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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| InterXion Holding NV | NYSE:INXN | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 77.41 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
Interxion Holding NV (NYSE: INXN), a leading European provider of carrier-neutral colocation data centre services, announced its results today for the three months and year ended 31 December 2012.
Financial Highlights
Operating Highlights
Interxion Chief Executive Officer, David Ruberg, stated: “Interxion continued to execute in 2012, delivering strong financial results, despite a difficult macro environment. We added record amounts of equipped space and revenue generating square metres, while increasing our utilisation rate. Both revenue and adjusted EBITDA exhibited double digit growth, while positioning ourselves for continued growth into the future.”
“In the fourth quarter, we continued our momentum by adding a record quarterly amount of revenue generating square metres. Compared to our third quarter, recurring revenue increased by 6% and adjusted EBITDA margins grew by 200 basis points,” continued Ruberg.
Quarterly Review
Revenue for the fourth quarter of 2012 was €72.9 million, a 13% increase over the fourth quarter of 2011 and a 3% increase over the third quarter of 2012. Recurring revenue was €69.0 million, a 16% increase over the fourth quarter of 2011 and a 6% increase over the third quarter of 2012. Recurring revenue in the quarter was 95% of total revenue.
Cost of sales in the fourth quarter 2012 was €29.0 million, a 14% increase over the fourth quarter of 2011 and a 2% decrease over the third quarter of 2012.
Gross profit was €43.9 million in the fourth quarter 2012, a 13% increase over the fourth quarter 2011 and a 7% increase over the third quarter of 2012.
Sales and marketing costs in the fourth quarter were €5.5 million, up 19% compared to the prior year quarter. Other general and administrative costs2 were €7.2 million, an increase of 1% compared to the prior year quarter.
Adjusted EBITDA for the fourth quarter of 2012 was €31.2 million, up 15% year over year and 9% over the prior quarter. Adjusted EBITDA margin expanded to 42.8% compared to 42.1% in the fourth quarter 2011 and 40.8% in the third quarter 2012.
Depreciation, amortisation, and impairments in the fourth quarter 2012 was €13.1 million, an increase of 56% compared to the prior year quarter and consistent with the company’s data centre investment program.
Quarterly operating profit was adversely impacted by two one-time cost items. During the fourth quarter, the company reassessed its onerous contract provision and recognised an additional onerous lease expense of €0.8 million. Share based payments were €2.6 million in the quarter and were impacted by a €1.9 million provision relating to a one-time employment tax implemented as emergency legislation by the Dutch authorities.
Operating profit during the fourth quarter of 2012 was €14.8 million, a decrease of 16% over the fourth quarter 2011 and a decrease of 11% compared to the third quarter 2012. The operating profit comparisons to prior periods are impacted by the two one-time costs mentioned above.
Net financing costs for the fourth quarter of 2012 were €5.7 million, a 14% increase compared to the fourth quarter 2011, and a 50% increase compared to the third quarter 2012, due to lower capitalised interest as construction projects were completed.
Income tax expense for the fourth quarter of 2012 was €3.5 million, an increase of 79% compared to the fourth quarter 2011. The comparison was negatively impacted by the recognition of a €2.7 million deferred tax asset in the prior year quarter.
Net profit was €5.6 million in the fourth quarter of 2012, down 47% from the fourth quarter of 2011, and down 34% sequentially.
Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €32.9 million, a 46% increase from the fourth quarter of 2011, and a 36% increase from the third quarter of 2012.
Capital Expenditures, including intangible assets, were €28.2 million in the fourth quarter 2012.
Cash and equivalents and short term investments were €68.7 million at 31 December 2012, compared to €142.7 million at year end 2011, as the company invested in additional data centre capacity.
Equipped space at the end of the fourth quarter 2012 was 74,000 square metres compared to 62,800 square metres at the end of fourth quarter 2011 and 69,600 square metres at the end of the third quarter 2012. Utilisation rate, the ratio of revenue-generating space to equipped space, was 76%, up from 75% in the fourth quarter 2011, and up from 74% in the third quarter 2012.
Annual Review
Revenue for the full year 2012 was €277.1 million, a 13% increase over full year 2011. Recurring revenue for 2012 was €259.2 million, a 14% increase over 2011, and 94% of total revenue in 2012, up from 93% in 2011.
Gross profit was €164.0 million, a 15% increase over full year 2011.
