Internap Reports First Quarter 2012 Financial Results
ATLANTA, April 26, 2012 /PRNewswire via COMTEX/ -- Revenue of $67.0 million
compared with $59.4 million in the first quarter of 2011;
Segment profit(1) of $35.9 million; segment margin(1) of 53.5 percent, up 240
basis points year-over-year;
Adjusted EBITDA(2) of $12.2 million; adjusted EBITDA margin(2) of 18.3 percent;
Announces launch of Agile Hosting offering, a global on-demand hosting service
and self-service configurator.
Internap Network Services Corporation (INAP), a leading provider of IT
infrastructure services, today announced financial results for the first quarter
of 2012.
"We were pleased with the solid revenue growth we generated in the first quarter.
We drove sequential and year over year increases in our organic core data center
business as well as in the newly acquired services from Voxel, which remains well
on track to deliver 25 percent annual revenue growth," said Eric Cooney,
President and Chief Executive Officer of Internap. "With our collective efforts
set squarely on deploying high-value data center services, we were able to
quickly reach a key Voxel integration milestone with today's launch of Agile
Hosting services, our new e-commerce IT Infrastructure offering."
First Quarter 2012 Financial Summary
1Q 20121Q 20114Q 2011YoYQoQ
GrowthGrowth
Revenues:
Data center services$39,938$31,542$35,31627%13%
IP services27,09027,86227,484-3%-1%
Total Revenues$67,028$59,404$62,80013%7%
Operating Expenses$65,320$60,292$63,7398%2%
GAAP Net Income (Loss)$107$(1,500)$4,198n/mn/m
Normalized Net Income (Loss)(2) $1,554$(400)$269n/mn/m
Segment Profit$35,874$30,374$32,87618%9%
Segment Margin53.5%51.1%52.4%240 BPS110 BPS
Adjusted EBITDA$12,233$9,213$12,60533%-3%
Adjusted EBITDA Margin18.3%15.5%20.1%280 BPS-180 BPS
Revenue
Revenue totaled $67.0 million compared with $59.4 million in the first quarter of
2011 and $62.8 million in the fourth quarter of 2011. Revenue from Data center
services increased year-over-year and sequentially. IP services revenue decreased
compared with both the first quarter of 2011 and the fourth quarter of 2011.
Data center services revenue improved 27 percent year-over-year and 13 percent
sequentially to $39.9 million. Both the year-over-year and the sequential
increases were attributable to the fourth quarter 2011 acquisition of Voxel as
well as growth in core Data center services.
IP services revenue totaled $27.1 million, a decrease of 3 percent compared with
the first quarter of 2011 and 1 percent sequentially, as traffic growth was more
than offset by per unit price declines in IP.
Net (Loss) Income
GAAP net income was $0.1 million, or $0.00 per share, compared with GAAP net loss
of $(1.5) million, or $(0.03) per share, in the first quarter of 2011 and GAAP
net income of $4.2 million, or $0.08 per share, in the fourth quarter of 2011.
Normalized net income, which excludes the impact of stock-based compensation
expense and items that management considers non-recurring, was $1.6 million, or
$0.03 per share. Normalized net loss was $(0.4) million, or $(0.01) per share, in
the first quarter of 2011, and $0.3 million or $0.01 per share, in the fourth
quarter of 2011.
Segment Profit and Adjusted EBITDA
Segment profit totaled $35.9 million in the first quarter, an increase of 18
percent year-over-year and 9 percent sequentially. Segment margin was 53.5
percent, increasing 240 basis points compared with the first quarter of 2011 and
110 basis points over the fourth quarter of 2011.
Segment profit in Data center services was $19.0 million, or 47.5 percent of Data
center services revenue. IP services segment profit was $16.9 million, or 62.4
percent of IP services revenue. Increasing proportions of higher-margin services,
specifically colocation sold in company controlled data centers and hosting
services, benefited Data center services segment profit compared with both the
first quarter of 2011 and the fourth quarter of 2011. Data center services
segment margin increased 620 basis points year-over-year and 460 basis points
sequentially to 47.5 percent. IP services segment profit decreased 3 percent
compared with the first quarter of 2011. Sequentially, IP segment profit
decreased 5 percent. Lower revenue drove the year-over-year and sequential
decreases in segment margins. IP services segment margin increased 10 basis
points year-over-year and decreased 210 basis points sequentially to 62.4
percent.
