Trending Stock: Internap Corporation’s (NASDAQ: INAP)

On 5 Dec 18, Internap Corporation’s (NASDAQ: INAP) shares price traded between $5.49 and $5.96 during the last trading session above/below with -5.95% at $5.53. The shares recorded a trading volume 288,257 shares as compared to its average volume of 475,246 shares. The company has 24.38M shares outstanding and market value of 134.81M. Over the one year trading period, the stock has a peak price of $18.04 and its down is recorded at $5.48.

Internap Corporation (INAP) reported recently financial results for the third quarter of 2018.

Revenue

2018 results include SingleHop LLC (“SingleHop”) operations starting March 1, 2018, and are therefore not comparable to previous periods. For the third quarter:

  • Revenue totaled $83.0M in the third quarter of 2018, an raise of 1.2% sequentially and 20.4% year-over-year. The sequential raise was primarily Because of organic collocation growth, and the acquisition of INAP’s new Phoenix facility, offset by planned data center closures. The raise year-over-year was primarily Because of revenue from organic collocation growth, and the addition of SingleHop.

    Starting with the first quarter of 2018, INAP redefined its section reporting by geography into INAP US and INAP INTL.

    INAP US revenue totaled $65.7M in the third quarter of 2018, an raise of 2.5% sequentially and 24.0% year-over-year. The sequential raise was primarily Because of collocation and cloud growth. The raise year-over-year was primarily Because of revenue from organic growth, and the addition of SingleHop.

Net Loss, Normalized Net Loss, Adjusted EBITDA and Business Unit Contribution

  • GAAP net loss attributable to INAP shareholders was $(15.1)M, or $(0.75) per share in the third quarter of 2018 contrast with $(13.9)M, or $(0.69) per share in the second quarter of 2018. GAAP net loss in third quarter of 2017 was $(10.9)M.
  • Normalized net loss was $(11.2)M in the third quarter of 2018 contrast with $(10.2)M in the second quarter of 2018 and $(10.1)M in the third quarter of 2017.
  • Adjusted EBITDA totaled $29.4M in the third quarter of 2018, an raise of 3.5% contrast with $28.4M in the second quarter of 2018, and a 26.2% raise contrast with $23.2M in the third quarter of 2017. Adjusted EBITDA margin was 35.4% in the third quarter, up 80 basis points contrast to 34.6% in the second quarter, and up 160 basis points contrast to 33.8% in third quarter of 2017. The raise in Adjusted EBITDA was primarily driven by the addition of SingleHop and INAP’s initiative to exit less profitable data center sites.

Balance Sheet and Cash Flow Statement

  • Cash and cash equivalents totaled $11.8M at September 30, 2018. Total debt was $696.2M, net of discount and prepaid costs, at the end of the third quarter of 2018, including $262.0M in capital lease obligations. As before stated, in August 2018, INAP entered into a Fifth Amendment to INAP’s Credit Contract, to raise the aggregate revolving commitment capacity by $10.0M to $35.0M.
  • Cash generated from operations for the three months ended September 30, 2018 was $10.3M contrast to $15.3M in second quarter of 2018, and $3.3M in the third quarter of 2017. Capital expenditures over the same periods were $12.0M, contrast to $11.1M and $11.0M, respectively. Adjusted EBITDA less CapEx1was $17.4M, contrast to $17.3M in second quarter of 2018 and $12.3M in third quarter of 2017. Free cash flow4over the same periods was $(1.7)M, contrast to $4.3M and $(7.7)M, respectively. Unlevered free cash flow4 was $14.1M for the third quarter of 2018, contrast to $19.8M in second quarter of 2018 and $3.3M in third quarter of 2017.

The company plunged -8.14% in past week and declined -18.80% in one month. During the past three month period the stock dropped -55.51% and decreased -52.90% in past six month. During the twelve month it lost -65.91% and year to date performance of -64.80%.

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