18% Year over Year Revenue Growth and Strong
Bookings Driven by Growing Demand across Our Target
Segments
Interxion Holding NV (NYSE:INXN), a leading European provider of
carrier and cloud-neutral colocation data centre services,
announced its results today for the three months ended 30 September
2017.
Financial Highlights
- Revenue increased by 18% to €124.6
million (3Q 2016: €105.3 million).
- Recurring revenue1 increased by 17% to
€117.4 million (3Q 2016: €100.0 million).
- Net income decreased by 4% to €10.1
million (3Q 2016: €10.5 million).
- Adjusted net income2 increased by 24%
to €10.7 million (3Q 2016: €8.6 million).
- Earnings per diluted share decreased to
€0.14 (3Q 2016: €0.15).
- Adjusted earnings2 per diluted share
increased to €0.15 (3Q 2016: €0.12).
- Adjusted EBITDA2 increased by 16% to
€56.2 million (3Q 2016: €48.3 million).
- Adjusted EBITDA margin decreased to
45.1% (3Q 2016: 45.9%).
- Capital expenditures, including
intangible assets3, were €75.2 million (3Q 2016: €64.5
million).
Operating Highlights
- Equipped space4 increased by 1,900
square metres in the quarter to 118,900 square metres.
- Revenue generating space4 increased by
2,100 square metres in the quarter to 97,100 square metres.
- Utilisation rate at the end of the
quarter was 82%.
- During the third quarter, Interxion
completed the following major expansions:
- 1,100 sqm expansion in Frankfurt,
- 300 sqm expansion in Stockholm,
and
- 400 sqm expansion in Zurich.
“Interxion delivered strong financial and operational results in
the third quarter, with 18% revenue growth year-over-year, driven
by 21% revenue growth in our Big 4 markets and 14% growth in the
Rest of Europe,” said David Ruberg, Interxion’s Chief Executive
Officer. “Strong and well diversified bookings in the quarter
confirmed the value of our communities of interest and reflect the
growing demand that we are experiencing across our European
footprint and in our target segments. Consequently, we are
increasing our full year revenue guidance and narrowing Adjusted
EBITDA guidance to the top end of our previously announced
range.”
Quarterly Review
Revenue in the third quarter of 2017 was €124.6 million, an 18%
increase over the third quarter of 2016 and a 3% increase over the
second quarter of 2017. Recurring revenue was €117.4 million, a 17%
increase over the third quarter of 2016 and a 3% increase over the
second quarter of 2017. Recurring revenue in the third quarter
represented 94% of total revenue. On an organic constant currency5
basis, revenue in the third quarter of 2017 was 17% higher than in
the third quarter of 2016 and 4% higher than in the second quarter
of 2017.
Cost of sales in the third quarter of 2017 was €49.6 million, a
22% increase over the third quarter of 2016 and a 4% increase over
the second quarter of 2017.
Gross profit was €75.0 million in the third quarter of 2017, a
16% increase over the third quarter of 2016 and a 3% increase over
the second quarter of 2017. Gross profit margin was 60.2% in the
third quarter of 2017, compared with 61.3% in the third quarter of
2016 and 60.3% in the second quarter of 2017.
Sales and marketing costs in the third quarter of 2017 were €8.2
million, a 13% increase over the third quarter of 2016 and flat
compared to the second quarter of 2017.
Other general and administrative costs, which exclude
depreciation, amortisation, impairments, share-based payments and
M&A transaction costs were €10.6 million in the third quarter
of 2017, a 19% increase over the third quarter of 2016 and a 3%
increase from the second quarter of 2017.
Depreciation, amortisation, and impairments in the third quarter
of 2017 was €27.8 million, a 26% increase from the third quarter of
2016 and a 2% increase from the second quarter of 2017.
Operating income in the third quarter of 2017 was €25.0 million,
an increase of 6% from the third quarter of 2016 and flat compared
to the second quarter of 2017.
Net finance expense for the third quarter of 2017 was €10.8
million, a 26% increase over the third quarter of 2016 and a 1%
decrease over the second quarter of 2017.
Income tax expense for the third quarter of 2017 was €4.1
million, a 9% decrease compared with the third quarter of 2016 and
an 11% increase from the second quarter of 2017.
Net income was €10.1 million in the third quarter of 2017, a 4%
decrease over the third quarter of 2016 and a 3% decrease from the
second quarter of 2017.
Adjusted net income was €10.7 million in the third quarter of
2017, a 24% increase over the third quarter of 2016 and a 5%
increase from the second quarter of 2017.