Adjusted EBITDA totaled $12.2 million in the first quarter, a 33 percent increase
compared with the first quarter of 2011 and down 3 percent relative to Adjusted
EBITDA in the fourth quarter of 2011. Adjusted EBITDA margin was 18.3 percent in
the first quarter of 2012, up 280 basis points year-over-year and a decrease of
180 basis points sequentially. Higher operating costs in the first quarter were
more than offset by improved segment profit relative to the first quarter of
2011. Sequentially, seasonally higher general and administrative costs outweighed
the quarter-over-quarter increase in segment profit.
Balance Sheet and Cash Flow Statement
Cash and cash equivalents totaled $30.8 million at March 31, 2012. Total debt was
$106.9 million, net of discount, at the end of the quarter, including $48.2
million in capital lease obligations.
Cash generated from operations for the three months ended March 31, 2012 was
$18.5 million. Capital expenditures over the same period were $16.8 million.
Recent Operational Highlights
Historical trends of key financial and operational metrics can be found in a
supplementary data schedule on Internap's website at
ir.internap.com.
We had approximately 3,700 customers under contract at the end of the first
quarter 2012.
Today, we announced the availability of our global Agile Hosting offering, which
marks one of the first key technology deliverables resulting from the combination
of Internap and Voxel. Combining Internap's premium data center footprint and
Performance IP(TM) with Voxel's unified hosting platform, our Agile Hosting
service allows enterprises to instantly scale high-performance physical and cloud
infrastructure through a new self-service configurator.
In March, Forbes magazine and GMI, an independent financial analytics company in
Los Angeles, rated Internap as one of America's Most Trustworthy Companies, in
the small-cap category. Now in its fifth year, the list identifies 100
organizations publicly traded on U.S. exchanges - from an initial group of more
than 8,000 - that have consistently demonstrated transparent and conservative
accounting practices and solid corporate governance and management.
(1) Segment profit and segment margin are non-GAAP financial measures and are
defined in an attachment to this press release entitled "Non-GAAP (Adjusted)
Financial Measures." Reconciliations between GAAP information and non-GAAP
information related to Segment profit and segment margin are contained in the
table entitled "Segment Profit and Segment Margin" in the attachment.
(2) Adjusted EBITDA and Normalized Net Income (Loss) are non-GAAP financial
measures and are defined in an attachment to this press release entitled
"Non-GAAP (Adjusted) Financial Measures." Reconciliations between GAAP
information and non-GAAP information related to Adjusted EBITDA and Normalized
Net Income (Loss) are contained in the tables entitled "Reconciliation of Loss
from Operations to Adjusted EBITDA," and "Reconciliation of Net Loss and Basic
and Diluted Net Loss Per Share to Normalized Net Income (Loss) and Basic and
Diluted Normalized Net Income (Loss) Per Share" in the attachment.
Conference Call Information:
Internap's first quarter 2012 conference call will be held today at 5:00 p.m.
EDT. Listeners may connect to a webcast of the call, which will include
accompanying presentation slides, on the investor services section of Internap's
web site at ir.internap.com. The call can be also accessed by
dialing 866-515-9839. International callers should dial 631-813-4875. An online
archive of the webcast presentation will be available for one month following the
call. An audio-only replay will be accessible from Thursday, April 26, 2012 at 8
p.m. EDT through Wednesday, May 2, 2012 at 855-859-2056 using the replay code
70585644. International callers can listen to the archived event at 404-537-3406
with the same code.
