Revenue Increased by 17% Year over
Year
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 31 March
2018.
Financial Highlights*
- Revenue increased by 17% to €133.8
million (1Q 2017: €113.9 million).
- Recurring revenue1 increased by 17% to
€127.0 million (1Q 2017: €108.3 million).
- Net income increased by 14% to €11.7
million (1Q 2017: €10.3 million).
- Adjusted net income2 increased by 17%
to €11.9 million (1Q 2017: €10.2 million).
- Earnings per diluted share increased by
13% to €0.16 (1Q 2017: €0.14).
- Adjusted earnings2 per diluted share
increased by 16% to €0.17 (1Q 2017: €0.14).
- Adjusted EBITDA2 increased by 19% to
€60.9 million (1Q 2017: €51.3 million).
- Adjusted EBITDA margin increased to
45.5% (1Q 2017: 45.1%).
- Capital expenditures, including
intangible assets3, were €96.2 million (1Q 2017: €54.8
million).
* Certain comparative figures for the three months ended 31
March 2017 have been restated. For further details, see Note 2 and
Note 29 of our 2017 Consolidated Financial Statements included on
form 20-F, filed with the SEC on 30 April 2018, and note 11 of our
Condensed Consolidated Interim Financial Statements included on
Form 6-K, filed with the SEC on 3 May 2018.
Operating Highlights4
- Equipped space increased by 4,000
square metres in the quarter to 128,900 square metres.
- Revenue generating space increased by
2,900 square metres in the quarter to 104,100 square metres.
- Utilisation rate at the end of the
quarter was 81%.
- During the first quarter, Interxion
completed the following capacity additions:
- 2,400 sqm expansion in Frankfurt;
- 1,100 sqm data centre in Brussels;
- 400 sqm expansion in Vienna.
“Interxion’s first quarter results continue our strong and
consistent track record with 17% year-over-year revenue growth and
19% year-over-year adjusted EBITDA growth. These results are the
outcome of ongoing successful execution of our strategy that
remains focused on creating communities of interest
encompassing connectivity providers, platform providers, and
enterprise customers,” said David Ruberg, Interxion’s Chief
Executive Officer. “With Cloud infrastructure and Hybrid Cloud
adoption expanding across Europe, we continue to respond to strong
demand across our footprint with approximately 38,000 sqm of
incremental space capacity being constructed in 11 different
markets. This represents a 30% expansion in our existing space
capacity, scheduled to open over the next two years.”
Quarterly Review
Revenue in the first quarter of 2018 was €133.8 million, a 17%
increase over the first quarter of 2017 and a 3% increase over the
fourth quarter of 2017. Recurring revenue was €127.0 million, a 17%
increase over the first quarter of 2017 and a 3% increase over the
fourth quarter of 2017. Recurring revenue in the first quarter
represented 95% of total revenue. On an organic constant currency5
basis, revenue in the first quarter of 2018 was 17% higher than in
the first quarter of 2017.
Cost of sales in the first quarter of 2018 was €52.7 million, a
20% increase over the first quarter of 2017 and an 8% increase over
the fourth quarter of 2017.
Gross profit was €81.1 million in the first quarter of 2018, a
16% increase over the first quarter of 2017 and flat over the
fourth quarter of 2017. Gross profit margin was 60.6% in the first
quarter of 2018, compared with 61.3% in the first quarter of 2017
and 62.4% in the fourth quarter of 2017.
Sales and marketing costs in the first quarter of 2018 were €8.7
million, a 10% increase over the first quarter of 2017 and a 3%
decrease from the fourth quarter of 2017.
Other general and administrative costs (excluding depreciation
and amortisation, share-based payments and M&A transaction
costs) were €11.6 million in the first quarter of 2018, a 9%
increase over the first quarter of 2017 and an 11% decrease from
the fourth quarter of 2017.
Depreciation and amortisation in the first quarter of 2018 was
€29.6 million, an increase of 22% from the first quarter of 2017
and a 2% increase from the fourth quarter of 2017.
