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10.05.2022 16:12
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PR Newswire
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Switch Announces First Quarter 2022 Financial Results
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PR Newswire
LAS VEGAS, May 10, 2022
Revenue of $164.6 million, Net Income of $23.9 million, Adjusted EBITDA of $86.8 million
Revenue Growth of 26%, Organic Revenue Growth of 16% Compared to Year Ago Quarter
Incremental Annualized Revenue Bookings of $20 million and Total Contract Value of $160 million
LAS VEGAS, May 10, 2022 /PRNewswire/ -- Switch, Inc. (NYSE: SWCH) ("Switch") today announced financial results for the quarter ended March 31, 2022.
"Switch maintained its positive momentum in the first quarter of 2022, delivering strong revenue growth and robust sales activity as we continued to execute upon a significant pipeline of customer opportunities," said Rob Roy, Founder and CEO of Switch. "We are extremely pleased with the high sales velocity and overall demand for LAS VEGAS 15, with the first sector substantially committed to clients just weeks after its early Q2 opening, and several transactions closed in sector two. In addition, our longer term sales funnel remains at or above record levels as we continue to see high levels of customer interest for Switch Tier 5 data center capacity scheduled to come online in 2023 and 2024."
First Quarter 2022 Financial Results
| Financial Summary ($ in millions, except per share amounts) | Q1 2021 | Q4 2021 | Q1 2022 | | Y/Y% Change | Q/Q% Change |
| | | | | | | |
| Consolidated revenue | $ 130.9 | $ 161.4 | $ 164.6 | | 26% | 2% |
| Switch revenue (excluding Data Foundry) | $ 130.9 | $ 149.3 | $ 152.3 | | 16% | 2% |
| Data Foundry revenue | — | $ 12.1 | $ 12.3 | | n.m. | 2% |
| Income (loss) from operations1 | $ 24.2 | $ (10.8) | $ 27.2 | | 13% | n.m. |
| Net income (loss)1 | $ 24.4 | $ (18.5) | $ 23.9 | | -2% | n.m. |
| Net income (loss) per diluted share | $ 0.09 | $ (0.07) | $ 0.08 | | -7% | n.m. |
| Adjusted net income per diluted share | $ 0.08 | $ 0.03 | $ 0.04 | | -49% | 48% |
| Adjusted EBITDA | $ 73.4 | $ 85.8 | $ 86.8 | | 18% | 1% |
| Adjusted EBITDA Margin % | 56.1 % | 53.2 % | 52.7 % | | -340 bp | -50 bp |
| Adjusted Funds From Operations | $ 61.0 | $ 68.0 | $ 70.3 | | 15% | 3% |
| | | | | | | |
| Key Performance Indicators | Q1 2021 | Q4 2021 | Q1 2022 | | LTM Average | |
| Total Contract Value | $ 117.3 | $ 163.3 | $ 159.5 | | $113.9 | |
| Annualized Monthly Recurring Revenue | $ 37.3 | $ 47.6 | $ 47.8 | | $33.8 | |
| Incremental Annualized Revenue | $ 18.1 | $ 29.5 | $ 19.9 | | $19.9 | |
| Weighted Average Term (yrs) | 4.1 | 4.9 Werbung Mehr Nachrichten zur Switch A Aktie kostenlos abonnieren
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