Financial Data and Key Metrics Changes - Q3 2025 revenues were $363.7 million, reflecting growth of nearly 3% compared to $353.6 million in Q3 2024 [16] - Adjusted EBITDA for Q3 2025 was $124.1 million, a slight decline of less than 1% from $124.7 million in the prior year [17] - Adjusted diluted EPS increased by more than 7% to $1.76 from $1.64 in Q3 2024, driven by share buybacks [17][25] Business Line Data and Key Metrics Changes - Tech and shopping revenue dropped 2% in Q3, with adjusted EBITDA down 12%, primarily due to the wind down of game publishing activities [8][20] - Health and wellness segment saw a 13% year-over-year revenue growth and 18% adjusted EBITDA growth, marking high watermarks for the division [10] - Cybersecurity and martech revenue grew 2% in Q3, driven by strong performance in consumer VPN and cloud backup [12] Market Data and Key Metrics Changes - Connectivity division delivered 2% year-over-year revenue growth, with year-to-date revenues up 7% [11] - Gaming and entertainment revenues were about 4% lower year-over-year, but adjusted EBITDA grew nearly 3% [9] - Advertising and performance marketing revenues grew 5.9% year-over-year, while subscription and licensing revenues grew by 2% [18] Company Strategy and Development Direction - The company is evaluating potential opportunities to unlock shareholder value, engaging outside advisors for this purpose [5][6] - There is a focus on maximizing value for shareholders while maintaining a profitable and growing business structure [6][7] - The company aims to continue its acquisition program while also engaging in share buybacks to capitalize on perceived valuation disconnects [15][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the disconnect between the current market value and intrinsic value is at its widest, prompting a strategic review [31] - The company remains optimistic about its performance despite industry headwinds, particularly in segments like health and wellness [55] - Management anticipates that fiscal year 2025 results will fall within the lower half of the guidance range, with Q4 expected to be the largest revenue quarter [24] Other Important Information - The company has significant cash reserves of $503.4 million and long-term investments of $119.6 million, with a gross leverage of 1.7x trailing 12 months adjusted EBITDA [22] - Year-to-date free cash flow was $261.2 million, indicating strong cash generation capabilities [25] - The company has repurchased over 3.6 million shares since the start of 2025, deploying $109 million in share buybacks [23] Q&A Session Summary Question: What are the thoughts on valuation disconnects? - Management believes the disconnect between current and intrinsic value is at its widest, with interest from strategic and private equity investors [31][32] Question: Are there any properties considered off-limits for divesting? - Management stated that nothing is off the table, but exploring opportunities for select units is likely to be more value-accretive than considering the entire company [38][39] Question: How is the company positioned regarding AI search impacts? - Management indicated that the company is well-positioned and insulated from fluctuations in search traffic, with only 17.5% of revenue exposure coming from search [40] Question: What is the outlook for advertising growth in Q4? - Management expects subscription growth to outpace advertising growth in Q4, with some softness in product launches impacting advertising [58] Question: What are the M&A opportunities in the current market? - Management sees potential for aggressive acquisitions of smaller dislocated properties, balancing share buybacks and acquisitions [65][66] Question: Is there a shift towards targeting different growth profiles in M&A? - Management emphasized a continued focus on cash-on-cash returns and free cash flow, without signaling a change in their acquisition strategy [81][83]

