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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ziff Davis Inc | NASDAQ:ZD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.30 | 0.62% | 48.93 | 48.46 | 49.39 | 49.90 | 48.60 | 49.46 | 288,604 | 01:00:00 |
Ziff Davis, Inc. (NASDAQ: ZD) (“Ziff Davis” or “the Company”) today reported unaudited financial results for the second quarter ended June 30, 2023.
“We are cautiously optimistic about the second half of the year, as we are seeing some positive trends in our businesses,” said Vivek Shah, Chief Executive Officer of Ziff Davis. “We are especially enthusiastic about our recently announced strategic partnership with Xyla, which we believe will accelerate AI enablement across our portfolio."
SECOND QUARTER 2023 RESULTS
The following table reflects additional results for the three and six months ended June 30, 2023 and 2022, respectively (in millions, except per share amounts).
Three months ended June 30,
% Change
Six months ended June 30,
% Change
2023
2022
2023
2022
Revenues
Digital Media
$
252.8
$
258.4
(2.2
)%
$
487.0
$
493.0
(1.2
)%
Cybersecurity and Martech
$
73.2
$
79.0
(7.3
)%
$
146.2
$
159.4
(8.3
)%
Total revenue(3)
$
326.0
$
337.4
(3.4
)%
$
633.2
$
652.4
(3.0
)%
Income from operations
$
38.9
$
45.9
(15.2
)%
$
65.2
$
76.4
(14.7
)%
Operating income margin
11.9
%
13.6
%
(1.7
)%
10.3
%
11.7
%
(1.4
)%
Net income (loss)
$
16.7
$
(46.4
)
135.9
%
$
9.1
$
(21.9
)
141.6
%
Net income (loss) per diluted share(2)
$
0.36
$
(0.99
)
136.4
%
$
0.19
$
(0.47
)
140.4
%
Adjusted EBITDA(1)
$
106.7
$
118.0
(9.6
)%
$
201.0
$
218.8
(8.1
)%
Adjusted EBITDA margin(1)
32.7
%
35.0
%
(2.3
)%
31.7
%
33.5
%
(1.8
)%
Adjusted net income(1)
$
59.6
$
74.4
(19.9
)%
$
111.3
$
132.4
(15.9
)%
Adjusted diluted EPS(1)(2)
$
1.27
$
1.58
(19.6
)%
$
2.37
$
2.81
(15.7
)%
Net cash provided by operating activities
$
39.7
$
76.0
(47.8
)%
$
155.0
$
192.5
(19.5
)%
Free cash flow(1)
$
14.5
$
52.6
(72.4
)%
$
99.8
$
138.6
(28.0
)%
Notes:
(1)
For definitions of non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures refer to section “Non-GAAP Financial Measures,” further in this report.
(2)
The estimated GAAP effective tax rates were approximately 27.2% and (33.2)% for the three months ended June 30, 2023 and 2022, respectively, and 23.7% and 12,760.8% for the six months ended June 30, 2023 and 2022, respectively. The estimated Adjusted effective tax rates were approximately 24.8% and 22.7% for the three months ended June 30, 2023 and 2022, respectively, and 24.3% and 22.9% for the six months ended June 30, 2023 and 2022, respectively.
(3)
The revenues associated with each of the businesses may not foot precisely since each is presented independently.
ZIFF DAVIS GUIDANCE
The Company reaffirms its guidance for fiscal year 2023 as follows (in millions, except per share data):
2023 Range of Estimates
Low
High
Revenue
$
1,350.0
$
1,408.0
Adjusted EBITDA
$
479.0
$
514.0
Adjusted diluted EPS*
$
6.02
$
6.54
______________________________________________________
*
Adjusted diluted EPS for 2023 excludes share-based compensation ranging between $32 million and $34 million, amortization of acquired intangibles, and the impact of any currently unanticipated items, in each case net of tax. It is anticipated that the Adjusted effective tax rate for 2023 will be between 23.0% and 25.0%.
