18% Year Over Year Revenue Growth in Fourth
Quarter and Continued Strong Bookings Reflect Growing Broad-Based
Demand
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 and year ended 31
December 2017.
Financial Highlights
- Revenue for the fourth quarter and full
year (FY) increased by 18% and 16% to €129.9 million and €489.3
million, respectively (4Q 2016: €110.5 million; FY 2016: €421.8
million).
- Recurring revenue1 for the fourth
quarter and full year increased by 19% and 16% to €123.4 million
and €462.5 million, respectively (4Q 2016: €103.4 million; FY 2016:
€400.0 million).
- Net income for the fourth quarter and
full year was €11.0 million and €42.2 million, respectively (4Q
2016: €10.0 million; FY 2016: €39.9 million).
- Adjusted net income2 for the fourth
quarter and full year was €11.9 million and €43.4 million,
respectively (4Q 2016: €9.0 million; FY 2016: €36.6 million).
- Earnings per diluted share for the
fourth quarter and full year were €0.15 and €0.59, respectively (4Q
2016: €0.14; FY 2016: €0.56).
- Adjusted earnings2 per diluted share
for the fourth quarter and full year were €0.17 and €0.61,
respectively (4Q 2016: €0.13; FY 2016: €0.51).
- Adjusted EBITDA2 for the fourth quarter
and full year increased by 20% and 16% to €59.1 million and €221.0
million, respectively (4Q 2016: €49.3 million; FY 2016: €190.9
million).
- Adjusted EBITDA margin for the fourth
quarter and full year was 45.5% and 45.2%, up 90 basis points and
down 10 basis points, respectively (4Q 2016: 44.6%; FY 2016:
45.3%).
- Capital expenditures, including
intangible assets3, were €69.7 million in the fourth quarter and
€256.0 million for full year 2017 (4Q 2016: €73.8 million; FY 2016:
€250.9 million).
Operating Highlights
- Equipped Space4 increased by 3,600
square metres in the fourth quarter and 11,700 square metres for
the full year to 122,500 square metres.
- Revenue Generating Space4 increased by
2,700 square metres in the fourth quarter and 12,600 square metres
for the full year to 99,800 square metres.
- Utilisation Rate was 81% at the end of
the year.
- During the fourth quarter, Interxion
opened a new data centre in Frankfurt. In addition, Interxion
completed the following expansions:
- 700 sqm expansion in Zurich;
- 300 sqm expansion in Vienna; and
- 200 sqm expansion in Stockholm.
- Interxion today announces a 500 sqm
expansion in Paris.
“Interxion’s fourth quarter results conclude another year of
strong performance, with 18% revenue growth for the quarter and 16%
revenue growth for full year 2017,” said David Ruberg, Interxion’s
Chief Executive Officer. “These results reflect Interxion’s
consistent strategic and operational execution, our success in
capturing the broad-based demand for our colocation services across
our European footprint and the increasing value that our customers
receive from our communities of interest strategy. Looking ahead,
we are continuing to see positive growth drivers, including cloud
platform providers expanding their infrastructure across our
European footprint, and emerging enterprise hybrid cloud
adoption.”
Quarterly Review
Revenue in the fourth quarter of 2017 was €129.9 million, an 18%
increase over the fourth quarter of 2016 and a 4% increase over the
third quarter of 2017. Recurring revenue was €123.4 million, a 19%
increase over the fourth quarter of 2016 and a 5% increase over the
third quarter of 2017. Recurring revenue in the fourth quarter
represented 95% of total revenue. On an organic constant currency5
basis, revenue in the fourth quarter of 2017 was 17% higher than in
the fourth quarter of 2016 and 4% higher than in the third quarter
of 2017.
Cost of sales in the fourth quarter of 2017 was €48.8 million, a
14% increase over the fourth quarter of 2016 and a 2% decrease over
the third quarter of 2017.
