NEW YORK–(BUSINESS WIRE)–Ziff Davis, Inc. (NASDAQ: ZD) (“Ziff Davis”) today reported unaudited financial results for the first quarter ended March 31, 2022.

“We are very pleased to have delivered strong financial results in a challenging environment, once again demonstrating the strength and quality of our businesses,” said Vivek Shah, Chief Executive Officer of Ziff Davis. “We are also excited by the opportunities to allocate capital, given our strong liquidity position, to enhance shareholder value.”

FIRST QUARTER 2022 RESULTS

On October 7, 2021, Ziff Davis completed the spin-off of its Consensus Cloud Solutions, Inc. (“Consensus”) business. Ziff Davis has classified Consensus as a discontinued operation in its financial statements for the first quarter of 2021 results. Historical results in this press release represent continuing operations, except for the Statement of Cash Flows, net cash provided by operating activities and free cash flow during the first quarter of 2021, which are on a combined continuing and discontinued operations basis.

Q1 2022 quarterly revenues increased 1.1% to $315.1 million compared to $311.7 million for Q1 2021. On a pro-forma(1) basis, Q1 2022 quarterly revenues increased 5.3% to $315.1 million as compared to $299.1 million for Q1 2021.

GAAP net income per diluted share from continuing operations(2) decreased to $0.51 in Q1 2022 compared to $0.83 for Q1 2021. The net income decrease was primarily due to lower income from an equity method investment.

Adjusted non-GAAP net income per diluted share from continuing operations(2)(3) for the quarter decreased 1.0% to $1.23 as compared to $1.24 for Q1 2021. On a pro-forma(1) basis, Adjusted non-GAAP net income per diluted share from continuing operations(2)(3) for the quarter increased 3.4% to $1.23 compared to $1.19 for Q1 2021.

GAAP net income from continuing operations decreased to $24.5 million compared to $38.8 million for Q1 2021 primarily due to lower income from an equity method investment.

Adjusted non-GAAP net income from continuing operations increased by 4.5% to $57.9 million as compared to $55.4 million for Q1 2021. On a pro-forma(1) basis, Adjusted non-GAAP net income from continuing operations increased by 9.0% to $57.9 million as compared to $53.1 million for Q1 2021.

Adjusted EBITDA(4) for the quarter increased 0.1% to $100.8 million compared to $100.7 million for Q1 2021. On a pro-forma(1) basis, Adjusted EBITDA(4) for the quarter increased 5.1% to $100.8 million compared to $95.9 million for Q1 2021.

Net cash provided by operating activities from continuing operations was $116.5 million in Q1 2022. Free cash flow from continuing operations(6) was $86.0 million in Q1 2022.

Ziff Davis ended the quarter with approximately $988.7 million in cash, cash equivalents, and investments after deploying during the quarter approximately $58.7 million with respect to its share repurchase program, approximately $54.6 million to repay outstanding principal of its senior notes and approximately $30.8 million for current and prior year acquisitions.

Key unaudited financial results for Q1 2022 versus Q1 2021 are set forth in the following table (in millions, except per share amounts). Reconciliations of Adjusted non-GAAP net income per diluted share from continuing operations, Adjusted EBITDA and free cash flow from continuing operations to their nearest comparable GAAP financial measures are attached to this Press Release.

The following table reflects Actual and Pro-Forma Results from Continuing Operations for the first quarter of 2022 and 2021 (in millions, except per share amounts). Pro-Forma Results from Continuing Operations below excludes the operating results from Voice assets in the United Kingdom and the Company’s B2B Backup business that were sold in 2021.

