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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 |
Revenue Growth of 14% Year Over Year
Demand Drives New Investments in Frankfurt, Paris, Marseille and Stockholm
Interxion Holding NV (NYSE:INXN), a leading European provider of carrier and cloud-neutral colocation data centre services, today announced its results for the three-month period ended 30 June 2019 and further investments in four markets.
Financial Highlights
Operating Highlights
“As reflected in the solid second quarter results, Interxion continues to experience favourable demand, driven primarily by the cloud and content platform providers,” said David Ruberg, Interxion’s Chief Executive Officer. “In response to customer demand and orders, we are announcing today incremental investments in Frankfurt, Paris, Marseille and Stockholm. Our recent equity issuance and credit rating upgrade support our ongoing expansion activity, with a focus on sustaining our attractive returns."
Quarterly Review
As previously noted, the implementation of International Financial Reporting Standard 16 - Leases (“IFRS 16”) on 1 January 2019 reclassified certain expense items, thus impacting the comparability of our results to periods prior to the implementation of IFRS 16. This accounting change had no impact on our revenues or underlying net cash flows. A reconciliation from Adjusted EBITDA and Adjusted EBITDA margin reported after giving effect to IFRS 16 to corresponding measures excluding the impact of IFRS 16 are provided later in this press release.
Revenue in the second quarter of 2019 was €158.5 million, a 14% increase over the second quarter of 2018 and a 5% increase over the first quarter of 2019. Recurring revenue was €150.0 million, a 14% increase over the second quarter of 2018 and a 3% increase over the first quarter of 2019. Recurring revenue in the second quarter represented 95% of total revenue. On a constant currency(6) basis, revenue in the second quarter of 2019 was 14% higher than in the second quarter of 2018.
Cost of sales in the second quarter of 2019 was €54.7 million, a 2% increase over the second quarter of 2018 and a 9% increase over the first quarter of 2019.
Gross profit was €103.7 million in the second quarter of 2019, a 22% increase over the second quarter of 2018 and a 3% increase over the first quarter of 2019. Gross profit margin was 65.5% in the second quarter of 2019, compared with 61.3% in the second quarter of 2018 and 66.7% in the first quarter of 2019.
Sales and marketing costs in the second quarter of 2019 were €9.4 million, a 2% decrease over the second quarter of 2018 and a 3% increase over the first quarter of 2019.
General and administrative costs, excluding the items we adjust for in the determination of Adjusted EBITDA, were €14.2 million in the second quarter of 2019, a 17% increase over the second quarter of 2018 and a 4% decrease from the first quarter of 2019.
Depreciation and amortisation in the second quarter of 2019 were €44.3 million, a 38% increase over the second quarter of 2018 and a 6% increase over the first quarter of 2019.
Operating income in the second quarter of 2019 was €29.6 million, an increase of 12% over the second quarter of 2018 and a 1% decrease from the first quarter of 2019.
Net finance expense for the second quarter of 2019 was €17.1 million, a 25% decrease from the second quarter of 2018 and a 3% increase over the first quarter of 2019.
Income tax expense for the second quarter of 2019 was €3.6 million, a 30% increase over the second quarter of 2018 and a 24% decrease from the first quarter of 2019.
Net income was €8.6 million in the second quarter of 2019, an €8.0 million increase over the second quarter of 2018 and a 3% increase from the first quarter of 2019.
Adjusted net income was €7.5 million in the second quarter of 2019, a 16% decrease from the second quarter of 2018 and a 6% increase from the first quarter of 2019.
Adjusted EBITDA for the second quarter of 2019 was €80.2 million, a 26% increase over the second quarter of 2018 and a 4% increase over the first quarter of 2019. Adjusted EBITDA margin was 50.6% in the second quarter of 2019 compared to 45.7% in the second quarter of 2018 and 51.0% in the first quarter of 2019.
Adjusted EBITDA excluding the effects of IFRS 16 for the second quarter was €71.5 million, a 13% increase over the second quarter of 2018 and a 3% increase over the first quarter of 2019. Adjusted EBITDA margin excluding the effects of IFRS 16 in the second quarter of 2019, was 45.1%, compared to 45.7% in the second quarter of 2018 and 45.7% in the first quarter of 2019.
Net cash flows from operating activities in the second quarter of 2019 were €35.8 million compared to €31.6 million in the second quarter of 2018 and €71.3 million in the first quarter of 2019.
Cash generated from operations(1) in the second quarter of 2019 was €71.8 million compared to €55.1 million in the second quarter of 2018 and €79.9 million in the first quarter of 2019.