Gross profit was €81.0 million in the fourth quarter of 2017, a
20% increase over the fourth quarter of 2016 and an 8% increase
over the third quarter of 2017. The gross profit margin was 62.4%
in the fourth quarter of 2017 (inclusive of full year impact of an
energy credit in Germany booked in the fourth quarter) compared
with 61.1% in the fourth quarter of 2016 and 60.2% in the third
quarter of 2017. Adjusting for this one-time item, the gross profit
margin in the fourth quarter of 2017 was 61.8%.
Sales and marketing costs in the fourth quarter of 2017 were
€9.0 million. This represented an 18% increase over the fourth
quarter of 2016 and a 9% increase from the third quarter of 2017,
reflecting investment in go-to-market projects.
Other general and administrative costs (excluding depreciation,
amortisation, impairments, share-based payments and M&A
transaction costs) were €12.9 million in the fourth quarter of
2017. This represented a 23% increase over the fourth quarter of
2016 and a 22% increase from the third quarter of 2017, largely due
to professional fees associated with the implementation of IFRS 15
and 16, as well as increased business taxes in France.
Depreciation, amortisation, and impairments in the fourth
quarter of 2017 was €29.1 million, a 20% increase from the fourth
quarter of 2016 and a 5% increase from the third quarter of
2017.
Operating income in the fourth quarter of 2017 was €27.0
million, an increase of 20% from the fourth quarter of 2016 and an
8% increase from the third quarter of 2017.
Net finance expense for the fourth quarter of 2017 was €12.3
million, a 30% increase over the fourth quarter of 2016 and a 14%
increase over the third quarter of 2017.
Income tax expense for the fourth quarter of 2017 was €3.7
million, a 22% increase compared with the fourth quarter of 2016
and an 11% decrease from the third quarter of 2017.
Net income was €11.0 million in the fourth quarter of 2017, a 9%
increase over the fourth quarter of 2016 and a 9% increase from the
third quarter of 2017.
Adjusted net income was €11.9 million in the fourth quarter of
2017, a 33% increase over the fourth quarter of 2016 and a 12%
increase from the third quarter of 2017.
Adjusted EBITDA for the fourth quarter of 2017 was €59.1
million, a 20% increase over the fourth quarter of 2016 and a 5%
increase over the third quarter of 2017.
Adjusted EBITDA margin was 45.5% in the fourth quarter of 2017,
compared with 44.6% in the fourth quarter of 2016 and 45.1% in the
third quarter of 2017.
Net cash flows from operating activities were €45.5 million in
the fourth quarter of 2017, compared with €45.4 million in the
fourth quarter of 2016 and €32.5 million in the third quarter of
2017.
Cash generated from operations6 was €50.3 million in the fourth
quarter of 2017, compared with €50.2 million in the fourth quarter
of 2016 and €55.2 million in the third quarter of 2017.
Capital expenditures, including intangible assets, were €69.7
million in the fourth quarter of 2017, compared with €73.8 million
in the fourth quarter of 2016 and €75.2 million in the third
quarter of 2017.
Cash and cash equivalents were €38.5 million at 31 December
2017, compared with €115.9 million at 31 December 2016.
Total borrowings, net of deferred revolving facility financing
fees, were €832.6 million at 31 December 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 fourth quarter of 2017 was
122,500 square metres, compared with 110,800 square metres at the
end of the fourth quarter of 2016 and 118,900 square metres at the
end of the third quarter of 2017.
Revenue generating space at the end of the fourth quarter of
2017 was 99,800 square metres, compared with 87,200 square metres
at the end of the fourth quarter of 2016 and 97,100 square metres
at the end of the third quarter of 2017.
Utilisation rate, the ratio of revenue-generating space to
equipped space, was 81% at the end of the fourth quarter of 2017,
compared with 79% at the end of the fourth quarter of 2016 and 82%
at the end of the third quarter of 2017.
Annual Review
Revenue for 2017 was €489.3 million, a 16% increase compared to
2016. Recurring revenue for 2017 was €462.5 million, a 16% increase
compared to 2016, and accounted for 95% of total revenue in 2017,
consistent with 2016. On an organic constant currency basis,
revenue in 2017 was 15% higher than in 2016.
Gross profit was €298.8 million in 2017, a 15% increase compared
to 2016. Gross profit margin was 61.1% in 2017, a decrease of 40
bps compared to 2016.
