8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

(Amendment No. 1)

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 12, 2019

Switch, Inc.

(Exact name of registrant as specified in its charter)

Nevada	001-38231	82-1883953
(State or other jurisdiction of  incorporation)	(Commission File Number)	(IRS Employer Identification No.)
7135 S. Decatur Boulevard		89118
Las Vegas, NV		(Zip Code)
(Address of principal executive offices)

(702) 444-4111

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  

Emerging growth companyþ

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

EXPLANATORY NOTE

Switch, Inc. (the “Company”) is furnishing this Current Report on Form 8-K/A (this “Form 8-K/A”) to make certain changes to the quarter and year ended December 31, 2018 financial information related to capital expenditures that was included in its quarter and year ended December 31, 2018 earnings press release and supplemental financial information investor presentation, which were furnished as Exhibits 99.1 and 99.2, respectively, to its Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 12, 2019 (the “March 12 Form 8-K”).

Capital expenditures for the quarter ended December 31, 2018 should have been $54.4 million, instead of $55.0 million, and for the year ended December 31, 2018 should have been $275.5 million, instead of $276.2 million. These changes impacted only growth capital expenditures along with the associated breakdown by campus location.

Except as described above, these changes do not affect any of the Company’s reported GAAP or non-GAAP results or its financial outlook included in the original earnings press release, supplemental financial information investor presentation, or as discussed by the Company on its earnings call held on March 12, 2019.

This Form 8-K/A is not intended to, nor does it, reflect events occurring after the filing of the March 12 Form 8-K, and the Company’s quarter and year ended December 31, 2018 earnings press release and supplemental financial information investor presentation that were included with the March 12 Form 8-K are not being modified or updated in any way other than as necessary to reflect the changes described above.

Item 2.02 Results of Operations and Financial Condition.

The full text of the Company’s earnings press release and the supplemental financial information investor presentation for the quarter and year ended December 31, 2018, as revised to reflect the changes to its quarter and year ended December 31, 2018 financial information related to capital expenditures described in the Explanatory Note above, are furnished herewith as Exhibits 99.1 and 99.2, respectively, to this Form 8-K/A and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Exhibit Description
99.1	Corrected Press Release, dated March 12, 2019.
99.2	Corrected Quarter and Year Ended December 31, 2018, Supplemental Financial Information, dated March 12, 2019.

EXHIBIT INDEX

Exhibit No.	Description
99.1	Corrected Press Release dated March 12, 2019.
99.2	Corrected Quarter and Year Ended December 31, 2018, Supplemental Financial Information, dated March 12, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	March 18, 2019	Switch, Inc.
		(Registrant)
		By:	/s/ Gabe Nacht
		Name:	Gabe Nacht
		Title:	Chief Financial Officer

EX-99.1

Switch Announces Fourth Quarter and Full Year 2018 Financial Results

Annual Revenue of $405.9 million, Net Income of $29.3 million, and Adjusted EBITDA of $201.7 million

NOTE: The accompanying press release updates the press release previously issued by the company on March 12, 2019. Capital expenditures for the quarter ended December 31, 2018 should have been $54.4 million, instead of $55.0 million and for the year ended December 31, 2018 should have been $275.5 million, instead of $276.2 million. These changes impacted only the growth capital expenditures along with the associated breakdown by campus location. No other information has been modified.

LAS VEGAS, NV — March 12, 2019 — Switch, Inc. (NYSE: SWCH) (“Switch”) today announced financial results for the quarter and the year ended December 31, 2018.

“Switch continues to execute on its strategic plan to cultivate hyperscale technology environments across its Primes, which represent the most resilient and technologically advanced colocation facilities in the industry. In 2019, we remain focused on supporting the continued growth of Switch’s Enterprise Elite Hybrid Cloud Ecosystems, including both Fortune 1000 enterprise and leading cloud service provider deployments,” said Rob Roy, CEO, chairman and founder of Switch. “Leveraging our best-in-class patented designs, we believe Switch remains uniquely positioned to capture an increasing share of enterprise colocation requirements as the hybrid cloud evolution continues.”

