Nine Months Ended September 30, 2025
The main focus of our Technology & Shopping, Gaming & Entertainment, and Health & Wellness platform monetization programs is to provide relevant and useful advertising to visitors to our websites, provide meaningful content that informs and shapes purchase intent, and leverage our brand and editorial assets into subscription platforms. As a result, we expect to continue to take steps to improve the relevance of the ads displayed on our websites and applications and those included within our advertising networks, and improve the effectiveness of our content as well as our subscription services and licenses. The operating margin we realize on revenues generated from ads placed on our websites and applications is significantly higher than the operating margin we realize from revenues generated from those placed on third-party websites and applications. Growth in advertising revenues from our websites and applications has generally exceeded that from third-party websites and applications. This trend has generally had a positive impact on our operating margins.
The main focus of our Connectivity segment is to collect and correlate the information on internet connectivity, network performance, and consumer experiences, while providing insights and software relating to broadband networks. As a result, we expect to continue to take steps to enhance our existing offerings and offer new services to continue to satisfy the evolving needs of our global customers.
The main focus of our Cybersecurity & Martech service offerings is to reduce or eliminate costs, increase sales and enhance productivity, mobility, business continuity, and security of our customers as the technologies and devices they use evolve over time. As a result, we expect to continue to take steps to enhance our existing offerings and offer new services to continue to satisfy the evolving needs of our customers.
We expect acquisitions to remain an important component of our strategy and use of capital across our Company; however, for a number of reasons, including macroeconomic conditions, in a given period, we may close greater or fewer acquisitions than in prior periods or acquisitions of greater or lesser significance than in prior periods. Moreover, future acquisitions of businesses with different business models, may impact overall operating profit margins. From time to time, the Company may take steps to reduce investment in one or more of its business activities. In the past, we have divested certain businesses that we determined were no longer consistent with the Company’s focus or that no longer aligned with the current or expected business performance of the Company’s other businesses.
We are monitoring ongoing developments surrounding international trade and the macroeconomic environment. As a result of volatility in international trade and financial markets, we may experience direct and/or indirect effects on our business, operations, and financial results. Our past results may not be indicative of our future performance, and our financial results may differ materially from historical trends.
-44-

Revenues

(in thousands, except percentages) | Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
2025 |  | 2024 |  |  | 2025 |  | 2024 |
Revenues | $ | 363,711 |  |  | $ | 353,580 |  |  | 2.9% |  | $ | 1,044,556 |  |  | $ | 988,865 |  |  | 5.6%

Our revenues consist of revenues from (i) advertising and performance marketing revenues, which are earned from the delivery of advertising services, marketing, performance marketing, and production services, and (ii) subscription and licensing revenues, which are earned through the granting of access to, or delivery of, certain data products or services to customers, usage-based fees, and by reselling various third-party solutions, primarily through the Company’s email security line of business. Subscription and licensing revenues primarily consist of revenues from “fixed” customer subscription and licensing revenues and “variable” revenues generated from actual usage of our services.
Our revenues increased during the three months ended September 30, 2025 compared to the prior period primarily due to a $11.5 million increase in advertising and performance marketing revenues. This increase was driven primarily by a $10.5 million increase in our Health & Wellness reportable segment and a $3.7 million increase in our Technology & Shopping reportable segment, partially offset by a $3.0 million decrease in Gaming & Entertainment reportable segment. Subscription and licensing revenues increased $3.0 million compared to the prior year period due primarily to a $1.2 million increase in our Technology & Shopping reportable segment. Other revenues decreased $4.3 million compared to the prior year period due primarily to a $6.9 million decrease in our Technology & Shopping reportable segment, partially offset by a $2.3 million increase in our Cybersecurity & Martech reportable segment.
Our revenues increased during the nine months ended September 30, 2025 compared to the prior period primarily due to a $57.1 million increase in advertising and performance marketing revenues. This increase was driven primarily by a $27.2 million increase in our Health & Wellness reportable segment and a $26.9 million increase in our Technology & Shopping reportable segment. Subscription and licensing revenues increased $7.1 million compared to the prior year period due primarily to a $10.6 million increase in our Connectivity reportable segment, a $4.0 million increase in our Health & Wellness reportable segment, a $2.4 million increase in our Technology & Shopping reportable segment, partially offset by a $9.7 million decrease in our Cybersecurity & Martech reportable segment. Other revenues decreased $8.6 million compared to the prior year period due primarily to a $10.6 million decrease in our Technology & Shopping reportable segment, partially offset by a $2.3 million increase in our Cybersecurity & Martech reportable segment.
Direct costs

(in thousands, except percentages) | Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
2025 |  | 2024 |  |  | 2025 |  | 2024 |
Direct costs | $ | 53,152 |  |  | $ | 51,170 |  |  | 3.9% |  | $ | 149,334 |  |  | $ | 147,081 |  |  | 1.5%
As a percent of revenues | 14.6 | % |  | 14.5 | % |  |  |  | 14.3 | % |  | 14.9 | % |  |

Direct costs represent the Company’s cost of revenues and primarily include costs associated with compensation for personnel directly involved in revenue generation, content fees, production costs, royalty fees, hosting and licensing costs, and processing fees. The increase in direct costs for the three months ended September 30, 2025 compared to the prior period was primarily due to a $1.9 million increase in cloud computing, software, and other related expenses. The increase in direct costs for the nine months ended September 30, 2025 compared to the prior period was primarily due to a $1.9 million increase in cloud computing, software, and other related expenses, as well as $1.7 million increase in professional and third-party services, partially offset by a $1.6 million decrease in advertising and marketing related expenses.
Sales and Marketing

(in thousands, except percentages) | Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
2025 |  | 2024 |  |  | 2025 |  | 2024 |
Sales and marketing | $ | 137,835 |  |  | $ | 127,418 |  |  | 8.2% |  | $ | 407,113 |  |  | $ | 369,184 |  |  | 10.3%
As a percent of revenues | 37.9 | % |  | 36.0 | % |  |  |  | 39.0 | % |  | 37.3 | % |  |

