Ziff Davis (ZD) UBS Global Technology and AI Conference summary

Company overview and business model

• Operates a diversified portfolio of digital media assets across seven verticals, focusing on profitable growth through both organic and inorganic means.

• Revenue mix is over 50% advertising/performance marketing and over 40% subscription/licensing, supporting resiliency.

• Consistently achieves adjusted EBITDA margins in the mid-30% range and generates significant free cash flow.

2024 key events and capital allocation

• 2024 marked a return to robust capital allocation, with significant investments in M&A, share buybacks, and debt reduction.

• Closed major deals including CNET and TDS, deploying hundreds of millions in acquisitions.

• Paid down nearly $140 million in convertible debt and repurchased 3.5 million shares, over 7.5% of outstanding shares.

EBITDA growth drivers and cost management

• Focused on stabilizing organic revenue and supplementing growth through acquisitions.

• Organic revenue declines have moderated from 2022 to 2024, with a goal to return to growth.

• Maintained strong EBITDA margins by selectively managing costs and investments.

• Healthy balance sheet with low leverage and strong cash flow supports ongoing capital allocation.