Capital expenditure, including intangible assets, in the second quarter of 2019 were €123.5 million compared with €120.5 million in the second quarter of 2018 and €144.1 million in the first quarter of 2019.
Cash and cash equivalents were €55.6 million at 30 June 2019, compared with €186.1 million at year end 2018.
Total borrowings and lease liabilities net of cash and cash equivalents were €1,672.2 million in aggregate at 30 June 2019, compared with €1,104.1 million at 31 December 2018. Excluding lease liabilities, total borrowings were €1,276.7 million at 30 June 2019, compared with €1,239.8 million at 31 December 2018.
As at 30 June 2019, €40 million was drawn under Interxion’s €300 million unsecured revolving credit facility. The full amount was repaid after the end of the quarter.
On 1 July 2019, Interxion issued 4.6 million ordinary shares in a public offering generating net proceeds of €283.2 million.
Equipped space at the end of the second quarter of 2019 was 154,800 square metres, compared to 132,600 square metres at the end of the second quarter of 2018 and 148,300 square metres at the end of the first quarter of 2019. Revenue generating space at the end of the second quarter of 2019 was 121,600 square metres, compared to 106,200 square metres at the end of the second quarter of 2018 and 119,000 square metres at the end of the first quarter of 2019. Utilisation rate, the ratio of revenue generating space to equipped space, was 79% at the end of the second quarter of 2019, compared to 80% at the end of the second quarter of 2018 and 80% at the end of the first quarter of 2019.
Investment Initiatives in Frankfurt, Marseille, Stockholm and Paris
In response to continued customer demand and orders, Interxion will expand existing data centres in Frankfurt and Marseille and construct a new data centre in Stockholm (“STO6”). Additionally, Interxion has added to its land ownership in Paris.
In Frankfurt, Interxion will add capacity in its FRA15 data centre by constructing Phases 3 and 4. These phases will add an additional 4,700 square metres of equipped space and are scheduled to open in 3Q 2021. The capital expenditure associated with the final two phases of FRA15 is expected to be approximately €40 million.
In Marseille, Interxion will construct the second phase of its MRS3 data centre. This phase will provide approximately 2,400 sqm of equipped space and is scheduled to open in 3Q 2020. The capital expenditure associated with this phase of MRS3 is expected to be approximately €31 million.
In Stockholm, STO6 will be constructed in four phases, delivering a total of 3,300 sqm of equipped space and 5 megawatts (“MW”) of customer available power when fully built out. The first phase of STO6, which is expected to provide approximately 500 sqm, is scheduled to open in 2Q 2020. The second phase is expected to provide approximately 600 sqm and is scheduled to open in 4Q 2020. The capital expenditure associated with the first two phases of STO6 is expected to be approximately €21 million.
In Paris, Interxion completed the acquisition of the land on which its PAR7 data centre is located, for €19 million. The PAR7 site is adjacent to additional land of 68,000 sqm, over which we have a purchase option. This site has an industrial zoning rating and access to 50 MW of available power.
Business Outlook
Interxion today is reaffirming guidance for Revenue, Adjusted EBITDA and Capital expenditure (including intangibles) for full year 2019:
Revenue
€632 million – €647 million
Adjusted EBITDA
€324 million – €334 million
Capital expenditure (including intangibles)
€570 million – €600 million
Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. ET (1:30 p.m. BST, 2:30 p.m. CET) 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 21 August 2019. To access the replay, U.S. callers may dial toll free 1-866-331-1332; callers outside the U.S. may dial direct +44 (0) 3333 009 785. The replay access number is 3364477.
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 procedures 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 press release.
Non-IFRS Financial Measures
These materials include non-IFRS financial measures and ratios, including (i) Adjusted EBITDA; (ii) Adjusted EBITDA margin, (iii) Adjusted EBITDA excluding the impact of IFRS 16; (iv) Adjusted EBITDA margin excluding the impact of IFRS 16; (v) Recurring revenue; (vi) Revenue on a constant currency basis; (vii) Adjusted net income; (viii) Adjusted basic earnings per share; (ix) Adjusted diluted earnings per share and (x) Cash generated from operations, that are not required by, or presented in accordance with, IFRS.
Other companies may present Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue, Revenue on a 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. None of these measures are measures of financial performance under IFRS and should not be considered as a measure of liquidity or as an alternative to Profit for the period attributable to shareholders (“Net income”) or as indicators of our operating performance or any other measure of performance implemented in accordance with IFRS.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue and Revenue on a constant currency basis
We define Adjusted EBITDA as Net income adjusted for income tax expense, net finance expense and the following items, which may occur in any period, and which management believes are not representative of our 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. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue.
