# EDGAR Filing Document

**Accession Number:** 0001866633
**File Stem:** 0001866633-25-000025
**Filing Date:** 2025-11
**Character Count:** 135645
**Document Hash:** 146b82f165287d32a92e34cd2b0b8886
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001866633-25-000025.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001866633-25-000025

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Consensus Cloud Solutions, Inc.
- **CENTRAL INDEX KEY:** 0001866633
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40750
- **FILM NUMBER:** 251455225

**BUSINESS ADDRESS:**
- **STREET 1:** 700 S. FLOWER STREET
- **STREET 2:** LEGAL DEPT - 15TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017
- **BUSINESS PHONE:** 3238609200

**MAIL ADDRESS:**
- **STREET 1:** 700 S. FLOWER STREET
- **STREET 2:** LEGAL DEPT - 15TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017

?xml version='1.0' encoding='ASCII'? ccs-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For transition period from&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;to**

**Commission File Number: 001-40750**

**Consensus Cloud Solutions, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **87-1139414** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification Number) |

---

**700 S. Flower Street, 15th Floor**

**Los Angeles, California 90017**

(Address of principal executive offices)

**(323) 860-9200**

(Registrant's telephone number, including area code)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| **Common Stock, $0.01 par value** | **CCSI** | **Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

As of October 31, 2025, there were approximately 19,005,775 shares of the registrant's common stock outstanding.

------

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Page** |
| <u>[Part I](#ia2c5aafd5a284097932cb49755cd6d0c_10)</u><u>.</u> | <u>[Financial Information](#ia2c5aafd5a284097932cb49755cd6d0c_10)</u> | <u>[Financial Information](#ia2c5aafd5a284097932cb49755cd6d0c_10)</u> | |
| | <u>[Item 1.](#ia2c5aafd5a284097932cb49755cd6d0c_13)</u> | <u>[Financial Statements](#ia2c5aafd5a284097932cb49755cd6d0c_13)</u> | |
| | | <u>[Condensed Consolidated Balance Sheets (unaudited)](#ia2c5aafd5a284097932cb49755cd6d0c_16)</u> | <u>[3](#ia2c5aafd5a284097932cb49755cd6d0c_16)</u> |
| | | <u>[Condensed Consolidated Statements of Income (unaudited)](#ia2c5aafd5a284097932cb49755cd6d0c_19)</u> | <u>[4](#ia2c5aafd5a284097932cb49755cd6d0c_19)</u> |
| | | <u>[Condensed Consolidated Statements of Comprehensive Income (unaudited)](#ia2c5aafd5a284097932cb49755cd6d0c_22)</u> | <u>[5](#ia2c5aafd5a284097932cb49755cd6d0c_22)</u> |
| | | <u>[Condensed Consolidated Statements of Cash Flows (unaudited)](#ia2c5aafd5a284097932cb49755cd6d0c_25)</u> | <u>[6](#ia2c5aafd5a284097932cb49755cd6d0c_25)</u> |
| | | <u>[Condensed Consolidated Statements of Stockholders' Deficit (unaudited)](#ia2c5aafd5a284097932cb49755cd6d0c_31)</u> | <u>[8](#ia2c5aafd5a284097932cb49755cd6d0c_31)</u> |
| | | <u>[Notes to Condensed Consolidated Financial Statements (unaudited)](#ia2c5aafd5a284097932cb49755cd6d0c_34)</u> | <u>[9](#ia2c5aafd5a284097932cb49755cd6d0c_34)</u> |
| | <u>[Item 2.](#ia2c5aafd5a284097932cb49755cd6d0c_82)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ia2c5aafd5a284097932cb49755cd6d0c_82)</u> | <u>[24](#ia2c5aafd5a284097932cb49755cd6d0c_82)</u> |
| | <u>[Item 3.](#ia2c5aafd5a284097932cb49755cd6d0c_109)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#ia2c5aafd5a284097932cb49755cd6d0c_109)</u> | <u>[32](#ia2c5aafd5a284097932cb49755cd6d0c_109)</u> |
| | <u>[Item 4.](#ia2c5aafd5a284097932cb49755cd6d0c_112)</u> | <u>[Controls and Procedures](#ia2c5aafd5a284097932cb49755cd6d0c_112)</u> | <u>[33](#ia2c5aafd5a284097932cb49755cd6d0c_112)</u> |
| <u>[Part II.](#ia2c5aafd5a284097932cb49755cd6d0c_115)</u> | <u>[Other Information](#ia2c5aafd5a284097932cb49755cd6d0c_115)</u> | <u>[Other Information](#ia2c5aafd5a284097932cb49755cd6d0c_115)</u> | |
| | <u>[Item 1.](#ia2c5aafd5a284097932cb49755cd6d0c_118)</u> | <u>[Legal Proceedings](#ia2c5aafd5a284097932cb49755cd6d0c_118)</u> | <u>[33](#ia2c5aafd5a284097932cb49755cd6d0c_118)</u> |
| | <u>[Item 1A.](#ia2c5aafd5a284097932cb49755cd6d0c_121)</u> | <u>[Risk Factors](#ia2c5aafd5a284097932cb49755cd6d0c_121)</u> | <u>[33](#ia2c5aafd5a284097932cb49755cd6d0c_121)</u> |
| | <u>[Item 2.](#ia2c5aafd5a284097932cb49755cd6d0c_124)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#ia2c5aafd5a284097932cb49755cd6d0c_124)</u> | <u>[33](#ia2c5aafd5a284097932cb49755cd6d0c_124)</u> |
| | <u>[Item 3.](#ia2c5aafd5a284097932cb49755cd6d0c_127)</u> | <u>[Defaults Upon Senior Securities](#ia2c5aafd5a284097932cb49755cd6d0c_127)</u> | <u>[34](#ia2c5aafd5a284097932cb49755cd6d0c_127)</u> |
| | <u>[Item 4.](#ia2c5aafd5a284097932cb49755cd6d0c_130)</u> | <u>[Mine Safety Disclosures](#ia2c5aafd5a284097932cb49755cd6d0c_130)</u> | <u>[34](#ia2c5aafd5a284097932cb49755cd6d0c_130)</u> |
| | <u>[Item 5.](#ia2c5aafd5a284097932cb49755cd6d0c_133)</u> | <u>[Other Information](#ia2c5aafd5a284097932cb49755cd6d0c_133)</u> | <u>[34](#ia2c5aafd5a284097932cb49755cd6d0c_133)</u> |
| | <u>[Item 6.](#ia2c5aafd5a284097932cb49755cd6d0c_136)</u> | <u>[Exhibits](#ia2c5aafd5a284097932cb49755cd6d0c_136)</u> | <u>[35](#ia2c5aafd5a284097932cb49755cd6d0c_136)</u> |
| | | <u>[Signatures](#ia2c5aafd5a284097932cb49755cd6d0c_139)</u> | <u>[36](#ia2c5aafd5a284097932cb49755cd6d0c_139)</u> |

---

------

**Part I - Financial Information**

**Item 1. Financial Statements.**

**CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited, in thousands except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Cash and cash equivalents | $97649 | $33545 |
| Accounts receivable, net of allowances of $4,143 and $5,774, respectively | 24175 | 24921 |
| Prepaid expenses and other current assets | 6409 | 16059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 128233 | 74525 |
| Property and equipment, net | 112281 | 100076 |
| Operating lease right-of-use assets | 5678 | 6515 |
| Intangibles, net | 39389 | 41213 |
| Goodwill | 352729 | 345036 |
| Deferred income taxes | 25328 | 30521 |
| Other assets | 11336 | 4315 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | $674974 | $602201 |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Accounts payable and accrued expenses | $43878 | $36477 |
| Income taxes payable, current | 2577 | 1068 |
| Deferred revenue, current | 20669 | 20714 |
| Operating lease liabilities, current | 2570 | 2150 |
| Current portion of long-term debt |  | 18902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 69694 | 79311 |
| Long-term debt, net of current portion | 578573 | 574080 |
| Deferred revenue, noncurrent | 1652 | 1913 |
| Operating lease liabilities, noncurrent | 10365 | 12018 |
| Liability for uncertain tax positions | 14360 | 13218 |
| Deferred income taxes | 2756 | 891 |
| Other long-term liabilities | 207 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 677607 | 681664 |
| Commitments and contingencies (Note 8) |  |  |
| Common stock, $0.01 par value. Authorized 120,000,000; total issued is 20,740,844 and 20,609,725 shares and total outstanding is 18,986,123 and 19,524,000 shares as of September 30, 2025 and December 31, 2024, respectively | 207 | 206 |
| Treasury stock, at cost (1,754,721 and 1,085,725 shares as of September 30, 2025 and December 31, 2024, respectively) | (47476) | (32313) |
| Additional paid-in capital | 73359 | 59373 |
| Accumulated deficit | (19654) | (83678) |
| Accumulated other comprehensive loss | (9069) | (23051) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL STOCKHOLDERS' DEFICIT** | (2633) | (79463) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT** | $674974 | $602201 |

---

**See Notes to Condensed Consolidated Financial Statements**

------

**CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(Unaudited, in thousands except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $87767 | $87753 | $262626 | $263399 |
| Cost of revenues <sup>(1)</sup> | 17520 | 17658 | 53214 | 51828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 70247 | 70095 | 209412 | 211571 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing <sup>(1)</sup> | 13006 | 12500 | 38246 | 36776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research, development and engineering <sup>(1)</sup> | 1950 | 2034 | 5406 | 5582 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative <sup>(1)</sup> | 17361 | 17136 | 51284 | 53240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 32317 | 31670 | 94936 | 95598 |
| Income from operations | 37930 | 38425 | 114476 | 115973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (8836) | (9760) | (26485) | (24616) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 759 | 659 | 1694 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 128 | (2069) | (3285) | 2496 |
| Income before income taxes | 29981 | 27255 | 86400 | 96028 |
| Income tax expense | 7890 | 6135 | 22376 | 24664 |
| Net income | $22091 | $21120 | $64024 | $71364 |
| Net income per common share: |  |  |  |  |
| Basic | $1.16 | $1.09 | $3.31 | $3.71 |
| Diluted | $1.15 | $1.09 | $3.29 | $3.69 |
| Weighted average shares outstanding: |  |  |  |  |
| Basic | 18995385 | 19300283 | 19319133 | 19256739 |
| Diluted | 19253566 | 19442130 | 19478533 | 19321274 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>(1)</sup> Includes share-based compensation expense as follows: | <sup>(1)</sup> Includes share-based compensation expense as follows: |  |  |  |
| Cost of revenues | $467 | $465 | $1454 | $1449 |
| Sales and marketing | 700 | 592 | 2116 | 1856 |
| Research, development and engineering | 108 | 95 | 320 | 260 |
| General and administrative | 2691 | 2270 | 8547 | 8045 |
| Total | $3966 | $3422 | $12437 | $11610 |

---

**See Notes to Condensed Consolidated Financial Statements**

------

**CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** 

**(Unaudited, in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $22091 | $21120 | $64024 | $71364 |
| Other comprehensive (loss) gain: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (245) | 6091 | 13982 | (1560) |
| Other comprehensive (loss) gain | (245) | 6091 | 13982 | (1560) |
| Comprehensive income | $21846 | $27211 | $78006 | $69804 |

