Internap Network Services Corp (INAP) Lowers FY Guidance
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Internap Corporation (NASDAQ: INAP), a provider of high-performance Internet infrastructure services, today announced updated financial guidance for the full-year 2015 based on preliminary financial results for the third quarter of 2015. The updated guidance remains subject to change based on actual third quarter results and in connection with the preparation of the unaudited financial statements for the quarter ended September 30, 2015.
Based on preliminary financial data, Internap expects third quarter 2015 revenue to be between $77.5 million and $79 million and adjusted EBITDA to be between $18 million and $19 million. Internap updated its financial outlook for full-year 2015:
Full-Year 2015 | Full-Year 2015 | ||
Current Guidance | Previous Guidance | ||
Revenue | $320 million - $325 million | $331 million - $337 million | |
Adjusted EBITDA | $80 million - $85 million | $87 million - $93 million | |
Capital Expenditures | $60 million - $70 million | $70 million - $80 million |
(Streets sees Q3 revenue of $83.92 and FY revenue of $331.78 million)
"We remain committed to our key growth initiatives and our company-wide focus on execution, both of which are yielding positive results for Internap. For example, we are seeing steady improvements in customer churn, increased productivity from our channel partners, and exciting strategic partnerships with market leaders like Akamai," said Michael Ruffolo, President and Chief Executive Officer of Internap. "While we have built a strong sales funnel for MIRO Controller, revenue contribution for 2015 will likely be lower than previously anticipated as orders are pushed into 2016 due to customer budget cycles. We remain on a path towards the generation of sustainable positive free cash flow, as early as the fourth quarter of 2015, driven by stable bookings despite headwinds from the strengthening US dollar."
Internap will release third quarter 2015 financial results after market close on Thursday, November 5, 2015. At 5:00 p.m. ET the same day, senior management will host a conference call presentation to discuss the results. Listeners may connect to the simultaneous webcast, which will include accompanying presentation slides, on the Investor Relations section of our web site athttp://ir.internap.com/events.cfm.
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