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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 fourth quarter and year ended December 31, 2020, and provided fiscal 2021 financial estimates.

“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.”

FOURTH QUARTER 2020 HIGHLIGHTS

Q4 2020 quarterly revenues increased 15.7% to a Q4 record of $469.2 million compared to $405.6 million for Q4 2019.

Q4 2020 quarterly operating income increased 17.0% to $128.9 million compared to $110.2 million for Q4 2019.

Net 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.

GAAP 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.

Adjusted non-GAAP earnings per diluted share(3)(4) for the quarter increased 30.7% to $3.11 compared to $2.38 for Q4 2019.

Quarterly Adjusted EBITDA(5) increased 20.1% to $211.8 million in the quarter compared to $176.3 million for Q4 2019.

J2 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.

Key financial results for Q4 2020 versus Q4 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.

 

Q4 2020

Q4 2019

% Change

Revenues

 

 

 

Cloud Services

$171.4 million

$169.3 million

1.2%

Digital Media

$297.9 million

$236.3 million

26.1%

Total Revenue: (1)

$469.2 million

$405.6 million

15.7%

Operating Income

$128.9 million

$110.2 million

17.0%

Net Cash Provided by Operating Activities

$124.1 million

$103.2 million

20.3%

Free Cash Flow (2)

$102.9 million

$82.1 million

25.3%

GAAP Earnings per Diluted Share (3)

$1.27

$2.45

(48.2)%

Adjusted Non-GAAP Earnings per Diluted Share (3) (4)

$3.11

$2.38

30.7%

GAAP Net Income

$58.1 million

$123.0 million

(52.8)%

Adjusted Non-GAAP Net Income

$138.7 million

$115.5 million

20.1%

Adjusted EBITDA (5)

$211.8 million

$176.3 million

20.1%

Adjusted EBITDA Margin (5)

45.1%

43.5%

3.7%

FULL YEAR 2020 HIGHLIGHTS

2020 revenues increased 8.6% to a record of $1,489.6 million compared to $1,372.0 million for 2019.

2020 operating income increased 20.8% to $334.6 million compared to $277.1 million for 2019.

Net cash provided by operating activities increased 16.4% to $480.1 million in 2020 compared to $412.5 million for 2019. 2020 free cash flow(2) increased 16.4% to $407.7 million compared to $350.4 million for 2019.

GAAP earnings per diluted share(6) decreased 27.6% to $3.18 in 2020 compared to $4.39 for 2019 and GAAP net income decreased by 31.1% to $150.7 million in 2020 compared to $218.8 million for 2019 primarily due to the recognition of a $53.7 million tax benefit in 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 2020.

Adjusted non-GAAP earnings per diluted share(6)(7) for the year increased 15.5% to $8.18 compared to $7.08 for 2019.

Annual Adjusted EBITDA(5) increased 11.9% to $615.7 million in 2020 compared to $550.2 million for 2019.

J2 ended the year 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 $482 million during the year for current year acquisitions and approximately $49 million in connection with payments for prior year acquisitions. In addition, J2 deployed approximately $265 million with respect of its share repurchase programs during the year.

Key financial results for 2020 versus 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.

 

2020

2019

% Change

Revenues

 

 

 

Cloud Services

$678.5 million

$661.8 million

2.5%

Digital Media

$811.1 million

$710.2 million

14.2%

Total Revenue: (1)

$1,489.6 million

$1,372.0 million

8.6%

Operating Income

$334.6 million

$277.1 million

20.8%

Net Cash Provided by Operating Activities

$480.1 million

$412.5 million

16.4%

Free Cash Flow (2)

$407.7 million

$350.4 million

16.4%

GAAP Earnings per Diluted Share (6)

$3.18

$4.39

(27.6)%

Adjusted Non-GAAP Earnings per Diluted Share (6) (7)

$8.18

$7.08

15.5%

GAAP Net Income

$150.7 million

$218.8 million

(31.1)%

Adjusted Non-GAAP Net Income

$380.7 million

$344.4 million

10.5%

Adjusted EBITDA (5)

$615.7 million

$550.2 million

11.9%

Adjusted EBITDA Margin (5)

41.3%

40.1%

3.0%

BUSINESS OUTLOOK

In February 2021, J2’s Board of Directors approved the exploration of strategic alternatives for our B2B Backup business. We believe a transaction involving this business is reasonably possible within calendar year 2021 and, therefore, are presenting our 2021 Business Outlook excluding the B2B Backup business.

