Ziff Davis, Inc. (NASDAQ: ZD) (“Ziff Davis” or “the Company”)
today reported unaudited financial results for the first quarter
ended March 31, 2023.
“While the operating environment remains challenging, we’re
pleased to see incremental improvements in several of our
businesses,” said Vivek Shah, Chief Executive Officer of Ziff
Davis. “The quarter's strong free cash flow reinforces our healthy
balance sheet while we actively seek capital allocation
opportunities."
FIRST QUARTER 2023 RESULTS
- Q1 2023 quarterly revenues decreased 2.5% to $307.1 million
compared to $315.1 million for Q1 2022.
- Income from operations decreased 14.1% to $26.3 million
compared to $30.6 million for Q1 2022.
- Net (loss) income decreased to $(7.6) million compared to $24.5
million for Q1 2022 primarily due to unrealized loss from
investment in equity securities in Q1 2023 compared to unrealized
gain in Q1 2022 and higher losses from equity method investment in
Q1 2023 compared to those in Q1 2022.
- Net (loss) income per diluted share(2) decreased to $(0.16) in
Q1 2023 compared to $0.51 for Q1 2022.
- Adjusted EBITDA(1) for the quarter decreased 6.4% to $94.3
million compared to $100.8 million for Q1 2022.
- Adjusted net income(1) decreased 10.7% to $51.7 million
compared to $57.9 million for Q1 2022.
- Adjusted net income per diluted share(1)(2) (or “Adjusted
diluted EPS”) for the quarter decreased 10.6% to $1.10 compared to
$1.23 for Q1 2022.
- Net cash provided by operating activities was $115.3 million in
Q1 2023 compared to $116.5 million in Q1 2022. Free cash flow(1)
was $85.3 million in Q1 2023 compared to $86.0 million in Q1
2022.
- Ziff Davis ended the quarter with approximately $876.6 million
in cash, cash equivalents, and investments after deploying
approximately $14.7 million during the quarter for current and
prior year acquisitions.
The following table reflects additional results for the first
quarter of 2023 and 2022 (in millions, except per share
amounts).
Three months ended March
31,
% Change
2023
2022
Revenues
Digital Media
$234.1
$234.7
(0.3)%
Cybersecurity and Martech
$73.0
$80.4
(9.2)%
Total revenue(3)
$307.1
$315.1
(2.5)%
Income from operations
$26.3
$30.6
(14.1)%
Operating income margin
8.6%
9.7%
(1.1)%
Net (loss) income
$(7.6)
$24.5
(131.0)%
Net (loss) income per diluted
share(2)
$(0.16)
$0.51
(131.4)%
Adjusted EBITDA(1)
$94.3
$100.8
(6.4)%
Adjusted EBITDA margin(1)
30.7%
32.0%
(1.3)%
Adjusted net income(1)
$51.7
$57.9
(10.7)%
Adjusted diluted EPS
(1)(2)
$1.10
$1.23
(10.6)%
Net cash provided by operating
activities
$115.3
$116.5
(1.0)%
Free cash flow(1)
$85.3
$86.0
(0.8)%
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 (65.6)% and 16.7% for the three months ended
March 31, 2023 and 2022, respectively. The estimated Adjusted
effective tax rates were approximately 23.8% and 23.2% for the
three months ended March 31, 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 discussing its first
quarter 2023 financial results on Wednesday, May 10, 2023, at
8:30AM ET. The live webcast will be accessible by phone by dialing
(844) 985-2014 or via www.ziffdavis.com. Following completion of
the webcast, the audio recording and presentation materials will be
archived 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)
March 31, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
721,502
$
652,793
Short-term investments
39,012
58,421
Accounts receivable, net of allowances of
$7,061 and $6,868, respectively
277,764
304,739
Prepaid expenses and other current
assets
68,306
68,319
Total current assets
1,106,584
1,084,272
Long-term investments
116,062
127,871
Property and equipment, net of accumulated
amortization of $276,760 and $255,586, respectively
187,025
178,184
Intangible assets, net
433,310
462,815
Goodwill
1,597,684
1,591,474
Deferred income taxes
8,457
8,523
Other assets
77,946
80,131
TOTAL ASSETS
$
3,527,068
$
3,533,270
LIABILITIES AND STOCKHOLDERS’
EQUITY
Accounts payable
$
143,966
$
140,541
Accrued employee related costs
31,838
42,178
Deferred revenue, current
200,936
187,904
Accrued liabilities and other current
liabilities
64,439
61,825
Total current liabilities
441,179
432,448
Long-term debt
999,617
999,053
Deferred revenue, noncurrent
8,861
9,103
Deferred income taxes
68,142
79,007
Other long-term liabilities
114,654
121,048
TOTAL LIABILITIES
1,632,453
1,640,659
Common stock
473
473
Additional paid-in capital
444,813
439,681
Retained earnings
1,530,665
1,537,830
Accumulated other comprehensive loss
(81,336
)
(85,373
)
TOTAL STOCKHOLDERS’ EQUITY
1,894,615
1,892,611
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
3,527,068
$
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 March
31,
2023
2022
Total revenues
$
307,142
$
315,068
Operating costs and expenses:
Cost of revenues
45,730
46,100
Sales and marketing
115,920
117,762
Research, development, and engineering
17,914
18,427
General and administrative
101,263
102,217
Total operating costs and expenses
280,827
284,506
Income from operations
26,315
30,562
Interest expense, net
(4,480
)
(10,290
)
Loss on debt extinguishment, net
—
(1,220
)
Gain on investments, net
357
—
Unrealized (loss) gain on short-term
investments held at the reporting date, net
(20,345
)
8,951
Other (loss) income, net
(908
)
2,399
Income before income taxes and loss from
equity method investment, net
939
30,402
Income tax benefit (expense)
616
(5,080
)
Loss from equity method investment,
net
(9,182
)
(785
)
Net (loss) income
$
(7,627
)
$
24,537
Net (loss) income per common share:
Basic
$
(0.16
)
$
0.52
Diluted
$
(0.16
)
$
0.51
Weighted average shares outstanding:
Basic
46,987,249
47,054,411
Diluted
46,987,249
52,405,317
ZIFF DAVIS, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED, IN
THOUSANDS)
Three months ended March
31,
2023
2022
Cash flows from operating activities:
Net (loss) income
$
(7,627
)
$
24,537
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
54,623
59,071
Non-cash operating lease costs
2,933
2,392
Share-based compensation
8,402
6,717
Provision for credit losses (benefit) on
accounts receivable
441
(1,032
)
Deferred income taxes, net
(7,442
)
(3,745
)
Loss on extinguishment of debt, net
—
1,220
Loss from equity method investments
9,182
785
Unrealized loss (gain) on short-term
investments held at the reporting date
20,345
(8,951
)
Gain on investment, net
(357
)
—
Other
2,776
868
Decrease (increase) in:
Accounts receivable
27,626
57,483
Prepaid expenses and other current
assets
(7,658
)
10,638
Other assets
(2,048
)
(5,603
)
Increase (decrease) in:
Accounts payable
6,922
(22,501
)
Deferred revenue
12,085
3,061
Accrued liabilities and other current
liabilities
(4,896
)
(8,429
)
Total operating cash provided by
continuing operations
115,307
116,511
Cash flows from investing activities:
Purchases of property and equipment
(30,017
)
(30,502
)
Acquisition of businesses, net of cash
received
(8,001
)
(28,136
)
Proceeds from sale of equity
investments
3,174
—
Other
(3,947
)
—
Net cash used in investing activities
(38,791
)
(58,638
)
Cash flows from financing activities:
Payment of debt
—
(54,609
)
Debt extinguishment costs
—
(756
)
Repurchase of common stock
(2,875
)
(62,810
)
Proceeds from exercise of stock
options
—
148
Deferred payments for acquisitions
(6,679
)
(2,676
)
Other
71
(5
)
Net cash (used in) provided by financing
activities
(9,483
)
(120,708
)
Effect of exchange rate changes on cash
and cash equivalents
1,676
(2,977
)
Net change in cash and cash
equivalents
68,709
(65,812
)
Cash and cash equivalents at beginning of
year
652,793
694,842
Cash and cash equivalents at end of
year
$
721,502
$
629,030
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 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:
- Interest expense, net;
- (Gain) loss on debt extinguishment, net;
- (Gain) loss on sale of business;
- Unrealized (gain) loss on short-term investments held at the
reporting date, including the unrealized (gain) loss on our
investment in Consensus Cloud Solutions, Inc. (“Consensus”);
- (Gain) loss on investments, net;
- Other (income) expense, net;
- Income tax (benefit) expense;
- (Income) loss from equity method investments, net;
- Depreciation and amortization;
- Share-based compensation;
- Acquisition, integration, and other costs, including
adjustments to contingent consideration, lease terminations,
retention bonuses, other acquisition-specific items, and other
costs, such as severance and legal settlements;
- Disposal related costs associated with disposal of certain
businesses;
- Lease asset impairments and other charges; and
- Goodwill impairment on business.