 

 

 

 

Pro-Forma Results(1)

Q1 2022

Q1 2021

% Change

Q1 2022

Q1 2021

% Change

Revenues

 

 

 

 

 

 

Digital Media

$

234.7

 

$

226.8

 

3.5%

$

234.7

 

$

226.8

 

3.5%

Cybersecurity and Martech

$

80.4

 

$

84.9

 

(5.3)%

$

80.4

 

$

72.3

 

11.2%

Total revenue(5):

$

315.1

 

$

311.7

 

1.1%

$

315.1

 

$

299.1

 

5.3%

Income from operations

$

30.6

 

$

26.9

 

13.8%

 

 

 

GAAP income per diluted share from continuing operations(2)

$

0.51

 

$

0.83

 

(38.6)%

 

 

 

Adjusted non-GAAP income per diluted share from continuing operations(2) (3)

$

1.23

 

$

1.24

 

(1.0)%

$

1.23

 

$

1.19

 

3.4%

GAAP net income from continuing operations

$

24.5

 

$

38.8

 

(36.9)%

 

 

 

Adjusted non-GAAP net income from continuing operations

$

57.9

 

$

55.4

 

4.5%

$

57.9

 

$

53.1

 

9.0%

Adjusted EBITDA(4)

$

100.8

 

$

100.7

 

0.1%

$

100.8

 

$

95.9

 

5.1%

Adjusted EBITDA margin(4)

 

32.0

%

 

32.3

%

(0.3)%

 

32.0

%

 

32.1

%

(0.1)%

Net cash provided by operating activities from continuing operations(6)

$

116.5

 

NA (7)

 

 

 

 

Free cash flow from continuing operations(6)

$

86.0

 

NA (7)

 

 

 

 

ZIFF DAVIS GUIDANCE

The Company reaffirms its guidance for fiscal year 2022 as follows (in millions, except per share data):

 

 

Revenue

Adjusted EBITDA

Adjusted non-GAAP

Diluted EPS

FY 2022 Range of Estimates

 

$1,497-$1,535

$538-$555

$6.52-$6.79

____________________

* Adjusted non-GAAP net income per diluted share for 2022 excludes share-based compensation of between $24 million and $28 million, amortization of acquired intangibles and the impact of any currently unanticipated items, in each case net of tax. It is anticipated that the non-GAAP effective tax rate for 2022 (exclusive of the release of reserves for uncertain tax positions) will be between 23.5% and 25%.

The Company has not reconciled the non-GAAP Business Outlook for 2022 Adjusted EBITDA or Adjusted non-GAAP Diluted EPS and the associated tax rate information included in this release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability with respect to costs related to acquisitions and taxation, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable and significant impact on our future non-GAAP financial results.

Notes:

(1)

 

Pro-forma figures are provided taking into consideration the sale of certain Voice assets in the United Kingdom as well as the sale of the Company’s B2B Backup business as if they had occurred January 1, 2021.

(2)

 

The estimated GAAP effective tax rates were approximately 16.7% for Q1 2022 and (90.3)% for Q1 2021. The estimated Adjusted non-GAAP effective tax rates were approximately 23.2% for Q1 2022 and 22.0% for Q1 2021.

(3)

 

Adjusted non-GAAP net income per diluted share excludes certain non-GAAP items, as defined in the Reconciliation of GAAP to Adjusted non-GAAP financial measures, for the three months ended March 31, 2022 and 2021 which totaled $0.72 and $0.41 per diluted share, respectively.

(4)

 

Adjusted EBITDA is defined as net income from continuing operations before interest; gain on sale of businesses; unrealized gain (loss) on short-term investments, other income (expense), net; income tax expense (benefit); income (loss) from equity method investments, net; depreciation and amortization; and the items used to reconcile EPS to Adjusted non-GAAP EPS, as defined in the Reconciliation of GAAP to Adjusted non-GAAP financial measures. Adjusted EBITDA amounts are not meant as a substitute for GAAP, but are solely for informational purposes.

(5)

 

The revenues associated with each of the businesses may not foot precisely since each is presented independently.

(6)

 

Free cash flow from continuing operations is defined as net cash provided by operating activities from continuing operations, less purchases of property and equipment from continuing operations, plus contingent consideration from continuing operations. Free cash flow amounts are not meant as a substitute for GAAP, but are solely for informational purposes. There were no discontinued operations in the first quarter of 2022.

