Interxion Holding NV (NYSE: INXN), a leading European
provider of carrier-neutral colocation data centre services,
announced its results today for the three and nine months ended 30
September 2011.
Highlights
- Revenue increased by 13% to €62.0
million (Q3 2010: €54.6 million)
- Recurring Revenue increased by 17% to
€58.2 million (Q3 2010: €49.6 million) and 4% over Q2 2011 (€56.2
million)
- Adjusted EBITDA increased by 20% to
€25.0 million (Q3 2010: €20.8 million)
- Adjusted EBITDA margin increased to
40.3% (Q3 2010: 38.1%)
- Net profit increased to €6.9 million
(Q3 2010: €5.9 million)
- Capital Expenditures were €53.8 million
in the third quarter
- Reaffirmed full year 2011 guidance
“Interxion showed growth in all key performance metrics during
the third quarter. As a result of customer demand, we announced the
construction of our seventh data centre in Paris during the third
quarter, and since the end of the third quarter we have announced
the construction of three major new data centres, Frankfurt 7,
London 2, and today, Amsterdam 6,” said Chief Executive Officer
David Ruberg. “Despite the economic uncertainty across Europe, we
continue to see strong demand trends in our targeted segments,
especially cloud computing, digital media, and financial
services.”
Quarterly Review
Revenue for the third quarter of 2011 was €62.0 million, a 13%
increase over the third quarter of 2010 and a 3% increase from the
second quarter of 2011. Recurring revenue was €58.2 million, a 17%
increase over the third quarter of 2010 and a 4% increase from the
second quarter of 2011. Recurring revenue was 94% of total
revenue.
Cost of sales for the third quarter increased by 8% to €26.0
million compared to the third quarter 2010, producing an increased
gross profit margin of 58.1% compared to 56.2% in the same quarter
of 2010. Sales and marketing costs in the third quarter were €4.2
million, down 3% compared to the prior year quarter. General and
administrative costs, excluding depreciation, amortisation,
impairments, exceptional general and administrative costs, and
share-based payments were €6.8 million, an increase of 24% compared
to the prior year quarter and were impacted by public company
costs. Depreciation, amortisation, and impairments increased by 16%
compared to the prior year quarter to €9.1 million.
Net financing costs for the third quarter of 2011 were €5.3
million, compared to €5.1 million in the third quarter of 2010.
Net profit was €6.9 million in the third quarter of 2011, up 16%
from the third quarter of 2010.
Adjusted EBITDA for the third quarter of 2011 was €25.0 million,
up 20% year over year. Adjusted EBITDA margin expanded to 40.3%
compared to 38.1% in the prior year quarter as the company’s
increased scale provided greater operating leverage.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €23.8 million. Net cash used in
investing activities was €4.9 million, reflecting €53.8 million of
capital expenditures largely offset by €50.0 million liquidated
from short term investments.
Cash and equivalents and short term investments were €189.5
million at 30 September 2011, up from €99.1 million at year end
2010.
Equipped space at the end of the third quarter 2011 was 62,200
square metres compared to 61,500 square metres in the second
quarter 2011 and 59,600 square metres in the third quarter 2010.
Utilisation rate, the ratio of revenue-generating space to equipped
space, was 74%, the same as the second quarter 2011 and up from 71%
in the third quarter 2010.
Business Outlook
The company today also reaffirmed its guidance for 2011:
Revenue €239 million - €245 million Adjusted
EBITDA €91 million - €95 million Capital Expenditures €140 million
- €160 million
Conference Call to Discuss Results
The company will host a conference call at 8:30 a.m. ET (1:30
p.m. GMT) today to discuss results for the third quarter 2011.
To participate on this call, U.S. callers may dial toll free
1-866-966-9439; callers outside the U.S. may dial direct +44 (0)
1452 555 566. The conference ID for this call is 19681993. This
event also will be webcast live over the Internet in listen-only
mode at investors.interxion.com.
A replay of this call will be available shortly after the call
concludes and will be available until 21 November 2011. To access
the replay, U.S. callers may dial toll free 1-866-247-4222; callers
outside the U.S. may dial direct +44 (0) 1452 55 00 00. The replay
access number is 19681993#.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. Actual results may differ
materially from expectations discussed in such forward-looking
statements. Factors that might cause such differences include, but
are not limited to, the difficulty of reducing operating expenses
in the short term, inability to utilise the capacity of newly
planned data centres and data centre expansions, significant
competition, the cost and supply of electrical power, data centre
industry over-capacity, performance under service level agreements
and other risks described from time to time in Interxion's filings
with the Securities and Exchange Commission. Interxion does not
assume any obligation to update the forward-looking information
contained in this press release.
