Company profile

Ticker
INAP
Exchange
Website
CEO
Peter D. Aquino
Employees
Incorporated in
Location
Fiscal year end
Former names
Internap Network Services Corp, Internap Network Services Corp
SEC CIK
IRS number
912145721

INAP stock data

(
)

Calendar

8 May 20
3 Jun 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Dec 19 Sep 19 Jun 19 Mar 19
Revenue 71.65M 72.96M 73.02M 73.87M
Net income -76.16M -23.85M -18.54M -19.99M
Diluted EPS -3.21 -1.02 -0.76 -0.85
Net profit margin -106% -32.69% -25.38% -27.05%
Operating income -63.01M -3.94M 590K -2.07M
Net change in cash 754K 427K 2.2M -9.56M
Cash on hand 11.65M 10.9M 10.47M 8.27M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 291.51M 316.16M 280.72M 298.3M
Net income -138.17M -61.08M -44.17M -124.74M
Diluted EPS -5.81 -2.95 -2.33 -9.54
Net profit margin -47.40% -19.32% -15.73% -41.82%
Operating income -68.43M 7.15M 6.34M -93.07M
Net change in cash -6.17M 3.78M 3.65M -7.38M
Cash on hand 11.65M 17.82M 14.04M 10.39M

Financial data from Internap earnings reports

Date Owner Security Transaction Code $Price #Shares $Value #Remaining
8 May 20 Aquino Peter D Other Dispose J 0 50,000 0 0
8 May 20 Aquino Peter D Other Dispose J 0 576,195 0 0
8 May 20 Day Andrew Other Dispose J 0 52,175 0 0
8 May 20 Rogers Peter J JR Other Dispose J 0 74,116 0 0
8 May 20 Weaver Lance L Other Dispose J 0 45,733 0 0
8 May 20 Potts David Other Dispose J 0 48,393 0 0
10.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 10 56 -82.1%
Opened positions 1 10 -90.0%
Closed positions 47 14 +235.7%
Increased positions 0 8 -100.0%
Reduced positions 4 26 -84.6%
13F shares
Current Prev Q Change
Total value 136K 12.91M -98.9%
Total shares 2.71M 11.59M -76.7%
Total puts 0 22.5K -100.0%
Total calls 0 0
Total put/call ratio Infinity
Largest owners
Shares Value Change
GBL Gamco Investors, Inc. Et Al 1.31M $41K -52.2%
Gabelli Funds 1M $31K -62.6%
TETAB Teton Advisors 296K $9K -41.7%
Keystone Financial 31.28K $34K 0.0%
California Public Employees Retirement System 21.73K $1K 0.0%
HRT Financial 20.56K $0 NEW
Glenmede Trust Co Na 18.3K $20K 0.0%
Victory Capital Management 4.15K $0 -2.2%
Huntington National Bank 1 $0 0.0%
Proequities 0 $0
Largest transactions
Shares Bought/sold Change
Gabelli Funds 1M -1.68M -62.6%
GBL Gamco Investors, Inc. Et Al 1.31M -1.43M -52.2%
Solas Capital Management 0 -934.32K EXIT
Vanguard 0 -800.07K EXIT
Dimensional Fund Advisors 0 -675.73K EXIT
BLK BlackRock 0 -526.42K EXIT
Avenir 0 -406.33K EXIT
North Run Capital L P 0 -400K EXIT
Proxima Capital Management 0 -311.69K EXIT
Millennium Management 0 -271.4K EXIT

