Slide 1: Full Year and Fourth Quarter 2021 Preliminary Unaudited Results
FULL YEAR AND FOURTH QUARTER 2021 PRELIMINARY UNAUDITED RESULTS FEBRUARY 14, 2022 ©2022 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 the Private Industry, Market and Other Data Securities Litigation Reform Act of 1995, particularly those regarding our 2022 Financial Guidance. Such Certain infor
Slide 3: Risk Factors
Risk Factors The following factors, among others, could cause our business, prospects, financial condition, operating results and cash flows to be materially adversely affected: • Inability to sustain growth or profitability, and any related impact of U.S. or • Inability to continue to expand our bu
Slide 4: Q4 2021 Consolidated Financial Snapshot
Q4 2021 Consolidated Financial Snapshot (1)(2) Note: Pro Forma Results from Continuing Operations excludes divested Voice UK, ANZ Voice, and B2B Backup assets 1.Figures are adjusted non-GAAP; see slide 21 for a reconciliation of the pro-forma adjustments for excluded assets consisting of certain Voi
Slide 5: FY 2021 Consolidated Financial Snapshot
FY 2021 Consolidated Financial Snapshot (1)(2) Note: Pro Forma Results from Continuing Operations excludes divested Voice UK, ANZ Voice, and B2B Backup assets 1. Figures are adjusted non-GAAP; see slide 21 for a reconciliation of the pro-forma adjustments for excluded assets consisting of certain Vo
Slide 6: Advertising Performance
Advertising Performance 2021 2022 Quarterly Advertising Metrics Q1 Q2 Q3 Q4 Q1 (1) Net Revenue Retention 103.7% 111.2% 114.1% 111.9% 106.6% (2) Advertisers 1,705 1,913 1,908 2,198 1,950 (3) Quarterly Revenue per Advertiser $103,981 $103,704 $104,189 $119,932 $87,214 1. Figures are adjusted non-GAAP
Slide 7: Subscriptions Performance
Subscriptions Performance 2021 2022 Quarterly Subscription Metrics Q1 Q2 Q3 Q4 Q1 (1) Subscribers (in '000s) 2,332 2,340 2,290 2,206 2,131 (2) Average Monthly Revenue per Subscriber $16.85 $17.72 $19.69 $20.30 $21.28 (3) Churn Rate 2.75% 2.51% 2.99% 2.97% 3.22% 1. Figures are adjusted non-GAAP 2. Qu
Slide 8: Organic Growth
Organic Growth (1)(2) First Quarter Second Quarter Third Quarter Fourth Quarter Full Year ($ in MM) 2020 2021 Growth 2020 2021 Growth 2020 2021 Growth 2020 2021 Growth 2020 2021 Growth Organic Revenue $232 $253 9% $232 $279 20% $256 $288 12% $366 $374 2% $1,087 $1,194 10% Acquired Revenue -- $46 --
Slide 9: Ziff Davis Capital Structure
Ziff Davis Capital Structure ($ millions) December 31, 2021 Cash and Cash Equivalents $695 (1) Short-term Investments 229 Long-term Investments 123 Total Cash and Investments $1,046 4.625% High-Yield Notes $641 (2) 1.75% Convertible Notes 550 Total Gross Debt $1,191 Multiple of 2021 PF Adj. EBITDA G
Slide 10: 2022 Financial Guidance
2022 FINANCIAL GUIDANCE
Slide 11: 2022 Outlook (Forward-Looking Statements)
2022 Outlook (Forward-Looking Statements) (1) 1. Figures are adjusted non-GAAP 2. Does not include any assumed dilution from the outstanding 1.75% convertible notes 11
Slide 12: 2022 Guidance (Forward-Looking Statements)
2022 Guidance (Forward-Looking Statements) Our annual guidance of Revenues, Adjusted EBITDA and Adjusted non-GAAP EPS (1) Ziff Davis FY 2022 Guidance Range Midpoint YoY % Low Midpoint High $ in MM, except for per share amounts Increase vs 2021A Revenue $1,497 $1,516 $1,535 10% Adjusted non-GAAP EBIT
Slide 13: Supplemental Information
SUPPLEMENTAL INFORMATION
Slide 14: Q4 and FY 2021 Reconciliation of GAAP to Adjusted non-GAAP Earnings & EPS
Q4 and FY 2021 Reconciliation of GAAP to Adjusted non-GAAP Earnings & EPS Figures in Thousands Three Months Ended December 31, Twelve Months Ended December 31 2020 2021 2020 2021 Cost of revenues $ 46,159 $ 45,718 $ 178,403 $ 188,053 Plus: Share based compensation (1) (77) (86) (332) (306) Acquisiti
Slide 15: GAAP Reconciliation – Free Cash Flow
GAAP Reconciliation – Free Cash Flow (1)(2) $MM Ziff Davis Three Months Ended December 31st, Twelve Months Ended December 31st, 2020 2021 2020 2021 Net cash provided by operating activities from $ 124,070 $ 85,319 $ 480,079 $ 515,571 continuing and discontinued operations Less: Purchase of property
Slide 16: GAAP Reconciliation – Adjusted EBITDA
GAAP Reconciliation – Adjusted EBITDA (1)(2) 1. Adjusted EBITDA is defined as net income plus interest and other expense, net; income tax expense; depreciation and amortization and the items used to reconcile GAAP to Adjusted Non-GAAP EPS. Adjusted EBITDA amounts are not meant as a substitute for GA
Slide 17: Q4 2021 Reconciliation of GAAP to Adjusted EBITDA
Q4 2021 Reconciliation of GAAP to Adjusted EBITDA (1) NOTE 1: Table above excludes certain intercompany allocations 1. Figures are adjusted non-GAAP 17
Slide 18: Q4 2020 Reconciliation of GAAP to Adjusted EBITDA
Q4 2020 Reconciliation of GAAP to Adjusted EBITDA (1) NOTE 1: Table above excludes certain intercompany allocations 1. Figures are adjusted non-GAAP; and includes the divested assets through the date of their respective divestiture 18
Slide 19: FY 2021 Reconciliation of GAAP to Adjusted EBITDA
FY 2021 Reconciliation of GAAP to Adjusted EBITDA (1) NOTE 1: Table above excludes certain intercompany allocations 1. Figures are adjusted non-GAAP; and includes the divested assets through the date of their respective divestiture 19
Slide 20: FY 2020 Reconciliation of GAAP to Adjusted EBITDA
FY 2020 Reconciliation of GAAP to Adjusted EBITDA (1) NOTE 1: Table above excludes certain intercompany allocations 1. Figures are adjusted non-GAAP; and includes the divested assets through the date of their respective divestiture 20
Slide 21: Reconciliation of Non-GAAP to Pro-Forma
Reconciliation of Non-GAAP to Pro-Forma Q4 2020 Q4 2021 FY 2020 FY 2021 Revenue Stated Revenues $384.1 $408.6 $1,158.8 $1,416.7 (1) Adjustments ($14.0) $0.0 ($68.1) ($33.5) Total Adjusted Pro-Forma Revenue $370.1 $408.6 $1,090.7 $1,383.2 EBITDA Stated EBITDA $157.1 $161.6 $404.5 $498.7 (1) Adjustmen