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j2 Global Inc (NASDAQ:JCOM)
Q2 2020 Earnings Call
Aug 11, 2020, 8:30 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Welcome to J2 Global's Second Quarter 2020 Earnings Call. I am Michelle, the operator who'll be assisting you today.

[Operator Instructions] On this call will be Vivek Shah, CEO of J2 Global and Scott Turicchi, President and CFO of J2. I will now turn the call over to Scott Turicchi President and CFO of J2 Global.

Thank you, you may begin.

Scott Turicchi -- President and Chief Financial Officer

Thank you. Good morning, ladies and gentlemen, and welcome to the J2 Global Investor Conference Call for Q2 2020. As the operator mentioned I'm Scott Turicchi, President and CFO of J2 Global, joining me today is our CEO, Vivek Shah.

We had our best second fiscal quarter ever, setting records for revenue, adjusted EBITDA, non-GAAP earnings per share, and free cash flow. In addition, due to our strong free cash flow generation, we ended the quarter with more than $616 million of cash. In addition, our Board authorized a 10 million share repurchase program through August 6th, 2025.

We will use the presentation as a roadmap for today's call. A copy of the presentation is available at our website. When you launch the webcast, there is a button on the viewer on the right-hand side, which will allow you to expand the slides. If you have not received a copy of the press release, you may access it through our corporate website at j2global.com. In addition, you will be able to access the webcast from this site.

After completing the formal presentation, we'll be conducting a Q&A session. The operator will instruct you at that time regarding the procedures for asking a question. However, you may email us questions at any time at investor@j2global.com.

Before we begin our prepared remarks, allow me to read the Safe Harbor language. As you know, this call and the webcast will include forward-looking statements. Such statements may involve risks and uncertainties that would cause actual results to differ materially from the anticipated results.

Some of those risks and uncertainties include, but are not limited to, the risk factors that we have disclosed in our various SEC filings, including our 10-K filings, recent 10-Q filings, various proxy statements and 8-K filings as well as additional risk factors that we have included as part of the slideshow for this webcast. We refer you to discussions in those documents regarding Safe Harbor language as well as forward-looking statements.

Now, let me turn the call over to Vivek for his opening remarks.

Vivek Shah -- Chief Executive Officer

Thank you, Scott, and good morning, everyone. Second quarter of 2020 was the most challenging and disruptive quarter our economy has ever faced. With GDP in the United States estimated to have declined an unprecedented 32.9%, this period presents a test of business resilience unlike any we've ever seen before.

I'm proud to say that J2 passed with flying colors on every financial metric; revenue, adjusted EBITDA, adjusted EPS, and cash flow, we exceeded our expectations, and remarkably, set records. This is a tribute to the thousands of hard working and focused employees at J2 around the world who continue to demonstrate the ability to surmount challenges.

Three months ago, based on April results and trends, we believed we'd see a slight decline in revenues in the second quarter. Instead, based on a significant rebound in May and June, total revenues were up 2.7% in the second quarter versus last year. We saw improvement within the quarter with May better than April and June better than May.

We were anticipating that our Digital Media segment revenue would decline in the quarter, given the massive dislocation in the ad market, but instead, we grew close to 7%. Every single business unit in the Digital Media segment beat its forecast in the quarter as we saw advertisers return to spending.

As I said in our last call, our ad business has little local, travel, food, and auto exposure. Our display business is about 40% healthcare, which continues to show great strength. Everyday Health's display revenues grew 35% in the quarter. We're also advantaged by our performance marketing businesses, which exhibited a meaningful recovery in the middle of the quarter.

The Cloud Services segment also whether the Q2 storm very nicely. Revenues were down 1.2% on a year-over-year basis. However, if you adjust for ForEx and jBlast, which is a broadcast fax business we sold in October 2019, revenues were flat. Cloud Fax was essentially flat in the quarter, notwithstanding the decline in medical record volumes.

A significant reduction in elective procedures in the U.S. directly impacted our page volumes, but we're starting to see page volumes return to the Cloud Fax business as elective procedures are coming back. The security and privacy businesses grew while SMB enablement declined as we experienced some losses and reductions of larger contracts and a slowdown in customer ads. Overall, the cancel rate at Cloud Services continues to be stable which, as you know, is something we closely monitor.

We continue to be optimistic about our security and privacy portfolio, which is over $230 million of revenues. We just announced the addition of a new leader to oversee all three of the Cyber Security business units. Vivek Kapil joins us as the Group General Manager of security, privacy and data protection, having worked at NortonLifeLock and Symantec for the past decade. We're excited to have Vivek on the team as we look to scale and develop our cyber security suite.

We're also excited that Nick Nelson, who came to us in the IPVanish acquisition and has been a catalyst for a number of growth initiatives, has taken on a new role, pursuing business development opportunities across the Cloud Services portfolio.

Even more impressive were the adjusted EBITDA and margin results in the quarter. Adjusted EBITDA grew 6.1% year-over-year and our margins expanded by 130 basis points to 40.1%. As I described in our last call, we were decisive in our actions to manage expenses, while continuing to invest in our organization.

We have avoided the large reductions in force and more draconian cost reduction measures of many in our industries, by focusing on better managing our vendor expenses and hiring. The careful cost management paid off in the quarter, not just with respect to adjusted EBITDA, but also with cash flow.

Our net cash from operations grew 46% and our free cash flow grew 35% year-over-year. We closed the quarter with $711 million in cash and investments. This was after purchasing $24 million of JCOM shares during the quarter. And as we announced last night, the Board has authorized a new 10 million share repurchase program over the next five years. We believe that our own stock currently represents one of the best investment opportunities available to us.

Based on second quarter performance and increased confidence in the state of the operating climate, we have reinstated guidance for the year. Our underlying assumption on our new guidance is that the business environment in Q3 and Q4 will be stable. But to be clear, we are not contemplating a sharp recovery. We're assuming more of the same. On the bottom line, we are estimating an adjusted EBITDA margin of over 40%, as we continue to be very careful with our expenses.

On the M&A front, I'm happy to say that our acquisitions machine is back on, and we are pursuing a number of interesting opportunities as we have better visibility into the market environment and have gained comfort in transacting in a virtual manner. We continue to believe that our patience will pay off in higher quality opportunities while giving us the time to optimize our current portfolio.

I would hope that our Q2 performance gives our shareholders confidence in that approach. We continue to focus our M&A efforts in some core themes including, healthcare embracing digital transformation, small and medium businesses seeking cyber security solutions, video games emerging as the number one form of entertainment, and e-commerce becoming the dominant form of retail.