A reconciliation of forward-looking Adjusted EBITDA and Adjusted diluted EPS to the corresponding GAAP guidance financial measures is not available without unreasonable effort due, primarily, to variability and difficulty in making accurate forecasts and projections of non-operating matters that may arise in the future.
Earnings Conference Call and Audio Webcast
Ziff Davis will host a live audio webcast and conference call discussing its second quarter 2023 financial results on Friday, August 4, 2023, at 8:30AM ET. The live webcast and call will be accessible by phone by dialing (844) 985-2014 or via www.ziffdavis.com. Following the event, the audio recording and presentation materials will be archived and made available at www.ziffdavis.com.
About Ziff Davis
Ziff Davis, Inc. (NASDAQ: ZD) is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, connectivity, health, cybersecurity, and martech. For more information, visit www.ziffdavis.com.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this Press Release are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, including those contained in Vivek Shah’s quote and the “Ziff Davis Guidance” section regarding the Company’s expected fiscal 2023 financial performance. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks, and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: the Company’s ability to grow advertising revenues, profitability, and cash flows, particularly in light of an uncertain U.S. or worldwide economy, including the possibility of economic downturn or recession; the Company’s ability to make interest and debt payments; the Company’s ability to identify, close, and successfully transition acquisitions; subscriber growth and retention; variability of the Company’s revenue based on changing conditions in particular industries and the economy generally; protection of the Company’s proprietary technology or infringement by the Company of intellectual property of others; the risk of losing critical third-party vendors or key personnel; the risks associated with fraudulent activity, system failure, or a security breach; risks related to our ability to adhere to our internal controls and procedures; the risk of adverse changes in the U.S. or international regulatory environments, including but not limited to the imposition or increase of taxes or regulatory-related fees; the risks related to supply chain disruptions, inflationary conditions, and rising interest rates; the risk of liability for legal and other claims; and the numerous other factors set forth in Ziff Davis’ filings with the Securities and Exchange Commission (“SEC”). For a more detailed description of the risk factors and uncertainties affecting Ziff Davis, refer to the 2022 Annual Report on Form 10-K filed by Ziff Davis on March 1, 2023, and the other reports filed by Ziff Davis from time-to-time with the SEC, each of which is available at www.sec.gov. The forward-looking statements provided in this press release, including those contained in Vivek Shah’s quote and in the “Ziff Davis Guidance” portion regarding the Company’s expected fiscal 2023 financial performance are based on limited information available to the Company at this time, which is subject to change. Although management’s expectations may change after the date of this Press Release, the Company undertakes no obligation to revise or update these statements.
ZIFF DAVIS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED, IN THOUSANDS)
June 30, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
679,090
$
652,793
Short-term investments
35,816
58,421
Accounts receivable, net of allowances of $7,511 and $6,868, respectively
285,909
304,739
Prepaid expenses and other current assets
74,044
68,319
Total current assets
1,074,859
1,084,272
Long-term investments
114,356
127,871
Property and equipment, net of accumulated amortization of $296,223 and $255,586, respectively
192,380
178,184
Intangible assets, net
401,639
462,815
Goodwill
1,599,896
1,591,474
Deferred income taxes
8,561
8,523
Other assets
77,598
80,131
TOTAL ASSETS
$
3,469,289
$
3,533,270
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable
$
127,145
$
120,829
Accrued employee related costs
33,659
42,178
Other accrued liabilities
52,702
39,539
Income taxes payable, current
11,052
19,712
Deferred revenue, current
188,725
187,904
Accrued liabilities and other current liabilities
22,760
22,286
Total current liabilities
436,043
432,448
Long-term debt
1,000,178
999,053
Deferred revenue, noncurrent
8,303
9,103
Deferred income taxes
58,198
79,007