Adjusted EBITDA
EBITDA is defined as operating profit plus depreciation,
amortisation and impairment of assets. We define Adjusted EBITDA as
EBITDA adjusted to exclude share-based payments and exceptional and
non-recurring items, and to include share of profits (losses) of
non-group companies. We present Adjusted EBITDA as additional
information because we understand that they are measures used by
certain investors and because it is used in our financial covenants
in our €50 million revolving credit facility and €260 million 9.50%
Senior Secured Notes due 2017. However, other companies may present
Adjusted EBITDA differently than we do. Adjusted EBITDA is not a
measure of financial performance under IFRS and should not be
considered as an alternative to operating profit or as a measure of
liquidity or an alternative to net income as indicators of our
operating performance or any other measure of performance derived
in accordance with IFRS.
A reconciliation of Adjusted EBITDA to EBITDA and operating
profit is provided in the Notes to Consolidated Income Statement:
Group Metrics.
About Interxion
Interxion is a leading provider of carrier-neutral colocation
data centre services in Europe, serving over 1,200 customers
through 28 data centres in 11 European countries. Interxion’s
uniformly designed, energy-efficient data centres offer customers
extensive security and uptime for their mission-critical
applications. With connectivity provided by 400 carriers and ISPs
and 18 European Internet exchanges across its footprint, Interxion
has created content and connectivity hubs that foster growing
customer communities of interest. For more information please visit
www.interxion.com.
INTERXION HOLDING NV
CONSOLIDATED INCOME STATEMENTS (in €'000 - except per share
data and where stated otherwise) (unaudited)
Three
Months Ended Nine Months Ended 30-Sep 30-Sep
30-Sep 30-Sep
2011 2010
2011 2010
Revenue 62,005 54,646 179,920
152,824 Cost of sales (25,969 ) (23,945 ) (76,271 ) (67,867
)
Gross profit 36,036 30,701 103,649
84,957 Other income 99 67 341 293 Sales and marketing costs
(4,234 ) (4,380 ) (13,037 ) (11,262 ) General and administrative
costs (16,594 ) (13,781 ) (50,389 ) (39,717 )
Operating
profit 15,307 12,607 40,564 34,271
Finance income 1,114 101 2,324 366 Finance expense (6,369 ) (5,167
) (20,153 ) (23,687 )
Profit before taxation 10,052
7,541 22,735 10,950 Income tax expense (3,161
) (1,606 ) (7,812 ) (5,782 )
Net profit 6,891
5,935 14,923 5,168
Basic earnings per share: (€) (i) 0.10 0.13 0.23 0.12 Diluted
earnings per share: (€) (i) 0.10 0.12 0.23 0.11
Number of shares outstanding at the end of the period
(shares in thousands) 65,823 44,351 65,823 44,351 Weighted average
number of shares for Basic EPS (shares in thousands) 65,742 44,351
63,528 44,351 Weighted average number of shares for Diluted EPS
(shares in thousands) 67,488 47,676 65,223 47,574 (i)
Number of shares have been adjusted to take account of the 1 for 5
reverse stock split which took place on 2 February 2011.
INTERXION HOLDING NV NOTES TO
CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION (in €'000 -
except where stated otherwise) (unaudited)
Three
Months Ended Nine Months Ended 30-Sep 30-Sep
30-Sep 30-Sep
2011 2010
2011 2010
Consolidated Recurring revenue 58,225
49,633 168,611 141,551 Non-recurring Revenue 3,780 5,013
11,309 11,273
Revenue 62,005
54,646 179,920 152,824
Adjusted EBITDA 25,005 20,818
70,536 57,823 Gross
Margin 58.1 % 56.2 % 57.6
% 55.6 % Adjusted EBITDA Margin
40.3 % 38.1 % 39.2 %
37.8 % Total assets 708,410 464,663 708,410
464,663 Total liabilities 392,391 321,365 392,391 321,365 Capital
expenditures (iv) (53,763 ) (25,516 ) (89,127 ) (79,113 )
Depreciation, amortization and impairments (9,087 ) (7,802 )
(27,181 ) (22,483 )
France, Germany, Netherlands,
and UK Recurring revenue 34,470 29,429 100,276
84,188 Non-recurring Revenue 1,950 3,371 6,912
7,592
Revenue 36,420 32,800
107,188 91,780 Adjusted
EBITDA 18,473 14,725 53,216
42,126 Gross Margin 59.9
% 56.0 % 59.0 % 56.1
% Adjusted EBITDA Margin 50.7 %
44.9 % 49.6 % 45.9 %
Total assets 335,727 267,259 335,727 267,259 Total
liabilities 86,705 83,750 86,705 83,750 Capital expenditures (iv)
(39,828 ) (14,027 ) (59,258 ) (46,110 ) Depreciation, amortization