I'd like to take a moment to talk about corporate governance. Earlier in the year, as we were speaking to shareholders in their proxy departments, the topic of Board refreshment was discussed. At our February Board meeting, our Board supported the idea of identifying new Director candidates for J2 as the company and its recruiters developed a slate of potential candidates.

We're very pleased to have announced yesterday that Scott Taylor has been appointed to our Board of Directors. Scott has spent over 20 years working in Silicon Valley, including 12 years as EVP and General Counsel of Symantec, a leader in consumer and enterprise cyber security.

Scott brings a deep understanding of the cybersecurity industry, a market that is very important to J2, as well as extensive legal, corporate responsibility, and M&A experience to our Board. Scott has more than 10 years of experience serving as a public and private company Director and brings a wealth of governance experience. We're grateful to welcome him to the J2 team.

Scott's appointment does not mark the end of our refreshment efforts. We are studying policies, best practices, and approaches to ensuring and advancing ongoing Board refreshment. The company has identified a number of highly qualified individuals who would make excellent Directors at J2, bringing fresh, new, and diverse perspectives to the company. The Board is confident that we will be able to add an additional Director in the near future.

Also essential to our ESG framework are our diversity, equity, and inclusion efforts at the company. Last week, we published J2's 2020 Diversity Report, which provides detailed demographic and representation data at the Company. We have unequivocally embraced the business and societal imperative to have a diverse and inclusive organization.

I believe that doing is greater than talking, especially with diversity, equity and inclusion. Since January 2019, 65% all new hires at J2 were women or people of color. As a result, today, 62% of our employees are women or people of color. We're proud of the progress we've made, but we have more work to do, especially at ensuring diversity at every level an aspect of the organization.

I encourage you to read the report which is found on our website, to better understand our diversity initiatives and the seriousness with which we are pursuing them. Our commitment to diversity and inclusion goes beyond the company's walls. This past quarter, we leveraged our resources and platforms for educational and philanthropic purposes, in support of the Black Lives Matter movement.

We committed $5 million in advertising to the NAACP, Ad Council and other advocacy organizations to promote messages of racial equality. We raised nearly $4.4 million for the Legal Defense Fund and race forward through our Humble Bundle Fight for Racial Justice Bundle. We launched the Black Game Developer Fund, a $1 million annual program focused on supporting black game developers.

We have earmarked $1 million of our annual freelance editorial budgets for journalists of color. And our publishing brands including IGN, PCMag, Mashable, AskMen, Everyday Health, BabyCenter, and What To Expect, have produced great content exploring topics relating to race and racial equality.

Before I hand the call back to Scott, just a word about the report recently issued by a short seller. We are confident that we address the unfounded claims made in that report on the day in which it came out. We also believe that our actual performance and results are healthy reminders of the company that we are.

With that, let me hand this call to Scott.

Scott Turicchi -- President and Chief Financial Officer

Thanks Vivek. Q2 2020 set a number of financial records for J2, including revenue, EBITDA, non-GAAP EPS and free cash flow. Despite the COVID environment, these results were driven by resilient top line performance and a focus on cost containment. We ended the quarter with approximately $711 million of cash and investments after spending approximately $25 million in the quarter, primarily on stock repurchases.

Now let's review the summary quarterly financial results, beginning on Slide 4. For Q2 2020, J2 saw a 2.7% increase in revenue from Q2 2019 to $331 million. Gross profit margin, which is a function of the relative mix of our business units rose to 83% from 81.3% in Q2 2019, in part due to lower content fees in the Media segment.

We saw EBITDA grow by 6.1% to a second quarter record of $132.9 million. EBITDA margin for the quarter was 40.1% versus 38.8% a year ago due to the aforementioned cost discipline. Finally, adjusted EPS grew 7% to $1.71 per share versus $1.60 per share in Q2 2019.

Turning to Slide 5. In Q2, we generated a record $115.9 million of free cash flow, which was a 35% increase from Q2 2019. This was after continuing to make significant investments in our businesses through our capital expenditure program. On a trailing 12-month basis, we generated $371.4 million of free cash flow for a 66.2% free cash flow conversion on our $560.8 million of trailing 12 month EBITDA.

Now let's turn to the two businesses, Cloud and Digital Media for Q2 as outlined on Slide 6. The Cloud business saw a slight decline in revenue of 1.2% to $167.1 million in revenue, due primarily to currency exchange rates, the elimination of jBlast revenue and the lower variable revenue contribution as a result of fewer elective procedures in healthcare that we have discussed previously.

Reported EBITDA decreased by approximately 5.2%, $80.7 million compared to $85.2 million in Q2 2019. The EBITDA margin is 48.3% after corporate allocations, down approximately 2 percentage points due to higher corporate allocations, less variable revenue which has a high incremental margin, and a larger contribution from our VPN business which also operates at a lower EBITDA margin in 50%.

Our Media business grew revenue 6.9% to $163.9 million and produced $54 million of EBITDA for 27% growth. The EBITDA margin increased by 5.2 percentage points from Q2 2019 due to an improved cost structure, lower content costs, and BabyCenter beginning to contribute at its synergized margins.

On slide 7, I am pleased that we are reintroducing fiscal year 2020 guidance. As you know, due to COVID-19 and the uncertainty surrounding the economy as well as work from home, we suspended guidance on our Q1 earnings call. Our economic assumption is that the economy will modestly improve from its May-June levels.

We are expecting more of the tilt U-shaped recovery versus a V-shaped recovery. We are expecting that each of our two segments will perform in a similar fashion. In addition, we are divesting our Australian and New Zealand voice assets in a transaction that was announced earlier today in Australia.

We expect the transaction to close by the end of August and it will have an impact of reducing our revenues in the back half of our year by approximately $5 million and EBITDA by approximately $2 million.

Our reinstated full year guidance now estimates revenues between $1.38 billion and $1.4 billion; adjusted EBITDA between $556 million and $570 million; and non-GAAP EPS of between $7.17 per share and $7.41 per share. Following this guidance slide are various metrics and reconciliation statements for the various non-GAAP measures to their nearest GAAP equivalent.

I would now ask the operator to rejoin us to instruct you on how to queue for questions.

Questions and Answers:

Operator

Thank you. We'll now be conducting a question-and-answer session. [Operator Instructions] Our first question comes from the line of Shyam Patil with Susquehanna. Please proceed with your question.

