This Is What Toyota's Answer to the Ford Maverick Might Look Like
The new model will most likely be based on either the RAV4's TNGA-K platform or the smaller Corolla-based TNGA-C, meaning this ute is more crossover than crawler. The size is expected to be slightly shorter than a RAV4, and powertrains will likely be hybrid-first, including a plug-in hybrid variant capable of over 60 miles (100 km) of EV-only range.Not only would this make it Toyota's most efficient pickup ever, but it comes at a time when the company is doubling down on reliability and sheer road presence. Toyota claims over 150 million of its cars are still on the road today - a handy fact when you're trying to win over budget-conscious buyers who don't want to own a disposable trucklet.
Although Toyota still holds the overall U.S. sales crown, it's now under pressure from all angles. According to recent Q2 data, Ford is catching up fast. Ford's year-over-year gains are outpacing Toyota's, and with the Maverick continuing to be a runaway success, it's no wonder Toyota sees the need to respond. A hybrid ute that undercuts the Tacoma and gives buyers something between a crossover and a proper truck would fill a glaring gap in their lineup.
It's not just the U.S. market Toyota is eyeing. There's also growing speculation - including recent comments from Chairman Akio Toyoda himself - that American-made Toyotas may soon be sold in Japan. This follows new trade agreements that make it easier to import U.S.-built vehicles to Japan by removing complex certification barriers. If Toyota does choose to build this pickup in North America, it could be among the first models to benefit.
While Toyota hasn't confirmed specifics yet, early reports suggest the new ute will be based on either the RAV4's TNGA-K platform or the smaller Corolla-based TNGA-C. That means a car-like ride, excellent hybrid integration, and a front-wheel-drive layout with optional all-wheel drive. Powertrains are expected to include both a regular hybrid and a plug-in hybrid, with the latter capable of over 60 miles of electric-only driving. That figure would place it at the top of its class in terms of efficiency. If Toyota's internal timelines are accurate, the truck could launch in North America in late 2026 or early 2027, with other markets to follow. Expect it to slot below the Tacoma in price and size, aimed squarely at buyers who want the rugged look of a pickup without the fuel bills or size penalties.
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Expand ZIFF DAVIS GUIDANCE The Company reaffirms its guidance for fiscal year 2025 as follows (in millions, except per share data): ____________________ (1) It is anticipated that the Adjusted effective tax rate for 2025 will be between 23.25% and 25.25%. Expand A reconciliation of forward-looking Adjusted EBITDA and Adjusted diluted EPS to the corresponding GAAP financial measures is not available without unreasonable effort due primarily to variability and difficulty in making accurate forecasts and projections of certain non-operating items such as (Gain) loss on investments, net, Other (income) loss, net, and other unanticipated items that may arise in the future. EARNINGS CONFERENCE CALL AND AUDIO WEBCAST Ziff Davis will host a live audio webcast and conference call discussing its second quarter 2025 financial results on Thursday, August 7, 2025, at 8:30AM ET. The live webcast and call will be accessible by phone by dialing (844) 985-2014 or via Following the event, the audio recording and presentation materials will be archived and made available at ABOUT ZIFF DAVIS Ziff Davis, Inc. (NASDAQ: ZD) is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, health and wellness, connectivity, cybersecurity, and martech. For more information, visit 'Safe Harbor' Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including those contained in Vivek Shah's quote, and the 'Ziff Davis Guidance' section regarding the Company's expected fiscal 2025 financial performance. 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These factors and uncertainties include, among other items: the Company's ability to grow advertising, licensing, and subscription revenues, profitability, and cash flows, particularly in light of an uncertain U.S. or worldwide economy, including the possibility of economic downturn or recession; the Company's ability to make interest and debt payments; the Company's ability to identify, close, and successfully transition acquisitions; customer growth and retention; the Company's ability to create compelling content; our reliance on third-party platforms; the threat of content piracy and developments related to artificial intelligence; increased competition and rapid technological changes; variability of the Company's revenue based on changing conditions in particular industries and the economy generally; protection of the Company's proprietary technology or infringement by the Company of intellectual property of others; the risk of losing critical third-party vendors or key personnel; the risks associated