In addition, we present Adjusted EBITDA excluding the impact of IFRS 16 for comparative purposes with regard to Adjusted EBITDA presented in periods prior to 1 January 2019, the effective date of IFRS 16. Adjusted EBITDA margin excluding the impact of IFRS 16 is defined as Adjusted EBITDA excluding the impact of IFRS 16 as a percentage of revenue.
For a reconciliation of Net income to Adjusted EBITDA and from Adjusted EBITDA to Adjusted EBITDA excluding the impact of IFRS 16, see the notes to the Condensed Consolidated Interim Financial Statements. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16 and other key performance indicators may not be indicative of our historical results of operations based on IFRS, nor are they meant to be predictive of future results under IFRS.
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. Management believes that the exclusion of these items provides useful supplemental information to revenue from colocation and associated power charges to aid investors in evaluating the recurring revenue performance of our business. For a reconciliation of Revenue to Recurring revenue, see the notes to the Condensed Consolidated Interim Financial Statements.
We present constant currency information for 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 constant currency information for revenue provides useful supplemental information to investors regarding our on-going operational performance because it helps us and our investors evaluate the on-going operating performance of the business after removing the impact of currency exchange rates.
We believe Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue and Revenue on a constant currency basis 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), our asset base (primarily depreciation and amortisation) and the implementation of new accounting standards. Management believes that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding the impact of IFRS 16, 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 and Adjusted EBITDA excluding the impact of IFRS 16 facilitates comparisons between us and other data centre operators (including other data centre operators that are REITs) and other infrastructure-based businesses. Adjusted EBITDA excluding the impact of IFRS 16 is also a relevant measure used in the financial covenants of our revolving credit facility and our 4.75% Senior Notes due 2025. Pursuant to the terms of our revolving credit facility and our 4.75% Senior Notes due 2025, the calculation of Adjusted EBITDA for the purposes of the financial covenants is determined in accordance with IFRS as of the date of the financing agreements and therefore does not include the impact of IFRS 16.
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:
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.
Management believes 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 notes to the Condensed Consolidated Interim Financial Statements.
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 believes 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.
Additional Key Performance Indicators
In addition to Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue, Revenue on a constant currency basis, Adjusted net income, Adjusted basic earnings per share, Adjusted diluted earnings per share and Cash generated from operations, our management also uses the following key performance indicators as measures to evaluate our performance:
IFRS 16 – Leases
We adopted International Financial Reporting Standard 16 – Leases, from 1 January 2019. Under IFRS 16, operating leases are recognized as right of use assets and lease liabilities, and certain components of revenue are recognized as lease revenue.
The impact of IFRS 16 on revenue, gross profit, operating income, Adjusted EBITDA, depreciation and amortisation and net finance expense for the three-month and six-month periods ended 30 June 2019 and total assets and total liabilities as at 30 June 2019 is provided in the tables attached to this press release.
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 53 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.
1 All of the following items are non-IFRS measures intended to adjust for certain items and are not measures of financial performance under IFRS: “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted EBITDA excluding the impact of IFRS 16”, “Adjusted EBITDA margin excluding the impact of IFRS 16”, “Recurring revenue”, “Revenue on a constant currency basis”, “Adjusted net income”, “Adjusted basic earnings per share”, “Adjusted diluted earnings per share” and “Cash generated from operations”. Complete definitions can be found in the “Non-IFRS Financial Measures” section in this press release. Reconciliations of Net income to Adjusted EBITDA, Adjusted EBITDA to Adjusted EBITDA excluding the impact of IFRS 16, Net income to Adjusted net income and Revenue to Recurring revenue, can be found in the financial tables later in this press release.
2 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.
3 Equipped space is the amount of data centre space that, on the date indicated, is equipped and either sold or could be sold, without making any significant additional investments to common infrastructure.
