Slide 1: Fourth Quarter and Full Year 2024 Results
FOURTH QUARTER AND FULL YEAR 2024 RESULTS February 24, 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: New Reportable Segments
“New Reportable Segments $ in millions Prior Reportable Segments Digital Media Cybersecurity & Martech Ziff . Davis New Reportable Segments 2024 Revenue % of Total Revenue Key Brands CNET = [Zjmac Technology & Shopping $361.9 26% RetaitMeNot #y spiceworks Gaming & Entertainment $180.3 13% <3 IGN GAM
Slide 5: Adjusted Revenues by Segment
Adjusted Revenues by Segment (1) $ in 000's Years ended December 31, 2020 2021 2022 2023 2024 CAGR (2020- 2024) Technology & Shopping $ 283,380 $ 439,606 $ 384,929 $ 330,557 $ 361,882 6.3% % Growth 55.1 % (12.4) % (14.1) % 9.5 % Gaming & Entertainment 152,619 162,764 166,325 168,821 180,276 4.3% % G
Slide 6: FY 2024 Components of Revenues and Adjusted EBITDA by Segment
FY 2024 Components of Revenues and Adjusted EBITDA (1) by Segment 1. See "Supplemental Information" for non-GAAP reconciliations. 6
Slide 7: Q4 2024 Consolidated Financial Snapshot
Q4 2024 Consolidated Financial Snapshot Revenues (in millions) Adjusted EBITDA (1) Adjusted diluted EPS (1) (in millions) 1. See "Supplemental Information" for non-GAAP reconciliations. 7
Slide 8: FY 2024 Consolidated Financial Snapshot
FY 2024 Consolidated Financial Snapshot Revenues (in millions) Adjusted EBITDA (1) Adjusted diluted EPS (1) (in millions) 1. See "Supplemental Information" for non-GAAP reconciliations. 8
Slide 9: Advertising and Performance Marketing
Advertising and Performance Marketing Quarterly Revenues (1) Fiscal Year Revenues (1) (in millions) (in millions) Quarterly Advertising and Performance Marketing Metrics (2) Q4 2023 Q4 2024 Net Revenue Retention (3) 87.1% 92.0% Customers (4) 1,943 1,899 Quarterly Revenue per Customer (5) $119,975 $1
Slide 10: Subscription and Licensing
Subscription and Licensing Quarterly Revenues (1) Fiscal Year Revenues (1) (in millions) (in millions) Quarterly Subscription and Licensing Metrics (2) Q4 2023 Q4 2024 Customers (3) (4) (7) 3,266 3,649 Average Quarterly Revenue per Customer (4) (5) $44.77 $40.44 Churn Rate (6) 2.86% 2.83% 1. Figures
Slide 11: Ziff Davis Capital Structure
Ziff Davis Capital Structure ($ in millions) December 31, 2024 Cash and Cash Equivalents $ 506 Long-term Investments 158 Total Cash and Investments $ 664 4.625% High-Yield Notes $ 460 1.75% Convertible Notes 149 3.625% Convertible Notes 263 Total Gross Debt (1) $ 872 Multiple of FY 2024 Adj. EBITDA
Slide 12: Financial Guidance
2025 FINANCIAL GUIDANCE
Slide 13: 2025 Guidance (Forward-Looking Statements)
2025 Guidance (Forward-Looking Statements) Revenue at Midpoint Revenue Growth Advertising and Performance Marketing 4-6% growth Subscription and Licensing 3-5% growth Other Low teens growth Distributions of Revenues First Quarter >20% of full year revenues Fourth Quarter ~30% of full year revenues C
Slide 14: 2025 Guidance (Forward-Looking Statements)
2025 Guidance (Forward-Looking Statements) 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 $1,502 5.0% Adjusted EBIT
Slide 15: Supplemental Information
SUPPLEMENTAL INFORMATION
Slide 16: 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 17: Non-GAAP reconciliation: Adjusted EBITDA
Non-GAAP reconciliation: Adjusted EBITDA $ in 000's Ziff Davis Three months ended December 31, 2024 2023 Net income $ 64,087 $ 63,422 Interest expense, net 6,391 2,251 Income on investment, net — (1,065) Other (income) loss, net (2,438) 3,486 Income tax expense 13,610 12,962 Income from equity metho
Slide 18: 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 Q4 2024 $ in 000's Income (loss) from operations $ 22,245 $ 20,244 $ 27,058 $ 17,500 $ 9,095 $ (17,620) $ 78,522 Depreciation an