2018 Financial Results

• Total revenue of $405.9 million, an increase of 7% compared to $378.3 million in 2017.

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• Operating income of $54.7 million, compared to $18.8 million in 2017, which included the impact of $71.3 million in non-recurring equity-based compensation expense resulting from the accelerated vesting of certain incentive units of Switch, Ltd. and related awards granted under Switch’s 2017 Incentive Award Plan in connection with Switch’s initial public offering (“IPO”). Operating income in 2018 also included a $17.5 million increase in depreciation from assets placed into service.

• Net income of $29.3 million, compared to a loss of $8.6 million during 2017, which included the impact of $71.3 million in non-recurring equity-based compensation expense previously discussed.

• Adjusted EBITDA of $201.7 million, compared to $194.7 million in 2017, an increase of 4%.

• Capital expenditures of $275.5 million, compared to $402.6 million in 2017, a decrease of 32%. The decrease in capital expenditures was due to lower spending in The Core Campus, The Citadel Campus, and The Pyramid Campus, partially offset by increased investment in The Keep Campus. Maintenance capital expenditures were $8.0 million in 2018, representing 2.0% of total revenues.

• Churn of 0.5%, compared to 0.6% in 2017.⁽¹⁾ 

Fourth Quarter 2018 Financial Results

• Quarterly revenue of $103.2 million, compared to $99.3 million for the same quarter in 2017.

• Operating income of $16.9 million, compared to an operating loss of $54.6 million for the same quarter last year. Operating income in the fourth quarter of 2018 includes the impact of $7.5 million in equity-based compensation expense, compared to $79.9 million in the same quarter of 2017, and $2.9 million in additional depreciation from assets placed into service.

• Net income of $11.2 million, compared to a loss of $60.3 million for the same quarter in 2017.

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• Adjusted EBITDA of $53.6 million, compared to $51.1 million for the same quarter in 2017; reflecting EBITDA margins of 52.0%, compared to 51.4% for the same quarter in 2017.

• Capital expenditures of $54.4 million, compared to $118.6 million for the same quarter in 2017.

• Churn of 0.4%, compared to 0.3% for the same quarter in 2017.⁽¹⁾ 

⁽¹⁾  Churn is defined as a reduction in recurring revenue attributed to customer terminations or non-renewal of expired contracts, as a percentage of revenue at the beginning of the period.

“In its first full-year as a public company, Switch achieved several key strategic milestones, while maintaining focus on our long-term business model,” said Thomas Morton, president of Switch. “We expect to continue to deepen our relationships with key enterprise and hyperscale cloud partners, and to continue to broaden the scale and scope of our sales organization to position Switch for sustainable long-term growth and profitability.”

“We are pleased with Switch’s progress toward meeting its financial and strategic goals during the final quarter of 2018,” said Gabe Nacht, CFO of Switch. “We delivered revenues within our revised guidance range, while our solid cost discipline drove strong profitability with Adjusted EBITDA coming in above the high end of our revised outlook. We enter 2019 well-positioned from a sellable capacity perspective with low debt leverage, and we remain focused on sound execution across all facets of the business.”

Balance Sheet and Liquidity

As of December 31, 2018, Switch’s total debt outstanding, including capital lease obligations, net of cash and cash equivalents was $524.5 million, equating to a net debt to fourth quarter 2018 annualized Adjusted EBITDA ratio of 2.4x. As of December 31, 2018, Switch had liquidity of $581.6 million, including cash and cash equivalents and availability under its revolving line of credit.

