LAS VEGAS, May 10, 2021 /PRNewswire/ -- Switch, Inc.
(NYSE: SWCH) ("Switch") today announced financial results for the
quarter ended March 31, 2021.
"Switch sustained its robust sales momentum in the first quarter
of 2021 as our team continues to execute favorably, achieving a
record revenue backlog for the second consecutive quarter," said
Rob Roy, Founder and CEO of Switch.
"Overall customer demand remains elevated across the Prime
footprint and we are continuing our accelerated efforts to bring on
additional inventory with a highly active construction pipeline.
The recently announced agreement to acquire Data Foundry and launch
of our Fifth Prime Campus in Texas
will help to address near-term supply constraints while expanding
our addressable market longer term, along with the strategic
benefits of broadening Switch's Fortune 500 customer base and
geographic reach."
First Quarter 2021 Financial Results
- Total revenue of $130.9 million,
compared to $128.1 million for the
same quarter in 2020, an increase of 2%. Revenue growth was
negatively impacted by 330 basis points due to a $4.0 million decrease in non-recurring fiber
revenue, compared to the year ago quarter.
- Income from operations of $24.2
million, an increase of 15% compared to $21.0 million for the year ago quarter.
- Net income of $24.4 million,
compared to a net loss of $3.5
million for the same quarter in 2020. Net income in the
first quarter of 2021 includes a $5.4
million gain from the sale of our ownership interest in the
international joint venture that held an equity interest in the
SUPERNAP Italia data center, a $3.2
million gain on interest rate swaps, and a $2.8 million non-recurring license fee allowing
our technology and patents to be used for data centers in the
Kingdom of Saudi Arabia.
- Net income per diluted share in the first quarter of 2021 was
$0.09 and adjusted net income per
diluted share was $0.08.
- Adjusted EBITDA of $73.4 million,
compared to $61.5 million for the
same quarter in 2020, an increase of 19%. Adjusted EBITDA margin
was 56.1%, compared to 48.0% in the year ago period. Adjusted
EBITDA benefitted from $2.8 million
in non-recurring license fee income, which increased Adjusted
EBITDA margin by 210 basis points.
- Capital expenditures of $100.4
million, compared to $80.9
million for the same quarter in 2020. Maintenance capital
expenditures were $2.1 million, or
1.6% of total revenue.
- Signed total contract value of $117
million, representing annualized revenue of $37 million at full deployment, including
$18 million of incremental recurring
revenue.
"Switch had a strong start to 2021, with our teams making
favorable progress toward key strategic priorities including sales
execution, construction, and customer installations," said
Thomas Morton, President of Switch.
"We are excited for the next chapter of Switch's domestic expansion
efforts with the execution of the agreement to acquire Data
Foundry, which will provide a tremendous platform for growth as we
launch our Fifth Prime Campus in Texas."
"We are pleased with our solid first quarter performance,
particularly our improving margin profile as the Prime locations
increase in scale," said Gabe Nacht,
CFO of Switch. "We are also encouraged by the continued growth in
our sales pipeline and booked-not-billed backlog, which improves
visibility toward accelerated revenue growth as we progress through
the year."
Balance Sheet and Liquidity
As of March 31, 2021, Switch's
total debt outstanding, including finance lease liabilities, net of
cash and cash equivalents was $1.0
billion, resulting in a net debt to Q1 2021 annualized
Adjusted EBITDA(1) ratio of 3.4x. As of March 31, 2021, Switch had liquidity of
$538.9 million, including cash and
cash equivalents and availability under its revolver.
|
|
|
|
|
(1)
|
Annualized Adjusted
EBITDA is calculated as first quarter 2021 Adjusted EBITDA
multiplied by four.
|
Capital Expenditures and Development
Capital expenditures for the first quarter totaled $100.4 million, including maintenance capital
expenditures of $2.1 million, or 1.6%
of total revenue. Growth capital expenditures, excluding land
purchases, were $98.3 million for the
first quarter of 2021, compared to $78.9
million in the same period last year.
