Summary of Ziff Davis Conference Call Company Overview - **Company**: Ziff Davis (NasdaqGS: ZD) - **History**: Established over a century ago, originally focused on eFax services, diversified into digital media, software, and subscription data assets over the last decade [3][4] - **Business Structure**: Divided into five reportable segments: 1. **Tech and Shopping**: Brands include PCMag, CNET, RetailMeNot, focusing on consumer communities and e-commerce 2. **Gaming and Entertainment**: Includes IGN Entertainment and Humble Bundle, serving the gaming community 3. **Everyday Health**: Focuses on health and wellness, connecting pharma with consumers and professionals 4. **Connectivity**: Brands like Ookla and Ekahau, serving the broadband community 5. **Cybersecurity and MarTech**: Subscription and licensing services for marketing and cybersecurity [4][5] Financial Performance and Strategy - **Intrinsic Value vs. Share Price**: There is a perceived gap between the intrinsic value of Ziff Davis's businesses and its public share price, prompting a focus on capital allocation and stock buybacks [10][16] - **Stock Buyback Program**: Increased allocation of capital to stock buybacks, with approximately 3.6 million shares repurchased year-to-date, utilizing 80-85% of free cash flow [135][136] - **M&A Activity**: Seven acquisitions completed in 2025, with a focus on enhancing existing businesses rather than large-scale purchases [146][148] Market Dynamics and Growth Opportunities - **Conglomerate Discount**: The company acknowledges a conglomerate discount affecting its valuation, with hopes that the new five-segment reporting will help clarify the value of each division [18][35] - **Health and Wellness Growth**: The Everyday Health segment is experiencing double-digit revenue growth with high EBITDA margins, driven by connections between pharma advertisers and consumer health communities [40][55] - **Cybersecurity and MarTech Recovery**: This segment returned to growth in Q3 2025, with improvements in both the VIPRE business and consumer privacy services [84][86] Challenges and Considerations - **Traffic Dependency**: Approximately 35% of revenue is web traffic dependent, with half of that from search, raising concerns about future revenue stability as search dynamics evolve [112][114] - **Market Adaptation**: The company is aware of the changing landscape in digital media and search algorithms, which can impact revenue generation [127][129] Future Outlook - **Value Creation Focus**: The company aims to create shareholder value through disciplined capital allocation and enhancing business performance [154][156] - **Continued M&A Interest**: Ziff Davis remains open to considering transactions that could unlock value, especially if significant gaps in valuation are identified [37][39] This summary encapsulates the key points discussed during the Ziff Davis conference call, highlighting the company's structure, financial strategies, market dynamics, and future outlook.

Core Insights - Ciscom Corp. reported Q3 2025 earnings with positive operating cash flows despite sales pressure, achieving cash flows from operating activities of $1.369 million [1][7] - The company experienced a significant decline in sales and gross profit compared to the same period in 2024, with sales dropping to $16.1 million from $25.9 million, a decrease of 37.9% [3] - The net loss for the nine-month period was $0.781 million, compared to a net loss of $0.337 million in 2024, primarily due to one-time non-recurring charges totaling $0.657 million [6] Financial Performance - Sales for the nine months ended September 30, 2025, were $16.1 million, down from $25.9 million in 2024, reflecting a decrease of $9.8 million or 37.9% [3] - Gross profit decreased to $3.8 million from $4.7 million, a reduction of $0.9 million or 20.1% [3] - Cash-based operating expenses were reduced from $3.6 million in 2024 to $2.8 million in 2025, representing a cost reduction of $0.8 million or 21.8% [4] - EBITDA from continuing operations was $0.961 million, down from $1.121 million in the same period in 2024, a decrease of $0.159 million [5] Operational Challenges - The Canada Post Corporation labor dispute disrupted business operations and sales, affecting direct mail distribution and leading to some clients limiting or stopping their activities [2] - A significant client of a Ciscom subsidiary filed for bankruptcy protection, resulting in a loss of revenue and an account receivable impairment charge [2] - The company faced one-time restructuring charges related to workforce downsizing and was impacted by US tariffs, leading to an uncertain economic climate and reduced consumer spending [2] Strategic Initiatives - The company is actively signing new clients and diversifying its product offerings, including the recent launch of the Engage+ digital flyer solution [9] - Management has taken steps to restructure the cost base in response to the challenges faced in 2025 [8]

