Business
Ziff Davis Reports First Quarter 2023 Financial Results and Reaffirms 2023 Guidance
NEW YORK--(BUSINESS WIRE)-- Ziff Davis, Inc. (NASDAQ: ZD) (“Ziff Davis” or “the Company”) today reported unaudited financial results for the first quarter
About this update from Ziff Davis, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nZiff Davis, Inc. (NASDAQ: ZD) (“Ziff Davis” or “the Company”) today reported unaudited financial results for the first quarter ended March 31, 2023.\n\n\n“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.\"\n\n\nFIRST QUARTER 2023 RESULTS\n\n\n\nQ1 2023 quarterly revenues decreased 2.5% to $307.1 million compared to $315.1 million for Q1 2022.\n\n\n\nIncome from operations decreased 14.1% to $26.3 million compared to $30.6 million for Q1 2022.\n\n\n\nNet (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.\n\n\n\nNet (loss) income per diluted share(2) decreased to $(0.16) in Q1 2023 compared to $0.51 for Q1 2022.\n\n\n\nAdjusted EBITDA(1) for the quarter decreased 6.4% to $94.3 million compared to $100.8 million for Q1 2022.\n\n\n\nAdjusted net income(1) decreased 10.7% to $51.7 million compared to $57.9 million for Q1 2022.\n\n\n\nAdjusted 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.\n\n\n\nNet 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.\n\n\n\nZiff 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.\n\n\n\nThe following table reflects additional results for the first quarter of 2023 and 2022 (in millions, except per share amounts).\n\n\n\n\n \n\n\n\n\n\n\nThree months ended March 31,\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n2022\n\n\n\n\n\n\n\n\nRevenues\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nDigital Media\n\n\n\n\n\n\n$234.1\n\n\n\n\n\n\n$234.7\n\n\n\n\n\n\n(0.3)%\n\n\n\n\n\n\n\n\n...