During the quarter ended March 31,
2021, Switch invested (i) $59.6
million for data center construction and improvements in The
Citadel Campus, primarily related to increased power and cooling
capacity, the ongoing construction of a new sector scheduled for Q3
2021, and site work for the TAHOE RENO 2 facility scheduled to open in Q1 2023;
(ii) $23.4 million in The Core Campus
for continued construction of the LAS
VEGAS 15 data center shell and site preparation for
LAS VEGAS 14 and 16; (iii)
$16.0 million in The Keep Campus for
additional power, cooling, and tenant improvements at ATLANTA 1 and site preparation for the
ATLANTA 3 data center scheduled to
open in Q2 2023; and (iv) $1.4
million in The Pyramid Campus for equipment upgrades and
incremental power and cooling capacity.
Dividend
Switch today announced that its Board of Directors has declared
a cash dividend of $0.05 per share of
Switch's Class A common stock. The dividend will be payable on
June 4, 2021 to all stockholders of
record as of the close of business on May
25, 2021. Prior to the payment of this dividend, Switch,
Ltd. will make a cash distribution to all holders of record of
common units of Switch, Ltd., including Switch, of $0.05 per common unit.
Future declarations of dividends are subject to the
determination and discretion of Switch's Board of Directors based
on its consideration of many factors, including Switch's results of
operations, financial condition, capital requirements, restrictions
in Switch, Ltd.'s debt agreements, and other factors that Switch's
Board of Directors deems relevant.
Recent Business Highlights
- Announced the launch of Switch's Fifth Prime Campus in
Texas and agreed to acquire Data
Foundry for $420 million in an
all-cash transaction. The acquisition is expected to close in
June 2021, subject to regulatory
approval and customary closing conditions.
- Switch published its 2020 Environmental, Social and Governance
Report in April, highlighting the company's leadership and
innovation across the spectrum of environmental stewardship, social
commitment, and sound corporate governance. The report was prepared
in accordance with GRI, TCFD, and SASB reporting frameworks.
- Executed a 5-megawatt expansion order with a Fortune 100
semiconductor manufacturer in The Citadel Campus totaling
$7 million in annualized revenue and
$38 million in contract value.
- Signed a multi-year renewal and expansion order totaling over
$9 million in contract value with a
Fortune 500 biotechnology firm at The Core Campus.
- An existing cloud computing customer at The Core Campus
executed a 2-megawatt expansion option totaling $6 million of incremental contract value.
- Signed a colocation expansion order with a leading regional
banking customer at The Pyramid Campus totaling more than
$4 million in contract value.
- In February 2021, Switch sold its
ownership interest in the international joint venture that held an
equity interest in the SUPERNAP Italia data center and recognized a
gain on sale of $5.4 million. In
addition, in connection with the sale, Switch acquired a 30% direct
ownership interest in SUPERNAP Thailand.
- Switch signed a license agreement allowing its patented
technology and industry leading designs to be used for data centers
in the Kingdom of Saudi
Arabia.
2021 Guidance
Switch is adjusting its full year 2021 guidance, excluding any
potential contributions from the announced agreement to acquire
Data Foundry, as follows:
- Revenue in the range of $543
million to $555 million.
- Adjusted EBITDA in the range of $281
million to $290 million.
- Capital expenditures, excluding land purchases, in the range of
$330 million to $370 million.
Switch does not provide reconciliations for the non-GAAP
financial measures included in the 2021 guidance above because we
are unable to provide a meaningful or accurate calculation or
estimation of reconciling items. This is due to the inherent
difficulty in forecasting and quantifying certain amounts that are
necessary for such reconciliations, including net income (loss),
depreciation and amortization expense, impairment charges, gains or
losses on retirement of debt, gains or losses on interest rate
swaps, and variations in effective tax rate, which are difficult to
predict and estimate and are primarily dependent on future events,
but which are excluded from Switch's calculation of Adjusted
EBITDA.
Upcoming Conferences and Events
Switch management will participate in the following upcoming
investor conferences:
- Goldman Sachs 6th Annual Leveraged Finance
Conference on May 17, 2021.
- J.P. Morgan Global TMC Conference (Virtual) on May 24, 2021.