Sales and marketing costs consist primarily of internet-based advertising, sales and marketing, personnel costs, and other business development related expenses. Our internet-based advertising relationships consist primarily of fixed cost and performance-based (cost-per-impression, cost-per-click, and cost-per-acquisition) advertising relationships with an array of
-45-

online service providers. The increase in sales and marketing expenses during the three months ended September 30, 2025 compared to the prior period was primarily due to a $4.5 million increase in salaries, benefits, and other employee expenses as a result of current and prior year acquisitions, a $2.4 million increase in professional and third-party services as a result of a current year acquisition, a $1.3 million increase in advertising and marketing related expenses, and a $1.3 million increase in partner payments. The increase in sales and marketing expenses during the nine months ended September 30, 2025 compared to the prior period was primarily due to a $16.4 million increase in salaries, benefits, and other employee expenses as a result of current and prior year acquisitions, a $9.0 million increase in professional and third-party services as a result of a current year acquisition, a $7.5 million increase in partner payments, and a $4.1 million increase in advertising and marketing related expenses.
Research, Development, and Engineering

(in thousands, except percentages) | Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
2025 |  | 2024 |  |  | 2025 |  | 2024 |
Research, development, and engineering | $ | 15,402 |  |  | $ | 15,255 |  |  | 1.0% |  | $ | 47,756 |  |  | $ | 49,824 |  |  | (4.2)%
As a percent of revenues | 4.2 | % |  | 4.3 | % |  |  |  | 4.6 | % |  | 5.0 | % |  |

Research, development, and engineering costs consist primarily of salaries, benefits, and other employee expenses. The increase in research, development, and engineering costs for the three months ended September 30, 2025, compared to the prior period was primarily due to a $1.2 million increase in cloud computing, software, and other related expenses, partially offset by a $0.9 million decrease in a professional and other third-party services. The decrease in research, development, and engineering costs for the nine months ended September 30, 2025, compared to the prior period was primarily due to a $3.7 million decrease in salaries, benefits, and other employee expenses and a $1.9 million decrease in professional and other third-party services, partially offset by a $3.6 million increase in cloud computing, software, and other related expenses.
General, Administrative, and Other Related Costs

(in thousands, except percentages) | Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
2025 |  | 2024 |  |  | 2025 |  | 2024 |
General, administrative, and other related costs | $ | 53,996 |  |  | $ | 52,417 |  |  | 3.0% |  | $ | 154,976 |  |  | $ | 150,432 |  |  | 3.0%
As a percent of revenues | 14.8 | % |  | 14.8 | % |  |  |  | 14.8 | % |  | 15.2 | % |  |

General, administrative, and other related costs consist primarily of salaries, benefits, and other employee expenses including share-based compensation and severance, changes in the fair value associated with contingent consideration, bad debt expense, professional fees, and insurance costs. The increase in general, administrative, and other related costs for the three months ended September 30, 2025 compared to the prior period was primarily due to a $2.3 million increase in professional and other third-party services, partially offset by a $0.9 million decrease in other expenses. The increase in general, administrative, and other related costs for the nine months ended September 30, 2025 compared to the prior period was primarily due to a $3.4 million increase in professional and other third-party services and a $1.9 million increase in cloud computing, software, and other related expenses, partially offset by a $1.2 million decrease in salaries, benefits, and other employee expenses.
Depreciation and Amortization

(in thousands, except percentages) | Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
2025 |  | 2024 |  |  | 2025 |  | 2024 |
Depreciation and amortization | $ | 57,319 |  |  | $ | 51,351 |  |  | 11.6% |  | $ | 170,757 |  |  | $ | 151,945 |  |  | 12.4%
As a percent of revenues | 15.8 | % |  | 14.5 | % |  |  |  | 16.3 | % |  | 15.4 | % |  |

Depreciation and amortization costs consist of depreciation related to property and equipment, including internally developed software, as well as amortization of intangible assets recorded in connection with business acquisitions, and other intangible assets of the Company. The increase in depreciation and amortization for the three months ended September 30, 2025 compared to the prior period was primarily due to an increase of $3.7 million in depreciation expense as capitalized software
-46-

was placed in service and an increase of $2.7 million in amortization expense primarily as a result of new intangible assets acquired during 2024 in business combinations. The increase in depreciation and amortization for the nine months ended September 30, 2025 compared to the prior period was primarily due to an increase of $11.3 million in depreciation expense as capitalized software was placed in service and an increase of $7.9 million in amortization expense primarily as a result of new intangible assets acquired during 2024 in business combinations.
Goodwill Impairment
Goodwill impairment was $17.6 million for the three and nine months ended September 30, 2025, respectively, and related to a reporting unit within the Cybersecurity & Martech reportable segment. Goodwill impairment was $85.3 million for the three and nine months ended September 30, 2024, respectively, and related to reporting units within the Technology & Shopping reportable segment. Refer to Note 6 — Goodwill and Intangible Assets in Part I Item 1 of this Quarterly Report on Form 10-Q for further details.
Non-Operating Income and Expenses
The following table represents the components of non-operating income and expenses for the three and nine months ended September 30, 2025 and 2024 (in thousands):

| Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Interest expense, net | $ | (6,496) |  |  | $ | (4,024) |  |  | 61.4 | % |  | $ | (19,150) |  |  | $ | (7,597) |  |  | 152.1 | %
Loss on sale of businesses | — |  |  | — |  |  | 0.0% |  | — |  |  | (3,780) |  |  | (100.0) | %
Gain (loss) on investments, net | 678 |  |  | — |  |  | 100% |  | 5,018 |  |  | (7,654) |  |  | (165.6) | %
Provision for credit losses on investments | (17,566) |  |  | — |  |  | (100%) |  | (17,566) |  |  | — |  |  | (100%)
Other income (loss), net | 4,098 |  |  | (2,633) |  |  | (255.6) | % |  | (4,491) |  |  | 2,530 |  |  | (277.5) | %
Total non-operating expense | $ | (19,286) |  |  | $ | (6,657) |  |  | 189.7 | % |  | $ | (36,189) |  |  | $ | (16,501) |  |  | 119.3 | %