Operating income in the first quarter of 2018 was €26.9 million,
an increase of 13% from the first quarter of 2017 and a 4% increase
from the fourth quarter of 2017.
Net finance expense for the first quarter of 2018 was €11.4
million, an 11% increase over the first quarter of 2017 and a 7%
decrease over the fourth quarter of 2017.
Income tax expense for the first quarter of 2018 was €3.8
million, a 15% increase compared with the first quarter of 2017 and
a 4% increase from the fourth quarter of 2017.
Net income was €11.7 million in the first quarter of 2018, a 14%
increase over the first quarter of 2017 and a 20% increase from the
fourth quarter of 2017.
Adjusted net income was €11.9 million in the first quarter of
2018, a 17% increase over the first quarter of 2017 and a 12%
increase from the fourth quarter of 2017.
Adjusted EBITDA for the first quarter of 2018 was €60.9 million,
a 19% increase over the first quarter of 2017 and a 3% increase
over the fourth quarter of 2017. Adjusted EBITDA margin was 45.5%
in the first quarter of 2018 compared with 45.1% in the first
quarter of 2017 and 45.5% in the fourth quarter of 2017.
Net cash flows from operating activities were €34.6 million in
the first quarter of 2018, compared with €41.6 million in the first
quarter of 2017 and €45.5 million in the fourth quarter of
2017.
Cash generated from operations was €58.1 million in the first
quarter of 2018, compared with €63.0 million in the first quarter
of 2017 and €50.3 million in the fourth quarter of 2017.
Capital expenditures, including intangible assets, were €96.2
million in the first quarter of 2018, compared with €54.8 million
in the first quarter of 2017 and €69.7 million in the fourth
quarter of 2017.
Cash and cash equivalents were €55.3 million at 31 March 2018,
compared with €38.5 million at year end 2017. Total borrowings, net
of deferred revolving facility financing fees, were €911.1 million
at 31 March 2018, compared with €832.6 million at year end 2017. On
16 March 2018, we entered into a €225.0 million unsecured
subordinated revolving facility with an initial maturity date of 31
December 2018.
Equipped space at the end of the first quarter of 2018 was
128,900 square metres, compared with 116,500 square metres at the
end of the first quarter of 2017 and 124,900 square metres at the
end of the fourth quarter of 2017. Revenue generating space at the
end of the first quarter of 2018 was 104,100 square metres,
compared with 91,000 square metres at the end of the first quarter
of 2017 and 101,200 square metres at the end of the fourth quarter
of 2017. Utilisation rate, the ratio of revenue-generating space to
equipped space, was 81% at the end of the first quarter of 2018,
compared with 78% at the end of the first quarter of 2017 and 81%
at the end of the fourth quarter of 2017. These capacity metrics
include Interxion Science Park.
Business Outlook
Interxion today is reaffirming guidance for Revenue and Adjusted
EBITDA and updating guidance for full year 2018 for Capital
expenditures (including intangibles):
Revenue €553 million – €569 million Adjusted EBITDA €250
million – €260 million Capital expenditures (including intangibles)
€365 million – €390 million
Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. EDT
(1:30 p.m. BST, 2:30 p.m. CEST) to discuss the results.
To participate on this call, U.S. callers may dial toll free
1-866-966-1396; callers outside the U.S. may dial direct +44 (0)
2071 928 000. 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 17 May 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 9794844.
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, delays in remediating the material
weakness in internal control over financial reporting and/or making
disclosure controls and procedure effective, 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.
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 grant to employees of equity awards, which are being
re-determined for market conditions as of each reporting date,
until final grant date. Share-based payments 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 ongoing operating performance.
In certain circumstances, we may also adjust for other items
that management believes are not representative of our current
ongoing 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 ongoing
operational performance. These measures help us and our investors
evaluate the ongoing 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 credit facilities
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 present constant currency information for revenue and
Recurring revenue to provide a framework for assessing how our
underlying businesses performed excluding the effect of foreign
currency rate fluctuations. To present this information, 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.