Adjusted EBITDA for 2012 was €115.0 million, up 18% year over year. Adjusted EBITDA margin for full year 2012 expanded to 41.5% from 40.0% in 2011.
Net profit was €31.6 million in 2012, up 24% from 2011.
Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €111.7 million compared to €90.0 million in 2011.
Capital Expenditures, including intangible assets, were €178.3 million in 2012 compared to €162.0 million in 2011.
During 2012, Interxion opened new capacity in Frankfurt, Stockholm, Paris, London, Amsterdam, Madrid and Zurich representing approximately 11,200 square metres of equipped space. The company installed 9,100 revenue generating square metres in 2012. Utilisation was 76% at 31 December 2012 compared to 75% at 31 December 2011.
Business Outlook
The company today is providing guidance for full year 2013:
Revenue €307 million - €322 million Adjusted EBITDA €130 million - €140 million Capital Expenditures (including intangibles) €130 million - €150 millionThe company will host a conference call at 8:30 a.m. ET (1:30 pm GMT, 2:30 pm CET) today 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 95254723. 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 5 March 2013. To access the replay, U.S. callers may dial toll free 1-866-247-4222; callers outside the U.S. may dial direct +44 (0) 1452 55 00 00. The replay access number is 95254723.
Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, the difficulty of reducing operating expenses in the short term, inability to utilise the capacity of newly planned data centres and data centre expansions, significant competition, the cost and supply of electrical power, data centre industry over-capacity, performance under service level agreements and other risks described from time to time in Interxion's filings with the Securities and Exchange Commission. Interxion does not assume any obligation to update the forward-looking information contained in this press release.
Use of Non-IFRS Information
EBITDA is defined as operating profit plus depreciation, amortization and impairment of assets. We define Adjusted EBITDA as EBITDA adjusted to exclude share-based payments, increase/decrease in provision for onerous lease contracts, IPO transaction costs, and income from sub-leases on unused data centre sites. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue. We present EBITDA, Adjusted EBITDA and Adjusted EBITDA margin as additional information because we understand that they are measures used by certain investors and because they are used in our financial covenants in our €60 million revolving credit facility and €260 million 9.50% Senior Secured Notes due 2017. However, other companies may present EBITDA, Adjusted EBITDA and Adjusted EBITDA margin differently than we do. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of financial performance under IFRS and should not be considered as an alternative to operating profit or as a measure of liquidity or an alternative to net income as indicators of our operating performance or any other measure of performance derived in accordance with IFRS.
A reconciliation from Operating Profit to EBITDA and EBITDA to Adjusted EBITDA is provided in the notes to our Consolidated Income Statement included elsewhere in this press release.
Interxion does not provide forward-looking estimates of Operating Profit, Depreciation, amortisation, and impairments, Share-based Payments, or Increase/decrease in provision for onerous lease contracts, IPO transaction costs, and Income from sub-leases on unused data centre sites which it uses to reconcile to Adjusted EBITDA. The Company is, therefore, unable to provide forward-looking reconciling information for Adjusted EBITDA.
About Interxion
Interxion (NYSE: INXN) is a leading provider of carrier-neutral collocation data centre services in Europe, serving a wide range of customers through 33 data centres in 11 European countries. Interxion’s uniformly designed, energy-efficient data centres offer customers extensive security and uptime for their mission-critical applications. With connectivity provided by over 400 carriers and ISPs and 18 European Internet exchanges across its footprint, Interxion has created content and connectivity hubs that foster growing customer communities of interest. For more information, please visit www.interxion.com.
1 Capital expenditures, including intangible assets, represent payments to acquire property, plant, and equipment and intangible assets, as recorded in the consolidated statement of cash flows as "Purchase of property, plant and equipment" and "Purchase of intangible assets" respectively.
2 Other general administrative costs represents General and administrative costs excluding depreciation, amortisation, impairments, share-based payments and increase/(decrease) in provision for onerous lease contracts.
