$THRY

DEX MEDIA, INC.

CIK:0001556739|SEC Filings

Consolidated Statements of Operations and Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 150,728	$ 210,470	$ 318,412	$ 391,841
Cost of services	56,168	63,850	114,596	125,933
Gross profit	94,560	146,620	203,816	265,908
Operating expenses:
Sales and marketing	47,038	56,063	94,986	115,905
Research and development	7,509	8,661	18,940	18,870
General and administrative	41,156	52,356	86,975	104,627
Total operating expenses	95,703	117,080	200,901	239,402
Operating (loss) income	(1,143)	29,540	2,915	26,506
Other income (expense):
Interest expense	(7,518)	(8,952)	(14,125)	(18,025)
Net periodic pension cost	(357)	(778)	(702)	(1,546)
Other (expense) income	(446)	2,557	987	2,949
(Loss) income before income tax expense	(9,464)	22,367	(10,925)	9,884
Income tax expense	(7,196)	(8,436)	(1,193)	(5,571)
Net (loss) income	(16,660)	13,931	(12,118)	4,313
Other comprehensive loss:
Foreign currency translation adjustment, net of tax	(114)	(72)	(509)	(259)
Comprehensive (loss) income	$ (16,774)	$ 13,859	$ (12,627)	$ 4,054
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.38)	$ 0.32	$ (0.27)	$ 0.10
Diluted (in dollars per share)	$ (0.38)	$ 0.31	$ (0.27)	$ 0.10
Weighted-average shares used in computing basic and diluted Net (loss) income per common share:
Basic (in shares)	44,358,330	43,744,144	44,283,478	43,579,171
Diluted (in shares)	44,358,330	44,303,331	44,283,478	44,586,162
Nonrelated Party
Other income (expense):
Interest expense	$ (5,035)	$ (5,981)	$ (9,176)	$ (12,048)
Related Party
Other income (expense):
Interest expense	$ (2,483)	$ (2,971)	$ (4,949)	$ (5,977)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net (loss) income	$ (12,118)	$ 4,313
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	20,060	21,707
Amortization of deferred commissions	3,046	6,944
Amortization of debt issuance costs	1,465	1,648
Deferred income taxes	(4,116)	2,310
Provision for credit losses and service credits	6,734	9,020
Stock-based compensation expense	7,537	13,745
Net periodic pension cost	702	1,546
Gain on foreign currency exchange rates	(962)	(2,787)
Other	2	38
Changes in working capital items:
Accounts receivable	24,677	15,392
Prepaid expenses, deferred costs, and other assets	(389)	(16,493)
Accounts payable and accrued liabilities	(33,831)	(20,515)
Contract liabilities	(4,443)	(13,748)
Other liabilities	18,990	(4,045)
Net cash provided by operating activities	27,354	19,075
Cash Flows from Investing Activities
Additions to fixed assets and capitalized software	(16,121)	(14,855)
Other	0	(143)
Net cash used in investing activities	(16,121)	(14,998)
Cash Flows from Financing Activities
Principal payments on finance lease obligation	(436)	0
Other	(1,486)	165
Net cash used in financing activities	(12,984)	(10,060)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	61	592
Decrease in cash, cash equivalents and restricted cash	(1,690)	(5,391)
Cash, cash equivalents and restricted cash, beginning of period	10,869	17,760
Cash, cash equivalents and restricted cash, end of period	9,179	12,369
Supplemental Information
Cash paid for interest	13,438	16,480
Cash (received) paid for income taxes, net	(3,969)	3,373
Term Loan \| Nonrelated Party
Cash Flows from Financing Activities
Payments of Term Loan	0	(15,750)
Term Loan \| Related Party
Cash Flows from Financing Activities
Payments of Term Loan	0	(10,500)
ABL Facility \| Revolving Credit Facility
Cash Flows from Financing Activities
Proceeds from ABL Facility	154,389	206,317
Payments of ABL Facility	$ (165,451)	$ (190,292)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 9,136	$ 10,752
Accounts receivable, net of allowance of $13,144 in 2026 and $13,830 in 2025	127,756	136,394
Contract assets, net of allowance of $2 in 2026 and $2 in 2025	622	411
Taxes receivable	1,172	8,134
Deferred costs	8,243	11,548
Prepaid expenses and other current assets	11,041	11,618
Total current assets	157,970	178,857
Fixed assets and capitalized software, net	49,242	50,885
Goodwill	253,809	253,809
Intangible assets, net	22,979	25,929
Deferred tax assets	137,604	133,221
Other assets	32,528	45,886
Total assets	654,132	688,587
Current liabilities
Accounts payable	5,509	9,764
Accrued liabilities	88,753	91,246
Current portion of unrecognized tax benefits	1,847	28,303
Contract liabilities	24,820	28,875
Other current liabilities	2,518	3,905
Total current liabilities	158,447	179,593
ABL Facility	14,057	25,120
Pension obligations, net	41,425	44,171
Other liabilities	33,967	10,697
Total long-term liabilities	284,123	290,855
Commitments and contingencies (see Note 13)
Stockholders' equity
Common stock - $0.01 par value, 250,000,000 shares authorized; 72,970,119 shares issued and 44,417,798 shares outstanding at June 30, 2026; and 72,002,129 shares issued and 43,815,268 shares outstanding at December 31, 2025	730	720
Additional paid-in capital	1,310,845	1,303,144
Treasury stock - 28,552,321 shares at June 30, 2026 and 28,186,861 shares at December 31, 2025	(499,764)	(498,103)
Accumulated other comprehensive loss	(16,020)	(15,511)
Accumulated deficit	(584,229)	(572,111)
Total stockholders' equity	211,562	218,139
Total liabilities and stockholders' equity	654,132	688,587
Nonrelated Party
Current liabilities
Current portion of Term Loan	21,000	10,500
Term Loan, net	115,886	125,419
Related Party
Current liabilities
Current portion of Term Loan	14,000	7,000
Term Loan, net	$ 78,788	$ 85,448