---

**See Notes to Condensed Consolidated Financial Statements**

------

**CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited, in thousands)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $64024 | $71364 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 14268 | 14968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of financing costs and discounts | 1292 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease costs | 1198 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 12437 | 11610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | 3298 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | 9814 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on extinguishment of debt | 123 | (6667) |
| Changes in operating assets and liabilities: |  |  |
| Decrease (increase) in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (2373) | (2663) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 9833 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (474) | 947 |
| Increase (decrease) in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 6988 | 11265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 1380 | 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (463) | (924) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1593) | (1726) |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability for uncertain tax positions | 1143 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (27) | (23) |
| Net cash provided by operating activities | 120868 | 110621 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (22335) | (25460) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments | (5000) |  |
| Net cash used in investing activities | (27335) | (25460) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (1673) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of common stock under employee stock purchase plan | 694 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (15036) | (708) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes paid related to net share settlement | (1280) | (686) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of debt | (15764) | (116162) |
| Net cash used in financing activities | (33059) | (116809) |
| Effect of exchange rate changes on cash and cash equivalents | 3630 | (2469) |
| Net change in cash and cash equivalents | 64104 | (34117) |
| Cash and cash equivalents at beginning of period | 33545 | 88715 |
| Cash and cash equivalents at end of period | $97649 | $54598 |

---

**See Notes to Condensed Consolidated Financial Statements**

------

**CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

**(Unaudited, in thousands except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common stock** | **Common stock** | | **Treasury stock** | **Treasury stock** | | | |
| | **Shares** | **Amount** | **Additional<br>paid-in**<br>**capital** | **Shares** | **Amount** | **Accumulated**<br>**deficit** | **Accumulated other comprehensive**<br>**loss** | **Total**<br>**deficit** |
| **Balance, July 1, 2024** | 20368194 | $204 | $51043 | (1071624) | $(31990) | $(122869) | $(20828) | $(124440) |
| Net income |  |  |  |  |  | 21120 |  | 21120 |
| Foreign currency translation adjustment |  |  |  |  |  |  | 6091 | 6091 |
| Vested restricted stock | 10917 |  |  |  |  |  |  |  |
| Shares withheld related to net share settlement | (3489) |  | (71) |  |  |  |  | (71) |
| Repurchase of common stock |  |  |  |  |  |  |  |  |
| Share-based compensation |  |  | 4111 |  |  |  |  | 4111 |
| **Balance, September 30, 2024** | 20375622 | $204 | $55083 | (1071624) | $(31990) | $(101749) | $(14737) | $(93189) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common stock** | **Common stock** | | **Treasury stock** | **Treasury stock** | | | |
| | **Shares** | **Amount** | **Additional<br>paid-in**<br>**capital** | **Shares** | **Amount** | **Accumulated**<br>**deficit** | **Accumulated other comprehensive**<br>**loss** | **Total**<br>**deficit** |
| **Balance, July 1, 2025** | 20731103 | $207 | $68770 | (1639069) | $(44887) | $(41745) | $(8824) | $(26479) |
| Net income |  |  |  |  |  | 22091 |  | 22091 |
| Foreign currency translation adjustment |  |  |  |  |  |  | (245) | (245) |
| Vested restricted stock | 14111 | 1 | (1) |  |  |  |  |  |
| Shares withheld related to net share settlement | (4370) | (1) | (105) |  |  |  |  | (106) |
| Repurchase of common stock |  |  |  | (115652) | (2589) |  |  | (2589) |
| Share-based compensation |  |  | 4695 |  |  |  |  | 4695 |
| **Balance, September 30, 2025** | 20740844 | $207 | $73359 | (1754721) | $(47476) | $(19654) | $(9069) | $(2633) |

---

------

**CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

**(Unaudited, in thousands except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common stock** | **Common stock** | | **Treasury stock** | **Treasury stock** | | | |
| | **Shares** | **Amount** | **Additional<br>paid-in**<br>**capital** | **Shares** | **Amount** | **Accumulated**<br>**deficit** | **Accumulated other comprehensive**<br>**loss** | **Total**<br>**deficit** |
| **Balance, January 1, 2024** | 20273686 | $203 | $41247 | (1028662) | $(31282) | $(173113) | $(13177) | $(176122) |
| Net income |  |  |  |  |  | 71364 |  | 71364 |
| Foreign currency translation adjustment |  |  |  |  |  |  | (1560) | (1560) |
| Vested restricted stock | 96912 | 1 | (1) |  |  |  |  |  |
| Shares withheld related to net share settlement | (40396) |  | (686) |  |  |  |  | (686) |
| Repurchase of common stock |  |  |  | (42962) | (708) |  |  | (708) |
| Share-based compensation |  |  | 13776 |  |  |  |  | 13776 |
| Issuance of shares under ESPP | 45420 |  | 747 |  |  |  |  | 747 |
| **Balance, September 30, 2024** | 20375622 | $204 | $55083 | (1071624) | $(31990) | $(101749) | $(14737) | $(93189) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common stock** | **Common stock** | | **Treasury stock** | **Treasury stock** | | | |
| | **Shares** | **Amount** | **Additional<br>paid-in**<br>**capital** | **Shares** | **Amount** | **Accumulated**<br>**deficit** | **Accumulated other comprehensive**<br>**loss** | **Total**<br>**deficit** |
| **Balance, January 1, 2025** | 20609725 | $206 | $59373 | (1085725) | $(32313) | $(83678) | $(23051) | $(79463) |
| Net income |  |  |  |  |  | 64024 |  | 64024 |
| Foreign currency translation adjustment |  |  |  |  |  |  | 13982 | 13982 |
| Vested restricted stock | 151577 | 2 | (2) |  |  |  |  |  |
| Shares withheld related to net share settlement | (55415) | (1) | (1279) |  |  |  |  | (1280) |
| Repurchase of common stock |  |  |  | (668996) | (15163) |  |  | (15163) |
| Share-based compensation |  |  | 14573 |  |  |  |  | 14573 |
| Issuance of shares under ESPP | 34957 |  | 694 |  |  |  |  | 694 |
| **Balance, September 30, 2025** | 20740844 | $207 | $73359 | (1754721) | $(47476) | $(19654) | $(9069) | $(2633) |

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**See Notes to Condensed Consolidated Financial Statements**

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**CONSENSUS CLOUD SOLUTIONS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

**1.&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation**

*The Company*

Consensus Cloud Solutions, Inc., together with its subsidiaries ("Consensus Cloud Solutions", "Consensus", the "Company", "our", "us" or "we"), is a provider of secure information delivery services with a scalable Software-as-a-Service ("SaaS") platform. Consensus serves customers of all sizes, from enterprises to individuals, across the globe and multiple industry verticals including, but not limited to, healthcare, government, financial services, law and education. Beginning as an online fax company over two decades ago, Consensus has evolved into a global provider of enterprise secure communication solutions. Our communication, extraction and digital signature solutions enable our customers to securely and cooperatively access, exchange and use information across organizational, regional and national boundaries.

*Principles of Consolidation*

The accompanying interim condensed consolidated financial statements include the accounts of Consensus and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

*Basis of Presentation*

The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. The Company believes that the disclosures made are adequate to make that information not misleading. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair statement of these interim financial statements have been reflected. It is suggested that these financial statements be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2024, included in our Annual Report (Form 10-K) filed with the SEC on February 20, 2025. Accordingly, significant accounting policies and other disclosures normally provided have been omitted since such items are disclosed therein.

The results of operations for this interim period are not necessarily indicative of the operating results for the full year or for any future period.

*Use of Estimates*

The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, including judgments about the reported amounts of revenue and expenses during the reporting period. The Company believes that its most significant estimates are those related to revenue recognition, internal-use software development costs, share-based compensation expense and income taxes. On an ongoing basis, management evaluates its estimates based on historical experience and on various other factors that the Company believes to be reasonable under the circumstances. Actual results could materially differ from those estimates due to risks and uncertainties, including uncertainty in the current economic environment due to factors such as inflationary pressures and elevated interest rates.

*Significant Accounting Policies*

There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

*Segment Reporting*

FASB ASC Topic No. 280, Segment Reporting ("ASC 280"), establishes standards for the way that public business enterprises report information about reportable segments in their annual consolidated financial statements and requires that those entities report selected information about reportable segments in interim financial reports. ASC 280 also establishes

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standards for related disclosures about products and services, geographic areas and major customers. The Company's business segment is based on the organization's structure used by the chief operating decision maker ("CODM"), who is our chief executive officer ("CEO"), for making operating and investment decisions and for assessing performance. The Company's CEO reviews financial information presented on a consolidated basis for purposes of assessing performance and making decisions on how to allocate resources. The CEO uses consolidated profit or loss from operations before interest and income taxes to allocate resources predominantly in the annual budget and forecasting process. The CEO considers budget-to-actual variances on a monthly basis when making decisions about allocating capital and personnel. The CEO also uses consolidated profit or loss from operations before interest and income taxes and consolidated net income to assess performance. Accordingly, the Company has determined that it operates one reportable segment known as Cloud Fax (see Note 14 - Segment Information). The condensed consolidated financial statements and related disclosures reflect the segment operations of Cloud Fax.

*Reclassifications*

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.

**2. Recent Accounting Pronouncements**

In October 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements of a variety of topics in the accounting standards codification in order to conform with certain SEC amendments in Release No. 33-10532, Disclosure Update and Simplification. The effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. The Company is evaluating the potential impact of this guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments are intended to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in this ASU should be applied on either a prospective or retrospective basis. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 is expected to impact the Company's income tax disclosures beginning with the consolidated financial statements included in the annual report on Form 10-K for the fiscal year ending December 31, 2025, but will have no impact on the Company's results of operations, cash flows, or financial condition.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement: Expense Disaggregation Disclosures. The amendments in this ASU require disclosure of more information about certain expenses and costs and should be applied on either a prospective or retrospective basis. The amendments in this ASU are effective for annual periods beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this ASU provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The amendments in this ASU should be applied on a prospective basis. The amendments in this ASU are effective for annual periods beginning after December 15, 2025, and for interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU modernize the recognition and disclosure framework for internal-use software costs by removing the previous "development stage" model and introducing a more judgment-based "probable-to-complete" approach. The amendments in this ASU should be applied on either a prospective, retrospective or modified transition approach basis. The amendments in this ASU are effective for annual periods beginning after December 15, 2027, and for interim periods within those annual periods. Early

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adoption is permitted. The Company is currently evaluating the potential impact of this guidance on its consolidated financial statements.

**3. Revenues**

The Company earns revenue from contracts with customers, primarily through the provision of cloud-based communication and digital signature solutions that allow customers to access the Company's software without taking possession. The contracts include both recurring subscription and usage-based fees, and the total transaction price is allocated to performance obligations in each contract as appropriate. Revenue for cloud-based services is recognized over time in the period earned. The contracts may be terminated early. Fees collected in advance are non-refundable, and they are deferred and recognized in revenue when the related performance obligations are satisfied. Standard Corporate contracts billed monthly include a termination charge equal to the minimum fees payable through the last day of the contract term.

