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 months ended 30 September
2013.
Financial Highlights
- Revenue increased by 11% to €78.1
million (Q3 2012: €70.4 million).
- Big 4 reporting segment’s recurring
revenue increased by 16% to €46.1 million (Q3 2012: €39.8
million).
- Adjusted EBITDA increased by 17% to
€33.7 million (Q3 2012: €28.7 million).
- Adjusted EBITDA margin increased to
43.1% (Q3 2012: 40.8%).
- Debt refinancing closed on 3 July,
reducing interest costs and extending maturities. One-time costs of
€31.0 million related to the refinancing were recognized in the
quarter.
- Net loss was €16.5 million (Q3 2012:
€8.6 million profit).
- Capital expenditure, including
intangible assets, was €26.5 million.
Operating Highlights
- Expansion project in Vienna completed;
announced expansion projects in Frankfurt, Stockholm and Zurich on
schedule.
- Equipped Space increased by 400 square
metres to 79,300 square metres.
- Revenue Generating Space increased by
900 square metres to 59,100 square metres.
- Utilisation Rate at the end of the
quarter increased to 75%.
“Fundamentals for the carrier neutral data centre industry in
Europe remain healthy. Interxion’s third quarter results reflect
continued steady execution by the Company, supported by solid
demand across our target customer segments,” said Interxion Chief
Executive Officer, David Ruberg. “Our Communities of Interest
strategy is delivering competitive differentiation in the
marketplace, steady organic growth, and attractive returns as we
focus on creating long term customer and shareholder value from our
highly connected data centres.”
Quarterly Review
Revenue in the third quarter of 2013 was €78.1 million, an 11%
increase over the third quarter of 2012 and 2% up on the second
quarter of 2013. Recurring revenue, which was 94% of total revenue,
was €73.7 million, a 13% increase over the third quarter of 2012
and 2% up on the second quarter of 2013. Recurring revenue in the
Big 4 reporting segment was €46.1 million, a 16% increase over the
third quarter of 2012 and 2% up on the second quarter of 2013.
Cost of sales in the third quarter of 2013 was €31.9 million, an
8% increase over the third quarter of 2012 and 2% up on the second
quarter of 2013.
Gross profit was €46.2 million in the third quarter 2013, a 13%
increase over the third quarter of 2012 and 2% up on the second
quarter of 2013. Gross profit margin in the third quarter of 2013
was 59.2%, compared with 58.3% in the same quarter of 2012 and
59.1% in the second quarter of 2013.
Sales and marketing costs in the third quarter 2013 were €5.5
million, an 8% increase over the third quarter of 2012 but
unchanged from the second quarter of 2013.
General and administrative costs1 in the third quarter 2013 were
€7.1 million, a decrease of 2% compared with the third quarter of
2012 and 1% higher than the second quarter of 2013. Depreciation
and amortisation in the third quarter 2013 was €15.2 million, a 38%
increase over the third quarter of 2012 as a result of significant
capital expenditures in the second half of 2012 and 2% up on the
second quarter of 2013.
Net financing costs in the third quarter of 2013 were €38.1
million. On 3 July, Interxion closed a refinancing transaction that
replaced €260 million of 9.50% Senior Secured Notes due 2017 with
€325 million of 6.00% Senior Secured Notes due 2020. The Company
also replaced its €60.0 million revolving credit facility with a
€100.0 million revolving credit facility. Interxion recognised a
€31.0 million one-time charge related to the refinancing
transaction at the time of closing. Excluding the costs associated
with the refinancing transactions, net financing costs in the third
quarter were €7.1 million, an increase of 87% compared with the
third quarter of 2012 (primarily as a result of lower interest
capitalization) and 3% lower than the second quarter of 2013.
Income tax benefit was €4.1 million in the third quarter of
2013, compared with income tax expense of €4.3 million in the third
quarter of 2012. Income taxes for the quarter were impacted by the
one-time charge related to the refinancing transaction. The
underlying effective tax rate for the quarter was 30% compared to
33% in the same period last year.
Net loss was €16.5 million in the third quarter 2013, compared
with a net profit of €8.6 million in the third quarter of 2012 and
a net profit of €6.6 million in the second quarter 2013. Loss per
share was €0.24 on a weighted average of 69.5 million diluted
shares, compared with earnings per share of €0.12 on a weighted
average of 68.7 million diluted shares in the third quarter of 2012
and earnings per share of €0.10 on a weighted average of 69.4
million diluted shares in the second quarter 2013. Adjusted diluted
earnings per share2 for the quarter was €0.10, compared with €0.10
for the third quarter 2012 and €0.09 in the second quarter
2013.
