Integra Telecom isn’t public currently, but it lately hasn’t been shy about posting its earnings numbers. Yesterday they posted their preliminary Q4 results, giving us one of the first year-end data points for competitive fiber operators. Total revenues held steady, with recurring revenues rising with the trend and adjusted EBITDA up strongly for the second straight quarter. Here’s a table of their recent results in context:
| ($ in millions) | Q1/12 | Q2/12 | Q3/12 | Q4/12 |
|---|---|---|---|---|
| – Recurring revenues | 129.3 | 130.2 | 130.7 | 131.5 |
| – Non-recurring revenues | 18.6 | 18.4 | 18.3 | 17.5 |
| Total Revenue | 147.9 | 148.6 | 149.0 | 149.0 |
| M-EBITDA | 42.2 | 43.0 | 44.9 | 46.7 |
| M-EBITDA Margin | 28.5% | 28.9% | 30.1% | 31.3% |
| Capital Expenditures | 25.7 | 26.3 | 24.5 | 22.8 |
Integra has been transitioning from a traditional copper-heavy SME CLEC stance to a fiber-rich approach aimed at larger enterprises plus some wholesale. The last two quarters have each added 120 basis points to their EBITDA margins, taking them solidly over the 30% level, a threshold which definitely puts them in a different industry neighborhood than just a few years back. As they finish that transition, organic revenue growth looks like a straightforward step.
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Categories: Financials · Metro fiber
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