Cyxtera Technologies, Inc. (CYXT)

MIAMI--(BUSINESS WIRE)---- $CYXT #colocation--Cyxtera (OTC: CYXTQ) (“the Company”), a global leader in data center colocation, interconnection services, and digital infrastructure, today announced that the U.S. Bankruptcy Court for the District of New Jersey has approved the sale of substantially all of the Company's assets to Brookfield Infrastructure Partners L.P. (NYSE: BIP, TSX: BIP.UN) and its institutional partners (collectively “Brookfield”) and will confirm Cyxtera's Plan of Reorganization. “We are pleased t.

MIAMI--(BUSINESS WIRE)---- $CYXT #colocation--Cyxtera (OTC: CYXTQ), a global leader in data center colocation, interconnection services, and digital infrastructure, today announced the launch of its new AI + Quantum Center of Excellence (COE) in the company's LHR3 data center in Reading, U.K. Cyxtera designed its COE to serve as a testing and activation hub for companies exploring how to leverage AI and quantum computing in their environments. By providing access to a wide breadth of best-of-breed technology provide.

MIAMI--(BUSINESS WIRE)---- $CYXT #colocation--Cyxtera (OTC: CYXTQ), a global leader in data center colocation, interconnection services, and digital infrastructure, today announced its collaboration with Hewlett Packard Enterprise (HPE) to help customers simplify their IT operations, improve agility, and realize significant cost savings. As an HPE Partner Ready service provider, Cyxtera is now offering its Enterprise Bare Metal solution supported by the HPE GreenLake platform. With HPE ProLiant servers on Cyxtera En.

Cyxtera Technologies (NASDAQ: CYXT ) stock is falling on Monday as the company continues with its bankruptcy filing. Cyxtera Technologies announced its bankruptcy filing at the start of the prior week.

Among the top-performing property sectors this year, the Data Center REIT rebound has been fueled by reports of "booming" demand for artificial intelligence ("AI") focused data center chips. Even before the Nvidia report, Data Center REITs were on the upswing in early 2023 after an impressive slate of earnings results showed improved pricing power and record-high occupancy rates. Ironically, this AI-wave comes just as Data Center REITs became a trendy “short” idea centered on a thesis of weak pricing power and competition from the "hyperscalers" - Amazon, Google, and Microsoft.