Financial Data and Key Metrics Changes - Q3 2025 revenue was $2.8 million, a 163% increase year-over-year from $1.1 million in Q3 2024 [6][22] - Net loss decreased to $5.9 million, a 62% improvement compared to $15.4 million in the prior year quarter [6][24] - Shareholders' equity increased by 72% to $5.4 million [7] - Gross margin was 81.7%, up 1,302 basis points from 68.7% in Q3 2024 [24] - Annual recurring revenue (ARR) reached $11 million, representing a 168% increase from $4.1 million in Q3 2024 [22][25] Business Line Data and Key Metrics Changes - The company reported a gross profit of $2.3 million for Q3 2025, an increase of 213% from $0.7 million in Q3 2024 [24] - Total operating expenses for Q3 2025 were $6.8 million, up from $3.5 million in Q3 2024, primarily due to the addition of OpenReel and Videlo [24][26] Market Data and Key Metrics Changes - The company serves over 140,000 customers across various sectors, including healthcare, financial services, e-commerce, and technology [16][17] - Significant traction was noted in the banking, financial services, and insurance sectors, with a focus on mid-market and enterprise segments [17][50] Company Strategy and Development Direction - The company is focused on building and acquiring products in four key areas: attracting leads, engagement, tracking, and intelligence [5][14] - A strategic acquisition of Superblocks was announced, aimed at enhancing the AI platform for marketing [12][13] - The company aims to reduce balance sheet leverage and improve cash position through organic growth and M&A [15][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory and the positive impact of recent debt conversions on future financials [7][8] - The focus remains on generating sustainable value for shareholders and improving cash flow for reinvestment in growth [34][43] Other Important Information - The company secured an $11 million debt facility to support acquisitions and operations [8] - The appointment of new leadership, including a Chief Financial Officer and a VP of Sales, is expected to drive strategic growth [12][16] Q&A Session Summary Question: Did the company experience seasonality in Q3 compared to Q2? - Management noted that the market was stronger in Q3, with a shift from one-time license revenue to recurring revenue in the Create Studio business [35][36] Question: What are the pipeline expectations? - Management highlighted substantial improvements in the pipeline, especially in the banking and financial services sectors, with several seven-figure deals in progress [38][50] Question: What does the M&A market look like now? - Management indicated attractive valuations and a healthy M&A market, with ongoing opportunities being evaluated [39][40] Question: Can the company comment on expected cross-sell or upsell uplift? - Management expressed optimism about the Superblocks acquisition providing significant upsell opportunities, particularly for mid-market and enterprise customers [41][42] Question: What operational financial milestones should investors look for? - Key catalysts include continued improvement in net income and ARR, alongside the completion of debt cleanup [43][44]

Core Points - Ciscom Corp. held its annual general meeting on November 6, 2025, where shareholders approved all proposed business matters [1][2] - The shareholders re-appointed McGovern Hurley LLP as the auditors for the upcoming year and elected five directors [1][3] Shareholder Meeting Results - A total of 41,789,028 common shares were represented at the meeting, which is approximately 70.2% of the total issued and outstanding 59,519,582 common shares [3] - All resolutions presented at the meeting were passed, including the re-appointment of auditors and the election of directors [3] Board of Directors - The following individuals were elected to the board: Jeffrey Bisset, Paul Gaynor, David Mathews, Michel Pepin, and Angel V. Valov [2][3] Company Overview - Ciscom Corp. focuses on investing in, acquiring, and managing companies in the Information and Communication Technology (ICT) sector, particularly in AdTech, MarTech, and DataTech/Analytics [4] - The company targets small and medium-sized enterprises (SMEs) with proven profitability, enhancing shareholder value through strategic acquisitions [4] - Ciscom became an issuer on the Canadian Securities Exchange (CSE) in June 2023 and on the OTCQB in October 2023 [4]