Adjusted EBITDA for the third quarter of 2017 was €56.2 million,
a 16% increase over the third quarter of 2016 and a 3% increase
over the second quarter of 2017.
Adjusted EBITDA margin was 45.1% in the third quarter of 2017,
compared with 45.9% in the third quarter of 2016 and 45.0% in the
second quarter of 2017.
Net cash flows from operating activities were €32.5 million in
the third quarter of 2017, compared with €23.2 million in the third
quarter of 2016 and €35.7 million in the second quarter of
2017.
Cash generated from operations6, was €55.2 million in the third
quarter of 2017, compared with €43.5 million in the third quarter
of 2016 and €40.6 million in the second quarter of 2017.
Capital expenditures, including intangible assets, were €75.2
million in the third quarter of 2017, compared with €64.5 million
in the third quarter of 2016 and €56.4 million in the second
quarter of 2017.
Cash and cash equivalents were €38.2 million at 30 September
2017, compared with €115.9 million at year end 2016.
Total borrowings, net of deferred revolving facility financing
fees, were €806.8 million at 30 September 2017, compared with
€735.0 million at year end 2016.
All of the capacity metrics below do not include Interxion
Science Park.
Equipped space at the end of the third quarter of 2017 was
118,900 square metres, compared with 107,800 square metres at the
end of the third quarter of 2016 and 117,000 square metres at the
end of the second quarter of 2017.
Revenue generating space at the end of the third quarter of 2017
was 97,100 square metres, compared with 84,100 square metres at the
end of the third quarter of 2016 and 95,000 square metres at the
end of the second quarter of 2017.
Utilisation rate, the ratio of revenue-generating space to
equipped space, was 82% at the end of the third quarter of 2017,
compared with 78% at the end of the third quarter of 2016 and 81%
at the end of the second quarter of 2017.
Land Purchase in Frankfurt; Expansion in Dublin and
Zurich
Interxion today announced the expansion of its Frankfurt campus
footprint and the further build out of its DUB3 and ZUR1 data
centres.
In Frankfurt, Interxion has expanded its campus footprint by
purchasing a parcel of land which can accommodate a data centre of
over 7,000 square metres of equipped space. The capital expenditure
associated with the Frankfurt land purchase is approximately €10
million.
In Dublin, Interxion will expand its DUB3 data centre by
constructing an additional 1,200 square metres of equipped space
and adding approximately 1 MW of customer available power. The
additional 1,200 square metres of equipped space at DUB3 is
scheduled to open in the third quarter of 2018. Capital expenditure
associated with the incremental space and power for DUB3 is
expected to be approximately €17 million.
In Zurich, Interxion will expand its ZUR1 data centre by
constructing an additional 400 square meters of equipped space,
which is scheduled to become operational in the first quarter of
2018. The capital expenditure associated with this expansion is
expected to be approximately €2 million.
The anticipated 2017 capital expenditure associated with the
Frankfurt land purchase and the two data centre expansions is
included in the 2017 capital expenditure guidance provided by the
Company today.
Business Outlook
Interxion is updating its guidance for full year 2017,
increasing its full year revenue guidance, narrowing Adjusted
EBITDA guidance to the top end of its previously announced range,
and reaffirming capital expenditures (including intangibles)
guidance:
Prior Guidance Revised Guidance (in millions) (in
millions) Revenue €468 – €483 €485 – €489 Adjusted EBITDA €212 –
€222 €220 – €222 Capital expenditures (including intangibles) €250
– €270 €250 – €270
Capital expenditure guidance does not include €77.5 million for
the acquisition of Interxion Science Park in 1Q 2017.
Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. EDT
(12:30 p.m. GMT, 1:30 p.m. CET) to discuss the results.
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 INXN. 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 2017. 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 550 000. The
replay access number is 94232527.
Forward-looking Statements
This communication contains forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such forward-looking statements. Factors that could cause actual
results and future events to differ materially from Interxion’s
expectations include, but are not limited to, the difficulty of
reducing operating expenses in the short term, the 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, certain other risks detailed herein
and other risks described from time to time in Interxion’s filings
with the United States Securities and Exchange Commission (the
“SEC”).
Interxion does not assume any obligation to update the
forward-looking information contained in this report.
Non-IFRS Financial Measures
Included in these materials are certain non-IFRS financial
measures, which are measures of our financial performance that are
not calculated and presented in accordance with IFRS, within the
meaning of applicable SEC rules. These measures are as follows: (i)
EBITDA; (ii) Adjusted EBITDA; (iii) Recurring revenue; (iv) Revenue
on an organic constant currency basis; (v) Adjusted net income;
(vi) Adjusted basic earnings per share, (vii) Adjusted diluted
earnings per share and (viii) Cash generated from operations.
