ACCESS Newswire
11 Jun 2021, 01:49 GMT+10
NEW YORK, NY / ACCESSWIRE / June 10, 2021 / Zedge, Inc. (NYSE AMERICAN:ZDGE), a leading global developer of mobile phone personalization and entertainment apps, today announced results for its third fiscal quarter ended April 30, 2021.
'We continued to outperform in the third quarter, reporting strong year-over-year revenue growth and our 6th straight quarter of positive EBITDA, especially in light of the third quarter being a historically weaker period due to lower post-holiday advertising budgets,' said Jonathan Reich, chief executive officer. 'Year-over-year MAU growth was nearly 20%, driven by emerging markets expansion and a marked decline in MAU attrition rates in well-developed markets. MAU growth, combined with the ongoing investments we continue making in optimizing ad operations, provide us with a strong competitive advantage. These investments, coupled with what we view as attractive 1st and 2nd-year renewal rates from our paid subscription offering, contributed to this quarter's impressive results.
'To continue our strong growth into the future, we recently made strategic product management hires to focus on driving user engagement, particularly in well-developed markets, across Zedge Premium, paid subscriptions, our freemium phone personalization product, and Shortz. To that end, we expect to iteratively roll out social and community features, Zedge Premium value-ads, and other upgrades that will help us continue to grow our core business while scaling newer initiatives.'
Fiscal Third Quarter Highlights
nm = not measurable/meaningful
*Numbers may not add due to rounding
1 Throughout this release, EBITDA is a Non-GAAP financial measure intended to provide useful information that supplements Zedge's results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release for an explanation of Zedge's formulation of EBITDA and reconciliations to the most directly comparable GAAP measure.
2We use the following business metrics in the tables below because we believe they are useful in evaluating Zedge as an investment.
Select Business Metrics: 3rd Quarter Fiscal 2021 versus Fiscal 2020
nm = not measurable/meaningful
*Numbers may not add due to rounding
Fiscal 2021 Commentary
'Based on our strong fiscal year-to-date performance, we are raising our full-year fiscal 2021 expectations for revenue growth of 95-100% while maintaining our track record of strong profitability and cash flow from operations.' concluded Reich.
Earnings Announcement and Supplemental Information
Zedge's earnings release will be filed on Form 8-K and posted on the Zedge investor relations website (http://investor.zedge.net) at approximately 4:10PM Eastern on June 10, 2021. Management will host an earnings conference call beginning at 4:30PM Eastern. Management's presentation of the results, outlook and strategy will be followed by Q&A with investors.
To participate in the call, please dial Toll Free: 888-506-0062 or International: 973-528-0011, at least five minutes before the 4:30PM Eastern start and ask for the Zedge earnings conference call (entry code: 565120).
The call will also be webcast through investor relations portion of the Company's website at: https://investor.zedge.net/
Following the call and continuing through Thursday, June 24, 2021 a call replay will be available by dialing Toll Free: 877-481-4010 or International: 919-882-2331 and entering the replay access code: 41246.
About Zedge
Zedge is a leading app developer focusing on mobile phone personalization and entertainment. With approximately 497 million organic installs and 35 million monthly active users, 'Zedge Wallpapers and Ringtones' is all about personal identity. We're the hub for self-expression used by millions for mobile phone personalization, social content and fandom art. Our app enables consumers to showcase who they are, what they like, and amplify their persona. Zedge Premium, our marketplace, enables content creators, ranging the gamut from world class celebrities to emerging artists, to display their talent and sell their content to our users. 'Shortz - Chat Stories by Zedge' offers serialized, short-form fiction stories delivered as text-messaging conversations and soon to be available as mini-podcasts. Our apps run on our flexible and proven state-of-the-art digital publishing platform. For more information, visit https://www.zedge.net.
Forward Looking Statements
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words 'believe,' 'anticipate,' 'expect,' 'plan,' 'intend,' 'estimate,' 'target' and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.
Contact:
Brian Siegel IRC, MBA
Managing Director
Hayden IR
(346) 396-8696
[email protected]
ZEDGE, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
ZEDGE, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(unaudited)
ZEDGE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Use of EBITDA as a Non-GAAP Measure
EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization. EBITDA represents a measure that we believe is customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that EBITDA is useful in evaluating our core operating results. However, EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income or operating income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity.
SOURCE: Zedge, Inc.
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