Financial Data and Key Metrics Changes - Q3 2025 revenues were $363.7 million, reflecting growth of nearly 3% compared to $353.6 million in the prior year period [16] - Adjusted EBITDA for Q3 2025 was $124.1 million, a slight decline of less than 1% from $124.7 million in the prior year [17] - Adjusted diluted EPS increased by more than 7% to $1.76 from $1.64 in Q3 2024, aided by share buybacks [17][25] Business Line Data and Key Metrics Changes - Tech and shopping revenue dropped 2% in Q3, with adjusted EBITDA down 12%, primarily due to the wind down of game publishing activities [8][20] - Health and wellness segment saw a 13% year-over-year revenue growth and 18% adjusted EBITDA growth, marking high watermarks for the division [10] - Cybersecurity and martech revenue grew 2% in Q3, driven by strong performance in consumer VPN and cloud backup [12] Market Data and Key Metrics Changes - Year-to-date revenues in gaming and entertainment were up approximately 2%, with Q3 being Humble Bundle's best quarter of the year [9] - Connectivity division delivered 2% year-over-year revenue growth, with year-to-date revenues up 7% [11] - Advertising and performance marketing grew 5.9% year-over-year, while subscription and licensing revenues grew by 2% [18] Company Strategy and Development Direction - The company is evaluating potential opportunities to unlock shareholder value, engaging outside advisors for this purpose [5][6] - The focus remains on maximizing value for shareholders while continuing to operate the current profitable business structure [6] - The company is committed to a disciplined acquisition program and has closed seven acquisitions in the first nine months of 2025 [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the disconnect between the current market value and intrinsic value of the company is at its widest [31] - The company anticipates fiscal year 2025 total revenues and adjusted diluted EPS to be within the lower half of its guidance range [24] - Management expressed optimism about the performance of various segments despite broader industry headwinds [56] Other Important Information - The company has significant cash reserves of $503.4 million and long-term investments of $119.6 million, with a gross leverage of 1.7 times trailing 12 months adjusted EBITDA [22] - Free cash flow for Q3 2025 was $108.2 million, 35% higher than the prior year period [25] Q&A Session Summary Question: Insights on valuation disconnect - Management acknowledged the valuation disconnect and noted that the recent segment-level reporting has attracted interest from strategic and private equity investors [30][32] Question: Strategic review and potential divestitures - Management stated that no specific properties are off-limits and that they are open to exploring opportunities for select units [38][39] Question: Impact of AI reviews on traffic - Management indicated that the company is well-positioned against fluctuations in search traffic, with only 17.5% of total revenue being web traffic dependent [40] Question: M&A opportunities and market dynamics - Management expressed interest in acquiring smaller dislocated properties and emphasized the balance between share buybacks and acquisitions [65] Question: Future growth and business model considerations - Management confirmed a preference for acquiring leadership brands and emphasized the importance of cash-on-cash returns in their investment strategy [81][82]

Financial Data and Key Metrics Changes - In Q3 2025, revenues increased to $363.7 million, up nearly 3% from $353.6 million in the prior year [16] - Adjusted EBITDA for Q3 2025 was $124.1 million, a slight decline of less than 1% from $124.7 million year-over-year [17] - Adjusted diluted EPS rose by more than 7% to $1.76 from $1.64 in Q3 2024, aided by share buybacks that reduced the weighted average diluted shares by 7.5% [17][25] Business Line Data and Key Metrics Changes - Tech and shopping revenue fell by 2% in Q3, with adjusted EBITDA down 12%, primarily due to the wind down of game publishing activities [8][19] - Health and wellness segment saw a 13% year-over-year revenue growth and 18% adjusted EBITDA growth, marking high watermarks for the division [10] - Cybersecurity and martech revenue grew by 2% in Q3, driven by strong performance in consumer VPN and cloud backup [12] Market Data and Key Metrics Changes - The connectivity division achieved 2% year-over-year revenue growth, with year-to-date revenues up 7% [11] - Gaming and entertainment revenues were approximately 4% lower year-over-year, but adjusted EBITDA grew nearly 3% [9] - Advertising and performance marketing revenues grew by 5.9% year-over-year, while subscription and licensing revenues increased by 2% [18] Company Strategy and Development Direction - The company is evaluating potential opportunities to unlock shareholder value, having engaged outside advisors for this purpose [4][5] - There is a focus on maximizing value for shareholders while maintaining a profitable and growing business structure [5][26] - The company is committed to a disciplined acquisition strategy, having closed seven acquisitions in the first nine months of 2025 [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the disconnect between the current market value and intrinsic value of the company is at its widest [29] - The company anticipates fiscal year 2025 total revenues and adjusted diluted EPS to be within the lower half of its guidance range [24] - Management expressed optimism about the performance of various segments despite broader industry headwinds [39] Other Important Information - The company has significant cash reserves of $503.4 million and long-term investments of $119.6 million, with a gross leverage of 1.7 times trailing 12 months adjusted EBITDA [22] - Free cash flow for Q3 2025 was $108.2 million, representing a 35% increase year-over-year [25] - The company plans to continue its stock repurchase program, having repurchased 3 million shares year-to-date [23] Q&A Session Summary Question: Insights on valuation disconnect - Management acknowledged the valuation disconnect and noted that the recent segment-level disclosures have attracted interest from strategic and private equity investors [28][29] Question: Strategic review and potential divestitures - Management stated that no specific properties are off-limits for divestiture, but exploring opportunities for select units is likely to be more value-accretive [31] Question: Impact of AI on traffic and revenue - Management indicated that the company is well-positioned against fluctuations in search traffic, with only 35% of total revenue dependent on web traffic [32] Question: Future M&A opportunities - Management expressed optimism about acquiring smaller properties that may not have weathered recent market changes as well as continuing to buy back shares [44][45] Question: Philosophical shift in acquisitions - Management clarified that the focus remains on cash-on-cash returns and that there is no change in the overall approach to acquisitions [51]

