THIRD QUARTER 2024 RESULTS November 7, 2024 ©2024 Ziff Davis. All rights reserved. www.ziffdavis.com Safe Harbor for Forward-looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, particularly those regarding our 2024 financial guidance. These forward-looking statements are based on management's current expectations or beliefs as of November 7, 2024 ("Release Date") and are subject to numerous as ...

Core Insights - Ziff Davis reported quarterly earnings of $1.64 per share, exceeding the Zacks Consensus Estimate of $1.48 per share, and showing an increase from $1.50 per share a year ago, resulting in an earnings surprise of 10.81% [1] - The company achieved revenues of $353.58 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.70% and increasing from $340.99 million year-over-year [2] - Ziff Davis shares have declined approximately 25.6% year-to-date, contrasting with the S&P 500's gain of 24.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.78 on revenues of $437.02 million, while the estimate for the current fiscal year is $6.67 on revenues of $1.42 billion [7] - The estimate revisions trend for Ziff Davis is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Internet - Software industry, to which Ziff Davis belongs, is currently ranked in the top 25% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Q3 2024 revenues increased by 3.7% to $353.6 million compared to $341.0 million in Q3 2023[2] - Loss from operations rose to $29.3 million in Q3 2024, up from $13.3 million in Q3 2023, including a goodwill impairment of $85.3 million[3] - Net loss increased to $48.6 million in Q3 2024, compared to $31.0 million in Q3 2023, with net loss per diluted share rising to $1.11 from $0.67[3] - Adjusted EBITDA for Q3 2024 was $124.7 million, a 9.6% increase from $113.7 million in Q3 2023[3] - Total revenues for the three months ended September 30, 2024, were $353,580,000, compared to $340,985,000 for the same period in 2023, representing a growth of approximately 3.5%[15] - The net loss for the three months ended September 30, 2024, was $48,577,000, compared to a net loss of $30,971,000 for the same period in 2023, reflecting a deterioration in performance[19] Cash Flow and Investments - Free cash flow for Q3 2024 was $80.1 million, up 75.8% from $45.6 million in Q3 2023[3] - Ziff Davis ended Q3 2024 with approximately $538.9 million in cash, cash equivalents, and investments after deploying $96.1 million for share repurchases and $154.9 million for acquisitions[3] - Cash flows from operating activities for the nine months ended September 30, 2024, were $232,082,000, slightly up from $227,843,000 in 2023[16] - Net cash used in investing activities for the nine months ended September 30, 2024, was $(264,571,000), compared to $(104,738,000) in 2023, showing a significant increase in cash outflow[16] - Net cash used in financing activities for the nine months ended September 30, 2024, was $(323,096,000), compared to $(116,810,000) in 2023, indicating a substantial increase in financing outflows[16] Guidance and Projections - The company reaffirmed its 2024 revenue guidance range of $1.411 billion to $1.471 billion[6] - Adjusted EBITDA guidance for 2024 is set between $500 million and $521 million[6] - Adjusted diluted EPS for 2024 is expected to be between $6.43 and $6.77[6] Goodwill and Impairments - Goodwill impairment on business for the three months ended September 30, 2024, was $85,273,000, compared to $56,850,000 in 2023, indicating a 50.4% increase[15] - Goodwill impairment for the three months ended September 30, 2024, amounted to $85,273,000, which is consistent with the impairment recorded in the same period of 2023[24] Operating Costs and Expenses - Total operating costs and expenses for the three months ended September 30, 2024, were $382,884,000, an increase from $354,304,000 in 2023, reflecting a rise of about 8%[15] - Share-based compensation expenses increased to $10,161,000 for the three months ended September 30, 2024, compared to $6,774,000 in the same period of 2023, representing a rise of approximately 49.5%[19] - Research, development, and engineering costs for the three months ended September 30, 2024, were $(13,390), showing a focus on innovation and product development[28] - Sales and marketing expenses for the