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Last10K.com | 10-K Annual Report Tue Mar 01 2022
Switch Announces Fourth Quarter and Full Year 2021 Financial Results
Accelerating Investments to Meet Strong Demand for Switch’s Tier 5 Exascale Infrastructure
Annual Revenue of $592.0 million, Net Income of $14.8 million, Adjusted EBITDA of $315.1 million
Q4 Revenue of $161.4 million, Net Loss of $18.5 million, Adjusted EBITDA of $85.8 million
Q4 Revenue Growth of 26.3%, Organic Revenue Growth of 16.8%
Q4 Incremental Annualized Revenue Bookings of $29.5 million
Record 2021 Incremental Annualized Revenue Bookings of $80 million
LAS VEGAS, NV — February 24, 2022 — Switch, Inc. (NYSE: SWCH) (“Switch”) today announced financial results for the quarter and full year ended December 31, 2021.
“Switch’s strong fourth quarter results capped off a transformational year for the company, highlighted by record financial and bookings performance, the launch of our fifth PRIME Campus, the successful acquisition and integration of Data Foundry, and our announcement to pursue a REIT conversion effective January 1, 2023,” said Rob Roy, Founder and CEO of Switch. “During Q4, we signed a two-megawatt commitment for LAS VEGAS 15, and expect the first sector to be substantially committed to clients upon its scheduled opening in Q2 2022. Looking ahead to 2022, we see one of the strongest sales pipelines in the company’s history driven by robust client demand for our world-class exascale data center infrastructure.”
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The following information was filed by Switch, Inc. (SWCH) on Thursday, February 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Switch, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Financial - Expense Highlight
Most of our customer agreements provide the ability to increase our prices in response to an increase in the cost of energy; however, our gross profit can be adversely affected by increases in our cost of energy if we choose not to pass along the increases to our customers.
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Financial - Earnings Highlight
We believe that the inclusion of certain adjustments in presenting Adjusted EBITDA and Adjusted EBITDA margin is appropriate to provide additional information to investors because Adjusted EBITDA and Adjusted EBITDA margin exclude certain items that we believe are not indicative of our core operating performance and that are not excluded in the calculation of EBITDA.
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Financial - Expense Highlight
20. The increase was primarily attributable to increases of $29.9 million in depreciation and amortization expense due to additional property and equipment being placed into service and $25.2 million in facilities costs due to increased utility ra
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Financial - Earnings Highlight
Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making.
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Financial - Earnings Highlight
We present Adjusted EBITDA and Adjusted EBITDA margin because we believe certain investors use them as measures of a company's historical operating performance and its ability to service and incur debt and make capital expenditures.
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statement Of Stockholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Acquisition
Acquisition (Tables)
Acquisition - Narrative (Details)
Acquisition - Schedule Of Assets Acquired And Liabilities Assumed (Details)
Acquisition - Schedule Of Supplemental Pro Forma Information (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Equity Method Investments
Equity Method Investments (Details)
Equity-Based Compensation
Equity-Based Compensation (Details)
Equity-Based Compensation (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative - (Details)
Leases
Leases (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Summary Of Long-Term Debt (Details)
Long-Term Deposit
Long-Term Deposit (Details)
Net Income Per Share
Net Income Per Share (Tables)
Net Income Per Share - Calculation Of Basic And Diluted Net Income Per Share (Details)
Net Income Per Share - Potentially Dilutive Securities Excluded From The Computation Of Diluted Net Income Per Share (Details)
Non-Controlling Interest
Non-Controlling Interest (Tables)
Non-Controlling Interest - Narrative (Details)
Non-Controlling Interest - Ownership Of Common Units (Details)
Organization
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Components Of Property And Equipment, Net (Details)
Property And Equipment, Net - Depreciation And Amortization Of Property And Equipment (Details)
Property And Equipment, Net - Narrative (Details)
Retirement Benefit Plans
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Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Composition Of Revenue (Details)
Segment Reporting - Narrative (Details)
Stockholders' Equity
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Subsequent Events
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Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accounts Receivable (Details)
Summary Of Significant Accounting Policies - Advertising Costs (Details)
Summary Of Significant Accounting Policies - Cash And Cash Equivalents (Details)
Summary Of Significant Accounting Policies - Concentrations Of Credit And Other Risks (Details)
Summary Of Significant Accounting Policies - Debt Issuance Costs (Details)
Summary Of Significant Accounting Policies - Derivative Financial Instruments (Details)
Summary Of Significant Accounting Policies - Fair Value Measurements (Details)
Summary Of Significant Accounting Policies - Foreign Currency Translation (Details)
Summary Of Significant Accounting Policies - Intangible Assets (Details)
Summary Of Significant Accounting Policies - Opening And Closing Balances Of The Company's Contract Assets And Deferred Revenue (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Remaining Performance Obligations (Details)
Summary Of Significant Accounting Policies - Restricted Cash (Details)
Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Material Contracts, Statements, Certifications & more
Switch, Inc. provided additional information to their SEC Filing as exhibits
Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures
Exhibit 10.25: Material Contract
Exhibit 21.1: Subsidaries Of The Registrant
Exhibit 23.1: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: SWCH
CIK: 1710583
Form Type: 10-K Annual Report
Accession Number: 0001710583-22-000009
Submitted to the SEC: Tue Mar 01 2022 4:12:17 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Computer Programming Data Processing
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