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:
- Interest costs related to the difference between the imputed
and coupon interest expense associated with the 4.625% Senior Notes
in each period presented;
- (Gain) loss on debt extinguishment, net;
- (Gain) loss on sale of business;
- Unrealized (gain) loss on short-term investments held at the
reporting date, including the unrealized (gain) loss on our
investment in Consensus;
- (Gain) loss on investments, net;
- (Income) loss from equity method investments, net;
- Amortization of patents and intangible assets that we
acquired;
- Goodwill impairment on business;
- Share-based compensation;
- Acquisition, integration and other costs, including adjustments
to contingent consideration, lease terminations, retention bonuses,
other acquisition-specific items, and other costs, such as
severance and legal settlements;
- Disposal related costs associated with disposal of certain
businesses;
- Lease asset impairments and other charges; and
- Dilutive effect of the convertible debt.
Adjusted net income 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 to Adjusted EBITDA:
Three months ended March
31,
2023
2022
Net (loss) income
$
(7,627
)
$
24,537
Interest expense, net
4,480
10,290
Loss on debt extinguishment, net
—
1,220
Unrealized loss (gain) on short-term
investments held at the reporting date
20,345
(8,951
)
Gain on investments, net
(357
)
—
Other loss (income), net
908
(2,399
)
Income tax (benefit) expense
(616
)
5,080
Loss from equity method investment,
net
9,182
785
Depreciation and amortization
54,623
59,071
Share-based compensation
8,402
6,717
Acquisition, integration, and other
costs
3,525
1,534
Disposal related costs
149
1,239
Lease asset impairments and other
charges
1,319
1,665
Adjusted EBITDA
$
94,333
$
100,788
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 March 31,
2023
Digital
Media
Cybersecurity
and Martech
Corporate
Total
Revenues
$
234,126
$
73,016
$
—
$
307,142
Income (loss) from operations
$
28,384
$
11,688
$
(13,757
)
$
26,315
Depreciation and amortization
42,986
11,630
7
54,623
Share-based compensation
3,370
1,572
3,460
8,402
Acquisition, integration, and other
costs
3,299
91
135
3,525
Disposal related costs
—
—
149
149
Lease asset impairments and other
charges
1,214
105
—
1,319
Adjusted EBITDA
$
79,253
$
25,086
$
(10,006
)
$
94,333
Three months ended March 31,
2022
Digital
Media
Cybersecurity
and Martech
Corporate
Total
Revenues
$
234,695
$
80,373
$
—
$
315,068
Income (loss) from operations
$
31,888
$
12,264
$
(13,590
)
$
30,562
Depreciation and amortization
46,121
12,857
93
59,071
Share-based compensation
2,431
1,241
3,045
6,717
Acquisition, integration, and other
costs
1,165
347
22
1,534
Disposal related costs
11
—
1,228
1,239
Lease asset impairments and other
charges
1,436
229
—
1,665
Adjusted EBITDA
$
83,052
$
26,938
$
(9,202
)
$
100,788
_______________
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 (loss) income to Adjusted net income with
adjustments presented on after-tax basis:
Three months ended March
31,
2023
Per diluted
share*
2022
Per diluted
share*
Net (loss) income
$
(7,627
)
$
(0.16
)
$
24,537
$
0.51
Interest costs
56
—
90