(7)

 

NA = Not available. The Company has not prepared net cash provided by operating activities from continuing operations and free cash flow from continuing operations for the first quarter of 2021. Net cash provided by operating activities from continuing and discontinued operations on a combined basis and free cash flow from continuing and discontinued operations on a combined basis for the three months ended March 31, 2021 was $178.7 million and $152.5 million, respectively. Free cash flow from continuing and discontinued operations is defined as net cash provided by operating activities from continuing and discontinued operations, less purchases of property and equipment from continuing and discontinued operations, plus contingent consideration from continuing and discontinued operations.

About Ziff Davis

Ziff Davis, Inc. (NASDAQ: ZD) is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, entertainment, shopping, health, cybersecurity, and martech. For more information, visit www.ziffdavis.com.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this Press Release are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, including those contained in Vivek Shah’s quote and the “Business Outlook” portion regarding the Company’s expected fiscal 2022 financial performance. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: the Company’s ability to grow advertising revenues, profitability and cash flows; the Company’s ability to make interest and debt payments; the Company’s ability to identify, close and successfully transition acquisitions; subscriber growth and retention; variability of the Company’s revenue based on changing conditions in particular industries and the economy generally; protection of the Company’s proprietary technology or infringement by the Company of intellectual property of others; the risk of losing critical third-party vendors or key personnel; the risks associated with fraudulent activity, system failure or a security breach; risks related to our ability to adhere to our internal controls and procedures; the risk of adverse changes in the U.S. or international regulatory environments, including but not limited to the imposition or increase of taxes or regulatory-related fees; the risk of liability for legal and other claims; and the numerous other factors set forth in Ziff Davis’s (formerly J2 Global, Inc.) filings with the Securities and Exchange Commission (“SEC”). For a more detailed description of the risk factors and uncertainties affecting Ziff Davis, refer to the 2021 Annual Report on Form 10-K filed by Ziff Davis on March 15, 2022, and the other reports filed by Ziff Davis from time-to-time with the SEC, each of which is available at www.sec.gov. The forward-looking statements provided in this press release, including those contained in Vivek Shah’s quote and in the “Business Outlook” portion regarding the Company’s expected fiscal 2022 financial performance are based on limited information available to the Company at this time, which is subject to change. Although management’s expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements.

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following Adjusted non-GAAP financial measures: Adjusted non-GAAP and Pro Forma net income, Adjusted non-GAAP and Pro Forma net income per diluted share, Adjusted and Pro Forma EBITDA and free cash flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use these Adjusted non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these Adjusted non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to these Adjusted non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These Adjusted non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity. We believe these Adjusted non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

For more information on these Adjusted non-GAAP financial measures, please see the appropriate GAAP to Adjusted non-GAAP reconciliation tables included within the attached Exhibit to this release.

ZIFF DAVIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED, IN THOUSANDS)

 

 

March 31, 2022

 

December 31, 2021

ASSETS

 

 

 

Cash and cash equivalents

$

629,030

 

 

$

694,842

 

Short-term investments

 

238,151

 

 

 

229,200

 

Accounts receivable, net of allowances

 

263,659

 

 

 

316,342

 

Prepaid expenses and other current assets

 

62,089

 

 

 

60,290

 

Total current assets

 

1,192,929

 

 

 

1,300,674

 

Long-term investments

 

121,552

 

 

 

122,593

 

Property and equipment, net

 

160,399

 

 

 

161,209

 

Operating lease right-of-use assets

 

53,585

 

 

 

55,617

 

Trade names, net

 

144,084

 

 

 

147,761

 

Customer relationships, net

 

260,577

 

 

 

275,451

 

Goodwill

 

1,557,078

 

 

 

1,531,455

 

Other purchased intangibles, net

 

139,985

 

 

 

149,513

 

Deferred income taxes, noncurrent

 

6,143

 

 

 

5,917

 

Other assets

 

26,839

 

 

 

20,090

 

TOTAL ASSETS

$

3,663,171

 

 

$

3,770,280

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Accounts payable and accrued expenses

$

213,001

 

 

$

226,621

 

Income taxes payable, current

 

2,025

 

 

 

3,151

 

Deferred revenue, current

 

190,418

 

