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Interxion Reports Third Quarter 2012 Results

Interxion Holding NV (NYSE: INXN), a leading European provider of carrier-neutral colocation data centre services, announced its results today for the three months ended 30 September 2012.

Financial Highlights

  • Revenue increased by 14% to €70.4 million (Q3 2011: €62.0 million)
  • Adjusted EBITDA increased by 15% to €28.7 million (Q3 2011: €25.0 million)
  • Adjusted EBITDA margin increased to 40.8% (Q3 2011: 40.3%)
  • Net profit increased by 24% to €8.6 million (Q3 2011: €6.9 million)
  • Capital expenditure, including intangible assets, was €46.5 million

Operating Highlights

  • New data centres opened in Amsterdam and London
  • Equipped Space increased by 4,300 square metres in the third quarter to 69,600 square metres
  • Revenue Generating Space increased by 2,600 square metres in the third quarter to 51,200 square metres
  • Utilisation Rate was 74% at the end of the quarter
  • Announced expansion projects remain on schedule

“Interxion again delivered solid financial and operational results and significantly grew both equipped and revenue generating space,” said Interxion Chief Executive Officer, David Ruberg. “Our market strategy that focuses on creating value for our customers by building communities of interest continues to pay off. We saw particular strength from cloud service providers and financial services segments who derive value in their own businesses from the rich, low latency connectivity and robust communities of interest available in our highly reliable data centres.”

Quarterly Review

Revenue for the third quarter of 2012 was €70.4 million, a 14% increase over the third quarter of 2011 and a 4% increase over the second quarter of 2012. Recurring revenue was €65.1 million, a 12% increase over the third quarter of 2011 and a 4% increase over the second quarter of 2012. Recurring revenue was 92% of total revenue.

Cost of sales for the third quarter increased by 13% to €29.4 million, compared with the third quarter of 2011. Gross profit margin increased to 58.3%, compared with 58.1% in the same quarter of 2011. Sales and marketing costs in the third quarter were €5.1 million, up 20% compared with the same quarter in the previous year. General and administrative costs1, were €7.2 million, an increase of 6% compared with the third quarter of 2011. Depreciation, amortisation, and impairments increased by 21%, compared with the previous-year third quarter, to €11.0 million.

Net financing costs for the third quarter of 2012 were €3.8 million, compared with €5.3 million in the third quarter of 2011, primarily as a result of higher interest capitalization because of increased data centre construction.

Net profit was €8.6 million in the third quarter of 2012, up 24% from the third quarter of 2011. Earnings per share in the third quarter of 2012 were €0.12, an increase of 21%, on a weighted average of 68.7 million diluted shares compared to €0.10 on a weighted average of 67.5 million diluted shares in the third quarter of 2011.

Adjusted EBITDA for the third quarter of 2012 was €28.7 million, up 15% year-on-year. Adjusted EBITDA margin expanded to 40.8%, compared with 40.3% in the third quarter of the previous year.

Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €24.1 million. Capital Expenditure, including intangible assets, was €46.5 million in the third quarter 2012.

Cash and cash equivalents were €55.2 million at 30 September 2012, down from €142.7 million at year-end 2011. The Company’s €60.0 million revolving credit facility remains undrawn.

Equipped space at the end of the third quarter 2012 was 69,600 square metres, compared with 62,200 square metres at the end of the third quarter of 2011 and 65,300 square metres at the end of the second quarter of 2012. Revenue generating space was 51,200 square metres at the end of the third quarter 2012, compared to 46,100 square metres at the end of the third quarter of 2011 and 48,600 square metres at the end of the second quarter of 2012. Utilisation rate, the ratio of revenue-generating space to equipped space, was 74% at the end of the quarter, the same as the third quarter of 2011 and the second quarter of 2012.

1 excluding depreciation, amortisation, impairments, increase in provision for onerous lease contracts, and share-based payments

Business Outlook

The Company today reaffirmed its guidance for 2012:

Revenue     €275 million – €285 million
Adjusted EBITDA €112 million – €120 million
Capital Expenditure (including intangibles) €170 million – €190 million

Conference Call to Discuss Results

The Company will host a conference call today at 8:30am ET (1:30pm GMT, 2:30pm CET) to discuss the results.

To participate on this call, U.S. callers may dial toll free 1-866-295-3947; callers outside the U.S. may dial direct +44 (0) 1452 561 394. The conference ID for this call is 39820449. 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 14 November 2012. 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 39820449.

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.

