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j2 Global Reports Fourth Quarter and Year End 2018 Results and Provides 2019 Outlook

Nachrichtenquelle: Business Wire (engl.)
12.02.2019, 22:35  |  366   |   |   

j2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the fourth quarter and year ended December 31, 2018, provided fiscal 2019 financial estimates and announced that its Board of Directors has declared an increased quarterly cash dividend of $0.4450 per share.

“We accomplished a great deal in 2018 including significant leadership additions across the company; the addition of great businesses to our portfolio including Vipre, Line2, Prime, and Ekahau; and another record year in revenues, full year Adjusted non-GAAP EPS and free cash flows,” said Vivek Shah, CEO of j2 Global. “We continue to be excited by our growing portfolio of internet information and services brands and are pleased to report our first open-market share buyback since 2012.”

FOURTH QUARTER 2018 RESULTS

Q4 2018 quarterly revenues increased 9.4% to a Q4 record of $346.1 million compared to $316.4 million for Q4 2017.

Net cash provided by operating activities increased 25.5% to $107.2 million compared to $85.4 million for Q4 2017. Q4 2018 free cash flow(1) increased 27.2% to $95.8 million compared to $75.3 million for Q4 2017.

GAAP earnings per diluted share(2) increased 1.0% to $1.03 in Q4 2018 compared to $1.02 for Q4 2017.

Adjusted non-GAAP earnings per diluted share(2)(3) for the quarter increased 17.9% to $2.11 compared to $1.79 for Q4 2017.

GAAP net income increased 1.4% to $50.6 million in Q4 2018 compared to $49.9 million for Q4 2017.

Quarterly Adjusted EBITDA(4) increased 8.7% to $154.3 million in the quarter compared to $141.9 million for Q4 2017.

j2 ended the quarter with approximately $293.3 million in cash and investments after deploying approximately $184 million during the quarter for acquisitions, j2’s regular quarterly dividend, and share buyback.

Key financial results for Q4 2018 versus Q4 2017 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 2018   Q4 2017   % Change
Revenues            
Cloud Services   $148.1 million   $146.9 million   0.8%
Digital Media   $198.0 million   $169.5 million   16.8%

Total Revenue:

  $346.1 million   $316.4 million   9.4%
Operating Income   $86.7 million   $76.2 million   13.8%
Net Cash Provided by Operating Activities   $107.2 million   $85.4 million   25.5%
Free Cash Flow (1)   $95.8 million   $75.3 million   27.2%
GAAP Earnings per Diluted Share (2)   $1.03   $1.02   1.0%
Adjusted Non-GAAP Earnings per Diluted Share (2) (3)   $2.11   $1.79   17.9%
GAAP Net Income   $50.6 million   $49.9 million   1.4%
Adjusted Non-GAAP Net Income   $103.7 million   $87.3 million   18.8%
Adjusted EBITDA (4)   $154.3 million   $141.9 million   8.7%
Adjusted EBITDA Margin (4)   44.6%   44.8%   (0.2)%
     

FULL YEAR 2018 RESULTS

2018 revenues increased 8.0% to a record of $1,207.3 million in 2018 compared to $1,117.8 million for 2017.

Net cash provided by operating activities increased 51.8% to $401.3 million in 2018 compared to $264.4 million for 2017. 2018 free cash flow(1) increased 30.2% to $344.9 million compared to $264.8 million for 2017.

GAAP earnings per diluted share(5) decreased 8.5% to $2.59 in 2018 compared to $2.83 for 2017. The decrease over the prior comparable period is primarily attributed to the decrease in income associated with the 2017 sale of Cambridge BioMarketing Group LLC and Tea Leaves, increased depreciation and amortization expense associated with acquisitions such as Humble Bundle, Ekahau and Vipre; partially offset by a decrease in income tax expense.

Adjusted non-GAAP earnings per diluted share(5)(6) for the year increased 12.6% to $6.35 compared to $5.64 for 2017.

GAAP net income decreased by 7.7% to $128.7 million in 2018 compared to $139.4 million for 2017. The decrease over the prior comparable period is primarily attributed to the decrease in income associated with the 2017 sale of Cambridge BioMarketing Group LLC and Tea Leaves, increased depreciation and amortization expense associated with acquisitions such as Humble Bundle, Ekahau and Vipre; partially offset by a decrease in income tax expense.

Annual Adjusted EBITDA(4) increased 5.7% to $489.5 million in 2018 compared to $463.0 million for 2017.

The impact of a change in accounting principle associated with revenue recognition (ASC 606) resulted in a decrease of approximately $7.1 million for both the revenues and Adjusted EBITDA for the year. Without this impact, 2018 revenues would have been $1,214.4 million and Adjusted EBITDA would have been $496.6 million.

j2 ended the year with approximately $293.3 million in cash and investments after deploying approximately $440 million during the year for acquisitions, j2’s regular quarterly dividends, and share buyback.

Key financial results for 2018 versus 2017 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.

             
    2018   2017   % Change
Revenues            
Cloud Services   $598.0 million   $578.9 million   3.3%

Digital Media

  $609.3 million   $538.9 million   13.1%

Total Revenue:

  $1,207.3 million   $1,117.8 million   8.0%
Operating Income   $244.3 million   $245.7 million   (0.6)%
Net Cash Provided by Operating Activities   $401.3 million   $264.4 million   51.8%
Free Cash Flow (1)   $344.9 million   $264.8 million   30.2%
GAAP Earnings per Diluted Share (5)   $2.59   $2.83   (8.5)%
Adjusted Non-GAAP Earnings per Diluted Share (5) (6)   $6.35   $5.64   12.6%
GAAP Net Income   $128.7 million   $139.4 million   (7.7)%
Adjusted Non-GAAP Net Income   $312.3 million   $275.1 million   13.5%
Adjusted EBITDA (4)   $489.5 million   $463.0 million   5.7%
Adjusted EBITDA Margin (4)   40.5%   41.4%   (0.9)%
     

BUSINESS OUTLOOK

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