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Capital Expenditures and Development

Capital expenditures for the fourth quarter of 2018 totaled $54.4 million, including maintenance capital expenditures of $2.8 million, compared to $1.6 million in the same quarter last year. Growth capital expenditures were $51.6 million for the fourth quarter of 2018, compared to $117.0 million in the year ago period. During the year ended December 31, 2018, Switch invested (i) $134.2 million in The Core Campus, opening one additional sector at LAS VEGAS 10 with 860 sellable cabinet equivalents, opening LAS VEGAS 11, and adding 20 megawatts of combined power and cooling capacity; (ii) $89.0 million in The Citadel Campus, opening two sectors adding 920 sellable cabinet equivalents, increasing power capacity by 10 megawatts, and acquiring 722 acres of land; (iii) $28.0 million for additional expansions in The Pyramid Campus, primarily related to opening one new sector (212 cabinet equivalents) and acquiring 139 acres of land to support wetland mitigation; and (iv) $24.3 million on the completed site developments and continued building construction at The Keep Campus, which we believe remains on track to open in the fourth quarter of 2019.

Dividend

Switch’s Board of Directors has declared a cash dividend of $0.0294 per share of Switch’s Class A common stock. The dividend will be payable on April 4, 2019 to all stockholders of record as of the close of business on March 25, 2019. Prior to the payment of this dividend, Switch, Ltd. will make a cash distribution to all holders of record of common units of Switch, Ltd., including Switch, of $0.0294 per common unit.

Future declarations of quarterly dividends are subject to the determination and discretion of the Board of Directors based on its consideration of many factors, including Switch’s results of operations, financial condition, capital requirements, restrictions in Switch, Ltd.’s debt agreements and other factors that the Board of Directors deems relevant.

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2019 Guidance

Switch introduces the following guidance for 2019:

• Revenue in the range of $436 million to $445 million, representing 8.5% growth at the midpoint.

• Adjusted EBITDA in the range of $217 million to $223 million, representing a 50% EBITDA margin at the midpoint.

• Capital expenditures in the range of $210 million to $260 million.

Switch does not provide reconciliations for the non-GAAP financial measures included in the 2019 guidance above due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income, depreciation, impairment charges, gains or losses on retirement of debt and variations in effective tax rate, which are difficult to predict and estimate and are primarily dependent on future events, but which are excluded from Switch’s calculations of Adjusted EBITDA.

Upcoming Conferences and Events

Switch management will participate in the following upcoming investor conferences:

• 47th Annual J.P. Morgan Global Technology, Media and Communications Conference, May 14-16, 2019 in Boston, MA.

• RBC Global Datacenter and Connectivity Conference, May 28-29, 2019 in San Francisco, CA.

• William Blair 39th Annual Growth Stock Conference, June 4-6, 2019 in Chicago, IL.

Conference Call Information

Switch will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time on March 12, 2019. Parties in the United States and Canada can access the call by dialing 888-394-8218, using conference code 3133211. International parties can access the call by dialing 720-452-9217, using conference code 3133211.

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The webcast will be accessible on Switch’s investor relations website at https://investors.switch.com for one year. A telephonic replay of the conference call will be available through Tuesday, March 19, 2019. To access the replay, parties in the United States and Canada should call 888-203-1112 and enter conference code 3133211. International parties should call 719-457-0820 and enter conference code 3133211.

Presentation of Financial Information

This press release includes historical consolidated results for the periods presented of Switch, Ltd. and its subsidiaries, the predecessor of Switch, Inc., for financial reporting purposes. Accordingly, the consolidated financial statements for periods prior to the completion of the IPO on October 11, 2017 have been adjusted to combine the previously separate entities for presentation purposes. Amounts for the period from January 1, 2017 through October 10, 2017 presented in the consolidated financial statements herein represent the historical operations of Switch, Ltd. and its subsidiaries. The amounts as of December 31, 2017, for the period from October 11, 2017 through December 31, 2017, and for the year ended December 31, 2018 reflect the consolidated operations of Switch, Inc. For the period from June 13, 2017 to October 10, 2017, Switch, Inc. had no business transactions or activities and had no assets or liabilities with the exception of the issuance of one share at par value of $0.001 per share, which was canceled as of the closing date of the IPO.

