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Provides Fiscal 2018 Financial Estimates

Announces Twenty-Sixth Consecutive Quarterly Dividend Increase

LOS ANGELES, CA – Feb. 6, 2018 — /BackupReview.info/ — j2 Global, Inc. (NASDAQ: JCOM) today reported financial results for the fourth quarter and year ended December 31, 2017, provided fiscal 2018 financial estimates and announced that its Board of Directors has declared an increased quarterly cash dividend of $0.405 per share.

“j2 continues to demonstrate its power as a vertically-driven, Internet information and services company,” said Vivek Shah, CEO of j2 Global. “We have an expanding portfolio of some of the best ad- and subscription-supported brands on the Internet. We remain committed to the strategy and operating model that produced record results last year and should help us achieve our goals in 2018.”

FOURTH QUARTER 2017 RESULTS
Q4 2017quarterly revenues increased 25.7% to a Q4 record of $316.4 million compared to $251.8 million for Q4 2016.

Net cash provided by operating activities decreased 4.9% to $85.4 million compared to $89.8 millionfor Q4 2016.Q4 2017 free cash flow(1) decreased 8.9% to $75.3 million compared to $82.7 million for Q4 2016. The decline in free cash flow(1) is due to a greater percentage of the revenues and EBITDA coming from the media business which has a longer collection cycle resulting in less cash inflows associated with accounts receivable of approximately $19.0 million in comparison to Q4 2016.

GAAP earnings per diluted share(2) increased 14.6% to $1.02 in Q4 2017 compared to $0.89 for Q4 2016. Adjusted non-GAAP earnings per diluted share(2)(3) for the quarter increased 20.1% to $1.79compared to $1.49 for Q4 2016.

GAAP net income increased 15.5% to $49.9 million in Q4 2017 compared to $43.2 million for Q4 2016.

Quarterly Adjusted EBITDA(4) increased 21.8% to $141.9 million in the quarter compared to $116.5 millionfor Q4 2016.

j2 ended the quarter with approximately $408.7 million in cash and investments after deploying approximately $149.4 million during the quarter for acquisitions and the payment of j2’s regular quarterly dividends.

Key financial results for Q4 2017 versus Q4 2016 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 2017 Q4 2016 % Change
Revenues
Cloud Services $146.9 million $143.0 million 2.7%
Digital Media $169.5 million $108.8 million 55.8%
Total Revenue: $316.4 million $251.8 million 25.7%
Operating Income $76.2 million $68.2 million 11.7%
Net Cash Provided by Operating Activities $85.4 million $89.8 million (4.9)%
Free Cash Flow (1) $75.3 million $82.7 million (8.9)%
GAAP Earnings per Diluted Share (2) $1.02 $0.89 14.6%
Adjusted Non-GAAP Earnings per Diluted Share (2) (3) $1.79 $1.49 20.1%
GAAP Net Income $49.9 million $43.2 million 15.5%
Adjusted Non-GAAP Net Income $87.3 million $72.2 million 20.9%
Adjusted EBITDA (4) $141.9 million $116.5 million 21.8%
Adjusted EBITDA Margin (4) 44.8% 46.3% (1.5)%

FULL YEAR 2017 RESULTS
2017 revenues increased 27.9% to a record of $1,117.8 million in 2017 compared to $874.3 million for 2016.

Net cash provided by operating activities decreased 6.4% to $264.4 million in 2017 compared to $282.4 millionfor 2016.2017 free cash flow(1) decreased 1.2% to $264.8 million compared to $267.9 million for 2016. The decline in free cash flow(1) is due to additional cash outflows associated with income taxes of approximately $28.0 million and a greater percentage of the revenues and EBITDA coming from the media business which has a longer collection cycle resulting in less cash inflows associated with accounts receivable of approximately $7.0 million in comparison to 2016.

GAAP earnings per diluted share(5) decreased 9.6% to $2.83 in 2017 compared to $3.13 for 2016. The decrease over the prior comparable period is primarily attributed to the increase in interest expense associated with the issuance of the $650 million 6.0% Senior Notes due in 2025, the loss on extinguishment of the $250 million 8.0% Senior Notes and the increased amortization expense associated with acquisitions, most notably Everyday Health. Adjusted non-GAAP earnings per diluted share(5)(6) for the year increased 13.0% to $5.64 compared to $4.99 for 2016.

GAAP net income decreased by 8.5% to $139.4 million in 2017 compared to $152.4 million for 2016. The decrease over the prior comparable period is primarily attributed to the increase in interest expense associated with the issuance of the $650 million 6.0% Senior Notes due in 2025, the loss on extinguishment of the $250 million 8.0% Senior Notes and the increased amortization expense associated with acquisitions, most notably Everyday Health.

Annual Adjusted EBITDA(4) increased 16.9% to $463.0 million in 2017 compared to $396.1 million for 2016.

j2 ended the year with approximately $408.7 million in cash and investments after deploying approximately $256.1 million during the year for acquisitions and the payment of j2’s regular quarterly dividends.

Key financial results for 2017 versus 2016 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.

2017 2016 % Change
Revenues
Cloud Services $578.9 million $567.0 million 2.1%
Digital Media $538.9 million $307.3 million 75.4%
Total Revenue: $1,117.8 million $874.3 million 27.9%
Operating Income $245.7 million $242.6 million 1.3%
Net Cash Provided by Operating Activities $264.4 million $282.4 million (6.4)%
Free Cash Flow (1) $264.8 million $267.9 million (1.2)%
GAAP Earnings per Diluted Share (5) $2.83 $3.13 (9.6)%
Adjusted Non-GAAP Earnings per Diluted Share (5) (6) $5.64 $4.99 13.0%
GAAP Net Income $139.4 million $152.4 million (8.5)%
Adjusted Non-GAAP Net Income $275.1 million $243.9 million 12.8%
Adjusted EBITDA (4) $463.0 million $396.1 million 16.9%
Adjusted EBITDA Margin (4) 41.4% 45.3% (3.9)%

BUSINESS OUTLOOK
For fiscal 2018, the Company estimates that it will achieve revenues between $1.20 billion and $1.25 billion, Adjusted EBITDA between $480 million and $505 million and Adjusted non-GAAP earnings per diluted share of between $5.95 and $6.25.

Adjusted non-GAAP earnings per diluted share for 2018 excludes share-based compensation of between $31 million and $34 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 2018 (exclusive of the release of reserves for uncertain tax positions) will be between 23.0% and 25.0%.

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.

DIVIDEND
j2’s Board of Directors approved a quarterly cash dividend of $0.405 per common share, a $0.01, or 2.5% increase versus last quarter’s dividend. This is j2’s twenty-sixth consecutive quarterly dividend increase since its first quarterly dividend in September 2011. The dividend will be paid on March 9, 2018 to all shareholders of record as of the close of business on February 22, 2018. Future dividends will be subject to Board approval.

For detailed financial report, visit: https://goo.gl/rLQYG3

Contact:
j2 Global, Inc.
Laura Hinson
800-577-1790
press@j2.com

Source: j2 Global, Inc.

 

 

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