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Internap Network Services Corporation (INAP)

Q1 2010 Earnings Call Transcript

May 6, 2010 5:00 pm ET

Executives

Andrew McBath – Director, IR

Eric Cooney – President and CEO

George Kilguss – CFO

Analysts

Mark Kelleher – Brigantine Advisors

Srinivas Anantha – Oppenheimer & Co.

Keith Hwang – Connective Capital

Jonathan Atkin – RBC Capital Markets

Operator

Good day everyone, and welcome to the Internap first quarter 2010 earnings call. Today’s call is being recorded. (Operator instructions)

For opening remarks and introductions, I would now like to turn the call over to Mr. Andrew McBath, Director of Investor Relations. Please go ahead, sir.

Andrew McBath

Thanks Marie. Good afternoon and thank you for joining us today. I am joined by Eric Cooney, our President and Chief Executive Officer; and George Kilguss, our Chief Financial Officer. Following our prepared remarks we will open up the call for your questions.

I want to point out that we will be referencing slides that correspond with our conference call this afternoon. These slides are available on the online presentation stream in the Presentation section of Internap’s Investor Services website. Non-GAAP reconciliations and our supplemental data sheet, which includes additional operational and financial metrics, are available under the Financial Information – Quarterly Results section of our Investor Services site.

Today’s call contains forward-looking statements. These include statements regarding business strategy and prospects, including expected results from focusing on company controlled data centers, and from our product development efforts and reinvigoration of IP services, timing and cost of bringing new data center space online and expectations regarding the resulting sales, the belief that our turnaround strategy for our business segments will deliver long-term profitable growth, performance of new products and services, expectations of financial performance including levels of revenue, revenue growth, operating costs, capital expenditures, margins, liquidity and churn.

Because these statements are not guarantees of future performance, and involve risks and uncertainties, they are important factors that could cause our actual our results to differ materially from those in the forward-looking statements. These factors are discussed in our filings with the Securities and Exchange Commission. We take no obligation to amend, update or clarify these statements.

In addition to reviewing the first quarter results, we will also discuss recent developments this afternoon.

Now, let me turn the call over to Eric Cooney.

Eric Cooney

Thank you Drew, and good afternoon everyone. Let me begin by saying that I am pleased with our first-quarter results. We have implemented a strategy to turn around the business, and after a year of focused retooling across the organization, we are now reporting our fourth consecutive quarter of adjusted EBITDA and adjusted EBITDA margin growth. Further, we see steady increases in segment margin underpinned by consistent IT segment margins and improving Data Center segment margins. We will provide more update around our strategic initiatives as we go through the presentation.

However, the bottom line is we recognize there is more work to be done, but are confident that the steps we are taking are positioning the company to deliver long-term home profitable growth.

Let us move on to slide three. You can see that revenue in the quarter declined slightly to $63.4 million compared to $63.5 million in the fourth quarter of 2009. Year-over-year and sequential revenue gains in the Data Center services segment were offset by decreases in IP services. As we have redirected the sales organization to focus on the sale of Internap services, while deemphasizing third-party product sales, we continue to see improvements in segment margin in the quarter.

We generated segment margin of 46.2%, the highest level since the second quarter of 2008. As I will detail in a moment, we have been able to gain good traction in our efforts to eliminate low margin contracts in select partner data centers. This work in combination with several other operational initiatives helped drive segment margins higher in the quarter.

Moving onto slide four, we are pleased with our profit trend over the past year. Compared with the first quarter of 2009, adjusted EBITDA has more than doubled, while adjusted EBITDA margin is up more than 840 basis points year-over-year to 15.6%. This represents the highest levels of profitability in over two years for the company. The upward trend we have seen in segment margin, as well as tight controls on our cash operating expense are clearly supporting the expansion in EBITDA.

We did also benefit in the quarter from a $500,000 Georgia payroll tax benefit, which positively impacted our cash operating expense in the quarter.

We have broken out our segment results for further discussion on slide five. The Data Center services revenue growth in the quarter outpaced our proactive churn, which resulted in modest revenue growth to $33.7 million. We grew revenue in this segment 6% compared with the first quarter of 2009, and 2% sequentially. Pricing stability and an increase in our small but growing managed hosting business helped to increase revenue per square foot, which supported these top line results.