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 and Recurring 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 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 ongoing operating performance.
- Adjustments related to provisions –
these adjustments are made for adjustments in provisions that are
not reflective of the ongoing 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 ongoing
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
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 and amortisation, 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 50 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 metrics
derived from these measures (both 2018 and 2017) include Interxion
Science Park, which was acquired on February 24, 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:
Year-on-year Sequential Three Months
Ended 31 March 2018 Reported total revenue growth
17.5% 3.0% Add back: impact of foreign currency
translation
1.0% 0.0% Reverse: impact of acquired ISP
business
(1.1%) 0.0% Total revenue growth on an
organic constant currency basis
17.4% 3.1%
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
Mar-31 Mar-31
2018 2017((a))
Revenue
133,836 113,950 Cost of sales (52,697 ) (44,096 )
Gross Profit 81,139 69,854 Other income 86 27
Sales and marketing costs (8,708 ) (7,925 ) General and
administrative costs (45,644 ) (38,111 )
Operating income 26,873 23,845 Net
finance expense (11,404 ) (10,287 )
Profit or loss before income taxes 15,469
13,558 Income tax expense (3,812 ) (3,300 )
Net
income 11,657 10,258 Basic
earnings per share(b): (€) 0.16 0.14 Diluted earnings per share(c):
(€) 0.16 0.14 Number of shares outstanding at the end
of the period (shares in thousands) 71,437 71,015 Weighted average
number of shares for Basic EPS (shares in thousands) 71,428 70,777
Weighted average number of shares for Diluted EPS (shares in
thousands) 71,903 71,415
As at Mar-31
Mar-31
Capacity metrics 2018 2017 Equipped
space (in square meters)(d) 128,900 116,500 Revenue generating
space (in square meters)(d) 104,100 91,000 Utilization rate 81 % 78
% (a) Certain comparative figures for the three months ended
31 March 2017 have been restated. For further details, see Note 2
and Note 29 of our 2017 Consolidated Financial Statements included
on Form 20-F, filed with the SEC on 30 April 2018, and note 11 of
our Condensed Consolidated Interim Financial Statements included on
Form 6-K, filed with the SEC on 3 May 2018. (b) Basic earnings per
share are calculated as net income divided by the weighted average
number of shares for Basic EPS. (c) Diluted earnings per share are
calculated as net income divided by the weighted average number of
shares for Diluted EPS. (d) Equipped space and Revenue generating
space and metrics derived from these measures (both 2018 and
comparative figures) include 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
Mar-31 Mar-31
2018 2017((a))
Consolidated Recurring revenue 126,962 108,275
Non-recurring revenue 6,874 5,675
Revenue
133,836 113,950 Net income
11,657 10,258 Net income margin 8.7 % 9.0 %
Operating income 26,873 23,845 Operating
income margin 20.1 % 20.9 %
Adjusted EBITDA 60,876
51,336 Gross profit margin 60.6
% 61.3 % Adjusted EBITDA margin
45.5 % 45.1 % Total assets
1,788,289 1,570,719 Total liabilities 1,177,972 1,006,026 Capital
expenditure, including intangible assets(b) (96,195 ) (54,757 )
France, Germany, the Netherlands, and the
UK Recurring revenue 83,455 69,997 Non-recurring revenue
4,456 3,382
Revenue 87,911
73,379 Operating income 27,634 23,987
Operating income margin 31.4 % 32.7 %
Adjusted EBITDA
47,978 40,168 Gross profit
margin 61.1 % 61.9 % Adjusted
EBITDA margin 54.6 % 54.7 %
Total assets 1,271,899 1,097,804 Total liabilities 259,139 227,539
Capital expenditure, including intangible assets(b) (70,574 )
(35,064 )
Rest of Europe Recurring
revenue 43,507 38,278 Non-recurring revenue 2,418 2,293
Revenue 45,925 40,571
Operating income 19,602 16,710 Operating
income margin 42.7 % 41.2 %
Adjusted EBITDA 27,571
23,654 Gross profit margin 67.6
% 66.8 % Adjusted EBITDA margin
60.0 % 58.3 % Total assets
425,392 372,522 Total liabilities 87,294 79,121 Capital
expenditure, including intangible assets(b) (22,667 ) (16,216 )
Corporate and other Operating
income (20,363 ) (16,852 )
Adjusted EBITDA (14,673 ) (12,486
) Total assets 90,998 100,393 Total liabilities
831,539 699,366 Capital expenditure, including intangible assets(b)
(2,954 ) (3,477 ) (a) Certain comparative figures for the
three months ended 31 March 2017 have been restated. For further
details, see Note 2 and Note 29 of our 2017 Consolidated Financial
Statements included on Form 20-F, filed with the SEC on 30 April
2018, and note 11 of our Condensed Consolidated Interim Financial
Statements included on Form 6-K, filed with the SEC on 3 May 2018.