Other companies may present EBITDA, Adjusted EBITDA, Recurring
revenue, Revenue on an organic constant currency basis, Adjusted
net income, Adjusted basic earnings per share, Adjusted diluted
earnings per share and Cash generated from operations differently
than we do. Each of these measures are not measures of financial
performance under IFRS and should not be considered as an
alternative to operating income or as a measure of liquidity or an
alternative to Profit for the period attributable to shareholders
(“net income”) as indicators of our operating performance or any
other measure of performance implemented in accordance with
IFRS.
EBITDA, Adjusted EBITDA, Recurring revenue and Revenue on an
organic constant currency basis
We define EBITDA as net income plus income tax expense, net
finance expense, depreciation, amortisation and impairment of
assets.
We define Adjusted EBITDA as EBITDA adjusted for the following
items, which may occur in any period, and which management believes
are not representative of our operating performance:
- Share-based payments – primarily the
fair value at the date of grant to employees of equity awards, are
recognised as an employee expense over the vesting period. We
believe that this expense does not represent our operating
performance.
- Income or expense related to the
evaluation and execution of potential mergers or acquisitions
(“M&A”) – under IFRS, gains and losses associated with M&A
activity are recognised in the period in which such gains or losses
are incurred. We exclude these effects because we believe they are
not reflective of our ongoing operating performance.
- Adjustments related to terminated and
unused data centre sites – these gains and losses relate to
historical leases entered into for certain brownfield sites, with
the intention of developing data centres, which were never
developed and for which management has no intention of developing
into data centres. We believe the impact of gains and losses
related to unused data centres are not reflective of our business
activities and our on-going operating performance.
In certain circumstances, we may also adjust for other items
that management believes are not representative of our current
on-going performance. Examples include: adjustments for the
cumulative effect of a change in accounting principle or estimate,
impairment losses, litigation gains and losses or windfall gains
and losses.
We define Recurring revenue as revenue incurred from colocation
and associated power charges, office space, amortised set-up fees,
cross-connects and certain recurring managed services (but
excluding any ad hoc managed services) provided by us directly or
through third parties, excluding rents received for the sublease of
unused sites.
We believe EBITDA and Adjusted EBITDA and Recurring revenue
provide useful supplemental information to investors regarding our
on-going operational performance. These measures help us and our
investors evaluate the on-going operating performance of the
business after removing the impact of our capital structure
(primarily interest expense) and our asset base (primarily
depreciation and amortisation). Management believes that the
presentation of Adjusted EBITDA, when combined with the primary
IFRS presentation of net income, provides a more complete analysis
of our operating performance. Management also believes the use of
EBITDA and Adjusted EBITDA facilitates comparisons between us and
other data centre operators (including other data centre operators
that are REITs) and other infrastructure based businesses. EBITDA
and Adjusted EBITDA are also relevant measures used in the
financial covenants of our €100.0 million revolving credit
facility, our €100.0 million senior secured revolving facility and
our 6.00% Senior Secured Notes due 2020.
A reconciliation from net income to EBITDA and from EBITDA to
Adjusted EBITDA is provided in the tables attached to this press
release. EBITDA, Adjusted EBITDA and other key performance
indicators may not be indicative of our historical results of
operations, nor are they meant to be predictive of future
results.
We believe that revenue growth is a key indicator of how a
company is progressing from period to period and presenting organic
constant currency information for revenue provides useful
supplemental information to investors regarding our ongoing
operational performance because it helps us and our investors
evaluate the ongoing operating performance of the business after
removing the impact of acquisitions and of currency exchange
rates.
Adjusted net income, Adjusted basic earnings per share and
Adjusted diluted earnings per share
We define Adjusted net income as net income adjusted for the
following items and the related income tax effect, which may occur
in any period, and which management believes are not reflective of
our operating performance:
- Income or expense related to the
evaluation and execution of potential mergers or acquisitions
(“M&A”) – under IFRS, gains and losses associated with M&A
activity are recognised in the period in which such gains or losses
are incurred. We exclude these effects because we believe they are
not reflective of our on-going operating performance.
- Adjustments related to provisions –
these adjustments are made for adjustments in provisions that are
not reflective of the on-going operating performance of Interxion.
These adjustments may include changes in provisions for onerous
lease contracts.
- Adjustments related to capitalised
interest – under IFRS, we are required to calculate and capitalise
interest allocated to the investment in data centres and exclude it
from net income. We believe that reversing the impact of
capitalised interest provides information about the impact of the
total interest costs and facilitates comparisons with other data
centre operators.