Shyam Patil -- Susquehana Capital -- Analyst

Hey guys, congrats on the great execution during such a volatile time in the economy and on the buyback and the Board member. I had a couple of -- I had a couple of questions. Vivek, you talked about the acquisition engine being back on. I think we were all waiting to hear that.

The question is just kind of how are you approaching M&A kind of in this environment, if you -- I don't know how you guys are looking at it, but whether it's larger and smaller deals or tuck-ins? And how are you guys approaching M&A in this environment right now?

Vivek Shah -- Chief Executive Officer

Good morning, Shyam. So, you know look, we're running our entire business, over 4,000 people entirely remotely. So I think over the last three months, we've really grown confident in our ability to operate in a remote fashion. We have hired and on-boarded senior executives. I mentioned Vivek Kapil, even a Board member, Scott Taylor, and it was all done virtually.

So we now feel the same way about M&A, that being virtual is no longer a real hindrance, and so we are prepared to transact without physically visiting companies. In instances where we can and in locations where it's safe and permissible, we'll do so. But I think that's been a change. And I think really when we spoke about this three months ago, we were at the heart -- we were at the height of the pandemic. I think we're now in an environment where we think we can transact.

I mean, look, we just sold a company in this environment, as Scott just mentioned. So look, I think those considerations are not really considerations or conditions anymore. And I also think, you know the other thing that we said in that call was that we thought being patient would be beneficial to us, and so I think seeing how the market is settling out, seeing how businesses are responding to the test of this pandemic, is really important information that informs the assets that we choose to pursue and the price at which and terms at which we were going to pursue them.

So, I would say that with respect to the size of deals, with respect to the categories, nothing has changed. I think we, as you know, we look at deals, a variety of sizes from tuck-ins to more substantial deals. We look at them across all of our business units and operating divisions, and so I wouldn't say anything has changed in terms of the nature of the things. I talked about the themes in the prepared remarks, you know the areas where we see the most opportunity. So you'll see us lean in on assets that fits against those themes.

Shyam Patil -- Susquehana Capital -- Analyst

Thank you. That's very helpful. And then I just got a follow up model question. I know you guys -- I know you guys don't typically like to guide on a quarterly basis, but as you guys look out to 3Q and 4Q, any guide posts you can offer us just in terms of how to think about Cloud versus Digital Media revenue as well as EBITDA?

Scott Turicchi -- President and Chief Financial Officer

Sure, let's try to unpack the back half of the year guidance, Shyam. So, I think, first of all, as most people on this call understand and know, our Media business is very seasonally positive in Q4, if you look at the four quarters. So keep that in mind that when you look at the back half of the year guidance, after you take out the first six months, it's by far from being equally weighted on the Media side.

Secondly, remember that we made an economic assumption that's generally not things we like to do. We think that's important in new understanding, how we see the economy in the back half of the year. I call it the tilted-U, meaning not a sharp V-shaped recovery, but that leg of the U having some upward slope from Q2 through Q3 and Q4. That may end up being a conservative assumption, but obviously, as we've talked about in now two earnings calls, things evolve very much in the COVID environment week-to-week.

So with that kind of as the headline, then let's break apart the two segments. I think in the Cloud piece, the first thing you need to do is recognize and we can put another question if it's of interest, given the greater detail on the ANZ sale, our Australian and New Zealand voice assets that are under contract to be sold. We assume that will occur between now and the end of August.

So, the implication is, we'll lose about $5 million of revenue in the back half of the year in Cloud. Roughly, that's going to be one-million-and-change in Q3 and $3.5 million to $4 million in Q4. The exact number will of course be a function of the exact timing of closing. So that's number one.

Then number two, if we look and unpack Q2, really in the Cloud business, as you know it's very sequential. I think for a lot of businesses, both our Cloud and our Media, April you kind of have to ignore, because as the movement from work from home and the hit in the economy was the most dramatic, we eliminate that. So in the Cloud business, we look at May and June, and we see that after you've adjusted for ANZ, there's probably a 1% to 2% decline in revenues versus what I'll call the pro forma numbers for Q3 and Q4 of 2020 versus '19.

Now let's turn to the Media side of the business. In the Media side of the business, we actually think that June, of the three months in Q2, is probably the most represented, as Vivek mentioned, we saw sequential improvement from April-to-May, May-to-June. So if we look at the Media business, that's going to be a 2% to 3% decline year-over-year, using the June run rate.

Now, remember that that's not equally weighted based on my earlier comments between the two quarters. Also I think in our own analysis, we would put more of that decline in Q4 as a degree of conservatism, since it is the more important quarter between the two for us in 2020, as it is in most years, but also because the visibility will become clear as we get closer to Q4, and that will have certain implications as to advertise.

So, when you roll that all up, I think our Media business should be roughly flat year-over-year in Q3 and then down somewhat in Q4. Obviously, the things -- we have a range, as you know. The things that will move us in that range will be, first and foremost, the underlying economic reality and then our own response to that reality.

In terms of the margins, we actually expect, in both instances, Q3 and Q4, our margin profile to continue what we've seen in Q2 and to be an improvement over Q3 and Q4 of 2019. So, you'll see at the midpoint of the range, EBITDA is up, notwithstanding the fact that revenue is expected to be down in the back half of the year.

Shyam Patil -- Susquehana Capital -- Analyst

Great. Thanks Scott. Great quarter, guys.

Vivek Shah -- Chief Executive Officer

Thanks, Shyam.

Operator

Thank you. Our next question comes from the line of the Saket Kalia with Barclays. Please proceed with your question.

Saket Kalia -- Barclays -- Analyst

Okay, great. Hey, good morning guys. Thanks for taking my questions here.

Scott Turicchi -- President and Chief Financial Officer

Good morning.

Vivek Shah -- Chief Executive Officer

Good morning.

Saket Kalia -- Barclays -- Analyst

Vivek, maybe just to start with you, you touched on this in your prepared remarks, but I'd love to just double click on the Board composition comments you made. Maybe the question is, can you just talk, maybe broad brush, how the Board could look in the next one to two years? And just as importantly, how is that composition important/relevant for the business?

Vivek Shah -- Chief Executive Officer

Yeah. So look, I think as I said in the prepared remarks, we're committed to ongoing refreshment. So we've appointed Scott, who is a fantastic appointment for the J2 Board, brings a great cyber security perspective, as I mentioned. We have a $230 million and growing cyber security business. It's very important to the company and having that kind of industry perspective and expertise is really valuable.