Income taxes payable, noncurrent
8,486
11,675
Other long-term liabilities
95,399
109,373
TOTAL LIABILITIES
1,606,607
1,640,659
Common stock
464
473
Additional paid-in capital
448,920
439,681
Retained earnings
1,492,879
1,537,830
Accumulated other comprehensive loss
(79,581
)
(85,373
)
TOTAL STOCKHOLDERS’ EQUITY
1,862,682
1,892,611
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
3,469,289
$
3,533,270
ZIFF DAVIS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED, IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
Three months ended June 30,
Six months ended June 30,
2023
2022
2023
2022
Total revenues
$
326,016
$
337,356
$
633,158
$
652,424
Operating costs and expenses:
Cost of revenues
47,421
46,004
93,151
92,104
Sales and marketing
119,934
123,777
235,854
241,539
Research, development, and engineering
17,817
19,721
35,731
38,148
General and administrative
101,949
101,967
203,212
204,184
Total operating costs and expenses
287,121
291,469
567,948
575,975
Income from operations
38,895
45,887
65,210
76,449
Interest expense, net
(10,483
)
(9,569
)
(14,963
)
(19,859
)
Gain on debt extinguishment, net
—
2,613
—
1,393
(Loss) gain on investments, net
—
(48,243
)
357
(48,243
)
Unrealized loss on short-term investments held at the reporting date, net
(3,196
)
(27,317
)
(23,541
)
(18,366
)
Other (loss) income, net
(1,503
)
6,345
(2,411
)
8,744
Income (loss) before income taxes and loss from equity method investment, net
23,713
(30,284
)
24,652
118
Income tax expense
(6,461
)
(10,051
)
(5,845
)
(15,131
)
Loss from equity method investment, net
(573
)
(6,101
)
(9,755
)
(6,886
)
Net income (loss)
$
16,679
$
(46,436
)
$
9,052
$
(21,899
)
Basic
$
0.36
$
(0.99
)
$
0.19
$
(0.47
)
Diluted
$
0.36
$
(0.99
)
$
0.19
$
(0.47
)
Weighted average shares outstanding:
Basic
46,798,800
46,978,709
46,892,504
47,016,351
Diluted
46,798,800
46,978,709
46,892,504
47,016,351
ZIFF DAVIS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED, IN THOUSANDS)
Six months ended June 30,
2023
2022
Cash flows from operating activities:
Net income (loss)
$
9,052
$
(21,899
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
111,479
118,943
Non-cash operating lease costs
5,924
5,913
Share-based compensation
17,619
14,420
Provision for credit losses (benefit) on accounts receivable
1,819
(1,376
)
Deferred income taxes, net
(18,330
)
(10,266
)
Gain on extinguishment of debt, net
—
(1,393
)
Loss from equity method investments
9,755
6,886
Unrealized loss on short-term investments held at the reporting date
23,541
18,366
(Gain) loss on investment, net
(357
)
48,243
Other
3,834
2,106
Decrease (increase) in:
Accounts receivable
20,470
77,168
Prepaid expenses and other current assets
(13,038
)
5,804
Other assets
(4,030
)
(4,990
)
Increase (decrease) in:
Accounts payable
(1,332
)
(36,504
)
Deferred revenue
(1,777
)
(11,882
)
Accrued liabilities and other current liabilities
(9,594
)
(17,055
)
Total operating cash provided by continuing operations
155,035
192,484
Cash flows from investing activities:
Purchases of property and equipment
(55,250
)
(53,876
)
Acquisition of businesses, net of cash received
(9,492
)
(92,425
)
Investment in available-for-sale securities
—
(15,000
)
Proceeds from sale of equity investments
3,174
—
Other
(3,753
)
—
Net cash used in investing activities
(65,321
)
(161,301
)
Cash flows from financing activities:
Payment of debt
—
(72,853
)
Proceeds from term loan
—
89,991
Debt extinguishment costs
—
(756
)
Repurchase of common stock
(62,678
)
(76,345
)
Issuance of common stock under employee stock purchase plan
4,724
5,235
Proceeds from exercise of stock options
—
148
Deferred payments for acquisitions
(6,679
)
(7,094
)
Other
21
(5
)
Net cash (used in) provided by financing activities
(64,612
)
(61,679
)
Effect of exchange rate changes on cash and cash equivalents
1,195
(16,056
)
Net change in cash and cash equivalents
26,297
(46,552
)
Cash and cash equivalents at beginning of year
652,793
694,842
Cash and cash equivalents at end of year
$
679,090
$
648,290
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income (loss), Adjusted net income (loss) per diluted share, Free cash flow, and Adjusted effective tax rate (collectively the “non-GAAP financial measures”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results or, in certain cases, may be non-cash in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
These non-GAAP financial measures are not measures presented in accordance with GAAP, and our use of these terms may vary from that of other companies. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.