In certain circumstances, we may also adjust for items that
management believes are not representative of our current on-going
performance. Examples include: adjustments for the cumulative
effect of a change in accounting principle or estimate, impairment
losses, litigation gains and losses or windfall gains and
losses.
Management believe that the exclusion of certain items listed
above, provides useful supplemental information to net income to
aid investors in evaluating the operating performance of our
business and comparing our operating performance with other data
centre operators and infrastructure companies. We believe the
presentation of Adjusted net income, when combined with net income
(loss) prepared in accordance with IFRS is beneficial to a complete
understanding of our performance. A reconciliation from reported
net income to Adjusted net income is provided in the tables
attached to this press release.
Adjusted basic earnings per share and Adjusted diluted earnings
per share amounts are determined on Adjusted net income.
Cash generated from operations
Cash generated from operations is defined as net cash flows from
operating activities, excluding interest and corporate income tax
payments and receipts. Management believe that the exclusion of
these items, provides useful supplemental information to net cash
flows from operating activities to aid investors in evaluating the
cash generating performance of our business.
The company’s outlook for 2017 included in this press release,
includes a range for expected Adjusted EBITDA, a non-IFRS financial
measure, which excludes items that management believes are not
representative of our operating performance. These items include,
but are not limited to, share-based payments, income or expense
related to the evaluation and execution of potential mergers or
acquisitions, adjustments related to terminated and unused data
centre sites, and other significant items that currently cannot be
predicted. The exact amount of these items is not currently
determinable, but may be significant. Accordingly, the company is
unable to provide equivalent reconciliations from the corresponding
forward-looking IFRS measures to expected Adjusted EBITDA.
About Interxion
Interxion (NYSE:INXN) is a leading provider of carrier and
cloud-neutral colocation data centre services in Europe, serving a
wide range of customers through 48 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 over 600 connectivity providers, 21 European Internet
exchanges, and most leading cloud and digital media platforms
across its footprint, Interxion has created connectivity, cloud,
content and finance hubs that foster growing customer communities
of interest. For more information, please visit
www.interxion.com.
This announcement contains inside information under Regulation
(EU) 596/2014 (16 April 2014).
1 Recurring revenue is revenue incurred from colocation and
associated power charges, office space, amortised set-up fees,
cross-connects and certain recurring managed services (but
excluding any ad hoc managed services) provided by us directly or
through third parties, excluding rents received for the sublease of
unused sites.
2 Adjusted net income (or ‘Adjusted earnings’) and Adjusted
EBITDA are non-IFRS figures intended to adjust for certain items
and are not measures of financial performance under IFRS. Complete
definitions can be found in the “Non-IFRS Financial Measures”
section in this press release. Reconciliations of net income to
Adjusted EBITDA and net income to Adjusted net income can be found
in the financial tables later in this press release.
3 Capital expenditures, including intangible assets, represent
payments to acquire property, plant, 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.
4 Equipped space and Revenue generating space (and other metrics
derived from these measures) exclude Interxion Science Park, which
was acquired on 24 February 2017.
5 We present organic constant currency information to provide a
framework for assessing how our underlying businesses performed
excluding the effect of acquisitions and foreign currency rate
fluctuations. For purposes of calculating Revenue on an organic
constant currency basis, results from entities acquired during the
current and comparison period are excluded. Also, current and
comparative prior period results for entities reporting in
currencies other than Euro are converted into Euro using the
average exchange rates from the prior period rather than the actual
exchange rates in effect during the current period. The
reconciliation of total revenue growth to total revenue growth on
an organic constant currency basis, is as follows:
Three Months Ended 30 September 2017
Year-on-year Sequential Reported total
revenue growth 18.4% 3.2% Add back: impact of foreign currency
translation 0.8% 0.6% Reverse: impact of acquired ISP business
-1.8% 0.0% Total revenue growth on an organic constant currency
basis 17.4% 3.7% Percentages may not add due to rounding
6 We define Cash generated from operations as net cash flows
from operating activities, excluding interest and corporate income
tax payments and receipts.
