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J2 Global Reports Record Second Quarter 2021 Results & Raises Full Year 2021 Guidance LOS ANGELES -- J2 Global , Inc. ( NASDAQ : JCOM ) today reported financial results for the second quarter ended June 30 , 2021 . " Our organization produced yet another record quarter that was materially ahead of our expectations , " said Vivek Shah , CEO of J2 Global . " We're raising our full - year outlook for a second time this year , as our company continues to perform impressively . " SECOND QUARTER 2021 RESULTS Q2 2021 quarterly revenues increased 29.6 % to a Q2 record of $ 429.0 million as compared to $ 331.0 million for Q2 2020. On a pro - forma ) basis , Q2 2021 quarterly revenues increased 33.5 % to $ 417.7 million as compared to $ 312.8 million for Q2 2020 . Net cash provided by operating activities decreased to $ 111.3 million as compared to $ 139.6 million for Q2 2020. Q2 2021 free cash flow ( 2 ) decreased 30.6 % to $ 80.5 million as compared to $ 115.9 million for Q2 2020. Free cash flow decreased primarily due to additional tax payments during Q2 2021 in comparison to the prior comparable period in the amount of $ 27.6 million . In addition , the Company experienced higher collections of receivables generated in Q4 2020 in Q1 2021 in comparison to collections in Q1 2020. Accordingly , a higher portion of collection activity from the prior year was collected in Q2 2020 related to Q4 receivables in comparison to the current quarter . Also , the Company had additional capital expenditures in comparison to the prior comparable period in the amount of approximately $ 7.8 million . GAAP earnings per diluted share ( 3 ) decreased to $ 0.33 in Q2 2021 compared to $ 0.80 for Q2 2020. Earnings decrease was primarily due to the impairment of the B2B Backup business unit for $ 24.6 million , net of tax , as well as a loss on investments associated with a pending sale of the Company's investee in the amount of $ 12.7 million , net of tax . Adjusted non - GAAP earnings per diluted share ( ³ ) ( 4 ) for the quarter increased 40.9 % to $ 2.41 as compared to $ 1.71 for Q2 2020 . On a pro - forma ( 6 ) basis , Adjusted non - GAAP earnings per diluted share ( ) ( 4 ) for the quarter increased 45.0 % to $ 2.32 as compared to $ 1.60 for Q2 2020 . GAAP net income decreased to $ 15.7 million as compared to $ 38.1 million for Q2 2020 . Adjusted non - GAAP net income increased by 33.8 % to $ 107.9 million as compared to $ 80.6 million for Q2 2020. On a pro forma basis , Adjusted non - GAAP net income increased by 37.9 % to $ 104.1 million as compared to $ 75.5 million for Q2 2020 . Adjusted EBITDA ( 5 ) for the quarter increased 29.5 % to $ 172.0 million compared to $ 132.9 million for Q2 2020. On a pro forma basis , Adjusted EBITDA ) for the quarter increased 33.0 % to $ 167.2 million compared to $ 125.7 million for Q2 2020 . J2 ended the quarter with approximately $ 465 million in cash , cash equivalents , and investments after deploying approximately $ 94.9 million during the quarter for current and prior year acquisitions . Key unaudited financial results for Q2 2021 versus Q2 2020 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 . The Pro - Forma Results below exclude Voice assets in Australia , New Zealand , and the United Kingdom that have been sold as well as the Company's B2B Backup business which it expects to sell .