and impairments (5,118 ) (4,676 ) (16,017 ) (13,657 )
Rest of Europe Recurring revenue 23,755
20,204 68,335 57,363 Non-recurring Revenue 1,830 1,642
4,397 3,681
Revenue 25,585
21,846 72,732 61,044
Adjusted EBITDA 13,162 11,517
37,423 30,893 Gross
Margin 60.7 % 62.2 % 60.9
% 60.4 % Adjusted EBITDA Margin
51.4 % 52.7 % 51.5 %
50.6 % Total assets 174,732 147,435 174,732
147,435 Total liabilities 38,812 35,718 38,812 35,718 Capital
expenditures (iv) (13,650 ) (8,378 ) (28,342 ) (29,065 )
Depreciation, amortization and impairments (3,411 ) (2,843 ) (9,698
) (7,831 )
Corporate and Other
Adjusted
EBITDA (6,630 ) (5,424 )
(20,103 ) (15,196 ) Total assets
197,951 49,969 197,951 49,969 Total liabilities 266,874 201,897
266,874 201,897 Capital expenditures (iv) (285 ) (3,111 ) (1,527 )
(3,938 ) Depreciation, amortization and impairments (558 ) (283 )
(1,466 ) (995 )
(iv) Capital expenditures represent
payments to acquire tangible fixed assets as recorded in the
consolidated statement of cash flows as "Purchase of property,
plant and equipment."
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: GROUP METRICS (in
€'000 - except where stated otherwise) (unaudited)
Three Months Ended Nine Months Ended 30-Sep
30-Sep
30-Sep 30-Sep
2011 2010
2011 2010
1. Reconciliation of adjusted EBITDA
Adjusted EBITDA 25,005 20,818
70,536 57,823 Income from subleases on
unused data center sites 99 67 341 293
Exceptional income 99 67
341 293 (Increase)/decrease in
provision for onerous lease contracts - (67 ) (18 ) (293 ) IPO
transaction costs (v) - - (1,725 ) - Share-based payments (710 )
(409 ) (1,389 ) (1,069 )
Exceptional general and administrative
costs (710 ) (476 ) (3,132
) (1,362 ) EBITDA 24,394
20,409 67,745 56,754
Depreciation, amortization and impairments (9,087 ) (7,802 )
(27,181 ) (22,483 )
Operating profit 15,307
12,607 40,564 34,271
2. Capacity Metrics Equipped space (in sqm)
62,200 59,600 62,200 59,600 Revenue generating space (in sqm)
46,100 42,400 46,100 42,400 Utilisation rate 74 % 71 % 74 % 71 %
(v) The IPO transaction costs represent the write off
of the proportion of the IPO costs allocated to the selling
shareholders at the Initial Public Offering.
INTERXION HOLDING NV CONSOLIDATED BALANCE SHEET (in
€'000 - except where stated otherwise) (unaudited)
As at 30-Sep 31-Dec
2011 2010
Non-current
assets Property, plant and equipment 402,606 342,420 Intangible
assets 9,699 6,005 Deferred tax assets 39,378 39,841 Other
non-current assets 3,654 3,709
455,337
391,975 Current assets Trade and other current assets
63,534 55,672 Short-term investments 40,000 - Cash and cash
equivalents 149,539 99,115
253,073
154,787 Total assets 708,410
546,762 Shareholders’ equity Share capital
6,582 4,434 Share premium 464,398 321,078 Foreign currency
translation reserve 5,292 4,933 Accumulated deficit (160,253 )
(175,176 )
316,019 155,269 Non-current
liabilities Trade payables and other liabilities 9,455 7,795
Deferred tax liabilities 1,596 660 Provision for onerous lease
contracts 11,984 13,260 Borrowings 257,301 257,403
280,336 279,118 Current liabilities Trade
payables and other liabilities 106,365 106,038 Current tax
liabilities 1,831 868 Provision for onerous lease contracts 3,149
3,073 Borrowings 710 2,396
112,055
112,375 Total liabilities 392,391
391,493 Total liabilities and shareholders’
equity 708,410 546,762
INTERXION HOLDING NV NOTES TO THE
CONSOLIDATED BALANCE SHEET: BORROWINGS (in €'000 - except where
stated otherwise) (unaudited)
As at 30-Sep
31-Dec
2011 2010
3. Borrowings net of
cash and cash equivalents and short-term investments
Cash and cash equivalents (vi) and Short-term
investments (vii) 189,539 99,115
9.5% Senior Secured Notes due 2017 (viii) 255,402
254,924 Financial Leases 437 765 Other Borrowings 2,172
4,110
Borrowings excluding revolving credit facility
deferred financing costs 258,011 259,799
Revolving credit facility deferred financing costs (ix) (821
) (1,283 )
Total Borrowings 257,190
258,516 Borrowings net
of cash and cash equivalents and short-term investments
67,651 159,401
(vi) Cash and cash equivalents includes
€3.5 million as of September 30, 2011 and €4.2 million as of
December 31, 2010, which is restricted and held as collateral to
support the issuance of bank guarantees on behalf of a number of
subsidiary companies.