About Internap
Transform your IT Infrastructure into a competitive advantage with IT IQ from
Internap, intelligent IT Infrastructure solutions that combine unmatched
performance and platform flexibility. Since 1996, thousands of enterprises have
entrusted Internap to deliver their online applications across our portfolio of
connectivity, colocation, managed hosting, cloud and hybrid services. For more
information, visit our blog at internap.com, or follow us on
Twitter at twitter.com.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking
statements include statements related to our strategy to drive long-term
profitable growth, our expectations regarding the expansion of our hosting
capabilities and our efforts to integrate Voxel into our business. Because such
statements are not guarantees of future performance and involve risks and
uncertainties, there are important factors that could cause Internap's actual
results to differ materially from those in the forward-looking statements. These
factors include our ability to achieve or sustain profitability; our ability to
expand margins and drive higher returns on investment; our ability to
successfully integrate Voxel into our business; our ability to complete expansion
of company-controlled data centers within the expected timeframe; our ability to
sell into new data center space; the actual performance of our IT infrastructure
services; our ability to maintain current customers and obtain new ones, whether
in a cost-effective manner or at all; our ability to correctly forecast capital
needs, demand planning and space utilization; our ability to respond successfully
to technological change and the resulting competition; the availability of
services from Internet network service providers or network service providers
providing network access loops and local loops on favorable terms, or at all;
failure of third party suppliers to deliver their products and services on
favorable terms, or at all; failures in our network operations centers, data
centers, network access points or computer systems; our ability to provide or
improve Internet infrastructure services to our customers; and our ability to
protect our intellectual property, as well as other factors discussed in our
filings with the Securities and Exchange Commission. Given these risks and
uncertainties, investors should not place undue reliance on forward-looking
statements as a prediction of actual results. We undertake no obligation to
update, amend or clarify any forward-looking statement for any reason.
Press Contact:Investor Contact:
Mariah TorpeyAndrew McBath
(781) 418-2404(404) 302-9700
internap@daviesmurphy.com ir@internap.com
INTERNAP NETWORK SERVICES CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except per share amounts)
Three Months Ended March 31,
20122011
Revenues:
Data center services$ 39,938$ 31,542
Internet protocol (IP) services27,09027,862
Total revenues67,02859,404
Operating costs and expenses:
Direct costs of network, sales and services, exclusive of
depreciation and amortization, shown below:
Data center services20,97018,530
IP services10,18410,500
Direct costs of customer support6,7285,110
Direct costs of amortization of acquired technologies1,179875
Sales and marketing8,0907,833
General and administrative10,2279,129
Depreciation and amortization7,9158,053
(Gain) loss on disposal of property and equipment, net(16)73
Restructuring43189
Total operating costs and expenses65,32060,292
Income (loss) from operations1,708(888)
Non-operating expense (income):
Interest expense1,581648
Other, net4538
Total non-operating expense (income)1,626686
Income (loss) before income taxes and equity in (earnings) of
equity method investment82(1,574)
Provision for income taxes3573
Equity in (earnings) of equity-method investment, net of taxes (60)(147)
Net income (loss)107(1,500)
Other comprehensive income:
Foreign currency translation adjustment85200
Comprehensive income (loss)$192$ (1,300)
Basic and diluted net income (loss) per share$0.00$(0.03)
Weighted average shares outstanding used in computing
basic net income (loss) per share50,33650,124
Weighted average shares outstanding used in computing
diluted net income (loss) per share51,03350,124
INTERNAP NETWORK SERVICES CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amounts)
March 31,December 31,
20122011
ASSETS
Current assets:
Cash and cash equivalents$30,849$29,772
Accounts receivable, net of allowance for doubtful accounts of $1,750 and $1,668, respectively 17,88618,539
Prepaid expenses and other assets12,17213,270
Total current assets60,90761,581
Property and equipment, net215,027198,369
Investment in joint venture2,9042,936
Intangible assets, net25,50126,886
Goodwill59,67559,471
Deposits and other assets5,4005,371
Deferred tax asset, net2,1172,096
Total assets$371,531$356,710
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$27,204$21,746
Accrued liabilities10,1129,152
Deferred revenues2,4852,475
Capital lease obligations3,2712,154
Term loan, less discount of $204 and $206, respectively3,5462,794
Restructuring liability2,6262,709
Other current liabilities156151
Total current liabilities49,40041,181
Deferred revenues2,4472,323
Capital lease obligations44,89338,923
Revolving credit facility509100
Term loan, less discount of $317 and $367, respectively54,68355,383