Summary of Banzai International Conference Call (October 20, 2025) Company Overview - **Company**: Banzai International (NasdaqCM: BNZI) - **Industry**: Marketing Technology (MarTech) - **CEO**: Joe Davy Core Business Model - Banzai International positions itself as an AI SaaS platform for sales and marketing, aiming to enhance marketers' efficiency and reduce stress [2][3] - The company focuses on solving multiple problems for customers by integrating various products, thereby keeping customers within its ecosystem [4][5] - The business model emphasizes both organic and inorganic growth through product acquisitions and cross-selling [5] Market Dynamics - The MarTech market is experiencing rapid growth, with a projected CAGR of 18.5%, expected to reach $1.7 trillion within the decade [7] - Companies are increasingly adopting digital transformation, utilizing automation and AI to streamline marketing efforts [6] Financial Performance - Banzai reported Q2 revenue of approximately $3.3 million, reflecting a 205% year-over-year increase [9] - Gross margin improved significantly by nearly 1,400 basis points to 83% [9] - Adjusted EBITDA showed a loss of $1.5 million, remaining flat despite tripling revenue, indicating potential for simultaneous revenue and EBITDA growth [10] Customer Base and Market Focus - The company has expanded its customer base to over 140,000 across 90 countries, with a significant portion of revenue derived from the Banking, Financial Services, and Insurance (BFSI) sectors [11][12] - Banzai aims to deepen customer relationships by encouraging the use of multiple products within its platform [11] Strategic Priorities - Key strategic focuses include strengthening the balance sheet, enhancing leadership, and pursuing M&A opportunities [12][13] - The company is actively working on eliminating long-term debt and increasing shareholders' equity [12] Product Offerings - Banzai has nine core products, including AI-powered webinars, video marketing, and a newsletter platform called Curate, which automates content creation and subscriber engagement [14][18] - The company aims to continuously innovate and acquire products that align with customer needs [15][20] Competitive Landscape - The MarTech space is highly competitive, with approximately 14,000 companies, presenting both challenges and opportunities for M&A [28] - Banzai seeks to replicate the success of established players like HubSpot and Klaviyo by integrating complementary products into its platform [29] Customer Engagement and Retention - The company boasts over 100% net dollar retention in its enterprise segment, highlighting strong customer loyalty and expansion potential [31] Conclusion - Banzai International is positioned for significant growth in the MarTech industry, leveraging AI and a robust product ecosystem to meet evolving customer needs while maintaining strong financial health and strategic focus on M&A opportunities [23][24]

Core Points - Ciscom Corp. is addressing delays in mailing meeting materials to shareholders due to the Canada Post strike, impacting the upcoming annual general meeting scheduled for November 6, 2025 [1][2] - The company has filed all required meeting materials on SEDAR+ and made them available on its website, ensuring shareholders can still vote [2][3] - Changes in management include the resignation of director Eric Klein, who will not stand for re-election, affecting the board size proposal [7][8] Company Overview - Ciscom Corp. specializes in investing, acquiring, and managing companies in the Information and Communication Technology (ICT) sector, focusing on AdTech, MarTech, and DataTech/Analytics [1][10] - The company targets small and medium enterprises (SMEs) with proven profitability, enhancing shareholder value through strategic acquisitions [10] - Ciscom became an issuer on the Canadian Securities Exchange in June 2023 and on the OTCQB in October 2023, with two subsidiaries: Market Focus Direct and Prospect Media Group [10]

Business Updates - Prospect Media Group ("Prospect") is enhancing client solutions through proprietary data and analytic tools such as Shopography and Mixography, aiming to maximize results and deliver the best ROI for clients [2] - Prospect has added 7 new clients by the end of August 2025, focusing on revenue growth and accelerating AI tools as part of its digital and analytic growth mandates [3] Corporate Developments - The Company is working to strengthen its Board of Directors by identifying strategic areas for additional expertise, particularly in growing Prospect and fueling Ciscom's acquisition strategy [4] - The Board has decided to vacate the Chair seat held by Paul Gaynor, who will remain an independent director and a member of the audit committee [4] Company Overview - Ciscom Corp. actively invests in, acquires, and manages companies in the Information and Communication Technology (ICT) sector, specializing in AdTech and MarTech, targeting SMEs with proven profitability [5] - The Company aims to enhance shareholder value through strategic ICT acquisitions and is recognized as an emergent force in the data-driven and technology market [5] - Ciscom became an issuer on the CSE in June 2023 and on the OTCQB in October 2023, with two subsidiaries: Market Focus Direct and Prospect Media Group [5]