Data Center segment margin rose sequentially for the third consecutive quarter, and was up strongly compared with the first quarter of 2009. In IP Services, revenue declined 8% year-over-year to $29.6 million, as price erosion on existing and new business outpaced new contract revenue. IP segment margins continued to be solid as our initiative to drive network efficiencies and actively renegotiate carrier contracts produced results.

While we haven't yet seen an inflection in IP revenue we are seeing early signs that our initiatives to turn around the top line are showing results. These initiatives include the rebuilding and expansion of the sales organization, deployment of IP sales tools, targeted marketing programs, and new product launches. Early signs of progress in this segment include robust IP traffic growth, increasing 43% compared with the same quarter of last year, including sales opportunity funnel, and segment churn falling to its lowest level in two years. With much left to be done, we're encouraged by the trends in our IP Services segment.

Moving onto slide six, as we have described to you in the past we are driving margins in Data Center services by implementing a two-part strategy. First, we're eliminating low margin revenue at select partner data centers. Second, we are building capacity and redirecting our sales team towards sales in our company controlled facilities. Here on slide six, we are providing an update on the first step of this strategy, the proactive Data Center churn program, which we first detailed in our results presentation for the third quarter of 2009.

As we approach the midway point of this program, we wanted to provide an update on our progress to date. You may recall that during the third quarter of 2009, we identified select low margin customer contracts at partner data centers. We are either declining to renew these contracts are actively renegotiating to pass the customers directly to the data center provider. In both cases, we are taking steps to retain the IP services those customers are purchasing from Internap.

We previously noted that we expected this program would reduce partner data center revenue, which was approximately $17 million in the third quarter of 2009, by $5 million through the end of the fourth quarter of 2010. Over the same period, we expected partner gross margin to increase from approximately 5% to approximately 20% on the partner data center business that remains.

Since we started this program, we have proactively churned approximately $1 million of our $5 million objective. Our Data Center segment margins have benefited from this work, increasing by 460 basis points over the last two quarters. In the second quarter of 2010, we expect to see approximately $2.8 million in further proactive churn as a result of this program. And finally we expect the remaining $1.2 million of incremental proactive churn to be realized during the third and fourth quarters of 2010.

Beyond the obvious benefit to company profitability, this program focuses our sales organization on selling Internap services, while enabling our operations and customer support organization to deliver the world-class service and support that our customers have come to expect from Internap.

Slide seven provides an update on the second part of our Data Center strategy. Specifically, our focus on the expansion of our company controlled data centers. Our expansions in existing markets of Seattle and Houston, as well as the data center facility in our new market, Silicon Valley, are all progressing on schedule. These facilities have been designed in accordance with Internap Solution as a premium provider of data center and network services, and will meet N+1 redundancy standards for UPS back up generators and HVAC systems. Construction has begun and pre-sales activity is under way.

By early third quarter, we will have an additional 26,500 net sellable square feet in markets in which we are seeing good demand and limited premium data center capacity. We expect future build phases in Silicon Valley and Houston to yield an additional 20,500 net sellable square feet at Capex levels well below the cost of a typical Greenfield build.

Moving onto slide eight, we would also like to highlight an innovative technology offering for our IP Services segment, which we launched last month during the Interop trade show. Specifically, we announced the launch of a web acceleration service; we are calling XIP or Accelerated IP. We feel this service is a natural extension of our well-established performance IP service, based on the Internap MIRO route optimization technology, and enhances all the elements of our integrated solutions set.

While our current route optimization technology improves the performance of IP services by overcoming the limitations of the BGP routing protocol, our XIP service offering significantly accelerates web traffic based on overcoming the limitations inherent in the TCP communications protocol. In addition, Internap’s MIRO and XIP solutions can reduce file and application download times by as much as fourfold. Beyond the compelling performance benefits, the XIP service is also designed to be easy to deploy and manage with requiring our customers to install any hardware or client side software.