MIAMI--(BUSINESS WIRE)--Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that it has received $50 million in new financing from certain of its lenders, holding over two-thirds of its outstanding term loan (the “Lenders”), to support ongoing business operations. In connection with the new financing, Cyxtera has entered into a Restructuring Support Agreement (“RSA”) with the Lenders to strengthen the Company’s financial position and facilitate the business’s long-term success. Cyxtera is continuing to operate its unique global platform of highly interconnected data centers with an unwavering focus on providing high-quality services that help its customers around the world transform and scale their businesses. “We have strong momentum in our business, and demand for our global data center platform remains high,” said Nelson Fonseca, Cyxtera’s Chief Executive Officer. “With the support of our Lenders, we are taking steps to strengthen our financial position and ensure that our business is best positioned for the long term. We are confident in our ability to continue growing our business and creating value for the customers and communities we serve as we work to implement the transactions contemplated by the agreement.” Mr. Fonseca added, “We thank our customers and partners for their continued support, and we are grateful to our employees for their hard work and commitment to Cyxtera. We look forward to continuing to provide innovative, cloud-like data center services and enabling our customers to meet their evolving business needs.” Additional Information Regarding the RSA The terms of the RSA contemplate the Company undertaking a process to pursue a potential sale of the business or a significant investment from a new investor. In connection with this process, the Lenders have agreed to offer long-term financing for potential investors to address existing near-term maturities. To the extent the process does not result in an acceptable transaction with a third party, as defined by the RSA, the Company would implement a comprehensive financial restructuring and transition majority ownership of the business to the Lenders through an expedited, voluntary court-supervised process under Chapter 11 of the U.S. Bankruptcy Code. In all scenarios being contemplated, Cyxtera will continue operating and serving customers via its global data center platform with innovative services and the highest levels of support. Additionally, regardless of the path forward, employees will continue receiving their pay and benefits without interruption. The Company will also continue evaluating its data center footprint, consistent with its commitment to optimizing operations. Cyxtera expects to determine a path forward under the RSA in the coming weeks and will provide an update in due course. First Quarter 2023 Financial Highlights Cyxtera today also shared key financial highlights for the quarter ended March 31, 2023, as follows: Total revenue increased by $14.3 million, or 7.8% year over year, to $196.7 million in the first quarter. Recurring revenue increased by $14.7 million, or 8.5% year over year, to $188.4 million in the first quarter. Core revenue increased by $18.1 million, or 10.9% year over year, to $184.0 million in the first quarter. Net Loss of $325.4 million in the quarter, including a non-cash Goodwill impairment charge of $278.2 million; Transaction Adjusted EBITDA1 increased by $4.7 million, or 8.0%, to $63.3 million in the first quarter. Carlos Sagasta, Cyxtera’s Chief Financial Officer, said, “Our solid first quarter results underscore the strength of our operations and Cyxtera’s ability to deliver consistent revenue growth. We appreciate the continued patience and support of our suppliers and business partners and look forward to working closely with them to drive our mutual success.” Additional Information Additional details regarding the RSA and Cyxtera’s first quarter 2023 financial results will be provided in the Company’s Form 8-K and Form 10-Q, respectively, to be filed with the U.S. Securities and Exchange Commission (the “SEC”). A presentation regarding the Company’s first quarter 2023 financial results, along with supplemental financial information, will also be available on the Cyxtera Investor Relations website at http://ir.cyxtera.com/. Kirkland & Ellis LLP is serving as legal counsel to Cyxtera, Guggenheim Securities, LLC is serving as financial advisor and AlixPartners, LLP is serving as restructuring advisor. About Cyxtera Cyxtera is a global leader in colocation and interconnection services, with a footprint of more than 60 data centers in over 30 markets. With IT infrastructure becoming increasingly hybrid, complex, and distributed, Cyxtera continues to expand its portfolio beyond space and power to deliver more cloud-like and flexible infrastructure solutions across its global data center platform and robust partner ecosystem. Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. For more information, please visit www.cyxtera.com. 1 A complete reconciliation of Net Loss to Transaction Adjusted EBITDA is included below. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the federal securities laws. Because forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Cyxtera’s control. Actual results and conditions (financial or otherwise) may differ materially from those indicated in the forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results and conditions to differ materially from those indicated in the forward-looking statements, including, but not limited to, risks related to Cyxtera’s material indebtedness with near term maturities; Cyxtera’s ability to implement the balance sheet restructuring and other transactions contemplated in the RSA; Cyxtera’s ability to refinance or renew its existing indebtedness on favorable terms or at all; Cyxtera’s ability to access external sources of capital on favorable terms or at all, which could limit Cyxtera’s ability to execute its business and growth strategies; Cyxtera’s ability to maintain its credit ratings; increases in interest rates; fluctuations in energy prices; fluctuations in foreign currency exchange rates in the markets in which Cyxtera operates internationally; inflation; prolonged power outages, shortages or capacity constraints; physical and electronic security breaches and cyber-attacks, which could disrupt Cyxtera’s operations; any failure of Cyxtera’s physical infrastructure or negative impact on its ability to provide its services, or damage to customer infrastructure within its data centers; inadequate or inaccurate external and internal information, including budget and planning data, which could lead to inaccurate financial forecasts and inappropriate financial decisions; Cyxtera’s fluctuating operating results; Cyxtera’s government contracts, which are subject to early termination, audits, investigations, sanctions and penalties; Cyxtera’s reliance on third parties to provide internet connectivity to its data centers; the incurrence of goodwill and other intangible asset impairment charges, such as Cyxtera’s recent impairment of goodwill, or impairment charges to Cyxtera’s property and equipment, which could result in a significant reduction to its earnings; the requirements of being a public company, including maintaining adequate internal controls over financial and management systems; Cyxtera’s ability to manage its growth; volatility of the market price of Cyxtera’s Class A common stock; future sales, or the perception of future sales, of Cyxtera Class A common stock by Cyxtera or its existing securityholders in the public market, which could cause the market price for Cyxtera’s Class A common stock to decline; Cyxtera’s ability to use its United States federal and state net operating losses to offset future United States federal and applicable state taxable income may be subject to certain limitations that could accelerate or permanently increase taxes owed; Cyxtera’s ability to address the significant implementation and operational complexities required to complete a conversion to a REIT, including, without limitation, completing internal reorganizations and modifying accounting and information technology systems, and receiving any necessary stakeholder and other approvals; and risks related to the effects of the COVID-19 pandemic on Cyxtera’s business or future results, including supply chain disruptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the “Risk Factors” disclosed in Cyxtera’s filings with the SEC from time to time. There may be additional risks that Cyxtera does not presently know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Cyxtera’s expectations, plans or forecasts of future events and views as of the date of this press release. Accordingly, you should not place undue reliance upon any such forward-looking statements in this press release. Neither Cyxtera nor any of its affiliates assume any obligation to update this press release, except as required by law. Statement Regarding Non-GAAP Financial Measures This press release contains Transaction Adjusted EBITDA, which is a supplemental measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). Transaction Adjusted EBITDA represents the measure of EBITDA disclosed to Starboard Value Acquisition Corp. (“SVAC”) in connection with its consideration of the business combination transaction between SVAC and Cyxtera. Cyxtera defines Transaction Adjusted EBITDA as net income (loss) before the following items: depreciation and amortization, interest and other expenses, net, income tax expense (benefit), equity-based compensation, stand-up separation & other, goodwill impairment, restructuring costs & other, straight-line rent adjustment, amortization of favorable / unfavorable leasehold interest & asset retirement obligation accretion, and change in fair value of warrant liabilities. As a Non-GAAP financial measure, Transaction Adjusted EBITDA excludes items that are significant in understanding and assessing Cyxtera’s financial results or position. Therefore, this measure should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Cyxtera’s presentation of this measure may not be comparable to similarly-titled measures used by other companies. You should review the reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures as well as Cyxtera’s unaudited financial statements included in its Quarterly Report on Form 10-Q filed with the SEC and not rely on any single financial measure to evaluate Cyxtera’s business. CYXTERA TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (unaudited, in millions) Three Months Ended March 31, 2023 2022 Net Loss to EBITDA Reconciliation: Net loss $ (325.4 ) (40.9 ) Depreciation and amortization 60.0 62.3 Interest and other expenses, net 46.6 38.1 Income tax expense (benefit) (13.1 ) 4.1 EBITDA $ (231.9 ) $ 63.6 Adjustments Equity-based compensation 3.1 3.4 Stand-up separation & other 8.2 0.6 Goodwill impairment 278.2 — Restructuring costs & other 4.5 1.3 Total Adjustments 294.0 5.3 Adjusted EBITDA $ 62.1 $ 68.9 Transaction Adjustments Straight-line rent adjustment 0.3 0.6 Amortization of Favorable / Unfavorable Leasehold Interest & ARO accretion 0.9 0.9 Change in fair value of warrant liabilities — (11.8 ) Total Adjustments 1.2 (10.3 ) Transaction Adjusted EBITDA $ 63.3 58.6 Note: Numbers may not foot or cross-foot due to rounding

