CyrusOne Inc. (CONE) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.80 million, or $ 0.01 a share in the quarter, against a net loss of $1 million, or $0.02 a share in the last year period. Revenue during the quarter grew 21.27 percent to $137.40 million from $113.30 million in the previous year period.
Cost of revenue rose 9.55 percent or $4.20 million during the quarter to $48.20 million. Gross margin for the quarter expanded 375 basis points over the previous year period to 64.92 percent.
Total expenses were $124.70 million for the quarter, up 22.02 percent or $22.50 million from year-ago period. Operating margin for the quarter contracted 55 basis points over the previous year period to 9.24 percent.
Operating income for the quarter was $12.70 million, compared with $11.10 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $73 million compared with $60.50 million in the prior year period. At the same time, adjusted EBITDA margin contracted 27 basis points in the quarter to 53.13 percent from 53.40 percent in the last year period.
CyrusOne Inc. expects revenue to be in the range of $663 million to $678 million for financial year 2017.
"CyrusOne had its strongest year since our IPO, including record revenue growth and bookings and high growth across all key metrics," said Gary Wojtaszek, president and chief executive officer of CyrusOne. "We are well positioned for continued growth in 2017 with a revenue backlog of nearly $60 million, a robust sales funnel consisting of cloud and enterprise customers, and enhanced growth from our recently announced acquisition of the Sentinel data centers. Our balance sheet is strong, and our development pipeline is 72% pre-leased, significantly de-risking our capital spend."
Operating cash flow improves significantlyCyrusOne Inc. has generated cash of $180.60 million from operating activities during the year, up 28.82 percent or $40.40 million, when compared with the last year. The company has spent $729.60 million cash to meet investing activities during the year as against cash outgo of $625.60 million in the last year.
Cash flow from financing activities was $549.30 million for the year, up 18.59 percent or $86.10 million, when compared with the last year.
Cash and cash equivalents stood at $14.60 million as on Dec. 31, 2016, up 2.10 percent or $0.30 million from $14.30 million on Dec. 31, 2015.
Receivables move up
Net receivables were at $83.30 million as on Dec. 31, 2016, up 9.46 percent or $7.20 million from year-ago.
Total assets grew 29.91 percent or $656.80 million to $2,852.40 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,690.40 million as on Dec. 31, 2016, up 23.03 percent or $316.40 million from year-ago.
Return on assets moved down 6 basis points to 0.43 percent in the quarter. Return on equity was at 0.07 percent in the quarter against a negative 0.12 percent in the last year period.
Debt moves upTotal debt was at $1,386.60 million as on Dec. 31, 2016, up 19.67 percent or $227.90 million from year-ago. Shareholders equity stood at $1,162 million as on Dec. 31, 2016, up 41.43 percent or $340.40 million from year-ago. As a result, debt to equity ratio went down 22 basis points to 1.19 percent in the quarter.
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