4 Revenue generating space is the amount of Equipped space that is under contract and billed on the date indicated.
5 Utilisation rate represents Revenue generating space as a percentage of Equipped space.
6 We present constant currency information to assess 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.
INTERXION HOLDING NV CONDENSED CONSOLIDATED INCOME STATEMENTS (in €'000 ― except per share data and where stated otherwise) (unaudited) Three Months Ended Six Months EndedJun-30
Jun-30
Jun-30
Jun-30
2019
2018
2019
2018
Revenue158,476
138,824
310,007
272,660
Cost of sales
(54,729
)
(53,701
)
(105,123
)
(106,398
)
Gross Profit103,747
85,123
204,884
166,262
Other income
-
-
-
86
Sales and marketing costs
(9,397
)
(9,601
)
(18,551
)
(18,309
)
General and administrative costs(64,798
)
(49,250
)
(126,942
)
(94,894
)
Operating income29,552
26,272
59,391
53,145
Net finance expense
(17,148
)
(22,895
)
(33,810
)
(34,299
)
Share of result of equity-accounted investees, net of tax(163
)
-
(163
)
-
Profit before income taxes
12,241
3,377
25,418
18,846
Income tax expense
(3,627
)
(2,795
)
(8,405
)
(6,608
)
Net income8,614
582
17,013
12,238
Basic earnings per share(a): (€)
0.12
0.01
0.24
0.17
Diluted earnings per share(b): (€)
0.12
0.01
0.23
0.17
Number of shares outstanding at the end of the period (shares in thousands)
71,888
71,609
71,888
71,609
Weighted average number of shares for Basic EPS (shares in thousands)
71,876
71,481
71,843
71,455
Weighted average number of shares for Diluted EPS (shares in thousands)
72,457
71,946
72,398
71,902
As at
Jun-30
Jun-30
Capacity metrics2019
2018
Equipped space (in square meters)154,800
132,600
Revenue generating space (in square meters)
121,600
106,200
Utilisation rate
79
%
80
%
(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. INTERXION HOLDING NV NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: REPORTING SEGMENT INFORMATION (in €'000 ― except where stated otherwise) (unaudited) Three Months Ended Six Months Ended Jun-30 Jun-30 Jun-30 Jun-302019
2018
2019
2018
Consolidated Recurring revenue149,975
131,709
295,253
258,671
Non-recurring revenue
8,501
7,115
14,754
13,989
Revenue
158,476
138,824
310,007
272,660
Net income
8,614
582
17,013
12,238
Net income margin
5.4
%
0.4
%
5.5
%
4.5
%
Operating income29,552
26,272
59,391
53,145
Operating income margin
18.6
%
18.9
%
19.2
%
19.5
%
Adjusted EBITDA80,158
63,431
157,435
124,306
Gross profit margin
65.5
%
61.3
%
66.1
%
61.0
%
Adjusted EBITDA margin50.6
%
45.7
%
50.8
%
45.6
%
Total assets2,743,383
1,975,113
2,743,383
1,975,113
Total liabilities(a)
2,082,604
1,368,236
2,082,604
1,368,236
Capital expenditure, including intangible assets(b)
(123,477
)
(120,515
)
(267,558
)
(216,709
)
France, Germany, the Netherlands, and the UK Recurring revenue100,673
87,317
197,536
170,771
Non-recurring revenue
4,962
4,196
9,399
8,653
Revenue
105,635
91,513
206,935
179,424
Operating income
33,584
30,311
66,896
57,946
Operating income margin
31.8
%
33.1
%
32.3
%
32.3
%
Adjusted EBITDA62,935
51,388
124,056
99,366
Gross profit margin
66.3
%
63.2
%
66.9
%
62.2
%
Adjusted EBITDA margin59.6
%
56.2
%
59.9
%
55.4
%
Total assets1,968,376
1,360,299
1,968,376
1,360,299
Total liabilities(a)
623,050
275,898
623,050
275,898
Capital expenditure, including intangible assets(b)
(77,780
)
(82,556
)
(177,405
)
(153,130
)
Rest of Europe Recurring revenue49,302
44,392
97,717
87,900
Non-recurring revenue
3,539
2,919
5,355
5,336
Revenue
52,841
47,311
103,072
93,236
Operating income
20,628
18,643
41,637
38,242
Operating income margin
39.0
%
39.4
%
40.4
%
41.0
%
Adjusted EBITDA32,593
27,171
64,835
54,742
Gross profit margin
69.8
%
65.0
%
70.8
%
66.3
%
Adjusted EBITDA margin61.7
