Communications Infrastructure company Zayo Group Holdings, Inc. (NYSE: ZAYO) yesterday announced results for the three months ended December 31, 2019. Second quarter net income increased by $43.5 million over the previous quarter. During the three months ended December 31, 2019, capital expenditures were $254.6 million. As of December 31, 2019, Zayo had $181.3 million of cash and $391.2 million available under its revolving credit facility.
Last July, Zayo said its shareholders approved proposals related to its acquisition by affiliates of Digital Colony Partners and the EQT Infrastructure IV fund. Zayo says it continues to make progress on all necessary approvals and the transaction is expected to close by late first calendar quarter or early calendar second quarter of 2020. The merger closing remains subject to customary conditions, including certain regulatory approvals.
Second Fiscal Quarter 2020 Financial Highlights
- $653.7 million of consolidated revenue; including $502.5 million from the Zayo Networks segment, $64.1 million from the zColo segment and $82.3 million from the Allstream segment.
- Net income of $61.4 million resulting in basic and diluted net income per share during the quarter of $0.26.
- $328.5 million of adjusted EBITDA, including $291.9 million from the Zayo Networks segment, $29.7 million from the zColo segment and $5.7 million from the Allstream segment.
- Consolidated net installs, on a monthly recurring revenue (MRR) and monthly amortized revenue (MAR) basis, were $1.3 million, excluding the Allstream segment. This includes $1.9 million of net installs from the Zayo Networks segment and $(0.6) million of net installs from the zColo segment.
- Net cash provided by operating activities of $256.4 million and adjusted unlevered free cash flow of $92.1 million.
Due to the pending merger, Zayo didn’t host a conference call to discuss second fiscal quarter 2020 results. A presentation that summarizes the financial, operational and commercial highlights of the quarter and supplemental materials will be made available through the Investor Relations section of the company’s website: investors.zayo.com.
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