Cyxtera SPAC Presentation Deck
Q1 2021 Performance
Slightly Ahead of Plan
Momentum carryover led to strong start in 2021
Core Bookings up ~40%, propelled by enhanced customer engagement and increased channel
partner activity
Core Churn as a percentage of MRR increased ~20 basis points, but is still within target range
●
Core Revenue grew -6%, offsetting a commensurate decline in Lumen Revenue,
leading to relatively flat Total Revenue
Gross margin down 130 basis points, mainly due to the impact from Winter Storm
Uri. Gross margin rose 37 basis points on an adjusted basis
SG&A increased ~$5MM to -$36MM, driven by one-time, non-cash impairments. On
an adjusted basis, SG&A decreased by ~$4MM
Drop in Reported EBITDA4 attributable to a combination of flat revenue and higher
operating and SG&A costs. Adjusting for the impact of Winter Storm Uri and one-time
charges, Reported EBITDA4 grew 9.7% to ~$50MM
Adjusted EBITDA4 increased ~3%, benefitting from operating leverage and ongoing
efficiency initiatives
Maintenance and Expansion CapEx were in line with expectations
Cyxtera
(1) Earnings before Interest, Taxes, Depreciation, Amortization, and Rent.
(2) Presented on a committed basis.
(3) Includes Corporate CapEx.
(4) See slide 63 for a reconciliation of Reported EBITDA, Adjusted EBITDA and Adjusted EBITDAR to Net Income (Loss).
($ in Millions)
Recurring Revenue
Non-Recurring Revenue
Total Revenue
Cost of Revenue
As a % of Revenue
Gross Profit
% Margin
Total SG&A
As a % of Revenue
Reported EBITDA (4)
% Margin
Adjustments
Adjusted EBITDA (4)
% Margin
Rent (net of adjustments)
Adjusted EBITDAR (1)(4)
% Margin
Maintenance CapEx(2)(3)
As a % of Revenue
Expansion CapEx (²)
1Q21
$164.7
8.2
$172.9
$98.4
56.9%
$74.5
43.1%
$35.6
20.6%
$38.9
22.5%
$17.2
$56.1
32.4%
$15.3
$71.4
41.3%
$2.6
1.5%
$10.7
1Q20
$164.9
7.6
$172.5
$95.9
55.6%
$76.6
44.4%
$31.1
18.0%
$45.5
26.4%
$9.1
$54.6
31.6%
$17.9
$72.5
42.0%
$5.0
2.9%
$6.8
YOY Change
(0.1%)
7.3%
0.2%
2.6%
130 bps
(2.7%)
(130 bps)
14.5%
257 bps
(14.5%)
(387 bps)
2.7%
78 bps
(1.5%)
(73 bps)
(139 bps)
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