Sales and marketing costs for 2017 were €33.5 million, a 12%
increase compared to 2016.
Adjusted EBITDA for 2017 was €221.0 million, a 16% increase
compared to 2016. Adjusted EBITDA margin for 2017 was 45.2%, a
decrease of 10 bps compared to 2016.
Net income was €42.2 million in 2017, compared to €39.9 million
in 2016. Diluted earnings per share in 2017 were €0.59 on a
weighted average of 71.6 million diluted shares, compared to €0.56
on a weighted average of 71.2 million diluted shares in 2016.
Adjusted net income was €43.4 million in 2017, a 19% increase
compared to 2016. Adjusted earnings per diluted share were €0.61 on
a weighted average of 71.6 million diluted shares, compared to
€0.51 on a weighted average of 71.2 million diluted shares in 2016.
A reconciliation from net income to Adjusted net income is provided
in the tables attached to this press release.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €209.0 million in 2017, an increase of
14% compared to 2016.
Capital expenditures, including intangible assets, were €256.0
million in 2017 compared to €250.9 million in 2016.
During 2017, Interxion opened 11,700 square metres of new
Equipped Space4, and installed a net 12,600 Revenue Generating
Square Metres4, increasing utilisation to 81% as of 31 December
2017 from 79% as of 31 December 2016.
Business Outlook
Interxion today is providing guidance for full year 2018:
Revenue €553 million – €569 million Adjusted EBITDA €250
million – €260 million Capital expenditures (including intangibles)
€335 million – €365 million
Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. EST
(1:30 p.m. GMT, 2:30 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 20 March 2018. 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 1468928.
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)
Adjusted EBITDA; (ii) Recurring revenue; (iii) Revenue on an
organic constant currency basis; (iv) Adjusted net income; (v)
Adjusted basic earnings per share; (vi) Adjusted diluted earnings
per share and (vii) Cash generated from operations.
Other companies may present 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.
Our financial statements and results of operations presented
herein include the financial results for Interxion Science Park,
however equipped space, revenue generation space and other metrics
derived from these measures exclude Interxion Science Park, which
was acquired on 24 February 2017. We intend to include Interxion
Science Park in equipped space, revenue generation space and other
metrics derived from these measures within earnings materials for
periods commencing on and after 1 January 2018.
Adjusted EBITDA, Recurring revenue and Revenue on an organic
constant currency basis
We define Adjusted EBITDA as Operating income adjusted for the
following items, which may occur in any period, and which
management believes are not representative of our operating
performance:
- Depreciation, and amortisation –
property, plant and equipment and intangible assets (except
goodwill) are depreciated on a straight-line basis over the
estimated useful life. We believe that these costs do not represent
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 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 Adjusted EBITDA
facilitates comparisons between us and other data centre operators
(including other data centre operators that are REITs) and other
infrastructure-based businesses. Adjusted EBITDA is also a relevant
measure 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 Adjusted EBITDA is provided
in the tables attached to this press release. 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 2018 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, depreciation, amortisation and impairments,
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 49 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 700 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 31 December 2017
Year-on-year
Sequential
Reported total revenue growth 18% 4.2% Add back: impact of
foreign currency translation 1% 0.2% Reverse: impact of acquired
ISP business -2% 0.1% Total revenue growth on an organic constant
