09/20/2021 | Press release | Distributed by Public on 09/20/2021 05:45
Disclaimer |
This presentation contains certain supplemental financial and performance data for Cyxtera Technologies, Inc. (the "Company"). The financial and performance information and data contained in this presentation is unaudited. Further, the financial information for quarterly periods in 2019 was extrapolated from combined financial statements including the financial results of the Company and its former cybersecurity subsidiaries which were spun-out on December 31, 2019. Such quarterly financial information represents the Company's good faith estimates of the financial performance of the Company on a standalone basis and is being presented to provide investors additional information as to the historical quarterly financial performance of the Company. The Company cautions investors not to unduly rely on such information. This presentation includes Transaction Adjusted EBITDA, which is a supplemental measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States ("GAAP"). Cyxtera defines Transaction Adjusted EBITDA as net income (loss) from continuing operations before the following items: depreciation and amortization, interest and other expenses, income tax (benefit) expense, equity-based compensation, straight line rent adjustment, amortization of favorable / unfavorable leasehold interest & asset retirement obligation accretion, stand-up separation & other, restructuring costs & other, and impairment on note and other receivables from affiliate. As a non-GAAP financial measure, Transaction Adjusted EBITDA excludes items that are significant in understanding and assessing the Company's financial results or position. Therefore, this measure should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. Investors should be aware that the Company's presentation of this measure may not be comparable to similarly titled measures used by other companies. Investors should review the Company's audited financial statements filed with the United States Securities and Exchange Commission and not rely on any single financial measure to evaluate the Company's business. Due to the estimated nature of the 2019 quarterly financial information and difficulty in estimating the excluded information, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures for such quarterly periods without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of non-GAAP financial measures is included with respect to quarterly periods in 2019.
Condensed Consolidated Statements of Operations and Key Performance Indicators (Unaudited) | |||||||||||||
Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | 2019 | 2020 | YTD Q2 2021 | |
P&L ($ in Millions) | |||||||||||||
