Business
J2 Global Reports Fourth Quarter and Year End 2020 Results and Provides 2021 Outlook
Achieves Record Fourth Quarter and Full Year Revenues LOS ANGELES--(BUSINESS WIRE)-- J2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the
About this update from Ziff Davis, Inc.
[{"type":"text","content":"\nAchieves Record Fourth Quarter and Full Year Revenues\n\n LOS ANGELES--(BUSINESS WIRE)--\nJ2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the fourth quarter and year ended December 31, 2020, and provided fiscal 2021 financial estimates.\n\n“Our organization produced extraordinary results at a time of unprecedented difficulty,” said Vivek Shah, CEO of J2 Global. “I’m exceedingly proud of my colleagues and excited for our continued growth.”\n\nFOURTH QUARTER 2020 HIGHLIGHTS\n\nQ4 2020 quarterly revenues increased 15.7% to a Q4 record of $469.2 million compared to $405.6 million for Q4 2019.\n\nQ4 2020 quarterly operating income increased 17.0% to $128.9 million compared to $110.2 million for Q4 2019.\n\nNet cash provided by operating activities increased 20.3% to $124.1 million compared to $103.2 million for Q4 2019. Q4 2020 free cash flow(2) increased 25.3% to $102.9 million compared to $82.1 million for Q4 2019.\n\nGAAP earnings per diluted share(3) decreased 48.2% to $1.27 in Q4 2020 compared to $2.45 for Q4 2019 and GAAP net income decreased 52.8% to $58.1 million in Q4 2020 compared to $123.0 million for Q4 2019 primarily due to the recognition of a $53.7 million tax benefit in the fourth quarter of 2019 as the result of an intra-entity transfer as part of the reorganization of its international operating structure; no similar benefit was recognized in the fourth quarter of 2020.\n\nAdjusted non-GAAP earnings per diluted share(3)(4) for the quarter increased 30.7% to $3.11 compared to $2.38 for Q4 2019.\n\nQuarterly Adjusted EBITDA(5) increased 20.1% to $211.8 million in the quarter compared to $176.3 million for Q4 2019.\n\nJ2 ended the quarter with approximately $340.8 million in cash, cash equivalents, and investments which included $742.7 million of net proceeds from the issuance of its 4.625% Senior Notes (and the related redemption of $694.6 million of the previously outstanding 6.0% Senior Notes of its subsidiary, J2 Cloud Services, LLC), the use of approximately $455 million during the quarter for current period acquisitions and approximately $9 million in connection with payment for prior year acquisitions. In addition, J2 deployed approximately $36 million with respect to its share repurchase program during the quarter.\n\nKey financial results for Q4 2020 versus Q4 2019 are set forth in the fo...