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Interxion Reports Q3 2011 Results

Stocks in this article: INXN

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.

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