%
57.4
%
62.9
%
58.7
%
Total assets685,304
443,999
685,304
443,999
Total liabilities(a)
210,740
84,045
210,740
84,045
Capital expenditure, including intangible assets(b)
(37,891
)
(29,805
)
(79,476
)
(52,472
)
Corporate and other Operating income(24,660
)
(22,682
)
(49,142
)
(43,043
)
Adjusted EBITDA(15,370
)
(15,128
)
(31,456
)
(29,802
)
Total assets89,703
170,815
89,703
170,815
Total liabilities(a)
1,248,814
1,008,293
1,248,814
1,008,293
Capital expenditure, including intangible assets(b)
(7,806
)
(8,154
)
(10,677
)
(11,107
)
(a) Certain comparative figures as at 30 June 2018 have been restated compared to the amounts disclosed on Form 6-K furnished on 2 August 2018. For further details see Note 2 and Note 28 of our 2018 Consolidated Financial Statements included on Form 20-F, filed with the SEC on 30 April 2019.(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 Six Months Ended Jun-30 Jun-30 Jun-30 Jun-302019
2018
2019
2018
Reconciliation to Adjusted EBITDA Consolidated Net income8,614
582
17,013
12,238
Income tax expense
3,627
2,795
8,405
6,608
Profit before taxation
12,241
3,377
25,418
18,846
Share of result of equity-accounted investees, net of tax
163
-
163
-
Net finance expense
17,148
22,895
33,810
34,299
Operating income
29,552
26,272
59,391
53,145
Depreciation and amortisation
44,320
32,191
85,998
61,750
Share-based payments
5,725
3,927
11,405
7,249
Income or expense related to the evaluation and execution of potential mergers or acquisitions:
M&A transaction costs(a)
561
1,041
641
2,248
Items related to sub-leases on unused data centre sites(b)
-
-
-
(86
)
Adjusted EBITDA(c)80,158
63,431
157,435
124,306
France, Germany, the Netherlands, and the UK Operating income
33,584
30,311
66,896
57,946
Depreciation and amortisation
29,010
20,818
56,417
40,903
Share-based payments
341
259
743
603
Items related to sub-leases on unused data centre sites(b)
-
-
-
(86
)
Adjusted EBITDA(c)62,935
51,388
124,056
99,366
Rest of Europe Operating income
20,628
18,643
41,637
38,242
Depreciation and amortisation
11,728
8,223
22,608
15,971
Share-based payments
237
305
590
529
Adjusted EBITDA(c)
32,593
27,171
64,835
54,742
Corporate and Other Operating loss
(24,660
)
(22,682
)
(49,142
)
(43,043
)
Depreciation and amortisation3,582
3,150
6,973
4,876
Share-based payments
5,147
3,363
10,072
6,117
Income or expense related to the evaluation and execution of potential mergers or acquisitions: M&A transaction costs(a)
561
1,041
641
2,248
Adjusted EBITDA(c)
(15,370
)
(15,128
)
(31,456
)
(29,802
)
(a) “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.” (b) “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.” (c) “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. INTERXION HOLDING NV CONDENSED CONSOLIDATED BALANCE SHEET (in €'000 ― except where stated otherwise) (unaudited) As at Jun-30 Dec-312019
2018
Non-current assets Property, plant and equipment1,878,533
1,721,064
Right-of-use assets
438,556
-
Intangible assets
66,492
64,331
Goodwill
38,900
38,900
Deferred tax assets
24,607
21,807
Investment in associate
3,583
-
Other investments
12,606
7,906
Other non-current assets
15,934
16,843
2,479,211
1,870,851
Current assets Trade receivables and other current assets
208,611
205,613
Cash and cash equivalents
55,561
186,090
264,172
391,703
Total assets
2,743,383
2,262,554
Shareholders’ equity Share capital
7,188
7,170
Share premium
564,592
553,425
Foreign currency translation reserve
2,965
3,541
Hedging reserve, net of tax
(179
)
(165
)
Accumulated profit86,213
69,449
660,779
633,420
Non-current liabilities Borrowings
1,235,214
1,266,813
Lease liabilities
423,508
-
Deferred tax liabilities
16,912
16,875
