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Switch, Inc. (NYSE: SWCH) reported a 5% annual revenue increase to $128.8 million for Q3 2020. Net income rose to $13.2 million, up from $10.1 million in Q3 2019, with diluted EPS of $0.05. Adjusted EBITDA improved by 11% to $67.2 million, yielding a margin of 52.1%. The company also announced a $0.05 cash dividend per share and updated its full-year guidance, projecting revenue between $510 million to $518 million. Recent agreements with major clients are expected to enhance growth and revenue streams.
Switch, Inc. (NYSE:SWCH) announced its plan to release third quarter 2020 financial results after market close on November 5, 2020. A conference call will follow at 5:00 p.m. Eastern Time, hosted by President Thomas Morton and CFO Gabe Nacht. Investors and analysts can access the call via toll-free numbers based on location, and the webcast will be available on the company's investor relations website for one year. Switch is recognized for its leadership in data center ecosystems and cutting-edge telecommunications solutions.
On October 8, 2020, Switch (NYSE: SWCH) announced the appointment of Liane Pelletier to its Board of Directors, effective November 4, 2020. Pelletier brings over 25 years of leadership experience in telecom, having held executive roles at Alaska Communications and Sprint. She holds a professional certificate in cyber security and has a strong background in corporate governance. Founder and CEO Rob Roy emphasized her extensive expertise in telecom and related fields, underscoring a focus on strategic governance and diversity within the company.
On September 16, 2020, Switch (NYSE: SWCH) announced the appointment of Angela Archon to its Board of Directors, effective November 4, 2020. With over 30 years in the technology sector, Archon brings significant expertise in artificial intelligence and digital transformation, having previously served in leadership roles at IBM. The company’s CEO, Rob Roy, welcomed her addition, highlighting its alignment with Switch's focus on technology infrastructure leadership and commitment to diversity.
Switch, Inc. (NYSE: SWCH) announced a private offering of $600 million in 3.75% senior unsecured notes due 2028. The offering, set to close on September 17, 2020, aims to redeem $280 million of outstanding borrowings under its revolving credit facility and $182 million of its term loan. The offering is exempt from registration under the Securities Act and is targeted at qualified institutional buyers. The net proceeds will also support general corporate purposes.
Switch, Inc. (NYSE: SWCH) announced plans to offer $500 million in senior unsecured notes due 2028, subject to market conditions. The offering aims to refinance $462 million of outstanding debt and support general corporate purposes. The notes will be non-registered and offered to qualified institutional buyers under Rule 144A. This move is aimed at strengthening Switch's financial position and reducing its debt burden.
Switch reported Q2 2020 revenues of $126.9 million, a 13% increase from 2019. Income from operations rose 21% to $25.3 million, with net income reaching $13.3 million. Adjusted EBITDA was $69.1 million, up 17%, marking a margin improvement to 54.5%. The company announced a dividend of $0.05 per share, a 70.1% increase, and is reaffirming 2020 revenue guidance of $507 million to $521 million. Key investments include solar energy initiatives and new customer agreements, supporting its growth strategy.
Switch (NYSE: SWCH) and Capital Dynamics announced groundbreaking for three large-scale solar energy and battery storage projects in Nevada, as part of the Gigawatt Nevada initiative. This $1.3 billion investment aims to create over 1,000 jobs and expands Switch's renewable energy footprint, including 555 MW of solar power and 800 MW hours of battery storage. The projects will utilize solar panels from First Solar and Tesla's Megapack technology. Governor Steve Sisolak highlighted the initiative's role in Nevada's renewable energy economy, ensuring low energy costs for Switch clients.
Switch, Inc. (NYSE:SWCH) will announce its second quarter 2020 financial results on August 6, 2020, post-market. A conference call with President Thomas Morton and CFO Gabe Nacht will take place at 5:00 p.m. ET, accessible via telephone for U.S. and Canadian participants. The financial results will be available on the company’s investor relations website before the call. Switch operates cutting-edge data centers, focusing on sustainable internet growth and holding numerous patents for data center designs.
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