Use of Non-GAAP Financial Measures

To supplement Switch’s consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Switch uses Adjusted EBITDA, Adjusted EBITDA margin and net debt, which are non-GAAP measures, in this press release. Switch defines Adjusted EBITDA as net income (loss) adjusted for interest expense,

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interest income, income taxes, depreciation and amortization of property and equipment and for specific and defined supplemental adjustments to exclude (i) non-cash equity-based compensation expense; (ii) equity in net losses of investments; and (iii) certain other items that Switch believes are not indicative of its core operating performance. Switch defines Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. Switch defines net debt as total debt outstanding, including capital lease obligations, net of cash and cash equivalents.

The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. In addition, the non-GAAP measures exclude certain recurring expenses that have been and will continue to be significant expenses of Switch’s business.

Switch believes these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making.

For more information on Switch’s non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Reconciliation of Net Income (Loss) to Adjusted EBITDA” table in this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements generally relate to future events or Switch’s future financial or operating

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performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, Switch’s anticipated operating results for the year ending December 31, 2019, Switch’s beliefs regarding its positioning in the market and its ability to capture an increasing share of enterprise colocation requirements, Switch’s expectations regarding the evolution of its marketplace, Switch’s expectations regarding its relationships with key enterprise and hyperscale cloud partners, Switch’s plans regarding its sales organizations and the resulting impact on its long-term growth and profitability, Switch’s anticipated timing for opening The Keep Campus, statements regarding future declarations of quarterly dividends and customer deployment plans. Switch’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to inherent risks, uncertainties and changes in circumstance that are difficult or impossible to predict. The risks and uncertainties that could affect Switch’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include, without limitation (i) our ability to successfully implement our business strategies and effectively manage our growth and expansion plans; (ii) delays or unexpected costs in development and opening of data center facilities; (iii) any slowdown in demand for our existing data center resources; (iv) our ability to attract new customers and achieve sufficient customer demand to realize future expected returns on our investments; (v) our ability to effectively compete in the data center market; (vi) our ability to license space in our existing data centers; (vii) the geographic concentration of our data centers in certain markets; (viii) local economic, credit and market conditions that impact our customers in these markets; (ix) the impact of delays or disruptions in third-party network connectivity; (x) developments in the technology and data center industries in general that negatively impact us, including development of new technologies, adoption of new industry standards,

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declines in the technology industry or slowdown in the growth of the Internet; (xi) our ability to adapt to evolving technologies and customer demands in a timely and cost-effective manner; (xii) our ability to obtain necessary capital to fund our capital requirements and our ability to continue to comply with covenants and terms in our credit instruments; (xiii) fluctuations in interest rates and increased operating costs, including power costs; (xiv) significant disruptions, security breaches, including cyber security breaches, or system failures at any of our data center facilities; (xv) loss of significant customers or key personnel; (xvi) the impact of future changes in legislation and regulations, including changes in real estate and zoning laws, ABA, environmental and other laws that impact our business and industry, in addition to those under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in Switch’s Annual Report on Form 10-K for the year ended December 31, 2017 and in Switch’s other reports filed with the Securities and Exchange Commission (“SEC”). Switch’s SEC filings are available on the Investors section of Switch’s website at https://investors.switch.com and on the SEC’s website at www.sec.gov. The forward-looking statements in this press release are based on information available to Switch as of the date hereof, and Switch disclaims any obligation to update any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law.These forward-looking statements should not be relied upon as representing Switch’s views as of any date subsequent to the date of this press release.

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ABOUT Switch

POWERING THE FUTURE OF THE CONNECTED WORLD®

Switch (NYSE: SWCH), the technology infrastructure corporation headquartered in Las Vegas, Nevada is built on the intelligent and sustainable growth of the internet. Switch founder and CEO Rob Roy has developed more than 600 issued and pending patent claims covering data center designs that have manifested into the company’s world-renowned data centers and technology solution ecosystems.

