Business
J2 Global Reports Fourth Quarter and Year End 2019 Results and Provides 2020 Outlook
Achieves Record Revenues Provides Fiscal 2020 Financial Estimates LOS ANGELES--(BUSINESS WIRE)-- J2 Global, Inc. (NASDAQ: JCOM) today reported financial
About this update from Ziff Davis, Inc.
[{"type":"text","content":"\nAchieves Record Revenues\n\n\nProvides Fiscal 2020 Financial Estimates\n\n LOS ANGELES--(BUSINESS WIRE)--\nJ2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the fourth quarter and year ended December 31, 2019, and provided fiscal 2020 financial estimates.\n\n\n“We had a tremendous finish to a very strong year and have more than doubled our revenues from five years ago,” said Vivek Shah, CEO of J2 Global. “We’re excited to carry that momentum into 2020 with a strong portfolio, balance sheet and leadership team.”\n\n\nFOURTH QUARTER 2019 HIGHLIGHTS\n\n\nQ4 2019 quarterly revenues increased 17.2% to a Q4 record of $405.6 million compared to $346.1 million for Q4 2018.\n\n\nNet cash provided by operating activities decreased 3.7% to $103.2 million compared to $107.2 million for Q4 2018. Q4 2019 free cash flow(2) decreased 14.3% to $82.1 million compared to $95.8 million for Q4 2018. The decrease over the prior comparable period is primarily due to a greater percentage of revenues and EBITDA coming from the Digital Media business which has a longer collection cycle resulting in less cash inflows associated with accounts receivable of approximately $14.7 million and additional payments and timing differences associated with certain other working capital within the Digital Media business of approximately $9.5 million in comparison to Q4 2018.\n\n\nGAAP earnings per diluted share(3) increased 137.9% to $2.45 in Q4 2019 compared to $1.03 for Q4 2018 and GAAP net income increased 143.1% to $123.0 million in Q4 2019 compared to $50.6 million for Q4 2018 primarily due to the recognition of a $53.7 million tax benefit as the result of an intra-entity transfer as part of the reorganization of our international operating structure.\n\n\nAdjusted non-GAAP earnings per diluted share(3)(4) for the quarter increased 12.8% to $2.38 compared to $2.11 for Q4 2018.\n\n\nQuarterly Adjusted EBITDA(5) increased 14.3% to $176.3 million in the quarter compared to $154.3 million for Q4 2018.\n\n\nJ2 ended the quarter with approximately $675.7 million in cash and investments which included $537.1 million of net proceeds from the issuance of 1.75% Convertible Senior Notes.\n\n\nKey financial results for Q4 2019 versus Q4 2018 are set forth in the following table (in millions, except per share amounts). Reconciliations of Adjusted non-GAAP ...