Ziff Davis warns Q2 below estimates; exchanges $401M notes for new 2028 notes

ZIFF DAVIS, INC.

Preliminary Q2 2024 results expected below Wall Street consensus; final results in early August.
Exchanged ~$401M of 1.75% convertible notes due 2026 for ~$263M of new 3.625% notes due 2028 plus $135M cash.
After exchange, notes outstanding: ~$149M existing, ~$263M new notes; settlement expected July 16, 2024.
New notes have conversion rate of 10 shares per $1,000 principal (initial conversion price $100/share).
Company will not receive cash proceeds; transaction extends maturity from 2026 to 2028.

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