This is a unique competitive capability, allowing customers to deliver the highest value experience and service to the broadest market. XIP is simply delivered as a service overlay to Internap’s premium IP service with provisioning that is both rapid and seamless for our customers. Whether it is the applications themselves such as gaming, e-commerce, financial and multimedia, or whether it is the delivery model shifting towards an on demand cloud model or Software-as-a-Service model, the enterprise customer is demanding ever increasing levels of performance and availability from their network provider.

With technology offerings like MIRO and XIP, Internap uniquely delivers the performance and availability these enterprise customers require.

Now I will turn the presentation over to George, our Chief Financial Officer, to go through our financials in further detail, and then I will provide a wrap up. George.

George Kilguss

Thank you Eric. And thanks everyone for joining us today. I will start on slide nine with a more detailed review of our first quarter income statement, and prior period comparisons. The highlights center around improvements in profitability, which speak to the quality and type of revenue we are bringing in today versus a year ago.

Total revenue for the first quarter was $63.4 million, down 1% year-over-year and flat to down sequentially. Proactive churn and data center services and continued softness in IP services were the primary contributors to the declines. Despite our proactive churn in certain partner data center revenue, we continue to grow data center services in the quarter. Segment profit was $29.3 million or 46.2% of revenue, an increase of 10 basis points sequentially, and 200 basis points over the first quarter of 2009.

Segment margins benefited from a number of programs we have outlined for you over the past several quarters. It is useful to take a moment to reflect on some of the progress that has been made on this front, even though we're still early in the execution phase. To recap a few of the more impactful initiatives, the sales tool that we developed last year has simplified the order process, and increased pricing discipline.

Our work to identify profit margins at the contract level has led to an ongoing program that transfers low margin co-location contracts to our partner data center providers, while retaining higher margin services, and continued diligence around cost management and analysis of IP vendor contracts, has also had a positive effect of reducing the impact of the impact of one of our largest cost centers.

Moving down the income statement, cash operating expense was lower in the first quarter, compared with prior periods. Sequentially, cash Opex fell $9000. This decrease was primarily the result of $0.5 million payroll tax credit we received from the state of Georgia in the first quarter of 2010. While cash Opex was lower in the quarter, we expect to incur additional cash operating costs in the second quarter as we increase investment in product development initiatives, and adds sales and support employees in support of our data center expansion openings in Silicon Valley, Seattle and Houston in the third quarter of this year.

We believe these investments will benefit our product offerings in both IP and data center services, and position the company for future growth. First-quarter adjusted EBITDA totaled $9.9 million, up from $9 million last quarter and $4.6 million a year ago. Adjusted EBITDA margin was 15.6%, an increase from the 840 basis points year-over-year and 140 basis points sequentially. Increases here reflect the traction we have seen both in segment margin, and decreased cash operating expense.

Our GAAP net loss was $300,000 in the quarter, an improvement sequentially and over the first quarter of 2009.

Our balance sheet and cash flows are summarized on slide 10. We ended the quarter with more than $81 million in cash and cash equivalents, up from $74 million last quarter. Our debt obligations increased by $17 million in the quarter as we capitalized leases associated with our expansion efforts in Seattle and Silicon Valley in this period. Total debt at March 31 was $40 million, including approximately $20 million of capital leases, and $20 million outstanding under revolving line of credit.

As you can see from this chart, we continue to have a strong net cash position, which gives us the flexibility to continue to invest in the business, while maintaining ample liquidity for day-to-day operations. DSOs remained flat in the quarter at 27 days.

Adjusted EBITDA less Capex in the quarter was 6% or 9% of revenue. Stronger adjusted EBITDA helped to drive Internap’s cash position higher by 7 million over the prior quarter. Spend related to our data center expansions in Silicon Valley, Seattle and Houston, which will accelerate in Q2 did not materially impact Q1 capital expenditures.

We continue to focus capital expenditures for the full year to be between $65 million and $75 million. Now I would like to briefly cover our segment results beginning on slide 11. Data center services revenue totaled $33.7 million, an increase of 2% relative to the prior quarter and 6% year-over-year. Increased power and cabinet pricing helped drive the data center revenue higher in the quarter.