three months ended September 30, 2024, were $(123,188), reflecting ongoing investment in market presence[28] Non-GAAP Measures - Adjusted EBITDA and other non-GAAP financial measures are utilized for financial decision-making, providing insights into the company's operational performance[17] - The adjusted net income for the three months ended September 30, 2024, was $72,061,000, or $1.64 per diluted share, compared to $69,073,000, or $1.50 per diluted share, for the same period in 2023[24] - The total non-GAAP adjustments for the three months ended September 30, 2024, amounted to $60, with significant contributions from share-based compensation and acquisition-related costs[28] - For the nine months ended September 30, 2024, Ziff Davis recorded an adjusted net income of $184,272, with an adjusted effective tax rate of approximately 23.9%[31] Market Segments - The digital media segment generated revenues of $283,554,000 for the three months ended September 30, 2024, while the cybersecurity and martech segment contributed $70,026,000[21] Losses and Challenges - The company reported a loss from equity method investments of $(77) for the three months ended September 30, 2024, indicating challenges in this area[28] - Ziff Davis experienced a loss on investments of $(6,019) for the three months ended September 30, 2023, highlighting market volatility impacts[30]

Revenue Performance - Total revenues for the three months ended June 30, 2024, were $320.8 million, a decrease of 0.7% compared to $326.0 million for the same period in 2023[104]. - Digital Media revenues for the three months ended June 30, 2024, were $251.8 million, slightly down from $252.9 million in the prior year[104]. - Cybersecurity and Martech revenues for the three months ended June 30, 2024, were $69.0 million, down from $73.2 million in the same period last year[104]. - Digital Media revenues for the three months ended June 30, 2024, decreased by $4.7 million, while Cybersecurity and Martech revenues decreased by $4.1 million[115]. - Total revenues for the six months ended June 30, 2024, increased by 0.3% to $635.3 million compared to $633.2 million in the prior period[116]. - Digital Media revenues for the three months ended June 30, 2024, totaled $251,817,000, slightly down from $252,870,000 in the prior year[104]. - Cybersecurity and Martech revenues for the three months ended June 30, 2024, were $68,984,000, down from $73,196,000 in the same period last year[104]. - For the first half of 2024, Digital Media's revenues increased to $490.8 million, up $3.9 million or 0.8% year-over-year, driven by an $8.9 million increase in subscription and licensing revenue[127]. - Cybersecurity and Martech's revenues for Q2 2024 were $69.0 million, a decrease of $4.2 million or 5.8% compared to Q2 2023, mainly due to lower revenue from consumer privacy services[129]. - Cybersecurity and Martech's revenues for the first half of 2024 decreased to $144.4 million, down $1.8 million or 1.2% year-over-year[129]. Customer Metrics - The number of Digital Media customers increased to 2,148 thousand in Q2 2024, up from 1,808 thousand in Q2 2023[108]. - Average quarterly revenue per Digital Media customer decreased to $33.86 in Q2 2024 from $37.74 in Q2 2023[108]. - The churn rate for Digital Media was 3.19% in Q2 2024, an improvement from 3.69% in Q2 2023[108]. - The company reported a net advertising and performance marketing revenue retention rate of 90.5% for the three months ended June 30, 2024, up from 89.8% in the prior year[105]. Expenses and Costs - Direct costs for the three months ended June 30, 2024, increased by 10.9% to $52.6 million, representing 16.4% of revenues[117]. - Sales and marketing expenses for the three months ended June 30, 2024, increased by 4.0% to $124.8 million, accounting for 38.9% of revenues[118]. - Research, development, and engineering costs for the three months ended June 30, 2024, decreased by 5.7% to $16.8 million, representing 5.2% of revenues[119]. - General, administrative, and other related costs for the three months ended June 30, 2024, decreased by 3.8% to $98.1 million, accounting for 30.6% of revenues[120]. - Share-based compensation expense for the three months ended June 30, 2024, totaled $11.6 million, an increase from $9.2 million in the prior