currency basis 17% 4.4% 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 Year Ended Dec-31 Dec-31
Dec-31 Dec-31
2017 2016
2017 2016
Revenue 129,881 110,487 489,302
421,788 Cost of sales (48,842 ) (43,022 ) (190,471 )
(162,568 )
Gross Profit 81,039 67,465
298,831 259,220 Other income 70 191 97 333 Sales and
marketing costs (9,008 ) (7,640 ) (33,465 ) (29,941 ) General and
administrative costs (45,103 ) (37,438 ) (164,051 ) (137,010 )
Operating income 26,998 22,578 101,412
92,602 Net finance expense (12,327 ) (9,513 ) (44,367 )
(36,269 )
Profit or loss before income taxes 14,671
13,065 57,045 56,333 Income tax expense (3,681
) (3,027 ) (14,839 ) (16,450 )
Net income 10,990
10,038 42,206 39,883
Basic earnings per share(a): (€) 0.15 0.14 0.59 0.57
Diluted earnings per share(b): (€) 0.15 0.14 0.59 0.56
Number of shares outstanding at the end of the period
(shares in thousands) 71,415 70,603 71,415 70,603 Weighted average
number of shares for Basic EPS (shares in thousands) 71,343 70,538
71,089 70,349 Weighted average number of shares for Diluted EPS
(shares in thousands) 71,900 71,407 71,619 71,215
As at Dec-31 Dec-31
Capacity metrics
2017 2016 Equipped space (in square meters) (c) 122,500
110,800
Revenue generating space (in square
meters) (c)
99,800 87,200 Utilization rate 81 % 79 % (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 Year Ended
Dec-31 Dec-31 Dec-31 Dec-31 2017
2016 2017 2016
Consolidated Recurring revenue 123,422
103,429 462,516 399,958 Non-recurring revenue 6,459 7,058
26,786 21,830
Revenue 129,881
110,487 489,302 421,788
Net income 10,990 10,038 42,206
39,883 Net income margin 8.5 % 9.1 % 8.6 % 9.5 %
Operating income 26,998 22,578 101,412
92,602 Operating income margin 20.8 % 20.4 % 20.7 % 22.0 %
Adjusted EBITDA 59,111 49,280
220,961 190,876 Gross profit
margin 62.4 % 61.1 % 61.1
% 61.5 % Adjusted EBITDA margin
45.5 % 44.6 % 45.2 %
45.3 % Total assets 1,702,071 1,482,665
1,702,071 1,482,665 Total liabilities 1,105,343 933,896 1,105,343
933,896 Capital expenditure, including intangible assets(a) (69,659
) (73,758 ) (256,015 ) (250,878 )
France, Germany,
the Netherlands, and the UK Recurring revenue
81,611 66,157 302,346 256,004 Non-recurring revenue 3,941
4,812 16,291 13,770
Revenue
85,552 70,969 318,637 269,774
Operating income 28,164 21,565 101,120
87,558 Operating income margin 32.9 % 30.4 % 31.7 % 32.5 %
Adjusted EBITDA 48,121 38,222
174,818 148,191 Gross profit
margin 64.4 % 62.0 % 62.4
% 62.6 % Adjusted EBITDA margin
56.2 % 53.9 % 54.9 %
54.9 % Total assets 1,229,960 990,406
1,229,960 990,406 Total liabilities 267,751 202,330 267,751 202,330
Capital expenditure, including intangible assets(a) (47,406 )
(46,834 ) (174,818 ) (170,707 )
Rest of
Europe Recurring revenue 41,811 37,272 160,170
143,954 Non-recurring revenue 2,518 2,246 10,495
8,060
Revenue 44,329
39,518 170,665 152,014
Operating income 18,453 16,078 69,919
62,404 Operating income margin 41.6 % 40.7 % 41.0 % 41.1 %
Adjusted EBITDA 26,056 22,740
99,665 88,195 Gross profit
margin 66.7 % 65.9 % 66.1
% 65.9 % Adjusted EBITDA margin
58.8 % 57.5 % 58.4 %
58.0 % Total assets 393,644 363,444 393,644
363,444 Total liabilities 77,505 73,613 77,505 73,613 Capital
expenditure, including intangible assets(a) (18,737 ) (24,466 )
(69,832 ) (69,650 )
Corporate and other
Operating income (19,619 )
(15,065 ) (69,627 ) (57,360
) Adjusted EBITDA (15,066 )
(11,682 ) (53,522 ) (45,510
) Total assets 78,467 128,815 78,467 128,815 Total
liabilities 760,087 657,953 760,087 657,953 Capital expenditure,
including intangible assets(a) (3,516 ) (2,458 ) (11,365 ) (10,521
)
(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 Year
Ended Dec-31 Dec-31
Dec-31 Dec-31
2017
2016
2017 2016
Reconciliation to
Adjusted EBITDA Consolidated
Net income 10,990 10,038 42,206
39,883 Income tax expense 3,681 3,027 14,839
16,450
Profit before taxation 14,671
13,065 57,045 56,333 Net finance expense
12,327 9,513 44,367 36,269
Operating
income 26,998 22,578 101,412 92,602
Depreciation, amortisation and impairments 29,069 24,244 108,252
89,835 Share-based payments 1,471 1,828 6,790 6,343 Income or
expense related to the evaluation and execution of potential
mergers or acquisitions: M&A transaction costs(2) 1,643 821