We have also seen some good growth in our managed hosting business. While still small in terms of revenue contribution, this is a service that is showing some promise for the company. As Eric discussed in detail, we are making good progress in our data center profitability initiatives. Since the third quarter of 2009, we eliminated 10,000 square feet of low margin partner square footage. Over the same period, Data Center segment margins were up 460 basis points to almost 32%.

In the second quarter, we anticipate that we will proactively churn another $2.8 million of this margin revenue. We are on track to eliminate approximately $5 million in low margin partner revenue and generate approximately 20% partner margins by the fourth quarter of 2010. Total data center churn in the quarter was 2.1%.

Moving to IP Services on slide 12, revenue in this segment totaled $29.6 million dollars, down from $32.2 million a year ago and $30.4 million compared with the prior quarter. We continue to believe our initiatives to reinvigorate IP services are making progress. We have also seen positive signs and our value proposition is resonating with our existing customers and prospects. However, as depicted in the chart, we have not seen a change in IP revenue trajectory.

We have shifted investments away from our back office and into IP engineering functions, which has led to upgrades and new product development. Going forward, we believe that our IP services are positioned to take advantage of the trend of businesses and consumers, increasingly turning to the Internet as a medium for productivity applications, media distribution, communication and entertainment.

Margins continue to be strong in IP Services totaling 62.8% in the first quarter. As I noted earlier, our efforts to improve on our network efficiency and diligence in negotiating more favorable bandwidth contracts with IP vendors have benefited the IP cost of sales. IP churn for the quarter was 1.4%, the lowest level in more than two years. Customer service improvements as well as a renewed focus on communicating our IP value prop have helped us reduce churn in this segment.

On slide 13, you can see our net sellable and customer occupied square footage trends. Both net sellable and occupied square footage decreased both year-over-year and sequentially as we proactively churned unprofitable contracts at partner data centers. In the first quarter, we churned 6000 square feet of low margin contracts across 18 partner data centers. As described earlier, this effort will continue until the fourth quarter as we target low margin contracts come into term and redirect our sales efforts to focus on company controlled facilities.

With that summary of our financial results complete, I will hand the call back to Eric to give his final thoughts, before we take your questions.

Eric Cooney

Thanks George. I will summarize on slide 14, we are pleased with the progress we have made thus far in turning around Internap’s business as the steps we have taken since the first quarter of 2009 are delivering results that are clearly reflected in our financial performance. In the first quarter of 2010, we continued the trend of increasing profitability with our fourth consecutive quarter of adjusted EBITDA and adjusted EBITDA margin expansion delivering the highest level of profitability in over two years.

We also generated the third consecutive quarter of segment margin expansion. As I've shared with you previously, we are a long way from claiming victory in any facet of our business, but we are steadily advancing towards our objective of delivering shareholder value through long-term profitable growth of the business. To that end, there are numerous initiatives underway, which we feel will positively impact our future performance. These initiatives include the continued proactive churn in our partner data center business, the continued expansion of our company controlled data center facilities, new product launches such as XIP product, and investments in incremental sales, engineering and operations support staff.

Thank you for your time and attention this afternoon, and now we would be happy to open the line for questions. Operator.

Question-and-Answer Session

Operator

(Operator instructions)

Eric Cooney

We’re ready operator.

Operator

Our first question comes from the line of Mark Kelleher of Brigantine Advisors. Your line is open.

Mark Kelleher – Brigantine Advisors

Thank you. Can you hear me, guys?

Eric Cooney

Yes sure. Good afternoon Mark.

Mark Kelleher – Brigantine Advisors

Good afternoon. I just wanted to talk about the IP services side. I think you said that traffic growth is up 40% year-over-year, and yet revenue is down year-over-year, and gross margin looks like it was off a little bit sequentially. Can you just give us some of the dynamics that are going on there maybe on the competitive side, or what are the long-term prospects for the IP services?