(b) 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 Mar-31 Mar-31
2018 2017((a))
Reconciliation to Adjusted
EBITDA Consolidated Net
income 11,657 10,258 Income tax expense 3,812
3,300
Profit before taxation 15,469
13,558 Net finance expense 11,404 10,287
Operating income 26,873 23,845 Depreciation
and amortisation 29,559 24,183 Share-based payments 3,322 2,562
Income or expense related to the evaluation and execution of
potential mergers or acquisitions: M&A transaction costs(c)
1,208 773 Items related to terminated or unused data centre sites:
Items related to sub-leases on unused data centre sites(d) (86 )
(27 )
Adjusted EBITDA(b)
60,876 51,336
France, Germany, the Netherlands, and the
UK Operating income 27,634
23,987 Depreciation and amortisation 20,086 15,898
Share-based payments 344 310 Items related to terminated or unused
data centre sites: Items related to sub-leases on unused data
centre sites(d) (86 ) (27 )
Adjusted EBITDA(b)
47,978
40,168 Rest of
Europe Operating income 19,602
16,710 Depreciation and amortisation 7,746 6,958 Share-based
payments 223 (14 )
Adjusted EBITDA(b)
27,571
23,654 Corporate and
Other Operating income (20,363
) (16,852 ) Depreciation and amortisation
1,727 1,327 Share-based payments 2,755 2,266 Income or expense
related to the evaluation and execution of potential mergers or
acquisitions: M&A transaction costs(c) 1,208 773
Adjusted EBITDA(b)
(14,673 ) (12,486
)
(a) Certain comparative figures for the
three months ended 31 March 2017 have been restated. For further
details, see Note 2 and Note 29 of our 2017 Consolidated Financial
Statements included on Form 20-F, filed with the SEC on 30 April
2018, and note 11 of our Condensed Consolidated Interim Financial
Statements included on Form 6-K, filed with the SEC on 3 May
2018.
(b) “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.
(c) “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.”