INTERXION HOLDING NV
CONDENSED CONSOLIDATED INCOME STATEMENTS (in €'000 ― except
per share data and where stated otherwise) (unaudited)
Three Months Ended Nine Months ended Sep-30
Sep-30
Sep-30 Sep-30
2017 2016
2017 2016
Revenue 124,647 105,275 359,420
311,301 Cost of sales (49,608 ) (40,765 ) (141,628 )
(119,547 )
Gross Profit 75,039 64,510
217,792 191,754 Other income - 12 27 142 Sales and
marketing costs (8,247 ) (7,293 ) (24,458 ) (22,301 ) General and
administrative costs (41,766 ) (33,619 ) (118,947 ) (99,572 )
Operating income 25,026 23,610 74,414
70,023 Net finance expense (10,833 ) (8,628 ) (32,040 )
(26,756 )
Profit or loss before income taxes 14,193
14,982 42,374 43,267 Income tax expense (4,131
) (4,521 ) (11,158 ) (13,422 )
Net income 10,062
10,461 31,216 29,845
Basic earnings per share(a): (€) 0.14 0.15 0.44 0.42
Diluted earnings per share(b): (€) 0.14 0.15 0.44 0.42
Number of shares outstanding at the end of the period
(shares in thousands) 71,327 70,527 71,327 70,527 Weighted average
number of shares for Basic EPS (shares in thousands) 71,195 70,528
71,004 70,286 Weighted average number of shares for Diluted EPS
(shares in thousands) 71,891 71,463 71,701 71,188
As at Sep-30 Sep-30
Capacity metrics
2017 2016 Equipped space (in square meters) (c) 118,900
107,800
Revenue generating space (in square
meters) (c)
97,100 84,100 Utilization rate 82 % 78 % (a) Basic earnings
per share are calculated as net income divided by the weighted
average number of shares for Basic EPS. (b) Diluted earnings per
share are calculated as net income divided by the weighted average
number of shares for Diluted EPS.
(c) Equipped space and Revenue generating
space (and other metrics derived from these measures) exclude
Interxion Science Park, which was acquired on February 24,
2017.
INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: SEGMENT
INFORMATION (in €'000 ― except where stated otherwise)
(unaudited)
Three Months Ended Nine Months
ended Sep-30 Sep-30 Sep-30 Sep-30
2017 2016 2017 2016
Consolidated
Recurring revenue 117,392 99,987 339,094 296,528
Non-recurring revenue 7,255 5,288 20,326
14,773
Revenue 124,647 105,275
359,420 311,301 Net
income 10,062 10,461 31,216 29,845
Net income margin 8.1 % 9.9 % 8.7 % 9.6 %
Operating income
25,026 23,610 74,414 70,023 Operating
income margin 20.1 % 22.4 % 20.7 % 22.5 %
Adjusted EBITDA
56,200 48,331 161,850
141,596 Gross profit margin 60.2
% 61.3 % 60.6 % 61.6
% Adjusted EBITDA margin 45.1 %
45.9 % 45.0 % 45.5 %
Total assets 1,620,036 1,457,055 1,620,036 1,457,055 Total
liabilities 1,034,037 921,269 1,034,037 921,269 Capital
expenditure, including intangible assets(a) (75,158 ) (64,526 )
(186,356 ) (177,120 )
France, Germany,
the Netherlands, and the UK
Recurring revenue 76,554 63,809 220,736 189,847
Non-recurring revenue 4,279 3,073 12,348 8,958
Revenue 80,833 66,882 233,084
198,805 Operating income 24,186 21,937
72,956 65,993 Operating income margin 29.9 % 32.8 %
31.3 % 33.2 %
Adjusted EBITDA 43,414
36,776 126,697 109,969
Gross profit margin 61.0 % 62.6
% 61.6 % 62.8 % Adjusted
EBITDA margin 53.7 % 55.0 %
54.4 % 55.3 % Total assets
1,156,329 949,085 1,156,329 949,085 Total liabilities 242,646
194,390 242,646 194,390 Capital expenditure, including intangible
assets(a) (51,593 ) (43,489 ) (127,412 ) (123,873 )
Rest of
Europe
Recurring revenue 40,838 36,178 118,358 106,681
Non-recurring revenue 2,976 2,215 7,978 5,815
Revenue 43,814 38,393
126,336 112,496 Operating income
18,315 15,974 51,467 46,325 Operating
income margin 41.8 % 41.6 % 40.7 % 41.2 %
Adjusted EBITDA
25,914 22,366 73,610
65,455 Gross profit margin 65.8
% 65.2 % 65.9 % 65.9
% Adjusted EBITDA margin 59.1 %
58.3 % 58.3 % 58.2 %
Total assets 388,447 348,314 388,447 348,314 Total
liabilities 79,875 77,799 79,875 77,799 Capital expenditure,
including intangible assets(a) (21,243 ) (18,514 ) (51,095 )
(45,185 )
Corporate and
other
Operating income (17,475 )
(14,301 ) (50,009 ) (42,295
) Adjusted EBITDA (13,128 )
(10,811 ) (38,457 ) (33,828
) Total assets 75,260 159,656 75,260 159,656 Total
liabilities 711,516 649,080 711,516 649,080 Capital expenditure,
including intangible assets(a) (2,322 ) (2,523 ) (7,849 ) (8,062 )
(a) Capital expenditure, including
intangible assets, represents payments to acquire property, plant
and equipment and intangible assets,as recorded in the condensed
consolidated statements of cash flows as "Purchase of property,
plant and equipment" and "Purchase of intangible assets",
respectively.
INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: ADJUSTED
EBITDA RECONCILIATION (in €'000 ― except where stated
otherwise) (unaudited)
Three Months Ended Nine
Months ended Sep-30 Sep-30
Sep-30 Sep-30
2017 2016
2017 2016
Reconciliation to
Adjusted EBITDA
Consolidated
Net income 10,062 10,461 31,216
29,845 Income tax expense 4,131 4,521 11,158
13,422
Profit before taxation 14,193
14,982 42,374 43,267 Net finance expense
10,833 8,628 32,040 26,756
Operating
income 25,026 23,610 74,414 70,023
Depreciation, amortisation and impairments 27,790 22,094
79,183 65,592
EBITDA(1)
52,816
45,704 153,597 135,615 Share-based payments
1,751 1,752 5,319 4,515 Income or expense related to the evaluation
and execution of potential mergers or acquisitions: M&A
transaction costs(2) 1,633 887 2,961 1,608 Items related to
terminated or unused data centre sites: Items related to sub-leases
on unused data centre sites(3) - (12 ) (27 ) (142 )
- -
Adjusted EBITDA(1)
56,200 48,331 161,850
141,596
France, Germany,
the Netherlands, and the UK
Operating income 24,186 21,937
72,956 65,993 Depreciation, amortisation and
impairments 18,788 14,782 52,783 43,617
EBITDA(1)
42,974 36,719 125,739
109,610 Share-based payments 440 69 985 501 Items related to
terminated or unused data centre sites: Items related to sub-leases
on unused data centre sites(3) - (12 ) (27 ) (142 )
Adjusted EBITDA(1)
43,414 36,776
126,697 109,969
Rest of
Europe
Operating income 18,315 15,974
51,467 46,325 Depreciation, amortisation and
impairments 7,475 6,288 21,819 18,818
EBITDA(1)
25,790 22,262 73,286
65,143 Share-based payments 124 104 324
312
Adjusted EBITDA(1)
25,914
22,366 73,610 65,455
Corporate and
Other
Operating income (17,475 )
(14,301 ) (50,009 ) (42,295
) Depreciation, amortisation and impairments 1,527
1,024 4,581 3,157
EBITDA(1)
(15,948 ) (13,277 ) (45,428
) (39,138 ) Share-based payments 1,187 1,579
4,010 3,702 Income or expense related to the evaluation and
execution of potential mergers or acquisitions: M&A transaction
costs(2) 1,633 887 2,961 1,608
Adjusted EBITDA(1)
(13,128 ) (10,811
) (38,457 ) (33,828 )
(1) “EBITDA” and “Adjusted EBITDA” are
non-IFRS financial measures. See “Non-IFRS Financial Measures” for
more information on these measures, including why we believe that
these supplemental measures are useful, and the limitations on the
use of these supplemental measures.
(2) “M&A transaction costs” are costs
associated with the evaluation, diligence and conclusion or
termination of merger or acquisition activity. These costs are
included in “General and administrative costs”.
(3) “Items related to sub-leases on unused
data centre sites” represents the income on sub-lease of portions
of unused data centre sites to third parties. This income is
treated as ‘Other income’.