MIAMI--(BUSINESS WIRE)--Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced it has been recognized by CRN®, a brand of The Channel Company, with a prestigious 5-star rating in its 2023 Partner Program Guide. This annual guide offers essential information to solution providers as they explore technology providers’ partner programs to find the vendors that will best support their business needs. The 5-star rating is awarded to the companies that go above and beyond in their commitment to nurturing strong, profitable, successful channel partnerships. “Our partner relationships are core to our growth and success,” said Nicholas Voth, Cyxtera’s Vice President, Global Channel and Alliances Strategy. “We have doubled our channel bookings over the past three years due to the strong growth in our reseller, managed service provider, and strategic alliances segments, which accounted for more than half of our channel bookings in 2022. CRN’s recognition echoes the feedback from our partners that Cyxtera’s global data center platform and commitment to innovation empowers them to offer more technology options and robust solutions to their customers than traditionally found in the data center industry.” Cyxtera made updates to its Global Partner Program, as well as its Influencer and Agent & Broker referral partner programs. It also expanded its Ecosystem Partner Program, which enables partners to connect to a rich ecosystem of providers, accelerate growth, and sell their solutions via the Cyxtera Marketplace. In the 2023 CRN Partner Program Guide, vendors were evaluated based on program requirements and offerings such as partner training and education, pre- and post-sales support, marketing programs and resources, technical support, and communication. “In today’s world, the need for innovation is greater than ever,” said Blaine Raddon, CEO of The Channel Company. “Solution providers seek vendors that can keep pace with their developing business and evolving client needs. CRN’s 2023 Partner Program Guide delivers deep insight into the strengths of each program, spotlighting the vendors dedicated to supporting their partner community and pushing positive change throughout the IT channel.” The 2023 Partner Program Guide is featured in the April 2023 issue of CRN and online at www.CRN.com/PPG. About Cyxtera Cyxtera is a global leader in colocation and interconnection services, with a footprint of more than 60 data centers in over 30 markets. With IT infrastructure becoming increasingly hybrid, complex, and distributed, Cyxtera continues to expand its portfolio beyond space and power to deliver more cloud-like and flexible infrastructure solutions across its global data center platform and robust partner ecosystem. Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. For more information, please visit www.cyxtera.com.

MIAMI--(BUSINESS WIRE)--Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced new online self-service capabilities that allow organizations to evaluate, order, and deploy services from its global data center platform in minutes. Organizations can now shop for and provision on-demand infrastructure, space, power, connectivity, and other services in Cyxtera’s data centers at the click of a button, with or without an existing contract in place or the need to engage in a lengthy sales process. “Our new self-service capabilities give customers everything they like about cloud – the ability to select and provision on-demand services quickly – with the cost predictability, performance, and control they get from running dedicated infrastructure in a data center,” said Mitch Fonseca, Cyxtera’s Chief Development Officer. “Many organizations are reevaluating their workload placement to optimize efficiency, cost-effectiveness, and scalability,” Fonseca continued. “While public cloud is a great match for early experimentation, DevOps, and many seasonal workloads that burst up or down, it is not typically ideal for steady-state, resource-intensive enterprise workloads and can be very expensive for these use cases.” With its new online self-service capabilities, Cyxtera gives its customers a cloud-like buying experience with access to dedicated, single tenant infrastructure at a predictable monthly cost, allowing them to grow quickly while avoiding capital expenditure and budget overruns. With Cyxtera’s Digital Exchange data center network fabric and Enterprise Bare Metal offering, organizations can choose on-demand services from a variety of leading enterprise vendors, including Dell, HPE, and NVIDIA. They can also provision Cyxtera SmartCabs if they wish to use their own hardware. With either configuration, organizations can leverage Cyxtera IP Connect to instantly provision internet access. With Cyxtera’s single-pane-of-glass customer portal, Command Center, customers can easily and remotely monitor, manage, and control their infrastructure from anywhere. For more information about Cyxtera’s self-service data center services please visit www.cyxtera.com. About Cyxtera Cyxtera is a global leader in colocation and interconnection services, with a footprint of more than 60 data centers in over 30 markets. With IT infrastructure becoming increasingly hybrid, complex, and distributed, Cyxtera continues to expand its portfolio beyond space and power to deliver more cloud-like and flexible infrastructure solutions across its global data center platform and robust partner ecosystem. Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. For more information, please visit www.cyxtera.com.

