CyrusOne Reports First Quarter 2021 Earnings

Rhea-AI Summary

CyrusOne Inc. (NASDAQ: CONE) reported first-quarter 2021 earnings with a 21% increase in revenue, reaching $298.6 million, compared to $245.9 million in 2020. Net income stood at $18.2 million, reflecting a 24% increase, while Adjusted EBITDA was $140.3 million, up 6%. The company leased 28 megawatts and 156,000 colocation square feet, equating to $35.4 million in annualized revenue. Notably, the company has a backlog of $113 million in annualized revenue, supporting its growth strategy in key markets.

Positive

• 21% revenue growth to $298.6 million.
• 24% increase in net income to $18.2 million.
• Leased 28 MW and 156,000 CSF for $35.4 million in annualized revenue.
• Backlog of approximately $113 million in annualized revenue.

Negative

• Net income impacted by $(3.7) million from Winter Storm Uri, affecting Adjusted EBITDA and Normalized FFO.
• Negative impact of $(0.03) on net income per diluted share due to Winter Storm Uri.

CyrusOne Inc. (NASDAQ: CONE), a premier global data center REIT, today announced first quarter 2021 earnings.

Highlights

Category		1Q’21*		vs. 1Q’20
Revenue		$298.6 million		21%
Net income		$18.2 million		24%
Adjusted EBITDA		$140.3 million		6%
Normalized FFO		$120.2 million		8%
Net income per diluted common share		$0.15		15%
Normalized FFO per diluted common share		$1.00		3%

*Includes the following electricity rate impacts at our Texas data centers as a result of Winter Storm Uri:

– $27.8 million positive impact to Revenue (Metered Power Reimbursements)

– $(3.7) million negative impact to Net income, Adjusted EBITDA, and Normalized FFO

– $(0.03) negative impact to Net income per diluted common share and Normalized FFO per diluted common share

• Leased 28 megawatts (“MW”) and 156,000 colocation square feet (“CSF”) in the first quarter, totaling $35.4 million in annualized GAAP revenue

• Backlog of approximately $113 million in annualized GAAP revenue as of the end of the first quarter representing approximately $955 million in total contract value

• Settled a forward sale agreement entered into in 2020, resulting in net proceeds of approximately $95 million, which were used to pay down a portion of amounts outstanding on the Company’s unsecured revolving credit facility
  • The Company has approximately $385 million in remaining available forward equity

• Subsequent to the end of the quarter, executed an agreement to acquire a 12-acre site in Frankfurt, providing 63 MW of power capacity to support our continued growth in one of the strongest data center markets in Europe

“Our bookings for the quarter included strong results from our U.S. portfolio and a significant contribution from our hyperscale customers,” said Bruce W. Duncan, president and chief executive officer of CyrusOne. “We are excited to announce the execution of an agreement to acquire an additional development site in Frankfurt, which will give us more product in one of our strongest markets to support our customers as they expand in Europe. We remain well positioned for continued growth with a $113 million revenue backlog, capacity across our markets, and $1.6 billion in available liquidity, including nearly $400 million in available forward equity.”

First Quarter 2021 Financial Results

Revenue was $298.6 million for the first quarter, compared to $245.9 million for the same period in 2020, an increase of 21%. The increase in revenue wa

FAQ

What were CyrusOne's Q1 2021 earnings results?

CyrusOne reported Q1 2021 earnings with revenue of $298.6 million, a net income of $18.2 million, and an Adjusted EBITDA of $140.3 million.

How much did CyrusOne grow its revenue in Q1 2021?

CyrusOne experienced a 21% increase in revenue compared to Q1 2020.

What is CyrusOne's future outlook following Q1 2021?

CyrusOne has a backlog of $113 million in annualized revenue and has executed an agreement to acquire additional development sites to support growth.

What was the impact of Winter Storm Uri on CyrusOne's financials?

Winter Storm Uri had a $27.8 million positive impact on revenue but led to a $(3.7) million negative impact on net income and Adjusted EBITDA.