Non-GAAP financial measures exclude the certain items listed below. Excluding these items from the non-GAAP measures facilitates comparisons to historical operating results and comparisons to peers, many of which exclude similar items. We believe that non-GAAP financial measures excluding these items provide meaningful supplemental information regarding operational performance. We further believe these measures are useful to investors in that they allow for greater transparency of certain line items in the Company’s financial statements.
Adjusted EBITDA is defined as Net income (loss) with adjustments to reflect the addition or elimination of certain items including:
Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenue.
Adjusted net income (loss) is defined as Net income (loss) with adjustments to reflect the addition or elimination of certain statement of operations items including, but not limited to:
Adjusted net income (loss) per diluted share is calculated by dividing Adjusted net income (loss) by the diluted weighted average shares of common stock outstanding that excludes the effect of convertible debt dilution.
Free cash flow is defined as Net cash provided by operating activities, less purchases of property and equipment, plus changes in contingent consideration.
ZIFF DAVIS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS)
The following table sets forth a reconciliation of Net income (loss) to Adjusted EBITDA:
Three months ended June 30,
Six months ended June 30,
2023
2022
2023
2022
Net income (loss)
$
16,679
$
(46,436
)
$
9,052
$
(21,899
)
Interest expense, net
10,483
9,569
14,963
19,859
Gain on debt extinguishment, net
—
(2,613
)
—
(1,393
)
Unrealized loss on short-term investments held at the reporting date
3,196
27,317
23,541
18,366
Loss (gain) on investments, net
—
48,243
(357
)
48,243
Other loss (income), net
1,503
(6,345
)
2,411
(8,744
)
Income tax expense
6,461
10,051
5,845
15,131
(Gain) loss from equity method investment, net
(927
)
6,101
8,255
6,886
Depreciation and amortization
56,856
59,872
111,479
118,943
Share-based compensation
9,217
7,703
17,619
14,420
Acquisition, integration, and other costs
3,369
3,431
6,894
4,965
Disposal related costs
60
65
209
1,304
Lease asset impairments and other charges
(221
)
1,079
1,098
2,744
Adjusted EBITDA
$
106,676
$
118,037
$
201,009
$
218,825
ZIFF DAVIS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS)
The following table sets forth Revenues and a reconciliation of Income (loss) from operations to Adjusted EBITDA by segment:
Three months ended June 30, 2023
Digital Media
Cybersecurity and Martech
Corporate
Total
Revenues
$
252,820
$
73,196
$
—
$
326,016
Income (loss) from operations
$
36,668
$
13,565
$
(11,338
)
$
38,895
Income from equity method investment, net
—
—
(1,500
)
(1,500
)
Depreciation and amortization
45,259
11,590
7
56,856
Share-based compensation
4,070
1,283
3,864
9,217
Acquisition, integration, and other costs
3,256
113
—
3,369
Disposal related costs
—
—
60
60
Lease asset impairments and other charges
(275
)
54
—
(221
)
Adjusted EBITDA
$
88,978
$
26,605
$
(8,907
)
$
106,676
Three months ended June 30, 2022
Digital Media
Cybersecurity and Martech
Corporate
Total
Revenues
$
258,343
$
79,013
$
—
$
337,356
Income (loss) from operations
$
44,162
$
13,023
$
(11,298
)
$
45,887
Depreciation and amortization
47,545
12,263
64
59,872
Share-based compensation
3,306
1,389
3,008
7,703
Acquisition, integration, and other costs
3,183
239
9
3,431
Disposal related costs
—
—
65
65
Lease asset impairments and other charges
637
442
—
1,079
Adjusted EBITDA
$
98,833
$
27,356
$
(8,152
)
