ZDMEDIUM SIGNALFINANCIAL10-K

ZD delivered substantially higher operating income while net income declined, alongside a notable reduction in share count and shifts in revenue mix including new customer acquisition platform revenues.

The disconnect between substantially improved operating performance and declining net income suggests increased non-operating expenses or tax impacts that warrant closer examination. The company's ongoing acquisition activity (nearly 100 deals since 2012) and business portfolio changes, including transitioning from Offers.com to VoucherCodes operations, indicate active portfolio management that could drive future growth.

Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

ZD's operating performance improved substantially during the period, demonstrating stronger core business fundamentals, while net income declined by approximately 25% due to factors below the operating line. The company maintained a solid cash position with a modest increase to $607 million, though current liabilities also grew proportionally. The 12% reduction in outstanding shares to 37.6 million suggests ongoing capital return activities, which should benefit per-share metrics going forward.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+61.1%
$113.6M→$183.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
-24.9%
$63.0M→$47.4M

Net income declined 24.9% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
+20%
$505.9M→$607.0M

Cash grew 20% — improving liquidity position supports investment and shareholder returns.

Current Liabilities
Balance Sheet
+19.5%
$899.6M→$1.1B

Current liabilities rose 19.5% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
Shares of common stock held by executive officers, directors and holders known by the registrant to beneficially own more than 10% of the outstanding common stock have been excluded.
As of February 18, 2026 , the registrant had 37,654,436 shares of common stock outstanding.
From 2012 through 2025, we have deployed approximately $3.3 billion on nearly 100 acquisitions across the globe in a variety of verticals (exclusive of any acquisitions that were part of businesses we have since divested).
Other - Other revenues primarily include those from the sale of hardware used in conjunction with software, online course revenues, game publishing revenues, and revenues from a customer acquisition platform for subscription services companies.
Our technology publishing sites are also recognized as trusted global sources of stories for more than a dozen platforms, including Instagram, X, and Facebook.
VoucherCodes is one of the UK s most trusted voucher websites, helping millions of consumers shop with the brands they love, for less.
Every week our customers receive our newsletter, packed with some of the very best offers and deals from the UK s favorite retailers, restaurants and attractions.
Offers.com is a coupon and deals website featuring offers from some of the most popular stores and brands on the internet.
Across its 15 digital properties, it reaches more than 440 million monthly users in over 110 countries and engages with 96 million fans on social media.
Since its inception in 2010, Humble Bundle has raised over $275 million for over 40,000 charities worldwide.
REMOVED
Shares of common stock held by executive officers, directors and holders of more than 5% of the outstanding common stock have been excluded.
As of February 21, 2025 , the registrant had 42,845,041 shares of common stock outstanding.
From 2012 through 2024, we have deployed approximately $3.3 billion on more than 90 acquisitions across the globe in a variety of verticals (exclusive of any acquisitions that were part of businesses we have since divested).
Other - Other revenues primarily include those from the sale of hardware used in conjunction with software, online course revenue, and game publishing revenue.
Our technology publishing sites are also recognized as trusted global sources of stories for more than a dozen platforms, including Instagram, X (formerly known as Twitter), and Facebook.
Offers.com is a coupon and deals website featuring offers from more than 25,000 of the internet s most popular stores and brands.
Across its 16 digital properties, it reaches more than 440 million monthly users in over 100 countries and engages with 85 million fans on social media.
recognized Humble Bundle in three categories: Small and Mighty (10 49 Employees), Established Excellence (5 14 years in business), and e-commerce.
Humble Bundle received two accolades from The Anthem Awards: a Bronze Award in the Business Leader category and the Community Voice Award and has been recognized with three Silver awards at 2024 The Anthem Awards for its work supporting disaster and crisis relief.
In 2024, PRIME received the prestigious William Campbell Felch Award for Outstanding Research in Continuing Education from the Alliance for Continuing Education in the Health Professions.
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