 

2020 (1)

 

2021 Range of Estimates (1)(3)

 

Actual

Excluded

Assets (2)

Non-GAAP

Pro-Forma

 

Low

High

Revenue

$

1,490

 

$

(68)

 

$

1,422

 

 

$

1,630

 

$

1,676

 

Adjusted EBITDA

$

616

 

$

(26)

 

$

590

 

 

$

646

 

$

666

 

Adjusted non-GAAP EPS

$

8.18

 

$

(0.38)

 

$

7.80

 

 

$

8.93

 

$

9.27

 

(1) Balances are in millions, except per share amounts

(2) Excluded assets consist of certain Voice assets in Australia and New Zealand that were sold in the third quarter of 2020, certain Voice assets in the United Kingdom that were sold in February 2021, and certain assets of the Company’s B2B Backup business

(3) Revenue cannot be reconciled to GAAP as it is unknown when the sale of the Company’s B2B Backup business will occur

Adjusted non-GAAP earnings per diluted share for 2021 excludes share-based compensation of between $20 million and $24 million, amortization of acquired intangibles and the impact of any currently unanticipated items, in each case net of tax.

It is anticipated that the non-GAAP effective tax rate for 2021 (exclusive of the release of reserves for uncertain tax positions) will be between 22% and 24%.

The Company has not reconciled the non-GAAP pro forma including 2021 revenue, Adjusted non-GAAP earnings per diluted share, and tax rate information included in this release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability with respect to costs related to acquisitions and taxation, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable and significant impact on our future GAAP financial results.

Notes:

(1)

 

The revenues associated with each of the businesses may not foot precisely since each is presented independently.

(2)

 

Free cash flow is defined as net cash provided by operating activities, less purchases of property and equipment, plus contingent consideration. Free cash flow amounts are not meant as a substitute for GAAP, but are solely for informational purposes.

(3)

 

The estimated GAAP effective tax rates were approximately 24.8% for Q4 2020 and (43.2)% for Q4 2019. The estimated Adjusted non-GAAP effective tax rates were approximately 21.8% for Q4 2020 and 21.3% for Q4 2019.

(4)

 

Adjusted non-GAAP earnings per diluted share excludes certain non-GAAP items, as defined in the Reconciliation of GAAP to Adjusted non-GAAP Financial Measures, for the three months ended December 31, 2020 and 2019 totaled $1.84 and ($0.07) per diluted share, respectively.

(5)

 

Adjusted EBITDA is defined as earnings before interest; gain on sale of businesses; loss on investments, net; other (income) expense, net; income tax expense (benefit); net loss in earnings of equity method investments; depreciation and amortization; and the items used to reconcile EPS to Adjusted non-GAAP EPS, as defined in the Reconciliation of GAAP to Adjusted non-GAAP Financial Measures. Adjusted EBITDA amounts are not meant as a substitute for GAAP, but are solely for informational purposes.

(6)

 

The estimated GAAP effective tax rates were approximately 29.7% for 2020 and (9.7)% for 2019. The estimated Adjusted non-GAAP effective tax rates were approximately 21.8% for 2020 and 21.3% for 2019.

(7)

 

Adjusted non-GAAP earnings per diluted share excludes certain non-GAAP items, as defined in the Reconciliation of GAAP to Adjusted non-GAAP Financial Measures, for the twelve months ended December 31, 2020 and 2019 totaled $5.00 and $2.69 per diluted share, respectively.