Use of Non-IFRS Information

EBITDA is defined as operating profit plus depreciation, amortization and impairment of assets. We define Adjusted EBITDA as EBITDA adjusted to exclude share-based payments, increase/decrease in provision for onerous lease contracts, IPO transaction costs, and income from sub-leases on unused data centre sites. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue. We present EBITDA, Adjusted EBITDA and Adjusted EBITDA margin as additional information because we understand that they are measures used by certain investors and because they are used in our financial covenants in our €60 million revolving credit facility and €260 million 9.50% Senior Secured Notes due 2017. However, other companies may present EBITDA, Adjusted EBITDA and Adjusted EBITDA margin differently than we do. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures 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 from Operating Profit to EBITDA and Adjusted EBITDA is provided in the Notes to Consolidated Income Statement: Adjusted EBITDA reconciliation later in this press release.

Interxion does not provide forward-looking estimates of Operating Profit, Depreciation, Amortisation, and Impairments, Share-based Payments, or increase/decrease in provision for onerous lease contracts, IPO transaction costs, abandoned transaction costs, income from sub-leases on unused data centre sites and net insurance compensation benefit, which it uses to reconcile to Adjusted EBITDA. The Company is, therefore, unable to provide reconciling information for Adjusted EBITDA.

About Interxion

Interxion (NYSE: INXN) is a leading provider of carrier-neutral colocation data centre services in Europe, serving a wide range of customers through 32 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 over 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 STATEMENT
(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
2012 2011 2012 2011
 
Revenue 70,425 62,005 204,241 179,920
Cost of sales (29,400 ) (25,969 ) (84,129 ) (76,271 )
Gross profit 41,025 36,036 120,112 103,649
Other income 111 99 343 341
Sales and marketing costs (5,083 ) (4,234 ) (14,597 ) (13,037 )
General and administrative costs (19,443 ) (16,594 ) (55,457 ) (50,389 )
Operating profit 16,610 15,307 50,401 40,564
Net finance expense (3,778 ) (5,255 ) (12,089 ) (17,829 )
Profit before taxation 12,832 10,052 38,312 22,735
Income tax expense (4,270 ) (3,161 ) (12,330 ) (7,812 )
Net profit 8,562   6,891   25,982   14,923  
 
Basic earnings per share: (€) 0.13 0.10 0.39 0.23
Diluted earnings per share: (€) 0.12 0.10 0.38 0.23
 
 
Number of shares outstanding at the end of the period (shares in thousands) 67,950 65,823 67,950 65,823
Weighted average number of shares for Basic EPS (shares in thousands) 67,776 65,742 67,069 63,528
Weighted average number of shares for Diluted EPS (shares in thousands) 68,659 67,488 67,936 65,223
 
 
 

Capacity Metrics

Equipped space (in square meters) 69,600 62,200 69,600 62,200
Revenue generating space (in square meters) 51,200 46,100 51,200 46,100
Utilisation rate 74 % 74 % 74 % 74 %
 
       
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
2012 2011 2012 2011

Consolidated

 
Recurring revenue 65,101 58,225 190,247 168,611
Non-recurring Revenue 5,324   3,780   13,994   11,309  
Revenue 70,425   62,005   204,241   179,920  
Adjusted EBITDA 28,726   25,005   83,828   70,536  
Gross Margin 58.3 % 58.1 % 58.8 % 57.6 %
Adjusted EBITDA Margin 40.8 % 40.3 % 41.0 % 39.2 %
 
Total assets 769,644 708,410 769,644 708,410
Total liabilities 400,504 392,391 400,504 392,391
Capital expenditure, including intangible assets (i) (46,468 ) (54,943 ) (150,140 ) (93,413 )
 

France, Germany, Netherlands, and UK

 
Recurring revenue 39,828 34,470 116,287 100,276
Non-recurring Revenue 3,950   1,950   10,149   6,912  
Revenue 43,778   36,420   126,436   107,188  
Adjusted EBITDA 22,395   18,473   65,800   53,216  
Gross Margin 60.1 % 59.9 % 60.9 % 59.0 %
Adjusted EBITDA Margin 51.2 % 50.7 % 52.0 % 49.6 %
 
Total assets 518,004 335,727 518,004 335,727
Total liabilities 90,654 86,705 90,654 86,705
Capital expenditure, including intangible assets (i) (37,935 ) (41,008 ) (124,990 ) (62,827 )
 

Rest of Europe

 
Recurring revenue 25,273 23,755 73,960 68,335
Non-recurring Revenue 1,374   1,830   3,845   4,397  
Revenue 26,647   25,585   77,805   72,732  
Adjusted EBITDA 13,805   13,162   40,689   37,423  
Gross Margin 60.8 % 60.7 % 61.2 % 60.9 %
Adjusted EBITDA Margin 51.8 % 51.4 % 52.3 % 51.5 %
 
