Ziff Davis (ZD) FY2021 results: revenue $1.4 billion, up 22.3% on the year

Ziff Davis, Inc. (ZD) reported revenue of $1.4 billion for fiscal 2021, the year ended 31 December 2021, up 22.3% on the year before. Net income was $497 million, up 229.7%, and diluted earnings per share $10.37. The figures are the company's own, from the 10-K it filed with the SEC on 15 March 2022.

Revenue

$1.4 billion

+22.3% on the year

FY2014FY2021

Operating margin

11.8%

11.9% a year earlier

FY2014FY2021

Net income

$497 million

+229.7% on the year

FY2014FY2021

Diluted EPS

$10.37

+226.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,417	1,159	1,050	+22.3%
Cost of revenue	188	178	187	+5.4%
Gross profit	1,229	980	863	+25.3%
Gross margin	86.7%	84.6%	82.2%
Research and development	78.9	57.1	44.7	+38.0%
Operating income	167	138	88.2	+21.0%
Operating margin	11.8%	11.9%	8.4%
Interest expense	79.6	58.1	26.1	+37.0%
Pre-tax income	351	78.3	54.8	+348.4%
Income tax	-14.2	38.4	13.8
Effective tax rate	-4.0%	48.9%	25.1%
Net income	497	151	219	+229.7%
Net margin	35.1%	13.0%	20.8%
Diluted EPS	$10.37	$3.18	$4.39	+226.1%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	517	480	413	+7.6%
Capital expenditure	114	92.6	70.6	+22.9%
Free cash flow	403	388	342	+3.9%
Free cash flow margin	28.4%	33.4%	32.6%
Cash from investing	59.1	-586	-505
Cash from financing	-113	-235	457
Depreciation and amortisation	258	229	232	+12.9%
Share-based compensation	25.2	24.0	23.9	+5.2%
Buybacks	78.3	276	20.8	-71.6%
Dividends paid	0.0	0.0	43.9
Dividend per share	$0.00	$0.00	$0.90
Diluted shares, weighted	48m	47m	49m	+1.6%
Shares outstanding at period end	47m	44m	48m	+7.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,968	1,211	1,311	+62.5%
Debt	1,091	1,579	1,448	-30.9%
Operating lease liabilities	53.7	73.6	104	-27.1%
Other liabilities	658	802	642	-17.9%
Total liabilities and equity	3,770	3,665	3,506	+2.9%
Fixed assets	161	132	128	+22.6%
Goodwill	1,531	1,525	1,313	+0.4%
Intangible assets	573	697	525	-17.8%
Investments	352	98.2	100	+258.4%
Cash and equivalents	695	176	576	+293.8%
Receivables	316	310	262	+2.2%
Other assets	142	728	602	-80.5%
Total assets	3,770	3,665	3,506	+2.9%

10-K for the year ended 31 December 2021, filed 15 March 2022: the filing.