So that will be something, as we think about future appointments, making sure that we align industry experience against the businesses we're in. So one, for instance, that I would tell you is that, healthcare. We would like to see some more healthcare experience within our Board and that's an area that we are very much looking at.

I think the other thing is, just skill sets that align with the businesses that we're in, subscription marketing skill set, M&A and transactional skill sets, are all really important to having at the Board and at the Board level. And then diversity, you know I spent quite intentionally, a lot of time on my prepared remarks around the company's diversity, equity and inclusion initiatives.

They matter a lot to me, personally, and they, frankly, matter a lot to our business. They are essential and we are doing things up and down the organization, including at the Board level, to make sure that our workforce and our Board represents the audiences and the customers that we serve. So diversity is absolutely an important part of it.

And I would tell you even more broadly, that we have a goal at the company to be a top-rated ESG company. And so we're going to do -- you're going to see a lot from us, not just around DEI initiative, but also our climate and sustainability initiatives.

Look, our entire business is predicated on shifting from analog to digital, which really means shifting from carbon heavy to carbon friendly. So all of those things, I think, will come together into a larger ESG set of activities and communications, initiatives and strategy designed to really make us a top name and a leader in the space. So look, I think we're excited. We're excited by what we've done and we are really excited about what's coming.

Saket Kalia -- Barclays -- Analyst

That's great, that's super helpful. Maybe for my follow-up for the detail on the seasonality across those two businesses to keep in mind, maybe just to -- just to dig a little deeper into the Digital Media business, can you just remind us the split of performance versus display and maybe the -- maybe this is a question for both of you. How is that changing, if at all, in this new backdrop?

Scott Turicchi -- President and Chief Financial Officer

Yeah, So the -- first of all, let me begin by just saying, if you -- just to remind everybody and leverage off of the previous question, on Digital Media irrespective of display, performance or subscriptions there is a much heavier weighting to Q4 than Q3. So if we look at the full fiscal year Q4, exclusive of any M&A will be 31%, 32% of our total revs. That obviously reverses out in Q1. Q2 and Q3 tend to be, in most years, somewhat similar. So that's just one factoid.

I think, as it relates to your question, we're starting to see a convergence when you look at the advertising between performance and display on any given quarter, one may have a slight leadership over the other. So I believe that in Q2, for example, about 38% of our advertising revenue was display, 35% was performance. In Q1 of this year, that was actually flipped where performance had a slight edge over display.

So I think, you should be thinking that all things being equal, they're starting to converge and they're getting close to 50-50 from an advertising perspective, and of course the subscriptions would be on top of that.

Vivek Shah -- Chief Executive Officer

You know, the only thing, Saket, I would add to what Scott just said is that if there was ever a question about our ad business, I would tell you that this is as high quality an ad business as you can have. I mean frankly this environment for advertising businesses is incredibly punishing, and here we are doing really well, with the advertising businesses up 10% year-over-year.

And I think you've got three factors. Number one, and we've talked about this, but the performance orientation of our advertising business, which is not just the performance marketing portion of it, but even our display business behaves like performance marketing. In other words, it is bought and judged based on its ability to generate return on ad spend and performance, you know performance really stands out, performance-oriented advertising does well in markets like this.

Two; I think our category mix is really favorable, particularly with the healthcare piece. I mean, as I said, you know the Everyday Health display business grew 35% in the quarter. So we feel really good about the mix we have between Health-Tech and gaming.

And then finally, we've got the right brands. I think over time, we've assembled between Mashable and IGN and BabyCenter and Everyday Health and PCMag, we have a great collection of brand and brands do matter.

And brand sometimes matter more in markets like these where, I think, prior to the pandemic, I think you had a lot of lower quality add inventory in the marketplace that was creating sort of a price pressure and commoditizing effect. I think that's shaken out and there is a return to quality and so you sell quality.

Saket Kalia -- Barclays -- Analyst

Makes a lot of sense. Thanks for taking my questions guys.

Vivek Shah -- Chief Executive Officer

Thank you.

Scott Turicchi -- President and Chief Financial Officer

Thank you.

Operator

Thank you. Our next question comes from the line of Daniel Ives with Wedbush Securities. Please proceed with your question.

Daniel Ives -- Wedbush Securities -- Analyst

Hey. So maybe just taking on the digital marketing side. What -- are you guys doing anything different with customers' pricing, just given the environment in terms of just making sure, especially even on some of the programs that are facing headwinds to make sure that you contain [Phonetic] any risk as much as possible.

Vivek Shah -- Chief Executive Officer

Hey, Dan. Do you mean, from a performance marketing, do you mean on the Media side or do you mean Cloud services' customer acquisition and marketing?

Daniel Ives -- Wedbush Securities -- Analyst

On the Media side.

Vivek Shah -- Chief Executive Officer

Yeah. No, look, I think -- again, I think the focus has just been on, in this market, trying to drive leads, transaction and sales. And that's where we're finding our customers have a lot of appetite to spend and lean into. And I think the other thing you got to recognize is, if you weren't an online retailer or an online seller before, you are today.

I think what the pandemic has done is it accelerated the embrace of digital marketing, digital transactions, recognizing that right now, physical retail, physical sales even are challenging. And so, to us, I think it's just the shift in the market just favors essentially our capabilities and our value proposition.

Daniel Ives -- Wedbush Securities -- Analyst

Great. And just on the M&A, I mean kind of like the first question. But just to drill into it a little. From a size, in terms of acquisitions, when we think about tuck-in versus more game changers and Everyday Health is that. I mean that -- those are still on the table, right, in terms of this environment, just so we're clear in terms of going forward that even the larger, potentially other sort of pillar deals are still on the table, despite the environment?

Vivek Shah -- Chief Executive Officer

Look, I think everything is on the table as it always has been. We are very open-minded about situations. We have a very clear set criteria and thresholds, if we can uniquely create value, if we can generate cash on cash returns in excess of 20%, if we have a high level of confidence in our abilities to execute against our plan, we're going to do it, whether it's a small deal or a larger deal.

So nothing, again, changes. I think that has been historically consistent. What you should recognize is that, ultimately most of the deal making does happen at the business unit level, right. So that denotes a certain size. As we expand in the number of business units and the number of general managers against those business units, you're going to continue to see more deal flow there.

And so, I think if you look that as a function of deal flow, I think the kinds of deals that fit inside of business units will typically be the most likely deals that ultimately get done.

Daniel Ives -- Wedbush Securities -- Analyst

Great, thanks.