Eric Cooney

Well, I mean, we certainly can’t hide from the fact that our IP Services segment remains in decline certainly in terms of top line revenue. That’s pretty clear. So you know, at a high level there is no secret formula here. We’re not generating enough bookings to offset the churn. I think you know, the best we can say at this point is, you know, over the past year, we’ve undertaken numerous initiatives to, you know, without going through them again to rebuild the organization, retool the sales force, launch new products, launch new marketing programs, all geared towards turning around that IP business. And I think I can speak on behalf, I know I can speak on behalf of the entire management team, when I see we are confident that this business is in fact able to be turned around. Based on Internap’s unique value proposition, we’re confident we will get it turned around. We just have, let’s say, more work to be done.

Mark Kelleher – Brigantine Advisors

Okay. And second question, over in the data center services side, the managed services, can you just touch on some initiatives there to grow that as well?

Eric Cooney

Specifically on the managed hosting or managed services part of the business?

Mark Kelleher – Brigantine Advisors

Exactly.

Eric Cooney

That, you know, for Internap is, as you know, a relatively small part of our business. You know, we consolidate the managed hosting as part of our data center services segment. That being said, as you can tell by evaluating other players in the market some of our peer group companies, you know, managed hosting and managed services is certainly a high growth business area, high opportunity business area, and I would say in that regard Internap is no different, and we are investing both in terms of people and product development to expand our managed hosting, managed services portfolio.

Mark Kelleher – Brigantine Advisors

Great, thanks.

Operator

Thank you. Our next question comes from the line of Srinivas Anantha from Oppenheimer.

Srinivas Anantha – Oppenheimer & Co.

Yes, thank you. Hi Eric. Hi, George.

Eric Cooney

Hi, Sri.

George Kilguss

Hi, Sri.

Srinivas Anantha – Oppenheimer & Co.

Hi, Eric, I know you talked about making some additional investments especially in new products and also in new engineering personnel. How should we think about the expenses going forward, as you begin to ramp up expenses in some of those areas?

Eric Cooney

I think, I mean, it’s a good point. You know, as we indicated we are adding incremental staff. You will recall that we reduced or downsized the organization, mainly throughout 2009 in back office and support functions. We are let’s say, redeploying some of those resources towards expansions in sales, engineering development and also in operations and customer support, the last being mainly tied to the expansions of our data center facilities, just operations staff and support staff to maintain those facilities, but specifically sales, engineering developments we are increasing fairly significantly I would say quarter-over-quarter Q2 versus Q1, you know, we will have fully loaded staff north of 20 incremental staff quarter-over-quarter.

Srinivas Anantha – Oppenheimer & Co.

Got it. Okay. George, when I am looking at the first quarter, the G&A expense actually went down sequentially. I know, last time, at least on the last earnings call you said that should tick up slightly. Were there any one-time items there, or any reason for the decline, and if this a good run rate going forward?

George Kilguss

Sure, Sri. As we called out in the call we had a $0.5 million favorable payroll tax credit, when the company relocated its headquarters from Seattle to Georgia, there was a jobs creation incentive there and we did receive that tax credit in the quarter and that had the effect of reducing Opex. We also had slightly lower professional fees in the G&A side as well.

Srinivas Anantha – Oppenheimer & Co.

Got it. And Eric, is it possible in any way to give us some color on how the booking trends are going on, especially as you are bringing in new capacity, especially in the West Coast markets, where you are bringing some data center space?

Eric Cooney

You know, as you know we don’t break out bookings, but I will just make a generalized comment that, you know, our bookings trends are positive up into the right you know, quarter-over-quarter. And perhaps most importantly we are pleased with the source of those bookings, and by that I mean we’re pleased that our sales organization is focused on selling Internap products and services, as opposed to third-party products and services, be those data centers or local loops from third-party providers, et cetera. So, pleased with the direction and the quality of those bookings.

Srinivas Anantha – Oppenheimer & Co.

Okay. Thanks a lot.

Operator

Thank you. (Operator instructions)

Andrew McBath

If that’s all the questions operator, we can conclude the call. Are there any more questions?

Operator

We do have another question from the line of Keith Hwang from Connective Capital.

Andrew McBath

Okay.