Cyxtera Technologies, Inc. (CYXT) delivered earnings and revenue surprises of -24% and 1.42%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?

MIAMI--(BUSINESS WIRE)--Cyxtera Technologies, Inc. (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today released financial results for the quarter and full-year ended December 31, 2022. “We achieved solid results in the fourth quarter and another year of growth in 2022, demonstrating continued demand for our global data center platform and our customers’ confidence in our ability to help them transform and scale their businesses,” said Nelson Fonseca, Cyxtera’s Chief Executive Officer. “We delivered 6.0% revenue growth for the year, margin expansion, and positive net bookings. Our results are further validation of the value we bring to our customers with our global scale, innovative approach to cloud-like colocation, and unwavering focus on providing high quality services to our customers.” Q4 and Full-Year 2022 Financial Highlights Total revenue increased by $14.5 million, or 8.1% year over year, to $192.9 million in the fourth quarter. On a constant currency basis, total revenue increased by $18.3 million, or 10.3% year over year. Recurring revenue increased by $14.3 million, or 8.4% year over year, to $184.6 million in the fourth quarter. Core revenue increased by $17.1 million, or 10.5%, year over year to $179.6 million in the fourth quarter. Net Loss of $210.2 million in the quarter, including a non-cash Goodwill impairment charge of $153.6 million; Transaction Adjusted EBITDA1 increased by $13.8 million, or 28.8%, to $61.8 million and increased by $15.0 million, or 31.3% year over year, on a constant currency basis, in the fourth quarter. Full-year total revenue increased by $42.3 million, or 6.0% year over year, to $746.0 million. On a constant currency basis, full-year total revenue increased by $55.1 million, or 7.8% year over year. Full-year recurring revenue increased by $39.0 million, or 5.8% year over year, to $710.5 million. Full-year Core revenue increased by $48.0 million, or 7.5% year over year, to $687.1 million. Full-year Net Loss of $355.1 million, including a non-cash Goodwill impairment charge of $153.6 million; Transaction Adjusted EBITDA1 increased by $14.5 million, or 6.4%, year over year, to $238.9 million and increased by $19.9 million, or 8.9% year over year, on a constant currency basis. Q4 and Full-Year 2022 Business Highlights Average monthly Core churn of 0.6% in the fourth quarter was in-line with the year-ago quarter and 20 basis points below the third-quarter level; average monthly Core churn of 0.8% in 2022 was in-line with 2021. Interconnection revenue accounted for 11.9% of total revenue in the fourth quarter and grew 9.5% year over year; full-year interconnection revenue accounted for 11.2% of total revenue and grew 1.9% year over year. Stabilized occupancy of 74.9% at year-end 2022 increased 350 basis points from year end 2021. Continued to de-lever the balance sheet with year-end 2022 net financial leverage of 3.5x, a decrease of 30 basis points year over year. “In 2022, we delivered strong Core revenue growth of 7.5%, drove stabilized occupancy increases of 350 basis points, and continued to strategically expand our footprint,” said Carlos Sagasta, Cyxtera’s Chief Financial Officer. The company also announced that, on March 14, 2023, it entered into an agreement with all of its revolving lenders to modify certain terms of its $120.1 million revolving credit facility, including an extension of the maturity date under such facility from November 1, 2023 to April 2, 2024. The company is actively attempting to address its revolving credit facility and long-term debt that mature in April 2024 and May 2024, respectively. Due to these ongoing efforts, Cyxtera will not hold a fourth quarter 2022 conference call and is not providing 2023 guidance at this time. Kirkland & Ellis LLP and Guggenheim Securities, LLC are serving as legal and financial advisors, respectively, to Cyxtera in connection with these efforts. Investor Presentation and Supplemental Financial Information A presentation regarding the company’s fourth quarter and 2022 financial results, along with supplemental financial information, is available on the Cyxtera Investor Relations website at http://ir.cyxtera.com/. About Cyxtera Cyxtera is a global leader in colocation and interconnection services, with a footprint of more than 60 data centers in over 30 markets. With IT infrastructure becoming increasingly hybrid, complex, and distributed, Cyxtera continues to expand its portfolio beyond space and power to deliver more cloud-like and flexible infrastructure solutions across its global data center platform and robust partner ecosystem. Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. For more information, please visit www.cyxtera.com. 1A complete reconciliation of Net Loss to Transaction Adjusted EBITDA is included in the financial tables included in this release. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the federal securities laws. Because forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Cyxtera’s control. Actual results and conditions (financial or otherwise) may differ materially from those indicated in the forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results and conditions to differ materially from those indicated in the forward-looking statements, including, but not limited to, risks related to Cyxtera’s material indebtedness with near term maturities; Cyxtera’s ability to refinance or renew its existing indebtedness on favorable terms or at all; Cyxtera’s ability to access external sources of capital on favorable terms or at all, which could limit Cyxtera’s ability to execute its business and growth strategies; Cyxtera’s ability to maintain its credit ratings; increases in interest rates; fluctuations in energy prices; fluctuations in foreign currency exchange rates in the markets in which Cyxtera operates internationally; inflation; prolonged power outages, shortages or capacity constraints; physical and electronic security breaches and cyber-attacks, which could disrupt Cyxtera’s operations; any failure of Cyxtera’s physical infrastructure or negative impact on its ability to provide its services, or damage to customer infrastructure within its data centers; inadequate