Ziff Davis, Inc. · NASDAQ:ZD
Ziff Davis — Investor Presentation (February 2025)
20 slides from Ziff Davis's investor presentation, Feb 24, 2025
Slide 1: Core Investor Presentation
CORE INVESTOR PRESENTATION February 2025 ©2025 Ziff Davis. All right reserved. www.ziffdavis.com 1
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 the Private Third-Party Information Securities Litigation Reform Act of 1995, particularly those regarding our 2025 financial guidance. These Any third-party trad
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: Investment Highlights
Investment Highlights Portfolio of Digital Media & Internet Brands in High-Value Verticals Experts in Digital Transformation & Creators of Premium Content & Tools Highly Recurring Revenues Across Advertising & Subscription Businesses Disciplined Capital Allocators with a Proven Track Record Systemat
Slide 5: Participants in the Highest-Value, Fastest-Growing Advertising Verticals on the Internet
Participants in the Highest-Value, Fastest-Growing Advertising Verticals on the Internet ’24 Digital Ad Spend ($B) ’19-’24 CAGR Shopping $83 24% Technology $44 17% • Leadership positions in categories that collectively represent ~60% of U.S. digital Entertainment $28 14% ad spending Health & Wellnes
Slide 6: Experts in Digital Transformation
Experts in Digital Transformation Ziff Davis has an established platform and playbook that takes advantage of the secular shift from analog to digital Secular Shifts Ziff Davis Advantage Proprietary Returns-based Deep bench Superior tech platforms resource monetization of digital for scale allocatio
Slide 7: High-Quality Content and Widely-Adopted Tools
High-Quality Content and Widely-Adopted Tools • Editorial content that informs important decisions Content • Actionable reviews, recommendations and “how to” articles • Service journalism that shapes purchase intent • Apps to measure and improve broadband Tools • End-to-end protection against cybers
Slide 8: Robust and Balanced Monetization Formula
Robust and Balanced Monetization Formula $778MM Advertising and Performance Marketing Revenue (FY 2024) BUSINESS MODELS $586MM Subscription & Licensing Revenue (FY 2024) ©2025 Ziff Davis. All right reserved. www.ziffdavis.com 8
Slide 9: Advertising: An Intent-Driven Model
Advertising: An Intent-Driven Model Intent-Driven Authoritative editorial content and tools that instills confidence for important decisions Advertising 92% Net Revenue Retention(1) Actionable reviews, recommendations, how to’s, rankings, etc. (Q4 2024) Participants in the most valuable categories w
Slide 10: Advertising: High Growth and SaaS-Like Revenue Retention
Advertising: High Growth and SaaS-Like Revenue Retention Our advertising model is recurring in nature Advertising and Performance Marketing Revenue ($ in MM) 8% 2019 – 2024 Revenue CAGR ©2025 Ziff Davis. All right reserved. www.ziffdavis.com 10
Slide 11: Strong Track Record of Expanding into Subscription Adjacencies
Strong Track Record of Expanding into Subscription Adjacencies We leverage audience reach, traffic insights and domain expertise in existing verticals to actively pursue subscription adjacencies Existing Verticals Select Examples Technology Entertainment Technology Shopping Subscription Adjacency Cy
Slide 12: Subscriptions and Licensing: A Proven and Durable Model
Subscriptions and Licensing: A Proven and Durable Model B2B Subscriptions / Licensing B2C Subscriptions • SMB and Enterprise subscriptions to access • Consumer/SOHO subscriptions to access content and use content, tools, and services; or and services • Recurring data-as-a-service and IP licensing •
Slide 13: Subscription and Licensing: A Consistent Growth Engine
Subscription and Licensing: A Consistent Growth Engine Our subscription / licensing model supports strong customer retention Subscription and Licensing Revenue (1) ($ in MM) 7% 2019 – 2024 Revenue CAGR 1. 2019-2021 Revenues exclude the Divested Businesses. See slide 20 for reconciliation. ©2025 Ziff
Slide 14: Capital Allocation Framework Maximizes Shareholder Value
Capital Allocation Framework Maximizes Shareholder Value Capital Allocation Capital Mergers & Share Expenditures Acquisitions Repurchases 20% IRR Hurdle (1) (2) Investments ~$700MM ~$3.2B ~$750MM Ranked by Risk Cumulative Cumulative Cumulative Capital Expenditures (2013 – 2024) M&A Spend (2013 – 2
Slide 15: Acquisitions are Our Strategic Advantage
Acquisitions are Our Strategic Advantage Cash Flywheel Core M&A Principles Transaction Types PLATFORM ACQUISITIONS Corporate Closely Sponsor- Carveouts Held Backed Digital Large and Transformation Growing Verticals Public Growth Distressed Companies North Domestic ROW America Platform-Based Lower Mi
Slide 16: A Steady & Repeatable System that Drives Consistent Growth
A Steady & Repeatable System that Drives Consistent Growth Ziff Davis today represents a collection of businesses that have been acquired and enhanced since 2013 M&A Spend Over Time Adj. Revenue (2) ($ in MM) ($ in MM) Cumulative M&A Spend (1) Cumulative M&A Spend / Revenue Ratio $3,169 In-Period M&
Slide 17: Historical Adj. Revenue & Adj. EBITDA
Historical Adj. Revenue & Adj. EBITDA (1) Ziff Davis’ historical Adj. Revenue and Adj. EBITDA reflects its position following the separation of Consensus ’19-’24 ($ in MM) 2019 2020 2021 2022 2023 2024 CAGR Adj. Revenue $965 $1,091 $1,383 $1,391 $1,364 $1,402 8% Adj. EBITDA $310 $378 $485 $507 $482
Slide 18: Appendix
Appendix ©2025 Ziff Davis. All right reserved. www.ziffdavis.com 18
Slide 19: GAAP Reconciliations: Revenue
GAAP Reconciliations: Revenue ($ in MM) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (1) Revenue $237 $327 $410 $568 $805 $893 $1,061 $1,160 $1,417 $1,391 $1,364 $1,402 Reconciliation of GAAP to Adjusted non-GAAP measures: Acquisition-related integration costs (2) 2 - - - - - - - - -
Slide 20: GAAP Reconciliations: Adjusted EBITDA
GAAP Reconciliations: Adjusted EBITDA (1) ($ in MM) 2019 2020 2021 2022 2023 2024 Net income from continuing operations $219 $29 $401 $65 $42 $63 Plus: Interest expense, net 70 56 72 34 20 14 Loss (gain) on debt extinguishment, net - - 5 (12) - - Loss on sale of businesses - (17) 22 - - 4 (Gain) los