Financial report summary

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Risks
  • Risks Related to the Chapter 11 Cases
  • On March 16, 2020, we filed voluntary petitions commencing the Chapter 11 Cases under the Bankruptcy Code. The Chapter 11 Cases and the Restructuring may have a material adverse impact on our business, financial condition, results of operations, and cash flows. In addition, the Chapter 11 Cases and the Restructuring may have a material adverse impact on the trading price, and the Plan will result in the cancellation and discharge of our securities, including our common stock. The Plan governs distributions to and the recoveries of holders of our securities.
  • Delays in the Chapter 11 Cases may increase the risks of our being unable to reorganize our business and emerge from bankruptcy and may increase our costs associated with the bankruptcy process.
  • The Plan may not become effective.
  • We may not be able to obtain Bankruptcy Court confirmation of the Plan or may have to modify the terms of the Plan.
  • Even if the Plan or another Chapter 11 plan of reorganization is consummated, we may not be able to achieve our stated goals and continue as a going concern.
  • The Plan or another plan of reorganization that we may implement will be based upon assumptions and analyses developed by us. If these assumptions and analyses prove to be incorrect, we may not be able to successfully execute such plan.
  • Our cash flows may not provide sufficient liquidity during the Chapter 11 Cases. Our long-term liquidity requirements and the adequacy of our capital resources are difficult to predict at this time.
  • We may be unable to comply with restrictions or with budget, liquidity, or other covenants imposed by the agreements governing our DIP Facility. Such non-compliance could result in an event of default under the terms of the DIP Facility that, if not cured or waived, would have a material adverse effect on our business, financial condition and results of operations.
  • As a result of the Chapter 11 Cases, our historical financial information may not be indicative of our future performance, which may be volatile.
  • Trading in our securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. The Plan will result in the cancellation of our common stock.
  • If the RSA is terminated, our ability to confirm and consummate the Plan could be materially and adversely affected.
  • In certain instances, a Chapter 11 case may be converted to a case under Chapter 7 of the Bankruptcy Code.
  • We may be subject to claims that will not be discharged in the Chapter 11 Cases, which could have a material adverse effect on our financial condition and results of operations.
  • The Chapter 11 Cases limit the flexibility of our management team in running our business.
  • The commencement of the Chapter 11 Cases has consumed and will continue to consume a substantial portion of the time and attention of our management and will impact how our business is conducted, which may have an adverse effect on our business and results of operations.
  • We may experience employee attrition as a result of the Chapter 11 Cases.
  • Adverse publicity in connection with the Chapter 11 Cases or otherwise could negatively affect our businesses.
  • The Plan contemplates that we will be a privately held company after emergence from the Chapter 11 Cases, which would result in less disclosure about us and may negatively affect our ability to raise additional funds.
  • The filing of the Chapter 11 Cases could detrimentally affect the trading liquidity of our common stock.
  • Risks Related to our Business
  • We cannot predict with certainty the future evolution of the IT infrastructure market in which we compete and may be unable to respond effectively or on a timely basis to rapid technological change.
  • If we are unable to develop new and enhanced services and products that achieve widespread market acceptance, or if we are unable to improve the performance and features of our existing services and products or adapt our business model to keep pace with industry trends, our business and operating results could be adversely affected.
  • Failure to retain existing customers or attract new customers could cause our revenue to decline.
  • Our capital investment strategy for data center, cloud and IT infrastructure services expansion may contain erroneous assumptions causing our return on invested capital to be materially lower than expected and could materially impact our results of operations.
  • We may experience difficulties in executing our capital investment strategy to expand our IT infrastructure services, upgrade existing facilities or establish new facilities, products, services or capabilities.
  • Our business could be harmed by prolonged power outages or shortages, increased costs of energy or general lack of availability of electrical resources.
  • Pricing pressure may continue to decrease our revenue for certain services.
  • The market in which we operate is highly competitive and has experienced recent consolidation which may continue, and we may lack the financial and other resources, expertise, scale or capability necessary to capture increased market share or maintain our market share.
  • We have a long sales cycle for our IT infrastructure services and the implementation efforts required by customers to activate them can be substantial.
  • We may fail to obtain or lose customers if they elect to develop or maintain some or all of their IT infrastructure services internally.
  • Our network and software are subject to potential security breaches and similar threats that could result in liability and harm our reputation.
  • Disclosure of personal data could result in liability and harm our reputation.
  • If governments modify or increase regulation of the Internet, or goods or services necessary to operate the Internet or our IT infrastructure, our services could become more costly.