Total assets 192,261 174,732 192,261 174,732
Total liabilities 41,141 38,812 41,141 38,812
Capital expenditure, including intangible assets (i) (7,047 ) (13,650 ) (21,818 ) (28,453 )
 

Corporate and Other

       
Adjusted EBITDA (7,474 ) (6,630 ) (22,661 ) (20,103 )
 
Total assets 59,379 197,951 59,379 197,951
Total liabilities 268,709 266,874 268,709 266,874
Capital expenditure, including intangible assets (i) (1,486 ) (285 ) (3,332 ) (2,133 )
 
 
(i) Capital expenditure, including intangible assets, represents payments to acquire property, plant and equipment and intangible assets, as recorded in the consolidated statement of cash flows as "Purchase of property, plant and equipment" and "Purchase of intangible assets" respectively.
 
       
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: Adjusted EBITDA reconciliation
(in €'000 - except where stated otherwise)
(unaudited)
 
Three Months Ended Nine Months Ended
30-Sep 30-Sep 30-Sep 30-Sep
2012 2011 2012 2011
 
 

Reconciliation to adjusted EBITDA

 

Consolidated

 
Operating profit 16,610 15,307 50,401 40,564
Depreciation, amortization and impairments 11,031   9,087   30,922   27,181  
EBITDA 27,641 24,394 81,323 67,745
Share-based payments 1,196 710 2,848 1,389
Increase/(decrease) in provision for onerous lease contracts - - - 18
IPO transaction costs (ii) - - - 1,725
Income from sub-leases on unused data center sites (111 ) (99 ) (343 ) (341 )
Adjusted EBITDA 28,726   25,005   83,828   70,536  
 

France, Germany, Netherlands, and UK

 
Operating profit 15,798 13,385 48,011 37,300
Depreciation, amortization and impairments 6,526   5,118   17,627   16,017  
EBITDA 22,324 18,503 65,638 53,317
Share-based payments 182 69 505 222
Increase/(decrease) in provision for onerous lease contracts - - - 18
Income from sub-leases on unused data center sites (111 ) (99 ) (343 ) (341 )
Adjusted EBITDA 22,395   18,473   65,800   53,216  
 

Rest of Europe

 
Operating profit 9,796

 

9,681

 

28,977

 

27,533
Depreciation, amortization and impairments 3,904  

 

3,411  

 

11,393  

 

9,698  
EBITDA 13,700

 

13,092

 

40,370

 

37,231
Share-based payments 105  

 

70  

 

319  

 

192  
Adjusted EBITDA 13,805  

 

13,162  

 

40,689  

 

37,423  
 

Corporate and Other

 
Operating Profit/(Loss) (8,984 )

 

(7,759 )

 

(26,587 )

 

(24,269 )
Depreciation, amortization and impairments 601  

 

558  

 

1,902  

 

1,466  
EBITDA (8,383 )

 

(7,201 )

 

(24,685 )

 

(22,803 )
Share-based payments 909

 

571

 

2,024

 

975
IPO transaction costs (ii) -  

 

-  

 

-  

 

1,725  
Adjusted EBITDA (7,474 )

 

(6,630 )

 

(22,661 )

 

(20,103 )
 
(ii) 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
2012 2011
Non-current Assets
Property, plant and equipment 583,809 477,798
Intangible assets 18,162 12,542
Deferred tax assets 32,394 39,557
Financial fixed assets 774
Other non-current assets 4,525   3,841  
639,664 533,738
Current Assets
Trade and other current assets 74,828 67,874
Cash and cash equivalents 55,152   142,669  
129,980   210,543  
Total Assets 769,644   744,281  
 
Shareholders’ Equity
Share capital 6,796 6,613
Share premium 475,185 466,166
Foreign currency translation reserve 10,781 7,386
Accumulated deficit (123,622 ) (149,604 )
369,140 330,561
Non-current Liabilities
Trade payables and other liabilities 10,858 10,294
Deferred tax liabilities 2,722 1,742
Provision for onerous lease contracts 8,503 10,618
Borrowings 257,758   257,267  
279,841 279,921
Current Liabilities
Trade payables and other liabilities 113,799 127,639
Income tax liabilities 3,582 2,249
Provision for onerous lease contracts 3,180 3,108
Borrowings 102   803  
120,663   133,799  
Total Liabilities 400,504   413,720  
Total Liabilities and Shareholders’ Equity 769,644   744,281  
 
   
INTERXION HOLDING NV
NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS
(in €'000 - except where stated otherwise)
(unaudited)
 
As at
30-Sep 31-Dec
2012 2011
 
 