Operator

Thank you. Our next question comes from the line of Will Power with Robert W. Baird & Company. Please proceed with your question.

William Power -- Robert W. Baird & Company -- Analyst

Okay, great. Thanks. Yeah, congratulations on the results and I appreciate the Board and diversity comments. I guess, Vivek, maybe just coming back to Digital Media and just trying to drill down into some of the upside drivers in the quarter.

I mean it sounds like Everyday Health was a big piece of that, particularly display. But I wonder if you could comment on what you're seeing in the tech and gaming verticals? I know there have been questions for some time with respect to the console timing and how that would impact advertising trends.

And then secondly, what are you seeing on the subscription front, so as you look at Humble Bundle and Ookla, I mean does that continue at the same recent trend line? What kind of impacts are you seeing from COVID, if any, on that front?

Vivek Shah -- Chief Executive Officer

So, just in terms of advertising, as I said, we were up 10% year-over-year in the quarter, organic -- strong organic growth at Everyday Health and Ookla. We did have the benefit of BabyCenter in Q2, versus the last year that offset declines at IGN and Ziff Media, which is the tech advertising.

Now, the gaming piece, we were anticipating even before the pandemic, would be down, just given the timing of the new PlayStation and Xbox going into Q4. So we were seeing some seasonality -- we were experiencing or expecting to experience a seasonality shift anyway, based on the timing of console releases.

And then on the tech side, there is still a little bit of pressure there. And that is not surprising though. Again, as you start to look into June, you're starting to see some nice recovery. One thing I'll point out about display is that we've had seven consecutive quarters of growth in display.

I think that's important for people to understand, because I think there can be a perception at times that display is under a lot more pressure than it really is. Our display is different from other display and I think that's one of the distinctions we're trying to make here and have people understand.

Now in terms of, I think you were asking a little bit about the subscription business. I think we are up organically high single digits in subscription revenues. But we do have a couple of tailwinds. So number -- a couple of headwinds.

Number one, is the Ekahau business, which deploys Wi-Fi networks in commercial space to sell software -- subscription-based software to do that, did see a contraction in its Q2 revenues as a result of COVID. So, the planning being done in commercial spaces obviously was under a lot of pressure in Q2. We're beginning to see some reversal of that in Q3, but that's really tied to, when our -- when our workers are going to go back in offices and when are their IT department is going to focus on Wi-Fi installations and upgrade.

So we do have some pressure there and we have seen a deceleration in our Humble Bundle subscription business in the quarter. We had weaker games and weaker IP in the quarter. We had some competition in the gaming subscription business. But then the Humble Publishing Business, where we are a publisher of games, is doing very well.

I think in a prior call, I think it was in the last call or maybe two calls prior to that, we talked about having 20 games on the slate for 2020, where we released 11, either entirely new games or new platforms. So, we are on pace, and usually I could argue we're ahead of pace, usually Q4 is the heavy game release quarter and we should see that too.

William Power -- Robert W. Baird & Company -- Analyst

Okay, great. Thank you.

Vivek Shah -- Chief Executive Officer

Thank you.

Operator

Thank you. Our next question comes from the line of Cory Carpenter with J.P. Morgan. Please proceed with your question.

Ryder Liggett -- J.P. Morgan -- Analyst

Hi, this is Ryder [Phonetic] on for Cory. Thanks for taking my questions. So, you mentioned that -- you mentioned that your full-year guidance implies EBITDA margin expansion in 2020, despite the headwinds from COVID-19. Could you talk about some of the drivers of the margin expansion, specifically, are there any expense savings you've uncovered that may be carried through beyond COVID-19, or any changes to the investment levels you plan to make in some of your growth initiatives?

And then, stepping back, as we come off the other side of the pandemic, has there been any change to your thoughts on the longer-term organic growth or margin opportunity in either of the two segments? Thanks.

Scott Turicchi -- President and Chief Financial Officer

So, I think that the, in terms of the overall cost structure, as we outlined at the beginning -- a quarter ago, when we were obviously right in the midst of it, we initiated a number of projects to improve our overall cost structure, but leaving sort of three things intact. Number one, first and foremost, was the employee base; number two was to preserve good sales and marketing spend; and the third piece was our capital expenditure program. And all three of those actually have been at levels that we would consider to be consistent with where we were Pre-COVID.

Having said that, we did look at the other portion of our cost structure, which on a cash basis or a non-GAAP basis, represents about 40% of our total cost structure and we have renegotiated terms and conditions. We have eliminated a number of activities that Pre-COVID were thought to be necessary, but now are deemed luxuries. And so a lot of those are going to be permanent. I believe even our T&E will be lowered from the levels that it was Pre-COVID even once we're in a post COIVD-world.

The other thing that we're working on that actually has no current benefit to the Q2 financials, and for that matter, is not expected to impact Q3 and Q4 is our whole real estate program. In fact I would just note that we're working right now on negotiating the exit of certain of our leases and you'll actually see in Q3, on a GAAP basis, a charge as we exit some of our real estate because we no longer have a necessity for it given what will become the work from home environment either on a permanent or a hybrid basis for a portion of our employees.

So, I think we feel very good that while there will be some flex in the cost structure as we look out, a large percentage of what we have accomplished so far should carry forward. I think in terms of your second question, well as you know, we don't generally give multiple year guidance in large part because of the M&A that is yet to be done. I think that in a post COVID world, whenever that occurs, two things will have benefited us.

One, we will be stronger as a company with a better cost structure. Clearly, there will be certain competition that will be eliminated through this process and so I think that our general view would be that the growth rates certainly -- aggregated growth rate and margins would be consistent or in the case of margin, somewhat better than what we've articulated in the past.

Vivek Shah -- Chief Executive Officer

You know, the only thing I might add to what Scott said is, as you know, we run a decentralized operation, where we try to push as much authority; P&L, product, and business authority down into the business units. We believe that ultimately that's how they'll perform better. One of the disadvantages of that is that, you don't have the ability to aggregate often your spend to command better rates.

And so, during the pandemic or really right prior to it, we identified it as an opportunity and established a procurement function at the corporate level, never existed before at J2. That procurement function has worked across the organization to extract far better deals with vendors. So, we don't change our mind-set around, "Look, the vendor selection and partner selections can happen at the business unit level, but we're going to run it through corporate procurement to extract the greatest value." And that's been very successful and will be permanent, to Scott's point.