  • If we fail to comply with privacy rules and regulations implemented by local or foreign governments and agencies, our business could be adversely affected, and we could face claims for liabilities.
  • We may be liable for the material that content providers distribute over our network, and we may have to terminate customers that provide content that is determined to be illegal, which could adversely affect our operating results.
  • If we fail to comply with telecommunications services regulations our business could be negatively affected.
  • We depend on third party suppliers for key elements of our IT infrastructure services and products. If we are unable to obtain these elements on a cost- effective basis, or at all, or if such services are interrupted, limited or terminated, our growth prospects and business operations may be adversely affected.
  • Some of our products and services contain or use open source software, which may pose risks to our proprietary software and solutions.
  • Any failure of our physical IT infrastructure or applications could lead to unexpected costs and disruptions that could harm our business reputation, consolidated financial condition, results of operations and cash flows.
  • Our inability to renew our data center leases, or renew on favorable terms, and potential unknown costs related to asset retirement obligations could negatively impact our financial results.
  • A failure in the redundancies in one or more of our NOCs, POPs or computer systems could cause a significant disruption in Internet connectivity which could impact our ability to serve our customers.
  • Our business requires the continued development of effective and efficient business support systems to support our customer growth and related services.
  • We are required to maintain, repair, upgrade, and replace our network and our facilities, the cost of which could materially impact our results and our failure to do so could irreparably harm our business.
  • Our global operations may not be successful.
  • The bankruptcy, insolvency or financial difficulties of a major customer could have a material adverse effect on us.
  • We are dependent on certain key personnel, the loss of which may adversely affect our financial condition or results of operations.
  • Because we face significant competition for acquisition and business opportunities from numerous companies with a business plan similar to ours, it may be difficult for us to fully execute our business strategy.
  • We face certain risks associated with the acquisition or disposition of businesses or entry into joint ventures.
  • We intend to increase our size in the future, and may experience difficulties in managing growth.
  • We may become involved in various types of litigation or other legal proceedings that may adversely impact our business.
  • Deterioration of global economic conditions could adversely affect our business.
  • We and our customers and suppliers face various risks related to epidemics, pandemics and similar outbreaks of infectious diseases, which may have a material adverse effect on our business, financial condition, liquidity and results of operations.
  • We are subject to risks associated with our international operations.
  • Global or local climate change and natural resource conservation regulations or requirements could adversely impact our business.
  • Risks Related to our Capital Structure and Other Business Risks
  • We have a history of losses and may not achieve or sustain profitability.
  • Our results of operations have fluctuated in the past and likely will continue to fluctuate, which could negatively impact our ability to raise additional capital and execute our business plan.
  • We have substantial goodwill and amortizable intangible assets.
  • We have incurred and may incur additional goodwill and other intangible asset impairment charges, restructuring charges or both.
  • Changes in U.S. tax laws could have an effect on our business, cash flow, results of operations or financial condition.
  • We may not be able to fully utilize our U.S. net operating loss and other tax carryforwards.
  • We may face litigation and liability due to claims of infringement of third party intellectual property rights and due to our customers’ use of our IT infrastructure services.
  • We may not be successful in protecting and enforcing our intellectual property rights, which could adversely affect our financial condition and operating results.
  • The insurance coverage that we purchase may prove to be inadequate, costly or unavailable when we need the coverage.
  • Our significant amount of indebtedness could materially adversely affect our results of operations, cash flows, liquidity and ability to compete in our industry.
  • To service our significant indebtedness, we will require a significant amount of cash. However, our ability to generate cash depends on many factors many of which are beyond our control.
  • There is substantial doubt about our ability to continue as a going concern.
  • A failure of our controls and procedures could have a material adverse effect on our business, financial condition and results of operations.
Management Discussion
  • Our revenue was $291.5 million for the year ended December 31, 2019, compared to $316.2 million for the same period in 2018. Our net loss attributable to shareholders was $138.3 million for the year ended December 31, 2019, compared to $61.2 million for the same period in 2018. Our adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), a non-GAAP
  • performance measure defined below in "Non-GAAP Financial Measures," was $92.4 million for the year ended December 31, 2019, compared to $110.0 million for the same period in 2018.
Content analysis ?
Positive
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Uncertain
Constraining
Legalese
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