Exhibit 99.3
CYXTERA TECHNOLOGIES, INC.
UNAUDITED SELECTED FINANCIAL DATA
(In millions, except percentages)
Three Months Ended | Twelve Months Ended | Three Months Ended | Twelve Months Ended | |||||||||||||
March 31, 2021 | March 31, 2021 | March 31, 2020 | December 31, 2020 | |||||||||||||
Financial Position: | ||||||||||||||||
Cash and cash equivalents | $ | 113.6 | $ | 113.6 | $ | 54.2 | $ | 120.7 | ||||||||
Debt | ||||||||||||||||
1st Lien term loan, net | $ | 872.5 | $ | 872.5 | $ | 880.3 | $ | 874.0 | ||||||||
2nd Lien term loan, net | 304.2 | 304.2 | 302.9 | 303.9 | ||||||||||||
Revolving loans | 142.6 | 142.6 | 143.0 | 142.6 | ||||||||||||
Capital leases and other financing obligations (1) | 976.4 | 976.4 | 957.6 | 989.2 | ||||||||||||
$ | 2,295.8 | $ | 2,295.8 | $ | 2,283.8 | $ | 2,309.6 | |||||||||
Financial Data and Metrics: | ||||||||||||||||
Revenue | $ | 172.9 | $ | 690.8 | $ | 172.5 | $ | 690.5 | ||||||||
Adjusted gross margin (2) | 43.3 | % | 44.2 | % | 44.5 | % | 43.5 | % | ||||||||
Exit MRR | $ | 52.6 | $ | 52.6 | $ | 53.4 | $ | 52.9 | ||||||||
Credit Agreement Adjusted EBITDA (3) | $ | 61.8 | $ | 232.9 | $ | 60.6 | $ | 231.7 | ||||||||
Credit Agreement Adjusted EBITDA % (3) | 35.8 | % | 33.7 | % | 35.1 | % | 33.6 | % | ||||||||
Utilization | 67.2 | % | 67.2 | % | 67.5 | % | 67.2 | % | ||||||||
Capital expenditures (accrual basis) | $ | 13.2 | $ | 56.2 | $ | 11.7 | $ | 54.7 | ||||||||
Net Loss to EBITDA Reconciliation: | ||||||||||||||||
Net loss | $ | (52.6 | ) | $ | (128.0 | ) | $ | (47.4 | ) | $ | (122.8 | ) | ||||
Depreciation and amortization | 60.6 | 235.4 | 57.0 | 231.8 | ||||||||||||
Impairment of note and other receivables from affiliate | - | (104.4 | ) | 6.7 | (97.7 | ) | ||||||||||
Interest and other expenses, net | 43.7 | 169.8 | 43.6 | 169.7 | ||||||||||||
Income tax benefit | (12.9 | ) | 5.0 | (14.4 | ) | 3.5 | ||||||||||
EBITDA | 38.9 | 177.9 | 45.5 | 184.5 | ||||||||||||
Credit Agreement Adjustments | 22.9 | 55.0 | 15.1 | 47.2 | ||||||||||||
Credit Agreement Adjusted EBITDA (3) | $ | 61.8 | $ | 232.9 | $ | 60.6 | $ | 231.7 | ||||||||
Rent (net of Adjustments) | 14.6 | 64.4 | 16.4 | 66.1 | ||||||||||||
Credit Agreement Adjusted EBITDAR | $ | 76.5 | $ | 297.3 | $ | 77.0 | $ | 297.8 | ||||||||
Credit Agreement EBITDA adjustments: | ||||||||||||||||
Recurring: | ||||||||||||||||
Bonus on a cash basis adjustment | $ | - | $ | 1.7 | $ | 0.5 | $ | 2.3 | ||||||||
Straight-line rent adjustment | 1.1 | 3.3 | 0.8 | 2.9 | ||||||||||||
ASC 606 impact on costs: | ||||||||||||||||
Sales commissions | 1.4 | (1.4 | ) | 0.5 | (2.3 | ) | ||||||||||
Capitalized labor for Installations | 0.3 | 0.9 | (0.1 | ) | 0.5 | |||||||||||
Equity-based compensation | 1.8 | 7.2 | 2.0 | 7.4 | ||||||||||||
Other | 0.9 | 4.4 | 1.3 | 4.8 | ||||||||||||
5.6 | 16.1 | 5.0 | 15.5 | |||||||||||||
Standup, separation, and out of period adjustments | 3.5 | 11.3 | 3.3 | 11.1 | ||||||||||||
Restructuring, cost savings and growth initiatives | 13.9 | 27.6 | 6.8 | 20.6 | ||||||||||||
$ | 22.9 | $ | 55.0 | $ | 15.1 | $ | 47.2 |
Notes:
1) | Other financing obligations includes a $0.2M Promissory Note related to equipment financing. |
2) | Adjusted gross margin excludes equity-based compensation. |
3) | As defined by our 1st and 2nd lien term loan agreements under "Consolidated EBITDA". |
PRIVATE AND CONFIDENTIAL