Revenues | $175.7 | $166.6 | $163.1 | $173.2 | $172.5 | $173.2 | $172.0 | $172.7 | $172.9 | $175.4 | $678.6 | $690.5 | $348.3 |
Cost of revenues, excluding depreciation and amortization | $103.0 | $101.5 | $96.4 | $104.9 | $95.9 | $94.1 | $97.3 | $103.2 | $98.4 | $95.5 | $405.8 | $390.5 | $193.9 |
As a % of Total Revenue | 58.6% | 60.9% | 59.1% | 60.6% | 55.6% | 54.3% | 56.6% | 59.7% | 56.9% | 59.8% | 56.6% | 55.7% | |
Gross profit | $72.7 | $65.1 | $66.7 | $68.3 | $76.6 | $79.1 | $74.7 | $69.5 | $74.5 | $79.9 | $272.8 | $300.0 | $154.4 |
Margin % | 41.4% | 39.1% | 40.9% | 39.4% | 44.4% | 45.7% | 43.4% | 40.3% | 43.1% | 40.2% | 43.4% | 44.3% | |
Selling, general and administrative expenses | $33.8 | $39.4 | $33.7 | $39.6 | $31.1 | $25.8 | $24.5 | $34.1 | $27.6 | $22.9 | $146.5 | $115.5 | $50.5 |
As a % of Total Revenue | 19.2% | 23.6% | 20.7% | 22.9% | 18.0% | 14.9% | 14.2% | 19.7% | $0.2 | 21.6% | 16.7% | 14.5% | |
Restructuring, impairment, site closures and related costs | - | - | - | - | - | - | - | - | $8.1 | $58.9 | - | - | $67.0 |
(Recovery) impairment on notes receivable from affiliate | - | - | - | $127.7 | $6.7 | $2.1 | $9.4 | ($115.9) | - | - | $127.7 | ($97.7) | - |
Depreciation and amortization | $59.2 | $53.3 | $54.3 | $53.0 | $57.0 | $57.9 | $57.5 | $59.4 | $60.6 | $60.5 | $219.8 | $231.8 | $121.1 |
Loss on asset sales | - | ($1.0) | - | $7.1 | - | - | - | - | - | - | $6.1 | - | - |
Total operating costs and expenses | $196.0 | $193.2 | $184.4 | $332.3 | $190.7 | $179.9 | $188.7 | $80.8 | $194.7 | $237.8 | $905.9 | $640.1 | $432.5 |
Income (loss) from continuing operations | ($18.1) | ($6.7) | ($16.7) | $92.0 | ($21.8) | ($62.4) | ($227.3) | $50.4 | ($84.2) | ||||
Interest expense, net | ($43.3) | ($42.1) | ($42.3) | ($41.7) | ($43.2) | ($43.1) | ($152.7) | ($169.4) | ($86.3) | ||||
Other expenses, net | ($0.3) | ($0.4) | ($1.5) | $1.9 | ($0.5) | ($0.4) | ($0.9) | ($0.3) | ($0.9) | ||||
Total interest and other expenses, net | ($43.6) | ($42.5) | ($43.8) | ($39.8) | ($43.7) | ($43.5) | ($153.6) | ($169.7) | ($87.2) | ||||
Loss from continuing operations before income taxes | ($61.7) | ($49.2) | ($60.6) | $52.2 | ($65.5) | ($105.9) | ($380.9) | ($119.3) | ($171.4) | ||||
Income tax benefit (expense) | $14.4 | ($6.3) | $14.6 | ($26.2) | $12.9 | $12.9 | $85.9 | ($3.5) | $25.8 | ||||
Net loss from continuing operations | ($47.3) | ($55.5) | ($46.0) | $26.0 | ($52.6) | ($93.0) | ($295.0) | ($122.8) | ($145.6) | ||||
Net loss from discontinued operations, net of tax | - | - | - | - | - | - | ($219.2) | - | - | ||||
Net loss | ($47.3) | ($55.5) | ($46.0) | $26.0 | ($52.6) | ($93.0) | ($514.2) | ($122.8) | ($145.6) | ||||
1000 | KPI | ||||||||||||
PUE | 1.51 | 1.55 |
1.61 Michael Morales: Michael Morales: Mark Hamilton: "Related to seasonal impact of temperature." |