I also thank you should recognize that we've got some favorable mix, as the advertising business has continued to do well, the advertising flow-through is very strong and it is one of the great benefits. There's a lot of operating leverage in our advertising business, as we don't have much in the way of traffic acquisition cost, which is another, I think, unique feature of our advertising business.

Ryder Liggett -- J.P. Morgan -- Analyst

Great, thanks guys.

Vivek Shah -- Chief Executive Officer

Thank you.

Operator

Thank you. Our next question comes from the line of James Fish with Piper Jaffray. Please proceed with your question.

James Fish Jr. -- Piper Sandler -- Analyst

Hey guys, congrats on a great quarter. Glad to hear you're all doing well. How have the early bundling efforts on the cloud services been going? Is that what helped kind of the monthly churn rate go lower at all? And is there any way to kind of disaggregate between the DID and the non-DID services in terms of churn this quarter? Thanks.

Vivek Shah -- Chief Executive Officer

Yes. So, just with respect to bundling, it is a significant opportunity. I wouldn't say it was a top priority in Q2, we were really just focused on maintaining strong service levels in delivery and support. We were moving the entire organization to work from home, a lot of our customers had questions that we wanted to manage.

So, retention programs were the top priority. And I think you see that in our cancel rate, slightly improved actually quarter-over-quarter which is, I think sensational. And so, a lot of what we were focused on, so we put a few of the bundling initiatives on the back burner. Now, with Vivek Kapil's appointment, who's overseeing the cyber security set of business unit, we think we can accelerate those going into the back half of the year and look at ways in which we can combine our VPN, our private end point, our back up, our file sync, our endpoint email Security and put those pieces together.

James Fish Jr. -- Piper Sandler -- Analyst

Got it. And then maybe, while we're on security, obviously with COVID, VPN is a material product category in cyber security, but why is your VPN solution having as much success with a lot of the competition out there and is there a way to think about the stability in the overall business Cloud Services ARPU versus what the impact of the VPN asset is having, because from our angle, it looks like on an organic basis ex the VPN business, it's actually been relatively stable outside of that VPN impact, just having a lower price point.

Vivek Shah -- Chief Executive Officer

Yeah, that's right. So the -- you're seeing that in the ARPU numbers as VPN is priced lower. But to answer your first question, look, I think the VPN space is a rising tide lifts all boats, space. I think there are a number of quality brands in the personal VPN space. We believe IPVanish is among the leaders there and so I think we continue to feel that we'll do well. We think the market is going to do well.

We think this is one of those -- one of these markets that have really strong tailwinds. The part of the market where we do not yet have a significant toehold but we would like to, is really around the B2B side, which is corporate VPNs, which is remote secure access into networks and so that is where Encrypt.me, we think, can be really compelling.

And part of the logic, by the way, of bringing these units under Vivek Kapil's leadership is that, what we need to ensure that Encrypt.me does well is to actually have channel and sales force distribution that the VPN business unit didn't have. The VPN business unit is a consumer marketing business unit. It does a fair amount of customer acquisition online.

In order to succeed in the corporate market, the B2B market with Encrypt.me, you need channel and you need sales force. Talent in channel and sales force exists, for instance, at our VIPRE business. And so leveraging the various distribution channels is another -- almost sort of think of it as an extension of the bundling question that we think we're going to be able to pursue with Vivek Kapil's appointment

James Fish Jr. -- Piper Sandler -- Analyst

That's great color, Vivek. Congrats on the quarter and take care.

Vivek Shah -- Chief Executive Officer

Thank you.

Operator

Thank you. Our next question comes from the line of James Breen with William Blair & Company. Please proceed with your question.

James Breen -- William Blair & Co. -- Analyst

Great, thanks for taking the question. Just with respect to cash flow. Obviously, a strong quarter there and you talked a little bit about the margin structure and some T&E [Phonetic] stuff being down. Can you just talk about maybe the relationship between EBITDA and cash flow and how you see that trending from here?

And then, Vivek, maybe if you can remind us a little bit about -- you touched on it briefly, the impact of the video game platform recycle, some of the new boxes coming out in the back half of this year and how that generally can flow through the business? Thanks.

Scott Turicchi -- President and Chief Financial Officer

Right. So let me -- let me address your question, Jim, on the free cash flow. And I would just note for everybody on the call that free cash flow is not linear nor perfectly correlated with the timing of the earning of EBITDA. So you'll note both in the prepared remarks and if you go back into prior transcripts, we tend to focus on the trailing 12 month EBITDA and trailing 12-month free cash flow. That tends to smooth out particularly things like the timing of estimated tax payments and their magnitude.

So in the specific quarter, it was a phenomenal quarter, particularly from the cash from operation standpoint, up 40% year-over-year, best cash collection quarter the company has ever had in its history. That's after -- and then free cash flow is after we spent $23 million in capex in the quarter, still produced a record free cash flow of almost $116 million.

Now, I would note that talking about tax payments, there is a timing difference that happens to slip into Q3 this year of some estimated tax payments of about $14.5 million. But even if we had paid those in Q2, it still would have been the best second fiscal quarter for free cash flow. If we look at the trailing 12-month conversion, we're at about a 66% conversion of EBITDA to free cash flow and that's within the range of our expectations.

So don't look at the 85% conversions during the quarter, the spot conversion rate, because as I say, there are things that can influence that and we do see variation if you just look at the quarterly contribution of free cash flow from EBITDA.

Vivek Shah -- Chief Executive Officer

And then, just on [Speech Overlap] yeah, yeah just on the gaming piece, we saw the cancellation of major live events like E3 and Comic-Con, which in the video game industry, that's like the Super Bowl being canceled. They are moments where you see large marketing observations and you see just a lot of economic opportunity.

And so, we had to weather the cancellation of these live events. But I will tell you, the IGN team did really an extraordinary job. They staged something called the Summer of Gaming, which is a virtual event that the gaming industry really came around and we sort of took the place of those events that were canceled. We generated something like 600 million content views, 280 million video views, 45 million global live streams and it was a big deal.

And while it helped drive a ton of Q2 traffic, did help support some of the monetization, it really just laid the foundation for the future, because I think we're going to see more of these virtual events. And even possibly post pandemic, we still may find that virtual events for other reasons are compelling.

So I just feel like the brands done a very nice job in responding and you know adjusting to the realities of the market. Now, with Q4 with new consoles coming out, that should free up dollars. And that is, we do anticipate that will come into play in Q4 and be helpful to the IGN business.

And then I think I also said that Q4 should be a strong release quarter for Humble games. You won't see the revenue for that until 2021, but we think it's going to be a strong game release window for us.

