Business
Ziff Davis Reports First Quarter 2022 Results & Reaffirms Full Year 2022 Guidance
NEW YORK--(BUSINESS WIRE)-- Ziff Davis, Inc. (NASDAQ: ZD) (“Ziff Davis”) today reported unaudited financial results for the first quarter ended March 31,
About this update from Ziff Davis, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nZiff Davis, Inc. (NASDAQ: ZD) (“Ziff Davis”) today reported unaudited financial results for the first quarter ended March 31, 2022.\n\n“We are very pleased to have delivered strong financial results in a challenging environment, once again demonstrating the strength and quality of our businesses,” said Vivek Shah, Chief Executive Officer of Ziff Davis. “We are also excited by the opportunities to allocate capital, given our strong liquidity position, to enhance shareholder value.”\n\nFIRST QUARTER 2022 RESULTS\n\nOn October 7, 2021, Ziff Davis completed the spin-off of its Consensus Cloud Solutions, Inc. (“Consensus”) business. Ziff Davis has classified Consensus as a discontinued operation in its financial statements for the first quarter of 2021 results. Historical results in this press release represent continuing operations, except for the Statement of Cash Flows, net cash provided by operating activities and free cash flow during the first quarter of 2021, which are on a combined continuing and discontinued operations basis.\n\nQ1 2022 quarterly revenues increased 1.1% to $315.1 million compared to $311.7 million for Q1 2021. On a pro-forma(1) basis, Q1 2022 quarterly revenues increased 5.3% to $315.1 million as compared to $299.1 million for Q1 2021.\n\nGAAP net income per diluted share from continuing operations(2) decreased to $0.51 in Q1 2022 compared to $0.83 for Q1 2021. The net income decrease was primarily due to lower income from an equity method investment.\n\nAdjusted non-GAAP net income per diluted share from continuing operations(2)(3) for the quarter decreased 1.0% to $1.23 as compared to $1.24 for Q1 2021. On a pro-forma(1) basis, Adjusted non-GAAP net income per diluted share from continuing operations(2)(3) for the quarter increased 3.4% to $1.23 compared to $1.19 for Q1 2021.\n\nGAAP net income from continuing operations decreased to $24.5 million compared to $38.8 million for Q1 2021 primarily due to lower income from an equity method investment.\n\nAdjusted non-GAAP net income from continuing operations increased by 4.5% to $57.9 million as compared to $55.4 million for Q1 2021. On a pro-forma(1) basis, Adjusted non-GAAP net income from continuing operations increased by 9.0% to $57.9 million as compared to $53.1 million for Q1 2021.\n\nAdjusted EBITDA(4) for the quarter inc...