Revenues from external customers classified by revenue source are as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate | $56299 | $53085 | $165890 | $156195 |
| &nbsp;&nbsp;&nbsp;Small office home office ("SoHo") | 31461 | 34664 | 96724 | 107197 |
| &nbsp;&nbsp;&nbsp;Other | 7 | 4 | 12 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $87767 | $87753 | $262626 | $263399 |
| **Timing of revenue recognition** |  |  |  |  |
| &nbsp;&nbsp;Point in time | $580 | $289 | $1795 | $737 |
| &nbsp;&nbsp;Over time | 87187 | 87464 | 260831 | 262662 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $87767 | $87753 | $262626 | $263399 |

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The Company has recorded $3.6 million and $4.1 million of revenue for the three months ended September 30, 2025 and 2024, respectively, and $17.3 million and $18.6 million of revenue for the nine months ended September 30, 2025 and 2024, respectively, that was previously included in the deferred revenue balance as of the beginning of each respective year.

*Performance Obligations*

Generally, the Company's contracts with customers include one performance obligation, however, certain contracts may include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on their relative standalone selling price.

The Company satisfies its performance obligations upon delivery of products or services to its customers. Payment terms vary by type and location of the Company's customers and the products and services offered. The time between invoicing and when payment is due is not significant. Due to the nature of the services provided, there are no obligations for returns.

*Significant Judgments*

Determining whether products and services are considered distinct performance obligations may require significant judgment. When a contract includes both on-premises software licenses and cloud-based services, judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud-based service and recognized over time.

Judgment is also required to determine the standalone selling price for each distinct performance obligation when there are multiple performance obligations. In certain cases, the Company is able to establish the standalone selling price based on observable prices of products or services sold or priced separately in comparable circumstances to similar customers. The Company uses a range of amounts to estimate the standalone selling price when each of the products and services is sold separately to determine whether there is a discount to be allocated based on the relative standalone selling price of the various products and services.

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*<u>Performance Obligations Satisfied Over Time</u>*

The Company's business consists primarily of performance obligations that are satisfied over time based on the fact that the nature of the cloud-based services offered is subscription based where the customer simultaneously receives and consumes the benefit of the services provided regardless of whether the customer uses the services or not. Depending on the individual contracts with the customer, revenue for these services is recognized over the contract period when services are provided. The Company expects to recognize revenue for Corporate contracts typically in a range from month-to-month up to 36 months and recognize revenue for SoHo contracts in a range from month-to-month up to one year. Revenue from usage-based fees is recognized in proportion to the amount for which the Company has the right to invoice for services performed, which corresponds with the utilization of the services by the customer.

The Company has concluded that the best measure of progress toward the complete satisfaction of the performance obligations over time is a time-based measure. The Company recognizes revenue on a straight-line basis throughout the subscription period and believes that the method used is a faithful depiction of the transfer of goods and services.

*Practical Expedients*

<u>Existence of a Significant Financing Component in a Contract</u>

As a practical expedient, the Company has not assessed whether a contract has a significant financing component because the Company expects at contract inception that the period between payment by the customer and the transfer of promised goods or services by the Company to the customer will be one year or less. In addition, the Company has determined that the payment terms the Company provides to its customers are structured primarily for reasons other than the provision of finance to the Company. The Company typically charges an upfront subscription amount for services, or an amount for usage in arrears, or a combination thereof, as other payment terms would affect the nature of the risk assumed by the Company due to the costs of the customer acquisition and the highly competitive and commoditized nature of the business the Company operates.

<u>Costs to Obtain a Contract</u>

The Company's revenues are primarily generated from customer contracts that are for one year or less. Costs primarily consist of incentive compensation paid based on the achievements of sales targets in a given period for related revenue streams and are recognized in the month when the revenue is earned. Incentive compensation is paid upon the issuance or renewal of the customer contract. As a practical expedient, for amortization periods that are determined to be one year or less, the Company expenses any incremental costs of obtaining the contract with a customer when incurred. For those customer contracts greater than one year, the Company capitalizes and amortizes the expenses, when appropriate, over the period of benefit.

<u>Revenues Invoiced</u>

The Company has applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Company recognizes revenue in proportion to the amount it has the right to invoice for services performed.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements**

The Company complies with the provisions of FASB ASC Topic No. 820, Fair Value Measurement, ("ASC 820"), which defines fair value, provides a framework for measuring fair value and expands the disclosures required for fair value measurements of financial and non-financial assets and liabilities. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

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| |
|:---|
| Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| Level 3 – Unobservable inputs which are supported by little or no market activity. |

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The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Cash and cash equivalents include money market funds of $66.5 million and $26.8 million as of September 30, 2025 and December 31, 2024, respectively, which are valued based on Level 1 inputs consisting of quoted prices in active markets. The carrying value of the Company's cash and cash equivalents approximates fair value.

The fair value of long-term debt is determined using recent quoted market prices or dealer quotes for each of the Company's instruments, which are Level 1 inputs (see Note 7 - Long-Term Debt). The carrying value of long-term debt is reflected in the financial statements at cost.

***Assets Measured on a Non-Recurring Basis***

The Company's non-financial assets, which primarily consist of goodwill, indefinite-lived intangible assets, long-lived assets and equity securities without a readily determinable fair value are reported at carrying value, or at fair value as of their acquisition dates, and are not required to be measured at fair value on a recurring basis. However, if any of these types of assets become impaired, the carrying values of the assets are written down to fair value using Level 3 inputs.

The carrying amount of the Company's investments accounted for using the measurement alternative method in accordance with FASB ASC Topic No. 321, Investments - Equity Securities ("ASC 321") as of September 30, 2025 and December 31, 2024, was $8.0 million and $4.0 million, respectively, and is included in other assets within the Company's Condensed Consolidated Balance Sheets. If the Company becomes aware of a significant decline in value that is other-than-temporary, the Company assesses whether an other-than-temporary impairment loss on an investment has occurred due to declines in fair value or other market conditions. The loss will be recorded in the period in which the Company identifies the decline. During the three and nine months ended September 30, 2025 and 2024, the Company did not recognize any unrealized gains or losses and did not have any impairments during the respective periods.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Property and Equipment**

Property and equipment, stated at cost, as of September 30, 2025 and December 31, 2024 consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Internal-use software development costs | $94702 | $88244 |
| Computers, software and equipment | 19087 | 18616 |
| Furniture and fixtures | 892 | 882 |
| Leasehold improvements | 1724 | 1715 |
| Internal-use software development costs in process | 64697 | 46676 |
|  | 181102 | 156133 |
| Less: Accumulated depreciation and amortization | (68821) | (56057) |
| Total property and equipment, net | $112281 | $100076 |

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Depreciation and amortization expense was $3.9 million and $4.1 million for the three months ended September 30, 2025 and 2024, respectively, and $12.3 million and $12.2 million for the nine months ended September 30, 2025 and 2024, respectively.

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No impairment was recorded in the three and nine months ended September 30, 2025 and 2024.

**6.&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and Intangible Assets**

The changes in carrying amounts of goodwill for the nine months ended September 30, 2025 are as follows (in thousands):

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| | |
|:---|:---|
| | **Amount** |
| Balance as of January 1, 2025 | $345036 |
| Foreign exchange translation | 7693 |
| Balance as of September 30, 2025 | $352729 |

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As of September 30, 2025 the Company's goodwill had no accumulated impairment.

<u>Intangible Assets with Indefinite Lives:</u>

Intangible assets are summarized as of September 30, 2025 and December 31, 2024 as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Trade names | $27420 | $27316 |
| Other | 4045 | 4045 |
| Total | $31465 | $31361 |

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<u>Intangible Assets Subject to Amortization:</u>

As of September 30, 2025, intangible assets subject to amortization are summarized as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Weighted-Average Remaining**<br> **Amortization**<br>**Period** | **Historical<br>Cost** | **Accumulated<br>Amortization** | **Net** |
| Trade names | 0.2 years | $8295 | $8111 | $184 |
| Patent and patent licenses | 0.0 years | 54341 | 54341 |  |
| Customer relationships <sup>(1)</sup> | 1.7 years | 109601 | 102995 | 6606 |
| Other purchased intangibles | 1.0 year | 11922 | 10788 | 1134 |
| Total |  | $184159 | $176235 | $7924 |

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<sup>(1)</sup> The Company amortizes its customer relationship assets in a pattern that best reflects the pace in which the assets' benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first four to five years, which may not correlate to the overall life of the asset.

&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2024, intangible assets subject to amortization are summarized as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Weighted-Average Remaining**<br> **Amortization**<br>**Period** | **Historical<br>Cost** | **Accumulated<br>Amortization** | **Net** |
| Trade names | 0.2 years | $8107 | $7826 | $281 |
| Patent and patent licenses | 0.0 years | 54341 | 54341 |  |
| Customer relationships <sup>(1)</sup> | 2.1 years | 107287 | 99054 | 8233 |
| Other purchased intangibles | 1.2 years | 11914 | 10576 | 1338 |
| Total |  | $181649 | $171797 | $9852 |

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<sup>(1)</sup> The Company amortizes its customer relationship assets in a pattern that best reflects the pace in which the assets' benefits are consumed. This pattern results in a substantial majority of the amortization expense being recognized in the first four to five years, which may not correlate to the overall life of the asset.

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Expected amortization expenses for intangible assets subject to amortization at September 30, 2025 are as follows (in thousands):

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| | |
|:---|:---|
| Fiscal Year: | **Amount** |
| 2025 (remainder) | $631 |
| 2026 | 2104 |
| 2027 | 1407 |
| 2028 | 986 |
| 2029 | 803 |
| Thereafter | 1993 |
| Total | $7924 |

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Amortization expense was $0.7 million and $1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $2.0 million and $2.8 million for the nine months ended September 30, 2025 and 2024, respectively.

No impairment of intangible assets was recorded in the three and nine months ended September 30, 2025 and 2024.

**7.&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Debt**

Long-term debt as of September 30, 2025 and December 31, 2024 consists of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| 2026 Senior Notes | $234139 | $248980 |
| 2028 Senior Notes | 348247 | 349137 |
| Total  | 582386 | 598117 |
| Less: deferred issuance costs | (3813) | (5135) |
| Total debt | 578573 | 592982 |
| Less: current portion, net of debt issuance costs |  | (18902) |
| Total long-term debt, less current portion | $578573 | $574080 |

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As of September 30, 2025 and December 31, 2024, the estimated fair value of the 2026 Senior Notes (as defined below) was approximately $233.8 million and $246.2 million, respectively.

As of September 30, 2025 and December 31, 2024, the estimated fair value of the 2028 Senior Notes (as defined below) was approximately $350.4 million and $346.1 million, respectively.

The Company capitalized $1.0 million and $0.7 million of interest expense within property and equipment, net on the Company's Condensed Consolidated Balance Sheets during the three months ended September 30, 2025 and 2024, respectively, and $2.8 million and $2.1 million of interest expense within property and equipment, net on the Company's Condensed Consolidated Balance Sheets during the nine months ended September 30, 2025 and 2024, respectively.