period[121]. - Interest expense, net for the three months ended June 30, 2024, was $1.8 million, a decrease of 82.8% compared to $10.5 million in the prior period[122]. - The company’s sales and marketing expenses as a percentage of revenues increased to 38.9% for the three months ended June 30, 2024, compared to 36.8% in the prior year[118]. Income and Taxation - Digital Media operating income was $35.0 million for the three months ended June 30, 2024, a decrease of $1.7 million or 4.6% compared to the prior period[128]. - Cybersecurity and Martech operating income was $11.5 million for the three months ended June 30, 2024, a decrease of $2.0 million or 14.6% compared to the prior period[129]. - Provision for income taxes amounted to $7.0 million for the three months ended June 30, 2024, compared to $6.5 million for the same period in 2023[124]. - The effective tax rate for the three months ended June 30, 2024, was 19.9%, down from 27.2% in the prior year[124]. - The company reported a total non-operating income of $6.5 million for the three months ended June 30, 2024, compared to a loss of $15.2 million in the same period last year[122]. - Income from equity method investment was $8.8 million for the three months ended June 30, 2024, compared to a loss of $0.6 million in the same period last year[125]. Cash and Debt Management - Cash and cash equivalents as of June 30, 2024, were $687.2 million, down from $737.6 million as of December 31, 2023[132]. - Total cash, cash equivalents, and investments were $839.7 million as of June 30, 2024, compared to $905.6 million as of December 31, 2023[132]. - As of June 30, 2024, the Company had outstanding indebtedness of $1.0 billion and total future minimum lease payments of $25.8 million, with approximately $12.0 million due in the next twelve months[136]. - Net cash provided by operating activities for the six months ended June 30, 2024, was $126.1 million, a decrease of $28.9 million compared to $155.0 million in the prior period[138]. - The Company used $83.1 million in investing activities during the six months ended June 30, 2024, an increase of $17.8 million compared to the prior period, primarily due to higher cash used on business acquisitions[140]. - The net cash used in financing activities increased by $27.1 million during the six months ended June 30, 2024, primarily due to increased share repurchases[141]. - The Company’s liability for uncertain tax positions was $37.1 million as of June 30, 2024[136]. Share Repurchase Program - The Company repurchased 1,500,000 shares at an aggregate cost of $84.9 million during the six months ended June 30, 2024, with 3,241,308 shares remaining under the repurchase authorization[143]. - Cumulatively, as of June 30, 2024, the Company repurchased 6,758,692 shares under the 2020 Program at an aggregate cost of $486.7 million[144]. - On August 2, 2024, the Board authorized an increase in the 2020 Program for an additional 5 million shares, raising the total authorization to 15 million shares[144]. - The expiration date of the 2020 Program has been extended from August 6, 2025, to August 2, 2029[144]. - As of August 2, 2024, there are 8,241,308 shares remaining under the 2020 Program[144]. Strategic Outlook - The company continues to pursue acquisitions to grow customer bases and diversify service offerings[102]. - The company faces risks related to economic downturns, supply chain disruptions, and competition in the digital media space[101]. - The company expects continued growth in Digital Media as advertising transactions shift from offline to online, with a focus on improving ad relevance and effectiveness[113]. - The company anticipates continued improvement in its Digital Media business as it integrates recent acquisitions and expands advertising platforms[112]. - The company expects acquisitions to remain a key component of its strategy, although the number and significance may vary due to macroeconomic conditions[113].

August 7, 2024 Exhibit 99.2 SECOND QUARTER 2024 RESULTS ©2024 Ziff Davis. All rights reserved. www.ziffdavis.com Safe Harbor for Forward-looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, particularly those regarding our 2024 Financial Guidance. Such forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially fro ...