Interest expense, net. Interest expense is generated primarily from interest due on outstanding debt, partially offset by interest income generated from interest earned on cash, cash equivalents, and investments. Interest expense, net increased during the three and nine months ended September 30, 2025 compared to the prior periods primarily due to lower interest income on investments as a result of a decline in cash equivalents and a reduction in rate.
Loss on sale of businesses. Loss on sale of businesses during the nine months ended September 30, 2024 represents the loss on disposal of an international business in the Technology & Shopping reportable segment.
Gain (loss) on investments, net. Gain (loss) on investments, net is generated from realized and unrealized gains or losses from investments in equity and debt securities. Gain on investments, net recorded during the three months ended September 30, 2025 related to the sale of an immaterial equity method investment. Gain on investments, net recorded during the nine months ended September 30, 2025 primarily related to the disposition of the minority equity ownership interest in OpenEvidence (formerly known as Xyla). Gain (loss) on investments, net recorded during the three and nine months ended September 30, 2024 related to the change in the fair value of our investment in Consensus common stock prior to the disposition of the investment and the results of the disposition of the Consensus common stock during the second quarter of 2024.
Provision for credit losses on investments. Provision for credit losses on investments during the three and nine months ended September 30, 2025 was generated from a provision for credit losses on the investment in corporate debt security, including accrued interest receivable.
Other income (loss), net. Other income (loss), net is generated primarily from miscellaneous items and gains or losses on foreign currency. The change was primarily attributable to changes in gains or losses on foreign currency.
-47-

Income Taxes
Our effective tax rate is based on pre-tax income, statutory tax rates, tax regulations (including those related to transfer pricing), and different tax rates in the various jurisdictions in which we operate. The tax basis of our assets and liabilities reflect our best estimate of the tax benefits and costs we expect to realize. When necessary, we establish valuation allowances to reduce our deferred tax assets to an amount that will more likely than not be realized.
Provision for income taxes amounted to income tax expense of $12.8 million and $(12.5) million for the three months ended September 30, 2025 and 2024, respectively, and $25.7 million and $(27.8) million for the nine months ended September 30, 2025 and 2024, respectively. Our effective tax rate was 139.8% and (34.9)% for the three months ended September 30, 2025 and 2024, respectively, and 42.2% and 149.0% for the nine months ended September 30, 2025 and 2024, respectively.
The increase in our effective income tax rate for the three months ended September 30, 2025 compared to the prior period was primarily attributable to the following:
1.$17.6 million goodwill impairment recognized for book purposes during 2025 as compared to $85.3 million in 2024. Since the impairment related to excess financial statement goodwill with no tax basis, no corresponding tax benefits were recognized resulting in a disproportionate effective income tax rate for both years;
2.an increase in our effective income tax rate due to a recognition of a valuation allowance related to a credit loss recognized on the investment in available-for-sale corporate debt security resulting in a discrete charge of $3.8 million.
The decrease in our effective income tax rate for the nine months ended September 30, 2025 compared to the prior period was primarily attributable to the following:
1.$17.6 million goodwill impairment recognized for book purposes during 2025 as compared to $85.3 million in 2024. Since the impairment related to excess financial statement goodwill with no tax basis, no corresponding tax benefits were recognized resulting in a disproportionate effective income tax rate for both years;
2.a change in the valuation allowance against U.S. capital loss, which resulted in a net $0.5 million discrete tax expense recognized during the 2025 period as compared to a discrete tax expense of $2.5 million recognized during 2024; partially offset by
3.an increase in the discrete tax charge related to the vesting of share-based compensation resulting in a $1.2 million greater tax shortfall period over period.
Judgment is required in determining our provision for income taxes and in evaluating our tax positions on a worldwide basis. We believe our tax positions, including intercompany transfer pricing policies, are consistent with the tax laws in the jurisdictions in which we conduct our business. Certain of these tax positions have in the past been, and are currently being, challenged, and this may have a significant impact on our effective tax rate if our tax reserves are insufficient.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law which, among other things, provided a permanent extension of certain tax measures initially established under the 2017 Tax Cuts and Jobs Act, which were set to expire at the end of 2025, and modified tax legislation affecting bonus depreciation rules and the tax treatment of research and development expenses and interest deductions. Specifically, the OBBBA provides for 100% bonus depreciation and eliminates the requirement under Internal Revenue Code Section 174 to capitalize and amortize U.S. based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred beginning after 2024. The Company currently does not expect the OBBBA to have a material impact on its effective tax rate but expects these provisions to result in a reduction of current income tax liabilities and an increase in deferred tax liabilities, which could be material. The Company will continue to assess the implications of the OBBBA and will provide further disclosures in subsequent reporting periods, as necessary.
Equity Method Investment
Income (loss) from equity method investment, net of tax. Income from equity method investment was primarily from the investment in the OCV Fund I, LP (the “OCV Fund”) for which the Company receives annual audited financial statements. The investment in the OCV Fund is presented net of tax. The Company recognizes its share of net earnings or losses relating to the investment in the OCV Fund on a one-quarter lag due to the timing and availability of financial information from the OCV Fund. If the Company becomes aware of a significant decline in value that is other-than-temporary, the loss will be recorded in the period in which the Company identifies the decline.
Income from equity method investment was less than $0.1 million, net of income tax, for the three months ended September 30, 2025 compared to loss from equity method investment of $0.1 million, net of income tax, for the three months
-48-

ended September 30, 2024. Income from equity method investment was $11.8 million, net of income tax, for the nine months ended September 30, 2025 compared to income from equity method investment of $8.1 million, net of income tax, for the nine months ended September 30, 2024. The increase in income from equity method investment, net during the three months ended September 30, 2025 compared to the prior period was primarily due to an increase in the value of the underlying investment. The increase in income from equity method investment, net during the nine months ended September 30, 2025 compared to the prior period was primarily due to a greater increase in the value of the underlying investment.
Segment Results
The Company’s reportable segments are based on the organizational structure used by management for making operating and investment decisions and for assessing performance. The Company has five reportable segments: (i) Technology & Shopping, (ii) Gaming & Entertainment, (iii) Health & Wellness, (iv) Connectivity, and (v) Cybersecurity & Martech. Reportable segment results presented below exclude inter-segment revenues and expenses.
Technology & Shopping
The financial results are presented as follows (in thousands):

| Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Revenues | $ | 85,189 |  |  | $ | 87,126 |  |  | (2.2) | % |  | $ | 247,655 |  |  | $ | 228,960 |  |  | 8.2 | %
Operating costs and expenses | 85,141 |  |  | 165,741 |  |  | (48.6) | % |  | 259,514 |  |  | 322,277 |  | (19.5) | %
Operating income (loss) | $ | 48 |  |  | $ | (78,615) |  |  | (100.1) | % |  | $ | (11,859) |  |  | $ | (93,317) |  |  | (87.3) | %

