Company Quick10K Filing
J2 Global
Price91.74 EPS3
Shares49 P/E31
MCap4,501 P/FCF15
Net Debt1,308 EBIT171
TEV5,809 TEV/EBIT34
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-23
8-K 2020-09-08 Regulation FD
8-K 2020-08-10 Officers
8-K 2020-08-10 Earnings, Regulation FD, Other Events, Exhibits
8-K 2020-07-02 Regulation FD, Exhibits
8-K 2020-06-25
8-K 2020-06-02
8-K 2020-05-11
8-K 2020-03-03
8-K 2020-02-24
8-K 2020-02-10
8-K 2020-01-27
8-K 2020-01-06
8-K 2019-12-02
8-K 2019-11-27
8-K 2019-11-19
8-K 2019-11-12
8-K 2019-11-11
8-K 2019-09-05
8-K 2019-09-04
8-K 2019-08-16
8-K 2019-08-12
8-K 2019-08-06
8-K 2019-07-01
8-K 2019-06-04
8-K 2019-05-21
8-K 2019-05-03
8-K 2019-03-12
8-K 2019-02-26
8-K 2019-02-12
8-K 2019-01-11
8-K 2019-01-07
8-K 2018-12-04
8-K 2018-11-13
8-K 2018-11-05
8-K 2018-09-05
8-K 2018-08-09
8-K 2018-06-06
8-K 2018-05-10
8-K 2018-05-03
8-K 2018-02-27
8-K 2018-02-06
8-K 2018-02-02
8-K 2018-01-18

JCOM 10Q Quarterly Report

Part I. Financial Information
Item 1.Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A. Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
EX-10.1 formofdividendwaiverlett.htm
EX-31.1 jcom20200630ex-311.htm
EX-31.2 jcom20200630ex-312.htm
EX-32.1 jcom20200630ex-321.htm
EX-32.2 jcom20200630ex-322.htm

J2 Global Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.92.31.71.20.60.02012201420172020
Assets, Equity
0.40.30.20.20.10.02012201420172020
Rev, G Profit, Net Income
0.40.20.0-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

jcom-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the quarterly period ended June 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 0-25965
jcom-20200630_g1.jpg
J2 GLOBAL, INC.
(Exact name of registrant as specified in its charter)
Delaware47-1053457
(State or other jurisdiction(I.R.S. Employer
of incorporation or organization)Identification No.)
700 S. Flower Street, 15th Floor
Los Angeles, California 90017
(Address of principal executive offices)
(323) 860-9200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueJCOMNasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ý    No  o   
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ýAccelerated fileroNon-Accelerated fileroSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes        No ý

As of August 6, 2020, the registrant had 47,606,450 shares of common stock outstanding.




J2 GLOBAL, INC. AND SUBSIDIARIES 
FOR THE QUARTER ENDED JUNE 30, 2020

INDEX 
   PAGE
 
    
  
  
  
  
  
    
 
    
 
    
 
    
   
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
Item 6.  
    
  
    

-2-


PART I.  FINANCIAL INFORMATION
Item 1.Financial Statements
J2 GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except share and per share data)
June 30, 2020December 31, 2019
ASSETS
Cash and cash equivalents$616,820  $575,615  
Accounts receivable, net of allowances of $11,834 and $12,701, respectively
188,383  261,928  
Prepaid expenses and other current assets45,767  49,347  
Current assets held for sale2,175    
Total current assets853,145  886,890  
Long-term investments 94,042  100,079  
Property and equipment, net144,494  127,817  
Operating lease right-of-use assets110,031  125,822  
Trade names, net130,540  138,029  
Customer relationships, net206,478  238,502  
Goodwill1,637,287  1,633,033  
Other purchased intangibles, net153,417  180,022  
Deferred income taxes, noncurrent56,947  59,976  
Other assets16,199  15,676  
Noncurrent assets held for sale16,865    
TOTAL ASSETS$3,419,445  $3,505,846  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued expenses$166,289  $238,059  
Income taxes payable, current24,402  17,758  
Deferred revenue, current159,907  162,855  
Operating lease liabilities, current26,602  26,927  
Current portion of long-term debt391,092  385,532  
Other current liabilities1,501  1,973  
Current liabilities held for sale2,388    
Total current liabilities772,181  833,104  
Long-term debt1,071,364  1,062,929  
Deferred revenue, noncurrent11,501  12,744  
Operating lease liabilities, noncurrent91,279  104,070  
Income taxes payable, noncurrent11,675  11,675  
Liability for uncertain tax positions57,565  52,451  
Deferred income taxes, noncurrent111,746  107,453  
Other long-term liabilities28,810  10,228  
Noncurrent liabilities held for sale156    
TOTAL LIABILITIES2,156,277  2,194,654  
Commitments and contingencies    
Preferred stock, $0.01 par value. Authorized 1,000,000 and none issued
    