Financial Performance - Q3 2025 revenues increased to $363.7 million, a 2.9% increase compared to $353.6 million in Q3 2024[18] - Adjusted EBITDA decreased slightly by 0.5%, from $124.7 million in Q3 2024 to $124.1 million in Q3 2025[15] - Adjusted diluted EPS increased by 7.3%, from $1.64 in Q3 2024 to $1.76 in Q3 2025[20] Revenue Breakdown - Advertising and Performance Marketing revenue increased by 5.9%, from $194 million in Q3 2024 to $205 million in Q3 2025[23] - Subscription and Licensing revenue increased by 2.0%, from $147 million in Q3 2024 to $150 million in Q3 2025[25] Segment Performance - Technology & Shopping segment revenue decreased by 2.2%, from $87.1 million in Q3 2024 to $85.2 million in Q3 2025[29] - Gaming & Entertainment segment revenue decreased by 4.3%, from $49.7 million in Q3 2024 to $47.6 million in Q3 2025[34] - Health & Wellness segment revenue increased by 12.7%, from $90.8 million in Q3 2024 to $102.3 million in Q3 2025[40] - Connectivity segment revenue increased by 2.2%, from $56.0 million in Q3 2024 to $57.2 million in Q3 2025[46] - Cybersecurity & Martech segment revenue increased by 2.0%, from $70.0 million in Q3 2024 to $71.4 million in Q3 2025[52] Financial Guidance - The company reaffirms its full-year 2025 revenue guidance of $1.442 billion to $1.502 billion, representing a midpoint year-over-year increase of 5.0%[63] - The company reaffirms its full-year 2025 Adjusted EBITDA guidance of $505 million to $542 million, representing a midpoint year-over-year increase of 6.0%[63] - The company reaffirms its full-year 2025 Adjusted diluted EPS guidance of $6.64 to $7.28, representing a midpoint year-over-year increase of 5.1%[63]

Core Insights - Ziff Davis reported Q3 CY2025 revenue of $363.7 million, which was a 2.9% year-on-year increase but fell short of analyst expectations of $365.7 million [1][7] - The company's full-year revenue guidance is set at $1.47 billion at the midpoint, aligning closely with analyst estimates [1][7] - Non-GAAP profit per share was $1.76, which is 1.4% below the consensus estimate of $1.78 [1][7] Company Overview - Ziff Davis, originally founded in 1927 as a technology publisher, now operates a portfolio of digital media brands and subscription services across various sectors including technology, shopping, gaming, healthcare, and cybersecurity [4] Revenue Growth - The company achieved $1.46 billion in revenue over the past 12 months, indicating a struggle to increase demand as this figure is close to its revenue five years ago [5][6] - Ziff Davis's annualized revenue growth of 3.1% over the last two years is above its five-year trend, although the recent results were disappointing [8] Financial Performance - Adjusted EBITDA for Q3 was $124.1 million, missing analyst estimates of $131.2 million, with a margin of 34.1% [7] - Operating margin improved to 7.8%, up from -8.3% in the same quarter last year, while free cash flow margin increased to 29.7% from 22.7% [7] - Market capitalization stands at $1.37 billion [7]