Core Insights - Fluent, Inc. has appointed Virginia Marsh as Head of Data & Agencies to enhance its data monetization strategies and expand its data intelligence infrastructure through a partnership with Databricks [1][4] - The initiative marks the launch of Fluent's dedicated data solutions arm, focusing on privacy-first data collaboration, real-time audience modeling, and scalable activation for agencies, platforms, and brands [2][3] Group 1: Strategic Developments - The partnership with Databricks aims to future-proof Fluent's audience strategy by developing data products that prioritize privacy, performance, and long-term growth [3] - The integration utilizes the Databricks Data Intelligence Platform and Delta Sharing protocol, enabling secure and compliant sharing of audience insights while maintaining control and measurement precision [3] Group 2: Leadership and Vision - Virginia Marsh brings over a decade of experience in retail, CPG, AdTech, and MarTech, leading Fluent's external data strategy to create privacy-safe, outcome-driven data products [4][5] - Marsh emphasizes the need for identity-resolved, real-time data that facilitates strategic collaboration, segmentation, and monetization beyond Fluent's immediate operations [5] Group 3: Technological Advancements - The Delta Sharing technology allows seamless collaboration and data sharing across organizational boundaries, enriching and activating high-intent audience segments across media platforms [8] - Fluent aims to automate insights and measurement through AI-powered modeling while monetizing owned data assets in a compliant and privacy-forward manner [8]

Core Viewpoint - Ciscom Corp. reported consistent Q2 2025 earnings despite facing significant market challenges, including a labor dispute and economic uncertainties, which impacted revenue and necessitated cost restructuring [1][2][8] Financial Performance - For the six months ended June 30, 2025, Ciscom achieved sales of $10.853 million, a decrease of $6.420 million or 37.2% compared to $17.273 million in the same period of 2024 [3] - Gross profit for the same period was $2.686 million, down $0.484 million or 15.3% from $3.170 million in 2024 [3] - The company reported a net loss of $0.592 million for the first half of 2025, compared to a net loss of $0.186 million in 2024, primarily due to one-time non-recurring charges totaling $0.657 million in 2025 [6] Cost Management - Ciscom reduced its cash-based operating expenses from $2.389 million in the first half of 2024 to $1.885 million in 2025, representing a cost reduction of $0.504 million or 21.1% year-over-year [4] - The company achieved a cash-based operating profit (EBITDA) of $0.809 million for the six-month period ended June 30, 2025, an improvement of $0.028 million compared to $0.781 million in the same period of 2024 [5] Operational Challenges - The Canada Post Corporation labor dispute disrupted business operations, leading to client campaign cancellations and a significant client filing for bankruptcy, which resulted in lost revenue and an impairment charge [2] - The company faced challenges from unprecedented US tariffs and an uncertain economic climate, affecting consumer spending and confidence [2][9] Strategic Outlook - Despite the challenges, Ciscom's management is actively signing new clients and is optimistic about revenue recovery [9] - The company continues to focus on optimizing advertising spend and enhancing shareholder value through strategic acquisitions in the ICT sector [13]

Core Insights - Zeta Global Holdings Corporation utilizes its AI-powered proprietary marketing platform (ZMP) to achieve significant results for clients, demonstrating a competitive edge in the MarTech industry [1] - The company has shown consistent revenue growth, margin expansion, and an increase in revenue per user (RPU), achieving 15 consecutive quarters of revenue beats [1] - Zeta Global's stock is currently trading at a significant discount to its intrinsic value based on discounted cash flow (DCF) and projected cash flows, indicating a potential investment opportunity for those with moderate risk tolerance [1] Company Overview - Founded in 2007 by David A. Steinberg and John Sculley, Zeta is an AI-powered marketing company based in New York City [2] - The company remained private until its IPO in June 2021, raising capital through multiple funding rounds, including $125 million from Blackstone's GSO Capital Partners in 2015 and $222.5 million in debt financing in March 2021 [2] - Zeta's marketing platform (ZMP) is designed to help companies and agencies grow and retain clients [2]