Financial Data and Key Metrics Changes - Q2 2024 revenues were $320.8 million, reflecting a 1.6% decline year-over-year from $326 million in Q2 2023 [16] - Adjusted EBITDA for Q2 2024 was $96.3 million, down 9.8% from $106.7 million in the prior year [16] - Adjusted diluted EPS for Q2 2024 was $1.18, compared to $1.27 in Q2 2023 [16] - Year-to-date free cash flow was $72.5 million, with $113 million excluding the impact of TDS [28] Business Line Data and Key Metrics Changes - Digital Media segment revenues were flat in Q2 2024, with Tech Media revenue declining [4] - Cybersecurity and MarTech segment saw a decline of 5.8% in Q2, down from 3.3% growth in Q1 [5] - Advertising and performance marketing revenue declined 2.7% year-over-year, while subscription and licensing revenue grew 0.3% [18][19] Market Data and Key Metrics Changes - The company reported a net advertising and performance marketing revenue retention rate of 90.5% for Q2 2024 [19] - The gaming and entertainment sector showed resilience despite turmoil in the gaming industry [37] Company Strategy and Development Direction - The company is focused on M&A to enhance existing platforms, with recent acquisitions of Gamer Network and CNET [8][10] - The strategy includes capital allocation towards accretive acquisitions and share buybacks, with an increased buyback program [10][26] - The company aims to leverage AI in products to improve user engagement and retention [11][50] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth in the second half of 2024 despite Q2 performance being below expectations [4][6] - The company anticipates improved margins and contributions from M&A to support adjusted EPS growth [27][36] - Management noted that the advertising market is mixed, with challenges in B2B tech advertising but positive trends in consumer tech and health [36] Other Important Information - The company has a strong balance sheet with $687 million in cash and cash equivalents as of the end of Q2 2024 [21] - The revolving credit facility was expanded to $350 million, with an extended maturity date [22] Q&A Session Summary Question: Insights on M&A strategy and opportunities - Management indicated optimism about the M&A market, noting that lower valuations and pressure on private equity firms are creating opportunities [30][32] Question: Confidence in growth areas like gaming and health - Management highlighted modest organic improvement and cost control measures as key factors for confidence in growth in these areas [34][35] Question: Impact of CNET acquisition on advertising market - The acquisition is seen as highly strategic, enhancing the company's position in the tech vertical and improving advertising capabilities [41][42] Question: Long-term free cash flow conversion expectations - Management reaffirmed a target of mid-to-high 50s for free cash flow conversion, contingent on performance and market dynamics [44][45] Question: AI's impact on traffic and user engagement - Management noted no significant impact from AI overviews on organic search traffic but sees potential benefits in user engagement from AI tools [48][50]

Company Performance - Ziff Davis reported quarterly earnings of $1.18 per share, missing the Zacks Consensus Estimate of $1.27 per share, and down from $1.27 per share a year ago, representing an earnings surprise of -7.09% [1] - The company posted revenues of $320.8 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4%, and down from $326.02 million year-over-year [2] - Over the last four quarters, Ziff Davis has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Performance - Ziff Davis shares have lost about 41% since the beginning of the year, while the S&P 500 has gained 9.9% [3] - The current status of estimate revisions for Ziff Davis is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the coming quarter is $1.53 on revenues of $359.24 million, and for the current fiscal year, it is $6.58 on revenues of $1.43 billion [7] - The outlook for the industry can significantly impact the stock's performance, with the Internet - Software industry currently in the top 36% of over 250 Zacks industries [8]

