Track market-moving stories before they get noisy

U.S. liquefied natural gas company Cheniere Energy's liquefaction midscale trains ​1-6 at the Corpus Christi LNG export plant's ‌Stage 3 expansion in Texas were on track to take in more natural gas on Thursday after shutting down on Wednesday, ​data from financial firm LSEG showed.

Cheniere Energy is rated Buy, with a $300 price target, as recent LNG price normalization creates an attractive entry point. LNG's core assets, Corpus Christi and Sabine Pass, are expanding capacity, supporting long-term EBITDA growth, and improving operating leverage. Guidance was raised post-Q1: adjusted EBITDA $7.25–$7.75B, distributable cash flow $4.25–$5.25B, with potential for further upside if prices hold.

Antero Resources Corporation (AR) Q1 2026 Earnings Call Transcript

Snap SNAP saw its stock decline after releasing its Q1 earnings, despite exceeding earnings per share (EPS) expectations and reporting steady revenue and user growth. Investors are concerned about the slowing advertising momentum, ongoing weaknesses in North American advertising, restructuring costs, and conservative guidance for Q2. However, the quarter showcased significant advancements in revenue diversification, profitability, AI-driven monetization efforts, and subscription growth.

Q1 revenue increased by 12.2% year-over-year to $1.53 billion, aligning with consensus estimates. Adjusted EBITDA more than doubled to $233 million, while the net loss improved to $89 million. Free cash flow reached $286 million, with EBITDA flow-through at 75%, indicating enhanced profitability and cost management. Global Daily Active Users (DAUs) rose 5% year-over-year to 483 million, surpassing expectations, with Monthly Active Users (MAUs) reaching 956 million. Engagement metrics remained robust, with Spotlight posters up nearly 74% in the U.S. and total Spotlight viewing time increasing by 11%. Average Revenue Per User (ARPU) grew by 7% year-over-year to $3.17. However, advertising revenue saw a modest increase of 3% to $1.24 billion, impacted by challenges among large North American advertisers and geopolitical issues in the Middle East. Demand from small and medium-sized businesses (SMBs) and lower-funnel ad products continued to drive growth. Snap made strides in enhancing its AI-powered advertising platform, with Dynamic Product Ads revenue surging over 30%. Nearly 70% of ad spend is now utilizing AI-driven automation tools, while Sponsored Snaps and AI Sponsored Snaps are emerging as important revenue sources. Revenue from "Other Revenue," primarily from Snapchat+ subscriptions, soared 87% year-over-year to $285 million. Management noted strong growth from Memories Storage, Lens+, and AI-powered premium tools as key contributors to long-term ARPU and recurring revenue. Gross margin improved by 300 basis points year-over-year to 57%, with operating expense growth limited to 2%. Snap announced a 16% workforce reduction, expected to cut annual costs by over $500 million in the second half of 2026, although restructuring charges of $95-$130 million will affect Q2 results. Snap ended its partnership with Perplexity AI to focus on developing its internal AI monetization tools and expanded its collaboration with Qualcomm Technologies QCOM to advance future Specs smart glasses development. For Q2, Snap guided revenue between $1.52 billion and $1.55 billion, roughly in line with consensus, and adjusted EBITDA between $175 million and $200 million. Management noted improving trends in North American advertising and stronger upfront commitments, though challenges from the Middle East persist.This quarter demonstrated stronger operational performance than the stock's reaction suggests. Snap is evolving beyond a purely ad-driven platform, with subscriptions, AI monetization, and augmented reality (AR) initiatives becoming increasingly significant growth drivers. The momentum from Snapchat+, improved ad platform efficiency, and expanding margins indicate a structurally stronger business. While weak demand from large advertisers in North America and conservative Q2 guidance remain concerns, the overall trajectory points towards a more diversified, profitable, and cash-generative Snap over time.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

A downtrend has been apparent in Antero Resources (AR - Free Report) lately. While the stock has lost 7.4% over the past week, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support.

The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this oil and natural gas producer enhances its prospects of a trend reversal.

Understanding Hammer Chart and the Technique to Trade ItThis is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'

In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.

When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.

Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.

Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.

Here's What Makes the Trend Reversal More Likely for ARAn upward trend in earnings estimate revisions that AR has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. That's because empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

Over the last 30 days, the consensus EPS estimate for the current year has increased 2.9%. What it means is that the sell-side analysts covering AR are majorly in agreement that the company will report better earnings than they predicted earlier.

If this is not enough, you should note that AR currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Moreover, a Zacks Rank of 1 for Antero Resources is a more conclusive indication of a potential trend reversal, as the Zacks Rank has proven to be an excellent timing indicator that helps investors identify precisely when a company's prospects are beginning to improve.

Shares of Antero Resources (AR - Free Report) have gained 0.6% over the past four weeks to close the last trading session at $36.33, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $50.53 indicates a potential upside of 39.1%.

The average comprises 19 short-term price targets ranging from a low of $38.00 to a high of $57.00, with a standard deviation of $5.44. While the lowest estimate indicates an increase of 4.6% from the current price level, the most optimistic estimate points to a 56.9% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.

However, an impressive consensus price target is not the only factor that indicates a potential upside in AR. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Why AR Could Witness a Solid UpsideAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 14.8%, as three estimates have moved higher while two have gone lower.

Moreover, AR currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much AR could gain, the direction of price movement it implies does appear to be a good guide.

, /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of AI-powered smart glasses, waveguides and Augmented Reality (AR) technologies, will be exhibiting its advanced waveguide solutions on May 18-21 at SOF Week 2026 in Tampa, Florida, the premier gathering where special operations leaders, operators, and innovators converge to shape the future of mission-critical technology.

Vuzix waveguide systems deliver mission-ready optical performance for defense applications operating in denied and degraded environments. Designed for covert nighttime operations with minimal forward light glow and exceptional daylight visibility, Vuzix' lightweight optical platforms provide hands-free access to mission-critical information while enhancing situational awareness, mobility, and operational effectiveness. Among other solutions on display at SOF Week 2026, Vuzix will be showcasing its CIV-40-2 waveguide, which offers a full-color 40 degree field of view, HD resolution and is designed for vertical-mount HMDs.

At SOF Week 2026, Vuzix will be located in booth #5823 in the Human Performance and Education zone at the Westin Hotel in Tampa, Florida. Interested parties are welcome to contact Adam Bull at [email protected] to schedule a meeting or learn more about the Company's smart glasses and OEM waveguide solutions.

About Vuzix Corporation

Vuzix is a leading designer, manufacturer and marketer of AI-powered smart glasses, waveguides and augmented reality technologies, components and products for the enterprise, medical, defense, security agencies, and consumer markets. The Company's products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 500 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and the augmented reality wearables field. The Company has won over 20 Consumer Electronics Show (or CES) awards for innovation since 2005 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in: Rochester, NY; and Kyoto and Okayama, Japan. For more information, visit the Vuzix website, X and Facebook pages.

Forward-Looking Statements Disclaimer

Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements contained in this release relate to Vuzix Smart Glasses, its advanced waveguide technologies and solutions for defense, and among other things the Company's leadership in the Smart Glasses and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

Vuzix Media and Investor Relations Contact:

Ed McGregor, Director of Investor Relations,
Vuzix Corporation
[email protected]
Tel: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – [email protected] www.vuzix.com

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SOURCE Vuzix Corporation

A month has gone by since the last earnings report for Antero Resources (AR - Free Report) . Shares have lost about 8.8% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Antero Resources due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.

