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Jun 30, 2023
Ziff Davis Q2 2023 Earnings Report
Ziff Davis's financial performance decreased slightly in Q2 2023, but net income increased due to non-recurring investment losses from the previous year.
Key Takeaways
Ziff Davis reported a slight decrease in quarterly revenues, but net income increased significantly due to non-recurring investment losses from the previous year. The company reaffirmed its 2023 guidance and is optimistic about the second half of the year, particularly regarding its new strategic partnership with Xyla.
Q2 2023 quarterly revenues decreased 3.4% to $326.0 million compared to $337.4 million for Q2 2022.
Net income increased to $16.7 million compared to $(46.4) million for Q2 2022, primarily due to non-recurring losses on investment in Consensus Cloud Solutions, Inc.
Adjusted EBITDA for the quarter decreased 9.6% to $106.7 million compared to $118.0 million for Q2 2022.
Free cash flow was $14.5 million in Q2 2023 compared to $52.6 million in Q2 2022.
Ziff Davis
Ziff Davis
Forward Guidance
The Company reaffirms its guidance for fiscal year 2023 as follows (in millions, except per share data):
Positive Outlook
- Revenue: $1,350.0 to $1,408.0
- Adjusted EBITDA: $479.0 to $514.0
- Adjusted diluted EPS*: $6.02 to $6.54