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Ziff Davis Reports Record Third Quarter 2021 Results & Reaffirms Full Year 2021 Guidance NEW YORK , NY -- Ziff Davis , Inc. ( formerly known as J2 Global , Inc. ) ( NASDAQ : ZD ) today reported financial results for the third quarter ended September 30 , 2021. On October 7 , 2021 , the Consensus business was spun - off as a separate public company ( NASDAQ : CCSI ) . These third quarter results include Consensus , except where otherwise noted . " There's great enthusiasm and excitement at Ziff Davis as we embark on our new chapter , " said Vivek Shah , CEO of Ziff Davis . " Our portfolio of digital media and internet brands are very well - positioned to thrive in some of the highest - value verticals in the marketplace . " THIRD QUARTER 2021 RESULTS Q3 2021 quarterly revenues increased 24.5 % to a Q3 record of $ 444.3 million as compared to $ 357.0 million for Q3 2020. On a pro - forma ( 6 ) basis , Q3 2021 quarterly revenues increased 27.7 % to $ 434.7 million as compared to $ 340.3 million for Q3 2020 . Net cash provided by operating activities increased to $ 140.2 million as compared to $ 114.4 million for Q3 2020. Q3 2021 free cash flow increased 17.9 % to $ 110.5 million as compared to $ 93.7 million for Q3 2020 . GAAP earnings per diluted share ( 3³ ) decreased to $ 0.88 in Q3 2021 compared to $ 1.31 for Q3 2020. Earnings decrease was primarily due a loss on the sale of the B2B Backup business unit of $ 19.2 million , net of tax . ( 3 ) ( 4 ) Adjusted non - GAAP earnings per diluted share for the quarter increased 15.8 % to $ 2.34 as compared to $ 2.02 for Q3 2020 . ( 6 ) On a pro - forma basis , Adjusted non - GAAP earnings per diluted share ( 3 ) ( 4 ) for the quarter increased 16.4 % to $ 2.27 as compared to $ 1.95 for Q3 2020 . GAAP net income decreased to $ 42.6 million as compared to $ 60.9 million for Q3 2020 primarily due to a loss on the sale of the B2B back - up business unit of $ 19.2 million , net of tax . Adjusted non - GAAP net income increased by 17.4 % to $ 110.2 million as compared to $ 93.9 million for Q3 2020. On a pro forma basis , Adjusted non - GAAP net income increased by 18.7 % to $ 107.1 million as compared to $ 90.2 million for Q3 2020 . Adjusted EBITDA ( 5 ) for the quarter increased 13.6 % to $ 175.1 million compared to $ 154.1 million for Q3 2020. On a pro forma basis , Adjusted EBITDA ) for the quarter increased 16.0 % to $ 170.8 million compared to $ 147.2 million for Q3 2020 . The company ended the quarter with approximately $ 657.2 million in cash , cash equivalents , and investments after deploying approximately $ 23.4 million during the quarter for current and prior year acquisitions . Key unaudited financial results for Q3 2021 versus Q3 2020 are set forth in the following table ( in millions , except per share amounts ) . Reconciliations of Adjusted non - GAAP earnings per diluted share , Adjusted EBITDA and free cash flow to their nearest comparable GAAP financial measures are attached to this Press Release .