Antero Resources Q1 Earnings Miss Estimates, Revenues Increase Y/YAntero Resources, a leading natural gas producer, reported first-quarter 2026 adjusted earnings of $1.15 per share, which missed the Zacks Consensus Estimate of $1.22. The bottom line improved from the year-ago quarter’s level of 78 cents.

Total quarterly revenues of $1,945 million beat the Zacks Consensus Estimate of $1,669 million. The top line increased from the year-ago figure of $1,353 million.

The lower-than-expected quarterly earnings can be attributed to lower oil and C2 Ethane production and higher operating expenses. Higher natural gas production partially offset the negatives.

Overall ProductionTotal production in the first quarter was 347 billion cubic feet equivalent (Bcfe), an increase from 306 Bcfe recorded a year ago. The figure beat our estimate of 341 Bcfe.

Natural gas production (accounting for 68% of the total production) was 236 billion cubic feet equivalent (Bcf), up 21% from 195 Bcf recorded a year ago. Our estimate for the same was pinned at 230 Bcf.

Oil production in the first quarter amounted to 816 thousand barrels (MBbls), down 4% from 852 MBbls registered in the year-ago period. Our estimate for the same was pegged at 587 MBbls.

Antero Resources reported production of 6,836 MBbls of C2 Ethane, down 8% from the year-ago quarter’s recorded figure of 7,442 MBbls. Production of 10,872 MBbls of C3+ NGLs was 6% higher than the 10,229 MBbls registered a year ago.

Realized Prices (Excluding Derivative Settlements)Weighted natural-gas-equivalent price realization in the quarter was $5.37 per thousand cubic feet equivalent (Mcfe), higher than the year-ago quarter’s figure of $4.55.

Realized prices for natural gas increased 39% to $5.57 per Mcf from $4.01 recorded a year ago.

The company’s oil price realization in the quarter was $57.22 per barrel (Bbl), lower than the $59.08 recorded a year ago.

The realized price for C3+ NGLs declined to $37.83 per Bbl from $45.65 reported a year ago. However, the realized price for C2 Ethane increased to $13.51 per Bbl from $12.70 in the year-ago quarter.

Operating ExpensesTotal operating expenses increased to $1,216 million from $1,081 million in the year-ago period.

Average lease operating costs were 13 cents per Mcfe, higher than the 11 cents reported in the year-ago quarter. Gathering and compression costs were 78 cents per Mcfe, 1% higher than the prior-year recorded number.

Transportation expenses rose 3% year over year to 67 cents per Mcfe, while processing costs declined 2% to 83 cents per Mcfe. Production and ad valorem taxes were 23 cents per Mcfe, which is 28% higher than the prior-year figure.

Capex & FinancialsIn the first quarter, Antero Resources spent $222 million on drilling and completion operations. As of March 31, 2026, the company had a long-term debt of $2.7 billion.

OutlookAntero Resources expects production in the second quarter of 2026 to average 4.1 Bcfe/d. For 2026, net production is expected to come in at 4.1 Bcfe/d. The company projects modest production increases beginning in the second quarter, driven by contributions from HG Energy. The company has raised its ethane realized price premium to Mont Belvieu to a range of $2.00 to $3.00 per barrel, indicating a $1.00 increase in the midpoint compared to prior guidance. At the same time, it has lowered its cash production expense outlook to $2.25-$2.35 per Mcfe, which is a $0.10 per Mcfe reduction at the midpoint.

How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month.

VGM ScoresAt this time, Antero Resources has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Antero Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

ZSPC Investor Alert - zSpace, Inc. Stockholders with Large Losses Should Contact Robbins LLP for Information About the Securities Fraud Class Action Lawsuit PR Newswire

SAN DIEGO, June 4, 2026

, /PRNewswire/ -- Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired zSpace, Inc. (NASDAQ: ZSPC) securities pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company's December 2024 initial public offering ("IPO"). zSpace purports to be a leading provider of augmented reality (AR) and virtual reality (VR) educational technology solutions.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

What is the class period? The Company's December 2024 IPO

What are the allegations? Robbins LLP is Investigating Allegations that zSpace, Inc. (ZSPC) Misled Investors in Connection with its IPO

According to the complaint, the Registration Statement filed in connection with the IPO failed to disclose that:

(1) before zSpace even filed its Form S-1, a certain purchaser of Series E and Series F preferred stock emailed, inter alia, defendant DeOliveira concerning financial statements that defendants owed to the shareholder pursuant to the preferred stock purchase agreement;
(2) there was a purchaser of zSpace's preferred shares who was not named in the Registration Statement;
(3) defendants' failure to fulfill their obligations to their preferred shareholder would result in litigation; and
(4) as a result, defendants' risk disclosures were materially false and misleading at all relevant times by downplaying the risk of litigation as a hypothetical at the time of the IPO.

What can shareholders do now? You may be eligible to participate in the class action against zSpace, Inc. Shareholders who wish to serve as lead plaintiff for the class must file their papers with the court by June 22, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

To be notified if a class action against zSpace, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

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SOURCE Robbins LLP

ATLANTA and NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE: COLD) (“Americold”), a global leader in temperature-controlled logistics, and EQT, a purpose-driven global investment organization, today announced the formation of a new joint venture with EQT's Active Core Infrastructure fund ("EQT") focused on the ownership, operation, and potential development of high-quality cold storage warehouse facilities in North America.

Under the terms of the agreement, Americold will contribute 12 cold storage facilities to the joint venture with an aggregate value in excess of $1.3 billion at inception. The facilities are located across the United States and comprise a total of approximately 124 million cubic feet of temperature-controlled capacity, with over 400,000 combined pallet positions. On a standalone basis, this joint venture is expected to be among the largest operators of cold storage facilities in North America. EQT will acquire a 70% interest in the joint venture, and Americold will retain a 30% equity interest and serve as day-to-day manager of the platform to ensure continuity of service and Americold's proven operational excellence for customers. Americold expects to receive approximately $1.1 billion in net cash proceeds from the transaction, which is expected to be used to repay outstanding debt.

“This joint venture is an important strategic step for Americold, significantly strengthening our balance sheet, while aligning us with a strong partner in EQT who recognizes the intrinsic value of our mission-critical assets and the inherent growth opportunities in our business,” said Rob Chambers, CEO of Americold. “We believe this transaction reflects an attractive valuation for our assets, while positioning Americold to unlock additional value in the future as we look to grow this platform. This transaction is part of our multi-pronged strategy to drive disciplined long-term growth and superior returns for shareholders.”

Beyond the initial contributions to establish the joint venture, Americold and EQT expect the joint venture to serve as a long-term platform for future growth. EQT brings deep experience in temperature-controlled logistics, including through its ownership of one of Europe’s largest cold storage providers, and has a strong track record of scaling and developing essential infrastructure through an active approach to value creation. As part of the agreement, Americold will provide the joint venture with development support, leveraging its longstanding customer relationships and industry expertise to identify opportunities to develop strategically located assets that support key nodes in the cold chain.

"We are excited to partner with Americold to invest in a high-quality portfolio of truly mission-critical assets," said Alex Greenbaum, Partner and Head of EQT Active Core Infrastructure. "We believe this platform is anchored by best-in-class cold storage assets serving blue chip customers and is well positioned for long-term growth. This investment aligns closely with our strategy of investing in core infrastructure assets with durable, predictable characteristics and clear opportunities for growth. We look forward to further developing, enhancing, and scaling the platform over time."

"Americold is a leading global cold storage operator, with a high-quality platform, deep customer relationships, and a strong track record of operational excellence," said Benjamin Bygott-Webb, Partner at EQT. "This partnership reflects EQT's conviction in cold chain infrastructure as an essential, resilient sector with strong long-term fundamentals. Together, we are well-positioned to build on a strong foundation, pursuing disciplined growth and development opportunities while continuing to serve customers across critical points in the supply chain."