*2026 Senior Notes*

On October 7, 2021, Consensus issued $305.0 million of senior notes due in 2026 (the "2026 Senior Notes"), receiving net proceeds of $301.2 million, after deducting the initial purchasers' discounts, commissions and offering expenses. The 2026 Senior Notes are presented as current portion of long-term debt and long-term debt, net of current portion, which is presented net of deferred issuance costs, on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024. The 2026 Senior Notes bear interest at a rate of 6.0% per annum and mature on October 15, 2026. The Company may redeem some or all of the 2026 Senior Notes at any time on or after October 15, 2023 at specified redemption prices, plus accrued and unpaid interest, if any, up to, but excluding the redemption date.

The indenture pursuant to which the 2026 Senior Notes were issued contains covenants that restrict the Company's ability to (i) pay dividends or make distributions on the Company's common stock; (ii) make certain restricted payments; (iii) create liens or enter into sale and leaseback transactions; (iv) enter into transactions with affiliates; (v) merge or consolidate with another company; and (vi) transfer and sell assets. These covenants contain certain exceptions. Restricted payments are

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applicable only if Consensus Cloud Solutions, Inc. and subsidiaries designated as restricted subsidiaries has a net leverage ratio of greater than 3.0 to 1.0. In addition, if such net leverage ratio is in excess of 3.0 to 1.0, the restriction on restricted payments is subject to various exceptions, including the total aggregate amount not to exceed the greater of (A) $100.0 million and (B) 50.0% of EBITDA for the most recently ended four fiscal quarter period ended immediately prior to such date for which internal financial statements are available. The Company is in compliance with its debt covenants as of September 30, 2025. Subsequent to September 30, 2025, but prior to filing of these interim financial statements, the Company borrowed $200.0 million from the 2025 Credit Facility (as defined below) in order to fund the redemption of a portion of the outstanding 2026 Senior Notes (see Note 15 - Subsequent Events).

*2028 Senior Notes*

On October 7, 2021, Consensus issued $500.0 million of 6.5% senior notes due in 2028 (the "2028 Senior Notes") to Ziff Davis, Inc. ("Ziff Davis" or the "Former Parent") in exchange for the equity interest in the Company. Ziff Davis then exchanged the 2028 Senior Notes with lenders under its credit agreement (or their affiliates) in exchange for extinguishment of a similar amount of indebtedness under such credit agreement. The 2028 Senior Notes are presented as current portion of long-term debt and long-term debt, net of current portion, which is presented net of deferred issuance costs, on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024. The 2028 Senior Notes bear interest at a rate of 6.5% per annum and mature on October 15, 2028. The Company may redeem some or all of the 2028 Senior Notes at any time on or after October 15, 2026 at specified redemption prices plus accrued and unpaid interest, if any, up to, but excluding the redemption date.

The indenture pursuant to which the 2028 Senior Notes were issued contains covenants that restrict the Company's ability to (i) pay dividends or make distributions on the Company's common stock; (ii) make certain restricted payments; (iii) create liens or enter into sale and leaseback transactions; (iv) enter into transactions with affiliates; (v) merge or consolidate with another company; and (vi) transfer and sell assets. These covenants contain certain exceptions. Restricted payments are applicable only if Consensus Cloud Solutions, Inc. and subsidiaries designated as restricted subsidiaries has a net leverage ratio of greater than 3.0 to 1.0. In addition, if such net leverage ratio is in excess of 3.0 to 1.0, the restriction on restricted payments is subject to various exceptions, including the total aggregate amount not to exceed the greater of (A) $100.0 million and (B) 50.0% of EBITDA for the most recently ended four fiscal quarter period ended immediately prior to such date for which internal financial statements are available. The Company is in compliance with its debt covenants as of September 30, 2025.

*Credit Agreement*

On March 4, 2022, the Company entered into a Credit Agreement (the "Credit Agreement") with certain lenders party thereto (the "Lenders") and MUFG Union Bank, N.A., as agent (the "Agent"). Pursuant to the Credit Agreement, the Lenders have provided Consensus with a senior secured revolving credit facility of $25.0 million (the "Credit Facility") with an option held by the Company to obtain an additional commitment of up to a maximum of $25.0 million. The final maturity of the Credit Facility was scheduled to occur on March 4, 2027. On July 9, 2025 this Credit Facility was retired with no balance.

*2025 Credit Agreement*

On July 9, 2025, the Company entered into a Credit Agreement (the "2025 Credit Agreement") with certain lenders party thereto (the "Lenders") and U.S. Bank National Association, as agent (the "Agent"). Pursuant to the 2025 Credit Agreement, the Lenders have provided the Company with a senior secured revolving credit facility of $75.0 million (the "Revolving Credit Facility") and a senior secured delayed-draw term loan facility of $150.0 million (the "DDTL Facility" and together with the Revolving Credit Facility, the "2025 Credit Facility"). The final maturity of the 2025 Credit Facility will occur on July 10, 2028, subject to limited customary accelerators. The Company incurred debt issuance costs of $1.7 million associated with the 2025 Credit Agreement, of which $0.6 million and $1.1 million have been allocated to the Revolving Credit Facility and the DDTL Facility, respectively. The debt issuance costs are included within prepaid expenses and other current assets and other assets on the Company's Condensed Consolidated Balance Sheets. Debt issuance costs attributable to the DDTL Facility are not amortized until the facility has been drawn upon. Subject to the terms and conditions of the 2025 Credit Agreement, the Company may borrow, repay and reborrow revolving loans at any time during the term of the facility. The Company may borrow under the DDTL Facility until October 15, 2026, but amounts that are prepaid or repaid may not be reborrowed. Voluntary prepayments of loans and voluntary reductions of unused commitments under the 2025 Credit Agreement are permissible without penalty (other than customary interest breakage charges). Commencing with the first full fiscal quarter ending after the DDTL Facility is funded, the Company is required to make consecutive quarterly principal payments, each in an amount of 1.25% of the initial aggregate principal amount borrowed on the DDTL Facility. As of

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September 30, 2025, no amount had been drawn from the 2025 Credit Facility. The 2025 Credit Facility is guaranteed by each wholly-owned material domestic subsidiary of the Company and secured by substantially all assets of the Company and the guarantors, subject to other customary exceptions. The interest rates applicable to the loans made under the 2025 Credit Facility are, at the Company's option, equal to either a base rate or the Secured Overnight Financing Rate ("SOFR") plus an applicable margin based on the total net leverage ratio (0.50% - 1.25% in the case of base rate loans and 1.50% - 2.25% in the case of SOFR loans).

The 2025 Credit Agreement contains covenants that, subject to certain exceptions, restrict the Company's ability to: (i) pay dividends or make distributions on the Company's common stock; (ii) make certain restricted payments (including certain voluntary payments in respect of the Company's 2028 Senior Notes); (iii) create liens or enter into sale and leaseback transactions; (iv) enter into transactions with affiliates; (v) merge or consolidate with another company; (vi) incur indebtedness, (vii) make acquisitions and other investments and (viii) transfer and sell assets. Additionally, the 2025 Credit Facility is subject to a maximum total net leverage ratio covenant and a minimum fixed charges coverage ratio covenant, in each case tested on a quarterly basis. The Company is in compliance with its covenants as of September 30, 2025. Subsequent to September 30, 2025 but prior to filing of these interim financial statements, the Company borrowed $200.0 million from the 2025 Credit Facility in order to fund the redemption of a portion of its outstanding 2026 Senior Notes. This borrowing consisted of $50.0 million from the Revolving Credit Facility and $150.0 million from the DDTL Facility (see Note 15 - Subsequent Events).

As of September 30, 2025, including the impact of the subsequent events described above, future contractual principal payments for debt were as follows (in thousands):

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| | |
|:---|:---|
| Fiscal year: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| 2025 (remainder) | $— |
| 2026 | 41639 |
| 2027 | 7500 |
| 2028 | 533247 |
| 2029 |  |
| Thereafter |  |
| Total | $582386 |

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*Debt Repurchase Program*

On November 9, 2023, the Board of Directors approved a debt repurchase program, pursuant to which Consensus may reduce, through redemptions, open market purchases, tender offers, privately negotiated purchases or other retirements, a combination of the outstanding principal balance of the 2026 Senior Notes and 2028 Senior Notes ("Debt Repurchase Program"). The authorization permits an aggregate principal amount reduction of up to $300 million and expires on November 9, 2026. The timing and amounts of purchases will be determined by the Company, depending on market conditions and other factors it deems relevant. During the three months ended September 30, 2025, the Company made no repurchases under this program. During the nine months ended September 30, 2025, the Company retired $15.7 million in principal of its senior notes under this program. During the three and nine months ended September 30, 2024, the Company retired $31.1 million and $124.2 million, respectively, in principal of its senior notes under this program. As of September 30, 2025, the Company had retired an aggregate of $222.6 million in principal of its senior notes under this program. In connection with the Debt Repurchase Program, the Company reclassified $18.9 million of long-term debt, net of current portion to the current portion of long-term debt as of December 31, 2024 as the Company had the intention and cash on hand to extinguish this amount of debt within twelve months of the end of the reporting period.

During the three months ended September 30, 2025, the Company recognized no debt extinguishment gain or loss. For the nine months ended September 30, 2025, a net loss on debt extinguishment of $0.1 million related to the Debt Repurchase Program is included in interest expense on the Condensed Consolidated Statements of Income. For the three and nine months ended September 30, 2024, a net gain on debt extinguishment of $0.1 million and $6.7 million, respectively, related to the Debt Repurchase Program is included in interest expense on the Condensed Consolidated Statements of Income.

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**8.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies**

*Litigation*

From time to time, the Company and its affiliates are involved in litigation and other legal disputes or regulatory inquiries that arise in the ordinary course of business. Any claims or regulatory actions against the Company and its affiliates, whether meritorious or not, could be time consuming and costly, and could divert significant operational resources. The outcomes of such matters are subject to inherent uncertainties, carrying the potential for unfavorable rulings that could include monetary damages and injunctive relief.

The Company does not believe, based on current knowledge, that any legal proceedings or claims currently exist which, after giving effect to existing accrued liabilities, are likely to have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows. It is the Company's policy to expense legal fees related to any litigation as incurred.

*Non-Income Related Taxes*

The Company believes that it has sufficiently reserved for historical sales tax liabilities under FASB ASC Topic No. 450, Contingencies, although some state and local taxing authorities may challenge the Company's sales tax position, the methodology used to calculate the sales tax liability, and may also impose other taxes on its business. Taxing authorities may successfully assert that the Company should have collected, or in the future should collect sales and use, telecommunications or similar taxes, and could be subject to liability with respect to past or future tax, which could adversely affect the Company's operating results. The Company will continue to review and monitor the impact of sales tax rules in order to mitigate any associated risks on its business.