The Switch Primes located in Las Vegas and Tahoe-Reno, Nevada; Grand Rapids, Michigan; and Atlanta, Georgia are the world’s highest-rated hyperscale data center campus ecosystems with low latency to major U.S. markets. The Switch Primes are located in the most cost-effective area of each North American zone based on power, connectivity, taxes, cost of living and lower risk of natural disasters. Visit switch.com for more information.

Investor Contact:

Matthew Heinz, CFA

VP of Investor Relations and FP&A

investorrelations@switch.com
(702) 479-3993

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Switch, Inc.

Consolidated Balance Sheets

(in thousands, except per share data)

(unaudited)

	December 31,
	2018		2017
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	81,560	$	264,666
Accounts receivable, net of allowance of $426 and $472, respectively	17,654		16,386
Prepaid expenses	6,781		5,037
Other current assets	2,332		2,101
Total current assets	108,327		288,190
Property and equipment, net	1,302,770		1,133,572
Long-term deposit	3,333		3,842
Deferred income taxes	28,550		981
Other assets	17,050		8,174
TOTAL ASSETS	$	1,460,030	$	1,434,759
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Long-term debt, current portion	$	6,000	$	6,000
Accounts payable	20,501		18,934
Accrued salaries and benefits	5,258		5,211
Accrued expenses	9,778		6,469
Accrued construction payables	12,729		7,052
Deferred revenue, current portion	10,800		11,482
Customer deposits	9,962		8,634
Capital lease obligations, current portion	—		2,309
Total current liabilities	75,028		66,091
Long-term debt, net	580,566		585,760
Capital lease obligations	19,466		19,466
Deferred revenue	22,260		19,382
Liabilities under tax receivable agreement	52,535		—
Other long-term liabilities	1,823		1,927
TOTAL LIABILITIES	751,678		692,626
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value per share, 10,000 shares authorized, none issued and outstanding	—		—
Class A common stock, $0.001 par value per share, 750,000 shares authorized, 55,218 and 35,938 shares issued and outstanding, respectively	55		36
Class B common stock, $0.001 par value per share, 300,000 shares authorized, 148,481 and 173,624 shares issued and outstanding, respectively	149		174
Class C common stock, $0.001 par value per share, 75,000 shares authorized, 42,945 shares issued and outstanding	43		43
Additional paid in capital	140,191		107,008
Retained earnings	2,693		1,602
Accumulated other comprehensive income	79		31
Total Switch, Inc. stockholders' equity	143,210		108,894
Noncontrolling interest	565,142		633,239
TOTAL STOCKHOLDERS' EQUITY	708,352		742,133
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,460,030	$	1,434,759

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Switch, Inc.

Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except per share/unit data)

(unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017
Revenue	$	103,214		$	99,328		$	405,860		$	378,275
Cost of revenue	55,213			53,655			224,413			198,230
Gross profit	48,001			45,673			181,447			180,045
Selling, general and administrative expense	31,092			99,628			126,768			160,569
Impact fee expense	—			649			—			649
Income (loss) from operations	16,909			(54,604		)	54,679			18,827
Other income (expense):
Interest expense, including $409, $402, $1,636, and $1,303, respectively, in amortization of debt issuance costs	(6,544		)	(7,290		)	(26,370		)	(25,079		)
Equity in net losses of investments	—			(122		)	(331		)	(1,077		)
Loss on extinguishment of debt	—			—			—			(3,565		)
Other	680			688			3,283			1,333
Total other expense	(5,864		)	(6,724		)	(23,418		)	(28,388		)
Income (loss) before income taxes	11,045			(61,328		)	31,261			(9,561		)
Income tax benefit (expense)	121			981			(1,943		)	981
Net income (loss)	11,166			(60,347		)	29,318			(8,580		)
Less: net income attributable to noncontrolling interest	8,612			6,628			25,266			6,628
Net income (loss) attributable to Switch, Inc.	$	2,554		$	(66,975	)	$	4,052		$	(15,208	)
Net income (loss) per share/unit:
Basic	$	0.05		$	(2.09	)	$	0.09		$	(1.88	)
Diluted	$	0.05		$	(2.09	)	$	0.09		$	(1.88	)
Weighted average shares/units used in computing net income (loss) per share/unit:
Basic	53,453			32,032			45,682			8,074
Diluted	53,500			32,016			45,753			8,074
Other comprehensive income:
Foreign currency translation adjustment, before and after tax	—			122			331			908
Comprehensive income (loss)	11,166			(60,225		)	29,649			(7,672		)
Less: comprehensive income attributable to noncontrolling interest	8,612			6,732			25,549			6,732
Comprehensive income (loss) attributable to Switch, Inc.	$	2,554		$	(66,957	)	$	4,100		$	(14,404	)