4,604 2,429 Items related to terminated or unused data centre
sites: Items related to sub-leases on unused data centre sites(3)
(70 ) 47 (97 ) (95 ) Increase/(decrease) in provision for site
restoration(4) - (238 ) - (238 )
Adjusted
EBITDA(1)
59,111 49,280
220,961 190,876 France,
Germany, the Netherlands, and the UK
Operating income 28,164 21,565 101,120
87,558 Depreciation, amortisation and impairments 19,938
16,511 72,721 60,128 Share-based payments 89 337 1,074 838 Items
related to terminated or unused data centre sites: Items related to
sub-leases on unused data centre sites(3) (70 ) 47 (97 ) (95 )
Increase/(decrease) in provision for site restoration(4) -
(238 ) - (238 )
Adjusted EBITDA(1)
48,121
38,222 174,818 148,191
Rest of Europe
Operating income 18,453 16,078 69,919
62,404 Depreciation, amortisation and impairments 7,544
6,554 29,365 25,371 Share-based payments 59 108 381
420
Adjusted EBITDA(1)
26,056
22,740 99,665 88,195
Corporate and Other Operating
income (19,619 ) (15,065 )
(69,627 ) (57,360 ) Depreciation,
amortisation and impairments 1,587 1,179 6,166 4,336 Share-based
payments 1,323 1,383 5,335 5,085 Income or expense related to the
evaluation and execution of potential mergers or acquisitions:
M&A transaction costs(2) 1,643 821 4,604
2,429
Adjusted EBITDA(1)
(15,066 )
(11,682 ) (53,522 ) (45,510
)
(1) “Adjusted EBITDA” is a non-IFRS
financial measure. See “Non-IFRS Financial Measures” for more
information, including why we believe Adjusted EBITDA is useful,
and the limitations on the use of Adjusted EBITDA.
(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.’
(4) “Increase/(decrease) in provision for
site restoration” represents income related to the termination of
data centre sites. This item is treated as ‘Other income.’
INTERXION HOLDING NV CONDENSED
CONSOLIDATED BALANCE SHEET (in €'000 ― except where stated
otherwise) (unaudited)
As at Dec-31
Dec-31 2017 2016 Non-current assets
Property, plant and equipment 1,342,471 1,156,031 Intangible assets
60,593 28,694 Goodwill 38,900 - Deferred tax assets 24,470 20,370
Other investments 3,693 1,942 Other non-current assets 13,674
11,914
1,483,801 1,218,951 Current
assets Trade receivables and other current assets 179,786
147,821 Cash and cash equivalents 38,484 115,893
218,270 263,714 Total assets
1,702,071 1,482,665
Shareholders’ equity Share capital 7,141 7,060 Share premium
532,242 519,604 Foreign currency translation reserve 2,948 9,988
Hedging reserve, net of tax (169 ) (243 ) Accumulated profit 54,566
12,360
596,728 548,769 Non-current
liabilities Other non-current liabilities 15,080 11,718
Deferred tax liabilities 21,336 9,628 Borrowings 724,052
723,975
760,468 745,321 Current
liabilities Trade payables and other current liabilities
229,878 171,399 Income tax liabilities 6,237 5,694 Borrowings
108,760 11,482
344,875 188,575
Total liabilities 1,105,343
933,896 Total liabilities and shareholders’
equity 1,702,071 1,482,665
INTERXION HOLDING NV NOTES TO THE CONDENSED
CONSOLIDATED BALANCE SHEET: BORROWINGS (in €'000 ― except where
stated otherwise) (unaudited)
As at Dec-31
Dec-31 2017 2016 Borrowings net of cash
and cash equivalents Cash and cash equivalents
38,484 115,893 6.00% Senior
Secured Notes due 2020(a) 628,141 629,327 Mortgages 53,640 54,412
Financial leases 51,127 51,718 Borrowings under our Senior
Revolving Facility(b) 99,904 -
Borrowings
excluding Senior Secured Revolving Facility deferred financing
costs 832,812 735,457 Senior
Secured Revolving Facility deferred financing costs(c) (204 ) (426
)
Total borrowings 832,608 735,031
Borrowings net of cash and
cash equivalents 794,124 619,138
(a) €625 million 6.00% Senior Secured Notes due 2020 include
a premium on additional issuances 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 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 facility to 31 December 2018. Also, on 31 July
2017, we extended the maturity of our €100.0 million Senior Secured
Revolving Agreement dated 17 June 2013, from 3 July 2018 to 31
December 2018. (c) Deferred financing costs of €0.2 million
as of 31 December 2017 were incurred in connection with the €100
million Senior Secured Revolving Facility.