Revenue Performance - Total revenues for the three months ended March 31, 2024, were $314.485 million, representing a 2.4% increase from $307.142 million in the same period of 2023[163]. - Digital Media revenues totaled $239.052 million for Q1 2024, up from $234.211 million in Q1 2023, driven by a $4.3 million increase in subscription and licensing revenue[147]. - Cybersecurity and Martech revenues increased to $75.452 million in Q1 2024 from $73.016 million in Q1 2023, reflecting a $2.5 million rise in subscription and licensing revenue[147]. - Digital Media revenue increased to $239.0 million in Q1 2024, up 2.1% from $234.1 million in Q1 2023, with operating income rising 11.0% to $31.6 million[181][182]. - Cybersecurity and Martech revenue reached $75.5 million in Q1 2024, a 3.3% increase from $73.0 million in Q1 2023, with operating income growing 15.7% to $19.4 million[183][184]. Customer Metrics - The number of customers in the Digital Media and Cybersecurity and Martech subscription and licensing businesses increased to 3,343 thousand in Q1 2024, compared to 3,175 thousand in Q1 2023[152]. - Average quarterly revenue per customer for subscription and licensing businesses was $44.55 in Q1 2024, slightly down from $44.78 in Q1 2023[152]. - The churn rate for subscription and licensing businesses improved to 3.09% in Q1 2024 from 3.30% in Q1 2023[152]. - The net advertising and performance marketing revenue retention improved to 91.6% in Q1 2024, up from 91.2% in Q1 2023[149]. Expenses and Costs - Direct costs for Q1 2024 were $47.1 million, an increase of 2.9% from $45.7 million in Q1 2023, representing 15.0% of revenue[165]. - Sales and marketing expenses rose to $117.0 million in Q1 2024, a 0.9% increase from $115.9 million in Q1 2023, accounting for 37.2% of revenue[166]. - Research, development, and engineering costs decreased to $17.8 million in Q1 2024, down 0.8% from $17.9 million in Q1 2023, representing 5.7% of revenue[167]. - General, administrative, and other related costs were $101.3 million in Q1 2024, a decrease of 4.4% from $96.8 million in Q1 2023, making up 30.8% of revenue[168]. - Operating costs and expenses decreased to $56.0 million, down $5.4 million, or 8.7%, primarily due to lower general and administrative costs[184]. Non-Operating and Tax Information - Total non-operating expenses decreased to $16.4 million in Q1 2024, down 35.5% from $25.4 million in Q1 2023[170]. - The effective tax rate for Q1 2024 was 42.2%, compared to (65.6)% in Q1 2023, with a provision for income taxes amounting to $8.2 million[176]. Cash Flow and Financial Position - Cash, cash equivalents, and investments totaled $891.1 million as of March 31, 2024, down from $905.6 million at the end of 2023[186]. - The company had outstanding indebtedness of $1.0 billion as of March 31, 2024, with future minimum lease payments of $27.9 million[189]. - Net cash provided by operating activities decreased by $39.7 million to $75.6 million for the three months ended March 31, 2024, compared to $115.3 million in the prior year[193][194]. - Net cash used in investing activities increased by $32.7 million to $71.5 million for the three months ended March 31, 2024, primarily due to higher cash used on business acquisitions[193][195]. - The company anticipates that existing cash and cash equivalents will be sufficient to meet its needs for at least the next 12 months[191]. Strategic Outlook - The company expects continued growth in its Digital Media business as advertising transactions shift from offline to online, enhancing advertising platforms[158]. - Acquisitions are anticipated to remain a key component of the company's strategy, potentially impacting overall operating profit margins[160][162]. - Incremental revenue of $7.8 million was contributed by businesses acquired in 2023 and 2024 during the three months ended March 31, 2024[164]. - The company expects acquisitions to remain a key component of its strategy, although the number and significance may vary due to macroeconomic conditions[160].

Ziff Davis, Inc. (NASDAQ:ZD) Q1 2024 Earnings Conference Call May 9, 2024 8:30 AM ET Company Participants Bret Richter - Chief Financial Officer Vivek Shah - Chief Executive Officer Conference Call Participants Ygal Arounian - Citigroup Rich Poland - RBC Danny Pfeiffer - JPMorgan Peter Lucas - CJS Securities Jian Li - Evercore ISI John Katsingris - Wedbush Operator Good day ladies, and gentlemen and welcome to the Ziff Davis First Quarter 2024 Earnings Conference Call. My name is Paul, and I will be the ope ...

Exhibit 99.2 FIRST QUARTER 2024 RESULTS May 8, 2024 ©2024 Ziff Davis. All rights reserved. www.ziffdavis.com Safe Harbor for Forward-looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, particularly those regarding our 2024 Financial Guidance. Such forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from th ...