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Interxion Reports Third Quarter 2013 Results

Stocks in this article: INXN

Interxion Holding NV (NYSE:INXN), a leading European provider of carrier and cloud neutral colocation data centre services, today announced its results for the three months ended 30 September 2013.

Financial Highlights

  • Revenue increased by 11% to €78.1 million (Q3 2012: €70.4 million).
  • Big 4 reporting segment’s recurring revenue increased by 16% to €46.1 million (Q3 2012: €39.8 million).
  • Adjusted EBITDA increased by 17% to €33.7 million (Q3 2012: €28.7 million).
  • Adjusted EBITDA margin increased to 43.1% (Q3 2012: 40.8%).
  • Debt refinancing closed on 3 July, reducing interest costs and extending maturities. One-time costs of €31.0 million related to the refinancing were recognized in the quarter.
  • Net loss was €16.5 million (Q3 2012: €8.6 million profit).
  • Capital expenditure, including intangible assets, was €26.5 million.

Operating Highlights

  • Expansion project in Vienna completed; announced expansion projects in Frankfurt, Stockholm and Zurich on schedule.
  • Equipped Space increased by 400 square metres to 79,300 square metres.
  • Revenue Generating Space increased by 900 square metres to 59,100 square metres.
  • Utilisation Rate at the end of the quarter increased to 75%.

“Fundamentals for the carrier neutral data centre industry in Europe remain healthy. Interxion’s third quarter results reflect continued steady execution by the Company, supported by solid demand across our target customer segments,” said Interxion Chief Executive Officer, David Ruberg. “Our Communities of Interest strategy is delivering competitive differentiation in the marketplace, steady organic growth, and attractive returns as we focus on creating long term customer and shareholder value from our highly connected data centres.”

Quarterly Review

Revenue in the third quarter of 2013 was €78.1 million, an 11% increase over the third quarter of 2012 and 2% up on the second quarter of 2013. Recurring revenue, which was 94% of total revenue, was €73.7 million, a 13% increase over the third quarter of 2012 and 2% up on the second quarter of 2013. Recurring revenue in the Big 4 reporting segment was €46.1 million, a 16% increase over the third quarter of 2012 and 2% up on the second quarter of 2013.

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