Technology & Shopping’s revenues of $85.2 million during the three months ended September 30, 2025 decreased $1.9 million compared to the prior period primarily due to a $6.9 million decline in other revenues driven by a decline in game publishing revenues, partially offset by a $3.7 million increase in advertising and performance marketing revenues, primarily driven by an increase in the Technology business as a result of an acquisition in 2024, and a $1.2 million increase in subscription and licensing revenues.
Technology & Shopping’s revenues of $247.7 million during the nine months ended September 30, 2025 increased $18.7 million compared to the prior period primarily due to a $26.9 million increase in advertising and performance marketing revenues, primarily driven by an increase in the Technology business as a result of an acquisition in 2024, and a $2.4 million increase in subscription and licensing revenues, partially offset by a decline of $10.6 million in other revenues driven by a decline in game publishing revenues.
Technology & Shopping’s operating costs and expenses of $85.1 million during the three months ended September 30, 2025 decreased $80.6 million compared to the prior period primarily driven by a $85.3 million goodwill impairment recognized during the three months ended September 30, 2024, which did not recur in 2025 period, partially offset by $2.3 million increase in depreciation and amortization.
Technology & Shopping’s operating costs and expenses of $259.5 million during the nine months ended September 30, 2025 decreased $62.8 million compared to the prior period primarily driven by a $85.3 million goodwill impairment recognized during the nine months ended September 30, 2024, which did not recur in 2025 period, partially offset by a $9.9 million increase in depreciation and amortization driven by acquisitions during 2024, and a $9.2 million increase in salaries, benefits, and other employee expenses.
As a result of these factors, Technology & Shopping’s operating income of less than $0.1 million during the three months ended September 30, 2025 decreased $78.7 million compared to the prior period. Technology & Shopping’s operating loss of $11.9 million during the nine months ended September 30, 2025 decreased $81.5 million compared to the prior period.
-49-

Gaming & Entertainment
The financial results are presented as follows (in thousands):

| Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Revenues | $ | 47,578 |  |  | $ | 49,714 |  |  | (4.3) | % |  | $ | 131,830 |  |  | $ | 129,335 |  |  | 1.9 | %
Operating costs and expenses | 32,890 |  |  | 34,670 |  |  | (5.1) | % |  | 97,113 |  |  | 95,578 |  | 1.6 | %
Operating income | $ | 14,688 |  |  | $ | 15,044 |  |  | (2.4) | % |  | $ | 34,717 |  |  | $ | 33,757 |  |  | 2.8 | %

Gaming & Entertainment’s revenues of $47.6 million during the three months ended September 30, 2025 decreased $2.1 million compared to the prior period primarily due to a $3.0 million decrease in advertising and performance marketing revenues, partially offset by a $0.9 million increase in subscription and licensing revenues.
Gaming & Entertainment’s revenues of $131.8 million during the nine months ended September 30, 2025 increased $2.5 million compared to the prior period primarily due to a $2.7 million increase in advertising and performance marketing revenues, partially offset by a decrease of $0.2 million in subscription and licensing revenues.
Gaming & Entertainment’s operating costs and expenses of $32.9 million during the three months ended September 30, 2025 decreased $1.8 million compared to the prior period primarily due to a $3.1 million decrease in other expenses and a $1.1 million decrease in salaries, benefits, and other employee expenses, partially offset by a $1.9 million increase in partner payments.
Gaming & Entertainment’s operating costs and expenses of $97.1 million during the nine months ended September 30, 2025 increased $1.5 million compared to the prior period primarily due to a $2.5 million increase in partner payments, a $2.0 million increase in cloud computing, software, and other related expenses, partially offset by a $2.9 million decrease in other expenses.
As a result of these factors, Gaming & Entertainment’s operating income of $14.7 million during the three months ended September 30, 2025 decreased $0.4 million compared to the prior period. Gaming & Entertainment’s operating income of $34.7 million during the nine months ended September 30, 2025 increased $1.0 million compared to the prior period.
Health & Wellness
The financial results are presented as follows (in thousands):

| Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Revenues | $ | 102,306 |  |  | $ | 90,771 |  |  | 12.7 | % |  | $ | 287,544 |  |  | $ | 256,737 |  |  | 12.0 | %
Operating costs and expenses | 79,448 |  |  | 72,524 |  |  | 9.5 | % |  | 231,706 |  |  | 216,588 |  | 7.0 | %
Operating income | $ | 22,858 |  |  | $ | 18,247 |  |  | 25.3 | % |  | $ | 55,838 |  |  | $ | 40,149 |  |  | 39.1 | %

-50-

Health & Wellness’s revenues of $102.3 million during the three months ended September 30, 2025 increased $11.5 million compared to the prior period primarily due to a $10.5 million increase in advertising and performance marketing revenues, primarily driven by a $9.6 million increase in the Health & Wellness Consumer business due in part to an acquisition in 2025, and a $0.9 million increase in subscription and licensing revenues, and a $0.1 million increase in other revenues.
Health & Wellness’s revenues of $287.5 million during the nine months ended September 30, 2025 increased $30.8 million compared to the prior period primarily due to a $27.2 million increase in advertising and performance marketing revenues, driven by a $26.1 million increase in the Health & Wellness Consumer business due in part to an acquisition in 2025, and a $4.0 million increase in subscription and licensing revenues, partially offset by a $0.3 million decline in other revenues.
Health & Wellness’s operating costs and expenses of $79.4 million during the three months ended September 30, 2025 increased $6.9 million compared to the prior period primarily due to a $1.8 million increase in salaries, benefits, and other employee expenses, a $1.2 million increase in partner payments, and a $1.2 million increase in cloud computing, software, and other related expenses.
Health & Wellness’s operating costs and expenses of $231.7 million during the nine months ended September 30, 2025 increased $15.1 million compared to the prior period primarily due to a $6.8 million increase in partner payments due in part to an acquisition in 2025, a $2.5 million increase in cloud computing, software, and other related expenses, and a $1.8 million increase in depreciation and amortization.
As a result of these factors, Health & Wellness’s operating income of $22.9 million during the three months ended September 30, 2025 increased $4.6 million compared to the prior period. Health & Wellness’s operating income of $55.8 million during the nine months ended September 30, 2025 increased $15.7 million compared to the prior period.
Connectivity
The financial results are presented as follows (in thousands):

| Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Revenues | $ | 57,179 |  |  | $ | 55,943 |  |  | 2.2 | % |  | $ | 170,405 |  |  | $ | 159,372 |  |  | 6.9 | %
Operating costs and expenses | 40,723 |  |  | 35,130 |  |  | 15.9 | % |  | 115,633 |  |  | 97,498 |  | 18.6 | %
Operating income | $ | 16,456 |  |  | $ | 20,813 |  |  | (20.9) | % |  | $ | 54,772 |  |  | $ | 61,874 |  |  | (11.5) | %

Connectivity’s revenues of $57.2 million during the three months ended September 30, 2025 increased $1.2 million compared to the prior period primarily due to an increase of $0.9 million in subscription and licensing revenues driven by a $1.1 million increase in our revenues from network performance services.
Connectivity’s revenues of $170.4 million during the nine months ended September 30, 2025 increased $11.0 million compared to the prior period primarily due to an increase of $10.6 million in subscription and licensing revenues driven primarily by a $10.5 million increase in our revenues from network performance services.
Connectivity’s operating costs and expenses of $40.7 million during the three months ended September 30, 2025 increased $5.6 million compared to the prior period primarily due to a $2.0 million increase in salaries, benefits, and other employee expenses, a $1.7 million increase in professional and other third-party services, and a $1.6 million increase in other related expenses.
Connectivity’s operating costs and expenses of $115.6 million during the nine months ended September 30, 2025 increased $18.1 million compared to the prior period primarily due to a $7.8 million increase in other related expenses due to a 2024 reduction in expense from changes in estimated amounts of deferred acquisition payments related to previously acquired businesses not recurring in 2025, a $4.8 million increase in professional and other third-party services in 2025, and a $4.0 million increase in salaries, benefits, and other employee expenses in 2025.
As a result of these factors, Connectivity’s operating income of $16.5 million during the three months ended September 30, 2025 decreased $4.4 million compared to the prior period. Connectivity’s operating income of $54.8 million during the nine months ended September 30, 2025 decreased $7.1 million compared to the prior period.
-51-

Cybersecurity & Martech
The financial results are presented as follows (in thousands):

| Three months ended September 30, |  | Percentage Change |  | Nine months ended September 30, |  | Percentage Change
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Revenues | $ | 71,459 |  |  | $ | 70,026 |  |  | 2.0 | % |  | $ | 207,122 |  |  | $ | 214,461 |  |  | (3.4) | %
Operating costs and expenses | 77,884 |  |  | 55,135 |  |  | 41.3 | % |  | 189,989 |  |  | 168,595 |  | 12.7 | %
Operating (loss) income | $ | (6,425) |  |  | $ | 14,891 |  |  | (143.1) | % |  | $ | 17,133 |  |  | $ | 45,866 |  |  | (62.6) | %

Cybersecurity & Martech’s revenues of $71.5 million during the three months ended September 30, 2025 increased $1.4 million compared to the prior period primarily due to a $2.5 million increase in subscription and licensing revenues within the Company’s Cybersecurity business and a $2.3 million increase in other revenues related to a business acquired in 2025 within the Company’s Martech business, partially offset by a $3.4 million decrease in subscription and licensing revenues within the Company’s Martech business.
Cybersecurity & Martech’s revenues of $207.1 million during the nine months ended September 30, 2025 decreased $7.3 million compared to the prior period primarily due to a $9.7 million decline in subscription and licensing revenues within certain brands of each of the Company’s Martech business and Cybersecurity business, partially offset by a $2.3 million increase in other revenues related to a business acquired in 2025.
Cybersecurity & Martech‘s operating costs and expenses of $77.9 million during the three months ended September 30, 2025 increased $22.7 million compared to the prior period primarily due to a $17.6 million goodwill impairment, a $3.1 million increase in depreciation and amortization expense, a $1.6 million increase in cloud computing, software, and other related expenses, and a $1.6 million increase in professional and other third-party services, partially offset by a $1.6 million decrease in advertising and marketing related expenses.
Cybersecurity & Martech‘s operating costs and expenses of $190.0 million during the nine months ended September 30, 2025 increased $21.4 million compared to the prior period primarily due to a $17.6 million goodwill impairment, a $6.8 million increase in depreciation and amortization expense, a $2.0 million increase in partner payments, and a $1.8 million increase in cloud computing, software, and other related expenses, partially offset by a $3.6 million decrease in salaries, benefits, and other employees expenses and a $3.0 million decrease in advertising and marketing related expenses.
As a result of these factors, Cybersecurity & Martech’s operating loss of $6.4 million during the three months ended September 30, 2025 increased $21.3 million compared to the prior period. Cybersecurity & Martech’s operating income of $17.1 million during the nine months ended September 30, 2025 decreased $28.7 million compared to the prior period.
-52-

Liquidity and Capital Resources
Our primary sources of liquidity and capital resources are cash flows from operations and debt financing. We continue to invest in the development and expansion of our operations using available cash flows from operations. Ongoing investments include, but are not limited to, improvements in our offerings, investments in new products and s ervices, acquisitions, and continued investments in sales and marketing. We also use cash flows from operations to service our debt obligations and the repurchase of our shares.
Cash, Cash Equivalents, and Investments
Cash, cash equivalents, and investments consisted of (in thousands):

| September 30, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 503,368 |  |  | $ | 505,880 |
Long-term investments | 119,557 |  |  | 158,187 |
Cash, cash equivalents and investments | $ | 622,925 |  |  | $ | 664,067 |

