Post by icemandios on Aug 6, 2019 12:38:21 GMT
INAP Reports Second Quarter 2019 Financial Results
GAAP Net Loss Attributable to INAP Shareholders of $(18.6) Million, or $(0.78) Per Share
° Cash Flow from Operations was $11.8 Million, up from $2.3 Million in the Prior Quarter
Adjusted EBITDA of $24.4 Million is Up 3.4%; Management Initiated Cost Savings for the Second Half of 2019
CapEx of $7.8 Million Remains Tightly Controlled, Focused on Success-Based Deals
° INAP Closed on First Megawatt Deal of the Year as a Catalyst to Expand LA Flagship Facility
RESTON, Va., Aug. 06, 2019 (GLOBE NEWSWIRE) -- Internap Corporation (NASDAQ: INAP), a leading-edge provider of high-performance data center and cloud solutions with global network connectivity, announced today financial results for the second quarter of 2019.
“INAP’s solid second quarter results include positive sales progress across multiple fronts, including our first megawatt deal of 2019, advanced private cloud and bare metal growth, and the lowest churn rate in years. The other good news is that our backlog is again up over $20 million, with a growing pipeline primarily in North America with upside in Europe. We continue to improve operations and focus on growth opportunities in our INAP Data Center Flagships,” said Peter D. Aquino, President and Chief Executive Officer. “As we previously disclosed, we have retained Moelis and LionTree to assist INAP in evaluating strategic initiatives. Our advisors reached out to the most likely parties, including strategic and financial players. This activity is currently in progress, as we pursue the most actionable opportunity in the near term for the best interests of shareholders.”
2018 results include SingleHop LLC (“SingleHop”) operations beginning March 1, 2018, and are therefore not comparable to prior periods.
° INAP US revenue totaled $57.5 million in the second quarter of 2019, flat sequentially and a decrease of 10.3% year-over-year. The second quarter revenue included churn from the exited data centers offset by a global transfer pricing adjustment between segments. The decrease year-over-year was primarily due to all of the above.
° INAP INTL revenue was $15.7 million in the second quarter of 2019, a decrease of 2.3% sequentially and 12.4% year-over-year. The sequential decrease was primarily due to a global transfer pricing adjustment between segments. The decrease year-over-year was primarily due to churn from iWeb legacy products.