(d) “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 Mar-31 Dec-31
2018 2017
Non-current assets Property, plant and
equipment 1,401,699 1,342,471 Intangible assets 61,307 60,593
Goodwill 38,900 38,900 Deferred tax assets 25,746 24,470 Other
investments 4,088 3,693 Other non-current assets 14,443
13,674
1,546,183 1,483,801 Current
assets Trade receivables and other current assets 186,770
179,786 Cash and cash equivalents 55,336 38,484
242,106 218,270 Total assets
1,788,289 1,702,071
Shareholders’ equity Share capital 7,143 7,141 Share premium
542,732 539,448 Foreign currency translation reserve 1,595 2,948
Hedging reserve, net of tax (170 ) (169 ) Accumulated profit 59,017
47,360
610,317 596,728 Non-current
liabilities Other non-current liabilities 18,047 15,080
Deferred tax liabilities 21,621 21,336 Borrowings 723,055
724,052
762,723 760,468 Current
liabilities Trade payables and other current liabilities
218,945 229,878 Income tax liabilities 7,658 6,237 Borrowings
188,646 108,760
415,249 344,875
Total liabilities 1,177,972
1,105,343 Total liabilities and shareholders’
equity 1,788,289 1,702,071
INTERXION HOLDING NV NOTES TO THE CONDENSED
CONSOLIDATED BALANCE SHEET: BORROWINGS (in €'000 ― except where
stated otherwise) (unaudited)
As at Mar-31
Dec-31 2018 2017
Borrowings net of cash
and cash equivalents Cash and cash equivalents
55,336 38,484 6.00% Senior
Secured Notes due 2020(a) 627,832 628,141 Mortgages 53,121 53,640
Financial leases 50,968 51,127 Borrowings under our Revolving
Facilities 179,780 99,904
Borrowings excluding
Revolving Facility deferred financing costs 911,701
832,812 Revolving Facility deferred financing
costs(b) (563 ) (204 )
Total borrowings 911,138
832,608
Borrowings net of cash and cash equivalents 855,802
794,124
(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) Deferred financing costs of €0.6
million as of 31 March 2018 were incurred in connection with the
€225 million Subordinated Revolving Facility.
INTERXION HOLDING NV CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (in €'000 ― except where
stated otherwise) (unaudited)
Three Months Ended
Mar-31 Mar-31
2018 2017((a)) Net income
11,657 10,258 Depreciation and amortisation 29,559
24,183 Share-based payments 3,215 1,595 Net finance expense 11,404
10,287 Income tax expense 3,812 3,300 59,647 49,623
Movements in trade receivables and other assets (6,194 ) 2,804
Movements in trade payables and other liabilities 4,628
10,529
Cash generated from / (used in) operations
58,081 62,956 Interest and fees paid(b) (20,232 )
(18,450 ) Interest received - (61 ) Income tax paid (3,273 ) (2,831
)
Net cash flows from / (used in) operating activities
34,576 41,614 Cash flows from / (used in)
investing activities
Purchase of property plant and
equipment
(94,218 ) (52,923 ) Financial investments - deposits 166 (218 )
Acquisition Interxion Science Park B.V. - (77,517 ) Purchase of
intangible assets (1,977 ) (1,834 ) Loans provided (417 ) -
Net cash flows from / (used in) investing activities
(96,446 ) (132,492 ) Cash flows from
/ (used in) financing activities Proceeds from exercised
options 71 3,547 Repayment of mortgages (548 ) (548 ) Proceeds from
revolving credit facilities 79,438 74,775 Repayment Revolving
facilities - (30,000 )
Net cash flows from / (used in)
financing activities 78,961 47,774 Effect of
exchange rate changes on cash (239 ) (248 )
Net increase /
(decrease) in cash and cash equivalents 16,852
(43,352 ) Cash and cash equivalents, beginning of
period 38,484 115,893
Cash and cash equivalents,
end of period 55,336 72,541
(a) Certain comparative figures for the
three months ended 31 March 2017 have been restated. For further
details, see Note 2 and Note 29 of our 2017 Consolidated Financial
Statements included on Form 20-F, filed with the SEC on 30 April
2018, and note 11 of our Condensed Consolidated Interim Financial
Statements included on Form 6-K, filed with the SEC on 3 May
2018.
(b) 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
Mar-31 Mar-31
2018 2017((a))
Net income -
as reported 11,657 10,258 Add back
+ M&A transaction costs 1,208 773 1,208 773
Reverse - Interest capitalised (884 ) (912 ) (884 ) (912 )
Tax effect of above add backs & reversals (81 )
35
Adjusted net income
11,900 10,154 Reported basic
EPS: (€) 0.16 0.14 Reported diluted EPS: (€) 0.16 0.14
Adjusted basic EPS: (€) 0.17 0.14 Adjusted diluted EPS: (€) 0.17
0.14
(a) Certain comparative figures for the
three months ended 31 March 2017 have been restated. For further
details, see Note 2 and Note 29 of our 2017 Consolidated Financial
Statements included on Form 20-F, filed with the SEC on 30 April
2018, and note 11 of our Condensed Consolidated Interim Financial
Statements included on Form 6-K, filed with the SEC on 3 May
2018.