—
Loss on debt extinguishment, net
—
—
916
0.02
Unrealized (gain) loss on short-term
investments held at the reporting date
15,265
0.32
(8,951
)
(0.19
)
(Gain) loss on investments, net
(268
)
(0.01
)
—
—
Loss (income) from equity method
investment, net
9,182
0.20
785
0.02
Amortization
24,622
0.52
32,398
0.69
Share-based compensation
6,817
0.15
4,878
0.10
Acquisition, integration, and other
costs
2,577
0.06
1,200
0.03
Disposal related costs
112
—
818
0.02
Lease asset impairments and other
charges
990
0.02
1,258
0.03
Adjusted net income
$
51,726
$
1.10
$
57,929
$
1.23
_______________
* 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 March 31,
2023
GAAP
amount
Adjustments
Adjusted
non-GAAP
amount
Interest
costs
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
$
45,730
$
—
$
—
$
—
$
—
$
(196
)
$
(76
)
$
(85
)
$
—
$
—
$
45,373
Sales and marketing
$
115,920
—
—
—
—
—
(924
)
(1,419
)
—
—
$
113,577
Research, development, and engineering
$
17,914
—
—
—
—
—
(783
)
(175
)
—
—
$
16,956
General and administrative
$
101,263
—
—
—
—
(33,319
)
(6,619
)
(1,846
)
(149
)
(1,319
)
$
58,011
Interest expense, net
$
(4,480
)
74
—
—
—
—
—
—
—
—
$
(4,406
)
Gain (loss) on investment, net
$
357
—
—
(357
)
—
—
—
—
—
—
$
—
Unrealized (loss) gain on short-term
investments held at period end
$
(20,345
)
—
20,345
—
—
—
—
—
—
—
$
—
Income tax benefit (expense)
$
616
(18
)
(5,080
)
89
—
(8,893
)
(1,585
)
(948
)
(37
)
(329
)
$
(16,185
)
(Loss) income from equity method
investment, net
$
(9,182
)
—
—
—
9,182
—
—
—
—
—
$
—
Total non-GAAP adjustments
$
56
$
15,265
$
(268
)
$
9,182
$
24,622
$
6,817
$
2,577
$
112
$
990
ZIFF DAVIS, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(UNAUDITED, IN
THOUSANDS)
Three months ended March 31,
2022
GAAP
amount
Adjustments
Adjusted
non-GAAP
amount
Interest costs
(Gain) loss
on debt
extinguishment
Unrealized (gain)
loss on short-term
investments held at
the reporting date
(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
$
46,100
$
—
$
—
$
—
$
—
$
(278
)
$
(84
)
$
(52
)
$
—
$
—
$
45,686
Sales and marketing
$
117,762
—
—
—
—
—
(569
)
(166
)
—
(524
)
$
116,503
Research, development, and engineering
$
18,427
—
—
—
—
—
(629
)
(218
)
—
—
$
17,580
General and administrative
$
102,217
—
—
—
—
(41,224
)
(5,435
)
(1,098
)
(1,240
)
(1,141
)
$
52,079
Interest expense, net
$
(10,290
)
121
—
—
—
—
—
—
—
—
$
(10,169
)
Gain (loss) on debt extinguishment,
net
$
(1,220
)
—
1,220
—
—
—
—
—
—
—
$
—
Unrealized (loss) gain on short-term
investments held at period end
$
8,951
—
—
(8,951
)
—
—
—
—
—
—
$
—
Income tax expense
$
(5,080
)
(31
)
(304
)
—
—
(9,104
)
(1,839
)
(334
)
(422
)
(407
)
$
(17,521
)
(Loss) income from equity method
investment, net
$
(785
)
—
—
—
785
—
—
—
—
—
$
—
Total non-GAAP adjustments
$
90
$
916
$
(8,951
)
$
785
$
32,398
$
4,878
$
1,200
$
818
$
1,258
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
$
—
$
—
$
—
$
115,307
Less: Purchases of property and
equipment
(30,017
)
—
—
—
(30,017
)
Free cash flow
$
85,290
$
—
$
—
$
—
$
85,290
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/20230509006104/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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