Adjusted EBITDA in the third quarter of 2013 was €33.7 million,
a 17% increase over the third quarter 2012 and 3% up on the second
quarter of 2013. Adjusted EBITDA margin increased to 43.1%,
compared with 40.8% in the third quarter of 2012 and 42.8% in the
second quarter 2013.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €32.0 million in the third quarter 2013
compared to €24.1 million in both the third quarter 2012 and the
second quarter 2013. Capital expenditure, including intangible
assets, was €26.5 million in the third quarter of 2013, compared to
€46.5 million in the third quarter 2012 and €28.8 million in the
second quarter 2013.
Cash and cash equivalents were €84.0 million at 30 September
2013, up from €68.7 million at year-end 2012. Total borrowings were
€364.6 million at the end of the third quarter 2013 compared to
€288.1 million at the end of 2012. The Company’s €100.0 million
revolving credit facility was undrawn at the end of the third
quarter 2013.
Equipped Space at the end of the third quarter 2013 was 79,300
square metres, compared with 69,600 square metres at the end of the
third quarter of 2012 and 78,900 square metres at the end of the
second quarter of 2013. Revenue Generating Space at the end of the
third quarter 2013 was 59,100 square metres, compared with 51,200
square metres at the end of the third quarter of 2012 and 58,200
square metres at the end of the second quarter of 2013. Utilisation
rate, the ratio of Revenue Generating Space to Equipped Space, was
75% at the end of the third quarter 2013, compared to 74% at the
end of both the third quarter of 2012 and the second quarter of
2013.
Interxion’s previously announced expansion projects remain on
schedule:
- ZUR 1.4 (Zurich): 500 square metres is
scheduled to open in the fourth quarter of 2013.
- FRA 9 (Frankfurt): 800 square metres is
scheduled to open in the first quarter of 2014.
- STO 2.2 (Stockholm): 500 square metres
is scheduled to open in the first quarter of 2014.
- FRA 8 (Frankfurt): Phase 1, with
approximately 900 square metres, is scheduled to open in the first
half of 2014. Phase 2, with another 900 square metres, is scheduled
to open in the second half of 2014.
Business Outlook
Interxion today reaffirmed its guidance for 2013:
Revenue €307 million - €322 million Adjusted EBITDA
€130 million - €140 million Capital expenditure (including
intangibles) €130 million - €150 million
Conference Call to Discuss Results
The Company will host a conference call today at 8:30am EST
(1:30pm GMT and 2:30pm CET) to discuss the results.
To participate on this call, U.S. callers may dial toll free
1-866-966-9439; callers outside the U.S. may dial direct +44 (0)
1452 555 566. The conference ID for this call is 77292235. 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 12 November 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 550 000. The replay
access number is 77292235.
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,
amortisation and impairment of assets. We define Adjusted EBITDA as
EBITDA adjusted to exclude share-based payments, increase/decrease
in provision for onerous lease contracts, 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 €100 million revolving credit facility and €325
million 6.00% Senior Secured Notes due 2020. 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 Net profit to EBITDA and EBITDA to
Adjusted EBITDA is provided in the notes to our consolidated income
statement included elsewhere in this press release.
Adjusted diluted earnings per share amounts are determined on
Adjusted Net Profit. A reconciliation from reported Net
Profit/(Loss) to Adjusted Net Profit is included elsewhere in this
press release.
Interxion does not provide forward-looking estimates of Net
profit, Operating profit, depreciation, amortisation, and
impairments, share-based payments, or increase/decrease in
provision for onerous lease contracts, 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 cloud and
carrier-neutral colocation data centre services in Europe, serving
a wide range of customers through 34 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
450 fixed and mobile carriers and ISPs and 19 European Internet
exchanges, Interxion has created cloud, content, finance and
connectivity hubs that foster growing customer communities of
interest. For more information, please visit www.interxion.com.
1 excluding depreciation, amortisation, impairments,
increase/(decrease) in provision for onerous lease contracts, and
share-based payments
2 Diluted earnings per share adjusted for one-time refinancing
costs after tax, capitalised interest after tax and one-time
deferred tax asset movements.