Slide 19: Non-GAAP reconciliation: Adjusted EBITDA
Non-GAAP reconciliation: Adjusted EBITDA $ in 000's Ziff Davis Years ended ended December 31, 2024 2023 2022 Net income $ 63,047 $ 41,503 $ 65,466 Interest expense, net 13,988 20,031 33,842 Gain on debt extinguishment, net — — (11,505) Loss on sale of businesses 3,780 — — Loss on investment, net 7,6
Slide 20: 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 FY 2024 $ in 000's Income (loss) from operations $ (71,072) $ 54,001 $ 67,207 $ 79,374 $ 54,961 $ (70,823) $ 113,648 Depreciatio
Slide 21: 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 FY 2022 $ in 000's Income (loss) from operations $ 3,565 $ 53,425 $ 66,215 $ 78,362 $ 50,962 $ (53,588) $ 198,941 Depreciation a
Slide 22: 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 December 31, 2024 Per diluted Per diluted 2024 share (1) 2023 share (1) Net income $ 64,087 $ 1.43 $ 63,422 $ 1.29 Interest, net 60 — (20) — Loss on sale of business — — 276 0.01 Loss (inco
Slide 23: 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 Years ended December 31, 2024 Per diluted Per diluted 2024 share (1) 2023 share (1) Net income $ 63,047 $ 1.42 $ 41,503 $ 0.89 Interest, net 132 — 5,881 0.13 Loss on sale of business 103 — 3,797 0.08 Loss on
Slide 24: Q4 2024 and Q4 2023 Reconciliation of GAAP to Non-GAAP Financial Measures
Q4 2024 and Q4 2023 Reconciliation of GAAP to Non-GAAP Financial Measures Acquisition, Disposal Lease asset Adjusted GAAP Interest, (Gain) loss on (Gain) loss on (Income) loss from Share-based integration, impairments Goodwill investments, equity method Amortization and other related and other impai
Slide 25: FY 2024 and FY 2023 Reconciliation of GAAP to Non-GAAP Financial Measures
FY 2024 and FY 2023 Reconciliation of GAAP to Non-GAAP Financial Measures Acquisition, Disposal Lease asset Adjusted GAAP Interest, (Gain) loss on (Gain) loss on (Income) loss from Share-based integration, impairments Goodwill investments, equity method Amortization and other related and other impai
Slide 26: Non-GAAP reconciliation: Free Cash Flow
Non-GAAP reconciliation: Free Cash Flow $ in 000's Ziff Davis Three months ended December 31, Years ended December 31, 2024 2023 2024 2023 Net cash provided by operating activities $ 158,233 $ 92,119 $ 390,315 $ 319,962 Less: Purchases of property and equipment (27,159) (26,253) (106,635) (108,729)
Slide 27: Reconciliation of Adjusted Revenues
Reconciliation of Adjusted Revenues $ in 000's 2020 2021 Revenues GAAP Revenues - Cybersecurity & Martech $ 347,699 $ 348,246 Adjustments for divested businesses (68,146) (33,496) Total Adjusted Revenues - Cybersecurity & Martech $ 279,553 $ 314,750 GAAP Revenues - Consolidated $ 1,158,829 $ 1,416,7
Slide 28: Organic Growth
Organic Growth (1) 2022 2023 2024 Year over Year Growth Rates Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Organic Revenues (1) (3%) (5%) (7%) (7%) (5%) (6%) (6%) 0% (2%) (4%) 0% (5%) (2%) (5%) (3%) Total Revenues 5% 2% (1%) (3%) 1% (3%) (3%) 0% (2%) (2%) 2% (2%) 4% 6% 3% 1. The Company includes rev
Slide 29: Key Operating Metrics by Segment - Advertising and Performance Marketing
Key Operating Metrics by Segment - Advertising and Performance Marketing 2023 2024 Q4 Q4 Technology & Shopping Net advertising and performance marketing revenue retention (1) 88.0% 92.9% Customers (2) 736 793 Quarterly revenue per customer (3) $138,376 $163,947 Gaming & Entertainment Net advertising
Slide 30: Key Operating Metrics by Segment - Subscription and Licensing
Key Operating Metrics by Segment - Subscription and Licensing 2023 2024 Q4 Q4 Technology & Shopping Customers (1)(2) 0.1 0.2 Average quarterly revenue per customer (2)(3) $17,272 $10,011 Churn rate (2)(4) 27.20% 1.75% Gaming & Entertainment Customers (1)(2) 416 600 Average quarterly revenue per cust