Cash, cash equivalents, and investments held within domestic and foreign jurisdictions were as follows (in thousands):

| September 30, 2025 |  | December 31, 2024
Cash, cash equivalents, and investments held in domestic jurisdiction | $ | 527,762 |  |  | $ | 581,315 |
Cash, cash equivalents, and investments held in foreign jurisdiction | 95,163 |  |  | 82,752 |
Cash, cash equivalents, and investments | $ | 622,925 |  |  | $ | 664,067 |

During the three and nine months ended September 30, 2025, the Company received the distribution from the OCV Fund of $1.5 million and $10.8 million, respectively. For information on long-term investments of the Company, refer to Note 4 — Investments in Part I Item 1 of this Quarterly Report on Form 10-Q for further details.
Financings
On June 18, 2024, the Company entered into a New Lender Joinder Agreement and Eighth Amendment (the “Joinder and Amendment”) to the Credit Agreement. The Joinder and Amendment provides for, among other things, (i) an increase in the Aggregate Revolving Loan Commitment by an aggregate principal amount of $250.0 million for a total of $350.0 million, (ii) an extension of the scheduled maturity date from April 7, 2026 to the earlier of (x) June 18, 2027 or (y) under certain limited circumstances, August 2, 2026, (iii) a “credit spread adjustment” for SOFR-based borrowings of 0.10% across all interest periods, (iv) the inclusion of limited conditionality borrowing mechanics with respect to certain borrowings, and (v) certain other related amendments.
As of each September 30, 2025 and December 31, 2024, net availability under the Credit Agreement was $348.8 million and $348.9 million, respectively, net of letters of credit.
On July 16, 2024, the Company issued $263.1 million in aggregate principal amount of new 3.625% Convertible Notes due 2028 (the “3.625% Convertible Notes”) and paid an aggregate of approximately $135.0 million in cash in exchange for approximately $400.9 million in aggregate principal amount of the Company’s 1.75% Convertible Notes (collectively, the “Exchange Transaction”) pursuant to separate, privately negotiated exchange agreements with certain holders of the 1.75% Convertible Notes. The 3.625% Convertible Notes bear interest at a rate of 3.625% per annum on the principal amount thereof, payable semi-annually in arrears on September 1 and March 1 of each year, beginning on March 1, 2025, to the noteholders of record of the 3.625% Convertible Notes as of the close of business on the immediately preceding August 15 and February 15, respectively. The 3.625% Convertible Notes will mature on March 1, 2028, unless earlier converted or repurchased. The 3.625% Convertible Notes can be settled in cash, the Company’s common stock at an initial conversion rate of $100 per share, or a combination of cash and the Company’s common stock, at the Company’s election. See Note 7 – Debt in Part I Item 1 of this Quarterly Report on Form 10-Q for further details.
Material Cash Requirements
Ziff Davis’ long-term contractual obligations generally include its long-term debt as described above, interest on long-term debt, lease payments on its property and equipment, and holdback amounts in connection with certain business acquisitions. These long-term contractual obligations extend through 2031. Refer to Note 7 – Debt and Note 3 — Business
-53-

Acquisition to the Notes to the Condensed Consolidated Financial Statements included in Part I Item 1 of this Quarterly Report on Form 10-Q.
As of September 30, 2025, we and our subsidiaries had outstanding $865.9 million in aggregate principal amount of indebtedness. As of September 30, 2025, our total future minimum lease payments were $30.4 million of which approximately $8.5 million future minimum lease payments are due in the succeeding twelve months. As of September 30, 2025, our liability for uncertain tax positions was $33.1 million. In the ordinary course of business, the Company enters into commitments including those related to cloud computing, information technology, security, and information and document management. The Company also has revenue sharing arrangements with annual minimum guarantees based upon third-party website advertising metrics and other contractual provisions.
We currently anticipate that our existing cash and cash equivalents, cash generated from operations, and availability under our revolving credit facility, will be sufficient to meet our anticipated needs for working capital, capital expenditures, principal payments on our indebtedness, and share repurchases, if any, for at least the next 12 months.
Cash Flows
The following table provides a summary of cash flows from operating, investing, and financing activities (in thousands):

| Nine months ended September 30, |  | Change
| 2025 |  | 2024 |
Net cash provided by operating activities | $ | 215,986 |  |  | $ | 232,082 |  |  | $ | (16,096) |
Net cash used in investing activities | $ | (116,371) |  |  | $ | (264,571) |  |  | $ | 148,200 |
Net cash used in financing activities | $ | (111,466) |  |  | $ | (323,096) |  |  | $ | 211,630 |

Operating Activities
Our net cash provided by operating activities resulted primarily from cash received from our customers offset by cash payments we made to third parties for their services, employee compensation, interest payments associated with our debt, and taxes. The $16.1 million decrease in net cash provided by operating activities during the nine months ended September 30, 2025 compared to the prior period was primarily related to the working capital usage by TDS Gift Cards (“TDS”). The decrease in net cash provided by operating activities includes the activities of TDS, which had a negative impact of $(47.6) million during the nine months ended September 30, 2025.
Investing Activities
The $148.2 million decrease in net cash used in investing activities during the nine months ended September 30, 2025 compared to the prior period was primarily related to lower cash used on business acquisitions during the nine months ended September 30, 2025.
Financing Activities
The $211.6 million decrease in net cash used in financing activities during the nine months ended September 30, 2025 compared to the prior period was primarily related to an absence in the 2025 period of cash outflows related to a settlement of a portion of the outstanding principal amount of the Company’s 1.75% Convertible Notes, which occurred during the nine months ended September 30, 2024, as well as a smaller amount of cash used for share repurchases.
Stock Repurchase Program
On August 6, 2020, our Board of Directors (the “Board”) approved a program authorizing the repurchase of up to ten million shares of our common stock through August 6, 2025 (the “2020 Program”). On August 2, 2024 the Board authorized (i) an increase in its 2020 Program pursuant to which the Company may purchase up to an additional five million shares of the Company’s common stock (the “Additional Authorization”) and (ii) an extension of the expiration date of the share repurchase program from August 6, 2025 to August 2, 2029. As a result of the Additional Authorization, the aggregate number of shares of the Company’s common stock under the 2020 Program increased from up to ten million shares to up to 15 million shares of the
-54-

Company’s common stock. In connection with the authorization, the Company entered into certain Rule 10b5-1 trading plans with a broker-dealer to facilitate the repurchase program.
A summary of share repurchases under the 2020 Program during the nine months ended September 30, 2025 is as follows (in thousands, except share amounts):