**9. &nbsp;&nbsp;&nbsp;&nbsp;Other Balance Sheet Account Details**

***Prepaid expenses and other current assets***

Prepaid expenses and other current assets consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Prepaid insurance | $425 | $2601 |
| Prepaid income taxes | 184 | 2065 |
| Prepaid marketing expense |  | 3365 |
| Prepaid software licenses | 2780 | 4346 |
| Other prepaid expenses | 2654 | 3389 |
| Other current assets | 366 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6409 | $16059 |

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***Accounts payable and accrued expenses***

Accounts payable and accrued expenses consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Accounts payable | $6649 | $7383 |
| Accrued sales and other taxes | 6982 | 6796 |
| Accrued interest | 16885 | 7939 |
| Accrued compensation | 8119 | 10425 |
| Accrued advertising expenses | 1733 | 2719 |
| Other accrued expenses | 3510 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $43878 | $36477 |

---

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**10.&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes**

The Company's tax provision for interim periods is determined using an estimate of the Company's annual effective tax rate adjusted for discrete interim period tax impacts. Each quarter the Company updates its estimated annual effective tax rate and, if the estimate changes, makes a cumulative adjustment. Changes in the geographical mix, permanent differences or the estimated level of annual pre-tax income can affect the effective tax rate. The Company's effective tax rate for the three months ended September 30, 2025 and 2024 was 26.3% and 22.5%, respectively. The Company's effective tax rate for the nine months ended September 30, 2025 and 2024 was 25.9% and 25.7%, respectively. The increase in the Company's effective income tax rate for the three months ended September 30, 2025 was primarily due to a change in the geographical mix of income, a decrease in uncertain tax positions and an increase in the officer's compensation limitation. The Company's effective income tax rate for the nine months ended September 30, 2025 was consistent with the prior year comparable period.

The Company's effective tax rates for the three and nine months ended September 30, 2025 and 2024 differed from the U.S. federal statutory rates of 21% primarily as a result of state income taxes, certain expenses not deductible for tax purposes, foreign rate differential, foreign income inclusion, various tax credits and uncertain tax positions.

As of September 30, 2025 and December 31, 2024, the Company had $14.4 million and $13.2 million, respectively, in liabilities for uncertain income tax positions, including interest and penalties. Accrued interest and penalties related to unrecognized tax benefits are recognized in income tax expense on the Company's Condensed Consolidated Statements of Income.

On July 4, 2025, the budget reconciliation bill H.R. 1, referred to as the One Big Beautiful Bill Act ("OBBBA"), was signed into law. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions, including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The OBBBA did not have a significant impact on the Company's effective tax rate for the quarter ended September 30, 2025 and the Company does not expect the OBBBA to have a significant impact on the effective tax rate for the year ended December 31, 2025.

*Income Tax Audits*

The Company is required to file tax returns in the United States, Ireland, Canada, Japan, Netherlands and Hong Kong. As of September 30, 2025, the Company was not under audit in any jurisdiction that it operates within. In respect to these international subsidiaries, tax returns for the years from 2018 onwards are still open to examination by tax authorities.

**11.&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' Deficit**

*Common Stock Repurchase Program*

In March 2022, the Company's Board of Directors approved a share buyback program. Under this program, the Company was authorized to purchase in the public market or in off-market transactions up to $100.0 million of the Company's common stock through February 2025. In February 2025, the Company's Board of Directors authorized and approved a three-year extension of the share repurchase program through February 2028. The program may end before this date if the maximum amount of repurchases has been reached or at the discretion of the Company's Board of Directors. The timing and amounts of purchases are determined by the Company, depending on market conditions and other factors it deems relevant. The Company entered into Rule 10b-18 and Rule 10b5-1 trading plans under this program. During the three months ended September 30, 2025, the Company repurchased 115,652 shares under this program at an aggregate cost of $2.6 million. There were no shares repurchased during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, the Company repurchased 668,996 and 42,962 shares, respectively, under this program at an aggregate cost of $15.2 million (inclusive of excise tax of $0.1 million) and $0.7 million, respectively. Cumulatively as of September 30, 2025, 1,754,721 shares have been repurchased under this program at an aggregate cost of $47.5 million (inclusive of excise tax of $0.3 million). The excise tax is assessed at 1% of the fair market value of net stock repurchases after December 31, 2022.

*Vested Restricted Stock*

At the time of certain vesting events related to restricted stock units or restricted stock awards that are held by participants in Consensus' Equity Incentive Plan, a portion of the awards subject to vesting are withheld by the Company to

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satisfy the employees' tax withholding obligations that arise upon the vesting of restricted stock. As a result, the number of shares issued upon vesting for these awards is net of the statutory withholding requirements that the Company pays on behalf of its employees. Although shares withheld are not issued, they are treated as common share repurchases in the Company's condensed consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. These shares do not count against the authorized capacity under the Company's share repurchase program described above. During the three months ended September 30, 2025 and 2024, the Company withheld shares on its vested restricted stock units relating to its share-based compensation plans of 4,370 shares and 3,489 shares, respectively. During the nine months ended September 30, 2025 and 2024, the Company withheld shares on its vested restricted stock units and restricted stock awards relating to its share-based compensation plans of 55,415 shares and 40,396 shares, respectively.

*Dividends*

The Company currently does not issue dividends to Consensus shareholders. Future dividends are subject to Board approval. Our current debt agreements could trigger restrictions on dividend payments under certain circumstances (see Note 7 - Long-Term Debt).

**12.&nbsp;&nbsp;&nbsp;&nbsp;Equity Incentive Plan**

The Company's share-based compensation plans include the 2021 Equity Incentive Plan (the "2021 Plan").

*2021 Equity Incentive Plan*

In December 2021, Consensus' Board of Directors adopted the 2021 Plan, which provides for the grant of incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and share units and other share-based awards. Under the 2021 Plan, 4,000,000 shares of common stock are authorized to be granted. As of September 30, 2025, 1,378,057 shares were available to be used under the 2021 Plan.

Restricted stock unit activity for the nine months ended September 30, 2025 is set forth below:

---

| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Weighted-Average<br>Grant-Date<br>Fair Value** |
| Outstanding at January 1, 2025 | 2096316 | $33.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 85862 | 22.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vested | (151577) | 41.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled | (51144) | 28.01 |
| Outstanding at September 30, 2025 | 1979457 | $32.29 |

---

As of September 30, 2025, the Company had unrecognized share-based compensation cost related to its restricted stock units of $24.9 million, which is expected to be recognized over a weighted-average period of 2.4 years.

The Company capitalized $0.7 million and $0.7 million of share-based compensation cost during the three months ended September 30, 2025 and 2024, respectively, and $2.1 million and $2.2 million during the nine months ended September 30, 2025 and 2024, respectively, within property and equipment, net on its Condensed Consolidated Balance Sheets.

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**13. &nbsp;&nbsp;&nbsp;&nbsp;Earnings Per Share**

The components of basic and diluted earnings per share are as follows (in thousands, except share and per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Numerator for basic and diluted net income per common share: |  |  |  |  |
| &nbsp;&nbsp;Net income attributable to common shareholders | $22091 | $21120 | $64024 | $71364 |
| &nbsp;&nbsp;Net income available to participating securities <sup>(1)</sup> |  |  |  | (9) |
| Net income available to common shareholders from operations | $22091 | $21120 | $64024 | $71355 |
| Denominator: |  |  |  |  |
| Weighted-average outstanding shares of common stock | 18995385 | 19300283 | 19319133 | 19256739 |
| Dilutive effect of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity incentive plans | 255021 | 138490 | 156861 | 60478 |
| &nbsp;&nbsp;&nbsp;Employee Stock Purchase Plan | 3160 | 3357 | 2539 | 4057 |
| Common stock and common stock equivalents | 19253566 | 19442130 | 19478533 | 19321274 |
| Net income per share from operations: |  |  |  |  |
| Basic | $1.16 | $1.09 | $3.31 | $3.71 |
| Diluted | $1.15 | $1.09 | $3.29 | $3.69 |

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<sup>(1)</sup> Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).

For the three months ended September 30, 2025 and 2024, there were 892,090 and 1,005,413 anti-dilutive shares, respectively, that were excluded from the earnings per share calculation. For the nine months ended September 30, 2025 and 2024, there were 948,313 and 1,238,732 anti-dilutive shares, respectively, that were excluded from the earnings per share calculation.

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**14.&nbsp;&nbsp;&nbsp;&nbsp;Segment Information** 

The following presents the segment information of Cloud Fax (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $87767 | $87753 | $262626 | $263399 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Salary and benefits | 21027 | 20134 | 61608 | 61086 |
| &nbsp;&nbsp;Marketing | 5107 | 5357 | 15035 | 14334 |
| &nbsp;&nbsp;Phone operations | 4001 | 4043 | 12426 | 12026 |
| &nbsp;&nbsp;Outside services | 3833 | 3794 | 10996 | 11304 |
| &nbsp;&nbsp;Depreciation and amortization | 4519 | 5038 | 14268 | 14968 |
| &nbsp;&nbsp;Other segment items <sup>(1)</sup> | 11350 | 10962 | 33817 | 33708 |
| Segment operating profit | 37930 | 38425 | 114476 | 115973 |
| &nbsp;&nbsp;Interest expense | (8836) | (9760) | (26485) | (24616) |
| &nbsp;&nbsp;Interest income | 759 | 659 | 1694 | 2175 |
| &nbsp;&nbsp;Other income (expense), net <sup>(2)</sup> | 128 | (2069) | (3285) | 2496 |
| Segment earnings before income taxes | 29981 | 27255 | 86400 | 96028 |
| &nbsp;&nbsp;Income tax expense | 7890 | 6135 | 22376 | 24664 |
| Segment net income | $22091 | $21120 | $64024 | $71364 |

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<sup>(1)</sup> Other segment items includes: database hosting expenses, computer and related expenses, processing fees, bad debt expense, taxes and insurance expenses, office expenses, travel and entertainment expenses, other administrative expenses and miscellaneous expenses.

<sup>(2)</sup> Other income (expense), net includes: gain/loss on foreign currency exchange and miscellaneous income/expense.

The Company maintains operations in the U.S., Canada, Ireland and other countries. Geographic information about the U.S. and all other countries for the reporting periods is presented below. Such information attributes revenues based on markets where revenues are reported (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| United States | $68894 | $69197 | $206270 | $208108 |
| Canada | 14023 | 13440 | 41759 | 39813 |
| Ireland | 2676 | 2984 | 8153 | 9195 |
| All other countries | 2174 | 2132 | 6444 | 6283 |
| Foreign countries | 18873 | 18556 | 56356 | 55291 |
| Total | $87767 | $87753 | $262626 | $263399 |

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The following presents the Company's long-lived assets by geographic region, which consist of property and equipment, net and operating lease right-of-use assets (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Long-lived assets:** | | |
| United States | $117716 | $106244 |
| Canada | 127 | 191 |
| Ireland | 113 | 155 |
| All other countries | 3 | 1 |
| Foreign countries | 243 | 347 |
| Total | $117959 | $106591 |

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**15.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events**

On October 15, 2025, the Company borrowed an aggregate of $200.0 million under its 2025 Credit Facility, consisting of $50.0 million from the Revolving Credit Facility and $150.0 million from the DDTL Facility. The proceeds from these borrowings were used to redeem $200.0 million in outstanding principal amount of its 2026 Senior Notes. The redemption was completed at a price equal to 100% of the principal amount, plus accrued and unpaid interest (see Note 7 - Long-Term Debt).