INTERXION HOLDING NV CONSOLIDATED INCOME STATEMENT (in €'000 - except per share data and where stated otherwise) (unaudited)Three Months Ended
Year Ended
31-Dec2012
31-Dec2011
31-Dec2012
31-Dec2011
Revenue 72,880 64,390 277,121 244,310 Cost of sales (28,953 ) (25,495 ) (113,082 ) (101,766 ) Gross profit 43,927 38,895 164,039 142,544 Other income 120 146 463 487 Sales and marketing costs (5,503 ) (4,643 ) (20,100 ) (17,680 ) General and administrative costs (23,786 ) (16,869 ) (79,243 ) (67,258 ) Operating profit 14,758 17,529 65,159 58,093 Net finance expense (5,657 ) (4,955 ) (17,746 ) (22,784 ) Profit before taxation 9,101 12,574 47,413 35,309 Income tax expense (3,452 ) (1,925 ) (15,782 ) (9,737 )Net profit
5,649 10,649 31,631 25,572 Basic earnings per share: (€) 0.08 0.16 0.47 0.40 Diluted earnings per share: (€) 0.08 0.16 0.46 0.39 Number of shares outstanding at the end of the period (shares in thousands) 68,176 66,129 68,176 66,129 Weighted average number of shares for Basic EPS (shares in thousands) 68,021 66,052 67,309 64,176 Weighted average number of shares for Diluted EPS (shares in thousands) 69,052 67,449 68,262 65,896Capacity Metrics
Equipped space (in square meters) 74,000 62,800 74,000 62,800 Revenue generating space (in square meters) 56,200 47,100 56,200 47,100 Utilisation rate 76 % 75 % 76 % 75 % INTERXION HOLDING NV NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION (in €'000 - except where stated otherwise) (unaudited) Three Months Ended Year Ended 31-Dec2012 31-Dec2011 31-Dec2012 31-Dec2011Consolidated
Recurring revenue 69,002 59,717 259,249 228,328 Non-recurring Revenue 3,878 4,673 17,872 15,982 Revenue 72,880 64,390 277,121 244,310 Adjusted EBITDA 31,187 27,101 115,015 97,637 Gross Margin 60.3 % 60.4 % 59.2 % 58.3 % Adjusted EBITDA Margin 42.8 % 42.1 % 41.5 % 40.0 % Total assets 819,224 744,281 819,224 744,281 Total liabilities 443,650 413,720 443,650 413,720 Capital expenditure, including intangible assets (i) (28,191 ) (68,543 ) (178,331 ) (161,956 )France, Germany, Netherlands, and UK
Recurring revenue 42,849 36,184 159,136 136,460 Non-recurring Revenue 2,491 3,440 12,640 10,352 Revenue 45,340 39,624 171,776 146,812 Adjusted EBITDA 24,321 21,558 90,121 74,774 Gross Margin 62.7 % 62.2 % 61.4 % 59.8 % Adjusted EBITDA Margin 53.6 % 54.4 % 52.5 % 50.9 % Total assets 546,842 412,160 546,842 412,160 Total liabilities 139,576 97,779 139,576 97,779 Capital expenditure, including intangible assets (i) (20,090 ) (60,230 ) (145,080 ) (122,880 )Rest of Europe
Recurring revenue 26,153 23,533 100,113 91,868 Non-recurring Revenue 1,387 1,233 5,232 5,630 Revenue 27,540 24,766 105,345 97,498 Adjusted EBITDA 14,379 13,253 55,068 50,676 Gross Margin 62.4 % 62.7 % 61.5 % 61.4 % Adjusted EBITDA Margin 52.2 % 53.5 % 52.3 % 52.0 % Total assets 197,802 181,186 197,802 181,186 Total liabilities 48,183 40,774 48,183 40,774 Capital expenditure, including intangible assets (i) (7,196 ) (6,913 ) (29,014 ) (35,366 )Corporate and Other
Adjusted EBITDA (7,513 ) (7,710 ) (30,174 ) (27,813 ) Total assets 74,580 150,935 74,580 150,935 Total liabilities 255,891 275,167 255,891 275,167 Capital expenditure, including intangible assets (i) (905 ) (1,400 ) (4,237 ) (3,710 )(i) Capital expenditure, including intangible assets, represents payments to acquire property, plant and equipment and intangible assets, as recorded in the consolidated statement of cash flows as "Purchase of property, plant and equipment" and "Purchase of intangible assets" respectively.