Core Insights - News Corp reported Q3 CY2025 results that exceeded Wall Street's revenue expectations, with sales increasing by 2.3% year-on-year to $2.14 billion and a GAAP profit of $0.20 per share, which was 9.4% above analysts' consensus estimates [1][6]. Company Overview - News Corp, established in 2013 after a restructuring, is a multinational conglomerate involved in news publishing, broadcasting, digital media, and book publishing [3]. Revenue Growth - Despite a modest year-on-year revenue growth of 2.3%, News Corp's long-term performance has been inconsistent, with total sales of $8.5 billion for the trailing 12 months being close to its revenue five years ago, indicating lower quality business performance [4][6]. - Over the last two years, News Corp's revenue has declined by 5.1% annually, reflecting suppressed demand within the consumer discretionary sector [5]. Quarterly Performance - The company reported revenue of $2.14 billion, surpassing analyst estimates of $2.10 billion, and an EPS of $0.20 compared to the expected $0.18 [6]. - Adjusted EBITDA was $347 million, exceeding estimates of $331.6 million, with a margin of 16.2% [6]. - Operating margin improved significantly to 56.1%, up from 10.2% in the same quarter last year, and free cash flow turned positive at $4 million, compared to a negative $31 million in the same quarter last year [6]. Segment Performance - News Corp's revenue breakdown shows that its three key segments—Dow Jones, News Media, and Book Publishing—contributed 27.3%, 24.9%, and 25.4% of total revenue, respectively [7]. - Dow Jones and Book Publishing segments averaged year-on-year growth of 4.3% and 3.3%, while News Media experienced an average decline of 2.6% [7]. Future Outlook - Analysts project a revenue growth of 2.8% over the next 12 months, indicating expectations for improved performance from newer products and services, although this remains below the average for the sector [8].

-TechGALA Japan 2026 is a global event that brings together experts and innovators across emerging fields such as aerospace, AI and robotics for a three-day festival featuring keynote speeches, conferences, business "speed dating," exhibitions, networking programs and side events Accessibility StatementSkip Navigation -TechGALA Japan 2026 confirmed Keynote Speakers and Special Session Speakers today, including: Monika Bielskyte, Nike Futurist in Residence, and expert in immersive media and information techn ...

Financial Data and Key Metrics Changes - Consolidated net revenue was approximately $92.7 million, down 16% year over year [9] - Adjusted EBITDA for the third quarter was $14.2 million, a decrease of 44.1% [15] - Net loss was approximately $2.8 million or $0.06 per share, compared to a net loss of $31.8 million or $0.68 per share for the previous year [16] Business Line Data and Key Metrics Changes - Revenue for the Radio Broadcasting segment was $34.7 million, a decrease of 12.6% year over year [9] - Net revenue for the Reach Media segment was $6.1 million, down 40% from the prior year [10] - Net revenues for the Digital segment were down 30.6% at $12.7 million [11] - Cable Television segment revenue was approximately $39.8 million, a decrease of 7% [12] Market Data and Key Metrics Changes - Local ad sales were down 6.5% against a market that was down 10.1%, indicating outperformance [9] - National ad sales were down 29.1% against a market that was down 21.5%, indicating underperformance [10] - Cable subscribers to TV One decreased to 34.1 million from 34.3 million at the end of Q2 [12] Company Strategy and Development Direction - The company is adjusting its guidance for the year, lowering the EBITDA forecast from $60 million to a range of $56 million to $58 million [7] - A second reduction in force was completed in October as part of ongoing cost reduction efforts [14] - The company is exploring potential M&A opportunities in light of anticipated deregulation in the industry [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing changes in operating strategy and a focus on improving performance in key markets [21][25] - The company is preparing for a political year, which is expected to drive demand [21] - Management acknowledged challenges faced in the current year but believes they are better positioned for future growth [25] Other Important Information - Operating expenses decreased to approximately $83.7 million for the quarter, a decrease of 4.2% from the prior year [12] - Interest expense decreased to approximately $9.4 million in Q3, down from $11.6 million last year [16] - The company repurchased $4.5 million of its 2028 notes at an average price of 52% [16] Q&A Session Summary Question: What is the outlook for 2026 and demand? - Management feels good about 2026 due to changes in operating strategy and the upcoming political year [21][25] Question: Are there plans for M&A activity? - Management is exploring M&A opportunities but currently has no transformative deals in progress [28][30] Question: Will the company continue debt buyback activity? - Management confirmed plans to continue executing on debt buybacks while maintaining liquidity [33]