 

 

185,571

 

Operating lease liabilities, current

 

26,459

 

 

 

27,156

 

Current portion of long-term debt

 

 

 

 

54,609

 

Other current liabilities

 

288

 

 

 

130

 

Total current liabilities

 

432,191

 

 

 

497,238

 

Long-term debt

 

1,122,945

 

 

 

1,036,018

 

Deferred revenue, noncurrent

 

13,655

 

 

 

14,839

 

Operating lease liabilities, noncurrent

 

49,719

 

 

 

53,708

 

Income taxes payable, noncurrent

 

11,675

 

 

 

11,675

 

Liability for uncertain tax positions

 

42,949

 

 

 

42,546

 

Deferred income taxes, noncurrent

 

91,211

 

 

 

108,982

 

Other long-term liabilities

 

33,332

 

 

 

37,542

 

TOTAL LIABILITIES

 

1,797,677

 

 

 

1,802,548

 

Commitments and contingencies

 

 

 

 

 

Preferred stock

 

 

 

 

 

Common stock

 

470

 

 

 

474

 

Additional paid-in capital

 

415,653

 

 

 

509,122

 

Retained earnings

 

1,508,802

 

 

 

1,515,358

 

Accumulated other comprehensive loss

 

(59,431

)

 

 

(57,222

)

TOTAL STOCKHOLDERS’ EQUITY

 

1,865,494

 

 

 

1,967,732

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

3,663,171

 

 

$

3,770,280

 

ZIFF DAVIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)

 

 

Three Months Ended March 31,

 

2022

 

2021

Total revenues

$

315,068

 

 

$

311,657

 

Cost of revenues (1)

 

46,100

 

 

 

43,852

 

Gross profit

 

268,968

 

 

 

267,805

 

Operating expenses:

 

 

 

Sales and marketing (1)

 

117,762

 

 

 

107,951

 

Research, development and engineering (1)

 

18,427

 

 

 

19,675

 

General and administrative (1)

 

102,217

 

 

 

113,298

 

Total operating expenses

 

238,406

 

 

 

240,924

 

Income from operations

 

30,562

 

 

 

26,881

 

Interest expense, net

 

(11,510

)

 

 

(21,477

)

Gain on sale of businesses

 

 

 

 

1,979

 

Unrealized gain on short-term investments

 

8,951

 

 

 

 

Other income, net

 

2,399

 

 

 

243

 

Income from continuing operations before income taxes and (loss) income from equity method investment, net

 

30,402

 

 

 

7,626

 

Income tax expense (benefit)

 

5,080

 

 

 

(6,884

)

(Loss) income from equity method investment, net

 

(785

)

 

 

24,270

 

Net income from continuing operations

$

24,537

 

 

$

38,780

 

Income from discontinued operations, net of income taxes

 

 

 

 

39,142

 

Net income

 

24,537

 

 

 

77,922

 

 

 

 

 

Net income per common share from continuing operations:

 

 

 

Basic

$

0.52

 

 

$

0.87

 

Diluted

$

0.51

 

 

$

0.83

 

Net income per common share from discontinued operations:

 

 

 

Basic

 

 

$

0.88

 

Diluted

 

 

$

0.84

 

Net income per common share:

 

 

 

Basic

$

0.52

 

 

$

1.75

 

Diluted

$

0.51

 

 

$

1.67

 

Weighted average shares outstanding:

 

 

 

Basic

 

47,054,411

 

 

 

44,399,149

 

Diluted

 

52,405,317

 

 

 

46,731,872

 

 

 

 

 

(1) Includes share-based compensation expense as follows:

 

 

 

Cost of revenues

$

84

 

 

$

83

 

Sales and marketing

 

569

 

 

 

266

 

Research, development and engineering

 

629

 

 

 

418

 

General and administrative

 

5,435

 

 

 

4,963

 

Total

$

6,717

 

 

$

5,730

 

ZIFF DAVIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED, IN THOUSANDS)

 

 

Three Months Ended March 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net income

$

24,537

 

 

$

77,922

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

59,071

 

 

 