1.52 | 1.50 | 1.56 | 1.58 | 1.55 | 1.53 | ||||
Stabilized Markets Total Sellable SQFT, ('000) (1) | 1,859 | 1,867 | 1,869 | 1,826 | 1,821 | 1,832 | 1,855 | 1,826 | 1,832 | ||||
Stabilized Markets Available SF ('000) (1) | 596 | 598 | 616 | 601 | 596 | 578 | 604 | 601 | 578 | ||||
Stabilized Markets Sold SQFT, ('000) (1) | 1,263 | 1,270 | 1,253 | 1,226 | 1,225 | 1,253 | 1,251 | 1,226 | 1,253 | ||||
Stabilized Markets Occupancy Rate % (1) | 67.9% | 68.0% | 67.0% | 67.1% | 67.3% | 68.4% | 67.4% | 67.1% | 68.4% | ||||
Core Exit MRR ($ in Millions) (2) | $45.4 | $45.6 | $46.1 | $47.5 | $47.7 | $48.0 | $45.7 | $47.5 | $48.0 | ||||
Total Exit MRR ($ in Millions) | $53.4 | $52.9 | $52.7 | $52.9 | $52.6 | $52.9 | $53.5 | $52.9 | $52.9 | ||||
Annualized Core Bookings ($ in Millions) (2) | $19.2 | $20.0 | $20.3 | $21.0 | $27.1 | $30.9 | $56.6 | $80.5 | $58.0 | ||||
MRR per Cab ($ in Thousands) (3) | $1,317 | $1,339 | $1,333 | $1,396 | $1,448 | $1,421 | $1,327 | $1,396 | $1,421 | ||||
Mthly Core Churn as % of Avg Core MRR (2) | 0.8% | 1.0% | 0.9% | 1.2% | 1.0% | 0.9% | 1.1% | 1.0% | 0.9% | ||||
LTM Mthly Core Churn (% of BoP LTM MRR) | 0.93% | 1.01% | 0.98% | 0.97% | 1.03% | 1.00% | 0.97% | 1.02% | |||||
# Inter Connects | 33,178 | 32,721 | 32,970 | 38,227 | 38,902 | 40,253 | 40,210 | 33,178 | 38,902 | 40,210 | |||
# of customers | 2,115 | 2,078 | 2,057 | 2,097 | 2,064 | 2,045 | 2,010 | 2,115 | 2,064 | 2,010 | |||
Footnotes: | |||||||||||||
(1) Stabilized Markets are markets that have been in operation for more than 3 years or have an occupancy rate greater than 50%. | |||||||||||||
(2) Core results exclude Lumen. | |||||||||||||
(3) For purposes of this calculation, Revenue consists of all recurring revenue and all variable revenue and excludes certain large-scale customers with concentrated data center deployments. | |||||||||||||
Numbers may not foot or cross-foot due to rounding. |
Occupancy by Market | ||||||||||||||||||||||||||||
2019 | 2020 | 2020 | 2020 | 2020 | 2021 | 2021 | ||||||||||||||||||||||
December | March | June | September | December | March | June | ||||||||||||||||||||||
Markets | Total Sellable (Sq. Ft) | Available to Sell (Sq.Ft.) | Sold (Sq.Ft) | Occupancy Rate % | Total Sellable (Sq. Ft) | Available to Sell (Sq.Ft.) | Sold (Sq.Ft) | Occupancy Rate % | Total Sellable (Sq. Ft) | Available to Sell (Sq.Ft.) | Sold (Sq.Ft) | Occupancy Rate % | Total Sellable (Sq. Ft) | Available to Sell (Sq.Ft.) | Sold (Sq.Ft) | Occupancy Rate % | Total Sellable (Sq. Ft) | Available to Sell (Sq.Ft.) | Sold (Sq.Ft) | Occupancy Rate % | Total Sellable (Sq. Ft) | Available to Sell (Sq.Ft.) | Sold (Sq.Ft) | Occupancy Rate % | Total Sellable (Sq. Ft) | Available to Sell (Sq.Ft.) | Sold (Sq.Ft) | Occupancy Rate % |