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

Eastdil Secured LLC served as Americold's financial advisor on the transaction. J.P. Morgan Securities LLC and Morgan Stanley served as financial advisors to EQT and provided financing for the joint venture.

About Americold Realty Trust, Inc.

Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, with a more than 120-year legacy of innovation and reliability. With more than 220 facilities across North America, Europe, Asia-Pacific, and South America – totaling approximately 1.4 billion refrigerated cubic feet – Americold ensures the safe, efficient movement of refrigerated products worldwide.

Our facilities are an integral part of the global food supply chain, connecting producers, processors, distributors, and retailers with tailored, value-added services supported by responsive and reliable supply chains. Leveraging deep industry expertise, smart technology, and sustainable practices, Americold delivers world-class service that creates lasting value for our customers and the communities we serve. Visit www.americold.com to learn more.

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

Forward-Looking Statements

This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to consummate our joint venture with EQT on the terms or timeline currently anticipated, or at all, due to the failure to satisfy closing conditions, obtain necessary approvals or consents, or other factors beyond our control; failure to achieve the anticipated benefits, synergies or returns from our joint venture with EQT, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; difficulties in expanding our operations into new markets and products; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to implementation of the new ERP system; risks related to defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investment; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings, including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding the joint venture transaction with EQT. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. It also does not constitute a notice of debt repayment or redemption. Any offer or solicitation in respect of Americold or EQT Active Core Infrastructure will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contacts:

Americold Realty Trust, Inc.
Investor Relations
Telephone: 678-459-1959
Email: [email protected]

EQT
EQT Press Office, [email protected]

A view shows EQT AB's logo at the company's office in Tokyo, Japan May 13, 2025. REUTERS/Miho Uranaka/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesIntertek says reviewing EQT's final bid at 60 pounds per shareInvestors urge Intertek to engage with EQT over proposalIntertek shares rise as much as 9%May 12 (Reuters) - Swedish private equity group EQT ‌AB (EQTAB.ST), opens new tab proposed a final 9.4 billion pound ($12.7 billion) takeover bid for Britain's Intertek (ITRK.L), opens new tab on Tuesday, after the product testing firm rejected three previous approaches citing undervaluation.

If EQT's bid succeeds, that would make it Britain's second‑largest private equity takeover on record, trailing only KKR's (KKR.N), opens new tab 11.1-billion-pound acquisition of Boots in 2007, according ​to M&A data and intelligence platform Mergermarket.

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London-listed Intertek said it was reviewing the sweetened fourth proposal. Its shares gained as ​much as 9% to 54.3 pounds by 1324 GMT but are still lagging the proposed offer ⁠price and their October 2020 peak of roughly 65 pounds.

EQT said its latest proposal, offering 60 pounds per share in cash ​and a possible 1.1‑pound annual dividend, delivers "certain and accelerated cash value" superior to Intertek's standalone prospects.

It had previously proposed 51.5 pounds, 54 pounds ​and 58 pounds apiece.

EQT's bid for Intertek could be the second-biggest private equity takeover in the UK, if successfulINVESTOR PRESSUREIntertek has repeatedly backed a strategic review, which could see the company split into two businesses - one for energy and infrastructure and another for testing and assurance - over EQT's proposals. Several investors, however, are urging it to engage with EQT.

Lost Coast Collective, an investment firm founded ​and run by Nelson Peltz's son Matthew, on Tuesday echoed EQT's argument and said neither the "cold shoulder" nor Intertek's standalone strategy ​was now prudent.

"While the Board and management may have confidence in a partial sale and an operational fix, the market clearly does not believe in ‌the ⁠team's ability to execute," Matthew Peltz wrote in a public letter.

Lost Coast owns about 1.2% of Intertek and joins activist investors PrimeStone Capital and Palliser Capital in calling out Intertek for its lack of engagement with EQT.

In its own letter on Tuesday, PrimeStone called upon Intertek to execute its fiduciary duty.

Palliser did not immediately respond to a request for comment on EQT's latest proposal.

The FTSE-100 company's shares have swung significantly in the past month since EQT's takeover approaches were disclosed and rejectedOFFER DEADLINE LOOMSIntertek launched ​its review a day after it received ​EQT's first bid in early ⁠April and has argued that a takeover carries high execution risks. It said it had received "encouraging levels" of interest for its energy and infrastructure unit.

Many analysts viewed the move as defensive, but some ​have said that proposals from other parties were also possible, without naming any.

Under British takeover ​rules, if Intertek rejects ⁠EQT's final bid, the firm would be barred from participating in a takeover for at least six months, unless in special situations. EQT has until Thursday to make a formal offer or walk away.

Panmure Liberum analyst Joe Brent said there is a "good chance" that Intertek will ⁠accept the ​latest offer, noting that a growing number of short‑term investors will be ​keen to secure a quick profit rather than risk shares falling back to pre‑bid levels.

($1 = 0.7377 pounds)

Reporting by Prerna ​Bedi, Yamini Kalia, Ankita Bora and Tuhina in Bengaluru; Writing by Pushkala Aripaka; Editing by Subhranshu Sahu, Keith Weir and Joe Bavier

Our Standards: The Thomson Reuters Trust Principles., opens new tab

A view shows EQT AB's logo at the company's office in Tokyo, Japan May 13, 2025. REUTERS/Miho Uranaka/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesDeal at a 2.6% premium to Kakaku.com's Tuesday closeTransaction subject to customary regulatory approvalsDeal adds to ​EQT's Japan buyouts including Fujitec, CareNet, MamezoMay 12 (Reuters) - Swedish investment firm EQT (EQTAB.ST), opens new tab said on Tuesday it would launch a tender offer ​to take Japanese classifieds and marketplace platform ​Kakaku.com (2371.T), opens new tab private, valuing the company at 593.51 billion ⁠yen ($3.76 billion).

The offer values Kakaku.com at 3,000 yen ​per share, EQT said in a statement, representing ​a 2.6% premium to Tuesday's closing price.

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The platform operates a portfolio of digital platforms in Japan, including price comparison site ​Kakaku.com, restaurant review and reservation platform Tabelog and ​job search service Kyujin Box.

The deal is EQT's latest Japan take-private, ‌following Fujitec, ⁠CareNet and Mamezo, as the Swedish PE firm expands its footprint in the country's tech sector. The firm ranks among the world's largest investors in IT ​services.

Digital Garage ​and KDDI, which ⁠hold 38.1% of Kakaku.com, have agreed to sell their shares. Digital Garage ​will reinvest for about a 20% stake ​in ⁠the tender offeror group.

The Japanese company's board and a special committee unanimously backed the offer and recommended shareholders ⁠tender ​their shares, EQT said.

The transaction ​remains subject to customary regulatory approvals.

($1 = 157.6400 yen)

Reporting by Roshan Thomas ​in Bengaluru; Editing by Mrigank Dhaniwala and Vijay Kishore

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Key Takeaways ExxonMobil continues to advance LNG projects across Qatar, Australia, Mozambique and the United States.ExxonMobil's Golden Pass project started LNG production from Train 1 at the Sabine Pass Terminal.Rising data center power demand is expected to support ExxonMobil's LNG growth outlook. Exxon Mobil Corporation (XOM - Free Report) maintains a diversified global portfolio with a strategic presence in upstream and downstream operations. The majority of revenues are generated from its advantaged assets, which are high-margin, low-cost resources that ensure profitability even during low-price cycles.