$
118,037
______________________________________________________ Tables above exclude certain intercompany allocations.
ZIFF DAVIS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
The following table sets forth a reconciliation of Net income (loss) to Adjusted net income with adjustments presented on after-tax basis:
Three months ended June 30,
2023
Per diluted share*
2022
Per diluted share*
Net income (loss)
$
16,679
$
0.36
$
(46,436
)
$
(0.99
)
Interest costs
5,509
0.12
83
—
Gain on debt extinguishment, net
—
—
(2,309
)
(0.05
)
(Gain) loss on sale of business
88
—
—
—
Unrealized (gain) loss on short-term investments held at the reporting date
2,416
0.05
26,273
0.56
(Gain) loss on investments, net
—
—
48,111
1.02
Loss (income) from equity method investment, net
(552
)
(0.01
)
6,101
0.13
Amortization
25,796
0.55
32,064
0.68
Share-based compensation
7,181
0.15
6,798
0.14
Acquisition, integration, and other costs
2,576
0.05
2,626
0.06
Disposal related costs
44
—
305
0.01
Lease asset impairments and other charges
(160
)
—
808
0.02
Adjusted net income
$
59,577
$
1.27
$
74,424
$
1.58
Six months ended June 30,
2023
Per diluted share*
2022
Per diluted share*
Net income (loss)
$
9,052
$
0.19
$
(21,899
)
$
(0.47
)
Interest costs
5,565
0.12
173
—
Gain on debt extinguishment, net
—
—
(1,393
)
(0.03
)
(Gain) loss on sale of business
88
—
—
—
Unrealized (gain) loss on short-term investments held at the reporting date
17,681
0.38
17,322
0.37
(Gain) loss on investments, net
(268
)
(0.01
)
48,111
1.01
Loss (income) from equity method investment, net
8,630
0.18
6,886
0.15
Amortization
50,418
1.08
64,462
1.37
Share-based compensation
13,998
0.30
11,676
0.25
Acquisition, integration, and other costs
5,153
0.11
3,826
0.08
Disposal related costs
156
—
1,123
0.03
Lease asset impairment and other charges
830
0.02
2,066
0.05
Adjusted net income
$
111,303
$
2.37
$
132,353
$
2.81
______________________________________________________ * The reconciliation of Net (loss) income per diluted share to Adjusted net income per diluted share may not foot since each is calculated independently.
ZIFF DAVIS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS)
The following are the adjustments to certain statement of operations items to derive Adjusted net income, which we believe provide useful information about our operating results and enhance the overall understanding of past financial performance and future prospects.
Three months ended June 30, 2023
GAAP amount
Adjustments
Adjusted non-GAAP amount
Interest costs, net
(Gain) loss on sale of business
Unrealized (gain) loss on short-term investments held at the reporting date
(Gain) loss on investments, net
(Income) loss from equity method investments, net
Amortization
Share-based compensation
Acquisition, integration, and other costs
Disposal related costs
Lease asset impairments and other charges
Cost of revenues
$
47,421
$
—
$
—
$
—
$
—
$
—
$
(189
)
$
(94
)
$
(101
)
$
—
$
—
$
47,037
Sales and marketing
$
119,934
—
—
—
—
—
—
(1,038
)
(653
)
—
—
$
118,243
Research, development, and engineering
$
17,817
—
—
—
—
—
—