INTERXION HOLDING NV
Status of Announced Expansion Projects as at 3 May 2018
with Target Open Dates after 31 December 2017
Equipped
CAPEX (a)(b)
Space (a)
Market Project (€ million) (sqm)
Schedule Amsterdam AMS8: Phases 3 - 6 63 5,300 4Q
2018 - 1Q 2019 (c) Amsterdam AMS9: Phase 2 8 500 4Q 2018 Amsterdam
AMS10: Phases 1 - 2 128 6,800 3Q 2019 - 1Q 2020 (d) Brussels BRU2:
New data centre 3 1,100 1Q 2018 Copenhagen CPH2: Phases 3 - 5 18
1,500 2Q 2018 - 1Q 2019 (e) Dublin DUB3: Phases 3 - 4 17 1,200 3Q
2018 Frankfurt FRA11: Phases 1 - 4 New Build 95 4,800 4Q 2017 - 1Q
2018 (f) Frankfurt FRA13: Phases 1 - 2 New Build 90 4,900 4Q 2018 -
1Q 2019 (g) Frankfurt FRA14: Phases 1-2 New Build 76 4,600 3Q 2019
- 4Q 2019 (h) London LON3: New Build 35 1,800 3Q 2018 - 4Q 2018 (i)
Madrid MAD3: New Build 44 2,500 2Q 2019 (j) Marseille MRS2: Phase 2
- 3 47 2,600 2Q 2018 - 2Q 2019 (k) Paris PAR7.2: Phase B (cont.) -
C 47 2,500 2Q 2018 -1Q 2019 (l) Stockholm STO5: Phases 2 -3 19
1,200 1Q 2018 - 1Q 2019 (m) Vienna VIE2: Phase 7 - 9 94 3,600 4Q
2017 - 3Q 2019 (n) Zurich ZUR1: Phase 4 (cont.) 1 200 1Q 2018 - 2Q
2018 (o)
Total € 785 45,100 (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) AMS10: Phase 1 (2,700 sqm) is
scheduled to open in 3Q 2019; phase 2 (4,100 sqm) is scheduled to
open in 1Q 2020. (e) CPH2: Phase 3 (600 sqm total) is scheduled to
open in 3Q 2018; phase 4 (400 sqm) is scheduled to open in 2Q 2018;
phase 5 (600 sqm) is scheduled to open in 1Q 2019. (f) FRA11:
Phases 1 and 2 (1,200 square metres each) became operational in 4Q
2017; phases 3 & 4 (1,200 square metres each) became
operational in 1Q 2018. (g) 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. (h) FRA14:
Phase 1 (2,400 sqm) is scheduled to open in 3Q 2019; phase 2 (2,200
sqm) is scheduled to open in Q4 2019. (i) LON3: 900 square metres
is scheduled to become operational in 3Q 2018; another 900 square
metres is scheduled to become operational in 4Q 2018. (j) MAD3:
Capex total for MAD3 include land purchase price. (k) MRS2: 700
square metres is scheduled to become operational in 2Q 2018; 1,900
square metres is scheduled to become operational in 2Q 2019. (l)
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. (m) STO5: 100 sqm became operational in 1Q
2018; 300 sqm is scheduled to become operational in 3Q 2018; 800
sqm is scheduled to become operational in 1Q 2019. (n) VIE2: 300
square metres became operational in 4Q 2017; 400 square metres
became operational in 1Q 2018; 400 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. (o) ZUR1: 100
square metres became operational in 1Q18; 100 square metres is
scheduled to become operational in 2Q18.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180503005721/en/
Interxion Holding NVInvestor Relations:Jim Huseby, +1
813-644-9399IR@interxion.com
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