Core Insights - North Media's Q3 2025 performance showed a slight decline in activity levels, with revenue decreases in both Last Mile and Digital Services, but operating profit growth in Digital Services due to reduced losses in Dayli and Bekey [1][2] Financial Performance - Q3 2025 revenue was DKK 286.4 million, down from DKK 299.4 million in Q3 2024, while year-to-date revenue decreased by 2% to DKK 939.2 million [2][6] - EBITDA for Q3 2025 was DKK 12.1 million compared to DKK 19.4 million in the previous year, with year-to-date EBITDA at DKK 71.1 million, down from DKK 120.9 million [2][6] - EBIT for Q3 2025 was -DKK 1.7 million, a decline from DKK 3.0 million in Q3 2024, with a year-to-date EBIT of DKK 29.3 million compared to DKK 59.2 million [2][7] - The EBIT margin for Q3 2025 was -0.6%, down from 1.0% in the previous year, while the year-to-date EBIT margin was 3.1%, down from 6.2% [2][7] Business Area Performance - Last Mile reported Q3 2025 revenue of DKK 247 million, a 4% decrease from Q3 2024, with some positive effects from repatriating invoicing from former franchisees [3] - Digital Services saw a 4% revenue decline to DKK 40 million, primarily due to lower advertising revenue in BoligPortal and a slight setback in Dayli, but EBITDA improved to a profit of DKK 3 million from a loss of DKK 3 million in the previous year [5][6] Operational Developments - The integration of SDR into North Media reached a significant milestone with the completion of automated packing for the Swedish market, expected to lead to long-term cost reductions [1] - The transition costs associated with the automated packing in Sweden impacted EBITDA, but Digital Services reported growth driven by performance improvements in Bekey [6] Guidance for 2025 - The company narrowed its full-year financial guidance for 2025, with expected revenue between DKK 1,270 million and DKK 1,305 million, EBITDA between DKK 105 million and DKK 126 million, and EBIT between DKK 50 million and DKK 70 million [8][13]

Core Insights - Jeremy Szafron has joined Kitco News as an anchor and producer, bringing a wealth of experience in journalism, particularly in finance and current affairs [1][5] Background and Career Development - Jeremy began his journalism career in 2006 at CTV, where he transitioned from entertainment reporting to business reporting, focusing on mining and small-cap companies [2] - He gained recognition for his macro-financial and market trends analysis, becoming a sought-after commentator on CTV Morning Live and a regular on CTV News Network [2] - A significant highlight of his career was covering the 2010 Vancouver Olympic Games, which led to the development of an online video news program for PressReader, a digital newsstand with 8,000 editions in 60 languages [3] Digital Media Ventures - In 2012, Jeremy launched The Green Scene Podcast, which quickly attracted over 400,000 subscribers and positioned him as a prominent voice in the cannabis industry [4] - Following this success, he created Investor Scene and Initiate Research, platforms that provide exclusive market insights and deal-flow opportunities in mining and Canadian small-cap sectors [4] Professional Expertise - Jeremy has experience as a market strategist and investor relations consultant for various publicly traded companies across mining, energy, consumer packaged goods (CPG), and technology industries [5] - He holds a BA in Journalism from Concordia University, which has supported his diverse career trajectory [5]