Keith Hwang – Connective Capital

Hi, guys. Nice job with the cost cutting and focus on margin improvement. I have one question around the XIP launch that you guys are showing here on one of your slides. Could you help me understand how you are sizing this opportunity? Is it focused on CDN-type players to attract business in that segment? Or is there some other angle to that service? Thanks.

Eric Cooney

No, I would say not specifically focused on CDN. It’s a bit I would say broader than that in terms of the technology, the acceleration technology accelerates TCP traffic, primarily in let’s say a one to many sort of distribution model. So by that you can imagine target customers, any Software-as-a-Service provider, for example, delivering their software application from a server to many potential clients. Similarly e-commerce sites would be another simple application. Large file downloads to multiple customers, any, again one to many, any enterprise with one to many business application or consumer facing application is likely to be an appropriate target market for Internap with this offering.

Keith Hwang – Connective Capital

Okay. So then it would be price based on a transit-like service with the premium attached to it? Is that how to think about it?

Eric Cooney

Exactly the way to think about it. So the commercial model for our customers is you know, customers purchasing Internap’s IP service will simply pay a premium you know, dollars per meg per month, incremental service fee for this XIP product.

Keith Hwang – Connective Capital

Okay, great. And I guess one final question if I may, around the proactive data center churn, it looks like you are guiding for next quarter to have $2.8 million revenue churn off. Can I think about that in terms of the margin expansion should be commensurate to the proportion of the churn off?

Eric Cooney

I think we intentionally gave this fairly exclusive update to allow folks like yourself to do some reasonably accurate modeling. We’ve given let’s say starting and ending point on that partner data center business. So yes, I think you can do some pretty accurate modeling in terms of what the gross margin impact will be as we churn out directly related to the churn of that $2.8 million of partner data center revenue.

Keith Hwang – Connective Capital

Okay, excellent. Thanks, guys. Keep at it.

Eric Cooney

Sure. Thanks Keith.

Operator

Thank you. Our next question comes from the line of Jonathan Atkin from RBC Capital Markets.

Jonathan Atkin – RBC Capital Markets

Yes, Good afternoon. I have two questions on your co-location business. One just maybe a general sense of competitive supply coming on across your footprints, and whether you are noticing that it is leading to more competitive deals that you are having to compete for? And then secondly of the business that you are getting that represents new logos, wondering kind of what portion of your growth falls in that category, and are you displacing a competitor in that case, or are you simply getting a new share of that customer's incremental growth in their outsourcing spend?

Eric Cooney

Maybe, I take the first question, and see if George and Andrew can help with the second one. So specifically with regard to the pricing and the competitive environment, we’re seeing for our company controlled data centers, I think the short answer is we have seen, let’s say an intense competitive environment for premium data center services for some time.

We’re all well aware of, you know, in some markets a supply demand imbalance, but nonetheless there tends to be at least one other provider in a given market that’s also offering a “premium data center service.” So to your question have I seen any change in the competitive dynamic, I would say no. That being said, we are seeing in terms of the revenue, let’s say per square foot or revenue per cabinet, we are seeing steady increases in both of those metrics across our company controlled data center space. So yes the competitive environment remains much as it has been for at least the past year, and we continue to see reasonable price increases in our premium data center space.

George Kilguss

And Jonathan as it relates to new logos, historically our bookings have two thirds come out of our base, and one third of our bookings have been new logo and that trend really has not changed in the most recent quarter.

Jonathan Atkin – RBC Capital Markets

And of the new logos is it somebody churning away from a competitor to move with you, or it is just that customer's needs growing, and they decide to grow with you instead of with their legacy provider?

George Kilguss

It’s a bit of both.

Jonathan Atkin – RBC Capital Markets

Great. Thank you very much.

George Kilguss

Okay, Jonathan.

Andrew McBath

Operator, I think that’s going to be our last question for today unless there is someone else in the queue.

Operator

Okay. I see no further questions.

Andrew McBath

Thanks everybody for joining us today. We appreciate you listening in and we’ll be back for our second quarter 2010 call.

Operator

Ladies and gentlemen, thank you for your participation in today’s conference. This does conclude the program and you may all disconnect. Everyone have a wonderful day. Data center services

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