Ziff Davis, Inc. · NASDAQ:ZD
Ziff Davis — Q1 2025 Earnings Presentation
23 slides from Ziff Davis's earnings presentation, May 9, 2025
Slide 1: First Quarter 2025 Results
FIRST QUARTER 2025 RESULTS May 8, 2025 ©2025 Ziff Davis. All rights reserved. www.ziffdavis.com
Slide 2: Safe Harbor for Forward-looking Statements
Safe Harbor for Forward-looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of Industry, Market and Other Data the Private Securities Litigation Reform Act of 1995, particularly those regarding our 2025 financial Certain information that may
Slide 3: Risk Factors
Risk Factors Some factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this presentation include, but are not limited to, our ability and intention to: • Sustain growth or profitability, particularly in light of a
Slide 4: Q1 2025 Consolidated Financial Snapshot
Q1 2025 Consolidated Financial Snapshot Revenues (in millions) Adjusted EBITDA (1) Adjusted diluted EPS (1) (in millions) 1. See "Supplemental Information" for non-GAAP reconciliations. 4
Slide 5: Revenue by Type
Revenue by Type (1)(2) Quarterly Revenues (1) (in millions) Advertising and Performance Marketing Quarterly Revenues (1) (in millions) Subscription and Licensing 1. Throughout this presentation, revenues are net of inter-segment revenues and revenues by revenue source may not foot to total revenues
Slide 6: Q1 2025 Technology & Shopping Segment
Q1 2025 Technology & Shopping Segment Quarterly Revenues (in millions) Other Subscription and Licensing Advertising and Performance Marketing Quarterly Adjusted EBITDA & Margin (1) (in millions) 1. See "Supplemental Information" for non-GAAP reconciliations. 6
Slide 7: Q1 2025 Gaming & Entertainment Segment
Q1 2025 Gaming & Entertainment Segment Quarterly Revenues (in millions) Other Subscription and Licensing Advertising and Performance Marketing Quarterly Adjusted EBITDA & Margin (1) (in millions) 1. See "Supplemental Information" for non-GAAP reconciliations. 7
Slide 8: Q1 2025 Health & Wellness Segment
Q1 2025 Health & Wellness Segment Quarterly Revenues (in millions) Other Subscription and Licensing Advertising and Performance Marketing Quarterly Adjusted EBITDA & Margin (1) (in millions) 1. See "Supplemental Information" for non-GAAP reconciliations. 8
Slide 9: Q1 2025 Connectivity Segment
Q1 2025 Connectivity Segment Quarterly Revenues (in millions) Other Subscription and Licensing Advertising and Performance Marketing Quarterly Adjusted EBITDA & Margin (1) (in millions) 1. See "Supplemental Information" for non-GAAP reconciliations. 9
Slide 10: Q1 2025 Cybersecurity & Martech Segment
Q1 2025 Cybersecurity & Martech Segment Quarterly Revenues (in millions) Subscription and Licensing Quarterly Adjusted EBITDA & Margin (1) (in millions) 1. See "Supplemental Information" for non-GAAP reconciliations. 10
Slide 11: Ziff Davis Capital Structure
Ziff Davis Capital Structure ($ in millions) March 31, 2025 Cash and Cash Equivalents $ 431 Long-term Investments 167 Total Cash and Investments $ 598 4.625% High-Yield Notes $ 460 1.75% Convertible Notes 149 3.625% Convertible Notes 263 Total Gross Debt (1) $ 872 Multiple of Q1 2025 TTM Adj. EBITDA
Slide 12: 2025 Financial Guidance
2025 FINANCIAL GUIDANCE
Slide 13: 2025 Guidance (Forward-Looking Statements)
2025 Guidance (Forward-Looking Statements) Ziff Davis reaffirms its annual guidance for Revenues, Adjusted EBITDA (1), and Adjusted diluted EPS (1) Ziff Davis FY 2025 Guidance Range Low Midpoint High Midpoint YoY % Increase $ in millions, except for per share amounts vs 2024A Revenues $1,442 $1,472
Slide 14: Supplemental Information
SUPPLEMENTAL INFORMATION
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures The below 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, limiting their usefulness for comparison purposes. These non-GAAP financial measures are not based on any comprehens
Slide 16: Non-GAAP reconciliation: Adjusted EBITDA
Non-GAAP reconciliation: Adjusted EBITDA $ in 000's Ziff Davis Three months ended March 31, 2025 2024 Net income $ 24,239 $ 10,627 Interest expense, net 6,131 1,769 Loss on sale of businesses — 3,780 Loss on investments, net — 10,705 Other loss, net 2,803 104 Income tax expense 8,587 8,231 (Income)
Slide 17: Non-GAAP reconciliation: Adjusted EBITDA by Segment
Non-GAAP reconciliation: Adjusted EBITDA by Segment Technology & Gaming & Health & Wellness Connectivity Cybersecurity & Corporate (1) Total Shopping Entertainment Martech Q1 2025 $ in 000's Revenues $ 81,690 $ 38,026 $ 85,786 $ 55,820 $ 67,314 $ — $ 328,636 (Loss) income from operations $ (3,963) $
Slide 18: Non-GAAP reconciliation: Adjusted net income and Adjusted diluted EPS
Non-GAAP reconciliation: Adjusted net income and Adjusted diluted EPS $ in 000's Ziff Davis Three months ended March 31, 2024 Per diluted Per diluted 2025 share (1) 2024 share (1) Net income $ 24,239 $ 0.56 $ 10,627 $ 0.23 Interest, net 61 — (5) — Loss on sale of businesses — — 3,780 0.08 Loss on in
Slide 19: Q1 2025 and Q1 2024 Reconciliation of GAAP to Non-GAAP Financial Measures
Q1 2025 and Q1 2024 Reconciliation of GAAP to Non-GAAP Financial Measures GAAP Interest, (Gain) loss on (Gain) loss on (Income) loss from Share-based Acquisition, Disposal related Lease asset Adjusted amount net sale of business investments, equity method Amortization compensation integration, and c
Slide 20: Non-GAAP reconciliation: Free Cash Flow
Non-GAAP reconciliation: Free Cash Flow $ in 000's Ziff Davis Three months ended March 31, 2025 2024 Net cash provided by operating activities $ 20,613 $ 75,558 Less: Purchases of property and equipment (25,619) (28,129) Free cash flow $ (5,006) $ 47,429 20
Slide 21: Organic Growth
Organic Growth (1) 2023 2024 2025 Year over Year Growth Rates Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Organic Revenues (1) (6%) 0% (2%) 0% (5%) (2%) (5%) (3%) Total Revenues (3%) 0% (2%) 2% (2%) 4% 6% 4% 1. The Company includes revenues from an acquired business in organic revenues in the first month in which the C
Slide 22: Key Operating Metrics by Segment - Advertising and Performance Marketing
Key Operating Metrics by Segment - Advertising and Performance Marketing 2024 2025 Q1 Q1 Technology & Shopping Net advertising and performance marketing revenue retention (1) 91.0% 90.0% Customers (2) 575 573 Quarterly revenue per customer (3) $114,621 $138,701 Gaming & Entertainment Net advertising
Slide 23: Key Operating Metrics by Segment - Subscription and Licensing
Key Operating Metrics by Segment - Subscription and Licensing 2024 2025 Q1 Q1 Gaming & Entertainment Customers (1)(2) 451,000 531,000 Average quarterly revenue per customer (2)(3) $30.76 $25.68 Health & Wellness Customers (1)(2) 1,564,000 1,820,000 Average quarterly revenue per customer (2)(3) $7.41