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Switch, Inc. (NYSE:SWCH) will announce its third quarter 2021 financial results on November 4, 2021, after market close. A conference call will follow on November 5, 2021, at 9:00 a.m. Eastern Time, hosted by President Thomas Morton and CFO Gabe Nacht. Investors can access the financial results via the company's website.
Switch is a leader in exascale data center ecosystems, focusing on hybrid cloud solutions.
Switch (NYSE: SWCH) appointed Jonathan H. King as its Chief Revenue Officer, enhancing its sales strategy amidst significant growth. King, previously with Google Cloud, brings over 20 years of technology and sales leadership experience. His role includes overseeing sales and developing strategic partnerships to boost revenue. Switch is expanding its data center capabilities by over 1.3 million square feet over the next two years to meet customer demand. The company continues to innovate in exascale data center ecosystems and hybrid cloud solutions.
Switch, Inc. (NYSE: SWCH) reported strong Q2 2021 results, achieving consolidated revenue of $141.7 million, up 11.6% year-over-year. The company benefited from increased demand following its Data Foundry acquisition, which contributed $3.3 million to revenue. Net income decreased to $9.7 million, down 27.4% year-over-year, while adjusted EBITDA rose to $79.0 million, reflecting a 14.3% increase. Switch raised its full year 2021 revenue guidance to between $593.5 million and $603.5 million, citing robust customer installations and an expanding backlog of $63.5 million. A cash dividend of $0.0525 per share was also declared.
Switch, Inc. (NYSE: SWCH) announced significant shareholder value initiatives, including a potential REIT election and operational target reviews, supported by Elliott Investment Management, which holds an 11% stake. The company plans to bolster its position with a new Board member from Elliott and the REIT Committee's evaluation of capital allocation and financial planning. Additionally, Switch is expanding its Texas campus by 1.3 million square feet, enhancing its market potential. This strategic focus aims to elevate Switch's long-term value creation.
Switch, Inc. (NYSE:SWCH) will release its second quarter 2021 financial results after market close on August 5, 2021. The conference call for analysts and investors will be held at 5:00 p.m. ET the same day, hosted by Thomas Morton and Gabe Nacht. Interested parties can access the call via toll-free numbers or through the investor relations website. Switch, recognized as a leader in exascale data center ecosystems, emphasizes its commitment to innovation and hybrid cloud solutions.
LAS VEGAS, June 2, 2021 /PRNewswire/ -- Switch (NYSE: SWCH) announces the opening of its Fifth Prime data center campus, named "The Rock," in Texas. A land purchase agreement with Dell Technologies enables Switch to build over 1.5 million square feet of Tier 5® data center space adjacent to Dell's headquarters in Round Rock. With the recent acquisition of Data Foundry, Switch’s Texas campus will total over 2 million square feet and 185 megawatts of power. The campus will utilize 100% renewable energy, reinforcing Switch's commitment to sustainability.
Switch, Inc. (NYSE: SWCH) announced a private offering of $500 million in 4.125% senior unsecured notes due 2029, expected to close on June 7, 2021. The proceeds will finance the acquisition of Data Foundry, Inc. per a Purchase Agreement dated May 3, 2021, as well as cover fees and corporate purposes. If the acquisition is not finalized by July 31, 2021, Switch must redeem the notes at 100% of their principal value plus accrued interest. The offering is exempt from registration under the Securities Act.
Switch (NYSE: SWCH) plans to offer $430 million in senior unsecured notes due 2029 to finance its acquisition of Data Foundry, Inc. The offering, exempt from the Securities Act registration requirements, is available to qualified institutional buyers and non-U.S. persons. If the acquisition isn't completed by July 31, 2021, the outstanding notes will be redeemed. The issuance aims to support Switch's strategic goals in the colocation and hybrid cloud sectors.
Switch reported Q1 2021 revenue of $130.9 million, a 2% increase from $128.1 million in Q1 2020. The company achieved net income of $24.4 million, compared to a net loss of $3.5 million a year earlier. Adjusted EBITDA grew 19% to $73.4 million, with a margin of 56.1%. Switch plans to acquire Data Foundry for $420 million and launch its Fifth Prime Campus in Texas, enhancing market reach. The Board declared a cash dividend of $0.05 per share, payable on June 4, 2021. Full-year revenue guidance is set between $543 million and $555 million.
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