About J2 Global

J2 Global, Inc. (NASDAQ: JCOM) is a leading internet information and services company consisting of a portfolio of brands including IGN, Mashable, Humble Bundle, Speedtest, PCMag, RetailMeNot, Offers.com, Spiceworks, Everyday Health, BabyCenter and What To Expect in its Digital Media business and eFax, eVoice, iContact, Campaigner, Vipre, IPVanish and KeepItSafe in its Cloud Services business. J2 reaches in excess 240 million people per month across its brands. As of December 31, 2020, J2 had achieved 25 consecutive fiscal years of revenue growth. For more information about J2, please visit www.J2global.com.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this Press Release are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, including those contained in Vivek Shah’s quote and the “Business Outlook” portion regarding the Company’s expected fiscal 2021 financial performance. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: the Company’s ability to grow non-fax revenues, profitability and cash flows; the Company’s ability to identify, close and successfully transition acquisitions; subscriber growth and retention; variability of the Company’s revenue based on changing conditions in particular industries and the economy generally; protection of the Company’s proprietary technology or infringement by the Company of intellectual property of others; the risk of adverse changes in the U.S. or international regulatory environments, including but not limited to the imposition or increase of taxes or regulatory-related fees; and the numerous other factors set forth in J2 Global’s filings with the Securities and Exchange Commission (“SEC”). For a more detailed description of the risk factors and uncertainties affecting J2 Global, refer to the 2019 Annual Report on Form 10-K filed by J2 Global on March 2, 2020, and the other reports filed by J2 Global from time-to-time with the SEC, each of which is available at www.sec.gov. The forward-looking statements provided in this press release, including those contained in Vivek Shah’s quote and in the “Business Outlook” portion regarding the Company’s expected fiscal 2021 financial performance are based on limited information available to the Company at this time, which is subject to change. Although management’s expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements.

About non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following Adjusted non-GAAP financial measures: Adjusted non-GAAP net income, Adjusted non-GAAP earnings per diluted share, Adjusted EBITDA and free cash flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use these Adjusted non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these Adjusted non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to these Adjusted non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These Adjusted non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity. We believe these Adjusted non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

For more information on these Adjusted non-GAAP financial measures, please see the appropriate GAAP to Adjusted non-GAAP reconciliation tables included within the attached Exhibit to this Release.

J2 GLOBAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED, IN THOUSANDS)

 

 

December 31,

2020

 

December 31,

2019

ASSETS

 

 

 

Cash and cash equivalents

$

242,652

 

 

$

575,615

 

Short-term investments

663

 

 

 

Accounts receivable, net of allowances of $15,269 and $12,701, respectively

325,619

 

 

261,928

 

Prepaid expenses and other current assets

53,909

 

 

49,347

 

Total current assets

622,843

 

 

886,890

 

Long-term investments

97,495

 

 

100,079

 

Property and equipment, net

156,577

 

 

127,817

 

Operating lease right-of-use assets

105,845

 

 

125,822

 

Goodwill

1,867,430

 

 

1,633,033

 

Other purchased intangibles, net

741,569

 

 

556,553

 

Deferred income taxes, noncurrent

56,545

 

 

59,976

 

Other assets

17,027

 

 

15,676

 

TOTAL ASSETS

$

3,665,331

 

 

$

3,505,846

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Accounts payable and accrued expenses

$

230,651

 

 

$

238,059

 

Income taxes payable, current

31,753

 

 

17,758

 

Deferred revenue, current

190,644

 

 

162,855

 

Operating lease liabilities, current

32,211

 

 

26,927

 

Current portion of long-term debt

396,801

 

 

385,532

 

Other current liabilities

497

 

 

1,973

 

Total current liabilities

882,557

 

 

833,104

 

Long-term debt

1,182,220

 

 

1,062,929

 

Deferred revenue, noncurrent

14,440

 

 

12,744

 

Operating lease liabilities, noncurrent

99,177

 

 

104,070

 

Income taxes payable, noncurrent

11,675

 

 

11,675

 

Liability for uncertain tax positions

57,081

 

 

52,451

 

Deferred income taxes, noncurrent

162,700

 

 

107,453

 

Other long-term liabilities

44,463

 

 

10,228

 

TOTAL LIABILITIES

2,454,313

 

 

2,194,654

 

Commitments and contingencies

 

 

 

Preferred stock

 

 

 

Common stock

443

 

 

476

 

Additional paid-in capital

456,274

 

 

465,652

 

Retained earnings

809,107

 

 

891,526

 

Accumulated other comprehensive loss

(54,806

)

 

(46,462

)

TOTAL STOCKHOLDERS’ EQUITY

1,211,018

 

 

1,311,192

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

3,665,331

 

 

$

3,505,846

 

J2 GLOBAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED, IN THOUSANDS)

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2020

 

2019

 

2020

 

2019

Total revenues

$

469,240

 

 

$

405,588

 

 

$

1,489,593

 

 

$

1,372,054

 

 

 

 