65,492

 

Amortization of financing costs and discounts

 

613

 

 

 

7,296

 

Non-cash operating lease costs

 

2,392

 

 

 

3,320

 

Share-based compensation

 

6,717

 

 

 

6,113

 

Provision for credit losses on accounts receivable

 

(1,032

)

 

 

2,485

 

Deferred income taxes, net

 

(3,745

)

 

 

(5,380

)

Loss on extinguishment of debt

 

1,220

 

 

 

 

Gain on sale of businesses

 

 

 

 

(1,979

)

Lease asset impairments and other charges

 

 

 

 

1,086

 

Changes in fair value of contingent consideration

 

112

 

 

 

510

 

Foreign currency remeasurement gain

 

143

 

 

 

655

 

Loss (income) from equity method investments

 

785

 

 

 

(24,270

)

Unrealized gain on short-term investments

 

(8,951

)

 

 

 

Decrease (increase) in:

 

 

 

Accounts receivable

 

57,483

 

 

 

68,564

 

Prepaid expenses and other current assets

 

10,638

 

 

 

(2,481

)

Operating lease right-of-use assets

 

1,938

 

 

 

1,438

 

Other assets

 

(7,541

)

 

 

1,193

 

Increase (decrease) in:

 

 

 

Accounts payable and accrued expenses

 

(25,694

)

 

 

(22,078

)

Income taxes payable

 

3,193

 

 

 

2,471

 

Deferred revenue

 

3,061

 

 

 

7,867

 

Operating lease liabilities

 

(6,924

)

 

 

(7,389

)

Liability for uncertain tax positions

 

403

 

 

 

1,304

 

Other long-term liabilities

 

(1,908

)

 

 

(5,415

)

Net cash provided by operating activities

 

116,511

 

 

 

178,724

 

Cash flows from investing activities:

 

 

 

Purchases of equity method investment

 

 

 

 

(8,064

)

Purchases of equity investments

 

 

 

 

(999

)

Purchases of property and equipment

 

(30,502

)

 

 

(26,269

)

Acquisition of businesses, net of cash received

 

(28,136

)

 

 

385

 

Proceeds from sale of assets

 

 

 

 

5,999

 

Purchases of intangible assets

 

 

 

 

(8

)

Net cash used in investing activities

$

(58,638

)

 

 

(28,956

)

Cash flows from financing activities:

 

 

 

Payment of debt

 

(54,609

)

 

 

 

Debt extinguishment costs

 

(756

)

 

 

 

Repurchase of common stock

 

(62,810

)

 

 

(12,179

)

Exercise of stock options

 

148

 

 

 

444

 

Deferred payments for acquisitions

 

(2,676

)

 

 

(7,853

)

Other

 

(5

)

 

 

(551

)

Net cash used in financing activities

 

(120,708

)

 

 

(20,139

)

Effect of exchange rate changes on cash and cash equivalents

 

(2,977

)

 

 

(310

)

Net change in cash and cash equivalents

 

(65,812

)

 

 

129,319

 

Cash and cash equivalents at beginning of period

 

694,842

 

 

 

242,652

 

Cash and cash equivalents at beginning of period associated with discontinued operations

 

 

 

 

66,210

 

Cash and cash equivalents at beginning of period associated with continuing operations

 

694,842

 

 

 

176,442

 

Cash and cash equivalents at end of period

 

629,030

 

 

 

371,971

 

Cash and cash equivalents at end of period associated with discontinued operations

 

 

 

 

149,675

 

Cash and cash equivalents at end of period associated with continuing operations

$

629,030

 

 

$

222,296

 

ZIFF DAVIS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP FINANCIAL MEASURES

THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Adjusted non-GAAP net income from continuing operations is GAAP net income from continuing operations with the following modifications: (1) elimination of share-based compensation; (2) elimination of certain acquisition related integration costs; (3) elimination of interest costs in excess of the coupon rate associated with outstanding debt; (4) elimination of amortization of patents and intangible assets that we acquired; (5) elimination of change in value of investments; (6) elimination of gain/loss on sale of assets; (7) elimination of lease asset impairments and other charges; (8) elimination of disposal related costs; (9) elimination of dilutive effect of the convertible debt.