INTERXION HOLDING NV
CONSOLIDATED INCOME STATEMENT (in €'000 ― except per share
data and where stated otherwise) (unaudited)
Three
Months Ended Nine Months Ended 30 Sep 30 Sep
30 Sep 30 Sep
2013 2012
2013 2012
Revenue 78,051 70,425 228,957
204,241 Cost of sales (31,860 ) (29,400 ) (92,769 ) (84,129
)
Gross profit 46,191 41,025 136,188
120,112 Other income 106 111 299 343 Sales and marketing
costs (5,465 ) (5,083 ) (16,452 ) (14,597 ) General and
administrative costs (23,321 ) (19,443 ) (68,688 ) (55,457 )
Operating profit 17,511 16,610 51,347
50,401 Net finance expense (38,082 ) (3,778 ) (51,863 )
(12,089 )
Profit/(loss) before taxation (20,571
) 12,832 (516 ) 38,312 Income
tax benefit/(expense) 4,053 (4,270 ) (2,432 ) (12,330 )
Net profit/(loss) (16,518 ) 8,562
(2,948 ) 25,982 Basic
earnings per share: (€) (0.24 ) 0.13 (0.04 ) 0.39 Diluted earnings
per share: (€) (0.24 ) 0.12 (0.04 ) 0.38 Number of
shares outstanding at the end of the period (shares in thousands)
68,810 67,950 68,810 67,950 Weighted average number of shares for
Basic EPS (shares in thousands) 68,737 67,776 68,500 67,069
Weighted average number of shares for Diluted EPS (shares in
thousands) 69,487 68,659 69,283 67,936
As at 30 Sep 30 Sep
Capacity metrics
2013 2012 Equipped space (in square meters) 79,300 69,600
Revenue generating space (in square meters) 59,100 51,200
Utilisation rate 75 % 74 %
INTERXION HOLDING NV NOTES TO CONSOLIDATED INCOME
STATEMENT: SEGMENT INFORMATION (in €'000 ― except where stated
otherwise) (unaudited)
Three Months Ended
Nine Months Ended 30 Sep 30 Sep
30 Sep 30 Sep
2013 2012
2013 2012
Consolidated
Recurring revenue 73,708 65,101 216,858 190,247
Non-recurring revenue 4,343 5,324 12,099
13,994
Revenue 78,051 70,425
228,957 204,241 Adjusted
EBITDA 33,671 28,726 98,075
83,828 Gross margin 59.2
% 58.3 % 59.5 % 58.8
% Adjusted EBITDA margin 43.1 %
40.8 % 42.8 % 41.0 %
Total assets 885,658 769,644 885,658 769,644 Total
liabilities 508,180 400,504 508,180 400,504 Capital expenditure,
including intangible assets (i) (26,467 ) (46,468 ) (88,035 )
(150,140 )
France, Germany, the Netherlands, and
the UK Recurring revenue 46,057 39,828 135,692
116,287 Non-recurring revenue 2,713 3,950 7,915
10,149
Revenue 48,770
43,778 143,607 126,436
Adjusted EBITDA 26,587 22,395
77,791 65,800 Gross margin
62.1 % 60.1 % 62.5 %
60.9 % Adjusted EBITDA margin 54.5
% 51.2 % 54.2 % 52.0
% Total assets 590,500 518,004 590,500 518,004 Total
liabilities 135,540 90,654 135,540 90,654 Capital expenditure,
including intangible assets (i) (17,595 ) (37,935 ) (59,316 )
(124,990 )
Rest of Europe
Recurring revenue 27,651 25,273 81,166 73,960 Non-recurring revenue
1,630 1,374 4,184 3,845
Revenue
29,281 26,647 85,350
77,805 Adjusted EBITDA 14,931
13,805 44,122 40,689
Gross margin 60.6 % 60.8 %
61.1 % 61.2 % Adjusted EBITDA
margin 51.0 % 51.8 % 51.7
% 52.3 % Total assets 207,318 192,261
207,318 192,261 Total liabilities 41,438 41,141 41,438 41,141
Capital expenditure, including intangible assets (i) (7,998 )
(7,047 ) (26,552 ) (21,818 )
Corporate and
other
Adjusted EBITDA (7,847 ) (7,474
) (23,838 ) (22,661 )
Total assets 87,840 59,379 87,840 59,379 Total liabilities 331,202
268,709 331,202 268,709 Capital expenditure, including intangible
assets (i) (874 ) (1,486 ) (2,167 ) (3,332 ) (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 Nine Months Ended 30 Sep 30 Sep
30
Sep 30 Sep
2013 2012
2013 2012
Reconciliation to Adjusted EBITDA
Consolidated Net profit/(loss)
(16,518 ) 8,562 (2,948 )
25,982 Income tax expense/(benefit) (4,053 ) 4,270
2,432 12,330
Profit/(loss) before taxation
(20,571 ) 12,832 (516 )
