Flashfood and Kroger Announce Pilot to Expand Affordable Grocery Access in Richmond
Through the partnership, Richmond-area customers can purchase fresh groceries in surplus or nearing their best-by date—including meat, dairy, produce, and baked goods—at big discounts through the Flashfood app. Items are then picked up from designated Flashfood zones inside participating Kroger stores.
'Kroger's leadership in operational excellence makes them an incredible partner to demonstrate what Flashfood can deliver when executed at scale,' said Jordan Schenck, CEO of Flashfood. 'We're thrilled to be kicking off this partnership and to support Kroger's impactful Zero Hunger, Zero Waste program. Together, we're not only expanding access to fresh, affordable groceries in Richmond – we're also demonstrating how innovation can leverage surplus and end-of-life food to serve communities, support retailers and keep good food out of landfills.'
In its recently published 2024 Impact Report Flashfood demonstrates the role food waste plays in today's affordability, health and nutrition crisis. In a 2025 shopper survey, 70% of Flashfood shoppers reported a healthier diet since using Flashfood, and 65% report eating more fruits and vegetables. This is a powerful health outcome, and the partnership with Kroger is an important step to achieving the availability required. It's a tech-driven, scalable solution that drives value on both sides of the marketplace.
'At Kroger, we're always looking for innovative ways to serve our communities, reduce our environmental impact and move closer to our Zero Hunger Zero Waste goals,' said Mid-Atlantic Division President Kate Mora. 'Our partnership with Flashfood helps us achieve all three. This app is another resource for customers who are looking for affordable options to feed their families while also keeping perfectly good food out of landfills. It's a win for our community and the planet.'
With this expansion, Flashfood is now available in more than 2,000 stores across North America. To date, the program has diverted over 140 million pounds of food from landfills and saved shoppers more than $355 million on groceries.
For more information, including a list of participating Kroger locations and to download the app, visit www.flashfood.com.
About Flashfood
Flashfood is on a mission to feed families, not landfills. The app marketplace connects shoppers with fresh produce, meat and other groceries at up to 50% off. By partnering with retailers across North America, Flashfood offers shoppers nutritious staples at affordable prices, and reduces the amount of food going to landfills. To date, Flashfood has rerouted more than 140 million pounds of food from landfills while saving its shoppers more than $355 million on their groceries. Flashfood is a B-Corp certified company currently partnered with more than 2,300 stores across North America. For more information, please visit www.flashfood.com.
About Kroger's Mid-Atlantic Division:
The Mid-Atlantic Division operates more than 100 stores in Virginia, West Virginia, Kentucky, Tennessee and Ohio. Based in Richmond, Virginia, the Mid-Atlantic Division employs about 18,000 associates. Kroger is dedicated to eliminating hunger in the communities it serves through partnerships with nine Feeding America food banks and numerous local organizations. The grocers Zero Hunger | Zero Waste efforts are aimed at ending hunger in Kroger communities and eliminating waste in stores by 2025. Kroger also supports breast cancer research, the military and their families and more than 4,000 nonprofit organizations. Last year, Kroger Mid-Atlantic donated 16.5 million meals to charity and 3,606,296 pounds of food to food bank partners.
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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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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. 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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. 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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