ExxonMobil’s advantaged assets include extensive footprints in the Permian Basin, offshore assets in Guyana and various global liquefied natural gas (LNG) projects. As the global energy transition progresses toward lower-carbon fuels, the rising demand for cleaner-burning fuels is expected to significantly enhance the revenue potential of XOM’s LNG portfolio.

To meet this evolving demand, the energy giant continues to advance its major LNG growth projects. ExxonMobil holds significant operational and partnership interests in major LNG facilities across Qatar, Papua New Guinea, Australia, Mozambique and the United States. At the end of March, Golden Pass LNG, a joint venture with QatarEnergy, reached a major milestone with the start of LNG production from Train 1 at the Sabine Pass Terminal. This development has increased U.S. exports by 5% from the 2025 levels.

Beyond traditional energy needs, the rapid expansion of data centers is expected to further boost long-term demand for natural gas used to power electric grids. ExxonMobil is uniquely positioned to capitalize on this trend by leveraging its massive global natural gas and LNG infrastructure. These strategic LNG investments ensure the company remains a primary supplier for the digital economy’s growing power requirements. XOM strengthens its role in the energy transition and reinforces market leadership by growing its advantaged assets.

Will Growing LNG Demand Benefit EQT & VG?Growing LNG demand is set to boost the cash flows of energy companies like EQT Corporation (EQT - Free Report) and Venture Global (VG - Free Report) .

With a dominant position in the Marcellus Shale, EQT is strongly positioned to capitalize on rising natural gas demand, driven by increasing LNG exports and data center expansion. EQT is strengthening its position by targeting high-return, infrastructure-focused growth projects and plans to invest $580–$640 million in 2026 to enhance production capabilities. Supported by more than 30 years of low-risk drilling inventory, EQT is aligning its operations to meet this long-term global demand shift.

Based in Louisiana, Venture Global provides low-cost LNG to global markets. The company is expanding its strategic infrastructure to achieve production capacity of 68 million tons per annum. VG’s focus on low-cost operations strengthens its competitive advantage and solidifies its role as a key player in the global LNG supply chain.

XOM’s Price Performance, Valuation & EstimatesExxonMobil shares have gained 54.8% over the past year compared with 51.6% growth of the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, XOM trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 10.59X. This is above the broader industry average of 6.76X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for full-year 2026 has seen downward revisions over the past seven days. Meanwhile, XOM’s earnings estimates for the second quarter and the third quarter of 2026 have remained unchanged.

Image Source: Zacks Investment Research

XOM currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EQT has partnered with Alphabet's Google Cloud to help more than 300 companies in the ​Swedish private equity firm's portfolio accelerate the adoption of ‌AI, the companies said on Thursday.

EQT Corporation stands out as a premier pure-play U.S. natural gas producer with disciplined capex and a 30+ year drilling runway. EQT's strategic pivot toward global LNG trading, backed by long-term contracts, positions it to capitalize on global price convergence and arbitrage opportunities. Recent EQT Q1 earnings were a strong beat, driven by price spikes and operational agility, highlighting both upside potential and inherent commodity volatility.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.7% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: EQT Corporation (EQT - Free Report) Headquartered in Pittsburgh, PA, EQT Corporation is predominantly engaged in the exploration and production of natural gas, with a primary emphasis on the Appalachian Basin, spanning Ohio, Pennsylvania and West Virginia. This basin has significantly fueled natural gas production growth in the United States. EQT Corp holds the position of being the largest natural gas producer in the domestic market based on average daily sales volumes.

EQT is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. EQT has a Growth Style Score of A, forecasting year-over-year earnings growth of 54.1% for the current fiscal year.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.21 to $4.70 per share. EQT also boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EQT should be on investors' short list.

The Swedish private-equity firm is planning to sell its stake in a Singapore-based healthcare provider for about $600 million, according to people familiar with the situation.

, /PRNewswire/ -- Levi & Korsinsky notifies investors that it has commenced an investigation of Ziff Davis, Inc. ("Ziff Davis, Inc.") (NASDAQ: ZD) concerning possible violations of federal securities laws.

Throughout 2025, Ziff Davis highlighted adjusted EBITDA and adjusted diluted EPS as key performance measures in its earnings presentations and calls. On the Q2 2025 earnings call on August 8, 2025, CFO Bret Richter reported adjusted diluted EPS of $1.24, noting that the figure reflected higher adjusted EBITDA and lower diluted shares outstanding. The Company's GAAP results, which included foreign-exchange-related losses and other items excluded from adjusted figures, painted a different picture of the Company's financial health -- a gap investors could not easily see from the headline numbers presented each quarter.  When Q4 2025 results were released, reported revenue declined 1.5% year-over-year to $406.7 million and adjusted EPS missed consensus and internal projections. The stock fell double digits in a single session. . To obtain additional information, go to:

https://zlk.com/pslra-1/ziff-davis-inc-lawsuit-submission-form?prid=184546&wire=4

or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE Levi & Korsinsky, LLP

, /PRNewswire/ -- Levi & Korsinsky notifies investors that it has commenced an investigation of Ziff Davis, Inc. ("Ziff Davis, Inc.") (NASDAQ: ZD) concerning possible violations of federal securities laws.

Throughout 2025, Ziff Davis highlighted adjusted EBITDA and adjusted diluted EPS as key performance measures in its earnings presentations and calls. On the Q2 2025 earnings call on August 8, 2025, CFO Bret Richter reported adjusted diluted EPS of $1.24, noting that the figure reflected higher adjusted EBITDA and lower diluted shares outstanding. The Company's GAAP results, which included foreign-exchange-related losses and other items excluded from adjusted figures, painted a different picture of the Company's financial health -- a gap investors could not easily see from the headline numbers presented each quarter.  When Q4 2025 results were released, reported revenue declined 1.5% year-over-year to $406.7 million and adjusted EPS missed consensus and internal projections. The stock fell double digits in a single session. . To obtain additional information, go to:

https://zlk.com/pslra-1/ziff-davis-inc-lawsuit-submission-form?prid=184809&wire=4

or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE Levi & Korsinsky, LLP

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Ziff Davis, Inc.:

Due to the forgoing, The Gross Law Firm is investigating potential securities fraud claims on behalf of certain Ziff Davis, Inc. investors. If you incurred a loss on your ZD investment, please contact us using the link below to discuss your rights.

https://securitiesclasslaw.com/securities/ziff-davis-inc-loss-submission-form/?id=185092&from=4

WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected]
Phone: (646) 453-8903

SOURCE The Gross Law Firm

Also from this source

-

NEW YORK--(BUSINESS WIRE)--Ziff Davis, Inc. (NASDAQ: ZD) will release its First Quarter 2026 Earnings at 6:00PM ET on Thursday, May 7, 2026. Additionally, Ziff Davis invites the public, members of the press, the financial community, stockholders, and other interested parties to listen to a live audio Webcast of its First Quarter 2026 Earnings Call at 8:30AM ET on Friday, May 8, 2026.

Vivek Shah, Chief Executive Officer, and Bret Richter, Chief Financial Officer, will host the call. Materials presented during the call will be posted on the Company's web site at ziffdavis.com and furnished as an exhibit to the Company's 8-K filed with the Securities and Exchange Commission pursuant to Regulation FD in connection with the Company's earnings announcement.

What:

Ziff Davis, Inc. First Quarter 2026 Earnings Release and Call

When:

Earnings Release on May 7, 2026, at 6:00PM (ET)

Earnings Call on May 8, 2026, at 8:30AM (ET)

Where:

www.ziffdavis.com or dial in at (844) 985-2014

Questions for the Earnings Call will be taken via email at [email protected] and can be sent any time prior to or during the live audio Webcast. If you are unable to join the live call/Webcast, the audio recording and presentation materials will be archived at www.ziffdavis.com.