Accrued contingent consideration4,6264,626
Restructuring liability4,3064,884
Deferred rent15,85916,100
Other long-term liabilities1,0041,020
Total liabilities177,727164,540
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 20,000 shares authorized; no shares issued
or outstanding--
Common stock, $0.001 par value; 120,000 shares authorized; 53,068 and 52,528 shares
outstanding, respectively5353
Additional paid-in capital1,237,7171,235,554
Treasury stock, at cost; 327 and 231 shares, respectively(1,987)(1,266)
Accumulated deficit(1,041,765)(1,041,872)
Accumulated items of other comprehensive loss(214)(299)
Total stockholders' equity193,804192,170
Total liabilities and stockholders' equity$371,531$356,710
INTERNAP NETWORK SERVICES CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended March 31,
20122011
Cash Flows from Operating Activities:
Net income (loss)$107$ (1,500)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization9,0948,928
Gain (loss) on disposal of property and equipment, net(16)73
Stock-based compensation expense1,404911
Equity in (earnings) from equity-method investment(60)(147)
Provision for doubtful accounts79165
Non-cash changes in deferred rent(240)(70)
Deferred income taxes-(45)
Other, net461156
Changes in operating assets and liabilities:
Accounts receivable575963
Prepaid expenses, deposits and other assets820(657)
Accounts payable5,505(6,973)
Accrued and other liabilities1,323(1,086)
Deferred revenues134(130)
Accrued restructuring liability(661)(497)
Net cash flows provided by operating activities18,52591
Cash Flows from Investing Activities:
Purchases of property and equipment(16,824)(12,646)
Net cash flows used in investing activities(16,824)(12,646)
Cash Flows from Financing Activities:
Principal payments on credit agreement-(250)
Payments on capital lease obligations(612)(361)
Proceeds from exercise of stock options628365
Tax withholdings related to net share settlements of restricted stock awards(721)(480)
Other, net(35)(33)
Net cash flows used in financing activities(740)(759)
Effect of exchange rates on cash and cash equivalents11630
Net increase (decrease) in cash and cash equivalents1,077(13,284)
Cash and cash equivalents at beginning of period29,77259,582
Cash and cash equivalents at end of period$ 30,849$ 46,298
INTERNAP NETWORK SERVICES CORPORATION NON-GAAP (ADJUSTED) FINANCIAL MEASURES
In addition to providing financial measurements based on accounting principles
generally accepted in the United States of America ("GAAP"), Internap has
historically provided additional financial measures that are not prepared in
accordance with GAAP ("non-GAAP"), including adjusted EBITDA, normalized net
income (loss), normalized diluted shares outstanding, segment profit and segment
margin. The most directly comparable GAAP equivalent to adjusted EBITDA and
normalized net income (loss) is loss from operations and net loss, respectively.
The most directly comparable GAAP equivalent to normalized diluted shares
outstanding is diluted common shares outstanding.
We define non-GAAP measures as follows:
Adjusted EBITDA is loss from operations plus depreciation and amortization, loss
on disposals of property and equipment, impairments and restructuring and
stock-based compensation.
Adjusted EBITDA margin is adjusted EBITDA as a percentage of revenues.
Normalized net income (loss) is net income (loss) plus impairments and
restructuring and stock-based compensation.
Normalized diluted shares outstanding are diluted shares of common stock
outstanding used in GAAP net loss per share calculations, excluding the dilutive
effect of stock-based compensation using the treasury stock method.
Normalized net income (loss) per share is normalized net income (loss) divided by
basic and normalized diluted shares outstanding.
Segment profit is segment revenues less direct costs of network, sales and
services, exclusive of depreciation and amortization for the segment, as
presented in the notes to our consolidated financial statements. Segment profit
does not include direct costs of customer support, direct costs of amortization
of acquired technologies or any other depreciation or amortization associated
with direct costs.
Segment margin is segment profit as a percentage of segment revenues.
We detail reconciliations of our non-GAAP financial measures to the most directly
comparable financial measure in the reconciliations of GAAP to non-GAAP measures
below. We believe that presentation of these non-GAAP financial measures provides
useful information to investors regarding our results of operations.
We believe that excluding depreciation and amortization and loss on disposals of
property and equipment, as well as impairments and restructuring, to calculate
adjusted EBITDA provides supplemental information and an alternative presentation
that is useful to investors' understanding of Internap's core operating results
and trends. Not only are depreciation and amortization expenses based on
historical costs of assets that may have little bearing on present or future
replacement costs, but also they are based on management estimates of remaining
useful lives. Loss on disposals of property and equipment is also based on
historical costs of assets that may have little bearing on replacement costs.