38,312 Net finance expense 38,082 3,778 51,863
12,089
Operating profit 17,511
16,610 51,347 50,401 Depreciation,
amortisation and impairments 15,211 11,031 44,138
30,922
EBITDA 32,722 27,641
95,485 81,323 Share-based payments 1,055 1,196 2,889
2,848 Income from sub-leases on unused data centre sites (106 )
(111 ) (299 ) (343 )
Adjusted EBITDA 33,671
28,726 98,075 83,828
France, Germany, the Netherlands, and the
UK Operating profit 16,745
15,798 48,971 48,011 Depreciation,
amortisation and impairments 9,761 6,526 28,668
17,627
EBITDA 26,506 22,324
77,639 65,638 Share-based payments 187 182 451 505
Income from sub-leases on unused data centre sites (106 ) (111 )
(299 ) (343 )
Adjusted EBITDA 26,587
22,395 77,791 65,800
Rest of Europe Operating
profit 10,218 9,796 30,635 28,977
Depreciation, amortisation and impairments 4,638 3,904
13,232 11,393
EBITDA 14,856
13,700 43,867 40,370 Share-based payments 75
105 255 319
Adjusted EBITDA
14,931 13,805 44,122
40,689 Corporate and Other
Operating profit/(loss) (9,452 )
(8,984 ) (28,259 ) (26,587
) Depreciation, amortisation and impairments 812 601
2,238 1,902
EBITDA (8,640
) (8,383 ) (26,021 )
(24,685 ) Share-based payments 793 909
2,183 2,024
Adjusted EBITDA (7,847
) (7,474 ) (23,838 )
(22,661 )
INTERXION HOLDING NV
CONSOLIDATED BALANCE SHEET (in €'000 ― except where stated
otherwise) (unaudited)
As at 30 Sep 31
Dec
2013 2012
Non-current assets Property, plant and
equipment 658,279 620,931 Intangible assets 17,997 18,638 Deferred
tax assets 35,548 30,376 Financial assets 774 774 Other non-current
assets 4,899 4,959
717,497 675,678
Current assets Trade and other current assets 84,158 74,854
Cash and cash equivalents 84,003 68,692
168,161 143,546 Total assets
885,658 819,224 Shareholders’
equity Share capital 6,881 6,818 Share premium 483,899 477,326
Foreign currency translation reserve 7,564 9,403 Hedging reserve 55
- Accumulated deficit (120,921 ) (117,973 )
377,478
375,574 Non-current liabilities Trade payables and
other liabilities 11,142 11,194 Deferred tax liabilities 3,629
2,414 Provision for onerous lease contracts 5,632 7,848 Borrowings
362,781 288,085
383,184 309,541
Current liabilities Trade payables and other liabilities
115,160 127,778 Income tax liabilities 4,051 2,301 Provision for
onerous lease contracts 3,998 3,978 Borrowings 1,787 52
124,996 134,109 Total
liabilities 508,180 443,650
Total liabilities and shareholders’ equity 885,658
819,224 INTERXION
HOLDING NV NOTES TO THE CONSOLIDATED BALANCE SHEET:
BORROWINGS (in €'000 ― except where stated otherwise)
(unaudited)
As at 30 Sep 31 Dec
2013 2012
Borrowings net of cash and
cash equivalents Cash and cash equivalents
(ii) 84,003 68,692 6.0%
Senior Secured Notes due 2020 (iii) 317,384 256,268 Mortgages
25,090 9,903 Financial leases 20,489 20,361 Other borrowings 1,605
1,605
Borrowings excluding Revolving Credit
Facility deferred financing costs 364,568
288,137 Revolving credit facility deferred financing
costs (iv) (1,290 ) (1,371 )
Total borrowings 363,278
286,766
Borrowings net of cash and cash equivalents 279,275
218,074
(ii) Cash and cash equivalents include
€4.1 million as of 30 September 2013 and €5.0 million as of 31
December 2012, which is restricted and held as collateral to
support the issuance of bank guarantees on behalf of a number of
subsidiary companies.
(iii) €325 million 6.0% Senior Secured Notes due 2020 are shown
after deducting underwriting discounts and commissions, offering
fees and expenses. (iv) Deferred financing costs of €1.3 million as
of 30 September 2013 were incurred in connection with the €100
million revolving credit facility.