(vii) Short-term investments relate to six and nine months
deposits.
(viii) €260 million 9.5% Senior Secured
Notes due 2017 include premium on additional issue and are shown
after deducting underwriting discounts and commissions, offering
fees and expenses.
(ix) We reported deferred financing costs
of €0.8 million in connection with entering into our €50 million
revolving credit facility which is currently undrawn.
INTERXION HOLDING NV
CONSOLIDATED STATEMENT OF CASH FLOWS (in €'000 - except
where stated otherwise) (unaudited)
Three Months
Ended Nine Months Ended 30-Sep 30-Sep
30-Sep 30-Sep
2011 2010
2011 2010
Profit for the period 6,891 5,935 14,923 5,168 Depreciation,
amortization and impairments 9,087 7,802 27,181 22,483 IPO
transaction costs - - 1,725 - Provision for onerous lease contracts
(750 ) (288 ) (2,303 ) (1,828 ) Share-based payments 710 409 1,389
1,069 Net finance expense 5,255 4,777 17,829 23,032 Income tax
expense 3,161 1,606 7,812 5,782 24,354
20,241 68,556 55,706 Movements in trade and other current assets
(2,316 ) (4,264 ) (7,995 ) (1,618 ) Movements in trade and other
liabilities 1,723 3,388 6,913 4,211
Cash generated from operations 23,761 19,365
67,474 58,299 Interest paid (11,598 ) (8,200 )
(24,178 ) (9,178 ) Interest received 704 150 1,241 337 Income tax
paid (392 ) (724 ) (1,544 ) (950 )
Net cash flows from operating
activities 12,475 10,591 42,993
48,508 Cash flow from investing activities Purchase
of property, plant and equipment (53,763 ) (25,516 ) (89,127 )
(79,113 ) Disposals of property, plant and equipment - - 945 -
Purchase of intangible assets (1,180 ) (1,059 ) (4,286 ) (1,549 )
Proceeds /(acquisition) short-term investments 50,000 -
(40,000 ) -
Net cash flows from investing
activities (4,943 ) (26,575 )
(132,468 ) (80,662 ) Cash flow from
financing activities Proceeds from exercised options 698 -
3,022 - Proceeds from issuance new shares - - 142,952 - Repayment
of 'Liquidation Price' to former preferred shareholders - - (3,055
) - Proceeds/(repayment) bank facilities - - - (159,046 ) Proceeds
from Senior Secured Notes and RCF - (414 ) (645 ) 190,830 Other
Borrowings (678 ) (6 ) (2,265 ) (1,176 )
Net cash flows from
financing activities 20 (420 )
140,009 30,608 Effect of exchange rate changes on
cash 16 (125 ) (110 ) 135
Net movement in cash and
cash equivalents 7,568 (16,529 )
50,424 (1,411 ) Cash and cash equivalents,
beginning of period 141,971 47,121 99,115
32,003
Cash and cash equivalents, end of period
149,539 30,592 149,539
30,592 INTERXION HOLDING NV
Announced Expansion Projects 2011
Market Project CAPEX (a, b) Equipped
Space (a) Target Completion (€
million) (Sqm) Düsseldorf DUS 1 : Phase 2
Power Upgrade € 7 500 (c) 2Q 2011 (completed) London LON 1 : Phase
9 Expansion € 7 525 2Q 2011 (completed) Vienna VIE 1 : Phase 3
Expansion € 5 600 (d) 3Q 2011 (completed) Dublin DUB 2 : Phase 3
Expansion
and Power Upgrade
€ 8 640 4Q 2011 Paris PAR 7 : Phase 1 New Build € 70 4,500 2Q 2012
Subtotal Announced through 30 September 2011 €
97 6,765 Frankfurt FRA 7: New Build € 21 1,550 1Q
2012 London LON 2: New Build € 38 1,700 2Q 2012 Amsterdam AMS 6:
New Build € 60 4,000 4Q 2012
Subtotal Announced since 30
September 2011 € 119 7,250 (a) CAPEX and
Equipped Space are approximate and may change after project
completion. (b) CAPEX reflects the total for the listed project and
may not be all invested in the current year. (c) Previously
included in equipped space (d) Announced as a 2 phase project with
1300 sqm and €12 million capex
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