INTERXION HOLDING NV CONDENSED
CONSOLIDATED BALANCE SHEET (in €'000 ― except where stated
otherwise) (unaudited)
As at Sep-30
Dec-31 2017 2016 Non-current assets
Property, plant and equipment 1,277,166 1,156,031 Intangible assets
59,448 28,694 Goodwill 38,900 - Deferred tax assets 25,751 20,370
Other investments 3,246 1,942 Other non-current assets 14,461
11,914
1,418,972 1,218,951 Current
assets Trade receivables and other current assets 162,860
147,821 Cash and cash equivalents 38,204 115,893
201,064 263,714 Total assets
1,620,036 1,482,665
Shareholders’ equity Share capital 7,132 7,060 Share premium
530,315 519,604 Foreign currency translation reserve 5,163 9,988
Hedging reserve, net of tax (187 ) (243 ) Accumulated profit 43,576
12,360
585,999 548,769 Non-current
liabilities Other non-current liabilities 14,659 11,718
Deferred tax liabilities 21,985 9,628 Borrowings 716,749
723,975
753,393 745,321 Current
liabilities Trade payables and other current liabilities
183,170 171,399 Income tax liabilities 7,165 5,694 Borrowings
90,309 11,482
280,644 188,575
Total liabilities 1,034,037
933,896 Total liabilities and shareholders’
equity 1,620,036 1,482,665
INTERXION HOLDING NV NOTES TO THE CONDENSED
CONSOLIDATED BALANCE SHEET: BORROWINGS (in €'000 ― except where
stated otherwise) (unaudited)
As at Sep-30
Dec-31 2017 2016
Borrowings net of
cash and cash equivalents
Cash and cash equivalents 38,204
115,893 6.00% Senior Secured Notes due 2020(a)
628,437 629,327 Mortgages 52,541 54,412 Financial leases 51,280
51,718 Other borrowings(b) 74,800 -
Borrowings
excluding Revolving Facility deferred financing costs
807,058 735,457 Revolving Facility
deferred financing costs(c) (290 ) (426 )
Total borrowings
806,768 735,031
Borrowings net of cash and cash equivalents
768,564 619,138 (a) €625 million
6.00% Senior Secured Notes due 2020 include a premium on the
additional issuance and are shown after deducting underwriting
discounts and commissions, offering fees and expenses. (b) On 28
July 2017, we amended the terms of our €75.0 million senior secured
revolving facility agreement dated 9 March 2017 to increase the
amount available under the facility to €100.0 million and to add a
second extension option enabling us to extend the maturity of this
credit facility to 31 December 2018. Also, on 31 July 2017, we
extended the maturity of our €100.0 million senior multicurrency
revolving facility agreement dated 17 June 2013 from 3 July 2018 to
31 December 2018. (c) Deferred financing costs of €0.3 million as
of 30 September 2017 were incurred in connection with the €100
million revolving facility.
INTERXION HOLDING NV CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (in €'000 ― except where stated otherwise)
(unaudited)
Three Months Ended Nine Months
ended Sep-30 Sep-30
Sep-30 Sep-30
2017
2016((b))
2017 2016((b)) Net income
10,062
10,461 31,216 29,845 Depreciation,
amortisation and impairments 27,790 22,094 79,183 65,592 Provision
for onerous lease contracts - (261 ) - (1,532 ) Share-based
payments 1,443 1,845 4,012 4,403 Net finance expense 10,833 8,628
32,040 26,756 Income tax expense 4,131 4,521 11,158
13,422 54,259 47,288 157,609 138,486 Movements in
trade receivables and other assets (266 ) (4,956 ) (13,654 ) (3,646
) Movements in trade payables and other liabilities 1,212
1,135 14,793 (1,623 )
Cash generated from / (used
in) operations 55,205 43,467 158,748
133,217 Interest and fees paid(a) (19,476 ) (18,357 )
(40,389 ) (33,779 ) Interest received 193 44 140 69 Income tax paid
(3,439 ) (1,948 ) (8,744 ) (5,486 )
Net cash flows from / (used
in) operating activities 32,483 23,206
109,755 94,021 Cash flows from / (used in)
investing activities Purchase of property plant and equipment
(73,708 ) (61,041 ) (180,030 ) (169,217 ) Financial investments -
deposits 30 416 (336 ) 1,164 Acquisition Interxion Science Park
B.V. - - (77,517 ) - Purchase of intangible assets (1,450 ) (3,485
) (6,326 ) (7,903 ) Loans provided - (1,942 ) (1,341 ) (1,942 )
Proceeds from sale of financial asset - 281 -
281
Net cash flows from / (used in) investing
activities (75,128 ) (65,771 )
(265,550 ) (177,617 ) Cash flows
from / (used in) financing activities Proceeds from exercised
options 2,682 44 6,771 6,220 Proceeds from mortgages - - - 14,625
Repayment of mortgages (624 ) (548 ) (2,045 ) (1,816 ) Proceeds
from revolving credit facilities 30,000 - 104,775 - Repayment
Revolving facilities - - (30,000 ) - Proceeds Senior secured notes
at 6% - - - 155,346 Interest received at issue of additional notes
- - - 2,225
Net cash flows from /
(used in) financing activities 32,058 (504
) 79,501 176,600 Effect of exchange rate
changes on cash (452 ) (187 ) (1,395 ) (592 )
Net increase /
(decrease) in cash and cash equivalents (11,039 )
(43,256 ) (77,689 ) 92,412 Cash
and cash equivalents, beginning of period 49,243 189,354
115,893 53,686
Cash and cash equivalents,
end of period 38,204 146,098
38,204 146,098 (a) Interest and
fees paid is reported net of cash interest capitalised, which is
reported as part of “Purchase of property, plant and equipment".
