Business
Ziff Davis Reports Second 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 second 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 second quarter ended June 30, 2023.\n\n\n“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.\"\n\n\nSECOND QUARTER 2023 RESULTS\n\n\n\nQ2 2023 quarterly revenues decreased 3.4% to $326.0 million compared to $337.4 million for Q2 2022.\n\n\n\nIncome from operations decreased 15.2% to $38.9 million compared to $45.9 million for Q2 2022.\n\n\n\nNet income (loss) increased to $16.7 million compared to $(46.4) million for Q2 2022 primarily due to losses on our investment in Consensus Cloud Solutions, Inc. (“Consensus”) in Q2 2022 that did not recur.\n\n\n\nNet income (loss) per diluted share(2) increased to $0.36 in Q2 2023 compared to $(0.99) for Q2 2022.\n\n\n\nAdjusted EBITDA(1) for the quarter decreased 9.6% to $106.7 million compared to $118.0 million for Q2 2022.\n\n\n\nAdjusted net income(1) decreased 19.9% to $59.6 million compared to $74.4 million for Q2 2022.\n\n\n\nAdjusted net income per diluted share(1)(2) (or “Adjusted diluted EPS”) for the quarter decreased 19.6% to $1.27 compared to $1.58 for Q2 2022.\n\n\n\nNet cash provided by operating activities was $39.7 million in Q2 2023 compared to $76.0 million in Q2 2022. Free cash flow(1) was $14.5 million in Q2 2023 compared to $52.6 million in Q2 2022.\n\n\n\nZiff Davis ended the quarter with approximately $829.3 million in cash, cash equivalents, and investments after deploying approximately $62.7 million primarily related to share repurchases and approximately $1.5 million during the quarter for current and prior year acquisitions.\n\n\n\nThe following table reflects additional results for the three and six months ended June 30, 2023 and 2022, respectively (in millions, except per share amounts).\n\n\n\n\n \n\n\n\n\n\n\nThree months ended\nJune 30,\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\nSix months ended\nJune 30,\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\n2023\n\n\n\n\n\n\n2022\n\n\n\n\n\n\n\n\nRevenues\n\n\n\n\n\n\n ...