Borrowings Net of Cash and Cash Equivalents

 
Cash and Cash Equivalents (iii) 55,152   142,669  
 
9.5% Senior Secured Notes due 2017 (iv) 256,090 255,560
Financial Leases 165 337
Other Borrowings 1,605   2,173  
Borrowings Excluding Revolving Credit Facility Deferred Financing Costs 257,860   258,070  
Revolving credit facility deferred financing costs (v) (1,452 ) (667 )
Total Borrowings 256,408   257,403  
   
Borrowings Net of Cash and Cash Equivalents 201,256   114,734  
 
 
(iii) Cash and cash equivalents includes €5.6 million as of September 30, 2012 and €4.8 million as of December 31, 2011, which is restricted and held as collateral to support the issuance of bank guarantees on behalf of a number of subsidiary companies.
(iv) €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.
(v) Deferred financing costs of €1.5 million incurred in connection with the €60 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
2012 2011 2012 2011
 
 
Profit for the period 8,562 6,891 25,982 14,923
Depreciation, amortization and impairments 11,031 9,087 30,922 27,181
IPO transaction costs - - - 1,725
Unwinding provision for onerous lease contracts (793 ) (750 ) (2,372 ) (2,303 )
Share-based payments 1,196 710 2,848 1,389
Net finance expense 3,778 5,255 12,089 17,829
Income tax expense 4,270   3,161   12,330   7,812  
28,044 24,354 81,799 68,556
Movements in trade and other current assets (3,291 ) (2,316 ) (7,076 ) (7,995 )
Movements in trade and other liabilities (687 ) 1,723   4,128   6,913  
Cash Generated from Operations 24,066 23,761 78,851 67,474
Interest paid (vi) (7,476 ) (11,598 ) (17,607 ) (24,178 )
Interest received 414 704 734 1,241
Income tax paid (1,320 ) (392 ) (3,622 ) (1,544 )
Net Cash Flows from Operating Activities 15,684 12,475 58,356 42,993
Cash Flows from Investing Activities
Purchase of property, plant and equipment (43,823 ) (53,763 ) (145,046 ) (89,127 )
Disposals of property, plant and equipment - - - 945
Purchase of intangible assets (2,645 ) (1,180 ) (5,094 ) (4,286 )
Acquisition financial fixed assets - - (774 ) -
Movement in short-term investments -   50,000   -   (40,000 )
Net Cash Flows from Investing Activities (46,468 ) (4,943 ) (150,914 ) (132,468 )
Cash Flows from Financing Activities
Proceeds from exercised options 1,621 698 6,725 3,022
Proceeds from issuance of new shares - - - 142,952
Repayment of "Liquidation Price" to former preferred shareholders - - - (3,055 )
Senior Secured Notes and RCF (204 ) - (1,159 ) (645 )
Other Borrowings (59 ) (678 ) (740 ) (2,265 )
Net Cash Flows from Financing Activities 1,358 20 4,826 140,009
Effect of exchange rate changes on cash 92   16   215   (110 )
Net Movement in Cash and Cash Equivalents (29,334 ) 7,568 (87,517 ) 50,424
Cash and cash equivalents, beginning of period 84,486   141,971   142,669   99,115  
Cash and Cash Equivalents, End of Period 55,152   149,539   55,152   149,539  
 
(vi) Interest paid is reported net of cash interest capitalized which is reported as part of “Purchase of property, plant and equipment".
 
 
INTERXION HOLDING NV
Status of Announced Expansion Projects as at 31 October 2012
with Target Open Dates in 2012 & 2013
 
 
Market Project CAPEX (a, b) Equipped Space (a) Target Opening
      (€ million) (Sqm)  
 
Stockholm STO 1: Phase 4 Expansion € 5 500 1Q 2012 (opened)
Frankfurt FRA 7: New Build € 21 1,500 1Q 2012 (opened)
Paris PAR 7 : Phase 1 New Build € 70 4,500 2Q 2012 (opened) (c)
Amsterdam AMS 6: New Build € 60 4,400 3Q 2012 (opened) (d)
London LON 2: New Build € 38 1,500 3Q 2012 (opened) (e)
Amsterdam AMS 5: Phase 4 Expansion € 12 1,000 4Q 2012
Zurich ZUR 1: Phase 3 Expansion € 4 600 4Q 2012
Madrid MAD 2: Phase 1 New Build € 10 800 1Q 2013
Total € 220 14,800
 
(a) CAPEX and Equipped Space are approximate and may change.
(b) CAPEX reflects the total for the listed project at full power and capacity and may not be all invested in the current year.
(c) Opened 500 sqm in 2Q 2012 and 1500 sqm in 3Q 2012; remaining 2500 sqm scheduled to open in 1Q 2013.
(d) Opened 1700 sqm in 3Q 2012 for early customer access; remainder of the facility opened on schedule
(e) 1100 sqm opened in 3Q 2012; remainder scheduled to open in 4Q 2012.
 

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