Note on Financial Presentation

As previously announced on March 3, 2026, Ziff Davis intends to classify the financial results of its Connectivity division as discontinued operations for both current and prior periods beginning with the first quarter of fiscal year 2026. This change follows the announced definitive agreement to sell the Connectivity division to Accenture.

About Ziff Davis

Ziff Davis (NASDAQ: ZD) 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. For more information, visit www.ziffdavis.com.

More News From Ziff Davis, Inc.

Back to Newsroom

NEW YORK--(BUSINESS WIRE)--Ziff Davis, Inc. (NASDAQ: ZD) (“Ziff Davis” or “the Company”) today reported unaudited financial results for the first quarter ended March 31, 2026.

“We remain focused on unlocking value for our shareholders as we look to complete the divestiture of the Connectivity business as well as explore additional value-creating transactions,” said Vivek Shah, CEO of Ziff Davis. “Our first quarter results demonstrate the strength of many of our businesses while we manage through the headwinds challenging other parts of our portfolio.”

FIRST QUARTER 2026 RESULTS

During the first quarter of 2026, the Company entered into a definitive agreement to sell its Connectivity business. The results of the Connectivity business are classified as discontinued operations for all periods presented in this press release. Unless otherwise noted, all amounts, percentages, and any discussion in this press release reflect the results from continuing operations, except for the Statements of Cash Flows and Free cash flow, which are presented on a combined continuing and discontinued operations basis. Furthermore, upon the classification of Connectivity as discontinued operation, the Company determined that Connectivity is no longer a reportable segment. The Company will continue to own and operate the Connectivity business in the ordinary course until the closing of the transaction.

Revenues (1) decreased to $267.6 million compared to $272.8 million for Q1 2025. Operating income decreased to $2.9 million compared to $14.5 million for Q1 2025. Net (loss) income from continuing operations (2) decreased to $(0.8) million compared to $9.8 million for Q1 2025. Net (loss) income per diluted share from continuing operations (2) decreased to $(0.02) compared to $0.23 for Q1 2025. Adjusted EBITDA (3) decreased to $63.4 million compared to $71.4 million for Q1 2025. Adjusted net income (2) (3) decreased to $27.5 million compared to $33.0 million for Q1 2025. Adjusted net income per diluted share (2) (3) (or “Adjusted diluted EPS”) decreased to $0.73 compared to $0.77 for Q1 2025. Net cash provided by operating activities from continuing and discontinued operations increased 45.3% to $30.0 million compared to $20.6 million in Q1 2025. Free cash flow from continuing and discontinued operations (3) increased 36.6% to $(3.2) million compared to $(5.0) million in Q1 2025. Ziff Davis deployed approximately $51.6 million related to share repurchases in Q1 2026. The following table reflects results from continuing operations, except for Net cash provided by operating activities and Free cash flow which are on combined basis of continuing and discontinued operations, for the three months ended March 31, 2026 and 2025, respectively (in millions, except per share amounts).

(Unaudited)

Three months ended March 31,

% Change

2026

2025

Revenues (1)

Technology & Shopping

$71.1

$81.7

(12.9)%

Gaming & Entertainment

$40.8

$38.0

7.2%

Health & Wellness

$85.9

$85.8

0.2%

Cybersecurity & Martech

$69.8

$67.3

3.6%

Total revenues (1)

$267.6

$272.8

(1.9)%

Operating income

$2.9

$14.5

(79.7)%

Operating income margin

1.1%

5.3%

(4.2)%

Net (loss) income from continuing operations (2)

$(0.8)

$9.8

(107.9)%

Net (loss) income per diluted share from continuing operations (2)

$(0.02)

$0.23

(108.7)%

Adjusted EBITDA (3)

$63.4

$71.4

(11.2)%

Adjusted EBITDA margin (3)

23.7%

26.2%

(2.5)%

Adjusted net income (2)(3)

$27.5

$33.0

(16.5)%

Adjusted diluted EPS (2)(3)

$0.73

$0.77

(5.2)%

Net cash provided by operating activities from continuing and discontinued operations

$30.0

$20.6

45.3%

Free cash flow from continuing and discontinued operations (3)

$(3.2)

$(5.0)

36.6%

Notes:

(1)

The revenues associated with each of the reportable segments may have been rounded when presented independently so they foot precisely to Total Revenues.

(2)

GAAP effective tax rates were approximately (80.5)% and 53.2% for the three months ended March 31, 2026 and 2025, respectively. Adjusted effective tax rates were approximately 23.9% and 23.5% for the three months ended March 31, 2026 and 2025, respectively.

(3)

For definitions of non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures refer to section “Non-GAAP Financial Measures” further in this release.

ZIFF DAVIS GUIDANCE

As noted in the Company’s Third Quarter 2025 earnings release, Ziff Davis has engaged outside advisors to assist in evaluating value-creating opportunities, including the recently announced sale of its Connectivity business. As this process is ongoing, the Company is deferring its fiscal 2026 guidance.

EARNINGS CONFERENCE CALL AND AUDIO WEBCAST

Ziff Davis will host a live audio webcast and conference call discussing its first quarter 2026 financial results on Friday, May 8, 2026, at 8:30AM ET. The live webcast and call will be accessible by phone by dialing (844) 985-2014 or via www.ziffdavis.com. Following the event, the audio recording and presentation materials will be archived and made available at www.ziffdavis.com.

ABOUT ZIFF DAVIS

Ziff Davis, Inc. (NASDAQ: ZD) 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. For more information, visit www.ziffdavis.com.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including those contained in Vivek Shah’s quote and the “Ziff Davis Guidance” section. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks, and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: the Company’s ability to grow advertising, licensing, and subscription revenues, profitability, and cash flows, particularly in light of an uncertain U.S. or worldwide economy, including the possibility of economic downturn or recession; the Company’s ability to make interest and debt payments; the Company’s ability to identify, close, and successfully transition acquisitions or divestitures; the Company’s ability to complete the proposed divestiture of its Connectivity business on anticipated terms and timing, or at all; the Company’s ability to realize the anticipated benefits from the divestiture of the Connectivity business; customer growth and retention; the Company’s ability to create compelling content; our reliance on third-party platforms; the threat of content piracy and developments related to artificial intelligence; increased competition and rapid technological changes; variability of the Company’s revenue based on changing conditions in particular industries and the economy generally; protection of the Company’s proprietary technology; the risk of alleged infringement by the Company of intellectual property of others; the risk of losing critical third-party vendors or key personnel; the risks associated with fraudulent activity, system failure, or a security breach; risks related to our ability to adhere to our internal controls and procedures; the risk of adverse changes in the U.S. or international regulatory environments, including but not limited to the imposition or increase of taxes or regulatory-related fees; the risks related to supply chain disruptions, increased tariffs and trade protection measures, inflationary conditions, and rising interest rates; the risk of 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; and the numerous other factors set forth in the Company’ filings with the Securities and Exchange Commission (“SEC”). For a more detailed description of the risk factors and uncertainties affecting the Company, refer to our most recent Annual Report on Form 10-K and the other reports filed by the Company from time-to-time with the SEC, each of which is available at www.sec.gov. The forward-looking statements provided in this press release, including those contained in Vivek Shah’s quote and the “Ziff Davis Guidance” section are based on limited information available to the Company at this time, which is subject to change. Although management’s expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements.