- RBC Data Center and Connectivity Conference (Virtual) on
May 25, 2021.
- William Blair 41st
Annual Growth Stock Conference (Virtual) on June 1, 2021.
- Cowen & Company 49th Annual TMT Conference
(Virtual) on June 2, 2021.
- Credit Suisse 23rd Annual Communications Conference
(Virtual) on June 14, 2021.
Conference Call Information
Switch will host a conference call and live webcast for analysts
and investors at 5:00 p.m. Eastern time on May 10, 2021. Parties in the United
States can access the call by dialing 844-808-7137, parties in
Canada can access the call by
dialing 855-669-9657, and international parties can access the call
by dialing 412-317-5287. Request to be joined to the Switch, Inc.
earnings call.
The webcast will be accessible on Switch's investor relations
website at investors.switch.com for one year. A telephonic replay
of the conference call will be available through Monday, May 17, 2021. To access the replay,
parties in the United States
should dial 877-344-7529, parties in Canada should dial 855-669-9658, and
international parties should dial 412-317-0088. The replay access
code is 10154691.
Use of Non-GAAP Financial Measures
To supplement Switch's condensed consolidated financial
statements, which are prepared and presented in accordance with
accounting principles generally accepted in the United States of America ("GAAP"), Switch
uses Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income
attributable to Switch, Inc., adjusted net income per diluted
share, net debt, and net debt to annualized Adjusted EBITDA, which
are non-GAAP measures, in this press release. Switch defines
Adjusted EBITDA as net income (loss) adjusted for interest expense,
interest income, income taxes, depreciation and amortization of
property and equipment and for specific and defined supplemental
adjustments to exclude (i) non-cash equity-based compensation
expense; (ii) equity in net losses of investments; and (iii)
certain other items that Switch believes are not indicative of its
core operating performance. Switch defines Adjusted EBITDA margin
as Adjusted EBITDA divided by revenue. Switch defines adjusted net
income attributable to Switch, Inc. as net income (loss) adjusted
for gain (loss) on interest rate swaps, net of noncontrolling
interest and income taxes calculated using the specific tax
treatment applicable to the adjustments. Switch defines net debt as
total debt outstanding, including finance lease liabilities, net of
cash and cash equivalents. Switch defines net debt to last quarter
annualized Adjusted EBITDA as net debt divided by quarterly
Adjusted EBITDA multiplied by four. Switch uses net debt and net
debt to last quarter annualized Adjusted EBITDA as measures to
evaluate its net debt and leverage position. Switch believes that
investors also may find such measures to be helpful in assessing
its ability to pursue business opportunities and investments.
The presentation of these financial measures is not intended to
be considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP. Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an
analytical tool. These measures may be different from non-GAAP
financial measures used by other companies, limiting their
usefulness for comparison purposes. In addition, the non-GAAP
financial measures exclude certain recurring expenses that have
been and will continue to be significant expenses of Switch's
business.
Switch believes these non-GAAP financial measures provide useful
information to investors and others in understanding and evaluating
its operating results, enhancing the overall understanding of its
past performance and future prospects, and allowing for greater
transparency with respect to key financial metrics used by its
management in financial and operational-decision making. For more
information on Switch's non-GAAP financial measures and a
reconciliation of GAAP to non-GAAP measures, please see the
"Reconciliation of Net Income (Loss) to Adjusted EBITDA" and the
"Reconciliation of Net Income (Loss) Attributable to Switch, Inc.
