$Cyxtera Technologies, Inc.(CYXT)$
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Cyxtera Announces Second Quarter 2021 Results
08/09/2021
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MIAMI--(BUSINESS WIRE)-- Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today released financial results for the quarter ended June 30, 2021.
“In the second quarter of 2021 our team built on the momentum we created through 2020 and the first quarter this year to again deliver solid results,” said Nelson Fonseca, Cyxtera’s Chief Executive Officer. “With the continued positive trends we’re seeing across our business, we believe that we are well positioned to continue our growth trajectory and successfully execute on our strategy to deliver innovative, industry-leading solutions for our customers’ digital transformation needs across our global data center platform.”
Q2 2021 Financial Highlights
Total revenue increased in Q2 2021 by $2.2 million or 1.3% year-over-year to $175.4 million.
Recurring revenue increased by $2.2 million or 1.3% year-over-year to $167.3 million.
Core revenue increased by $10.6 million or 7.1% year-over-year to $159.4 million.
Transaction Adjusted EBITDA increased by $3.2 million or 5.4% year-over-year, to $62.3 million, principally due to higher revenue and improvements in cost of revenue on a Net Loss of $93.0 million in the quarter, inclusive of a $58.9 million restructuring charge for the closure of the Company’s Moses Lake facility.
Q2 2021 Business Highlights
Continued positive sales momentum resulted in core bookings increasing by approximately 54% over the same quarter last year.
Average monthly churn of 0.9% for Q2 2021 improved over the same quarter of last year.
Selected Nextera Energy Resources as a preferred supplier of Green Energy to accelerate sustainability initiatives.
Secured a new 9-MW facility in Silicon Valley and announced capacity expansions in existing Silicon Valley and Chicago facilities.
Successfully extended the majority of the Company’s Revolving Credit Facility with the strong support of the lender group to November of 2023.
“We are pleased with our second quarter performance. In addition, we have completed our business combination with Starboard Value Acquisition Corp, which strengthened our balance sheet and financial position, including the repayment of the second lien, reducing our leverage ratio from 10.0x to 8.0x,” said Carlos Sagasta, Cyxtera’s Chief Financial Officer.
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