or inaccurate external and internal information, including budget and planning data, which could lead to inaccurate financial forecasts and inappropriate financial decisions; Cyxtera’s fluctuating operating results; Cyxtera’s government contracts, which are subject to early termination, audits, investigations, sanctions and penalties; Cyxtera’s reliance on third parties to provide internet connectivity to its data centers; the incurrence of goodwill and other intangible asset impairment charges, such as Cyxtera’s recent impairment of goodwill, or impairment charges to Cyxtera’s property and equipment, which could result in a significant reduction to its earnings; the requirements of being a public company, including maintaining adequate internal controls over financial and management systems; Cyxtera’s ability to manage its growth; volatility of the market price of Cyxtera’s Class A common stock; future sales, or the perception of future sales, of Cyxtera Class A common stock by Cyxtera or its existing securityholders in the public market, which could cause the market price for Cyxtera’s Class A common stock to decline; Cyxtera’s ability to use its United States federal and state net operating losses to offset future United States federal and applicable state taxable income may be subject to certain limitations that could accelerate or permanently increase taxes owed; Cyxtera’s ability to address the significant implementation and operational complexities required to complete a conversion to a REIT, including, without limitation, completing internal reorganizations and modifying accounting and information technology systems, and receiving any necessary stakeholder and other approvals; Cyxtera’s ability to apply highly technical and complex provisions of the US Internal Revenue Code, as amended, to its operations; and risks related to the effects of the COVID-19 pandemic on Cyxtera’s business or future results, including supply chain disruptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the “Risk Factors” disclosed in Cyxtera’s filings with the Securities and Exchange Commission (“SEC”) from time to time. There may be additional risks that Cyxtera does not presently know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Cyxtera’s expectations, plans or forecasts of future events and views as of the date of this press release. Accordingly, you should not place undue reliance upon any such forward-looking statements in this press release. Neither Cyxtera nor any of its affiliates assume any obligation to update this press release, except as required by law. Statement Regarding Non-GAAP Financial Measures This press release contains Transaction Adjusted EBITDA, which is a supplemental measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). Transaction Adjusted EBITDA represents the measure of EBITDA disclosed to SVAC in connection with its consideration of the business combination transaction between Starboard Value Acquisition Corp. (“SVAC”) and Cyxtera. Cyxtera defines Transaction Adjusted EBITDA as net income (loss) before the following items: depreciation and amortization; interest and other expenses, net; income tax expense (benefit); equity-based compensation; stand-up separation & other; goodwill impairment; restructuring costs & other; REIT conversion costs; straight-line rent adjustment; amortization of favorable / unfavorable leasehold interest & asset retirement obligation accretion; transaction-related costs; and change in fair value of warrant liabilities. As a non-GAAP financial measure, Transaction Adjusted EBITDA excludes items that are significant in understanding and assessing Cyxtera’s financial results or position. Therefore, this measure should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Cyxtera’s presentation of this measure may not be comparable to similarly-titled measures used by other companies. You should review Cyxtera’s unaudited financial statements and the reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures provided in this release and not rely on any single financial measure to evaluate Cyxtera’s business. This press release includes constant currency revenue and Transaction Adjusted EBITDA, which are non-GAAP financial measures and are not meant to be considered in isolation or as an alternative to GAAP revenue and GAAP net income (loss). Cyxtera has presented these non-GAAP financial measures to provide investors with an additional tool to evaluate its results without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Cyxtera’s business performance. To present this information, Cyxtera’s current and comparative prior period revenues and certain operating expenses from entities with functional currencies other than the U.S. dollar are converted into U.S. dollars at a consistent exchange rate for purposes of each result being compared. CYXTERA TECHNOLOGIES, INC. Consolidated Balance Sheets As of December 31, 2022 and 2021 (unaudited, in millions, except share information) 2022 2021 Assets: Current assets: Cash $ 65.1 $ 52.4 Accounts receivable, net of allowance of $0.1 and $0.3 28.3 18.3 Prepaid and other current assets 38.1 37.5 Total current assets 131.5 108.2 Property and equipment, net 1,638.6 1,530.8 Operating lease right-of-use assets 248.0 — Goodwill 599.6 761.7 Intangible assets, net 427.6 519.8 Other assets 18.0 16.7 Total assets $ 3,063.3 $ 2,937.2 Liabilities and shareholders' equity: Current liabilities: Accounts payable $ 61.9 $ 57.9 Accrued expenses 81.4 65.3 Current portion of operating lease liabilities 35.3 — Current portion of long-term debt, finance leases and other financing obligations 96.7 50.3 Deferred revenue 73.1 60.7 Other current liabilities 25.3 10.0 Total current liabilities 373.7 244.2 Operating lease liabilities, net of current portion 272.0 — Long-term debt, net of current portion 853.5 896.5 Finance leases and other financing obligations, net of current portion 1,078.5 937.8 Deferred income taxes 26.0 29.9 Warrant liabilities — 64.7 Other liabilities 75.3 158.2 Total liabilities 2,679.0 2,331.3 Commitments and contingencies Shareholders' equity: Preferred Stock, $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding — — Class A common stock, $0.0001 par value; 500,000,000 shares authorized; 179,683,659 and 166,207,190 shares issued and outstanding as of December 31, 