  ZIFF DAVIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED, IN THOUSANDS)

  March 31, 2026

December 31, 2025

ASSETS

Cash and cash equivalents

$

519,718

$

573,777

Accounts receivable, net of allowances of $6,633 and $8,141, respectively

397,456

623,441

Prepaid expenses and other current assets

83,101

81,964

Current assets - held for sale

435,223

91,217

Total current assets

1,435,498

1,370,399

Long-term investments

100,075

93,228

Property and equipment, net of accumulated depreciation of $399,945 and $382,187, respectively

166,924

162,130

Intangible assets, net

314,134

338,178

Goodwill

1,343,817

1,346,964

Deferred income taxes

5,419

5,107

Other assets

28,418

24,523

Noncurrent assets - held for sale

—

322,777

TOTAL ASSETS

$

3,394,285

$

3,663,306

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable and accrued expenses

$

450,266

$

696,918

Income taxes payable, current

2,706

7,345

Deferred revenue, current

132,048

129,700

Current portion of long-term debt

148,810

148,685

Other current liabilities

15,521

16,089

Current liabilities - held for sale

114,365

76,216

Total current liabilities

863,716

1,074,953

Long-term debt

718,257

717,815

Deferred revenue, noncurrent

6,105

6,518

Liability for uncertain tax positions

20,150

19,733

Deferred income taxes

30,157

41,116

Other noncurrent liabilities

34,392

33,055

Noncurrent liabilities - held for sale

—

16,541

TOTAL LIABILITIES

1,672,777

1,909,731

Common stock

374

384

Additional paid-in capital

454,325

472,723

Retained earnings

1,332,193

1,337,542

Accumulated other comprehensive loss

(65,384

)

(57,074

)

TOTAL STOCKHOLDERS’ EQUITY

1,721,508

1,753,575

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

3,394,285

$

3,663,306

  ZIFF DAVIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

  Three months ended March 31,

2026

2025

Total revenues

$

267,641

$

272,816

Operating costs and expenses:

Direct costs

44,317

40,401

Sales and marketing

115,233

112,411

Research, development, and engineering

13,637

13,920

General, administrative, and other related costs

46,644

43,163

Depreciation and amortization

44,878

48,452

Total operating costs and expenses

264,709

258,347

Operating income

2,932

14,469

Interest expense, net

(6,896

)

(6,194

)

Other income (loss), net

688

(1,475

)

(Loss) income from continuing operations before income tax expense and income from equity method investment

(3,276

)

6,800

Income tax expense

(2,637

)

(3,618

)

Income from equity method investment, net of tax

5,138

6,630

Net (loss) income from continuing operations

(775

)

9,812

Net income from discontinued operations, net of tax

23,036

14,427

Net income

$

22,261

$

24,239

Net (loss) income per common share from continuing operations:

Basic

$

(0.02

)

$

0.23

Diluted

$

(0.02

)

$

0.23

Net income per common share from discontinued operations:

Basic

$

0.61

$

0.34

Diluted

$

0.61

$

0.34

Net income per common share:

Basic

$

0.59

$

0.57

Diluted

$

0.59

$

0.57

Weighted average shares outstanding:

Basic

37,597,190

42,558,090

Diluted

37,597,190

42,768,678

  ZIFF DAVIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED, IN THOUSANDS)

  Three months ended March 31,

2026

2025

Cash flows from operating activities:

Net income

$

22,261

$

24,239

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

49,783

55,832

Non-cash operating lease costs

2,037

2,034

Share-based compensation

10,913

9,752

Provision for credit losses on accounts receivable

1,129

160

Deferred income taxes, net

(12,323

)

548

Changes in fair value of contingent consideration

124

(1,803

)

Income from equity method investments, net of tax

(5,138

)

(6,630

)

Other

1,129

912

Decrease (increase) in:

Accounts receivable

195,297

143,721

Prepaid expenses and other current assets

(3,826

)

(17,709

)

Other assets

(1,813

)

7,252

Increase (decrease) in:

Accounts payable

(247,695

)

(210,857

)

Deferred revenue

22,894

18,493

Accrued liabilities and other current liabilities

(4,819

)

(5,331

)

Net cash provided by operating activities

29,953

20,613

Cash flows from investing activities:

Purchases of property and equipment

(33,127

)

(25,619

)

Acquisitions, net of cash received

—

(39,198

)

Other

(80

)

(12

)

Net cash used in investing activities

(33,207

)

(64,829

)

Cash flows from financing activities:

Repurchase of common stock

(51,594

)

(34,900

)

Other

(1,901

)

(106

)

Net cash used in financing activities

(53,495

)

(35,006

)

Effect of exchange rate changes on cash and cash equivalents

(4,446

)

4,349

Net change in cash and cash equivalents

(61,195

)

(74,873

)

Cash and cash equivalents at beginning of period

607,011

505,880

Cash and cash equivalents at beginning of period associated with discontinued operations

33,234

18,380

Cash and cash equivalents at beginning of period associated with continuing operations

573,777

487,500

Cash and cash equivalents at end of period

545,816

431,007

Cash and cash equivalents at end of period associated with discontinued operations

26,098

19,090

Cash and cash equivalents at end of period associated with continuing operations

$

519,718

$

411,917

  Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income (loss), Adjusted net income (loss) per diluted share, Free cash flow from continuing and discontinued operations, and Adjusted effective tax rate (collectively the “non-GAAP financial measures”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use these non-GAAP financial measures for financial and operational decision making and as means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results or, in certain cases, may be non-cash in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, (2) certain measures are used to determine the amount of annual incentive compensation paid to our named executive officers, and (3) they are used by the analyst community to help them analyze the health of our business.

These non-GAAP financial measures are not measures presented in accordance with GAAP, and our use of these terms may vary from that of other companies, limiting their usefulness for comparison purposes. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

Non-GAAP financial measures exclude the certain items listed below. We believe that excluding these items from the non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which exclude similar items. We believe that non-GAAP financial measures provide meaningful supplemental information regarding operational performance. We further believe these measures are useful to investors in that they allow for greater transparency of certain line items in the Company’s financial statements.

Adjusted EBITDA is defined as Net income (loss) from continuing operations with adjustments to reflect the addition or elimination of certain items including, but not limited to:

Interest expense, net. Interest expense is generated primarily from interest due on outstanding debt, partially offset by interest income generated from the interest earned on cash, cash equivalents, and investments; (Gain) loss on debt extinguishment, net. This is a non-cash expense that relates to extinguishments of long-term debt obligations. We believe this (gain) loss does not represent recurring core business operating results of the Company; (Gain) loss on sale of businesses. This gain or loss relates to the sales of businesses and does not represent recurring core business operating results of the Company; (Gain) loss on investments, net. This item includes realized gains and losses, unrealized gains and losses, and impairment charges on debt and equity investments. The amount of gain or loss depends on the share price for investments with readily determinable fair value and on observable price changes for investments without a readily determinable fair value, and does not represent core business operating results of the Company; Provision for credit losses on investments. This is a non-cash expense that includes changes in the provision for credit losses on investments of the Company in debt and equity instruments and does not represent recurring core business operating results of the Company; Other (income) loss, net. This income or expense relates to other non-operating items and does not represent recurring core business operating results of the Company; Income tax (benefit) expense. This benefit or expense depends on the pre-tax loss or income of the Company, statutory tax rates, tax regulations, and different tax rates in various jurisdictions in which the Company operates and which the Company does not have the control over; (Income) loss from equity method investment, net of tax. This is a non-cash income or expense as it relates primarily to our investment in OCV Fund I, LP (the “OCV Fund”). We believe that gain or loss resulting from our equity method investment does not represent core business operating results of the Company; Depreciation and amortization. This is a non-cash expense at it relates to use and associated reduction in value of certain assets including equipment, fixtures, and certain capitalized internal-use software and website development costs, and identifiable definite-lived intangible assets of the acquired businesses; Share-based compensation. This is a non-cash expense as it relates to awards granted under the various share-based incentive plans of the Company. We view the economic cost of share-based awards to be the dilution to our share base; Transaction, integration, and other charges. This includes expenses associated with the acquisition or disposal of certain businesses, lease agreement terminations, retention bonuses, and other transaction-specific items, as well as certain other items, such as severance, adjustments to contingent consideration, third-party debt modification costs, litigation costs from discrete, complex, or unusual proceedings, and legal settlements. These expenses do not represent core business operating results of the Company; Lease asset impairments and other charges. These expenses are incurred in connection with impaired right-of-use (“ROU”) assets of the Company. Associated expenses are comprised of insurance, utility, and other charges related to assets that are no longer in use, and partially offset by the sublease income earned. These expenses do not represent core business operating results of the Company; and Goodwill impairment. This is a non-cash expense that is recorded when the carrying value of the reporting unit exceeds its fair value and does not represent core business operating results of the Company. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Total Revenues.