 

Three months ended March 31,

 

2022

 

Per diluted

share*

 

2021

 

Per diluted

share*

Net income from continuing operations

$

24,537

 

 

$

0.51

 

 

$

38,780

 

 

$

0.83

 

Plus:

 

 

 

 

 

 

 

Share based compensation (1)

 

4,878

 

 

 

0.10

 

 

 

3,289

 

 

 

0.07

 

Acquisition related integration costs (2)

 

1,200

 

 

 

0.03

 

 

 

2,111

 

 

 

0.05

 

Interest costs (3)

 

1,006

 

 

 

0.02

 

 

 

4,845

 

 

 

0.11

 

Amortization (4)

 

32,398

 

 

 

0.69

 

 

 

32,456

 

 

 

0.73

 

Investments (5)

 

(8,167

)

 

 

(0.17

)

 

 

(25,444

)

 

 

(0.57

)

Sale of assets (6)

 

 

 

 

 

 

 

(2,022

)

 

 

(0.05

)

Lease asset impairments and other charges (7)

 

1,258

 

 

 

0.03

 

 

 

1,417

 

 

 

0.03

 

Disposal related costs (8)

 

818

 

 

 

0.02

 

 

 

 

 

 

 

Convertible debt dilution (9)

 

 

 

 

 

 

 

 

 

 

0.04

 

Adjusted non-GAAP net income from continuing operations

$

57,928

 

 

$

1.23

 

 

$

55,432

 

 

$

1.24

 

____________________

* The reconciliation of net income from continuing operations per diluted share from GAAP to Adjusted non-GAAP net income from continuing operations per share may not foot since each is calculated independently.

ZIFF DAVIS, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP FINANCIAL MEASURES

THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

 

Three months ended March 31,

 

2022

 

2021

Cost of revenues

$

46,100

 

 

$

43,852

 

Plus:

 

 

 

Share based compensation(1)

 

(85

)

 

 

(82

)

Acquisition related integration costs(2)

 

(52

)

 

 

(40

)

Amortization(4)

 

(278

)

 

 

(593

)

Adjusted non-GAAP cost of revenues

$

45,685

 

 

$

43,137

 

 

 

 

 

Sales and marketing

 

117,762

 

 

$

107,951

 

Plus:

 

 

 

Share based compensation(1)

 

(569

)

 

 

(266

)

Acquisition related integration costs(2)

 

(166

)

 

 

(837

)

Lease asset impairments and other charges(7)

 

(524

)

 

 

 

Adjusted non-GAAP sales and marketing

$

116,503

 

 

$

106,848

 

 

 

 

 

Research, development and engineering

$

18,427

 

 

$

19,675

 

Plus:

 

 

 

Share based compensation(1)

 

(629

)

 

 

(418

)

Acquisition related integration costs(2)

 

(218

)

 

 

(324

)

Adjusted non-GAAP research, development and engineering

$

17,580

 

 

$

18,933

 

 

 

 

 

General and administrative

$

102,217

 

 

$

113,298

 

Plus:

 

 

 

Share based compensation(1)

 

(5,434

)

 

 

(4,963

)

Acquisition related integration costs(2)

 

(1,100

)

 

 

(2,349

)

Amortization(4)

 

(41,225

)

 

 

(47,209

)

Lease asset impairments and other charges(7)

 

(1,141

)

 

 

(1,874

)

Disposal related costs(8)

 

(1,239

)

 

 

 

Adjusted non-GAAP general and administrative

$

52,078

 

 

$

56,903

 

 

 

 

 

Interest expense, net

$

(11,510

)

 

$

(21,477

)

Plus:

 

 

 

Interest costs (3)

 

(1,337

)

 

 

(6,417

)

Adjusted non-GAAP interest expense, net

$

(12,847

)

 

$

(27,894

)

Contacts

Rebecca Wright

Ziff Davis, Inc.

800-577-1790

investor@ziffdavis.com

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