Switch (NYSE:SWCH) changed -4.23% to recent value of $17.45. The stock transacted 2748637 shares during most recent day however it has an average volume of 2.05M shares. It spotted trading -8.16% off 52-week high price. On the other end, the stock has been noted 71.25% away from the low price over the last 52-weeks.
On May 08, 2020, Switch (NYSE:SWCH) declared financial results for the quarter ended March 31, 2020.
Switch’s first quarter 2020 financial results demonstrate the resiliency of our business model in the midst of an extremely challenging economic environment, said Rob Roy, CEO, chairman, and founder of Switch. Importantly, the data center industry has not suffered the extent of negative impacts that other industries have endured in the midst of the COVID-19 pandemic. We continue to support our customers and the local communities in which we do business during this challenging time. In addition, we believe that Switch’s business will remain stable throughout this time of uncertainty. We continue our relentless drive to innovate, and to empower customers with technology solutions that will help them adapt and prepare for a shifting business landscape.
First Quarter 2020 Financial Results
- Total revenue of $128.1 million, compared to $107.4 million for the same quarter in 2019, an increase of 19%. Q1 2020 revenue includes $4.2 million in non-recurring revenue resulting from a joint fiber build and indefeasible right of use transactions with a strategic cloud partner.
- Income from operations of $21.0 million, an increase of 34% compared to $15.7 million for the year ago quarter.
- Net loss of $3.5 million, compared to net income of $3.8 million for the same quarter in 2019. Net loss in the first quarter of 2020 includes the impact of a $17.6 million loss on interest rate swaps, compared to a $5.0 million loss in the prior year quarter.
- Net loss per diluted share in the first quarter of 2020 was $0.01 and adjusted net income per diluted share was $0.04.
- Adjusted EBITDA of $61.5 million, compared to $53.8 million for the same quarter in 2019, an increase of 14%. Adjusted EBITDA margin was 48.0%, compared to 50.1% in the year ago period. The reduction in Adjusted EBITDA margin was primarily due to elevated professional service fees and a lower margin associated with the non-recurring joint fiber build transaction.
- Capital expenditures of $80.9 million, compared to $45.9 million for the same quarter in 2019. Maintenance capital expenditures were $1.3 million, reflecting 1.0% of total revenue.
- Total signed contract value of $73 million, representing annualized revenue of $18 million at full deployment, including $10 million of incremental recurring revenue.
SWCH has a gross margin of 47.50% and an operating margin of 16.60% while its profit margin remained 1.90% for the last 12 months. Its earnings per share (EPS) expected to touch remained 20.40% for this year while earning per share for the next 5-years is expected to reach at 35.56%.
The company has 241.44M of outstanding shares and 21.53M shares were floated in the market. According to the most recent quarter its current ratio was 0.5 that represents company’s ability to meet its current financial obligations. The price moved ahead of 1.29% from the mean of 20 days, 15.36% from mean of 50 days SMA and performed 13.24% from mean of 200 days price. Company’s performance for the week was 1.63%, 16.33% for month and YTD performance remained 17.75%.