Business
J2 Global Reports Third Quarter 2020 Results
Raises Full Year 2020 Estimates Achieves Record Third Quarter Revenues Completes Acquisition of RetailMeNot LOS ANGELES--(BUSINESS WIRE)-- J2 Global, Inc.
About this update from Ziff Davis, Inc.
[{"type":"text","content":"\nRaises Full Year 2020 Estimates\nAchieves Record Third Quarter Revenues\nCompletes Acquisition of RetailMeNot\n\n LOS ANGELES--(BUSINESS WIRE)--\nJ2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the third quarter ended September 30, 2020.\n\n“J2 continues to demonstrate exceptional strength, delivering remarkable results across the board,” said Vivek Shah, CEO of J2 Global. “Our worldwide organization and portfolio of internet businesses are thriving in an uncertain environment.”\n\nTHIRD QUARTER 2020 RESULTS\n\nQ3 2020 quarterly revenues increased 3.7% to a third quarter record of $357.0 million compared to $344.1 million for Q3 2019.\n\nNet cash provided by operating activities increased to $114.4 million compared to $97.1 million for Q3 2019. Q3 2020 free cash flow(2) increased 19.9% to $93.7 million compared to $78.2 million for Q3 2019.\n\nGAAP earnings per diluted share(3) increased 111.7% to $1.31 in Q3 2020 compared to $0.62 for Q3 2019.\n\nAdjusted non-GAAP earnings per diluted share(3)(4) for the quarter increased 19.1% to $2.02 as compared to $1.70 for Q3 2019.\n\nGAAP net income increased by 98.0% to $60.9 million as compared to $30.7 million for Q3 2019.\n\nQuarterly Adjusted EBITDA(5) increased 14.4% to $154.1 million compared to $134.8 million for Q3 2019.\n\nJ2 ended the quarter with approximately $665 million in cash, cash equivalents, and investments after deploying approximately $8 million during the quarter for acquisitions and $4 million in connection with payments for prior year acquisitions. In addition, J2 deployed approximately $150 million with respect to its share repurchase program during the quarter.\n\nKey financial results for Q3 2020 versus Q3 2019 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.\n\n\n\n \n\n\n\nQ3 2020\n\n\n\nQ3 2019\n\n\n\n% Change\n\n\n\n\n\nRevenues\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nCloud Services\n\n\n\n$170.2 million\n\n\n\n$171.2 million\n\n\n\n(0.5)%\n\n\n\n\n\nDigital Media\n\n\n\n$186.7 million\n\n\n\n$173.0 million\n\n\n\n8.0%\n\n\n\n\n\nTotal Revenue: (1)\n\n\n\n$357.0 million\n\n\n\n$344.1 million\n\n\n\n3.7%\n\n\n\n\n\nOperating ...