with fraudulent activity, system failure, or a security breach; risks related to our ability to adhere to our internal controls and procedures; the risk of adverse changes in the U.S. or international regulatory environments, including but not limited to the imposition or increase of taxes or regulatory-related fees; the risks related to supply chain disruptions, increased tariffs and trade protection measures, inflationary conditions, and rising interest rates; the risk of liability for legal and other claims; and the numerous other factors set forth in Ziff Davis' filings with the Securities and Exchange Commission ('SEC'). For a more detailed description of the risk factors and uncertainties affecting Ziff Davis, refer to our most recent Annual Report on Form 10-K and the other reports filed by Ziff Davis from time-to-time with the SEC, each of which is available at The forward-looking statements provided in this press release, including those contained in Vivek Shah's quote and in the 'Ziff Davis Guidance' portion regarding the Company's expected fiscal 2025 financial performance are based on limited information available to the Company at this time, which is subject to change. Although management's expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements. Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Total revenues $ 352,209 $ 320,800 $ 680,845 $ 635,285 Operating costs and expenses: Direct costs 48,974 50,024 96,182 95,911 Sales and marketing 141,598 124,766 269,278 241,766 Research, development, and engineering 16,478 16,795 32,354 34,569 General, administrative, and other related costs 54,070 48,505 100,980 98,015 Depreciation and amortization 57,606 52,141 113,438 100,594 Total operating costs and expenses 318,726 292,231 612,232 570,855 Income from operations 33,483 28,569 68,613 64,430 Interest expense, net (6,523 ) (1,804 ) (12,654 ) (3,573 ) Loss on sale of businesses — — — (3,780 ) Gain (loss) on investments, net 4,340 3,051 4,340 (7,654 ) Other (loss) income, net (5,786 ) 5,267 (8,589 ) 5,163 Income before income tax expense and income from equity method investment 25,514 35,083 51,710 54,586 Income tax expense (4,286 ) (6,990 ) (12,873 ) (15,221 ) Income from equity method investment, net of tax 5,115 8,817 11,745 8,172 Net income $ 26,343 $ 36,910 $ 50,582 $ 47,537 Net income per common share: Basic $ 0.63 $ 0.81 $ 1.20 $ 1.04 Diluted $ 0.62 $ 0.77 $ 1.19 $ 1.02 Weighted average shares outstanding: Basic 41,732,800 45,492,809 42,143,165 45,676,726 Expand ZIFF DAVIS, INC. 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The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision making and as means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results or, in certain cases, may be non-cash in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, (2) certain measures are used to determine the amount of annual incentive compensation paid to our named executive officers, and (3) they are used by the analyst community to help them analyze the health of our business. These non-GAAP financial measures are not measures presented in accordance with GAAP, and our use of these terms may vary from that of other companies, limiting their usefulness for comparison purposes. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations determined in accordance with GAAP. Non-GAAP financial measures exclude the certain items listed below. We believe that excluding these items from the non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which exclude similar items. We believe that non-GAAP financial measures provide meaningful supplemental information regarding operational performance. We further believe these measures are useful to investors in that they allow for greater transparency of certain line items in the Company's financial statements. Adjusted EBITDA is defined as Net income (loss) with adjustments to reflect the addition or elimination of certain items including, but not limited to: Interest expense, net. Interest expense is generated primarily from interest due on outstanding debt, partially offset by interest income generated from the interest earned on cash, cash equivalents, and investments; (Gain) loss on debt extinguishment, net. This is a non-cash expense that relates to extinguishments of long-term debt obligations. We believe this (gain) loss does not represent recurring core business operating results of the Company; (Gain) loss on sale of businesses. This gain or loss relates to the sales of businesses and does not represent recurring core business operating results of the Company; (Gain) loss on investments, net. This item includes realized gains and losses, unrealized gains and losses, and impairment charges on debt and equity investments. The amount of gain or loss depends on the share price for investments with readily determinable fair value and on observable price changes for investments without a readily determinable fair value, and does not represent core business operating results of the Company; Other (income) loss, net. This income or