Impairments and restructuring expenses primarily reflect goodwill impairments and
subsequent plan adjustments in sublease income assumptions for certain properties
included in our previously disclosed restructuring plans.
Internap believes that impairment and restructuring charges are unique costs that
we do not expect to recur on a regular basis, and consequently, we do not
consider these charges as a normal component of expenses related to current and
ongoing operations.
Similarly, we believe that excluding the effects of stock-based compensation from
non-GAAP financial measures provides supplemental information and an alternative
presentation useful to investors' understanding of Internap's core operating
results and trends. Investors have indicated that they consider financial
measures of our results of operations excluding stock-based compensation as
important supplemental information useful to their understanding of our
historical results and estimating our future results.
We also believe that, in excluding the effects of stock-based compensation, our
non-GAAP financial measures provide investors with transparency into what
management uses to measure and forecast our results of operations, to compare on
a consistent basis our results of operations for the current period to that of
prior periods and to compare our results of operations on a more consistent basis
against that of other companies, in making financial and operating decisions and
to establish certain management compensation.
Stock-based compensation is an important part of total compensation, especially
from the perspective of employees. We believe, however, that supplementing GAAP
net loss and net loss per share information by providing normalized net income
(loss) and normalized net income (loss) per share, excluding the effect of
impairments, restructuring and stock-based compensation in all periods, is useful
to investors because it enables additional and more meaningful period-to-period
comparisons. We consider normalized diluted shares to be another important
indicator of our overall performance because it eliminates the effect of non-cash
items.
Adjusted EBITDA is not a measure of liquidity calculated in accordance with GAAP,
and should be viewed as a supplement to -- not a substitute for -- our results of
operations presented on the basis of GAAP. Adjusted EBITDA does not purport to
represent cash flow provided by operating activities as defined by GAAP. Our
statements of cash flows present our cash flow activity in accordance with GAAP.
Furthermore, adjusted EBITDA is not necessarily comparable to similarly-titled
measures reported by other companies.
We believe adjusted EBITDA is used by and is useful to investors and other users
of our financial statements in evaluating our operating performance because it
provides them with an additional tool to compare business performance across
companies and across periods. We believe that:
EBITDA is widely used by investors to measure a company's operating performance
without regard to items such as interest expense, income taxes, depreciation and
amortization, which can vary substantially from company-to-company depending upon
accounting methods and book value of assets, capital structure and the method by
which assets were acquired; and
investors commonly adjust EBITDA information to eliminate the effect of disposals
of property and equipment, impairments, restructuring and stock-based
compensation which vary widely from company-to-company and impair comparability.
Our management uses adjusted EBITDA:
as a measure of operating performance to assist in comparing performance from
period-to-period on a consistent basis;
as a measure for planning and forecasting overall expectations and for evaluating
actual results against such expectations; and
in communications with the board of directors, analysts and investors concerning
our financial performance.
Our presentation of segment profit and segment margin excludes direct costs of
customer support, depreciation and amortization in order to allow investors to
see the business through the eyes of management. Management views direct costs of
network, sales and services as generally less controllable, external costs and
management regularly monitors the margin of revenues in excess of these direct
costs. Similarly, we view the costs of customer support to also be an important
component of costs of revenues but believe that the costs of customer support to
be more within our control and to some degree discretionary as we can adjust
those costs by hiring and terminating employees.
Segment margin is an important metric to our investors and analysts, as we have
regularly discussed and disclosed the effects of third party vendors' pricing
declines and the corresponding effect on our revenues. The presentation of
segment margin highlights the impact of the pricing declines and allows investors
and analysts to evaluate our revenue generation performance relative to direct
costs of network, sales and services. Conversely, we have much greater latitude
in controlling the compensation component of costs of revenues, represented by
customer support, and we analyze this component separately from the direct
external costs.
We also have excluded depreciation and amortization from segment profit and
segment margin because, as noted above, they are based on estimated useful lives
of tangible and intangible assets. Further, depreciation and amortization are
based on historical costs incurred to build out our deployed network and the
historical costs of these assets may not be indicative of current or future
capital expenditures.