INTERXION HOLDING NV NOTES TO CONSOLIDATED INCOME STATEMENT: Adjusted EBITDA reconciliation (in €'000 - except where stated otherwise) (unaudited)Three Months Ended
Year Ended 31-Dec2012 31-Dec2011 31-Dec2012 31-Dec2011Reconciliation to Adjusted EBITDA
Consolidated
Operating profit 14,758 17,529 65,159 58,093 Depreciation, amortization and impairments 13,071 8,371 43,993 35,552 EBITDA 27,829 25,900 109,152 93,645 Share-based payments 2,640 1,347 5,488 2,736 Increase/(decrease) in provision for onerous lease contracts 838 - 838 18 IPO transaction costs (ii) - - - 1,725 Income from sub-leases on unused data center sites (120 ) (146 ) (463 ) (487 ) Adjusted EBITDA 31,187 27,101 115,015 97,637France, Germany, Netherlands, and UK
Operating profit 15,325 16,286 63,336 53,586 Depreciation, amortization and impairments 8,059 5,272 25,686 21,289 EBITDA 23,384 21,558 89,022 74,875 Share-based payments 219 146 724 368 Increase/(decrease) in provision for onerous lease contracts 838 - 838 18 Income from sub-leases on unused data center sites (120 ) (146 ) (463 ) (487 ) Adjusted EBITDA 24,321 21,558 90,121 74,774Rest of Europe
Operating profit 9,992 10,448 38,969 37,981 Depreciation, amortization and impairments 4,298 2,673 15,691 12,371 EBITDA 14,290 13,121 54,660 50,352 Share-based payments 89 132 408 324 Adjusted EBITDA 14,379 13,253 55,068 50,676Corporate and Other
Operating Profit/(Loss) (10,559 ) (9,205 ) (37,146 ) (33,474 ) Depreciation, amortization and impairments 714 426 2,616 1,892 EBITDA (9,845 ) (8,779 ) (34,530 ) (31,582 ) Share-based payments 2,332 1,069 4,356 2,044 IPO transaction costs (ii) - - - 1,725 Adjusted EBITDA (7,513 ) (7,710 ) (30,174 ) (27,813 )(ii) "IPO transaction costs" represent expenses associated with the write off of the proportion of the IPO costs allocated to the selling shareholders at the Initial Public Offering.
INTERXION HOLDING NV CONSOLIDATED BALANCE SHEET (in €'000 - except where stated otherwise) (unaudited) As at31-Dec2012
31-Dec2011
Non-current Assets
Property, plant and equipment 620,931 477,798 Intangible assets 18,638 12,542 Deferred tax assets 30,376 39,557 Financial fixed assets 774 – Other non-current assets 4,959 3,841 675,678 533,738 Current Assets Trade and other current assets 74,854 67,874 Cash and cash equivalents 68,692 142,669 143,546 210,543 Total Assets 819,224 744,281 Shareholders’ Equity Share capital 6,818 6,613 Share premium 477,326 466,166 Foreign currency translation reserve 9,403 7,386 Accumulated deficit (117,973 ) (149,604 ) 375,574 330,561 Non-current Liabilities Trade payables and other liabilities 11,194 10,294 Deferred tax liabilities 2,414 1,742 Provision for onerous lease contracts 7,848 10,618 Borrowings 288,085 257,267 309,541 279,921 Current Liabilities Trade payables and other liabilities 127,778 127,639 Income tax liabilities 2,301 2,249 Provision for onerous lease contracts 3,978 3,108 Borrowings 52 803 134,109 133,799 Total Liabilities 443,650 413,720 Total Liabilities and Shareholders’ Equity 819,224 744,281 INTERXION HOLDING NV NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS (in €'000 - except where stated otherwise) (unaudited) As at31-Dec2012
31-Dec2011
Borrowings Net of Cash and Cash Equivalents
Cash and Cash Equivalents (iii) 68,692 142,669 9.5% Senior Secured Notes due 2017 (iv) 256,268 255,560 Mortgage loans 9,903 - Financial Leases 20,361 337 Other Borrowings 1,605 2,173 Borrowings Excluding Revolving Credit Facility Deferred Financing Costs 288,137 258,070 Revolving credit facility deferred financing costs (v) (1,371 ) (667 ) Total Borrowings 286,766 257,403 Borrowings Net of Cash and Cash Equivalents 218,074 114,734(iii) Cash and cash equivalents includes €5.0 million as of December 31, 2012 and €4.8 million as of December 31, 2011, which is restricted and held as collateral to support the issuance of bank guarantees on behalf of a number of subsidiary companies.
(iv) €260 million 9.5% Senior Secured Notes due 2017 include premium on additional issue and are shown after deducting underwriting discounts and commissions, offering fees and expenses.
(v) Deferred financing costs of €1.4 million incurred in connection with the €60 million revolving credit facility, which is currently undrawn.