Albuquerque | 12,759 | 4,875 | 7,884 | 61.8% | 12,759 | 4,833 | 7,926 | 62.1% | 12,773 | 5,644 | 7,128 | 55.8% | 12,773 | 5,658 | 7,114 | 55.7% | 12,773 | 7,160 | 5,613 | 43.9% | 12,773 | 7,146 | 5,627 | 44.1% | 12,370 | 7,199 | 5,171 | 41.8% |
Atlanta | 44,030 | 21,356 | 22,674 | 51.5% | 44,030 | 21,356 | 22,674 | 51.5% | 43,967 | 21,519 | 22,448 | 51.1% | 44,088 | 21,889 | 22,199 | 50.4% | 44,191 | 21,404 | 22,787 | 51.6% | 44,261 | 21,752 | 22,509 | 50.9% | 44,260 | 21,755 | 22,504 | 50.8% |
Boston | 56,676 | 13,868 | 42,809 | 75.5% | 56,590 | 6,847 | 49,742 | 87.9% | 56,237 | 4,683 | 51,554 | 91.7% | 50,099 | 4,946 | 45,152 | 90.1% | 50,204 | 4,524 | 45,680 | 91.0% | 50,252 | 4,579 | 45,673 | 90.9% | 50,231 | 4,434 | 45,798 | 91.2% |
Chicago | 174,182 | 36,747 | 137,436 | 78.9% | 186,869 | 32,908 | 153,961 | 82.4% | 186,669 | 40,628 | 146,041 | 78.2% | 186,676 | 44,106 | 142,569 | 76.4% | 186,527 | 45,381 | 141,146 | 75.7% | 186,671 | 51,181 | 135,490 | 72.6% | 186,800 | 51,198 | 135,601 | 72.6% |
Colmbs | 19,054 | 5,029 | 14,024 | 73.6% | 19,338 | 5,445 | 13,894 | 71.8% | 19,344 | 5,417 | 13,927 | 72.0% | 19,344 | 7,350 | 11,994 | 62.0% | 19,343 | 7,813 | 11,530 | 59.6% | 19,335 | 7,917 | 11,418 | 59.1% | 19,461 | 7,795 | 11,666 | 59.9% |
Dallas | 112,988 | 64,660 | 48,328 | 42.8% | 113,349 | 64,912 | 48,437 | 42.7% | 113,357 | 64,455 | 48,902 | 43.1% | 119,309 | 69,988 | 49,321 | 41.3% | 119,388 | 70,704 | 48,684 | 40.8% | 119,383 | 70,901 | 48,481 | 40.6% | 119,252 | 70,898 | 48,353 | 40.5% |
Denver | 63,911 | 16,606 | 47,305 | 74.0% | 63,911 | 18,771 | 45,140 | 70.6% | 63,925 | 19,814 | 44,111 | 69.0% | 63,925 | 20,334 | 43,591 | 68.2% | 63,937 | 23,133 | 40,804 | 63.8% | 63,901 | 23,243 | 40,658 | 63.6% | 63,901 | 23,132 | 40,769 | 63.8% |
Frankfurt | 10,706 | 5,867 | 4,630 | 43.2% | 10,497 | 5,418 | 5,080 | 48.4% | 10,498 | 5,404 | 5,094 | 48.5% | 10,498 | 5,509 | 4,989 | 47.5% | 10,226 | 5,290 | 4,936 | 48.3% | 10,226 | 5,290 | 4,936 | 48.3% | 10,226 | 5,304 | 4,922 | 48.1% |
London | 135,748 | 36,665 | 99,083 | 73.0% | 135,666 | 15,356 | 120,309 | 88.7% | 135,873 | 14,788 | 121,084 | 89.1% | 136,398 | 17,072 | 119,326 | 87.5% | 131,247 | 22,639 | 108,608 | 82.8% | 130,992 | 27,540 | 103,453 | 79.0% | 127,233 | 24,464 | 102,769 | 80.8% |
Los Angeles | 128,860 | 50,665 | 78,195 | 60.7% | 127,661 | 54,132 | 73,529 | 57.6% | 127,689 | 50,179 | 77,510 | 60.7% | 128,880 | 52,681 | 76,198 | 59.1% | 128,905 | 52,832 | 76,073 | 59.0% | 128,635 | 52,646 | 75,989 | 59.1% | 128,415 | 52,437 | 75,979 | 59.2% |
Minneapolis | 16,861 | 3,568 | 13,293 | 78.8% | 16,898 | 3,542 | 13,356 | 79.0% | 16,912 | 3,714 | 13,198 | 78.0% | 16,993 | 3,898 | 13,096 | 77.1% | 16,941 | 3,796 | 13,145 | 77.6% | 17,291 | 1,394 | 15,896 | 91.9% | 17,421 | 406 | 17,015 | 97.7% |