expense relates to other non-operating items and does not represent recurring core business operating results of the Company; Income tax (benefit) expense. This benefit or expense depends on the pre-tax loss or income of the Company, statutory tax rates, tax regulations, and different tax rates in various jurisdictions in which the Company operates and which the Company does not have the control over; (Income) loss from equity method investment, net of tax. This is a non-cash income or expense as it relates primarily to our investment in OCV Fund I, LP (the 'OCV Fund'). We believe that gain or loss resulting from our equity method investment does not represent core business operating results of the Company; Depreciation and amortization. This is a non-cash expense at it relates to use and associated reduction in value of certain assets including equipment, fixtures, and certain capitalized internal-use software and website development costs, and identifiable definite-lived intangible assets of the acquired businesses; Share-based compensation. This is a non-cash expense as it relates to awards granted under the various share-based incentive plans of the Company. We view the economic cost of share-based awards to be the dilution to our share base; Acquisition, integration, and other costs. This includes adjustments to contingent consideration, lease terminations, retention bonuses, other acquisition-specific items, and other costs, such as severance, third-party debt modification costs, litigation costs from discrete, complex, or unusual proceedings, and legal settlements. These expenses do not represent core business operating results of the Company; Disposal related costs. These are expenses associated with the disposal of certain businesses that do not represent core business operating results of the Company; Lease asset impairments and other charges. These expenses are incurred in connection with impaired right-of-use ('ROU') assets of the Company. Associated expenses are comprised of insurance, utility, and other charges related to assets that are no longer in use, and partially offset by the sublease income earned. These expenses do not represent core business operating results of the Company; and Goodwill impairment. This is a non-cash expense that is recorded when the carrying value of the reporting unit exceeds its fair value and does not represent core business operating results of the Company. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Total Revenues. Adjusted net income (loss) is defined as Net income (loss) with adjustments to reflect the addition or elimination of certain statement of operations items including, but not limited to: Interest, net. This reflects the difference between the imputed and coupon interest expense associated with the 4.625% Senior Notes and a charge that the Company determined to be penalty interest associated with the 1.75% Convertible Notes, offset in part by a certain interest income earned by the Company. These net expenses do not represent core business operating results of the Company; (Gain) loss on debt extinguishment, net. This is a non-cash expense that relates to extinguishments of long-term debt obligations. We believe this gain or loss does not represent recurring core business operating results of the Company; (Gain) loss on sale of businesses. This gain or loss relates to the sales of businesses and does not represent recurring core business operating results of the Company; (Gain) loss on investments, net. This item includes realized gains and losses, unrealized gains and losses, and impairment charges on debt and equity investments. The amount of gain or loss depends on the share price for investments with readily determinable fair value and on observable price changes for investments without a readily determinable fair value, and does not represent core business operating results of the Company; (Income) loss from equity method investment, net of tax. This is a non-cash income or expense as it relates primarily to our investment in the OCV Fund. We believe that gains or losses resulting from our equity method investment do not represent core business operating results of the Company; Amortization. Includes the amortization of patents and intangible assets that we acquired. This is a non-cash expense as it primarily relates to identifiable definite-lived intangible assets of the acquired businesses. We believe that acquired intangible assets represent cost incurred by the acquiree to build value prior to the acquisition and the amortization of this cost does not represent core business operating results of the Company; Share-based compensation. This is a non-cash expense as it relates to awards granted under the various share-based incentive plans of the Company. We view the economic cost of share-based awards to be the dilution to our share base; Acquisition, integration, and other costs. This includes adjustments to contingent consideration, lease terminations, retention bonuses, other acquisition-specific items, and other costs, such