INTERXION HOLDING NV CONSOLIDATED STATEMENT OF CASH FLOWS (in €'000 - except where stated otherwise) (unaudited)Three Months Ended
Year Ended31-Dec2012
31-Dec2011 31-Dec2012 31-Dec2011 Profit for the period 5,649 10,649 31,631 25,572 Depreciation, amortization and impairments 13,071 8,371 43,993 35,552 IPO transaction costs - - - 1,725 Unwinding provision for onerous lease contracts 44 (822 ) (2,328 ) (3,125 ) Share-based payments 2,640 1,347 5,488 2,736 Net finance expense 5,657 4,955 17,746 22,784 Income tax expense 3,452 1,925 15,782 9,737 30,513 26,425 112,312 94,981 Movements in trade and other current assets (78 ) (8,947 ) (7,154 ) (16,942 ) Movements in trade and other liabilities 2,415 5,096 6,543 12,009 Cash Generated from Operations 32,850 22,574 111,701 90,048 Interest paid (vi) (474 ) (294 ) (18,081 ) (24,472 ) Interest received 273 1,010 1,007 2,251 Income tax paid (1,923 ) (2,240 ) (5,545 ) (3,784 ) Net Cash Flows from Operating Activities 30,726 21,050 89,082 64,043 Cash Flows from Investing Activities Purchase of property, plant and equipment (26,990 ) (65,432 ) (172,036 ) (154,559 ) Disposals of property, plant and equipment - - - 945 Purchase of intangible assets (1,201 ) (3,111 ) (6,295 ) (7,397 ) Acquisition financial fixed assets - - (774 ) - Movement in short-term investments - 40,000 - - Net Cash Flows from Investing Activities (28,191 ) (28,543 ) (179,105 ) (161,011 ) Cash Flows from Financing Activities Proceeds from exercised options 1,231 452 7,956 3,474 Proceeds from issuance of new shares at IPO - - - 142,952 Repayment of "Liquidation Price" to former preferred shareholders - - - (3,055 ) Secured bank loans 9,890 - 9,890 - Senior Secured Notes and RCF - - (1,159 ) (645 ) Other Borrowings (64 ) (131 ) (804 ) (2,396 ) Net Cash Flows from Financing Activities 11,057 321 15,883 140,330 Effect of exchange rate changes on cash (52 ) 302 163 192 Net Movement in Cash and Cash Equivalents 13,540 (6,870 ) (73,977 ) 43,554 Cash and cash equivalents, beginning of period 55,152 149,539 142,669 99,115 Cash and Cash Equivalents, End of Period 68,692 142,669 68,692 142,669(vi) Interest paid is reported net of cash interest capitalized which is reported as part of “Purchase of property, plant and equipment".
INTERXION HOLDING NV Status of Announced Expansion Projects as at 27 February 2013 with Target Open Dates in 2012 & 2013 Market ProjectCAPEX (a, b)(€ million)
EquippedSpace (a)(Sqm)
Target Opening
Frankfurt FRA 7: New Build € 21 1,500 1Q 2012 (opened) Stockholm STO 1: Phase 4 Expansion € 5 500 1Q 2012 (opened) Paris PAR 7 : Phase 1 New Build € 70 4,500 2Q 2012 (opened) (c) Amsterdam AMS 6: New Build € 60 4,400 3Q 2012 (opened) (d) London LON 2: New Build € 38 1,500 3Q 2012 (opened) (e) Amsterdam AMS 5: Phase 4 Expansion € 12 1,000 4Q 2012 (opened) Zurich ZUR 1: Phase 3 Expansion € 4 600 4Q 2012 (opened) Madrid MAD 2: Phase 1 New Build € 10 800 4Q 2012 (opened) (f) Frankfurt FRA 6: Phase 3 Expansion € 5 600 1Q 2013 Stockholm STO 2: Phase 1 New Build € 11 500 2Q 2013 Copenhagen CPH 1: Expansion € 2 300 2Q 2013 Total € 238 16,200 (a) CAPEX and Equipped Space are approximate and may change. (b) CAPEX reflects the total for the listed project at full power and capacity and may not be all invested in the current year. (c) Opened 500 sqm in 2Q 2012 and 1500 sqm in 3Q 2012; remaining 2500 sqm scheduled to open in 1Q 2013. (d) Opened 1700 sqm in 3Q 2012 for early customer access; 2700 sqm opened in 4Q 2012. (e) 1100 sqm opened in 3Q 2012; 400 sqm opened in 1Q 2013. (f) Opened 200 sqm in 4Q 2012; remaining 600 sqm scheduled to open in 1Q 2013.
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