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Ziff Davis, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenues to $353.6 million, compared to $340.9 million in the same quarter the previous year. The increase is attributed to a rise in advertising and performance marketing revenue within the Digital Media segment.
Operating costs and expenses increased to $382.9 million from $354.3 million in the previous year, driven by a goodwill impairment charge of $85.3 million.
The company reported a net loss of $48.6 million for the quarter, compared to a net loss of $31.0 million in the previous year, primarily due to the aforementioned impairment charge.
Interest expense, net was $4.0 million, up from $2.8 million in the previous year, reflecting changes in interest income and expense.
Cash provided by operating activities was $232.1 million, while cash used in investing and financing activities was $264.6 million and $323.1 million, respectively.
Ziff Davis had a working capital of $951.0 million as of September 30, 2024. The company continues to focus on expanding its Digital Media and Cybersecurity and Martech businesses.
The company completed acquisitions during the quarter, including TDS Gift Cards and CNET Media, Inc., contributing to the increase in revenues.
Ziff Davis does not anticipate cash dividend payments to common stockholders in the near future.
The filing also details various financial agreements, including a credit agreement amendment that increased the revolving loan commitment to $350 million.
Ziff Davis identified no material weaknesses in its internal controls over financial reporting during the quarter.
The company continues to monitor market conditions and adjust its strategies to maintain growth and profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ziff Davis Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.