Adjusted net income (loss) is defined as Net income (loss) from continuing operations with adjustments to reflect the addition or elimination of certain statement of operations items including, but not limited to:

Interest, net. This reflects the difference between the imputed and coupon interest expense associated with the 4.625% Senior Notes and a charge that the Company determined to be penalty interest associated with the 1.75% Convertible Notes, offset in part by a certain interest income earned by the Company. These net expenses do not represent core business operating results of the Company; (Gain) loss on debt extinguishment, net. This is a non-cash expense that relates to extinguishments of long-term debt obligations. We believe this gain or loss does not represent recurring core business operating results of the Company; (Gain) loss on sale of businesses. This gain or loss relates to the sales of businesses and does not represent recurring core business operating results of the Company; (Gain) loss on investments, net. This item includes realized gains and losses, unrealized gains and losses, and impairment charges on debt and equity investments. The amount of gain or loss depends on the share price for investments with readily determinable fair value and on observable price changes for investments without a readily determinable fair value, and does not represent core business operating results of the Company; Provision for credit losses on investments. This is a non-cash expense that includes changes in the provision for credit losses on investments of the Company in debt and equity instruments and does not represent recurring core business operating results of the Company; (Income) loss from equity method investment, net of tax. This is a non-cash income or expense as it relates primarily to our investment in the OCV Fund. We believe that gains or losses resulting from our equity method investment do not represent core business operating results of the Company; Amortization. Includes the amortization of patents and intangible assets that we acquired. This is a non-cash expense as it primarily relates to identifiable definite-lived intangible assets of the acquired businesses. We believe that acquired intangible assets represent cost incurred by the acquiree to build value prior to the acquisition and the amortization of this cost does not represent core business operating results of the Company; Share-based compensation. This is a non-cash expense as it relates to awards granted under the various share-based incentive plans of the Company. We view the economic cost of share-based awards to be the dilution to our share base; Transaction, integration, and other charges. This includes expenses associated with the acquisition or disposal of certain businesses, lease agreement terminations, retention bonuses, and other transaction-specific items, as well as certain other items, such as severance, adjustments to contingent consideration, third-party debt modification costs, litigation costs from discrete, complex, or unusual proceedings, and legal settlements. These expenses do not represent core business operating results of the Company; Lease asset impairments and other charges. These expenses are incurred in connection with impaired ROU assets of the Company. Associated expenses are comprised of insurance, utility, and other charges related to assets that are no longer in use, and partially offset by the sublease income earned. These expenses do not represent core business operating results of the Company; and Goodwill impairment. This is a non-cash expense that is recorded when the carrying value of the reporting unit exceeds its fair value and does not represent core business operating results of the Company. Adjusted net income (loss) per diluted share is calculated by dividing Adjusted net income (loss) from continuing operations by the diluted weighted average shares of common stock outstanding excluding the effect of convertible debt dilution.

Free cash flow from continuing and discontinued operations is defined as Net cash provided by operating activities, which includes both continuing and discontinued operations, less purchases of property and equipment, plus changes in contingent consideration (if any).

Adjusted effective tax rate is calculated based upon the GAAP effective tax rate with adjustments for the tax applicable to non-GAAP adjustments to Net income (loss) from continuing operations, generally based upon the effective marginal tax rate of each adjustment.

  ZIFF DAVIS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(UNAUDITED, IN THOUSANDS)

  The following table sets forth a reconciliation of Net (loss) income from continuing operations to Adjusted EBITDA:

  Three months ended March 31,

2026

2025

Net (loss) income from continuing operations

$

(775

)

$

9,812

Interest expense, net

6,896

6,194

Other (income) loss, net

(688

)

1,475

Income tax expense

2,637

3,618

Income from equity method investment, net of tax

(5,138

)

(6,630

)

Depreciation and amortization

44,878

48,452

Share-based compensation

8,548

9,082

Transaction, integration, and other charges

6,632

(641

)

Lease asset impairments and other charges

367

20

Adjusted EBITDA

$

63,357

$

71,382

  ZIFF DAVIS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(UNAUDITED, IN THOUSANDS)

  The following tables set forth Revenues and a reconciliation of Operating (loss) income to Adjusted EBITDA by segment:

  Three months ended March 31, 2026

Technology &
Shopping

Gaming &
Entertainment

Health &
Wellness

Cybersecurity
& Martech

Corporate

Total

Revenues

$

71,159

$

40,764

$

85,950

$

69,768

$

—

$

267,641

Operating (loss) income

$

(6,458

)

$

7,884

$

8,624

$

13,697

$

(20,815

)

$

2,932

Depreciation and amortization

20,637

3,168

13,846

7,076

151

44,878

Share-based compensation

1,344

405

1,466

1,007

4,326

8,548

Transaction, integration, and other charges

1,430

776

670

2

3,754

6,632

Lease asset impairments and other charges

—

431

(108

)

44

—

367

Adjusted EBITDA

$

16,953

$

12,664

$

24,498

$

21,826

$

(12,584

)

$

63,357

  Three months ended March 31, 2025

Technology &
Shopping

Gaming &
Entertainment

Health &
Wellness

Cybersecurity
& Martech

Corporate (1)

Total

Revenues

$

81,690

$

38,026

$

85,786

$

67,314

$

—

$

272,816

Operating (loss) income

$

(3,963

)

$

8,774

$

16,962

$

11,323

$

(18,627

)

$

14,469

Depreciation and amortization

22,405

2,618

12,928

10,387

114

48,452

Share-based compensation

1,153

329

1,363

967

5,270

9,082

Transaction, integration, and other charges

1,652

338

(1,812

)

(754

)

(65

)

(641

)

Lease asset impairments and other charges

(241

)

87

(86

)

255

5

20

Adjusted EBITDA

$

21,006

$

12,146

$

29,355

$

22,178

$

(13,303

)

$

71,382

  ZIFF DAVIS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

  The following tables set forth a reconciliation of Net (loss) income from continuing operations to Adjusted net income with adjustments presented on after-tax basis:

  Three months ended March 31,

2026

Per diluted
share (1)

2025

Per diluted
share (1)

Net (loss) income from continuing operations

$

(775

)

$

(0.02

)

$

9,812

$

0.23

Interest, net

95

—

61

—

Income from equity method investment, net

(5,138

)

(0.14

)

(6,630

)

(0.16

)

Amortization

19,563

0.52

21,107

0.49

Share-based compensation

7,590

0.20

9,226

0.22

Transaction, integration, and other charges

5,905

0.16

(607

)

(0.01

)

Lease asset impairment and other charges

306

0.01

27

—

Adjusted net income

$

27,546

$

0.73

$

32,996

$

0.77

  ZIFF DAVIS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(UNAUDITED, IN THOUSANDS)

  The following are the adjustments to certain statement of operations items used to derive Adjusted net income, which we believe provide useful information about our operating results and enhance the overall understanding of past financial performance and future prospects of the Company.