INTERXION HOLDING NV CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (in €'000 ― except where stated
otherwise) (unaudited)
Three Months Ended Year
Ended Dec-31 Dec-31
Dec-31 Dec-31
2017
2016
2017 2016 Net income
10,990
10,038 42,206 39,883 Depreciation,
amortisation and impairments 29,069 24,244 108,252 89,835 Provision
for onerous lease contracts - - - (1,533 ) Share-based payments
1,738 1,701 5,750 6,105 Net finance expense 12,327 9,513 44,367
36,269 Income tax expense 3,681 3,027 14,839
16,450 57,805 48,524 215,414 187,009 Movements in trade
receivables and other assets (17,013 ) (7,480 ) (30,667 ) (11,126 )
Movements in trade payables and other liabilities 9,473
9,127 24,266 7,505
Cash generated from /
(used in) operations 50,265 50,171 209,013
183,388 Interest and fees paid(a) (1,536 ) (2,224 ) (41,925
) (36,003 ) Interest received 3 67 143 136 Income tax paid (3,241 )
(2,638 ) (11,985 ) (8,124 )
Net cash flows from / (used in)
operating activities 45,491 45,376 155,246
139,397 Cash flows from / (used in) investing
activities Purchase of property plant and equipment (67,198 )
(72,741 ) (247,228 ) (241,958 ) Financial investments - deposits 13
(25 ) (324 ) 1,139 Acquisition Interxion Science Park B.V. - -
(77,517 ) - Purchase of intangible assets (2,461 ) (1,017 ) (8,787
) (8,920 ) Loans provided (423 ) - (1,764 ) (1,942 ) Proceeds from
sale of financial asset - - - 281
Net cash flows from / (used in) investing activities
(70,069 ) (73,783 ) (335,620
) (251,400 ) Cash flows from / (used in)
financing activities Proceeds from exercised options 199 112
6,969 6,332 Proceeds from mortgages 9,950 - 9,950 14,625 Repayment
of mortgages (8,804 ) (2,215 ) (10,848 ) (4,031 ) Proceeds from
revolving credit facilities 24,746 - 129,521 - Repayment Revolving
facilities - - (30,000 ) - Proceeds Senior secured notes at 6% -
(538 ) - 154,808 Financial lease obligation (995 ) - (995 ) -
Interest received at issue of additional notes - - -
2,225
Net cash flows from / (used in) financing
activities 25,096 (2,641 ) 104,597
173,959 Effect of exchange rate changes on cash (238 ) 843
(1,632 ) 251
Net increase / (decrease) in cash and
cash equivalents 280 (30,205 )
(77,409 ) 62,207 Cash and cash equivalents,
beginning of period 38,204 146,098 115,893
53,686
Cash and cash equivalents, end of period
38,484 115,893 38,484
115,893
(a) Interest and fees paid is reported net
of cash interest capitalised, which is reported as part of
“Purchase of property, plant and equipment."