Other non-current liabilities
17,974
34,054
1,693,608
1,317,742
Current liabilities Trade payables and other current liabilities
311,880
280,877
Lease liabilities
27,563
-
Income tax liabilities
8,048
7,185
Borrowings
41,505
23,330
388,996
311,392
Total liabilities
2,082,604
1,629,134
Total liabilities and shareholders’ equity
2,743,383
2,262,554
INTERXION HOLDING NV NOTES TO THE CONDENSED CONSOLIDATED BALANCE SHEET: BORROWINGS AND LEASE LIABILITIES NET OF CASH AND CASH EQUIVALENTS (in €'000 ― except where stated otherwise) (unaudited) As at Jun-30 Dec-31
2019
2018
Borrowings and lease liabilities net of cash and cash equivalents Cash and cash equivalents55,561
186,090
4.75% Senior Notes due 2025(a)1,189,060
1,188,387
Finance lease liabilities (IAS 17)(b)-
50,374
Mortgages50,411
51,382
Borrowings under our Revolving Facilities37,248
-
Borrowings1,276,719
1,290,143
Lease liabilities (IFRS 16)(b)451,071
-
Total borrowings and lease liabilities1,727,790
1,290,143
Borrowings and lease liabilities net of cash and cash equivalents(c)1,672,229
1,104,053
(a) The €1,200 million 4.75% Senior Notes due 2025 include a premium on additional issuances and are shown after deducting commissions, offering fees and expenses. (b) Under IFRS 16, finance lease liabilities are included in the aggregated amount of lease liabilities rather than presented separately. (c) Total borrowings and lease liabilities exclude deferred financing costs of €2.3 million as of 31 December 2018 which were incurred in connection with the €300 million Revolving Credit Facility, entered into on 18 June 2018. Total borrowings and lease liabilities include deferred financing costs of €2.7 million as of 30 June 2019. The deferred financing costs have been included as during the second quarter the Group has drawn €40.0 million under the Revolving Credit Facility. INTERXION HOLDING NV CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in €'000 ― except where stated otherwise) (unaudited) Three Months Ended Six Months Ended Jun-30 Jun-30 Jun-30 Jun-302019
2018
2019
2018(a) Net income8,614
582
17,013
12,238
Depreciation and amortisation
44,320
32,191
85,998
61,750
Share-based payments
5,395
3,646
10,501
6,863
Net finance expense
17,148
22,895
33,810
34,299
Share of result of equity-accounted investees, net of tax
163
-
163
-
Income tax expense
3,627
2,795
8,405
6,608
79,267
62,109
155,890
121,758
Movements in trade receivables and other assets
(17,549
)
(13,858
)
(36,753
)
(20,055
)
Movements in trade payables and other liabilities10,035
6,858
32,481
11,486
Cash generated from operations
71,753
55,109
151,618
113,189
Interest and fees paid(a)
(29,435
)
(18,600
)
(34,300
)
(38,831
)
Income tax paid(6,529
)
(4,893
)
(10,188
)
(8,166
)
Net cash flows from operating activities35,789
31,616
107,130
66,192
Cash flows used in investing activities Purchase of property, plant and equipment
(119,972
)
(117,534
)
(260,667
)
(211,751
)
Financial investments - deposits(4
)
114
12,591
280
Acquisition of associate
(3,745
)
-
(3,745
)
-
Purchase of intangible assets
(3,505
)
(2,981
)
(6,891
)
(4,958
)
Loans provided(2,375
)
(834
)
(2,814
)
(1,251
)
Net cash flows used in investing activities(129,601
)
(121,235
)
(261,526
)
(217,680
)
Cash flows from financing activities Proceeds from exercised options432
1,186
684
1,257
Repayment of mortgages
(548
)
(4,948
)
(1,020
)
(5,496
)
Proceeds from revolving credit facilities40,000
69,376
40,000
148,814
Repayment of revolving facilities
-
(250,724
)
-
(250,724
)
Proceeds 4.75% Senior Notes-
990,000
-
990,000
Principal elements of lease payments (2018: Financial lease obligation)
(8,356
)
-
(14,885
)
-
Repayment 6.00% Senior Secured Notes
-