 

 

 

 

 

Cost of revenues (1)

60,027

 

 

64,328

 

 

231,782

 

 

237,323

 

Gross profit

409,213

 

 

341,260

 

 

1,257,811

 

 

1,134,731

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing (1)

126,157

 

 

105,371

 

 

413,474

 

 

379,183

 

Research, development and engineering (1)

21,022

 

 

15,704

 

 

64,295

 

 

54,396

 

General and administrative (1)

133,148

 

 

109,940

 

 

445,431

 

 

424,072

 

Total operating expenses

280,327

 

 

231,015

 

 

923,200

 

 

857,651

 

Income from operations

128,886

 

 

110,245

 

 

334,611

 

 

277,080

 

Interest expense, net

66,096

 

 

18,921

 

 

131,975

 

 

69,546

 

Gain on sale of business

 

 

 

 

(17,122

)

 

 

Loss on investments, net

 

 

2

 

 

20,991

 

 

47

 

Other (income) expense, net

(15,219

)

 

5,232

 

 

(31,632

)

 

7,889

 

Income before income taxes and net loss in earnings of equity method investment

78,009

 

 

86,090

 

 

230,399

 

 

199,598

 

Income tax expense (benefit)

19,382

 

 

(37,227

)

 

68,393

 

 

(19,376

)

Net loss in earnings of equity method investment

539

 

 

294

 

 

11,338

 

 

168

 

Net income

$

58,088

 

 

$

123,023

 

 

$

150,668

 

 

$

218,806

 

 

 

 

 

 

 

 

 

Basic net income per common share:

 

 

 

 

 

 

 

Net income attributable to J2 Global, Inc. common shareholders

$

1.30

 

 

$

2.54

 

 

$

3.24

 

 

$

4.52

 

 

 

 

 

 

 

 

 

Diluted net income per common share:

 

 

 

 

 

 

 

Net income attributable to J2 Global, Inc. common shareholders

$

1.27

 

 

$

2.45

 

 

$

3.18

 

 

$

4.39

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

44,504,222

 

 

47,626,833

 

 

46,308,825

 

 

47,647,397

 

Diluted weighted average shares outstanding

45,642,292

 

 

49,425,395

 

 

47,122,511

 

 

49,025,684

 

 

 

 

 

 

 

 

 

(1) Includes share-based compensation expense as follows:

Cost of revenues

$

122

 

 

$

135

 

 

$

535

 

 

$

525

 

Sales and marketing

319

 

 

335

 

 

1,454

 

 

1,547

 

Research, development and engineering

439

 

 

385

 

 

1,779

 

 

1,477

 

General and administrative

4,483

 

 

4,673

 

 

20,238

 

 

20,373

 

Total

$

5,363

 

 

$

5,528

 

 

$

24,006

 

 

$

23,922

 

J2 GLOBAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED, IN THOUSANDS)

 

 

Twelve Months Ended

December 31,

 

2020

 

2019

Cash flows from operating activities:

 

 

 

Net income

$

150,668

 

 

$

218,806

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

228,737

 

 

232,032

 

Amortization of financing costs and discounts

28,476

 

 

14,038

 

Non-cash operating lease costs

17,686

 

 

21,419

 

Share-based compensation

24,006

 

 

23,922

 

Provision for doubtful accounts

13,283

 

 

13,134

 

Deferred income taxes, net

5,840

 

 

(63,444

)

Loss on extinguishment of debt

37,969

 

 

 

Gain on sale of businesses

(17,122

)

 

 

Lease asset impairments and other charges

12,121

 

 

 

Changes in fair value of contingent consideration

(80

)

 

6,318

 

Foreign currency remeasurement gain

(34,646

)

 

 

Loss on equity method investments

11,338

 

 

139

 

Loss on equity and debt investments

20,826

 

 

4,164

 

Decrease (increase) in:

 

 

 

Accounts receivable

(31,611

)

 

(30,680

)

Prepaid expenses and other current assets

3,046

 

 

(8,685

)

Other assets

(3

)

 

(4,083

)

Increase (decrease) in:

 

 

 

Accounts payable and accrued expenses

2,184

 

 

(770

)

Income taxes payable

6,489

 

 

(1,738

)

Deferred revenue

4,720

 

 

6,844

 

Operating lease liabilities

(16,439

)

