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Zayo Group Holdings, Inc. Reports Financial Results for the Fourth Fiscal Quarter Ended June 30, 2016

 

Fourth Fiscal Quarter 2016 Financial Highlights

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$507.3 million of consolidated revenue, including $117.2 million from Zayo Canada

o

25% quarter-over-quarter annualized revenue growth

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7% quarter-over-quarter annualized pro-forma recurring revenue growth, excluding Zayo Canada

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Net loss of $30.9 million. 

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$11.6 million increase quarter-over-quarter

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$257.8 million of adjusted EBITDA, including $27.0 million from Zayo Canada

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12% quarter-over-quarter annualized pro-forma recurring adjusted EBITDA growth* (excluding Zayo Canada)

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Bookings of $6.4 million, gross installs of $6.5 million, churn of 1.1% and net installs of $2.4 million, all on a monthly recurring revenue (MRR) and monthly amortized revenue (MAR) basis, excluding Zayo Canada. 

*  pro-forma estimate revenue growth excluding the impact of revenue acquired in acquisitions during the periods

 

BOULDER, Colo., August 25, 2016 – Zayo Group Holdings, Inc. (“Zayo” or “the Company”) (NYSE: ZAYO), the global leader in Communications Infrastructure, announced results for the three months ended June 30, 2016.

 

Fourth quarter operating income increased $14.5 million from the previous quarter primarily due to organic and acquisition related growth. Net loss increased by $11.6 million during the quarter. Contributing to the increased net loss was a $33.8 million charge associated with a loss on extinguishment of debt related to debt refinancing activities entered into during the quarter and $13.8 million increase in foreign currency losses associated with intercompany debt arrangements offset by a $20.8 million decrease in income tax provision and the aforementioned increase in operating income.

 

Basic and diluted net loss per share during the fourth fiscal quarter was ($0.13).

During the three months ended June 30, 2016, capital expenditures were $187.4 million, including $10.0 million attributed to Zayo Canada. As of June 30, 2016, the Company had $170.7 million of cash and $442.1 million available under its revolving credit facility.

Recent Developments

Clearview Acquisition

On April 1, 2016, the Company acquired Clearview International, LLC, a Texas based colocation and cloud infrastructure services provider for cash consideration of $18.3 million. The acquisition was funded with cash on hand and was considered an asset purchase for tax purposes.

Unsecured Notes Offering

On April 14, 2016, the Company completed a private offering of $550.0 million aggregate principal amount of additional 6.375% senior unsecured notes due 2025. The net proceeds from the offering plus cash on hand (i) were used to repay $196.0 million of borrowings under the Company’s secured term loan facility, and (ii) were used to redeem the Company’s remaining $325.6 million 10.125% senior unsecured notes due 2020, including the required make-whole premium and accrued interest.

 

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The following information was filed by Zayo Group Holdings, Inc. (ZAYO) on Thursday, August 25, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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