2022, and December 31, 2021, respectively — — Additional paid-in capital 1,968.0 1,816.5 Accumulated other comprehensive (loss) income (7.2 ) 10.8 Accumulated deficit (1,576.5 ) (1,221.4 ) Total shareholders' equity 384.3 605.9 Total liabilities and shareholders' equity $ 3,063.3 $ 2,937.2 CYXTERA TECHNOLOGIES, INC. Consolidated Statements of Operations For the Years Ended December 31, 2022 and 2021 (unaudited, in millions, except for share information) 2022 2021 Revenues $ 746.0 $ 703.7 Operating costs and expenses: Cost of revenues, excluding depreciation and amortization 402.0 390.5 Selling, general and administrative expenses 144.3 112.8 Depreciation and amortization 243.0 240.6 Goodwill impairment 153.6 — Restructuring, impairment, site closures and related costs 5.2 69.8 Transaction-related costs — 5.2 Total operating costs and expenses 948.1 818.9 Loss from operations (202.1 ) (115.2 ) Interest expense, net (163.3 ) (164.9 ) Other expenses, net (2.2 ) (0.1 ) Change in fair value of the warrant liabilities 11.8 (25.5 ) Loss from operations before income taxes (355.8 ) (305.7 ) Income tax benefit 0.7 47.8 Net loss $ (355.1 ) $ (257.9 ) Loss per Share Basic and diluted $ (1.99 ) $ (1.94 ) Weighted average number of shares outstanding Basic and diluted 178,144,676 133,126,171 CYXTERA TECHNOLOGIES, INC. Consolidated Statements of Operations For Three Months Ended December 31, 2022 and 2021 (unaudited, in millions, except for share information) Q4 2022 Q4 2021 Revenues $ 192.9 $ 178.4 Operating costs and expenses: Cost of revenues, excluding depreciation and amortization 105.3 103.1 Selling, general and administrative expenses 40.5 33.1 Depreciation and amortization 59.9 60.0 Goodwill impairment 153.6 — Restructuring, impairment, site closures and related costs 1.3 1.4 Total operating costs and expenses 360.6 197.6 Loss from operations (167.7 ) (19.2 ) Interest expense, net (44.7 ) (35.6 ) Other (expenses) income, net (0.1 ) 1.1 Change in fair value of the warrant liabilities — (22.8 ) Loss from operations before income taxes (212.5 ) (76.5 ) Income tax benefit 2.3 10.9 Net loss $ (210.2 ) $ (65.6 ) Loss per Share Basic and diluted $ (1.17 ) $ (0.40 ) Weighted average number of shares outstanding Basic and diluted 179,648,986 165,978,746 CYXTERA TECHNOLOGIES, INC. Consolidated Statements of Cash Flows For Years Ended December 31, 2022 and 2021 ( unaudited, in millions) 2022 2021 Net loss $ (355.1 ) $ (257.9 ) Cash flows from operating activities: Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 243.0 240.6 Gain on sale of fixed assets (0.2 ) — Restructuring, impairment, site closures and related costs — 2.0 Amortization of favorable/unfavorable leasehold interests, net — 3.7 Loss on extinguishment of debt and amortization of debt issuance costs and fees, net 3.9 10.1 Goodwill impairment 153.6 — Equity-based compensation 22.3 9.5 Reversal of provision for doubtful accounts (0.5 ) (1.2 ) Change of fair value of warrant liabilities (11.8 ) 25.5 Deferred income taxes (2.3 ) (48.2 ) Non-cash interest expense, net 10.2 9.7 Changes in operating assets and liabilities, excluding impact of acquisitions and dispositions: Accounts receivable (10.9 ) 16.4 Prepaid and other current assets 2.2 3.6 Other assets (2.8 ) 6.5 Operating lease right-of-use assets 34.9 — Operating lease liabilities (33.9 ) — Accounts payable (0.8 ) (10.1 ) Accrued expenses 17.0 (22.9 ) Due to affiliates — (22.7 ) Other liabilities 28.6 61.2 Net cash provided by operating activities 97.4 25.8 Cash flows from investing activities: Purchases for property and equipment (131.8 ) (77.5 ) Amounts received from affiliate — 117.1 Net cash (used in) provided by investing activities (131.8 ) 39.6 Cash flows from financing activities: Proceeds from issuance of long-term debt and other financing obligations 42.0 40.0 Proceeds from recapitalization, net of issuance costs — 434.5 Capital contribution — 5.2 Proceeds from sale-leaseback financing 30.0 5.0 Repayment of long-term debt (46.9 ) (461.7 ) Repayment of finance leases and other financing obligations (49.2 ) (62.1 ) Proceeds from the exercise of warrants, net of redemptions 1.3 — Proceeds from the exercise of the optional shares purchase options 75.0 — Capital redemption — (97.9 ) Net cash provided by (used in) financing activities 52.2 (137.0 ) Effect of foreign currency exchange rates on cash (5.1 ) 3.3 Net increase (decrease) in cash 12.7 (68.3 ) Cash at beginning of period 52.4 120.7 Cash at end of period $ 65.1 $ 52.4 CYXTERA TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS For Years Ended December 31, 2022 and 2021 (unaudited, in millions) 2022 2021 Net Loss to EBITDA Reconciliation: Net loss $ (355.1 ) $ (257.9 ) Depreciation and amortization 243.0 240.6 Interest and other expenses, net 165.5 165.0 Income tax expense (benefit) (0.7 ) (47.8 ) EBITDA 52.7 99.9 Adjustments Equity-based compensation 22.3 9.5 Stand-up separation & other 9.4 4.2 Goodwill impairment 153.6 — Restructuring costs & other 5.2 73.6 REIT conversion costs 2.2 — Total Adjustments 192.6 87.3 Adjusted EBITDA 245.3 187.3 Transaction Adjustments Straight-line rent adjustment 1.8 3.1 Amortization of Favorable / Unfavorable Leasehold Interest & ARO accretion 3.6 3.4 Transaction - related costs — 5.2 Change in fair value of warrant liabilities (11.8 ) 25.5 Total Adjustments (6.5 ) 37.2 Transaction Adjusted EBITDA $ 238.9 $ 224.4 Note: Numbers may not foot or cross-foot due to rounding CYXTERA TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS For Three Months Ended December 31, 2022 and 2021 (unaudited, in millions) Q4 2022 Q4 2021 Net Loss to EBITDA Reconciliation: Net loss $ (210.2 ) $ (65.6 ) Depreciation and amortization 59.9 60.0 Interest and other expenses, net 44.9 34.5 Income tax benefit (2.3 ) (10.9 ) EBITDA (107.7 ) 18.0 Adjustments Equity-based compensation 6.3 4.1 Stand-up separation & other 6.7 0.4 Goodwill impairment 153.6 — Restructuring costs & other 1.3 1.3 REIT conversion costs 0.5 — Total Adjustments 168.3 5.8 Adjusted EBITDA 60.6 23.8 Transaction Adjustments Straight-line rent adjustment 0.3 0.6 Amortization of Favorable / Unfavorable Leasehold Interest & ARO accretion 0.9 0.8 Change in fair value of warrant liabilities — 22.8 Total Adjustments 1.1 24.2 Transaction Adjusted EBITDA $ 61.8 $ 48.0 Note: Numbers may not foot or cross-foot due to rounding