Preferred stock - Series A, $0.01 par value. Authorized 6,000; total issued and outstanding zero
    
Preferred stock - Series B, $0.01 par value. Authorized 20,000; total issued and outstanding zero
    
Common stock, $0.01 par value. Authorized 95,000,000; total issued and outstanding 46,892,691 and 47,654,929 shares at June 30, 2020 and December 31, 2019, respectively.
469  476  
Additional paid-in capital 467,267  465,652  
Retained earnings850,232  891,526  
Accumulated other comprehensive loss(54,800) (46,462) 
TOTAL STOCKHOLDERS’ EQUITY1,263,168  1,311,192  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,419,445  $3,505,846  
See Notes to Condensed Consolidated Financial Statements
-3-


J2 GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except share and per share data)

Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Total revenues$330,984  $322,432  $663,377  $622,325  
Cost of revenues (1)
56,802  60,266  115,933  111,279  
Gross profit274,182  262,166  547,444  511,046  
Operating expenses:  
Sales and marketing (1)
92,805  88,446  192,243  175,326  
Research, development and engineering (1)
13,606  11,938  29,012  24,922  
General and administrative (1)
94,731  105,168  197,902  203,322  
Total operating expenses201,142  205,552  419,157  403,570  
Income from operations73,040  56,614  128,287  107,476  
Interest expense, net22,196  17,335  43,167  33,354  
Loss on investments, net3  24  20,835  38  
Other (income) expense, net(9,059) (401) (2,183) 1,800  
Income before income taxes and net loss (income) in earnings of equity method investment59,900  39,656  66,468  72,284  
Income tax expense15,978  11,148  24,681  10,853  
Net loss (income) in earnings of equity method investment5,821  (4,081) 10,090  (3,607) 
Net income$38,101  $32,589  $31,697  $65,038  
Net income per common share:   
Basic$0.81  $0.67  $0.67  $1.35  
Diluted$0.80  $0.66  $0.65  $1.32  
Weighted average shares outstanding:   
Basic46,850,944  47,727,786  47,235,859  47,644,729  
Diluted47,437,555  49,102,879  48,279,417  48,806,492  
(1) Includes share-based compensation expense as follows:
Cost of revenues$143  $131  $277  $263  
Sales and marketing416  389  814  793  
Research, development and engineering484  361  915  719  
General and administrative5,487  5,981  10,837  10,173  
Total$6,530  $6,862  $12,843  $11,948  
 
See Notes to Condensed Consolidated Financial Statements
-4-


J2 GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)

Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net income$38,101  $32,589  $31,697  $65,038  
Other comprehensive loss, net of tax:
Foreign currency translation adjustment(169) (1,177) (8,883) (686) 
Change in fair value on available-for-sale investments, net of tax expense of $173 and $173 for the three and six months ended June 30, 2020, respectively, and $7 and $184 for the three and six months ended June 30, 2019, respectively.
(163) (2) 545  558  
Other comprehensive loss, net of tax(332) (1,179) (8,338) (128) 
Comprehensive income$37,769  $31,410  $23,359  $64,910  