(958
)
(133
)
—
—
$
16,726
General and administrative
$
101,949
—
—
—
—
1,500
(33,732
)
(7,127
)
(2,482
)
(60
)
221
$
60,269
Interest expense, net
$
(10,483
)
7,346
—
—
—
—
—
—
—
—
—
$
(3,137
)
Unrealized loss on short-term investments held at period end
$
(3,196
)
—
—
3,196
—
—
—
—
—
—
—
$
—
Other loss, net
$
(1,503
)
—
118
—
—
—
—
—
—
—
—
$
(1,385
)
Income tax expense
$
(6,461
)
(1,837
)
(30
)
(780
)
—
375
(8,125
)
(2,036
)
(793
)
(16
)
61
$
(19,642
)
Loss from equity method investment, net
$
(573
)
—
—
—
—
573
—
—
—
—
—
$
—
Total non-GAAP adjustments
$
5,509
$
88
$
2,416
$
—
$
(552
)
$
25,796
$
7,181
$
2,576
$
44
$
(160
)
ZIFF DAVIS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS)
Three months ended June 30, 2022
GAAP amount
Adjustments
Adjusted non-GAAP amount
Interest costs, net
(Gain) loss on debt extinguishment
Unrealized (gain) loss on short-term investments held at the reporting date
(Gain) loss on investments, net
(Income) loss from equity method investments, net
Amortization
Share-based compensation
Acquisition, integration, and other costs
Disposal related costs
Lease asset impairments and other charges
Cost of revenues
$
46,004
$
—
$
—
$
—
$
—
$
—
$
(259
)
$
(142
)
$
(2
)
$
—
$
—
$
45,601
Sales and marketing
$
123,777
—
—
—
—
—
—
(1,106
)
(1,219
)
—
(438
)
$
121,014
Research, development, and engineering
$
19,721
—
—
—
—
—
—
(851
)
(195
)
—
—
$
18,675
General and administrative
$
101,967
—
—
—
—
—
(41,642
)
(5,604
)
(2,015
)
(64
)
(641
)
$
52,001
Interest expense, net
$
(9,569
)
110
—
—
—
—
—
—
—
—
—
$
(9,459
)
Gain on debt extinguishment, net
$
2,613
—
(3,069
)
—
—
—
—
—
—
—
—
$
(456
)
Loss on investment, net
$
(48,243
)
—
—
—
48,243
—
—
—
—
—
—
$
—
Unrealized loss on short-term investments held at period end
$
(27,317
)
—
—
27,317
—
—
—
—
—
—
—
$
—
Other income, net
$
6,345
—
—
—
(174
)
—
—
—
—
—
—
$
6,171
Income tax expense
$
(10,051
)
(27
)
760
(1,044
)
42
—
(9,837
)
(905
)
(805
)
241
(271
)
$
(21,897
)
Loss from equity method investment, net
$
(6,101
)
—
—
—
—
6,101
—
—
—
—
—
$
—
Total non-GAAP adjustments
$
83
$
(2,309
)
$
26,273
$
48,111
$
6,101
$
32,064
$
6,798
$
2,626
$
305
$
808
ZIFF DAVIS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS)
Six months ended June 30, 2023
GAAP amount
Adjustments
Adjusted non-GAAP amount
Interest costs, net
(Gain) loss on sale of business
Unrealized (gain) loss on short-term investments held at the reporting date
(Gain) loss on investments, net
(Income) loss from equity method investments, net
Amortization
Share-based compensation
Acquisition, integration, and other costs
Disposal related costs
Lease asset impairments and other charges
Cost of revenues
$
93,151
$
—
$
—
$
—
$
—
$
—
$
(385
)
$
(170
)
$
(186
)
$
—
$
—
$
92,410
Sales and marketing
$
235,854
—
—
—
—
—
—
(1,962
)
(2,072
)
—
—
$
231,820
Research, development, and engineering
$
35,731
—
—
—
—
—
—
(1,741
)
(308
)
—
—
$
33,682
General and administrative
$
203,212
—
—
—
—
1,500
(67,051
)
(13,746
)
(4,328
)
(209
)
(1,098
)
$
118,280
Interest expense, net
$
(14,963
)
7,420
—
—
—
—
—
—
—
—
—
$
(7,543
)
