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On May 3, 2021, Switch announced the launch of its Fifth Prime location in Texas, acquiring Data Foundry for $420 million in cash. This acquisition will enhance Switch's portfolio to 16 operational data centers across six locations and bring over 400 customer logos. The deal is expected to close by mid-2021, pending regulatory approval. Switch anticipates the transaction will be accretive to AFFO per share within the first full year post-closing and intends to finance it through cash on hand and existing credit facilities.
Switch, Inc. (NYSE: SWCH) released its 2020 Environmental, Social, and Governance (ESG) Report, showcasing its commitment to sustainability and corporate governance. Key highlights include being 100% renewably powered since 2016, achieving zero Scope 2 emissions, and having a carbon intensity of 9.5 mtCO2e per million USD revenue. The report also features a diverse leadership team, with 38% female board representation. Other achievements include ENERGY STAR certification for 70% of buildings and plans for 555 MW of solar power in Nevada.
Switch, Inc. (NYSE: SWCH) will release its Q1 2021 financial results on May 10, 2021, after market close. A conference call for analysts and investors is scheduled for 5:00 p.m. ET on the same day, hosted by President Thomas Morton and CFO Gabe Nacht. The financial results and additional information will be accessible on the company's investor relations website. This announcement marks an important milestone for the company, as it continues to lead in exascale data center ecosystems and technology innovation.
Switch reported robust financial results for Q4 and the full year 2020, showcasing a 11% revenue increase to $511.5 million. Operating income rose by 24% to $95.4 million, while adjusted EBITDA climbed 16% to $268.3 million, reflecting a margin expansion of 250 basis points. Despite a $23.5 million loss on interest rate swaps impacting net income, adjusted net income per diluted share reached $0.21. In 2021, Switch expects revenue between $540 million and $555 million amid ongoing data center expansions and strategic contracts, though it highlighted $18 million in expected recurring revenue reductions.
Switch, Inc. (NYSE: SWCH) will release its fourth quarter and full year 2020 financial results on March 1, 2021, after market close. The company plans to hold a conference call at 5:00 p.m. ET on the same day, featuring Switch President Thomas Morton and CFO Gabe Nacht. Analysts and investors can access the call via toll-free numbers or through a live webcast available for a year on the investor relations website. The data centers by Switch are recognized for their innovative designs and sustainability in enterprise-class cloud solutions.
On February 2, 2021, Switch (NYSE: SWCH) announced its receipt of the U.S. Environmental Protection Agency's ENERGY STAR certification for its Las Vegas Core Campus. This certification recognizes facilities that showcase top-tier energy efficiency, with buildings that achieve this standard using 35% less energy than typical ones. Switch has consistently surpassed these benchmarks, utilizing strategic energy management and cost-effective facility improvements. The company is committed to sustainability, powering all its data centers with 100% renewable energy since January 2016.
Switch, Inc. (NYSE: SWCH) announced that President Thomas Morton and CFO Gabe Nacht will host virtual investor meetings and a fireside chat at the Citi 2021 Global TMT West Conference on January 5, 2021, at 4:00 PM ET. The event will be accessible via their Investor Relations website, where a live webcast and audio replay will be provided. Switch is a leader in exascale data center ecosystems and telecommunications solutions, with data center campuses located in Las Vegas, Tahoe Reno, Grand Rapids, and Atlanta.
Switch (NYSE: SWCH) announced a multi-year contract with a global e-commerce client for a 5 megawatt (MW) expansion at its Citadel Campus in Northern Nevada, expected to generate over $11 million in annual revenue. This follows a similar 5 MW expansion with a Fortune 100 semiconductor client. Over 80% of the TAHOE RENO 1 facility is now committed, prompting the acceleration of construction for TAHOE RENO 2 and site prep for TAHOE RENO 3. The campus will be powered by 100% renewable energy, showcasing Switch's commitment to sustainable infrastructure.
Switch (NYSE: SWCH) announced a new anchor tenant at its Keep Campus in Atlanta, boosting its client deployment to 72% at the ATLANTA 1 data center. This deployment is set to generate over $6 million in annualized revenue. The company held a virtual groundbreaking for its second and third data center buildings, expected to add 50 MW and 35 MW of capacity respectively by 2023. The Keep Campus will span over 1.3 million square feet, with total investments reaching $2.5 billion in Georgia, focusing on 100% renewable energy.
Switch, Inc. (NYSE: SWCH) announced that Bill Kleyman, EVP of Digital Solutions, will speak at the MoffettNathanson 5G Summit on November 12, 2020, at 11:50 am ET. The panel, titled "Show Me The Money: 5G and Multi-Access Edge Computing", will focus on the impact of 5G on edge computing and feature other industry experts. The live webcast is available for registered attendees, with a replay for MoffettNathanson clients for 90 days post-event. Switch, a leader in exascale data center solutions, aims to innovate the digital foundation for enterprises.
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