to Adjusted Net Income Attributable to Switch, Inc." tables in this
press release.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws. Forward-looking statements
generally relate to future events or Switch's future financial or
operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates,"
"could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or
the negative of these words or other similar terms or expressions
that concern the company's expectations, strategy, plans or
intentions. Forward-looking statements in this press release
include, but are not limited to Switch's expectations regarding its
future growth outlook; Switch's expectations regarding the
transaction to acquire Data Foundry; Switch's expectations
regarding building toward its long-term strategic goals, including
to entrench itself as a leading destination for mission critical
enterprise colocation and secure hybrid cloud ecosystems, Switch's
anticipated operating results and capital expenditures for the year
ending December 31, 2021, Switch's
expectations regarding key transactions and its sales pipeline for
the remainder of 2021, expectations regarding future declarations
of dividends and cash distributions, and expectations regarding
anticipated capital investment in infrastructure across the four
Prime campus locations. Switch's expectations and beliefs regarding
these matters may not materialize, and actual results in future
periods are subject to inherent risks, uncertainties and changes in
circumstance that are difficult or impossible to predict. The risks
and uncertainties that could affect Switch's financial and
operating results and cause actual results to differ materially
from those indicated by the forward-looking statements made in this
press release include, without limitation (i) its ability to
successfully implement its business strategies and effectively
manage its growth and expansion plans; (ii) its ability to
successfully close the transaction to acquire Data Foundry and
integrate the Data Foundry operations; (iii) delays or unexpected
costs in development and opening of data center facilities; (iv)
any slowdown in demand for its existing data center resources; (v)
its ability to attract new customers, realize the anticipated
benefits of its new contracts and achieve sufficient customer
demand to realize future expected returns on its investments; (vi)
its ability to effectively compete in the data center market; (vii)
its ability to license space in its existing data centers; (viii)
the geographic concentration of its data centers in certain
markets; (ix) local economic, credit and market conditions that
impact its customers in these markets; (x) the impact of delays or
disruptions in third-party network connectivity; (xi) developments
in the technology and data center industries in general that
negatively impact Switch, including development of new
technologies, adoption of new industry standards, declines in the
technology industry or slowdown in the growth of the Internet;
(xii) its ability to adapt to evolving technologies and customer
demands in a timely and cost-effective manner; (xiii) its ability
to obtain necessary capital to fund our capital requirements and
our ability to continue to comply with covenants and terms in its
credit instruments; (xiv) fluctuations in interest rates and
increased operating costs, including power costs; (xv) significant
disruptions, security breaches, including cyber security breaches,
or system failures at any of its data center facilities; (xvi) loss
of significant customers or key personnel; (xvii) the impact of
future changes in legislation and regulations, including changes in
real estate and zoning laws, the Americans with Disabilities Act of
1990, environmental and other laws that impact its business and
industry, in addition to those under the captions "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and elsewhere in Switch's Annual Report
on Form 10-K for the year ended December 31,
2020 and in Switch's other reports filed with the Securities
and Exchange Commission ("SEC"). Switch's SEC filings are available
on the Investors section of Switch's website at
investors.switch.com and on the SEC's website at www.sec.gov. The
forward-looking statements in this press release are based on
information available to Switch as of the date hereof, and Switch
disclaims any obligation to update any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions, or circumstances on which any such statement is based,
except as required by law. These forward-looking statements should
not be relied upon as representing Switch's views as of any date
subsequent to the date of this press release.
ABOUT Switch
Switch (NYSE: SWCH), is the independent leader in exascale data
center ecosystems, edge data center designs, industry-leading
telecommunications solutions and next-generation technology
innovation. Switch Founder and CEO Rob
Roy has developed more than 500 issued and pending patent
claims covering data center designs that have manifested into the
company's world-renowned data centers and technology solutions.
We innovate to sustainably progress the digital foundation of
the connected world with a focus on enterprise-class and emerging
hybrid cloud solutions. The Switch PRIMES, located in Las Vegas and Tahoe Reno, Nevada; Grand
Rapids, Michigan; and Atlanta,
Georgia are the world's most powerful exascale data center
campus ecosystems with low latency to major U.S. markets. Visit
switch.com for more information or follow us on LinkedIn and
Twitter.
Switch,
Inc.