Gain (loss) on debt extinguishment, net
$
—
—
—
—
—
—
—
—
—
—
—
$
—
Gain on sale of business
$
—
—
—
—
—
—
—
—
—
—
—
$
—
Gain on investment, net
$
357
—
—
—
(357
)
—
—
—
—
—
—
$
—
Unrealized loss on short-term investments held at period end
$
(23,541
)
—
—
23,541
—
—
—
—
—
—
—
$
—
Other loss, net
$
(2,411
)
—
118
—
—
—
—
—
—
—
—
$
(2,293
)
Income tax expense
$
(5,845
)
(1,855
)
(30
)
(5,860
)
89
375
(17,018
)
(3,621
)
(1,741
)
(53
)
(268
)
$
(35,827
)
Loss from equity method investment, net
$
(9,755
)
—
—
—
—
9,755
—
—
—
—
—
$
—
Total non-GAAP adjustments
$
5,565
$
88
$
17,681
$
(268
)
$
8,630
$
50,418
$
13,998
$
5,153
$
156
$
830
ZIFF DAVIS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS)
Six months ended June 30, 2022
GAAP amount
Adjustments
Adjusted amount
Interest costs
(Gain) loss on debt extinguishment
Unrealized (gain) loss on short-term investments held at the reporting date
(Gain) loss on investments, net
(Income) loss from equity method investments, net
Amortization
Share-based compensation
Acquisition, integration, and other costs
Disposal related costs
Lease asset impairments and other charges
Cost of revenues
$
92,104
$
—
$
—
$
—
$
—
$
—
$
(538
)
$
(226
)
$
(54
)
$
—
$
—
$
91,286
Sales and marketing
$
241,539
—
—
—
—
—
—
(1,675
)
(1,385
)
—
(961
)
$
237,518
Research, development, and engineering
$
38,148
—
—
—
—
—
—
(1,480
)
(413
)
—
—
$
36,255
General and administrative
$
204,184
—
—
—
—
—
(82,865
)
(11,039
)
(3,113
)
(1,304
)
(1,783
)
$
104,080
Interest expense, net
$
(19,859
)
231
—
—
—
—
—
—
—
—
—
$
(19,628
)
Gain on debt extinguishment, net
$
1,393
—
(1,849
)
—
—
—
—
—
—
—
—
$
(456
)
Loss on investment, net
$
(48,243
)
—
—
—
48,243
—
—
—
—
—
—
$
—
Unrealized loss on short-term investments held at period end
$
(18,366
)
—
—
18,366
—
—
—
—
—
—
—
$
—
Other income, net
$
8,744
—
—
—
(174
)
—
—
—
—
—
—
$
8,570
Income tax expense
$
(15,131
)
(58
)
456
(1,044
)
42
—
(18,941
)
(2,744
)
(1,139
)
(181
)
(678
)
$
(39,418
)
Loss from equity method investment, net
$
(6,886
)
—
—
—
—
6,886
—
—
—
—
—
$
—
Total non-GAAP adjustments
$
173
$
(1,393
)
$
17,322
$
48,111
$
6,886
$
64,462
$
11,676
$
3,826
$
1,123
$
2,066
ZIFF DAVIS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED, IN THOUSANDS)
The following tables set forth a reconciliation of Net cash provided by operating activities to Free cash flow:
2023
Q1
Q2
Q3
Q4
YTD
Net cash provided by operating activities
$
115,307
$
39,728
$
—
$
—
$
155,035
Less: Purchases of property and equipment
(30,017
)
(25,233
)
—
—
(55,250
)
Free cash flow
$
85,290
$
14,495
$
—
$
—
$
99,785
2022
Q1
Q2
Q3
Q4
YTD
Net cash provided by operating activities
$
116,511
$
75,973
$
100,735
$
43,225
$
336,444
Less: Purchases of property and equipment
(30,502
)
(23,374
)
(26,891
)
(25,387
)
(106,154
)
Free cash flow
$
86,009
$
52,599
$
73,844
$
17,838
$
230,290
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803997576/en/
Alan Steier Investor Relations Ziff Davis, Inc. investor@ziffdavis.com
Rebecca Wright Corporate Communications Ziff Davis, Inc. press@ziffdavis.com
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