James Breen -- William Blair & Co. -- Analyst

Great. And then just one follow-up. You reauthorized a share buyback. You know I think you bought back shares in the low 70s in April, generally around sort of 8 times, 8.5 times forward EBITDA. Can you just kind of refresh us with your thoughts on that and how you think about buying back shares?

Vivek Shah -- Chief Executive Officer

Look, my view is, it is part of the capital allocation toolkit and as far as we're concerned, the company right now at these levels represents a great buying opportunity and I also want to tell you that we want to support our shareholders internally and externally. We have a very popular employee stock purchase plan, a lot of our employees are shareholders and when we see the ability to generate returns in excess of what we could do otherwise, whether through capital investment or through M&A, we're going to do it.

Which doesn't mean that we don't have capital investment and M&A opportunities. We absolutely do. But it should sit alongside those within the, what's -- in terms of uses of our capital. As you all know and many of you have reported, we're at historic lows right now, in terms of the valuation of the company.

James Breen -- William Blair & Co. -- Analyst

Great, thanks.

Operator

Thank you. Our next question comes from the line of Shweta Khajuria with RBC Capital Markets. Please proceed with your question.

Shweta Khajuria -- RBC Capital Markets -- Analyst

Okay, thanks. Let me try two please. Vivek, you pointed to 10% year-over-year growth in Media business, maybe I misheard you. I see 7%, what is that 10% you referred to? And if you could...

Vivek Shah -- Chief Executive Officer

That was advertising -- that was the advertising.

Shweta Khajuria -- RBC Capital Markets -- Analyst

Okay, great, thanks. And can you please quickly talk about some of the key strengths that you saw that largely beat your expectations, every unit came in ahead of their expectations and which ones were the key outperformers that you'd like to call out.

And then in the back half, the guide assumes -- Scott, thanks for giving the color for the back half. Given the tougher comps, could you provide some color on what does it mean for organic growth rate for the back half? I mean, is it fair to say that you're assuming a U-shaped recovery, so stable to improving assumptions for -- going forward with Q2 being the worst you have seen? Thanks.

Vivek Shah -- Chief Executive Officer

Okay. So maybe Scott, I'll just start with respect to the Q2 question, Shweta. So, yeah, look, I think that, again, this was when we were talking about this in May, we really only had April, and April was the -- really the height of the dislocation in the ad market. We quickly saw some recovery, basically by the middle of May and then into June.

And again, I think it's, the factors I spoke about, which is performance, marketing and orientation as dollar shifted from brand advertising in the marketplace to performance, that if we're going to advertise, marketers have said, "Look, we need to generate ROI and real return on ad spend." It does benefit that we are significantly in the pharma -- pharmaceutical advertising market at the Everyday Health Group, which was very, very helpful.

Overall, it's a very strong category and a major driver of that, as talked about before, which is the marketing that's done to physicians, which in the industry exceeds the spending on marketing to patients and consumers, has gone from a physical process of sales reps visiting physical doctors' offices, to entirely a digital process. And our MedPage Today and associated assets are leaders in that space. So that movement was a big driver in the overall pharma and healthcare performance component.

And then, just the retail performance marketing, where we get compensated for driving traffic to online retailers who then pay us a percentage of the ensuing transaction. In that business, what we were seeing early in the quarter were a number of retailers saying, "Look, we can't take the demand, don't send us the traffic we can't fulfill." Those supply chain issues were fully resolved faster than we had thought. And so, that came back entirely, that rebounded in its entirety and we're optimistic about it for the rest of this -- for the rest of the year.

Operator

Thank you. Our next question comes from the line of Rishi Jaluria with D.A. Davidson. Please proceed with your question.

Rishi N. Jaluria -- D.A. Davidson & Co. -- Analyst

Hi Vivek and Scott. Thanks so much for taking my questions. Nice to see continued resiliency in the business. Wanted to start by digging a little bit more into the divesting of the ANZ voice assets. Scott, your kind of directional guidance implies, it's about a $15 million run rate business, about $6 million in run rate EBITDA, assuming it does close end of August. I guess; A, what's the impetus for divesting the asset?

And then, B, if we think about this along with the context of another of your relatively recent divestments, which is Web24, that was also an Australia business, is there just something directionally in the ANZ market that's leading you to two divestments here or is it just kind of a coincidence that both of these divestments happen to be kind of in the same area geographically? And then I've got a follow-up.

Scott Turicchi -- President and Chief Financial Officer

So, I think there's a few things there, Rishi. First of all, our ANZ business on the voice side has been in a state of revenue decline for several years now. So, we actually probably will hit this year a somewhat lower EBITDA number than you just referenced in U.S. dollars. So, we think we got a decent price for it, of 6 times EBITDA. But as I say, it's one that's been in decline and likely to continue to do so.

Then if you go back to the Analyst Day and you remember Nate's unpacking of the Cloud business. I think when you look at our SMB enablement, what we do in Australia and New Zealand from a voice perspective, really is not a fit on a going forward basis. So, the core of our voice services are the second line service and the virtual PBX. We have different services down under in Australia and New Zealand.

I think the third element is just the management allocation of time that the voice business is not that big a business, and yet it's very geographically dispersed between Australia and New Zealand on the one hand, the United States and Canada on the other, and then Western Europe. So, for all those reasons, independent of the decisions that were made in '17 prior to Nate joining us, on the Web24 side, it was determined that; A, those were not core assets; and two, we could take that cash and better redeploy it.

Rishi N. Jaluria -- D.A. Davidson & Co. -- Analyst

Got it, got it. That's really helpful. And then I wanted to go back to an earlier question on free cash flow conversion. So, again, I recognize we look at this on a trailing 12-months basis, so about 66% trailing 12-month EBITDA conversion to free cash flow, which is a nice uptick from last quarter. How should we be thinking about just the free cash flow conversion on a full year basis this year?

And without getting into a very strict free cash flow guidance, should we expect it to be directionally up from last year? Are there going to be some level of COVID-related headwinds as it comes to payment and maybe some delays on their and changes in accounts receivable that would lead it to be down. Any sort of directional color on how to think about the cash flow conversion for the full year would be helpful?

Scott Turicchi -- President and Chief Financial Officer

So far the answer to that question, Rishi, on the collections is, no. I mean, obviously we have a number of different accounts. And yes, on a case-by-case basis, there have been some that have been stressed, some we've accommodated with more favorable terms.