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 Year Ended Dec-31 Dec-31
Dec-31
Dec-31
2017 2016
2017 2016
Net
income - as reported 10,990 10,038 42,206
39,883 Add back + M&A transaction costs
1,643 821 4,604 2,429 1,643 821 4,604
2,429
Reverse - Profit on sale of financial asset - - - (281
) - Adjustment of financial lease obligation - - - (1,410 ) -
Increase/(decrease) in provision for site restoration - (238 ) -
(238 ) - Deferred tax asset adjustment - (809 ) - (809 ) - Interest
capitalised (452 ) (941 ) (3,057 ) (3,362 ) (452 ) (1,988 ) (3,057
) (6,100 )
Tax effect of above add backs &
reversals (298 ) 89 (387 ) 363
Adjusted net income
11,883 8,960 43,366
36,575 Reported basic EPS: (€) 0.15 0.14 0.59
0.57 Reported diluted EPS: (€) 0.15 0.14 0.59 0.56 Adjusted
basic EPS: (€) 0.17 0.13 0.61 0.52 Adjusted diluted EPS: (€) 0.17
0.13 0.61 0.51
INTERXION HOLDING NV Status of Announced Expansion
Projects as at 7 March 2018 with Target Open Dates after 1
October 2017
CAPEX (a)(b)
Equipped Space (a)
Market Project (€ million)
(sqm) Target Opening Dates
Amsterdam AMS8: Phases 3 - 6 63 5,300 4Q 2018 - 1Q 2019 (c)
Brussels BRU2: New data centre 3 1,000 1Q 2018
Copenhagen CPH2: Phases 3 - 5 18 1,500 2Q 2018 - 1Q 2019 (d)
Dublin DUB3: Phases 3 - 4 17 1,200 3Q 2018 Frankfurt FRA11:
Phases 1 - 4 New Build 95 4,800 4Q 2017 - 2Q 2018 (e)
Frankfurt FRA13: Phases 1 - 2 New Build 90 4,900 4Q 2018 - 1Q 2019
(f) London LON3: New Build 35 1,800 3Q 2018 Madrid
MAD3: New Build 44 2,500 2Q 2019 (g) Marseille MRS2: Phase 2
- 3 47 2,600
2Q 2018 - 2Q 2019 (h)
Paris PAR7.2: Phase B (cont.) - C 47 2,500 2Q 2018 -1Q 2019
(i) Stockholm STO5: Phases 1 (cont.) -3 23 1,400 4Q 2017 -
1Q 2019 (j) Vienna VIE2: Phase 7 - 9 94 3,600 4Q 2017 - 3Q
2019 (k) Zurich ZUR1: Phase 4 2 700 4Q 2017
Total € 578 33,800 (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) AMS8: Phases 3 and 4 (1,300 sqm each) are
scheduled to open in 4Q 2018; phases 5 and 6 (1,300 sqm each) are
scheduled to open in 1Q 2019. (d) CPH2: Phases 3 and 4 (900
sqm total) are scheduled to open in 2Q 2018; phase 5 (600 sqm) is
scheduled to open in 1Q 2019. (e) FRA11: Phases 1 and 2
(1,200 square metres each) became operational in 4Q 2017; phases 3
& 4 (1,200 square metres each) are scheduled to become
operational in 2Q 2018. (f) 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. (g) MAD3: Capex total for MAD3 include land purchase
price. (h) MRS2: 700 square metres is scheduled to become
operational in 2Q 2018; 1,900 square metres is scheduled to become
operational in 2Q 2019. (i) PAR7.2: Phase B (cont.) (500
sqm) is scheduled to become operational in 2Q 2018; Phase C (2,000
sqm) is scheduled to become operational in 1Q 2019. (j)
STO5: 200 sqm became operational in 4Q 2017; 400 sqm is scheduled
to become operational in 2Q 2018; 800 sqm is scheduled to become
operational in 1Q 2019. (k) VIE2: 300 square metres became
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; 300 square metres is scheduled to become
operational in 4Q 2018, 700 sqm scheduled to open in 2Q 2019, and
1,000 sqm scheduled to open in 3Q 2019.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180307005590/en/
Interxion Holding NVInvestor Relations:Jim Huseby, +1
813-644-9399IR@interxion.com
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