On October 31, 2025, the Company issued a redemption notice with respect to the remaining $34.1 million in aggregate principal of its 2026 Senior Notes.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

**Forward-Looking Information**

*In addition to historical information, we have also made forward-looking statements in this report. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words "expects," "may," "anticipates," "believes," "estimates," "will," "hopes" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those discussed below, the risk factors discussed in Part II, Item 1A - "Risk Factors" of this Quarterly Report on Form 10-Q (if any) and in Part I, Item 1A - "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 (together, the "Risk Factors"), and the factors discussed in the section in this Quarterly Report on Form 10-Q entitled "Quantitative and Qualitative Disclosures About Market Risk." Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Readers should carefully review the Risk Factors and the risk factors set forth in other documents we file from time to time with the SEC.*

Some factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include, but are not limited to, our ability and intention to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Sustain growth or profitability, particularly in light of an uncertain U.S. or worldwide economy, recent global conflicts, inflationary pressures, elevated interest rates, new or additional tariffs or other trade restrictions, and the impacts of a U.S. federal government shutdown, and the related impact on customer acquisition and retention rates, customer usage levels and credit and debit card payment declines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Maintain and increase our customer base and average revenue per user;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Generate sufficient cash flow to make interest and debt payments, reinvest in our business and pursue desired activities and business plans while satisfying restrictive covenants relating to debt obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Acquire businesses on acceptable terms and successfully integrate and realize anticipated synergies from such acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Continue to expand our Cloud Fax businesses and operations internationally in the wake of numerous risks, including adverse currency fluctuations, difficulty in staffing and managing international operations, higher operating costs as a percentage of revenues or the implementation of adverse regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Maintain our financial position, operating results and cash flows in the event that we incur new or unanticipated costs or tax liabilities, including those relating to federal and state income tax and indirect taxes, such as sales, value-added and telecommunication taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Accurately estimate the assumptions underlying our effective worldwide tax rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Manage risks from our international operations, including risks associated with currency fluctuations and foreign exchange controls and adverse changes in global financial markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Manage certain risks inherent to our business, such as costs associated with fraudulent activity, system failure or network security breach; effectively maintaining and managing our billing systems; allocating time and resources required to manage our legal proceedings; liability for legal and other claims; or adhering to our internal controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Compete with other similar providers with regard to price, service and functionality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cost-effectively procure, retain and deploy large quantities of fax numbers in desired locations in the United States and abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Achieve business and financial objectives in light of burdensome domestic and international telecommunications, internet or other regulations including data privacy, access, security and retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Successfully manage our growth, including but not limited to, our operational and personnel-related resources, and integration of newly acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Successfully adapt to technological changes and diversify services and related revenues at acceptable levels of financial return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Successfully develop and protect our intellectual property, both domestically and internationally, including our brands, patents, trademarks and domain names, and avoid infringing upon the proprietary rights of others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Recruit and retain key personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Maintain favorable relationships with critical third-party vendors whose financial condition will not negatively impact the services they provide.

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In addition, other factors that could cause actual results to differ materially from those anticipated in these forward-looking statements or materially impact our financial results include the risks associated with new accounting pronouncements, as well as those associated with natural disasters, public health crises and other catastrophic events outside of our control.

**Overview**

Consensus is a leading provider of secure information delivery services with a scalable Software-as-a-Service ("SaaS") platform. Consensus serves approximately 726 thousand customers of all sizes, from enterprises to individuals, across approximately 41 countries and/or territories and multiple industry verticals including, but not limited to, healthcare, government, financial services, law and education. Our top 10 customers represent approximately 9% of total revenues and approximately 75% of our Small office home office ("SoHo") customer accounts are older than 2 years. Beginning as an online fax company over two decades ago, Consensus has evolved into a leading global provider of enterprise secure communication solutions. Consensus is well positioned to capitalize on advancements in how people and businesses share private documents and information. Its mission is to democratize secure information interchange across technologies and industries, and solve the healthcare interoperability challenge. Consensus' communication and interoperability solutions enable its customers to securely and cooperatively access, exchange and use information across organizational, regional and national boundaries.

For purposes of this management's discussion and analysis of the results of operations and financial condition of Consensus ("MD&A") section, we use the terms "the Company," "we," "us" and "our" to refer to Consensus.

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**Key Performance Metrics**

We use the following metrics to generally assess the operational and financial performance of our business, including the growth of our business, the value provided by customers to our business and our customer retention that provide insights that contribute to certain of our business planning decisions. We believe these 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 and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

The following table sets forth certain key performance metrics for our operations for the three and nine months ended September 30, 2025 and 2024 (in thousands, except for percentages and Average Revenue per Customer Account):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| <u>Revenue</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate | $56299 | $53085 | $165890 | $156195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoHo | 31461 | 34664 | 96724 | 107197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 87760 | 87749 | 262614 | 263392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 7 | 4 | 12 | 7 |
| Consolidated | $87767 | $87753 | $262626 | $263399 |
| <u>Average Revenue per Customer Account ("ARPA")</u> <sup>(1)(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate | $293.12 | $310.13 | $297.91 | $312.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoHo | $15.56 | $15.38 | $15.56 | $15.36 |
| Consolidated | $39.79 | $36.19 | $38.77 | $35.22 |
| <u>Customer Accounts</u> <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate | 65 | 58 | 65 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoHo | 661 | 741 | 661 | 741 |
| Consolidated | 726 | 799 | 726 | 799 |
| <u>Paid Adds</u> <sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate | 8 | 5 | 21 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoHo | 51 | 64 | 171 | 187 |
| Consolidated | 59 | 69 | 192 | 201 |
| <u>Monthly Churn %</u> <sup>(4)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate | 3.47% | 2.61% | 2.94% | 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoHo | 3.71% | 3.53% | 3.69% | 3.56% |
| Consolidated | 3.69% | 3.46% | 3.63% | 3.47% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Consensus customers are defined as paying Corporate and SoHo customer accounts. In the second quarter of 2025, we eliminated dormant accounts not contributing to revenue from the number of SoHo customer accounts. The prior year period has been revised for consistency with the current year, and all metrics calculated based on the number of customer accounts (including ARPA and Monthly Churn %) are calculated based on the revised number. As a result of this change, the prior year period SoHo customer accounts decreased by 26 thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Represents a monthly ARPA for the quarter or year-to-date period, calculated as follows: Monthly ARPA on a quarterly basis is calculated using our standard convention of dividing revenue for the quarter by the average of the quarter's beginning and ending customer base and dividing that amount by 3 months. Monthly ARPA on a year-to-date basis is calculated by dividing revenue for the year-to-date period by the average customer base for the applicable period and dividing that amount by the respective period. We believe ARPA provides investors an understanding of the average monthly revenues we recognize per account associated within Consensus' customer base. As ARPA varies based on fixed subscription fee and variable usage components, we believe it can serve as a measure by which investors can evaluate trends in the types of services, levels of services and the usage levels of those services across Consensus' customers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Paid Adds represents paying new Consensus customer accounts added during the periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Monthly churn represents paid monthly SoHo and Corporate customer accounts that were cancelled during each month of the quarter or year-to-date period, divided by the average number of customers during each month of the same quarter or year-to-date period (including the paid adds). The period measured is the quarter or year-to-date period and expressed as a monthly churn rate over the respective period.

**Critical Accounting Estimates**

In the ordinary course of business, we have made a number of estimates and assumptions relating to the reporting of results of operations and financial condition in the preparation of our financial statements. Actual results could differ significantly from those estimates under different assumptions and conditions. Our critical accounting policies are described in our 2024 Annual Report on Form 10-K filed with the SEC on February 20, 2025. During the nine months ended September 30, 2025, there were no significant changes in our critical accounting policies and estimates.

**Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024**

The main strategic focus of our Consensus offerings is to enable our customers to securely and cooperatively access, exchange and use information across organizational, regional and national boundaries. As a result, we expect to continue to take steps to enhance our existing offerings and offer new services to continue to satisfy the evolving needs of our customers.

We expect our business to primarily grow organically and inorganically through the use of capital for re-investment in the business and opportunistic acquisitions that expedite our product roadmap in the interoperability space should they arise.

***Revenues***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands, except percentages)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Percentage Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Percentage Change** |
|  | **2025** | **2024** |  | **2025** | **2024** |  |
| **Revenues** | $**87767** | $**87753** | **—%** | $**262626** | $**263399** | **—%** |

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&nbsp;&nbsp;&nbsp;&nbsp;Our revenues primarily consist of revenues from "fixed" customer subscription revenues and "variable" revenues generated from actual usage of our services.

Revenues were consistent with the prior year comparable period. An increase of $3.2 million or 6% in our Corporate business was offset by a decline of $3.2 million or 9% in our SoHo business.

Revenues decreased by $0.8 million for the nine months ended September 30, 2025 over the prior year comparable period. The decrease was due to a decline of $10.5 million or 10% in our SoHo business, partially offset by an increase of $9.7 million or 6% in our Corporate business.

***Cost of Revenues***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands, except percentages)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Percentage Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Percentage Change** |
|  | **2025** | **2024** |  | **2025** | **2024** |  |
| **Cost of revenues** | **$17520** | **$17658** | **(1)%** | **$53214** | **$51828** | **3%** |
| **As a percent of revenue** | **20%** | **20%** |  | **20%** | **20%** |  |

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Cost of revenues is primarily comprised of costs associated with personnel costs, data transmission, online processing fees, network operations as well as capitalized software amortization and equipment depreciation.

Cost of revenues for the three months ended September 30, 2025 were consistent with the prior year comparable period.

The increase in cost of revenues of $1.4 million for the nine months ended September 30, 2025 over the prior year comparable period was primarily due to an increase of $1.3 million in network operations costs.

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***Operating Expenses***

*Sales and Marketing*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands, except percentages)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Percentage Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| **Sales and marketing** | **$13006** | **$12500** | **4%** | **$38246** | **$36776** |
| **As a percent of revenue** | **15%** | **14%** |  | **15%** | **14%** |

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Our sales and marketing costs consist primarily of personnel costs, internet-based advertising and other business development-related expenses. Our internet-based advertising relationships consist primarily of fixed cost and performance-based (cost-per-impression, cost-per-click and cost-per-acquisition) advertising relationships with an array of online service providers. Our sales personnel consist of a combination of inside sales and outside sales professionals.

The increase in sales and marketing expenses of $0.5 million for the three months ended September 30, 2025 over the prior year comparable period was primarily due to an increase of $0.6 million in personnel-related expenses, partially offset by a decrease of $0.2 million in third-party advertising spend.

The increase in sales and marketing expenses of $1.5 million for the nine months ended September 30, 2025 over the prior year comparable period was primarily due to increases of $0.7 million in third-party advertising spend, $0.4 million in personnel-related expenses and $0.2 million in computer and related equipment expenses.

*Research, Development and Engineering*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands, except percentages)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Percentage Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Percentage Change** |
|  | **2025** | **2024** |  | **2025** | **2024** |  |
| **Research, development and engineering** | **$1950** | **$2034** | **(4)%** | **$5406** | **$5582** | **(3)%** |
| **As a percent of revenue** | **2%** | **2%** |  | **2%** | **2%** |  |

---

Our research, development and engineering costs consist primarily of personnel-related expenses.

