Business
Ziff Davis Reports Second Quarter 2024 Financial Results and Reaffirms 2024 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, 2024.\n\n\n“Our recent acquisition activity gives us confidence that we are back on the path to steady and compounding growth,” said Vivek Shah, Chief Executive Officer of Ziff Davis. “We are prepared to continue to act with conviction and decisiveness on accretive, value-driving opportunities.”\n\n\nSECOND QUARTER 2024 RESULTS\n\n\n\nQ2 2024 quarterly revenues decreased 1.6% to $320.8 million compared to $326.0 million for Q2 2023.\n\n\n\nIncome from operations decreased 26.5% to $28.6 million compared to $38.9 million for Q2 2023.\n\n\n\nNet income (1) increased to $36.9 million compared to $16.7 million for Q2 2023.\n\n\n\nNet income per diluted share (1) increased to $0.77 in Q2 2024 compared to $0.36 for Q2 2023.\n\n\n\nAdjusted EBITDA (2) for the quarter decreased 9.8% to $96.3 million compared to $106.7 million for Q2 2023.\n\n\n\nAdjusted net income (2) decreased 9.8% to $53.7 million compared to $59.6 million for Q2 2023.\n\n\n\nAdjusted net income per diluted share (1)(2) (or “Adjusted diluted EPS”) for the quarter decreased 7.1% to $1.18 compared to $1.27 for Q2 2023.\n\n\n\nNet cash provided by operating activities was $50.6 million in Q2 2024 compared to $39.7 million in Q2 2023. Free cash flow (2) was $25.1 million in Q2 2024 compared to $14.5 million in Q2 2023.\n\n\n\nZiff Davis ended the quarter with approximately $839.7 million in cash, cash equivalents, and investments after deploying approximately $84.0 million primarily related to share repurchases and $17.2 million for current and prior year acquisitions.\n\n\n\nThe following table reflects results for the three and six months ended June 30, 2024 and 2023, respectively (in millions, except per share amounts).\n\n\n\n\n(Unaudited)\n\n\n\n\n\n\nThree months ended June 30,\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\nSix months ended June 30,\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n2023\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\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$251.8\n\n\n\n\n\n\n$252.8\n\n\n\n\n\n\n(0.4)%\n\n\n\n\n\n\n$490.9\n\n\n\n\n\n\n$487.0\n\n\n\n\n\n\n0.8%\n...