 

(20,240

)

Liability for uncertain tax positions

9,391

 

 

(453

)

Other long-term liabilities

3,200

 

 

1,816

 

Net cash provided by operating activities

480,079

 

 

412,539

 

Cash flows from investing activities:

 

 

 

Distribution from equity method investment

 

 

10,288

 

Purchases of equity method investment

(32,340

)

 

(29,584

)

Purchase of equity investments

(843

)

 

 

Purchases of property and equipment

(92,552

)

 

(70,588

)

Proceeds from sale of assets

507

 

 

 

Acquisition of businesses, net of cash received

(482,227

)

 

(415,343

)

Proceeds from sale of businesses, net of cash divested

24,353

 

 

 

Purchases of intangible assets

(3,118

)

 

(46

)

Net cash used in investing activities

(586,220

)

 

(505,273

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of long-term debt

750,000

 

 

550,000

 

Payment of note payable

(400

)

 

 

Debt issuance cost

(7,272

)

 

(12,862

)

Payment of debt

(650,000

)

 

(5,100

)

Debt extinguishment costs

(29,250

)

 

 

Proceeds from line of credit

 

 

185,000

 

Repayment of line of credit

 

 

(185,000

)

Repurchase of common stock

(275,654

)

 

(20,803

)

Issuance of common stock under employee stock purchase plan

7,382

 

 

4,512

 

Exercise of stock options

1,619

 

 

5,274

 

Dividends paid

 

 

(43,918

)

Deferred payments for acquisitions

(29,180

)

 

(18,876

)

Other

(1,878

)

 

(1,532

)

Net cash (used in) provided by financing activities

(234,633

)

 

456,695

 

Effect of exchange rate changes on cash and cash equivalents

7,811

 

 

2,180

 

Net change in cash and cash equivalents

(332,963

)

 

366,141

 

Cash and cash equivalents at beginning of year

575,615

 

 

209,474

 

Cash and cash equivalents at end of year

$

242,652

 

 

$

575,615

 

J2 GLOBAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP FINANCIAL MEASURES

THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2020 AND 2019

(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

 

Non-GAAP net income is GAAP net income with the following modifications: (1) elimination of share-based compensation; (2) elimination of certain acquisition-related integration costs; (3) elimination of interest costs in excess of the coupon rate associated with the convertible notes and overlapping interest of senior notes prior to extinguishment; (4) elimination of amortization of patents and intangible assets that we acquired; (5) elimination of change in value on investment; (6) elimination of additional tax expense/benefit from prior years; (7) elimination of gain on sale of assets; (8) elimination of intra-entity transfers; (9) elimination of lease asset impairments and other charges; (10) elimination of leasehold improvement impairments; and (11) elimination of dilutive effect of the convertible debt.

 

 

Three Months Ended December 31,

 

2020

Per Diluted

Share *

 

2019

Per Diluted

Share *

Net income

$

58,088

 

$

1.27

 

 

$

123,023

 

$

2.45

 

Plus:

 

 

 

 

 

Share based compensation (1)

4,643

 

0.10

 

 

7,843

 

0.16

 

Acquisition related integration costs (2)

7,363

 

0.17

 

 

(824

)

(0.02

)

Interest costs (3)

40,133

 

0.90

 

 

5,198

 

0.11

 

Amortization (4)

37,862

 

0.85

 

 

30,399

 

0.64

 

Investments (5)

(2,158

)

(0.05

)

 

3,567

 

0.08

 

Tax expense (benefit) from prior years (6)

2,841

 

0.06

 

 

(10

)

 

Sale of assets (7)

374

 

0.01

 

 

 

 

Intra-entity transfers (8)

(12,124

)

(0.27

)

 

(53,690

)

(1.13

)

Lease asset impairments and other charges (9)

1,708

 

0.04

 

 

 

 

Leasehold improvement impairments (10)

(3

)

 

 

 

 

Convertible debt dilution (11)

 

0.03

 

 

 

0.07

 

Adjusted non-GAAP net income

$

138,727

 

$

3.11

 

 

$

115,506

 

$

2.38

 

* The reconciliation of net income per share from GAAP to Adjusted non-GAAP may not foot since each is calculated independently.

Contacts

Rebecca Wright

J2 Global, Inc.

800-577-1790

press@J2.com

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