Consolidated
Balance Sheets
(in thousands,
except per share data)
|
|
|
March
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
|
38,882
|
|
|
$
|
90,719
|
|
Accounts receivable,
net of allowance for credit losses of $712 and $792,
respectively
|
21,134
|
|
|
21,723
|
|
Prepaid
expenses
|
8,685
|
|
|
8,171
|
|
Other current assets,
net of allowance for credit losses of $2 and $0,
respectively
|
2,125
|
|
|
2,235
|
|
Total current
assets
|
70,826
|
|
|
122,848
|
|
Property and
equipment, net
|
1,801,302
|
|
|
1,737,415
|
|
Long-term
deposit
|
2,789
|
|
|
2,626
|
|
Deferred income
taxes
|
227,299
|
|
|
203,201
|
|
Other assets, net of
allowance for credit losses of $91 and $87, respectively
|
55,429
|
|
|
48,366
|
|
TOTAL
ASSETS
|
$
|
2,157,645
|
|
|
$
|
2,114,456
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
|
22,627
|
|
|
$
|
14,588
|
|
Accrued salaries and
benefits
|
7,129
|
|
|
4,884
|
|
Accrued
interest
|
1,551
|
|
|
7,132
|
|
Accrued expenses and
other
|
10,651
|
|
|
9,686
|
|
Accrued construction
payables
|
22,768
|
|
|
27,162
|
|
Deferred revenue,
current portion
|
18,401
|
|
|
14,870
|
|
Customer
deposits
|
12,804
|
|
|
12,348
|
|
Interest rate swap
liability, current portion
|
9,314
|
|
|
9,418
|
|
Operating lease
liability, current portion
|
3,867
|
|
|
3,512
|
|
Total current
liabilities
|
109,112
|
|
|
103,600
|
|
Long-term debt,
net
|
991,608
|
|
|
991,213
|
|
Operating lease
liability
|
27,474
|
|
|
25,536
|
|
Finance lease
liability
|
57,471
|
|
|
57,516
|
|
Deferred
revenue
|
24,803
|
|
|
23,862
|
|
Liabilities under tax
receivable agreement
|
311,342
|
|
|
278,865
|
|
Other long-term
liabilities
|
17,108
|
|
|
22,897
|
|
TOTAL
LIABILITIES
|
1,538,918
|
|
|
1,503,489
|
|
Commitments and
contingencies
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Preferred stock,
$0.001 par value per share, 10,000 shares authorized, none issued
and outstanding
|
—
|
|
|
—
|
|
Class A common stock,
$0.001 par value per share, 750,000 shares authorized, 127,546 and
119,009 shares issued and outstanding, respectively
|
128
|
|
|
119
|
|
Class B common stock,
$0.001 par value per share, 300,000 shares authorized, 113,915 and
121,640 shares issued and outstanding, respectively
|
114
|
|
|
122
|
|
Class C common stock,
$0.001 par value per share, 75,000 shares authorized, none issued
and outstanding
|
—
|
|
|
—
|
|
Additional paid in
capital
|
283,505
|
|
|
266,129
|
|
Retained
earnings
|
5,088
|
|
|
9
|
|
Accumulated other
comprehensive income
|
18
|
|
|
79
|
|
Total Switch, Inc.
stockholders' equity
|
288,853
|
|
|
266,458
|
|
Noncontrolling
interest
|
329,874
|
|
|
344,509
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
618,727
|
|
|
610,967
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
2,157,645
|
|
|
$
|
2,114,456
|
|
Switch,
Inc.
Consolidated
Statements of Comprehensive Income (Loss)
(in thousands,
except per share data)
(unaudited)
|
|
|
Three Months
Ended
March
31,
|
|
2021
|
|
2020
|
Revenue
|
$
|
130,866
|
|
|
$
|
128,096
|
|
Cost of
revenue
|
71,693
|
|
|
67,029
|
|
Gross
profit
|
59,173
|
|
|
61,067
|
|
Selling, general and
administrative expense
|
34,998
|
|
|
40,116
|
|
Income from
operations
|
24,175
|
|
|
20,951
|
|
Other income
(expense):
|
|
|
|
Interest expense,
including $583 and $409, respectively, in amortization of debt
issuance costs and original issue discount
|
(8,757)
|
|
|
(7,435)
|
|
Gain (loss) on
interest rate swaps
|
3,205
|
|
|
(17,555)
|
|
Equity in net losses
of investments
|
(220)
|
|
|
—
|
|
Gain on sale of equity
method investment
|
5,374
|
|
|
—
|
|
Other
|
3,271
|
|
|
277
|
|
Total other income
(expense)
|
2,873
|
|
|
(24,713)
|
|
Income (loss) before
income taxes
|
27,048
|
|
|
(3,762)
|
|
Income tax (expense)
benefit
|
(2,654)
|
|
|
273
|
|
Net income
(loss)
|
24,394
|
|
|
(3,489)
|
|
Less: net income
(loss) attributable to noncontrolling interest
|
12,753
|
|
|
(2,273)
|
|
Net income (loss)
attributable to Switch, Inc.