Research, development and engineering costs for the three and nine months ended September 30, 2025 were consistent with the prior year comparable periods.

*General and Administrative*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands, except percentages)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Percentage Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Percentage Change** |
|  | **2025** | **2024** |  | **2025** | **2024** |  |
| **General and administrative** | **$17361** | **$17136** | **1%** | **$51284** | **$53240** | **(4)%** |
| **As a percent of revenue** | **20%** | **20%** |  | **20%** | **20%** |  |

---

Our general and administrative costs consist primarily of personnel-related expenses (inclusive of share-based compensation), professional fees, depreciation and amortization and bad debt expense.

The increase in general and administrative expenses of $0.2 million for the three months ended September 30, 2025 over the prior year comparable period was primarily due to an increase of $0.6 million in personnel-related expenses, partially offset by decreases of $0.2 million in depreciation and amortization expense and $0.1 million in non-income related tax expenses.

The decrease in general and administrative expenses of $2.0 million for the nine months ended September 30, 2025 over the prior year comparable period was primarily due to decreases of $1.0 million in non-income related tax expenses and $0.8 million in depreciation and amortization expense.

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***Share-Based Compensation***

The following table represents share-based compensation expense included in cost of revenues and operating expenses in the accompanying Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenues | $467 | $465 | $1454 | $1449 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 700 | 592 | 2116 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research, development and engineering | 108 | 95 | 320 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 2691 | 2270 | 8547 | 8045 |
| Total | $3966 | $3422 | $12437 | $11610 |

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***Non-Operating Income and Expenses***

*Interest expense*. Our interest expense is due to outstanding debt and is offset by any extinguishment gain or losses and capitalized interest. Interest expense was $8.8 million and $9.8 million for the three months ended September 30, 2025 and 2024, respectively, and $26.5 million and $24.6 million for the nine months ended September 30, 2025 and 2024, respectively. During the three months ended September 30, 2025, interest expense decreased due to debt repurchases that lowered our outstanding debt balance compared to the prior year comparable period. During the nine months ended September 30, 2025, interest expense increased by $1.9 million compared to the prior year comparable period. Interest expense increased due to a net loss on debt extinguishment of $0.1 million in the current period compared to a net gain on debt extinguishment of $6.7 million in the prior year comparable period. This increase to interest expense was partially offset by a favorable decrease of $4.9 million in interest expense as debt repurchases lowered our outstanding debt balance.

*Interest income.* Our interest income is generated from interest earned on cash and cash equivalents. Interest income was $0.8 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, and $1.7 million and $2.2 million for the nine months ended September 30, 2025 and 2024, respectively. Interest income for the three months ended September 30, 2025 was higher compared to the prior year comparable period due to a higher average investment in money market funds. Interest income for the nine months ended September 30, 2025 decreased compared to the prior year comparable period as we decreased our average investment in money market funds, primarily, in order to repurchase common stock and long-term debt.

*Other income (expense), net*. Our other income (expense), net is generated primarily from foreign currency and miscellaneous items. Other income (expense), net was $0.1 million and $(2.1) million for the three months ended September 30, 2025 and 2024, respectively, and $(3.3) million and $2.5 million for the nine months ended September 30, 2025 and 2024, respectively. The change between periods was primarily attributable to exchange rate fluctuations on intercompany balances between periods in foreign subsidiaries that were in functional currencies other than the U.S. Dollar.

***Income Taxes***

Significant judgment is required in determining our provision for income taxes and in evaluating our tax positions on a worldwide basis. We believe our tax positions, including intercompany transfer pricing policies, are consistent with the tax laws in the jurisdictions in which we conduct our business. Certain of these tax positions have in the past been challenged, and this may have a significant impact on our effective tax rate if our tax reserves are insufficient.

Our effective tax rate is based on pre-tax income, statutory tax rates, tax regulations and different tax rates in the various jurisdictions in which we operate. The tax basis of our assets and liabilities reflect our best estimate of the tax benefits and costs we expect to realize. When necessary, we establish valuation allowances to reduce our deferred tax assets to an amount that will more likely than not be realized.

The provision for income taxes was $7.9 million and $6.1 million for the three months ended September 30, 2025 and 2024, respectively, and $22.4 million and $24.7 million for the nine months ended September 30, 2025 and 2024, respectively.

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Our effective tax rate was 26.3% and 22.5% for the three months ended September 30, 2025 and 2024, respectively, and 25.9% and 25.7% for the nine months ended September 30, 2025 and 2024, respectively. The increase in our effective income tax rate for the three months ended September 30, 2025 was primarily due to a change in the geographical mix of income, a decrease in uncertain tax positions and an increase in the officer's compensation limitation. Our effective income tax rate for the nine months ended September 30, 2025 was consistent with the prior year comparable period.

On July 4, 2025, the budget reconciliation bill H.R. 1, referred to as the One Big Beautiful Bill Act ("OBBBA"), was signed into law. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions, including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The OBBBA did not have a significant impact on our effective tax rate for the quarter ended September 30, 2025 and we do not expect the OBBBA to have a significant impact on the effective tax rate for the year ended December 31, 2025.

**Liquidity and Capital Resources**

***Cash and Cash Equivalents***

As of September 30, 2025, we had cash and cash equivalents of $97.6 million compared to $33.5 million as of December 31, 2024. The increase in cash and cash equivalents resulted primarily from cash provided by operations, partially offset by cash used for capitalized expenditures, debt repurchases, share repurchases and investments. As of September 30, 2025, cash and cash equivalents held within domestic and foreign jurisdictions were $73.2 million and $24.4 million, respectively.

*2025 Credit Agreement*

On July 9, 2025, the Company entered into a Credit Agreement (the "2025 Credit Agreement") with certain lenders party thereto (collectively, the "Lenders") and U.S. Bank National Association, as agent (the "Agent"). Pursuant to the 2025 Credit Agreement, the Lenders have provided the Company with a senior secured revolving credit facility of $75.0 million (the "Revolving Credit Facility") and a senior secured delayed-draw term loan facility of $150.0 million (the "DDTL Facility" and together with the Revolving Credit Facility, the "2025 Credit Facility"). The Company may borrow, repay and reborrow revolving loans at any time during the term of the facility. The Company may borrow under the DDTL Facility until October 15, 2026, but amounts that are prepaid or repaid may not be reborrowed. The Revolving Credit Facility was entered into upon retirement of the previous revolving credit facility of $25.0 million with no balance (see Note 7 - Long-Term Debt of the Notes to the Condensed Consolidated Financial Statements). The final maturity of the 2025 Credit Facility is scheduled to occur on July 10, 2028. As of September 30, 2025, no amount had been drawn from the 2025 Credit Facility. Subsequent to September 30, 2025, but prior to filing of these interim financial statements, on October 15, 2025 the Company borrowed $50.0 million from the Revolving Credit Facility and $150.0 million from the DDTL Facility in order to fund the redemption of a portion of our outstanding senior notes due in 2026 (see Note 15 - Subsequent Events of the Notes to the Condensed Consolidated Financial Statements). On October 31, 2025, the Company issued a redemption notice with respect to the remaining $34.1 million in aggregate principal of its outstanding senior notes due in 2026. The Company expects to fund the redemption by borrowing $20.0 million from its Revolving Credit Facility and using $14.1 million of cash on hand. This additional funding from the Revolving Credit Facility and the associated redemption of the Company's senior notes due in 2026 are expected to occur during the fourth quarter of 2025, but subsequent to the filing of these financial statements.

*Material Cash Requirements*

Our long-term contractual obligations generally include our debt and related interest payments, noncancellable operating leases as well as other commitments. As of September 30, 2025, we had $582.4 million in aggregate principal amount of indebtedness outstanding (see Note 7 - Long-Term Debt of the Notes to the Condensed Consolidated Financial Statements) and total minimum lease payments of $15.2 million, which had a weighted average remaining lease term of 4.9 years. As of September 30, 2025, our liability for uncertain tax positions was $14.4 million. Due to uncertainties in the timing of the amounts and timing of cash settlement with the taxing authorities, we are unable to make a reasonably reliable estimate of the timing of payments.

We currently anticipate that our existing cash and cash equivalents and cash generated from operations and financing activities will be sufficient to fund our anticipated needs for working capital, capital expenditures and stock and debt repurchases, if any, for at least the next 12 months and the foreseeable future.

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*Debt Repurchase Program*

On November 9, 2023, the Board of Directors approved a debt repurchase program, pursuant to which Consensus may reduce, through redemptions, open market purchases, tender offers, privately negotiated purchases or other retirements, a combination of the outstanding principal balance of the 2026 Senior Notes and 2028 Senior Notes ("Debt Repurchase Program"). The authorization permits an aggregate principal amount reduction of up to $300.0 million and expires on November 9, 2026. The timing and amounts of purchases will be determined by the Company, depending on market conditions and other factors it deems relevant. Any gains or losses on extinguishment of debt are recognized in interest expense on the Condensed Consolidated Statements of Income. As of September 30, 2025, the Company had retired an aggregate of $222.6 million in principal of its senior notes under this program.

*Common Stock Repurchase Program*

In March 2022, the Company's Board of Directors approved a share buyback program, under which the Company was authorized to purchase in the public market or in off-market transactions up to $100.0 million worth of the Company's common stock through February 2025. In February 2025, the Company's Board of Directors authorized and approved a three-year extension of the share repurchase program through February 2028. The share buyback program may end before this date if the maximum amount of repurchases has been reached or at the discretion of the Company's Board of Directors. The timing and amounts of purchases are determined by the Company, depending on market conditions and other factors it deems relevant. The Company entered into Rule 10b-18 and Rule 10b5-1 trading plans under this program. During the three months ended September 30, 2025, the Company repurchased 115,652 shares under this program at an aggregate cost of $2.6 million. There were no shares repurchased during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, the Company repurchased 668,996 and 42,962 shares, respectively, under this program at an aggregate cost of $15.2 million (inclusive of excise tax of $0.1 million) and $0.7 million, respectively. Cumulatively as of September 30, 2025, 1,754,721 shares have been repurchased under this program at an aggregate cost of $47.5 million (inclusive of excise tax of $0.3 million). The excise tax is assessed at 1% of the fair market value of net stock repurchases after December 31, 2022.

*Vested Restricted Stock*

At the time of certain vesting events related to restricted stock units or restricted stock awards that are held by participants in Consensus' Equity Incentive Plan, a portion of the awards subject to vesting are withheld by the Company to satisfy the employees' tax withholding obligations that arise upon the vesting of restricted stock. As a result, the number of shares issued upon vesting for these awards is net of the statutory withholding requirements that the Company pays on behalf of its employees. Although shares withheld are not issued, they are treated as common share repurchases in the Company's condensed consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. These shares do not count against the authorized capacity under the Company's share repurchase program described above. During the three months ended September 30, 2025 and 2024, the Company withheld shares on its vested restricted stock units relating to its share-based compensation plans of 4,370 shares and 3,489 shares, respectively. During the nine months ended September 30, 2025 and 2024, the Company withheld shares on its vested restricted stock units and restricted stock awards relating to its share-based compensation plans of 55,415 shares and 40,396 shares, respectively.