(634,375
)
-
(634,375
)
Transaction costs 4.75% Senior Notes-
(1,192
)
(200
)
(1,192
)
Transaction costs revolving credit facility(142
)
(1,636
)
(745
)
(1,636
)
Net cash flows from financing activities31,386
167,687
23,834
246,648
Effect of exchange rate changes on cash
(189
)
159
33
(81
)
Net increase / (decrease) in cash and cash equivalents(62,615
)
78,227
(130,529
)
95,079
Cash and cash equivalents, beginning of period
118,176
55,336
186,090
38,484
Cash and cash equivalents, end of period
55,561
133,563
55,561
133,563
(a) Interest and fees paid is reported net of cash interest capitalized, which is reported as part of “Purchase of property, plant and equipment." INTERXION HOLDING NV NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS AND BALANCE SHEET: IFRS 16 IMPACT RECONCILIATION (in €'000) (unaudited) Three Months Ended Six Months Ended
Jun-30
Effect ofchange dueto IFRS 16Jun-30
Jun-30
Effect ofchange dueto IFRS 16Jun-30
2019
2019
2019
2019
As Reported
Excl. IFRS 16
As Reported
Excl. IFRS 16
Consolidated Recurring revenue149,975
-
149,975
295,253
-
295,253
Non-recurring revenue
8,501
-
8,501
14,754
-
14,754
Revenue
158,476
-
158,476
310,007
-
310,007
Gross profit
103,747
7,014
96,733
204,884
13,637
191,247
Gross profit margin
65.5
%
4.5
%
61.0
%
66.1
%
4.4
%
61.7
%
Operating income29,552
1,265
28,287
59,391
2,799
56,593
Adjusted EBITDA
80,158
8,610
71,548
157,435
16,605
140,830
Adjusted EBITDA margin
50.6
%
5.4
%
45.1
%
50.8
%
5.4
%
45.4
%
Depreciation and amortisation44,320
7,345
36,975
85,998
13,806
72,193
Net finance expense
17,148
3,072
14,076
33,810
6,151
27,659
France, Germany, the Netherlands, and the UK Recurring revenue
100,673
-
100,673
197,536
-
197,536
Non-recurring revenue
4,962
-
4,962
9,399
-
9,399
Revenue
105,635
-
105,635
206,935
-
206,935
Operating income
33,584
1,130
32,454
66,896
2,271
64,625
Adjusted EBITDA
62,935
5,536
57,399
124,056
10,663
113,392
Adjusted EBITDA margin
59.6
%
5.3
%
54.3
%
59.9
%
5.1
%
54.8
%
Rest of Europe Recurring revenue49,302
-
49,302
97,717
-
97,717
Non-recurring revenue
3,539
-
3,539
5,355
-
5,355
Revenue
52,841
-
52,841
103,072
-
103,072
Operating income
20,628
132
20,496
41,637
508
41,128
Adjusted EBITDA
32,593
2,583
30,009
64,835
4,981
59,854
Adjusted EBITDA margin
61.7
%
4.9
%
56.8
%
62.9
%
4.8
%
58.1
%
Corporate and Other Operating income(24,660
)
3
(24,663
)
(49,142
)
20
(49,162
)
Adjusted EBITDA(15,370
)
491
(15,861
)
(31,456
)
961
(32,417
)
As atJun-30
Effect ofchangedue to IFRS 16Jun-30
2019
2019
As Reported
Excl. IFRS 16
Consolidated Non-current assets2,479,211
408,447
2,070,763
Current assets
264,172
(18,551
)
282,723
Non-current liabilities
1,693,608
368,478
1,325,130
Current liabilities
388,996
23,995
365,001
France, Germany, the Netherlands, and the UK Total assets
1,968,376
280,707
1,687,669
Total liabilities
623,050
282,618
340,433
Rest of Europe Total assets
685,304
105,928
579,376
Total liabilities
210,740
106,586
104,154
Corporate and Other Total assets
89,703
3,261
86,443
Total liabilities
1,248,814
3,268
1,245,546
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 Six Months Ended
Jun-30
Jun-30
Jun-30
Jun-30
2019
2018
2019
2018
Net income - as reported8,614
582
17,013
12,238
Add back + Charges related to termination of financing arrangements(a)
-
11,171
-
11,171
+ M&A transaction costs
561
1,041
641
2,248
561
12,212
641
13,419
Reverse - Interest capitalized
(2,102
)
(1,181
)
(3,982
)
(2,065
)
(2,102
)
(1,181
)
(3,982
)
(2,065
)
Tax effect of above add backs & reversals385
(2,758
)
835
(2,839
)
Adjusted net income7,458
8,855
14,507
20,753
Reported basic EPS: (€)
0.12
0.01
0.24
0.17
Reported diluted EPS: (€)
0.12
0.01
0.23
0.17
Adjusted basic EPS: (€)
0.10
0.12
0.20
0.29
Adjusted diluted EPS: (€)
0.10
0.12
0.20
0.29
(a) These charges relate to the repayment of the 6.00% Senior Secured Notes due 2020 and the termination of our revolving credit facility agreements in 2Q18. INTERXION HOLDING NV Status of Announced Expansion Projects as at 7 August 2019 with Target Open Dates after 31 March 2019
CAPEX(a)(b)
Equipped Space(a)
Market Project(€ million)
(sqm)
Schedule Amsterdam AMS10: Phases 1 - 3 New Build195
9,500
4Q 2019 - 3Q 2020(c) Copenhagen CPH2: Phases 3 - 518
1,500
2Q 2018 - 4Q 2019(d) Dusseldorf DUS2: Phase 35
500
1Q 2019 - 2Q 2019(e) Frankfurt FRA14: Phases 1 - 2 New Build76
4,600
3Q 2019 - 4Q 2019(f) Frankfurt FRA15: Phases 1 - 4 New Build177
9,600
2Q 2020 - 3Q 2021(g) London LON3: New Build35
1,800
1Q 2019 - 3Q 2019(h) Madrid MAD3: New Build44
2,700
2Q 2019 - 4Q 2019(i) Marseille MRS2: Phase 2 - 472
4,200
2Q 2018 - 4Q 2019(j) Marseille MRS3: Phases 1 - 2 New Build111
4,700
1Q 2020 - 3Q 2020(k) Paris PAR7.2: Phase B (cont.) - C47
2,500
2Q 2018 -2Q 2019(l) Stockholm STO5: Phases 2 - 319
1,200
1Q 2018 - 2Q 2019(m) Stockholm STO6: Phase 1 - 2 New Build21
1,100
2Q 2020 - 4Q 2020(n) Vienna VIE2: Phase 7 - 996
4,500
4Q 2017 - 4Q 2019(o) Zurich ZUR1: Phase 610
100
4Q 2019(p) Zurich ZUR2: Phases 1 - 2 New Build93
3,600
3Q 2020(q) Total1,019
52,100
(a) CAPEX and Equipped space are approximate and may change. SQM figures are rounded to nearest 100 sqm unless otherwise noted, and 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 time. (c) AMS10: Phase 1 (2,700 sqm) is scheduled to open in 4Q 2019; phase 2 (4,100 sqm) is scheduled to open in 1Q 2020, phase 3 (2,700 sqm) is scheduled to open in 3Q 2020. (d) CPH2: Phases 3 and 4 (900 sqm total) opened in 2Q 2018; phase 5 (600 sqm) is scheduled to open in 4Q 2019. (e) DUS2: Phase 3 partially opened (300 sqm) in 1Q 2019 and the remaining 200 sqm opened in 2Q 2019. (f) FRA14: Phase 1 (2,400 sqm) is scheduled to open in 3Q 2019; phase 2 (2,200 sqm) is scheduled to open in 4Q 2019. (g) FRA15: Phase 1 (2,300 sqm) is scheduled to open in 2Q 2020, Phase 2 (2,600 sqm) is scheduled to open in 4Q 2020, Phase 3 (2,400 sqm) is scheduled to open in 1Q 2021and Phase 4 (2,400 sqm) scheduled to open in 3Q 2021. (h) LON3: Phase 1 (300 sqm) opened in 1Q 2019 and Phase 2 (600 sqm) opened in 2Q 2019. Phase 3 (900 sqm) is scheduled to open in 3Q 2019. (i) MAD3: 1,300 sqm opened in 2Q 2019, 700 sqm is scheduled to open in 3Q 2019 and 700 sqm is scheduled to open in 4Q 2019. (j) MRS2: Phase 2 (700 sqm) opened in 2018; Phase 3 (1,100 sqm) opened in 2Q 2019 and Phase 4 (2,500 sqm) is scheduled to open in 3Q - 4Q 2019. (k) MRS3: Phase 1 (2,300 sqm) is scheduled to open in 1Q 2020 and Phase 2 (2,400 sqm) is scheduled to open in 3Q 2020. (l) PAR7.2: Phase B (cont.) (500 sqm) opened in 2Q 2018; Phase C part (1,500 sqm) opened in 4Q 2018 and the remaining part (500 sqm) opened in 2Q 2019. (m) STO5: Phases 2-3 - 100 sqm opened in 1Q 2018; 300 sqm became operational in 2Q 2018; 800 sqm opened in 2Q 2019. (n) STO6: Phase 1 (500 sqm) is scheduled to open in 2Q 2020 and Phase 2 (600 sqm) is scheduled to open in 4Q 2020. (o) VIE2: Phases 7-9; 2,300 sqm opened in 4Q 2017 through 3Q 2018; 2,000 sqm opened in 2Q 2019. The remaining 200 sqm is scheduled to open in 4Q 2019. (p) ZUR1: Phase 6 (100 sqm) is scheduled to open in 4Q 2019. (q) ZUR2: Phase 1 and Phase 2 are scheduled to open in 3Q 2020 (together 3,600 sqm).
View source version on businesswire.com: https://www.businesswire.com/news/home/20190807005362/en/
Interxion Jim Huseby Investor Relations Tel: +1-813-644-9399 IR@interxion.com
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