Ziff Davis (ZD) FY2019 results: revenue $1.1 billion, down 13.0% on the year
Ziff Davis, Inc. (ZD) reported revenue of $1.1 billion for fiscal 2019, the year ended 31 December 2019, down 13.0% on the year before. Net income was $219 million, up 70.0%, and diluted earnings per share $4.39. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$1.1 billion
-13.0% on the year
FY2012FY2019
Operating margin
8.4%
20.2% a year earlier
FY2012FY2019
Net income
$219 million
+70.0% on the year
FY2012FY2019
Diluted EPS
$4.39
+69.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,050
1,207
1,118
-13.0%
Cost of revenue
187
201
172
-6.8%
Gross profit
863
1,006
946
-14.2%
Gross margin
82.2%
83.3%
84.6%
Research and development
44.7
48.4
46.0
-7.7%
Operating income
88.2
244
246
-63.9%
Operating margin
8.4%
20.2%
22.0%
Interest expense
26.1
63.5
59.2
-58.9%
Pre-tax income
54.8
178
200
-69.1%
Income tax
13.8
44.8
60.5
-69.3%
Effective tax rate
25.1%
25.2%
30.3%
Net income
219
129
139
+70.0%
Net margin
20.8%
10.7%
12.5%
Diluted EPS
$4.39
$2.59
$2.83
+69.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
413
401
264
+2.8%
Capital expenditure
70.6
56.4
39.6
+25.2%
Free cash flow
342
345
225
-0.9%
Free cash flow margin
32.6%
28.6%
20.1%
Cash from investing
-505
-407
-158
Cash from financing
457
-131
112
Depreciation and amortisation
232
187
162
+24.0%
Share-based compensation
23.9
28.1
22.7
-14.8%
Buybacks
20.8
47.1
9.8
-55.8%
Dividends paid
43.9
82.6
73.5
-46.8%
Dividend per share
$0.90
$1.68
$1.52
-46.4%
Diluted shares, weighted
49m
49m
49m
+0.2%
Shares outstanding at period end
48m
47m
48m
+0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,311
1,036
1,020
+26.6%
Debt
1,448
1,013
1,002
+43.0%
Operating lease liabilities
104
0.0
n/a
Other liabilities
642
512
431
+25.4%
Total liabilities and equity
3,506
2,561
2,453
+36.9%
Fixed assets
128
98.8
79.8
+29.4%
Goodwill
1,313
1,380
1,197
-4.9%
Intangible assets
525
495
453
+6.1%
Investments
100
83.8
57.7
+19.4%
Cash and equivalents
576
209
351
+174.8%
Receivables
262
222
234
+18.2%
Other assets
602
71.9
80.9
+737.4%
Total assets
3,506
2,561
2,453
+36.9%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.