Montreal | 4,847 | 585 | 4,262 | 87.9% | 4,832 | 613 | 4,218 | 87.3% | 4,832 | 599 | 4,232 | 87.6% | 4,831 | 2,556 | 2,275 | 47.1% | 3,993 | 1,606 | 2,387 | 59.8% | 3,993 | 1,606 | 2,387 | 59.8% | 3,993 | 1,578 | 2,415 | 60.5% |
Moses Lake | 29,029 | 15,214 | 13,815 | 47.6% | 29,029 | 23,331 | 5,698 | 19.6% | 29,029 | 23,331 | 5,698 | 19.6% | 29,029 | 23,331 | 5,698 | 19.6% | ||||||||||||
N. Virginia | 216,798 | 36,138 | 180,660 | 83.3% | 216,985 | 56,814 | 160,170 | 73.8% | 216,682 | 69,208 | 147,474 | 68.1% | 214,687 | 70,506 | 144,181 | 67.2% | 214,667 | 73,656 | 141,010 | 65.7% | 214,667 | 73,711 | 140,956 | 65.7% | 214,603 | 74,358 | 140,246 | 65.4% |
New Jersey | 275,253 | 135,831 | 139,422 | 50.7% | 275,826 | 138,418 | 137,408 | 49.8% | 275,933 | 128,197 | 147,735 | 53.5% | 276,202 | 127,913 | 148,290 | 53.7% | 275,829 | 127,417 | 148,412 | 53.8% | 269,668 | 125,595 | 144,073 | 53.4% | 272,675 | 115,275 | 157,400 | 57.7% |
Phoenix | 63,286 | 22,994 | 40,292 | 63.7% | 63,292 | 23,162 | 40,130 | 63.4% | 63,292 | 23,678 | 39,614 | 62.6% | 64,923 | 23,228 | 41,695 | 64.2% | 64,452 | 23,043 | 41,409 | 64.2% | 64,452 | 22,959 | 41,493 | 64.4% | 64,428 | 22,171 | 42,257 | 65.6% |
Seattle | 106,638 | 38,529 | 68,109 | 63.9% | 106,681 | 38,082 | 68,599 | 64.3% | 107,938 | 40,597 | 67,341 | 62.4% | 107,654 | 39,354 | 68,301 | 63.4% | 105,947 | 35,333 | 70,615 | 66.7% | 106,316 | 37,709 | 68,606 | 64.5% | 106,590 | 38,996 | 67,594 | 63.4% |
Silicon Valley | 248,113 | 55,178 | 192,935 | 77.8% | 250,183 | 53,963 | 196,220 | 78.4% | 250,191 | 52,578 | 197,614 | 79.0% | 250,303 | 52,274 | 198,028 | 79.1% | 247,667 | 51,389 | 196,278 | 79.3% | 246,445 | 36,098 | 210,346 | 85.4% | 245,664 | 35,972 | 209,692 | 85.4% |
Singpre | 48,759 | 20,918 | 27,841 | 57.1% | 39,639 | 6,223 | 33,416 | 84.3% | 47,020 | 700 | 46,320 | 98.5% | 46,896 | 700 | 46,196 | 98.5% | 46,347 | 518 | 45,829 | 98.9% | 46,428 | 1,136 | 45,291 | 97.6% | 46,791 | 1,904 | 44,886 | 95.9% |
St. Louis | 929 | - 0 | 929 | 100.0% | ||||||||||||||||||||||||
Tampa | 19,248 | 4,017 | 15,231 | 79.1% | 19,194 | 3,990 | 15,204 | 79.2% | 19,222 | 4,289 | 14,933 | 77.7% | 19,222 | 4,275 | 14,947 | 77.8% | 19,208 | 4,387 | 14,821 | 77.2% | 19,208 | 4,289 | 14,919 | 77.7% | 19,208 | 4,255 | 14,953 | 77.8% |
Tokyo | 5,363 | 770 | 4,593 | 85.6% | 5,363 | 770 | 4,593 | 85.6% | 5,363 | 798 | 4,565 | 85.1% | 5,363 | 798 | 4,565 | 85.1% | 5,363 | 826 | 4,537 | 84.6% | 5,363 | 770 | 4,593 | 85.6% | 5,363 | 805 | 4,558 | 85.0% |
Toronto | 54,969 | 13,126 | 41,843 | 76.1% | 54,571 | 16,650 | 37,921 | 69.5% | 54,572 | 17,087 | 37,485 | 68.7% | 54,559 | 16,833 | 37,725 | 69.1% | 53,021 | 16,768 | 36,253 | 68.4% | 54,420 | 17,540 | 36,880 | 67.8% | 66,655 | 13,154 | 53,500 | 80.3% |
