IIJ (Buy) - Q4 21 Results Reaction: Reliable Growth and Margin Expansion

Internet Initiative Japan (Buy) - Q2 22 Results Reaction: Mobile Recovery Boosts Corporate DX Growth

IIJ (Buy) - Q1 22 Results Reaction: Solid Results and Share Split

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

Internet Initiative Japan / Equity Bottom-Up

<ul>
<li>IIJ delivered double-digit revenue growth for a third consecutive quarter as corporate demand for digitization remains robust</li>
<li>In addition the expected expansion of cloud (+15%) and security service (+21%) sales, mobile sales grew 9% as IIJ moved clearly past the impact of industrywide rate reductions</li>
<li>Quarterly EBITDA reached a record high even with modest margin contraction YoY</li>
</ul>


IIJ delivered double-digit revenue growth for a third consecutive quarter as corporate demand for digitization remains robust
In addition the expected expansion of cloud (+15%) and security service (+21%) sales, mobile sales grew 9% as IIJ moved clearly past the impact of industrywide rate reductions
Quarterly EBITDA reached a record high even with modest margin contraction YoY


IIJ (Buy) - Q3 22 Results Reaction: Solid Quarter as Recurring Sales Expand