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J2 Global Reports First Quarter 2020 Results
Achieves Record First Quarter Revenues LOS ANGELES--(BUSINESS WIRE)-- J2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the first quarter
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[{"type":"text","content":"\nAchieves Record First Quarter Revenues\n\n LOS ANGELES--(BUSINESS WIRE)--\nJ2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the first quarter ended March 31, 2020.\n\n\n“From the very beginning of this crisis, we have been focused on ensuring the safety and well-being of our employees, helping our customers and communities deal with the pandemic, and being a careful steward of our shareholders’ capital,” said Vivek Shah, CEO of J2 Global. “I am grateful and inspired by our organization’s response to this crisis and impressed by the tremendous resilience shown by our people and businesses.”\n\n\nFIRST QUARTER 2020 RESULTS\n\n\nQ1 2020 quarterly revenues increased 10.8% to a first quarter record of $332.4 million compared to $299.9 million for Q1 2019.\n\n\nNet cash provided by operating activities decreased to $102.0 million (inclusive of $20.1 million of earn out payments for various acquisitions from previous years) compared to $116.9 million for Q1 2019. Q1 2020 free cash flow(2) decreased 8.7% to $95.2 million compared to $104.3 million for Q1 2019. The decrease in free cash flow(2) was due to an increase in capital expenditures of $14.4 million in comparison to Q1 2019.\n\n\nGAAP net (loss) income decreased by 119.7% to $(6.4) million as compared to $32.4 million for Q1 2019. GAAP (loss) earnings per diluted share(3) decreased 119.7% to $(0.13) in Q1 2020 compared to $0.66 for Q1 2019. The Q1 2020 net loss and decrease in GAAP (loss) earnings per diluted share(3) is due to the write down of certain investments during the quarter, some of which were impacted in their operations by COVID-19.\n\n\nAdjusted non-GAAP earnings per diluted share(3)(4) for the quarter remained at $1.40 as compared to Q1 2019.\n\n\nQuarterly Adjusted EBITDA(5) increased 2.6% to $116.8 million compared to $113.9 million for Q1 2019.\n\n\nJ2 ended the quarter with approximately $625 million in cash and investments after deploying approximately $19 million during the quarter for current period acquisitions and $36 million relating substantially to contingent consideration payments for acquisitions from previous years. In addition, J2 deployed approximately $56 million in respect of its share repurchase program.\n\n\nKey financial results for Q1 2020 versus Q1 2019 are set forth in the following table (in millions, except per share a...