See Notes to Condensed Consolidated Financial Statements

-5-


J2 GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
                                                          Six Months Ended
June 30,
Cash flows from operating activities:20202019
Net income$31,697  $65,038  
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization104,068  106,212  
Amortization of financing costs and discounts14,102  5,995  
Non-cash operating lease costs11,453  9,038  
Share-based compensation12,843  11,948  
Provision for doubtful accounts6,793  5,686  
Deferred income taxes, net2,752  3,908  
Changes in fair value of contingent consideration(232) 8,475  
Foreign currency remeasurement gain(704)   
Loss (income) on equity method investments10,090  (4,765) 
Loss on equity and debt investments20,826    
Decrease (increase) in: 
Accounts receivable63,675  42,930  
Prepaid expenses and other current assets(4,185) (3,277) 
Other assets(300) (1,233) 
Increase (decrease) in: 
Accounts payable and accrued expenses(34,682) (12,452) 
Income taxes payable7,376  (3,810) 
Deferred revenue(2,698) (3,292) 
Operating lease liabilities(8,780) (8,833) 
Liability for uncertain tax positions5,114  (10,811) 
Other long-term liabilities2,419  1,454  
Net cash provided by operating activities241,627  212,211  
Cash flows from investing activities: 
Purchases of equity method investment(26,523) (14,668) 
Purchases of equity investments(843)   
Purchases of property and equipment(50,537) (30,791) 
Acquisition of businesses, net of cash received(19,349) (266,000) 
Proceeds from sale of assets407    
Purchases of intangible assets(23)   
Net cash used in investing activities(96,868) (311,459) 
Cash flows from financing activities: 
Proceeds from line of credit  100,000  
Repurchase of common stock(88,469) (3,807) 
Issuance of common stock under employee stock purchase plan3,303  1,995  
Exercise of stock options952  5,274  
Dividends paid  (43,965) 
Deferred payments for acquisitions(16,296) (14,269) 
Other(1,032) (429) 
Net cash (used in) provided by financing activities(101,542) 44,799  
Effect of exchange rate changes on cash and cash equivalents(2,012) 451  
Net change in cash and cash equivalents41,205  (53,998) 
Cash and cash equivalents at beginning of period575,615  209,474  
Cash and cash equivalents at end of period$616,820  $155,476  
See Notes to Condensed Consolidated Financial Statements
-6-


J2 GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Three and Six Months Ended June 30, 2019 and 2020
(unaudited, in thousands, except share amounts)


Accumulated
Common stockAdditional paid-inTreasury stockRetainedother comprehensiveTotal Stockholders’
SharesAmountcapitalSharesAmountearningslossEquity
Balance, April 1, 201947,661,015  $477  $358,932    $  $742,173  $(44,928) $1,056,654  
Net income—  —  —  —  —  32,589  —  32,589  
Other comprehensive income, net of tax expense of $7—  —  —  —  —  —  (1,179) (1,179) 
Dividends ($0.4550 per share)—  —  —  —  —  (22,208) —  (22,208) 
Exercise of stock options500    15  —  —  —  —  15  
Issuance of shares under employee stock purchase plan32,154  —  1,995  —  —  —  —  1,995  
Vested restricted stock101,680  1  (1) —  —  —  —  —  
Repurchase and retirement of common stock(29,480)   (2,086) —  —  (544) —  (2,630) 
Share based compensation—  —  6,832  —  —  30  —  6,862  
Balance, June 30, 201947,765,869  $478  $365,687    $  $752,040  $(46,107) $1,072,098  


Accumulated
Common stockAdditional paid-inTreasury stockRetainedother comprehensiveTotal Stockholders’
SharesAmountcapitalSharesAmountearningslossEquity
Balance, April 1, 202047,113,423  $471  $462,430    $  $832,648  $(54,468) $1,241,081  
Net income—  —  —  —  —  38,101  —  38,101  
Other comprehensive income, net of tax expense of $173—  —  —  —  —  —  (332) (332) 
Issuance of shares under employee stock purchase plan53,694  —  3,303  —  —  —  —  3,303  
Exercise of 3.25% Convertible Note—  —  (12) —  —  —  —  (12) 
Vested restricted stock70,505  1  (1) —  —  —  —  —  
Repurchase and retirement of common stock(344,931) (3) (4,983) —  —  (20,517) —  (25,503) 
Share based compensation—  —  6,530  —  —  —  —  6,530