ZD ZIFF DAVIS, INC.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $35M, Q3 2025: $96M, Q2 2025: $84M, Q1 2025: $4M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $35M vs trailing avg $61M (-43%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-531M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 7,786,322 shares = 20.3% of 38,376,859 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by FAY SARAH ANN

• FAY SARAH ANN () bought 1,354 shares at $36.89 on 2025-09-15

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters but insufficient insider buying

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected