Recurring revenue grows 12% 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
2016.
Financial Highlights
- Revenue increased by 10% to €102.0
million (1Q 2015: €92.5 million).
- Recurring Revenue increased by 12% to
€97.2 million (1Q 2015: €87.1 million).
- Adjusted EBITDA1 increased by 13% to
€45.9 million (1Q 2015: €40.6 million).
- Adjusted EBITDA margin increased to
45.0% (1Q 2015: 43.9%).
- Net profit increased to €10.2 million
(1Q 2015: €4.4 million).
- Adjusted net profit1 increased by 13%
to €10.0 million (1Q 2015: €8.9 million).
- Earnings per diluted share were €0.14
(1Q 2015: €0.06).
- Adjusted earnings per diluted share1
were €0.14 (1Q 2015: €0.13).
- Capital Expenditures, including
intangible assets2, were €50.0 million (1Q 2015: €67.6
million).
- Subsequent to the quarter end,
Interxion issued €150 million of 6.00% Senior Secured Notes due
2020 at 104.50%.
__________________
1 Adjusted EBITDA, Adjusted net profit, and Adjusted earnings
per diluted share are non-IFRS figures intended to adjust for
unusual items and are not measures of financial performance under
IFRS. Full definitions can be found in the “Use of non-IFRS
information” section later in this press release. Reconciliations
of Adjusted EBITDA and Adjusted net profit to Net profit can be
found in the financial tables later in this press release.
2 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.
Operating Highlights
- Equipped Space increased by 400 square
metres to 101,600 square metres.
- Revenue Generating Space increased by
1,300 square metres to 80,400 square metres.
- Utilisation Rate at the end of the
quarter was 79%.
- Interxion’s tenth data centre in
Frankfurt (FRA10) opened in the first quarter, with 1,200 square
metres becoming available. Interxion’s second data centre in
Copenhagen (CPH2) opened subsequent to the end of the first
quarter, with 500 square metres becoming available.
"Interxion again posted solid financial and operational results
in the first quarter, demonstrating the value of our Communities of
Interest strategy,” said David Ruberg, Interxion's Chief Executive
Officer. "The demand from magnetic cloud platform providers
continues to grow as enterprise use of cloud begins to migrate from
the experimentation phase to the initial production phase. These
key platform providers continue to value the attractiveness of our
campus communities and broad Western European footprint. Interxion
is well positioned to capture future demand as enterprises seek the
advantages of the hybrid multi-cloud solutions, either directly or
through systems integrators.”
Quarterly Review
Revenue in the first quarter of 2016 was €102.0 million, a 10%
increase over the first quarter of 2015 and a 1% increase over the
fourth quarter of 2015. Recurring revenue was €97.2 million, a 12%
increase over the first quarter of 2015 and a 2% increase over the
fourth quarter of 2015. Recurring revenue in the quarter was 95% of
total revenue.
Cost of sales in the first quarter of 2016 was €39.1 million, an
8% increase over the first quarter of 2015 and a slight decrease
over the fourth quarter of 2015.
Gross profit was €62.9 million in the first quarter of 2016, a
12% increase over the first quarter of 2015 and a 2% increase over
the fourth quarter of 2015. Gross profit margin was 61.6% in the
first quarter of 2016 compared to 60.8% in the first quarter of
2015 and 61.1% in the fourth quarter of 2015.
Sales and marketing costs in the first quarter of 2016 were €7.7
million, a 16% increase over the first quarter of 2015 and a 5%
increase from the fourth quarter of 2015.
Other general and administrative costs were €9.2 million in the
first quarter of 2016, a 4% increase over the first quarter of 2015
and a 1% increase from the fourth quarter of 2015. Other general
and administrative costs exclude depreciation, amortisation,
impairments, share-based payments, M&A transaction costs and
provision for onerous lease contracts.
Adjusted EBITDA for the first quarter of 2016 was €45.9 million,
a 13% increase over the first quarter of 2015 and a 2% increase
over the fourth quarter of 2015. Adjusted EBITDA margin was 45.0%
in the first quarter of 2016 compared to 43.9% in the first quarter
of 2015 and 44.6% in the fourth quarter of 2015.
Depreciation, amortisation, and impairments in the first quarter
of 2016 was €21.5 million, an increase of 18% from the first
quarter of 2015 and a 6% increase from the fourth quarter of
2015.
Operating profit in the first quarter of 2016 was €22.9 million,
an increase of 70% from the first quarter of 2015, and a slight
increase from the fourth quarter of 2015. Each of the first quarter
2015, fourth quarter 2015, and first quarter 2016, were impacted by
M&A transaction related items. Excluding these items, operating
profit was €23.1 million in the first quarter of 2016, an increase
of 14% over the first quarter of 2015 and a 1% decrease over the
fourth quarter of 2015.
Net finance costs for the first quarter of 2016 were €8.0
million, a 21% increase over the first quarter of 2015, and a 2%
decrease from the fourth quarter of 2015.
Income tax expense for the first quarter of 2016 was €4.7
million, a 94% increase over the first quarter of 2015, and an 83%
increase from the fourth quarter of 2015.
Net profit was €10.2 million in the first quarter of 2016, a
131% increase over the first quarter of 2015, and a 16% decrease
from the fourth quarter of 2015.
Adjusted net profit was €10.0 million in the first quarter of
2016, a 13% increase over the first quarter of 2015, and a 17%
decrease from the fourth quarter of 2015.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €50.4 million in the first quarter of
2016, compared to €34.2 million in the first quarter of 2015, and
€38.1 million in the fourth quarter of 2015.
Capital expenditures, including intangible assets, were €50.0
million in the first quarter of 2016 compared to €67.6 million in
the first quarter of 2015 and €42.0 million in the fourth quarter
of 2015.
Cash and cash equivalents were €44.6 million at 31 March 2016,
compared to €58.6 million at year end 2015. Total borrowings, net
of deferred revolving facility financing fees, were €554.9 million
at 31 March 2016 compared to €555.1 million at year end 2015. As of
31 March 2016, the Company’s revolving credit facility was undrawn.
On 11 April 2016, the Company issued €150 million of 6.00% Senior
Secured Notes due 2020, raising net proceeds of approximately €155
million.
Equipped space at the end of the first quarter of 2016 was
101,600 square metres compared to 94,800 square metres at the end
of the first quarter of 2015 and 101,200 square metres at the end
of the fourth quarter of 2015. Utilisation rate, the ratio of
revenue-generating space to equipped space, was 79% at the end of
the first quarter of 2016, compared with 78% at the end of the
first quarter of 2015 and 78% at the end of the fourth quarter of
2015.
Business Outlook
Interxion today reaffirms guidance for its Revenue, Adjusted
EBITDA and Capital expenditures (including intangibles) for full
year 2016:
Revenue €416 million – €431 million Adjusted EBITDA
€185 million – €195 million Capital expenditures (including
intangibles) €200 million – €220 million
Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. ET
(1:30 pm BST, 2:30 pm CET) to discuss its First Quarter 2016
results.
To participate on this call, U.S. callers may dial toll free
1-866-966-9439; callers outside the U.S. may dial direct +44 (0)
1452 555 566. The conference ID for this call is INXN. This event
also will be webcast live over the Internet in listen-only mode at
investors.interxion.com.
A replay of this call will be available shortly after the call
concludes and will be available until 17 May 2016. 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 81735348.
Forward-looking Statements
This communication contains forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such forward-looking statements. Factors that could cause actual
results and future events to differ materially from Interxion’s
expectations include, but are not limited to, the difficulty of
reducing operating expenses in the short term, the inability to
utilise the capacity of newly planned data centres and data centre
expansions, significant competition, the cost and supply of
electrical power, data centre industry over-capacity, performance
under service level agreements, certain other risks detailed herein
and other risks described from time to time in Interxion’s filings
with the United States Securities and Exchange Commission (the
“SEC”).
Interxion does not assume any obligation to update the
forward-looking information contained in this report.
Use of Non-IFRS Information
EBITDA is defined as operating profit plus depreciation,
amortisation and impairment of assets. We define Adjusted EBITDA as
EBITDA adjusted to exclude share-based payments, M&A
transaction costs, movement in provision for onerous lease
contracts and income from sub-leases of 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 €100
million revolving facility and our 6.00% Senior Secured Notes due
2020. A reconciliation from Profit for the period attributable to
shareholders (“Net profit”) to EBITDA and EBITDA to Adjusted EBITDA
is provided in the notes to our condensed consolidated interim
financial statements.
Adjusted net profit is defined as Net profit excluding the
impact of M&A transaction costs, adjustments for onerous lease
contracts, interest capitalised, and the related corporate income
tax effect with respect to the foregoing items.
Other companies may, however, present EBITDA, Adjusted EBITDA,
Adjusted EBITDA margin and Adjusted net profit differently than we
do. EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted
net profit 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 profit as
indicators of our operating performance or any other measure of
performance implemented in accordance with IFRS. Interxion does not
provide forward-looking estimates of Net profit, Operating profit,
depreciation, amortisation, and impairments, share-based payments,
M&A transaction costs or increase/decrease in provision for
onerous lease contracts, and income from sub-leases of 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 and
cloud-neutral colocation data centre services in Europe, serving a
wide range of customers through 42 data centres in 11 European
countries. Interxion’s uniformly designed, energy efficient data
centres offer customers extensive security and uptime for their
mission-critical applications.
With over 600 connectivity providers, 21 European Internet
exchanges, and most leading cloud and digital media platforms
across its footprint, Interxion has created connectivity, cloud,
content and finance hubs that foster growing customer communities
of interest. For more information, please visit
www.interxion.com.
INTERXION HOLDING NV CONSOLIDATED INCOME
STATEMENTS (in €'000 ― except per share data and where stated
otherwise) (unaudited)
Three Months Ended
Mar-31 Mar-31
2016 2015
Revenue 102,000 92,482 Cost of sales (39,119 )
(36,282 )
Gross Profit 62,881 56,200 Other
income 98 63 Sales and marketing costs (7,724 ) (6,679 ) General
and administrative costs (32,386 ) (36,159 )
Operating profit 22,869 13,425 Net
Finance expense (7,958 ) (6,585 )
Profit or loss before income taxes 14,911
6,840 Income tax expense (4,692 ) (2,415 )
Net income
10,219 4,425 Basic earnings per
share: (€) 0.15 0.06 Diluted earnings per share: (€) 0.14 0.06
Number of shares outstanding at the end of the period
(shares in thousands) 70,158 69,559 Weighted average number of
shares for Basic EPS (shares in thousands) 70,011 69,393 Weighted
average number of shares for Diluted EPS (shares in thousands)
70,975 70,329
As at
Mar-31 Mar-31
Capacity
metrics
2016 2015 Equipped space (in square meters)
101,600 94,800 Revenue generating space (in square meters) 80,400
74,000 Utilization Rate 79 % 78 %
INTERXION
HOLDING NV NOTES TO CONSOLIDATED INCOME STATEMENTS: SEGMENT
INFORMATION (in €'000 ― except where stated otherwise)
(unaudited)
Three Months Ended Mar-31
Mar-31 2016 2015
Consolidated
Recurring revenue 97,211 87,051 Non-recurring revenue 4,789
5,431
Revenue 102,000
92,482 Adjusted EBITDA 45,920
40,605 Gross profit margin 61.6
% 60.8 % Adjusted EBITDA margin
45.0 % 43.9 % Total assets
1,253,886 1,188,761 Total liabilities 738,881 731,366 Capital
expenditure, including intangible assets (a) (50,002 ) (67,570 )
France, Germany,
the Netherlands, and the UK
Recurring revenue 62,266 54,983 Non-recurring revenue 3,276
3,627
Revenue 65,542
58,610 Adjusted EBITDA 36,181
31,370 Gross profit margin 62.4
% 62.0 % Adjusted EBITDA margin
55.2 % 53.5 % Total assets
876,049 824,515 Total liabilities 187,441 181,390 Capital
expenditure, including intangible assets (a) (36,757 ) (33,766 )
Rest of
Europe
Recurring revenue 34,945 32,068 Non-recurring revenue 1,513
1,804
Revenue 36,458
33,872 Adjusted EBITDA 21,515
18,978 Gross profit margin 66.9
% 64.6 % Adjusted EBITDA margin
59.0 % 56.0 % Total assets
317,481 312,666 Total liabilities 56,436 58,898 Capital
expenditure, including intangible assets (a) (10,282 ) (33,125 )
Corporate and
other
Adjusted EBITDA (11,776
) (9,743 ) Total assets 60,356 51,580
Total liabilities 495,004 491,078 Capital expenditure, including
intangible assets (a) (2,963 ) (679 ) (a) 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 STATEMENTS: ADJUSTED EBITDA RECONCILIATION (in €'000 ―
except where stated otherwise) (unaudited)
Three Months
Ended Mar-31 Mar-31
2016 2015
Reconciliation to
Adjusted EBITDA
Consolidated
Net profit 10,219 4,425 Income tax
expense 4,692 2,415
Profit before taxation
14,911 6,840 Net finance expense 7,958 6,585
Operating profit 22,869 13,425
Depreciation, amortisation and impairments 21,478 18,215
EBITDA 44,347 31,640 Share-based
payments 1,442 2,241 Increase/(decrease) in provision for onerous
lease contracts - (100 ) M&A transaction costs (b) 229 6,887
Income from sub-leases on unused data centre sites (98 ) (63 )
Adjusted EBITDA 45,920 40,605
France, Germany,
the Netherlands, and the UK
Operating profit 21,682 19,483
Depreciation, amortisation and impairments 14,292 11,717
EBITDA 35,974 31,200 Share-based
payments 305 333 Increase/(decrease) in provision for onerous lease
contracts - (100 ) Income from sub-leases on unused data centre
sites (98 ) (63 )
Adjusted EBITDA 36,181
31,370
Rest of
Europe
Operating profit 15,267 13,347
Depreciation, amortisation and impairments 6,144 5,435
EBITDA 21,411 18,782 Share-based
payments 104
196 Adjusted EBITDA
21,515 18,978
Corporate and
Other
Operating profit/(loss) (14,080 )
(19,405 ) Depreciation, amortisation and impairments
1,042 1,063
EBITDA (13,038 )
(18,342 ) Share-based payments 1,033 1,712 M&A
transaction costs (a) 229 6,887
Adjusted
EBITDA (11,776 ) (9,743 )
(a) M&A transaction costs are costs associated with the
evaluation, diligence and conclusion or termination of merger or
acquisition activity. In the quarter ended 31 March 2015, M&A
transaction costs included €6.9 million related to the abandoned
merger with TelecityGroup. In the quarter ended 31 March 2016,
M&A transaction costs included €0.2 million related to other
activity including the evaluation of potential asset acquisitions.
INTERXION HOLDING NV CONSOLIDATED BALANCE
SHEET (in €'000 ― except where stated otherwise) (unaudited)
As at Mar-31 Dec-31 2016
2015 Non-current assets Property, plant and
equipment 1,020,125 999,072 Intangible assets 24,600 23,194
Deferred tax assets 21,705 23,024 Financial assets 924 - Other
non-current assets 7,501 6,686
1,074,855
1,051,976 Current assets Trade receivables and other
current assets 134,419 141,534 Cash and cash equivalents 44,612
58,554
179,031 200,088
Total assets 1,253,886 1,252,064
Shareholders’ equity Share capital 7,017 6,992 Share
premium 510,598 507,296 Foreign currency translation reserve 14,972
20,865 Hedging reserve, net of tax (278 ) (213 ) Accumulated
deficit (17,304 ) (27,523 )
515,005 507,417
Non-current liabilities Trade payables and other liabilities
12,387 12,049 Deferred tax liabilities 9,251 9,951 Borrowings
550,614 550,812
572,252 572,813
Current liabilities Trade payables and other liabilities
156,301 162,629 Income tax liabilities 4,730 2,738 Provision for
onerous lease contracts 647 1,517 Borrowings 4,951 4,951
166,629 171,835 Total
liabilities 738,881 744,647
Total liabilities and shareholders’ equity 1,253,886
1,252,064 INTERXION
HOLDING NV NOTES TO THE CONSOLIDATED BALANCE SHEET:
BORROWINGS (in €'000 ― except where stated otherwise)
(unaudited)
As at Mar-31 Dec-31
2016 2015
Borrowings net of
cash and cash equivalents
Cash and cash equivalents (a) 44,612
58,554 6.00% Senior Secured Notes due
2020 (b) 475,470 475,503 Mortgages 43,800 44,073 Financial leases
34,690 34,582 Other borrowings 1,605 1,605
Borrowings excluding Revolving Facility deferred financing
costs 555,565 555,763 Revolving
Facility deferred financing costs (c) (639 ) (710 )
Total
borrowings 554,926 555,053
Borrowings net of cash and cash
equivalents 510,314 496,499
(a) Cash and cash equivalents include €4.1 million as of 31
March 2016 and €4.9 million as of 31 December 2015, which is
restricted and held as collateral to support the issuance of bank
guarantees on behalf of a number of subsidiary companies. (b) €475
million 6.00% Senior Secured Notes due 2020 include a premium on
the additional issuance and are shown after deducting underwriting
discounts and commissions, offering fees and expenses. (c) Deferred
financing costs of €0.6 million as of 31 March 2016 were incurred
in connection with the €100 million revolving facility.
INTERXION HOLDING NV CONSOLIDATED
STATEMENTS OF CASH FLOWS (in €'000 ― except where stated
otherwise) (unaudited)
Three Months Ended
Mar-31 Mar-31
2016 2015
Net profit
10,219 4,425 Depreciation, amortisation
and impairments 21,478 18,215 Provision for onerous lease contracts
(880 ) (925 )
Share-based payments
1,401 2,241 Net finance expense 7,958 6,585 Income tax expense
4,692 2,415 44,868 32,956 Movements in trade
receivables and other current assets 5,041 (1,631 ) Movements in
trade payables and other liabilities 506 2,874
Cash generated from operations 50,415 34,199
Interest and fees paid (a) (14,362 ) (13,574 ) Interest received 7
49 Income tax paid (1,054 ) (2,320 )
Net cash flows from / (used
in) operating activities 35,006 18,354 Cash
flows from investing activities Purchase of property, plant and
equipment (47,446 ) (65,318 ) Purchase of intangible assets (2,556
) (2,252 )
Net cash flows from / (used in) investing
activities (50,002 ) (67,570 )
Cash flows from financing activities Proceeds from exercised
options 1,926 2,178 Repayment of mortgages (320 ) (320 )
Net
cash flows from / (used in) financing activities 1,606
1,858 Effect of exchange rate changes on cash (552 ) 1,417
Net increase / (decrease) in cash and cash
equivalents (13,942 ) (45,941 )
Cash and cash equivalents, beginning of period 58,554 99,923
Cash and cash equivalents, end of period
44,612 53,982 (a) Interest 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 CONSOLIDATED INCOME
STATEMENTS: ADJUSTED NET PROFIT RECONCILIATION (in €'000 ―
except per share data and where stated otherwise) (unaudited)
Three Months Ended Mar-31 Mar-31
2016 2015 (€ in '000 - except per share data)
Net profit - as reported 10,219 4,425
Add back + M&A transaction costs 229 6,887
229 6,887
Reverse - Increase / (decrease) in
provision for onerous lease contracts - (100 ) - Interest
capitalised (465 ) (881 ) (465 ) (981 )
Tax effect of
above add backs & reversals 59 (1,400 )
Adjusted net profit 10,042
8,931 Reported basic EPS: (€) 0.15 0.06
Reported diluted EPS: (€) 0.14 0.06 Adjusted basic EPS: (€)
0.14 0.13 Adjusted diluted EPS: (€) 0.14 0.13
INTERXION HOLDING NV Status of Announced Expansion
Projects as at 4 May 2016 with Target Open Dates after 1
January 2016 CAPEX
(a)(b)
EquippedSpace (a)
Market Project (€
million) (sqm) Target Opening Dates
Amsterdam AMS 8: Phases 1 - 2 New Build 50 2,600 4Q 2016
Copenhagen CPH2: Phase 1 New Build 4 500 2Q 2016 (c) Dublin DUB3:
Phases 1 - 2 New Build 28 1,200 4Q 2016 Dusseldorf DUS 2: Phase 1 -
2 New Build 16 1,200 4Q 2015 - 2Q 2016 (d) Frankfurt FRA 10: Phases
1 - 4 New Build 92 4,800 1Q 2016 - 4Q 2016 (e) Marseille MRS 1:
Phase 2 (continued) 10 800 3Q 2016 Paris PAR7: Phase 2 14 1,100 2Q
2017 Vienna VIE 2: New Build 65 4,200 4Q 2014 - 3Q 2017 (f)
Total € 279 16,400 (a) CAPEX and
Equipped space are approximate and may change. Figures are rounded
to nearest 100 sqm unless otherwise noted. (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) Phase 1 (500 square
metres) became operational in 2Q 2016. (d) Phase 1 (600 square
metres) became operational in 4Q 2015. Phase 2 (600 square metres)
is scheduled to become operational in 2Q 2016. (e) Phase 1 (1,200
square metres) became operational in 1Q 2016; phases 2, 3 & 4
(1,200 square metres each) are scheduled to become operational in
2Q 2016, 4Q 2016, and 4Q 2016 respectively. (f) In 4Q 2014, 1,300
square metres became operational; in 1Q 2015, 600 square metres
became operational; in 2Q 2015, 600 square metres became
operational. In 4Q 2015, 300 square metres became operational. In
4Q 2016, 300 sqm is scheduled to become operational; another 1,100
square metres is scheduled to become operational between 2Q 2017
and 3Q 2017.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160504005330/en/
InterxionJim Huseby, +1-813-644-9399Investor
RelationsIR@interxion.com
InterXion Holding NV (NYSE:INXN)
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