|
$
|
11,641
|
|
|
$
|
(1,216)
|
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
Basic
|
$
|
0.09
|
|
|
$
|
(0.01)
|
|
Diluted
|
$
|
0.09
|
|
|
$
|
(0.01)
|
|
|
|
|
|
Weighted average
shares used in computing net income (loss) per share:
|
|
|
|
Basic
|
126,641
|
|
|
94,366
|
|
Diluted
|
129,110
|
|
|
94,366
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
Foreign currency
translation adjustment, net of reclassification and tax of
$0
|
(474)
|
|
|
—
|
|
Comprehensive income
(loss)
|
23,920
|
|
|
(3,489)
|
|
Less: comprehensive
income (loss) attributable to noncontrolling interest
|
12,340
|
|
|
(2,273)
|
|
Comprehensive income
(loss) attributable to Switch, Inc.
|
$
|
11,580
|
|
|
$
|
(1,216)
|
|
Switch,
Inc.
Reconciliation of
Net Income (Loss) to Adjusted EBITDA
(in
thousands)
(unaudited)
|
|
Three Months
Ended
March
31,
|
|
2021
|
|
2020
|
Net income
(loss)
|
$
|
24,394
|
|
|
$
|
(3,489)
|
|
Interest
expense
|
8,757
|
|
|
7,435
|
|
Interest
income
|
(39)
|
|
|
(33)
|
|
Income tax expense
(benefit)
|
2,654
|
|
|
(273)
|
|
Depreciation and
amortization of property and equipment
|
38,791
|
|
|
32,518
|
|
(Gain) loss on
disposal of property and equipment
|
(193)
|
|
|
60
|
|
Equity-based
compensation
|
7,297
|
|
|
7,524
|
|
(Gain) loss on
interest rate swaps
|
(3,205)
|
|
|
17,555
|
|
Equity in net losses
of investments
|
220
|
|
|
—
|
|
Gain on sale of
equity method investment
|
(5,374)
|
|
|
—
|
|
Acquisition-related
costs
|
140
|
|
|
—
|
|
Shareholder-related
litigation expense
|
—
|
|
|
192
|
|
Adjusted
EBITDA
|
$
|
73,442
|
|
|
$
|
61,489
|
|
Switch,
Inc.
Reconciliation of
Net Income (Loss) Attributable to Switch, Inc. to
Adjusted Net
Income Attributable to Switch, Inc.
(in thousands,
except per share data)
(unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2021
|
|
2020
|
Net income (loss)
attributable to Switch, Inc.
|
$
|
11,641
|
|
|
$
|
(1,216)
|
|
(Gain) loss on
interest rate swaps
|
(3,205)
|
|
|
17,555
|
|
Income tax impact on
adjustment(1)
|
355
|
|
|
(1,459)
|
|
Noncontrolling
interest impact on adjustment
|
1,514
|
|
|
(10,608)
|
|
Adjusted net income
attributable to Switch, Inc.
|
$
|
10,305
|
|
|
$
|
4,272
|
|
|
|
|
|
Adjusted net income
per share—diluted
|
$
|
0.08
|
|
|
$
|
0.04
|
|
Weighted average
shares used in computing adjusted net income per
share—diluted
|
129,110
|
|
|
96,460
|
|
|
|
|
|
|
|
(1)
|
The income tax impact
is derived by applying the U.S. statutory tax rate to Switch,
Inc.'s portion of the adjustment.
|
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SOURCE Switch