SWCH · Switch, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|
| Revenue | $592.04M | $511.55M | $462.31M | $405.86M | $318.35M |
| Cost of Revenue | $339.64M | $279.48M | $242.68M | $224.41M | $168.84M |
| Gross Profit | $252.41M | $232.07M | $219.63M | $181.45M | $149.51M |
| R&D | - | - | - | - | - |
| SG&A | $161.38M | $136.66M | $142.70M | $126.77M | $71.42M |
| Total Operating Expenses | - | - | - | - | - |
| D&A | $172.55M | $142.74M | $89.12M | - | - |
| Operating Income | $56.03M | $95.41M | $76.93M | $54.68M | $51.07M |
| Interest Expense | $47.64M | $29.77M | $29.24M | $26.37M | $10.84M |
| Income Tax | ($2.66M) | $4.53M | $2.71M | $1.94M | $0 |
| Net Income | $5.41M | $15.54M | $8.92M | $4.05M | $31.37M |
| EPS - Basic | $0.04 | $0.15 | $0.12 | $0.09 | $0.16 |
| EPS - Diluted | $0.04 | $0.14 | $0.11 | $0.09 | $0.15 |
Balance Sheet
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|
| Cash & Equivalents | $48.33M | $90.72M | $24.72M | $81.56M | $13.56M |
| Accounts Receivable | $18.37M | $21.72M | $23.36M | $17.65M | $9.13M |
| Inventory | - | - | - | - | - |
| Accounts Payable | $55.26M | $14.59M | $19.48M | $20.50M | $1.66M |
| Current Assets | $83.47M | $122.85M | $59.04M | $108.33M | $37.82M |
| Total Assets | $2.92B | $2.11B | $1.77B | $1.46B | $921.01M |
| Current Liabilities | $168.59M | $103.60M | $113.93M | $75.03M | $145.68M |
| Long-term Debt | $1.61B | $991.21M | $745.37M | $580.57M | $457.74M |
| Total Liabilities | $2.30B | $1.50B | $1.15B | $751.68M | $642.65M |
| Stockholders' Equity | $329.64M | $266.46M | $207.45M | $143.21M | $108.89M |
| Retained Earnings | ($23.02M) | $9.0K | $2.92M | $2.69M | $0 |
Cash Flow
| Line item | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|
| Operating Cash Flow | $260.79M | $236.24M | $209.41M | $178.33M | $166.06M |
| Investing Cash Flow | ($865.50M) | ($349.06M) | ($309.38M) | ($278.10M) | ($292.00M) |
| Financing Cash Flow | $564.21M | $178.82M | $43.13M | ($83.34M) | $134.46M |
| CapEx | $455.69M | $347.04M | $307.71M | $275.52M | $287.10M |
| Free Cash Flow | ($194.90M) | ($110.80M) | ($98.30M) | ($97.19M) | ($121.03M) |
Ratios
| Metric | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross margin | 42.6% | 45.4% | 47.5% | 44.7% | 47.0% |
| Operating margin | 9.5% | 18.7% | 16.6% | 13.5% | 16.0% |
| EBITDA margin | 38.6% | 46.6% | 35.9% | - | - |
| Net margin | 0.9% | 3.0% | 1.9% | 1.0% | 9.9% |
| Free cash flow margin | -32.9% | -21.7% | -21.3% | -23.9% | -38.0% |
| FCF / Net income | -36.01 | -7.13 | -11.02 | -23.99 | -3.86 |
| R&D / Revenue | - | - | - | - | - |
| SG&A / Revenue | 27.3% | 26.7% | 30.9% | 31.2% | 22.4% |
| Effective tax rate | -96.5% | 22.6% | 23.3% | 32.4% | 0.0% |
| Return on assets | 0.2% | 0.7% | 0.5% | 0.3% | 3.4% |
| Return on equity | 1.6% | 5.8% | 4.3% | 2.8% | 28.8% |
| Return on invested capital | 2.9% | 5.9% | 6.2% | 5.1% | 9.0% |
| Liquidity | |||||
| Current ratio | 0.50 | 1.19 | 0.52 | 1.44 | 0.26 |
| Quick ratio | 0.50 | 1.19 | 0.52 | 1.44 | 0.26 |
| Cash ratio | 0.29 | 0.88 | 0.22 | 1.09 | 0.09 |
| Leverage | |||||
| Debt / Equity | 4.89 | 3.72 | 3.59 | 4.05 | 4.20 |
| Debt / Assets | 0.55 | 0.47 | 0.42 | 0.40 | 0.50 |
| Debt / EBITDA | 7.05 | 4.16 | 4.49 | - | - |
| Interest coverage | 1.2x | 3.2x | 2.6x | 2.1x | 4.7x |
| Equity multiplier | 8.85 | 7.94 | 8.55 | 10.20 | 8.46 |
| Liabilities / Assets | 0.79 | 0.71 | 0.65 | 0.51 | 0.70 |
| Efficiency | |||||
| Asset turnover | 0.20 | 0.24 | 0.26 | 0.28 | 0.35 |
| Inventory turnover | - | - | - | - | - |
| Days sales outstanding | 11d | 15d | 18d | 16d | 10d |
| Days inventory outstanding | - | - | - | - | - |
| Days payable outstanding | 59d | 19d | 29d | 33d | 4d |
| Cash conversion cycle | - | - | - | - | - |
| Valuation | |||||
| P / E | - | - | - | - | - |
| P / B | - | - | - | - | - |
| P / S | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - |
| Growth | |||||
| Revenue growth (YoY) | 15.7% | 10.7% | 13.9% | 27.5% | - |
| Revenue CAGR (3y) | 13.4% | 17.1% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - |
| Gross profit growth (YoY) | 8.8% | 5.7% | 21.0% | 21.4% | - |
| Operating income growth (YoY) | -41.3% | 24.0% | 40.7% | 7.1% | - |
| Net income growth (YoY) | -65.2% | 74.3% | 120.1% | -87.1% | - |
| EPS growth (YoY) | -71.4% | 27.3% | 22.2% | -40.0% | - |
| EPS CAGR (3y) | -23.7% | -2.3% | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - |
| FCF growth (YoY) | -75.9% | -12.7% | -1.1% | 19.7% | - |
| FCF CAGR (5y) | - | - | - | - | - |
| Book value growth (YoY) | 23.7% | 28.4% | 44.9% | 31.5% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Product / service
$592.04M totalColocation Services$476.22M · 80.4%
Connectivity Services$105.78M · 17.9%
Other Services$10.04M · 1.7%
Stability scores
Altman Z′
FY 2021 · bankruptcy risk
0.29
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2021 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Computer Programming, Data Processing, Etc.
Comparing Switch against the 5 most active filers in the same SIC group.