***Cash Flows***

Our primary sources of liquidity are cash flows generated from operations, together with cash and cash equivalents. Net cash provided by operating activities was $120.9 million and $110.6 million for the nine months ended September 30, 2025 and 2024, respectively. Our operating cash flows resulted primarily from cash received from our customers offset by cash payments we made to third parties for their services and employee compensation. The increase in net cash provided by operating activities over the prior year comparable period was primarily attributable to increased income after excluding noncash items as well as an increase in cash outflows resulting from changes in our working capital accounts.

Net cash used in investing activities was $27.3 million and $25.5 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, net cash used in investing activities consisted of capital expenditures, primarily capitalized software development costs, and cash paid for investments. The increase in our net cash used in investing activities over the prior year comparable period was primarily attributable to the purchase of investments in the current period, partially offset by a decrease in capital expenditures during the current year period.

Net cash used in financing activities was $33.1 million and $116.8 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, net cash used in financing activities is

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primarily attributable to our repurchases of debt and common stock. The decrease in net cash used in financing activities over the prior year comparable period was primarily attributable to a decrease in cash outflows related to the repurchase of our debt in the current period, partially offset by an increase in repurchases of our common stock in the current year period.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

*The following discussion of the market risks we face contains forward-looking statements. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. Consensus undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Readers should carefully review the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as in other documents we file from time to time with the SEC, including the Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K filed or to be filed by us in 2025.*

**Interest Rate Risk**

Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these instruments. As of September 30, 2025, the carrying value of our cash and cash equivalents approximated fair value. Our return on these investments is subject to interest rate fluctuations.

As of September 30, 2025 and December 31, 2024, we had cash and cash equivalent investments, primarily in money market funds and cash held in foreign and domestic bank accounts, of $97.6 million and $33.5 million, respectively. We do not have interest rate risk on our current outstanding long-term debt as these arrangements have fixed interest rates. Borrowings made under our recently entered into 2025 Credit Facility will incur interest at variable interest rates and are subject to interest rate risk. As of September 30, 2025, there have been no borrowings made under this facility.

We cannot ensure that future interest rate movements will not have a material adverse effect on our future business, prospects, financial condition, operating results and cash flows. To date, we have not entered into interest rate hedging transactions to control or minimize certain of these risks.

**Foreign Currency Risk**

Our principal exposure to foreign currency risk relates to investment and intercompany debt in foreign subsidiaries that transact business in functional currencies other than the U.S. Dollar, primarily the Euro and the Japanese Yen. If we are unable to settle our short-term intercompany debts in a timely manner, we remain exposed to foreign currency fluctuations.

As we expand our international presence, we become further exposed to foreign currency risk by entering new markets with additional foreign currencies. The economic impact of currency exchange rate movements is often linked to variability in real growth, inflation, interest rates, governmental actions and other factors. These changes, if material, could cause us to adjust our financing and operating strategies.

As currency exchange rates change, translation of the income statements of the international businesses into U.S. Dollars affects year-over-year comparability of operating results, the impact of which is immaterial to the comparisons set forth in this Form 10-Q.

Historically, we have not hedged translation risks because cash flows from international operations were generally reinvested locally; however, we may do so in the future. Our objective in managing foreign exchange risk is to minimize the potential exposure to changes that exchange rates might have on earnings, cash flows and our financial position. We currently do not have derivative financial instruments for hedging, speculative or trading purposes and therefore are not subject to such hedging risk. However, we may in the future engage in hedging transactions to manage our exposure to fluctuations in foreign currency exchange rates.

Foreign exchange gain (loss) was $0.2 million and $(2.1) million for the three months ended September 30, 2025 and 2024, respectively. Foreign exchange (loss) gain was $(3.3) million and $2.5 million for the nine months ended September 30, 2025 and 2024, respectively. The change in foreign exchange gain (loss) was primarily attributable to the translation of certain intra-entity balances in foreign currencies.

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Cumulative translation adjustment (loss) gain, included in other comprehensive income, was $(0.2) million and $6.1 million for the three months ended September 30, 2025 and 2024, respectively. Cumulative translation adjustment gain (loss), included in other comprehensive income, was $14.0 million and $(1.6) million for the nine months ended September 30, 2025 and 2024, respectively.

**Item 4. Controls and Procedures**

(a) Evaluation of Disclosure Controls and Procedures&nbsp;&nbsp;&nbsp;&nbsp;

The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to ensure that information required to be disclosed in the Company's reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to the Company's management, including the principal executive officer and the principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the quarterly period ended September 30, 2025. Based on this evaluation, our CEO and CFO concluded that, as of September 30, 2025, our disclosure controls and procedures were effective, at a reasonable assurance level.

Limitations on the Effectiveness of Controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives as specified above. Management does not expect, however, that our disclosure controls and procedures will prevent or detect all error and fraud. Any control system, no matter how well designed and operated, is based on certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

(b) Changes in Internal Controls

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) which occurred during the third quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Part II - Other Information**

**Item 1. Legal Proceedings**

See Note 8 - Commitments and Contingencies of the Notes to the Condensed Consolidated Financial Statements (Part I, Item 1) for information regarding certain legal proceedings in which we are involved.

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part 1, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as in other documents we file from time to time. There have been no material changes to the risk factors from those described in our Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**(a) *&nbsp;&nbsp;&nbsp;&nbsp;*Unregistered Sales of Equity Securities**

None.

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**(b)&nbsp;&nbsp;&nbsp;&nbsp;Issuer Purchases of Equity Securities**

On March 1, 2022, the Company's Board of Directors approved a share buyback program. Under this program, the Company was authorized to purchase in the public market or in off-market transactions up to $100.0 million worth of the Company's common stock through February 2025, which was subsequently extended through February 2028. The timing and amounts of purchases are determined by the Company, depending on market conditions and other factors it deems relevant. For further information on our share repurchases, refer to Note 11 - Stockholders' Deficit of the Notes to the Condensed Consolidated Financial Statements (Part I, Item 1).

The following table summarizes the share repurchase activity for the three months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Number of Shares Purchased** | **Average Price Paid Per Share** <sup>(1)</sup> | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Program** | **Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Program** |
|  |  |  |  | *(in thousands)* |
| July 1 - 31, 2025 | 115652 | $22.19 | 115652 | $52853 |
| August 1 - 31, 2025 |  |  |  | 52853 |
| September 1 - 30, 2025 |  |  |  | 52853 |
|  | 115652 |  | 115652 | 52853 |

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<sup>(1)</sup> Average price paid per share includes costs associated with the repurchases, but excludes the 1% excise tax accrued on our share repurchases as a result of the Inflation Reduction Act of 2022.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Trading Plans**

None.

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**Item 6. Exhibits**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation of Consensus Cloud Solutions, Inc.](https://www.sec.gov/Archives/edgar/data/0001866633/000119312521294817/d141499dex31.htm)</u>(incorporated by reference to Ex. 3.1 to Consensus' Current Report on Form 8-K filed with the Commission on October 8, 2021, File No. 001-40750). |
| 3.2 | <u>[Amended and Restated Bylaws of Consensus Cloud Solutions, Inc.](https://www.sec.gov/Archives/edgar/data/0001866633/000119312521294817/d141499dex32.htm)</u> (incorporated by reference to Ex. 3.2 to Consensus' Current Report on Form 8-K filed with the Commission on October 8, 2021, File No. 001-40750). |
| 10.1 | <u>[Credit Agreement, dated as of July 9, 2025, by and between Consensus Cloud Solutions, Inc., the lenders party thereto, and U.S. Bank National Association, as agent](https://www.sec.gov/Archives/edgar/data/1866633/000186663325000019/consensus-creditagreemen.htm)</u> (incorporated by reference to Ex. 10.1 to Consensus' Quarterly Report on Form 10-Q for the period ended June 30, 2025, File No. 001-40750). |
| 31.1\* | <u>[Rule 13a-14(a) Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ccsi20250930ex-311.htm)</u> |
| 31.2\* | <u>[Rule 13a-14(a) Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ccsi20250930ex-312.htm)</u> |
| 32.1\*\* | <u>[Section 1350 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ccsi20250930ex-321.htm)</u> |
| 101 | The following financial information from Consensus Cloud Solutions, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, (ii) Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024, (iii) Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024, (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024, (v) Condensed Consolidated Statements of Stockholders' Deficit for the three and nine months ended September 30, 2025 and 2024, and (vi) the Notes to Condensed Consolidated Financial Statements. |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| \* Filed herewith<br>\*\* Furnished herewith  | \* Filed herewith<br>\*\* Furnished herewith  |

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**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | **Consensus Cloud Solutions, Inc.** | **Consensus Cloud Solutions, Inc.** |
| Date: | November 5, 2025 | By: | /s/ R. SCOTT TURICCHI |
|  |  |  | R. Scott Turicchi |
|  |  |  | Chief Executive Officer and Director |
|  |  |  | (Principal Executive Officer) |
| Date: | November 5, 2025 | By: | /s/ JAMES C. MALONE |
|  |  |  | James C. Malone |
|  |  |  | Chief Financial Officer |
|  |  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**<u>EXHIBIT 31.1</u>**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, R. Scott Turicchi, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Consensus Cloud Solutions, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: | November 5, 2025 | /s/ R. SCOTT TURICCHI |
| | | R. Scott Turicchi |
| | | Chief Executive Officer and Director |
| | | (Principal Executive Officer) |

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***A signed original of this written statement required by Section 302 of the Sarbanes-Oxley Act has been provided to Consensus Cloud Solutions, Inc. and will be retained by Consensus Cloud Solutions, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.***

## Exhibit 31.2

**<u>EXHIBIT 31.2</u>**

**CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, James C. Malone, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Consensus Cloud Solutions, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| | | /s/ JAMES C. MALONE |
| | | James C. Malone |
| Dated: | November 5, 2025 | Chief Financial Officer<br>(Principal Financial and Accounting Officer) |

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------

***A signed original of this written statement required by Section 302 of the Sarbanes-Oxley Act has been provided to Consensus Cloud Solutions, Inc. and will be retained by Consensus Cloud Solutions, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.***

## Exhibit 32.1

**<u>EXHIBIT 32.1</u>**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND** 

**PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Consensus Cloud Solutions, Inc. (the "Company") for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), R. Scott Turicchi, as Chief Executive Officer (Principal Executive Officer) of the Company, and James C. Malone, as Chief Financial Officer (Principal Financial Officer and Accounting Officer) of the Company, each hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, respectively, that:

1. The accompanying quarterly report on Form 10-Q for the quarter ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Consensus Cloud Solutions, Inc.

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| | | |
|:---|:---|:---|
| | | /s/ R. SCOTT TURICCHI |
| | | R. Scott Turicchi |
| Dated: | November 5, 2025 | Chief Executive Officer and Director<br>(Principal Executive Officer) |

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| | | |
|:---|:---|:---|
| Dated: | November 5, 2025 | /s/ JAMES C. MALONE |
| | | James C. Malone |
| | | Chief Financial Officer<br>(Principal Financial and Accounting Officer) |

---

***A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act has been provided to Consensus Cloud Solutions, Inc. and will be retained by Consensus Cloud Solutions, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.***

<br>