as severance, third-party debt modification costs, litigation costs from discrete, complex, or unusual proceedings, and legal settlements. These expenses do not represent core business operating results of the Company; Disposal related costs. These are expenses associated with the disposal of certain businesses that do not represent core business operating results of the Company; Lease asset impairments and other charges. These expenses are incurred in connection with impaired ROU assets of the Company. Associated expenses are comprised of insurance, utility, and other charges related to assets that are no longer in use, and partially offset by the sublease income earned. These expenses do not represent core business operating results of the Company; and Goodwill impairment. This is a non-cash expense that is recorded when the carrying value of the reporting unit exceeds its fair value and does not represent core business operating results of the Company. Adjusted net income (loss) per diluted share is calculated by dividing Adjusted net income (loss) by the diluted weighted average shares of common stock outstanding excluding the effect of convertible debt dilution. Free cash flow is defined as Net cash provided by operating activities, less purchases of property and equipment, plus changes in contingent consideration (if any). Adjusted effective tax rate is calculated based upon the GAAP effective tax rate with adjustments for the tax applicable to non-GAAP adjustments to Net income (loss), generally based upon the effective marginal tax rate of each adjustment. 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Prior period segment information is presented on a comparable basis to conform to our new segment presentation with no effect on previously reported consolidated results. (1) Corporate includes certain unallocated overhead costs that were historically presented within the Digital Media reportable segment. Expand The following tables set forth a reconciliation of Net income to Adjusted net income with adjustments presented on after-tax basis: Three months ended June 30, 2025 Per diluted share (1) 2024 Per diluted share (1) Net income $ 26,343 $ 0.62 $ 36,910 $ 0.77 Interest, net 61 — 17 — Gain on sale of businesses — — (3,668 ) (0.08 ) Gain on investments, net (4,340 ) (0.10 ) (2,591 ) (0.06 ) Income from equity method investment, net of tax (5,115 ) (0.12 ) (8,817 ) (0.19 ) Amortization 23,183 0.56 21,179 0.47 Share-based compensation 7,842 0.19 9,421 0.21 Acquisition, integration, and other costs 3,002 0.07 1,214 0.03 Disposal related costs — — 60 — Lease asset impairment and other charges 656 0.02 14 — Dilutive effect of the convertible debt — — — 0.03 Adjusted net income $ 51,632 $ 1.24 $ 53,739 $ 1.18 Expand Six months ended June 30, 2025 Per diluted share (1) 2024 Per diluted share (1) Net income $ 50,582 $ 1.19 $ 47,537 $ 1.02 Interest, net 122 — 12 — Loss on sale of business — — 112 — (Gain) loss on investments, net (4,340 ) (0.10 ) 7,077 0.15 Income from equity method investment, net (11,745 ) (0.28 ) (8,172 ) (0.18 ) Amortization 45,051 1.07 41,264 0.90 Share-based compensation 17,658 0.42 17,207 0.38 Acquisition, integration and other costs 2,560 0.06 6,085 0.13 Disposal related costs 1 — 432 0.01 Lease asset impairment and other charges 683 0.02 657 0.01 Dilutive effect of the convertible debt — — — 0.03 Adjusted net income $ 100,572 $ 2.38 $ 112,211 $ 2.45 Expand ____________________ (1) The reconciliation of Net income per diluted share to Adjusted net income per diluted share may not foot since each is calculated independently. Expand The following are the adjustments to certain statement of operations items used to derive Adjusted net income, which we believe provide useful information about our operating results and enhance the overall understanding of past financial performance and future prospects of the Company. Three months ended June 30, 2025 GAAP amount Adjustments Adjusted non-GAAP amount Interest, net (Gain) loss on sale of business (Gain) loss on investments, net (Income) loss from equity method investments, net Amortization Share-based compensation Acquisition, integration, and other costs Disposal related costs Lease asset impairments and other charges Direct costs $ (48,974 ) $ — $ — $ — $ — $ — $ 68 $ (6 ) $ — $ — $ (48,912 ) Sales and marketing $ (141,598 ) — — — — — 1,349 1,237 — — $ (139,012 ) Research, development, and engineering $ (16,478 ) — — — — — 937 303 — — $ (15,238 ) General, administrative, and other related costs $ (54,070 ) — — — — — 9,373 2,453 — 851 $ (41,393 ) Depreciation and amortization $ (57,606 ) — — — — 30,658 — — — — $ (26,948 ) Interest expense, net $ (6,523 ) 82 — — — — — — — — $ (6,441 ) Gain on investments, net $ 4,340 — — (4,340 ) — — — — — — $ — Other loss, net $ (5,786 ) — — — — — — — — — $ (5,786 ) Income tax expense (1) $ (4,286 ) (21 ) — — — (7,475 ) (3,885 ) (985 ) — (195 ) $ (16,847 ) Income from equity method investment, net of tax $ 5,115 — — — (5,115 ) — — — — — $ — Total non-GAAP adjustments $ 61 $ — $ (4,340 ) $ (5,115 ) $ 23,183 $ 7,842 $ 3,002 $ — $ 656 Expand ____________________ (1) Adjusted effective tax rate was approximately 24.6% for the three months ended June 30, 2025. The calculation is based on a ratio where the numerator is the adjusted income tax expense of $16,847 and the denominator is $68,479, which equals adjusted net income of $51,632 plus adjusted income tax expense. Expand Three months ended June 30, 2024 GAAP amount Adjustments Adjusted non-GAAP amount Interest, net (Gain) loss on sale of business (Gain) loss on investments, net (Income) loss from equity method investments, net Amortization Share-based compensation Acquisition, integration, and other costs Disposal related costs Lease asset impairments and other charges Direct costs $ (50,024 ) $ — $ — $ — $ — $ — $ 62 $ 101 $ — $ — $ (49,861 ) Sales and marketing $ (124,766 ) — — — — — 1,093 1,949 — — $ (121,724 ) Research, development, and engineering $ (16,795 ) — — — — — 1,071 1,271 — — $ (14,453 ) General, administrative, and other related costs $ (48,505 ) — — — — — 9,374 516 77 40 $ (38,498 ) Depreciation and amortization $ (52,141 ) — — — — 27,856 — — — — $ (24,285 ) Interest expense, net $ (1,804 ) 23 — — — — — — — — $ (1,781 ) Gain on investments, net $ 3,051 — — (3,051 ) — — — — — — $ — Other income, net $ 5,267 — (4,890 ) — — — — (537 ) — — $ (160 ) Income tax expense (1) $ (6,990 ) (6 ) 1,222 460 — (6,677 ) (2,179 ) (2,086 ) (17 ) (26 ) $ (16,299 ) Income from equity method investment, net of tax $ 8,817 — — — (8,817 ) — — — — — $ — Expand ____________________ (1) Adjusted effective tax rate was approximately 23.3% for the three months ended June 30, 2024. The calculation is based on a ratio where the numerator is the adjusted income tax expense of $16,299 and the denominator is $70,037, which equals adjusted net income of $53,739 plus adjusted income tax expense. Expand Six months ended June 30, 2025 GAAP amount Adjustments Adjusted non-GAAP amount Interest, net (Gain) loss on sale of business (Gain) loss on investments, net (Income) loss from equity method investments, net Amortization Share-based compensation Acquisition, integration, and other costs Disposal related costs Lease asset impairments and other charges Direct costs $ (96,182 ) $ — $ — $ — $ — $ — $ 131 $ 60 $ — $ — $ (95,991 ) Sales and marketing $ (269,278 ) — — — — — 2,335 2,219 — — $ (264,724 ) Research, development, and engineering $ (32,354 ) — — — — — 1,727 238 — — $ (30,389 ) General, administrative, and other related costs $ (100,980 ) — — — — — 17,286 913 1 871 $ (81,909 ) Depreciation and amortization $ (113,438 ) — — — — 59,449 — — — — $ (53,989 ) Interest expense, net $ (12,654 ) 163 — — — — — — — — $ (12,491 ) Gain on investments, net $ 4,340 — — (4,340 ) — — — — — — $ — Other loss, net $ (8,589 ) — — — — — — — — — $ (8,589 ) Income tax expense (1) $ (12,873 ) (41 ) — — — (14,398 ) (3,821 ) (870 ) — (188 ) $ (32,191 ) Income from equity method investment, net $ 11,745 — — — (11,745 ) — — — — — $ — Expand Six months ended June 30, 2024 GAAP amount Adjustments Adjusted non-GAAP amount Interest, net (Gain) loss on sale of business (Gain) loss on investments, net (Income) loss from equity method investments, net Amortization Share-based compensation Acquisition, integration, and other costs Disposal related costs Lease asset impairments and other charges Direct costs $ (95,911 ) $ — $ — $ — $ — $ — $ 123 $ 271 $ — $ — $ (95,517 ) Sales and marketing $ (241,766 ) — — — — — 1,851 2,490 — — $ (237,425 ) Research, development, and engineering $ (34,569 ) — — — — — 2,161 1,494 40 — $ (30,874 ) General, administrative, and other related costs $ (98,015 ) — — — — — 16,337 5,848 533 843 $ (74,454 ) Depreciation and amortization $ (100,594 ) — — — — 54,280 — — — — $ (46,314 ) Interest expense, net $ (3,573 ) 16 — — — — — — — — $ (3,557 ) Loss on sale of business $ (3,780 ) — 3,780 — — — — — — — $ — Loss on investments, net $ (7,654 ) — — 7,654 — — — — — — $ — Other income, net $ 5,163 — (4,890 ) — — — — (537 ) — — $ (264 ) Income tax expense (1) $ (15,221 ) (4 ) 1,222 (577 ) — (13,016 ) (3,265 ) (3,481 ) (141 ) (186 ) $ (34,669 ) Income from equity method investment, net $ 8,172 — — — (8,172 ) — — — — — $ — Total non-GAAP adjustments $ 12 $ 112 $ 7,077 $ (8,172 ) $ 41,264 $ 17,207 $ 6,085 $ 432 $ 657 Expand ____________________ (1) Adjusted effective tax rate was approximately 23.6% for the six months ended June 30, 2024. The calculation is based on a ratio where the numerator is the adjusted income tax expense of $34,669 and the denominator is $146,880, which equals adjusted net income of $112,211 plus adjusted income tax expense. Expand ZIFF DAVIS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS) The following tables set forth a reconciliation of Net cash provided by operating activities to Free cash flow: 2025 Q1 Q2 Q3 Q4 YTD Net cash provided by operating activities $ 20,613 $ 57,074 $ — $ — $ 77,687 Less: Purchases of property and equipment (25,619 ) (30,133 ) — — (55,752 ) Free cash flow $ (5,006 ) $ 26,941 $ — $ — $ 21,935 Expand Expand