Total number of shares repurchased |  | Aggregate purchase price (1) |  | Shares remaining under repurchase authorization as of September 30, 2025
3,011,405 |  | $109,854 |  | 3,229,903

(1)Includes the impact of excise taxes.
Cumulatively as of September 30, 2025, 11,770,097 shares have been repurchased under the 2020 Program, at an aggregate cost of $693.5 million (including excise tax). These shares were subsequently retired. Refer to Note 10 – Stockholders’ Equity in Item 1 of Part I of this Quarterly Report on Form 10-Q for further details.
-55-

Item 3.Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk
Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and potential borrowings under our credit facility that would bear variable market interest rates. The primary objectives of our investment activities are to preserve our principal while maximizing yields without significantly increasing risk. To achieve these objectives, we maintain our portfolio of cash equivalents and investments in a mix of instruments that meet high credit quality standards, as specified in our investment policy or otherwise approved by the Board. Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these instruments. As of September 30, 2025, the carrying value of our cash and cash equivalents approximated fair value. Our return on these investments is subject to interest rate fluctuations.
As of September 30, 2025 and December 31, 2024, we had $503.4 million and $505.9 million, respectively, of cash and cash equivalent investments primarily in funds that invest in U.S. treasuries, money market funds, as well as demand deposit accounts with maturities within three months or less. Currently, we do not have interest rate risk on our outstanding long-term debt as these arrangements have fixed interest rates. As of September 30, 2025, the carrying value and the fair value of our fixed rate debt was $865.9 million and $829.7 million, respectively. Our fixed rate debt matures as follows: $149.1 million in 2026, $263.1 million in 2028, and $460.0 million in 2030. Interest rates have risen since certain of these sources of financing were obtained. Thus, we may not be able to refinance this fixed rate debt at similar or favorable rates when it matures. Further, our revolving credit agreement bears interest at variable rates. However, during the nine months ended September 30, 2025, we did not need to draw on this revolving credit agreement. If we need to draw on the revolving credit facility in the future, we will be exposed to interest rate changes. Refer to Note 5 — Fair Value Measurements and Note 7 — Debt to the Notes in Item 1 of Part I of this Quarterly Report on Form 10-Q for further details.
We cannot ensure that future interest rate movements will not have a material adverse effect on our future business, prospects, financial condition, operating results, and cash flows. To date, we have not entered into interest rate hedging transactions to control or minimize certain of these risks.
Foreign Currency Risk
We conduct business in certain foreign markets, primarily in Canada, the United Kingdom, Australia, the European Union, Japan, Denmark, Sweden, and Norway. Our principal exposure to foreign currency risk relates to investment and intercompany debt in foreign subsidiaries that transact business in functional currencies other than the U.S. Dollar, primarily the Canadian Dollar, the British Pound Sterling, the Australian Dollar, the Euro, the Japanese Yen, the Danish Krone, the Swedish Krona, and the Norwegian Krone. If we are unable to settle our intercompany debts in a timely manner, we will remain exposed to foreign currency fluctuations.
As we expand our international presence, we become further exposed to foreign currency risk by entering new markets with additional foreign currencies. The economic impact of currency exchange rate movements is often linked to variability in real growth, inflation, interest rates, governmental actions, and other factors. These changes, if material, could cause us to adjust our financing and operating strategies.
As currency exchange rates change, translation of the income statements of the international businesses into U.S. Dollars affects year-over-year comparability of operating results.
Historically, we have not hedged translation risks because cash flows from international operations were generally reinvested locally; however, we may do so in the future. Our objective in managing foreign exchange risk is to minimize the potential exposure to changes that exchange rates might have on earnings, cash flows, and financial position.
During the three months ended September 30, 2025 and 2024, foreign exchange gains (losses) amounted to $4.0 million and $(2.6) million, respectively. During the nine months ended September 30, 2025 and 2024, foreign exchange losses amounted to $(4.7) million and $(2.9) million, respectively.
Cumulative translation adjustments, net of tax, included in Other comprehensive income (loss), net for the three months ended September 30, 2025 and 2024 were $(4.4) million and $14.5 million, respectively, and for the nine months ended September 30, 2025 and 2024 were $25.8 million and $7.5 million, respectively.
We currently do not have derivative financial instruments for hedging, speculative, or trading purposes and, therefore, are not subject to such hedging risk. However, we may in the future engage in hedging transactions to manage our exposure to fluctuations in foreign currency exchange rates.
-56-

Item 4.Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in the Company’s reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the principal executive officer and the principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
As of September 30, 2025, under the supervision and with the participation of Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.
Management’s Report on Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act), which occurred during the quarter ended September 30, 2025 covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
-57-

