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Achieves Record Annual Revenues GAAP Diluted EPS
Provides Fiscal 2017 Financial Estimates
Announces Twenty-Second Consecutive Quarterly Dividend Increase by $0.01 to $0.3650 per Share versus the Prior Quarter
LOS ANGELES, CA – Feb. 09, 2016 — /BackupReview.info/ — j2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the fourth quarter and year ended December 31, 2016, provided fiscal 2017 financial estimates and announced that its Board of Directors has declared an increased quarterly cash dividend of $0.3650 per share.
FOURTH QUARTER 2016 RESULTS
Q4 2016 quarterly revenues increased 22.9% to a Q4 record of $251.8 million compared to $204.8 million for Q4 2015.
Net cash provided by operating activities increased by 11.6% to $89.8 million compared to $80.5 million for Q4 2015. Q4 2016 free cash flow(1) increased by 10.1% to $82.7 million compared to $75.1 million for Q4 2015.
GAAP earnings per diluted share(2) increased 23.6% to $0.89 in Q4 2016 compared to $0.72 for Q4 2015. Adjusted non-GAAP earnings per diluted share(2)(3) for the quarter increased 15.5% to $1.49 compared to $1.29 for Q4 2015.
GAAP net income increased by 21.7% to $43.2 million compared to $35.5 million for Q4 2015.
Quarterly Adjusted EBITDA(4) increased 16.4% to $116.5 million compared to $100.1 million for Q4 2015.
j2 ended the quarter with approximately $124.0 million in cash and investments after deploying approximately $508.2 million during the quarter for acquisitions and the payment of j2′s regular quarterly dividend.
Key financial results for Q4 2016 versus Q4 2015 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.
FULL YEAR 2016 RESULTS
2016 revenues increased 21.3% to a record of $874.3 million compared to $720.8 million for 2015.
Net cash provided by operating activities increased by 23.3% to $282.4 million compared to $229.1 million for 2015. 2016 free cash flow(1) increased by 16.4% to $259.9 million compared to $223.2 million for 2015.
GAAP earnings per diluted share(5) increased 14.7% to $3.13 in 2016 compared to $2.73 for 2015. Adjusted non-GAAP earnings per diluted share(5)(6) for the year increased 19.7% to $4.99 compared to $4.17 for 2015.
GAAP net income increased by 14.1% to $152.4 million compared to $133.6 million for 2015.
Annual Adjusted EBITDA(4) increased 18.8% to $396.1 million compared to $333.3 million for 2015.
j2 ended the year with approximately $124.0 million in cash and investments after deploying approximately $719.4 million during the year with respect to the repurchase of approximately 935,000 shares of j2 common stock, twenty-two acquisitions and j2′s regular quarterly dividends.
Key financial results for 2016 versus 2015 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.
“2016 was a remarkable year,” said Hemi Zucker, CEO of j2 Global. ”We exceeded our revenue expectations and achieved the high end of our EPS range. Fueled by our acquisition of Everyday Health, our largest ever, we are forecasting more than $1.1 billion in revenue, balanced between our Cloud and Media segments for this year. We are very excited about 2017 and are focused on our execution strength and planning for continued growth.”
For fiscal 2017, the Company estimates that it will achieve revenues between $1.130 and $1.170 billion and Adjusted non-GAAP earnings per diluted share of between $5.60 and $6.00.
Adjusted non-GAAP earnings per diluted share for 2017 excludes share-based compensation of between $14 and $16 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 2017 (exclusive of the release of reserves for uncertain tax positions) will be between 28.5% and 30.5%.
The Company has not reconciled the Adjusted non-GAAP earnings per diluted share and tax rate guidance 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.
j2′s Board of Directors has approved a quarterly cash dividend of $0.3650 per common share, a $0.01, or 2.8% increase versus last quarter’s dividend. This is j2′s twenty-second consecutive quarterly dividend increase since its first quarterly dividend in September 2011. The dividend will be paid on March 9, 2017 to all shareholders of record as of the close of business on February 22, 2017. Future dividends will be subject to Board approval.
EXTENSION OF SHARE REPURCHASE PROGRAM
The Company has extended its one-year five million share repurchase program set to expire February 20, 2017 by an additional year. Approximately 1.9 million shares remain available for purchase under the program.
For more detailed financial report, visit: https://goo.gl/HSwsvE
Source: j2 Global, Inc.
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