SWCH - SWCH STOCK NEWS

LOGIX Fiber Networks has partnered with Switch, Inc. (NYSE: SWCH) to extend its fiber network to a new data center at Dell Headquarters in Round Rock, Texas, expected to open mid-2024. This initiative enhances LOGIX's connectivity platform, which already serves nearly 100 Texas data centers and connects around 20,000 buildings. LOGIX has achieved over 300,000 fiber miles in major Texas metro areas, supporting business growth and digital transformation. OnPoint Utility Design and Construction will handle the project engineering and construction.

Switch, Inc. reported Q3 2022 revenue of $174.5 million, marking a 10% year-over-year growth. Despite revenue gains, the company faced a net loss of $0.2 million and a decline in Adjusted EBITDA to $69.5 million, down 10% from the previous year. The Adjusted EBITDA margin decreased to 40% due to increased power costs. The company secured $21 million in annualized revenue since Q2 and anticipates future growth from upcoming facility openings. A pending transaction with Digital Bridge and IFM is set to close by year-end.

Switch reported Q2 2022 revenue of $168.2 million, a 19% increase year-over-year. Net income surged to $380.7 million, driven by a $372.8 million gain from a tax agreement termination. Adjusted EBITDA was $84.6 million, reflecting a 7% growth but a decline in margin to 50.3%. Organic growth was 12%. The company is accelerating its development pipeline, with a total contract value of $104 million. A cash dividend of $0.0525 per share was declared, payable September 1, 2022.

Switch, Inc. (NYSE: SWCH) will release its second quarter 2022 financial results after market close on August 8, 2022. Following its merger agreement with DigitalBridge Group and IFM Investors for an all-cash transaction, the company will not hold an earnings conference call. Switch is recognized for its innovative data center ecosystems and advanced technology solutions, led by founder Rob Roy, who holds over 700 patents related to data centers. The company's facilities ensure low latency to key U.S. markets, reinforcing its position as a leader in the data center industry.

Arelion has expanded its Atlanta metro network by adding a new Point of Presence (PoP) at Switch's Lithia Springs data center, enhancing connectivity in Douglas County and surrounding areas. This expansion enables access to Arelion's top-ranked Internet Backbone, AS1299, offering high-speed, diverse connectivity options. The investment responds to rising demand for bandwidth, reinforcing Douglas County's status as a growing data center hub, with over $4 billion invested there since 2015. Arelion now provides five diverse long-haul routes, improving resilience and scalability for data traffic in the Atlanta area.

Switch, Inc. (SWCH) has announced a definitive agreement with DigitalBridge Group, Inc. (DBRG) for an all-cash acquisition valued at approximately $11 billion, translating to $34.25 per share for Switch stockholders. The transaction aims to leverage Switch's sustainable data center infrastructure and expand its capacity significantly through 2030. Following unanimous Board approval, the deal is expected to close in H2 2022, pending stockholder approval and regulatory conditions. Upon completion, Switch will delist from public exchanges.

On May 10, 2022, Switch, Inc. (NYSE: SWCH) announced a revised schedule for its first quarter 2022 earnings conference call, set for May 11, 2022, at 8:30 a.m. ET. This update replaces previous dialing information. Investors can join via a toll-free dial-in at 888-660-6585, using Conference ID 1555854. The call will also be available via webcast on Switch's investor relations website and will be accessible for one year. A telephonic replay will be available until May 18, 2022.

Switch reported Q1 2022 revenue of $164.6 million, a 26% increase year-over-year, with net income at $23.9 million. Adjusted EBITDA reached $86.8 million, reflecting an 18% growth. Organic revenue growth stood at 16%. The company secured $20 million in incremental annualized revenue bookings, raising total contract value to $160 million. Despite strong sales, the adjusted net income per diluted share fell 49% year-over-year. Switch maintains its 2022 guidance, projecting revenue between $660 million and $674 million.