(b) The collaterized cash has been reclassified from ”Cash and cash
equivalents” to ”Other current assets” and ”Other non-current
assets”. The impact on the consolidated statement of cash flows has
been presented in investing cash flows. Comparative figures have
been adjusted accordingly.
INTERXION HOLDING NV NOTES TO CONDENSED CONSOLIDATED
INCOME STATEMENTS: ADJUSTED NET INCOME RECONCILIATION (in €'000
― except per share data and where stated otherwise) (unaudited)
Three Months Ended Nine Months ended
Sep-30 Sep-30
Sep-30 Sep-30
2017 2016
2017 2016
Net income - as reported
10,062 10,461 31,216 29,845
Add back + M&A transaction costs 1,633 887
2,961 1,608 1,633 887 2,961 1,608
Reverse -
Profit on sale of financial asset - (281 ) - (281 ) - Adjustment of
financial lease obligation - (1,410 ) - (1,410 ) - Interest
capitalised (840 ) (1,255 ) (2,605 ) (2,421 ) (840 ) (2,946 )
(2,605 ) (4,112 )
Tax effect of above add backs &
reversals (198 ) 162 (89 ) 274
Adjusted net income
10,657 8,564 31,483
27,615 Reported basic EPS: (€) 0.14 0.15 0.44
0.42 Reported diluted EPS: (€) 0.14 0.15 0.44 0.42 Adjusted
basic EPS: (€) 0.15 0.12 0.44 0.39 Adjusted diluted EPS: (€) 0.15
0.12 0.44 0.39
INTERXION
HOLDING NV Status of Announced Expansion Projects as at 1
November 2017 with Target Open Dates after 1 July 2017
CAPEX Equipped ((a)(b)) Space
((a)) Market Project (€ million)
(sqm) Target Opening Dates Dublin DUB3: Phases
3 - 4 17 1,200 3Q 2018 Frankfurt FRA11: Phases 1 - 4 New Build 95
4,800 4Q 2017 - 2Q 2018 (c) Frankfurt FRA12: New Build 19 1,100 3Q
2017 Frankfurt FRA13: Phases 1 - 2 New Build 90 4,900 4Q 2018 - 1Q
2019 (d) London LON3: New Build 35 1,800 3Q 2018 Marseille MRS2:
Phases 1 - 2 New Build 76 4,300 3Q 2017 - 4Q 2018(e) Stockholm
STO5: Phase 1 New Build 11 600 3Q 2017 - 4Q 2017 (f) Vienna VIE2:
Phases 7 - 8 45 2,300 4Q 2017 -3Q 2018(g) Zurich ZUR1: Phase 3
(cont.) - 4 3 800 3Q17 - 1Q 2018 (h)
Total € 391
21,800 (a) CAPEX and Equipped space are approximate
and may change. Figures are rounded to nearest 100 sqm unless
otherwise noted. Totals may not add due to rounding. (b) CAPEX
reflects the total spend for the projects listed at full power and
capacity and the amounts shown in the table above may be invested
over the duration of more than one fiscal year. (c) FRA11: Phases 1
and 2 (1,200 square metres each) are scheduled to become
operational in 4Q 2017; phases 3 & 4 (1,200 square metres each)
are scheduled to become operational in 2Q 2018. (d) FRA13: Phase 1
(2,300 square metres) is scheduled to become operational in 4Q
2018; phase 2 (2,600 square metres) is scheduled to become
operational in 1Q 2019. (e) MRS2: 100 sqm became operational in 3Q
2017. 700 square metres is scheduled to become operational in 2Q
2018; 1,900 square metres is scheduled to become operational in 4Q
2018. Further phases have not yet been announced. (f) STO5: 300 sqm
became operational in 3Q 2017; 300 sqm is scheduled to become
operational in 4Q 2017. (g) VIE2: 300 square metres is scheduled to
become operational in 4Q 2017; 700 square metres is scheduled to
become operational in 2Q 2018; 600 square metres is scheduled to
become operational in 3Q 2018. Further phases have not yet been
announced. (h) ZUR1: 400 square metres became operational in 3Q
2017; 400 square metres is scheduled to become operational in 1Q
2018.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171101005858/en/
Interxion Holding NVInvestor Relations:Jim Huseby, +1
813-644-9399IR@interxion.com
Grafico Azioni InterXion Holding NV (NYSE:INXN)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni InterXion Holding NV (NYSE:INXN)
Storico
Da Lug 2023 a Lug 2024