CyrusOne Inc (CONE) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $30.40 million, or $ 0.36 a share in the quarter, against a net profit of $5.60 million, or $0.07 a share in the last year period. Revenue during the quarter grew 26.74 percent to $149.30 million from $117.80 million in the previous year period. Gross margin for the quarter expanded 73 basis points over the previous year period to 64.57 percent. Total expenses were 86.74 percent of quarterly revenues, up from 84.80 percent for the same period last year. That has resulted in a contraction of 193 basis points in operating margin to 13.26 percent.
Operating income for the quarter was $19.80 million, compared with $17.90 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $80.70 million compared with $62.70 million in the prior year period. At the same time, adjusted EBITDA margin improved 83 basis points in the quarter to 54.05 percent from 53.23 percent in the last year period.
“We had one of the strongest bookings quarters in the company’s history and signed a record number of leases, reflecting broad demand for our product offering from both cloud and enterprise customers,” said Gary Wojtaszek, president and chief executive officer of CyrusOne. “Our revised guidance highlights the continued strength of our business, and we maintain a robust sales funnel supported by a development pipeline to meet demand across our markets. We also strengthened our balance sheet and debt maturity profile through the successful $800 million notes offering.”
For fiscal year 2017, CyrusOne In expects revenue to be in the range of $666 million to $681 million.
Operating cash flow improves marginally
CyrusOne Inc has generated cash of $55.20 million from operating activities during the quarter, up 4.55 percent or $2.40 million, when compared with the last year period. The company has spent $675.40 million cash to meet investing activities during the quarter as against cash outgo of $208.80 million in the last year period.
Cash flow from financing activities was $626 million for the quarter, up 172.89 percent or $396.60 million, when compared with the last year period.
Cash and cash equivalents stood at $20.40 million as on Mar. 31, 2017, down 76.74 percent or $67.30 million from $87.70 million on Mar. 31, 2016.
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