MIAMI--(BUSINESS WIRE)--Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced a strategic collaboration with Dell Technologies to deliver Dell’s infrastructure, combined with Cyxtera’s colocation and network technologies, that will accelerate the infrastructure deployments of their customers. Leveraging Cyxtera’s global footprint of colocation facilities and Digital Exchange network fabric, Cyxtera and Dell will provide global enterprises of all sizes – as well as federal, state, and local government organizations – with full stack infrastructure as a service. This includes compute infrastructure, network connectivity, and colocation space and power at the individual server and rack unit levels. These capabilities enable a cloud-like experience for the deployment of workloads that require the control, performance, and security of dedicated infrastructure and colocation. Customers will be able to leverage Dell infrastructure through Cyxtera’s Enterprise Bare Metal solution, an on-demand model that provides all the benefits of dedicated colocation and network infrastructure, resulting in an extension of their existing environments without the burden of capital expenditures, lengthy implementation cycles, or depreciating assets. Additionally, customers will be able to test the capabilities offered by Dell and Cyxtera via Cyxtera’s Dell Experience Lab, which is powered by Cyxtera’s Digital Exchange platform. With infrastructure provided by Dell, and space, power, and network fabric provided by Cyxtera, the lab will give customers a “hands-on” experience that demonstrates how the technology would work in their environment. “Dell is committed to providing our partners with greater choice and flexibility to support customers with a consistent experience wherever they want to consume Dell infrastructure solutions,” said Denise Millard, Senior Vice President, Global Alliances for Dell. “Our collaboration with Cyxtera simplifies data center challenges, providing customers with rapid deployment options, seamless scalability, high levels of physical security, and optimized performance so they can deliver better business outcomes.” Dell will also combine its solutions with Cyxtera SmartCabs which delivers point-and-click provisioning of dedicated, on-demand colocation cabinets. Cyxtera SmartCabs offers built-in power and network connectivity, as well as access to Cyxtera’s Digital Exchange network fabric, to quickly provide the compute resources and connectivity customers need. “We’re focused on providing rapid, seamless access to the technologies our customers need to support their unique business demands,” said David Keasey, Cyxtera’s Chief Revenue Officer. “By offering on-demand access to Dell infrastructure via our Enterprise Bare Metal offering, we will enable organizations of all sizes to harness the power of raw compute resources via a cloud-like delivery model across our global data center footprint.” Cyxtera’s Dell Experience Lab enables customers to experience Dell Technologies across a variety of consumption models within a Cyxtera data center. Through Cyxtera’s powerful Command Center interface, the Experience Lab will allow participants to see how they can build an on-demand data center leveraging Dell Technologies. Customers can: Deploy on-demand Dell PowerEdge server infrastructure through Cyxtera’s Enterprise Bare Metal offering Deploy and manage colocated Dell PowerEdge servers within a Cyxtera SmartCab Manage core networking and Layer 2 interconnection between the Enterprise Bare Metal and colocated solutions Create dynamic connections to public internet, public cloud, and enterprise WAN providers Access hundreds of providers through Cyxtera’s Marketplace About Cyxtera Cyxtera is a global leader in colocation and interconnection services, with a footprint of more than 60 data centers in over 30 markets. With IT infrastructure becoming increasingly hybrid, complex, and distributed, Cyxtera continues to expand its portfolio beyond space and power to deliver more cloud-like and flexible infrastructure solutions across its global data center platform and robust partner ecosystem. Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. For more information, please visit www.cyxtera.com.