But in general, we have not seen a stress in collections. Now we did C&I references a quarter ago, certain collections from the Media side of the business that would have normally occurred in March that did slip into April. I think that was more just a function of the conversion to the work from home environment, both for us on the collection side, as well as our counterparties. But that money came in, in April.

So under our sort of tilted U-shaped recovery thesis, I don't expect that we would see any material change in our ability to collect. So, as a result of that, I think that we are in a fairly tight range on a trailing 12-month basis of conversion and it's not -- 66% is not an absolute definitive point estimate. You could look at it as you know, 64% to 67%, 68% on a trailing 12-month basis.

The one thing I would note is, remember, when we say free cash flow, that's after capex. And as I referenced earlier, as long as we can justify that spend, we intend to continue to make that spend, very similar to in the operating P&L, as long as we can justify the returns from a marketing perspective, we will continue to spend the marketing dollars. It's not an area that is targeted for cutting. So, I think we're in that range on a trailing 12-month basis for this year. And as I said, I don't think under our economic assumption, there is much friction coming from collection issues.

Rishi N. Jaluria -- D.A. Davidson & Co. -- Analyst

Alright, great, that's helpful. Thank you so much.

Vivek Shah -- Chief Executive Officer

Thanks, Rishi.

Operator

Thank you. Our final question comes from the line of Jon Tanwanteng with CJS Securities. Please proceed with your question.

Jon Tanwanteng -- CJS Securities -- Analyst

Hi, good morning guys. Thank you for taking my questions and very nice quarter. My first one just, can you talk about the healthcare fax business, one of the most profitable segments of your business, you mentioned elective surgery has had an impact in the second quarter, but given the surge in hospitalization, can we expect more of the same in the third quarter. How do you expect that business to run? What's built into your assumptions there for the time being?

Vivek Shah -- Chief Executive Officer

Yeah, thank you for the question. I think it's very important. So the overall Cloud Fax business was essentially flat in the quarter, when you adjust for ForEx and the jBlast disposition. Corporate Fax was up 7%, notwithstanding the issues we had on page volumes. So actually Corporate Fax had a very strong growth, organic growth quarter, notwithstanding the fact that, we were seeing page volumes in April that were down 22% versus the Jan-Feb baseline.

So, we did see a significant drop in page volumes. May proved to be better than April, about down 14% in page volumes and now we're looking in July, the numbers look like about down 3%. So this is page volumes in July, down 3% again, kind of the Pre-COVID baselines, which make us -- which are -- which are great, which are great for us and we think could mean some -- leads to stronger numbers for the second half.

Scott Turicchi -- President and Chief Financial Officer

And I would just follow on to quantify it. That decline in the page usage related primarily or almost exclusively to healthcare, had an impact on the fax business variable revenue, about $2 million in Q2. So, I think actually a very strong quarter. That was offset by new ads and the fixed revenue that comes with that. So if these trends continue to improve, in terms of the usage, then that gives a little bit of tailwind to the fax business relative to its performance in Q2.

Jon Tanwanteng -- CJS Securities -- Analyst

Great, thanks for that color. And then Vivek, just to maybe jump back to the M&A topic that you started with. I was just wondering, how the landscape has changed compared to pre-COVID in terms of the number of opportunities you're seeing, the quality of them? And evaluations have come up or down and kind of what sectors have shuffled around compared to before the pandemic, what's more available and what isn't at this point?

Vivek Shah -- Chief Executive Officer

I don't -- you know, look, I think you're seeing a little more on the Digital Media space, because I don't think many of -- that many have weathered the COVID storm, the pandemic storm as well, so, I think those that have advertising-based businesses, that have not done well, obviously are looking for strategic alternatives. I think also the businesses that have liquidity issues and you know that -- and whether or not the right answer for them is to seek more financing or may be seen a transaction.

And then I think, we're hearing from a lot of companies that have -- they have similar businesses as ours, feel like it needs to be scaled and put in combination with something of equal size and then access to future capital to continue to invest against the business through M&A and capex, we're having those conversations. I think people have taken note on our balance sheet position and it's encouraged them to say "Look, you're better positioned to help drive our businesses in combination to a higher level, let's talk about that." So really all of those situations are presenting themselves.

Jon Tanwanteng -- CJS Securities -- Analyst

Got it, thanks. And the size of the pipeline itself?

Vivek Shah -- Chief Executive Officer

Sorry, come again, Jon?

Jon Tanwanteng -- CJS Securities -- Analyst

[Speech Overlap] I said the size of the pipeline itself, has it shrunk or is it relatively the same?

Vivek Shah -- Chief Executive Officer

No, I mean I think it's as strong as it's been. I mean, I think you can -- if you measure it in deal value, it's probably as strong as it's ever been. In number of deals, I'd have to look at that and check that, but it's strong.

Jon Tanwanteng -- CJS Securities -- Analyst

Got it. Great, thank you very much, guys. Congrats on the quarter.

Scott Turicchi -- President and Chief Financial Officer

Thank you.

Vivek Shah -- Chief Executive Officer

Thank you.

Operator

Thank you. We have reached the end of our question-and-answer session. I'd like to turn the conference back over to Mr. Turicchi for any closing remarks.

Scott Turicchi -- President and Chief Financial Officer

Thank you, Michelle and we appreciate all of you joining us today for our Q2 call. It did run a little bit long, but I think it was important to take everybody's questions. We did have a release put out in this environment, we have some virtual conferences and virtual non-deal roadshows, actually beginning tomorrow. Then there'll be a bit of a break and then they reengage post Labor Day. So look for the release coming out a little later this month to announce our September conference slate. And then we will expect to have another quarterly call in November to discuss Q3 results. Thank you very much.

Operator

[Operator Closing Remarks]

Duration: 72 minutes

Call participants:

Scott Turicchi -- President and Chief Financial Officer

Vivek Shah -- Chief Executive Officer

Shyam Patil -- Susquehana Capital -- Analyst

Saket Kalia -- Barclays -- Analyst

Daniel Ives -- Wedbush Securities -- Analyst

William Power -- Robert W. Baird & Company -- Analyst

Ryder Liggett -- J.P. Morgan -- Analyst

James Fish Jr. -- Piper Sandler -- Analyst

James Breen -- William Blair & Co. -- Analyst

Shweta Khajuria -- RBC Capital Markets -- Analyst

Rishi N. Jaluria -- D.A. Davidson & Co. -- Analyst

Jon Tanwanteng -- CJS Securities -- Analyst

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