Terremark Worldwide, Inc. (NASDAQ:TMRK), a leading global provider of managed IT infrastructure services, has reported its results for the quarter ended June 30, 2009. Terremark's results for the quarter were at the high-end of previously announced guidance with total revenues of $65.8 million and EBITDA, as adjusted, of $16.7 million.
As Terremark's performance in the first fiscal quarter shows, our Company's proven ability to deliver reliable, world-class solutions for the mission-critical needs of our customers and to focus on the execution of our strategic plan continues to drive strong quarterly results, said Manuel D. Medina, Chairman and CEO of Terremark. Along with the consistently strong demand for our industry-leading services from colocation to cloud computing, these results provide us with a strong foundation for the remainder of the fiscal year and we are confident in our ability to continue meeting our goals.
The fact that Terremark was able to successfully complete our $420 million debt offering in the midst of one of the worst credit markets in history speaks volumes about our unique position in a sector with strong fundamentals and the power of our recurring revenue, said Jose Segrera, Terremark's CFO. With this financing complete, we have the capital to execute our long-term growth plans and the financial flexibility to strategically invest in key initiatives that drive continued success.
Q1 FY10 Financial Highlights include:
Total revenues for the quarter ended June 30, 2009 were $65.8 million, which is in-line with the high-end of previously announced guidance and representing a 17% year-over-year increase.
EBITDA, as adjusted, for the quarter ended June 30, 2009 was $16.7 million, in-line with the high-end of previously announced guidance. EBITDA, as adjusted, is defined as income (loss) from operations less depreciation, amortization, integration expenses, certain legal and professional costs, litigation and employment settlements, share-based payments, including share-settled liabilities and other non-cash expenses. EBITDA, as adjusted, should be considered in addition to, but not in lieu of, income (loss) from operations reported under generally accepted accounting principles (GAAP).
Income from operations for the first quarter was $5.7 million, representing a 52% year-over-year increase.
Cross connects billed to customers increased to 8,456 as of June 30, 2009 from 7,232 a year earlier, representing a 17% year-over-year rise. The continued increase in cross connects billed to customers underscores the compelling value of Terremark's network-neutral model.
Total colocation space utilization increased to 28.3% as of June 30, 2009 from 24.8% as of March 31, 2009. Utilization of built-out colocation space was 60.5% as of