Cyxtera Technologies, Inc. (CYXT) could be a great choice for investors looking to buy stocks that have gained strong momentum recently but are still trading at reasonable prices. It is one of the several stocks that made it through our 'Fast-Paced Momentum at a Bargain' screen.

MIAMI--( BUSINESS WIRE )--Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that Carlos Sagasta, Chief Financial Officer, will participate in two upcoming investor conferences:

MIAMI--(BUSINESS WIRE)--Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that Carlos Sagasta, Chief Financial Officer, will participate in two upcoming investor conferences: Raymond James Technology Investors Conference: Data center panel discussion on Monday, December 5, 2022, at 9:45 a.m. ET UBS Global TMT Conference: Fireside chat on Monday, December 5, 2022, at 1:20 p.m. ET The presentations will be made available via webcast on the Investor Relations section of the Cyxtera website at https://ir.cyxtera.com. About Cyxtera Cyxtera is a global leader in colocation and interconnection services, with a footprint of more than 60 data centers in over 30 markets. With IT infrastructure becoming increasingly hybrid, complex, and distributed, Cyxtera continues to expand its portfolio beyond space and power to deliver more cloud-like and flexible infrastructure solutions across its global data center platform and robust partner ecosystem. Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. For more information, please visit www.cyxtera.com.

It's a good time to start looking for millionaire-maker penny stocks. Inflationary pressures are starting to come down, and the market has started to creep higher.

MIAMI--(BUSINESS WIRE)--Cyxtera (NASDAQ: CYXT), a global leader in data center colocation and interconnection services, today announced that its Board of Directors has determined to target completion of its previously announced conversion to a real estate investment trust (“REIT”) for federal income tax purposes on January 1, 2024 instead of January 1, 2023. Cyxtera’s decision is not due to any issue impacting the company’s ability to meet the requirements to elect REIT status, but rather to maintain flexibility as it considers alternatives for the company and its capital structure. “Our company continues to perform well, and we remain confident in the strength of our business and the robust demand for our global platform of highly interconnected data centers,” said Nelson Fonseca, Cyxtera’s Chief Executive Officer. “As the expected tax and financial benefits of the REIT conversion are long term in nature, delaying the conversion allows Cyxtera to focus on its capital raising and refinancing process while considering alternatives for the company and its capital structure without sacrificing any material benefit of the REIT conversion to the company and its stockholders.” About Cyxtera Cyxtera is a global leader in colocation and interconnection services, with a footprint of more than 60 data centers in over 30 markets. With IT infrastructure becoming increasingly hybrid, complex, and distributed, Cyxtera continues to expand its portfolio beyond space and power to deliver more cloud-like and flexible infrastructure solutions across its global data center platform and robust partner ecosystem. Today, Cyxtera provides more than 2,300 enterprise and government customers with the technology solutions they need to scale faster, achieve financial goals, and gain a competitive advantage. For more information, please visit www.cyxtera.com. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Cyxtera intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about Cyxtera’s capital raising and refinancing efforts, Cyxtera’s exploration of alternatives for the company and its capital structure, the demand for Cyxtera’s services, and Cyxtera’s plans to convert to a REIT and the timing of such conversion, are forward-looking statements and should be evaluated as such. The forward-looking statements involve risks and uncertainties, and you should not place undue reliance on these forward-looking statements. Actual results may differ materially from expectations discussed in such forward-looking statements. Although Cyxtera believes that its forward-looking statements are based on reasonable assumptions, its expected results may not be achieved, and actual results may differ materially from its expectations. There are a number of factors that could cause actual results and developments to differ materially, including the risk that Cyxtera will not be able to complete the refinancing of its existing debt and/or capital raising on acceptable terms, or at all; the risk that one or more alternatives may not be available to Cyxtera on favorable terms, or at all; the risk that Cyxtera’s exploration of alternatives for the company and its capital structure or the public announcement thereof may be disruptive to the company’s business operations, cause Cyxtera’s stock price to fluctuate significantly, divert the attention of Cyxtera’s management and its board of directors and/or negatively impact Cyxtera’s ability to attract, retain and motivate key employees; Cyxtera’s ability to address the significant implementation and operational complexities required to complete a conversion to a REIT, including, without limitation, completing internal reorganizations and modifying accounting and information technology systems, and receiving any necessary stakeholder and other approvals; Cyxtera’s ability to apply highly technical and complex provisions of the US Internal Revenue Code, as amended, to its operations; and the timing to complete conversion to a REIT, if at all. These cautionary statements should not be construed by you to be exhaustive and the forward-looking statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.