PART II. OTHER INFORMATION
Item 1.Legal Proceedings
On April 24, 2025, the Company and certain of its subsidiaries filed a lawsuit against OpenAI, Inc. in the United States District Court for the District of Delaware, alleging copyright infringement, violations of the Digital Millennium Copyright Act, unjust enrichment and trademark dilution as a result of OpenAI’s unlawful and unauthorized copying and use of the Company’s content. The Company is seeking monetary, injunctive and other relief. On May 14, 2025, the Judicial Panel for Multidistrict Litigation consolidated our case with others pending against OpenAI in the Southern District of New York. Although we intend to pursue all of our legal remedies in the litigation, there is no guarantee that we will be successful.
See also our discussion under the caption “Litigation” Note 8 — Commitments and Contingencies in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
Item 1A. Risk Factors
There has not been a material change in our risk factors since the filing of our Annual Report on Form 10-K for the year ended December 31, 2024, except for the risk factor set forth below.
Generative AI and related technologies could present risks and challenges to our business.
Developments in the use of generative AI and related technologies make it easier to access, duplicate, and distribute our content, or otherwise generate output based on our content, without authorization, fair compensation, or proper attribution. These technologies may reduce our online traffic and audience sizes, infringe our intellectual property rights, and adversely affect our business, financial condition, and results of operations. Our reputation may also be harmed if these technologies wrongly attribute inaccurate information to us. We seek to limit such threats; however, policing unauthorized use of our content and intellectual property is often difficult and the steps taken by us may not prevent misuse and infringement of our intellectual property. Although we do not believe these threats have been material to our businesses to date, we expect to continue to be subject to these threats and there can be no assurance that we will not experience a negative impact on our business as a result of them.
The use of copyrighted material by generative AI and related technologies has not been fully interpreted by federal, state, or international courts, and the legal and regulatory framework for generative AI continues to evolve and remains uncertain. It is possible that new laws and regulations will be adopted in the jurisdictions in which we operate, or existing laws and regulations may be interpreted in new ways, which may affect how operators of generative AI and related technologies seek to use our content. For example, in 2024 California enacted a range of laws regulating the use and development of AI, which generally relate to transparency, privacy, and fairness, among other concerns. Furthermore, in Europe the EU’s AI Act was published in the Official Journal of the European Union on July 12, 2024 and entered into force on August 1, 2024. We are still evaluating the impact of these laws on our business. The cost for us to enforce such laws and regulations, or otherwise protect our content and intellectual property rights, could be significant. On April 24, 2025, we filed a lawsuit against OpenAI, Inc. alleging copyright infringement, violations of the Digital Millennium Copyright Act, unjust enrichment and trademark dilution as a result of OpenAI’s unlawful and unauthorized copying and use of our content. See Item 1 – Legal Proceedings for additional information. There can be no assurance that we will be successful in this litigation, or in preventing other generative AI developers from using our content without authorization or fair compensation. Our business, brand, financial condition and results of operations may suffer as a result.
-58-

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
On August 6, 2020, the Board approved a program authorizing the repurchase of up to ten million shares of our common stock through August 6, 2025 (the “2020 Program”). On August 2, 2024, the Board authorized (i) an increase in its 2020 Program pursuant to which the Company may purchase up to an additional five million shares of the Company’s common stock (the “Additional Authorization”) and (ii) an extension of the expiration date of the share repurchase program from August 6, 2025 to August 2, 2029. As a result of the Additional Authorization, the aggregate number of shares of the Company’s common stock under the 2020 Program increased from up to ten million shares to up to 15 million shares of the Company’s common stock. In connection with the authorization, the Company entered into certain Rule 10b5-1 trading plans with a broker-dealer to facilitate the repurchase program. See Note 10 — Stockholders’ Equity in Item 1 of Part I of this Quarterly Report on Form 10-Q.
Cumulatively as of September 30, 2025, 11,770,097 shares have been repurchased under the 2020 Program, at an aggregate cost of $693.5 million (including excise tax).
The following table details the repurchases that were made under the 2020 Program and those made outside the 2020 Program, on a trade date basis, during the three months ended September 30, 2025:

Period |  | Total Number of Shares Purchased (1) |  | Average Price Paid Per Share (2) |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Program |  | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Program (3)
July 1, 2025 - July 31, 2025 |  | 165,154 |  |  | $ | 32.39 |  |  | 165,154 |  |  | 4,241,308 |
August 1, 2025 - August 31, 2025 |  | 351,004 |  |  | $ | 37.27 |  |  | 351,004 |  |  | 3,890,304 |
September 1, 2025 - September 30, 2025 |  | 660,401 |  |  | $ | 37.65 |  |  | 660,401 |  |  | 3,229,903 |
Total |  | 1,176,559 |  |  |  |  | 1,176,559 |  |  | 3,229,903 |

(1)Includes shares surrendered to the Company to pay the exercise price and/or to satisfy tax withholding obligations in connection with the vesting of restricted stock awards issued to employees.
(2)Excludes the impact of excise taxes.
(3)As of the last day of the applicable month.
Item 3.Defaults Upon Senior Securities
None.
Item 4.Mine Safety Disclosures
Not Applicable.
Item 5.Other Information
Insider Trading Arrangements and Policies
During the nine months ended September 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. Certain of our officers have made elections to participate in, and are participating in, our employee stock purchase plan and 401(k) plan and have made, and may from time to time make, elections to have shares withheld to cover withholding taxes or pay the exercise price of options, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1trading arrangements (as defined in Item 408(c) of Regulation S-K).
-59-

Item 6.Exhibits

Exhibit No. |  | Description
3.1 |  | Amended and Restated Certificate of Incorporation of J2 Global, Inc., dated as of June 10, 2014 (incorporated by reference to Exhibit 3.1 to Ziff Davis’ Current Report on Form 8-K filed on June 10, 2014. (File No. 0-25965))
3.2 |  | Amendment to the Amended and Restated Certificate of Incorporation of J2 Global, Inc., dated as of September 5, 2019 (incorporated by reference to Exhibit 3.1 to Ziff Davis’ Current Report on Form 8-K filed with the Commission on November 1, 2019 (File 0-25965))
3.3 |  | Certificate of Amendment to Amended and Restated Certificate of Incorporation of Ziff Davis, Inc. dated as of October 6, 2021 (incorporated by reference to Exhibit 3.1 to Ziff Davis’ Current Report on Form 8-K filed on October 8, 2021. (File No. 0-25965))
3.4 |  | Sixth Amended and Restated Bylaws (incorporated by reference to Exhibit 3.4 to Ziff Davis’ Annual Report on Form 10-K filed on February 26, 2024. (File No. 0-25965))
31.1* |  | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2* |  | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1** |  | Certification of Principal Executive Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350
32.2** |  | Certification of Principal Financial Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350
101.INS* |  | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH* |  | Inline XBRL Taxonomy Extension Schema Document
101.CAL* |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.PRE* |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.LAB* |  | Inline XBRL Taxonomy Extension Label Linkbase Document
104* |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith.
** Furnished herewith.
-60-

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | ZIFF DAVIS, INC. |
|  | (registrant) |
Date: | November 7, 2025 | By: | /s/ VIVEK SHAH |
|  |  | Vivek Shah |
|  |  | Chief Executive Officer and a Director |
|  |  | (Principal Executive Officer) |

Date: | November 7, 2025 | By: | /s/ BRET RICHTER |
|  |  | Bret Richter |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

Date: | November 7, 2025 | By: | /s/ LORI TANSLEY |
|  |  | Lori Tansley |
|  |  | Chief Accounting Officer |
|  |  | (Principal Accounting Officer) |

-61-