  Three months ended March 31, 2026

GAAP amount

Adjustments

Adjusted
non-GAAP
amount

Interest, net

(Income) loss
from equity
method
investments, net

Amortization

Share-based
compensation

Transaction,
integration, and
other charges

Lease asset
impairments and
other charges

Direct costs

$

(44,317

)

$

—

$

—

$

—

$

52

$

89

$

—

$

(44,176

)

Sales and marketing

$

(115,233

)

—

—

—

989

1,474

—

$

(112,770

)

Research, development, and engineering

$

(13,637

)

—

—

—

678

831

—

$

(12,128

)

General, administrative, and other related costs

$

(46,644

)

—

—

—

6,829

4,238

367

$

(35,210

)

Depreciation and amortization

$

(44,878

)

—

—

23,550

—

—

—

$

(21,328

)

Interest expense, net

$

(6,896

)

126

—

—

—

—

—

$

(6,770

)

Other income, net

$

688

—

—

—

—

234

—

$

922

Income tax benefit (expense) (1)

$

(2,637

)

(31

)

—

(3,987

)

(958

)

(961

)

(61

)

$

(8,635

)

Income from equity method investment, net of tax

$

5,138

—

(5,138

)

—

—

—

—

$

—

Total non-GAAP adjustments

$

95

$

(5,138

)

$

19,563

$

7,590

$

5,905

$

306

  ZIFF DAVIS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(UNAUDITED, IN THOUSANDS)

  Three months ended March 31, 2025

GAAP amount

Adjustments

Adjusted
non-GAAP
amount

Interest, net

(Income) loss
from equity
method
investments, net

Amortization

Share-based
compensation

Transaction,
integration, and
other charges

Lease asset
impairments and
other charges

Direct costs

$

(40,401

)

$

—

$

—

$

—

$

52

$

60

$

—

$

(40,289

)

Sales and marketing

$

(112,411

)

—

—

—

798

903

—

$

(110,710

)

Research, development, and engineering

$

(13,920

)

—

—

—

681

(65

)

—

$

(13,304

)

General, administrative, and other related costs

$

(43,163

)

—

—

—

7,551

(1,539

)

20

$

(37,131

)

Depreciation and amortization

$

(48,452

)

—

—

27,777

—

—

—

$

(20,675

)

Interest expense, net

$

(6,194

)

81

—

—

—

—

—

$

(6,113

)

Income tax expense (1)

$

(3,618

)

(20

)

—

(6,670

)

144

34

7

$

(10,123

)

Income from equity method investment, net of tax

$

6,630

—

(6,630

)

—

—

—

—

$

—

Total non-GAAP adjustments

$

61

$

(6,630

)

$

21,107

$

9,226

$

(607

)

$

27

  ZIFF DAVIS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(UNAUDITED, IN THOUSANDS)

  The following tables set forth a reconciliation of Net cash provided by operating activities from continuing and discontinued operations to Free cash flow from continuing and discontinued operations:

  2026

Q1

Q2

Q3

Q4

Full Year

Net cash provided by operating activities from continuing and discontinued operations

$

29,953

$

—

$

—

$

—

$

29,953

Less: Purchases of property and equipment

(33,127

)

—

—

—

(33,127

)

Free cash flow from continuing and discontinued operations

$

(3,174

)

$

—

$

—

$

—

$

(3,174

)

2025

Q1

Q2

Q3

Q4

Full Year

Net cash provided by operating activities from continuing and discontinued operations

$

20,613

$

57,074

$

138,299

$

191,082

$

407,068

Less: Purchases of property and equipment

(25,619

)

(30,133

)

(30,136

)

(33,310

)

(119,198

)

Free cash flow from continuing and discontinued operations

$

(5,006

)

$

26,941

$

108,163

$

157,772

$

287,870

More News From Ziff Davis, Inc.

Ziff Davis, Inc. (ZD) Q1 2026 Earnings Call Transcript

On May 15, 2026, Monimus Capital Management disclosed a new position in Ziff Davis (ZD +1.07%), acquiring 241,918 shares in a trade estimated at $8.90 million based on quarterly average pricing.

What happenedAccording to an SEC filing dated May 15, 2026, Monimus Capital Management established a new position in Ziff Davis, buying 241,918 shares. The estimated value of the trade was $8.90 million, calculated using the mean unadjusted closing price within the first quarter. The quarter-end value of the stake was $10.15 million, a net change reflecting both the portfolio addition and price movement.

What else to knowTop holdings after the filing:NASDAQ: TRIP: $26.72 million (7.4% of AUM)NASDAQ: BKNG: $18.92 million (5.2% of AUM)NASDAQ: AMZN: $15.02 million (4.2% of AUM)NYSE: RSKD: $14.47 million (4.0% of AUM)NYSE: MSGS: $13.43 million (3.7% of AUM)As of May 14, 2026, shares of Ziff Davis were priced at $40.62, up 21.4% over the past year and underperforming the S&P 500 by 5.87 percentage points.Company overviewMetricValueRevenue (TTM)$1.45 billionNet Income (TTM)$47.35 millionPrice (as of market close 2026-05-14)$40.62One-Year Price Change21.43%Company snapshotZiff Davis provides digital media properties (such as IGN, PCMag, Mashable, RetailMeNot, and Everyday Health) and cloud-based subscription services in cybersecurity and marketing technology.The company generates revenue primarily through advertising, digital subscriptions, and SaaS-based cybersecurity and martech offerings across a diversified portfolio.It serves consumers, businesses, and advertisers globally, targeting technology, entertainment, health, and e-commerce verticals.Ziff Davis, Inc. operates as a diversified digital media and internet services company with a global footprint. Its strategy leverages a broad portfolio of well-known web properties and SaaS solutions to capture revenue from both consumer and enterprise markets.

What this transaction means for investorsThis purchase ultimately seems like a bet that Ziff Davis is worth more broken apart than bundled together. Management is actively exploring “value-creating transactions” and, in the first quarter, agreed to sell its Connectivity business, which could sharpen the company’s focus on higher-margin digital media, cybersecurity, and subscription businesses.

The latest quarter showed why that thesis is complicated but still interesting. Revenue slipped 1.9% year over year to $267.6 million, while operating income fell nearly 80% to $2.9 million. Still, some segments held up well. Gaming and Entertainment revenue climbed 7.2%, while Cybersecurity and Martech revenue rose 3.6%.

The company also remained aggressive on capital returns, spending roughly $51.6 million on share repurchases during the quarter. Ziff Davis ended March with about $520 million in continuing-operations cash and cash equivalents.

Going forward, the key question is whether Ziff Davis can unlock value through asset sales while stabilizing its slower-growth media properties. If management pulls that off, the current valuation could look far less demanding than the market assumes today.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Booking Holdings, and Tripadvisor. The Motley Fool has a disclosure policy.

-

NEW YORK--(BUSINESS WIRE)--Ziff Davis, Inc. (NASDAQ: ZD), today announced its participation in one investor conference in June.

Details of the conference are as follows:

2026 Evercore TMT Global Conference
Location: Omni San Francisco Hotel, San Francisco, CA
Date and time: June 2, 2026
Webcast: No formal presentation

About Ziff Davis

Ziff Davis (NASDAQ: ZD) 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. For more information, visit www.ziffdavis.com.

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