Integra Telecom isn't public currently, but it lately hasn't been shy about posting its earnings numbers. Yesterday they posted their preliminary Q4 results, giving us one of the first year-end data points for competitive fiber operators. Total revenues held steady, with recurring revenues rising with the trend and adjusted EBITDA up strongly for the second straight quarter. Here's a table of their recent results in context:
|($ in millions)||Q1/12||Q2/12||Q3/12||Q4/12|
|- Recurring revenues||129.3||130.2||130.7||131.5|
|- Non-recurring revenues||18.6||18.4||18.3||17.5|
Integra has been transitioning from a traditional copper-heavy SME CLEC stance to a fiber-rich approach aimed at larger enterprises plus some wholesale. The last two quarters have each added 120 basis points to their EBITDA margins, taking them solidly over the 30% level, a threshold which definitely puts them in a different industry neighborhood than just a few years back. As they finish that transition, organic revenue growth looks like a straightforward step.