INTERXION HOLDING NV CONSOLIDATED STATEMENT
OF CASH FLOWS (in €'000 ― except where stated otherwise)
(unaudited)
Three Months Ended Nine Months
Ended 30 Sep 30 Sep
30 Sep 30 Sep
2013
2012
2013 2012 Profit/(loss) for the period (16,518 )
8,562 (2,948 ) 25,982 Depreciation, amortisation and impairments
15,211 11,031 44,138 30,922 Unwinding provision for onerous lease
contracts (825 ) (793 ) (2,456 ) (2,372 ) Share-based payments
1,055 1,196 2,889 2,848 Net finance expense 38,082 3,778 51,863
12,089 Income tax expense/(benefit) (4,053 ) 4,270 2,432
12,330 32,952 28,044 95,918 81,799 Movements in trade
and other current assets (1,105 ) (3,291 ) (9,909 ) (7,076 )
Movements in trade and other liabilities 156 (687 ) (6,314 )
4,128
Cash generated from operations 32,003
24,066 79,695 78,851 Interest paid (v) (10,763
) (7,476 ) (21,934 ) (17,607 ) Interest received 145 414 432 734
Income tax paid (2,020 ) (1,320 ) (4,090 ) (3,622 )
Net cash
flows from operating activities 19,365 15,684
54,103 58,356 Cash flows from investing
activities Purchase of property, plant and equipment (25,959 )
(43,823 ) (85,432 ) (145,046 ) Purchase of intangible assets (508 )
(2,645 ) (2,603 ) (5,094 ) Acquisition financial asset - -
- (774 )
Net cash flows from investing
activities (26,467 ) (46,468 )
(88,035 ) (150,914 ) Cash flows from
financing activities Proceeds from exercised options 1,289
1,621 4,032 6,725 Proceeds from / (Payments related to) mortgages
(167 ) - 15,157 - Proceeds 6.00% Senior Secured Notes due 2020
317,814 - 317,814 - Repayment 9.50% Senior Secured Notes due 2017
(286,478 ) - (286,478 ) - Payments for Revolving Credit Facility
(1,159 ) (204 ) (1,159 ) (1,159 ) Other borrowings (28 ) (59 ) (53
) (740 )
Net cash flows from financing activities
31,271 1,358 49,313 4,826 Effect of
exchange rate changes on cash (9 ) 92 (70 ) 215
Net movement in cash and cash equivalents 24,160
(29,334 ) 15,311 (87,517 ) Cash
and cash equivalents, beginning of period 59,843 84,486
68,692 142,669
Cash and cash equivalents,
end of period 84,003 55,152
84,003 55,152 (v) 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 STATEMENT: ADJUSTED NET PROFIT
RECONCILIATION (in € millions ― except per share data and where
stated otherwise) (unaudited) Three months ended
30 Sep 30 June 30 Sep 2013 2013
2012 Net Profit/(Loss) - as reported
(16.5 ) 6.6 8.6 Add back
+ Refinancing charges 31.0 - - + Deferred tax asset adjustment 0.6
- - 31.6 - -
Reverse - Interest
Capitalised (0.3 ) (0.3 ) (2.7 ) (0.3 ) (0.3 ) (2.7 )
Tax
effect of above add backs & reversals (7.7 ) 0.1 0.7
Adjusted Net Profit
7.1 6.4 6.5
Reported Basic EPS: (€) (0.24 ) 0.10 0.13 Reported Diluted EPS: (€)
(0.24 ) 0.10 0.12 Adjusted Basic EPS: (€) 0.10 0.09 0.10
Adjusted Diluted EPS: (€) 0.10 0.09 0.10
INTERXION HOLDING NV Status of Announced
Expansion Projects as at 6 November 2013 with Target Open
Dates in 2013 & 2014 Market
Project CAPEX (a, b) Equipped Space
(a) Target Opening Dates
(€million) (Sqm)
Frankfurt FRA 6: Phase 3 Expansion 5 600 1Q 2013 (opened)
Copenhagen CPH 1: Expansion 2 300 2Q 2013 (opened) Stockholm
STO 2: Phase 1 New Build 11 500 2Q 2013 (opened) Vienna VIE
1: Phase 4 Expansion 1 400 3Q 2013 (opened) Zurich ZUR 1:
Phase 4 Expansion 4 500 4Q 2013 Frankfurt FRA 9: Phase 1 New
Build 13 800 1Q 2014 Stockholm STO 2: Phase 2 Expansion 6
500 1Q 2014 Frankfurt FRA 8: Phases 1 & 2 New Build 30
1,800 1H 2014 (c)
Total € 72 5,400
(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 the amounts shown in the table above may be
invested over the duration of more than one fiscal year. (c) Phase
1 scheduled to be operational in the first half of 2014; phase 2 is
scheduled to be operational in the second half of 2014.
Interxion Holding NVInvestor Relations:Jim
Huseby, +1-813-644-9399IR@interxion.com
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