Although we believe, for the foregoing reasons, that our presentation of non-GAAP
financial measures provides useful supplemental information to investors
regarding our results of operations, our non-GAAP financial measures should only
be considered in addition to, and not as a substitute for, or superior to, any
measure of financial performance prepared in accordance with GAAP.
Use of non-GAAP financial measures is subject to inherent limitations because
they do not include all the expenses that must be included under GAAP and because
they involve the exercise of judgment of which charges should properly be
excluded from the non-GAAP financial measure. Management accounts for these
limitations by not relying exclusively on non-GAAP financial measures, but only
using such information to supplement GAAP financial measures. Our non-GAAP
financial measures may not be the same non-GAAP measures, and may not be
calculated in the same manner, as those used by other companies.
INTERNAP NETWORK SERVICES CORPORATION
RECONCILIATION OF LOSS FROM OPERATIONS TO ADJUSTED EBITDA
A reconciliation of loss from operations, the most directly comparable GAAP measure, to adjusted EBITDA for each of the periods indicated is as follows (in thousands):
Three Months Ended
March 31,December 31,March 31,
201220112011
Income (loss) from operations (GAAP)$1,708$(939)$(888)
Stock-based compensation1,404994911
Depreciation and amortization, including amortization of acquired technologies 9,09411,3338,928
(Gain) loss on disposal of property and equipment, net(16)-73
Restructuring and impairments431,217189
Adjusted EBITDA (non-GAAP)$12,233$12,605$9,213
INTERNAP NETWORK SERVICES CORPORATION
RECONCILIATION OF NET LOSS AND BASIC AND DILUTED
NET LOSS PER SHARE TO NORMALIZED NET INCOME (LOSS) AND
BASIC AND DILUTED NORMALIZED NET INCOME (LOSS) PER SHARE
Reconciliations of (1) net loss, the most directly comparable GAAP measure, to normalized net income (loss), (2) diluted shares outstanding used in per share calculations, the most directly comparable GAAP measure, to normalized diluted shares used in normalized per share outstanding calculations and (3) net loss per share, the most directly comparable GAAP measure, to normalized net income (loss) per share for each of the periods indicated is as follows (in thousands, except per share data):
Three Months Ended
March 31,December 31,March 31,
201220112011
Net income (loss) (GAAP)$107$4,198$(1,500)
Restructuring and impairments431,217189
Stock-based compensation1,404994911
Deferred income tax benefit related to Voxel-(6,140)-
Normalized net income (loss) (non-GAAP)1,554269(400)
Normalized net income allocable to participating securities (non-GAAP)(38)(5)-
Normalized net income (loss) available to common stockholders (non-GAAP)$1,516$264$(400)
Weighted average shares outstanding used in per share calculation:
Basic (GAAP)50,33650,22950,124
Participating securities (GAAP)1,2551,0461,087
Diluted (GAAP)51,03350,67950,124
Add potentially dilutive securities---
Less dilutive effect of stock-based compensation under the treasury stock method(323)45 (107)-
Normalized diluted shares (non-GAAP)50,71050,57250,124
Income (loss) per share (GAAP):
Basic and diluted$0.00$0.08$(0.03)
Normalized net income (loss) per share (non-GAAP):
Basic$0.03$0.01$(0.01)
Diluted$0.03$0.01$(0.01)
INTERNAP NETWORK SERVICES CORPORATION
SEGMENT PROFIT AND SEGMENT MARGIN
Segment profit and segment margin, which does not include direct costs of customer support, direct costs of amortization of acquired technologies or any other depreciation or amortization, for each of the periods indicated is as follows (dollars in thousands):
Three Months Ended
March 31,December 31,March 31,
201220112011
Revenues:
Data center services$39,938$35,316$31,542
IP services27,09027,48427,862
Total67,02862,80059,404
Direct cost of network, sales and services, exclusive of
depreciation and amortization:
Data center services20,97020,16418,530
IP services10,1849,76010,500
Total31,15429,92429,030
Segment Profit:
Data center services18,96815,15213,012
IP services16,90617,72417,362
Total$35,874$32,876$30,374
Segment Margin:
Data center services47.5%42.9%41.3%
IP services62.4%64.5%62.3%
Total53.5%52.4%51.1% |