Vancouver | 6,024 | 739 | 5,285 | 87.7% | 6,024 | 795 | 5,229 | 86.8% | 6,024 | 529 | 5,495 | 91.2% | 6,024 | 529 | 5,495 | 91.2% | 6,024 | 1,051 | 4,973 | 82.6% | 5,934 | 627 | 5,307 | 89.4% | 5,972 | 706 | 5,267 | 88.2% |
Stable Markets | 1,855,032 | 603,945 | 1,250,877 | 67.4% | 1,859,185 | 596,331 | 1,262,854 | 67.9% | 1,867,340 | 597,836 | 1,269,504 | 68.0% | 1,868,676 | 615,730 | 1,252,946 | 67.0% | 1,826,199 | 600,669 | 1,225,530 | 67.1% | 1,820,611 | 595,629 | 1,224,982 | 67.3% | 1,831,511 | 578,196 | 1,253,315 | 68.4% |
Netherlands | - 0 | - 0 | - 0 | 12,338 | 11,653 | 685 | 5.6% | 12,334 | 11,607 | 727 | 5.9% | 12,334 | 11,607 | 727 | 5.9% | 12,314 | 11,663 | 651 | 5.3% | 12,314 | 11,663 | 651 | 5.3% | 12,297 | 11,632 | 665 | 5.4% | |
Total Markets | 1,855,032 | 603,945 | 1,250,877 | 67.4% | 1,871,524 | 607,984 | 1,263,540 | 67.5% | 1,879,674 | 609,442 | 1,270,232 | 67.6% | 1,881,010 | 627,337 | 1,253,673 | 66.6% | 1,838,513 | 612,332 | 1,226,181 | 66.7% | 1,832,925 | 607,292 | 1,225,633 | 66.9% | 1,843,808 | 589,829 | 1,253,980 | 68.0% |
Footnotes: | ||||||||||||||||||||||||||||
Numbers may not foot or cross-foot due to rounding. |
Non-GAAP Reconciliations (Unaudited) | ||||||||||||
Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | 2019 | 2020 | YTD Q2 2021 |
Reconciliation of GAAP to Non-GAAP Results: | ||||||||||||
Net loss from continuing operations | (47.3) | (55.5) | (46.0) | 26.0 | (52.6) | (93.0) | (295.0) | (122.8) | (145.6) | |||
Depreciation and amortization | 57.0 | 57.9 | 57.5 | 59.4 | 60.6 | 60.5 | 219.8 | 231.8 | 121.1 | |||
Total interest and other expenses, net | 43.6 | 42.5 | 43.8 | 39.8 | 43.7 | 43.5 | 153.6 | 169.7 | 87.2 | |||
Income tax (benefit) expense | (14.4) | 6.3 | (14.6) | 26.2 | (12.9) | (12.9) | (85.9) | 3.5 | (25.8) | |||
EBITDA | $38.9 | $51.2 | $40.8 | $151.4 | $38.9 | ($1.9) | ($7.5) | $282.2 | $36.9 | |||
1000000 | Transaction Adjustments | |||||||||||
Equity-based compensation | $2.0 | $1.9 | $1.8 | $1.7 | $1.8 | $1.8 | $15.7 | $7.4 | $3.6 | |||
Straight-line rent adjustment | $0.8 | $0.8 | $0.7 | $0.7 | $1.1 | $0.7 | $6.5 | $2.9 | $1.9 | |||
Amortization of Favorable / Unfavorable Leasehold Interest. & ARO accretion | $0.9 | $0.9 | $0.9 | $0.9 | $0.9 | $0.9 | $4.6 | $3.5 | $1.7 | |||
Stand-up, separation & other | $2.8 | $0.9 | $1.0 | $6.4 | $3.1 | $0.3 | $46.2 | $11.1 | $3.5 | |||
Restructuring costs & other | $2.6 | $1.4 | ($0.1) | $2.1 | $10.3 | $60.6 | - | $6.0 | $70.9 | |||
Impairment of note and other receivables from affiliate | $6.7 | $2.1 | $9.4 | ($115.9) | - | - | $127.7 | ($97.7) | - | |||
Total Adjustments | $15.8 | $8.0 | $13.8 | ($104.2) | $17.2 | $64.3 | $200.7 | ($66.7) | $81.5 | |||
Transaction Adjusted EBITDA | $54.7 | $59.1 | $54.6 | $47.2 | $56.1 | $62.3 | $193.2 | $215.6 | $118.4 | |||
Footnotes: | ||||||||||||
Numbers may not foot or cross-foot due to rounding. |