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Switch, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31,						Years Ended December 31,
	2018			2017			2018			2017
Net income (loss)	$	11,166		$	(60,347	)	$	29,318		$	(8,580	)
Interest expense	6,544			7,290			26,370			25,079
Interest income	(382		)	(536		)	(2,383		)	(572		)
Income tax (benefit) expense	(121		)	(981		)	1,943			(981		)
Depreciation and amortization of property and equipment	27,356			24,448			106,666			89,124
Loss on disposal of property and equipment	397			545			1,206			569
Equity-based compensation	7,539			79,911			35,733			84,790
Equity in net losses of investments	—			122			331			1,077
Shareholder-related litigation expense	1,132			—			2,516			—
Loss on extinguishment of debt	—			—			—			3,565
Impact fee expense	—			649			—			649
Adjusted EBITDA	$	53,631		$	51,101		$	201,700		$	194,720

###

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EX-99.2

NOTE: The accompanying investor presentation updates the investor presentation previously issued by the company on March 12, 2019. Capital expenditures for the quarter ended December 31, 2018 should have been $54.4 million, instead of $55.0 million and for the year ended December 31, 2018 should have been $275.5 million, instead of $276.2 million. These changes impacted only the growth capital expenditures along with the associated breakdown by campus location. No other INVESTOR PRESENTATION | Q41 2018 information has been modified.

SAFE HARBOR | 2018 This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding future results of operations and financial position of Switch, Inc. and Switch, Ltd. (“Switch,” “we,” “us” or “our”), our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long- term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, without limitation, (i)our ability to successfully implement our business strategies and effectively manage our growth and expansion plans; (ii)delays or unexpected costs in development and opening of data center facilities; (iii) any slowdown in demand for our existing data center resources; (iv)our ability to attract new customers and achieve sufficient customer demand to realize future expected returns on our investments; (v) the geographic concentration of our data centers in certain markets; (vi) local economic, credit and market conditions that impact our customers in these markets; (vii) the impact of delays or disruptions in third-party network connectivity; (viii) developments in the technology and data center industries in general that negatively impact us, including development of new technologies, adoption of new industry standards, declines in the technology industry or slowdown in the growth of the Internet, in addition to those risks and uncertainties set forth in the “Risk Factors” section of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2017 and in our other SEC filings, including our most recent Quarterly Report on Form 10-Q. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. This presentation contains certain supplemental financial measures that are not calculated pursuant to accounting principles generally accepted in the United States of America (“GAAP”). These non-GAAP measures are in addition to, and not a substitute or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP measures to non-GAAP measures is contained in the appendix to this presentation. 2

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FINANCIAL HIGHLIGHTS 2018 • Total revenue of $103.2 million, compared to $99.3 million for the same quarter in 2017, an increase of 3.9%. Year-to-date, total revenue of $405.9 million, compared to $378.3 million for the same period in 2017, an increase of 7.3%. • Net income of $11.2 million, compared to a loss of $60.3 million for the same quarter in 2017. Year-to-date, net income of $29.3 million, compared to a loss of $8.6 million for the same period in 2017. • Adjusted EBITDA of $53.6 million, compared to $51.1 million for the same quarter in 2017. Adjusted EBITDA margin of 52.0%, compared to 51.4% for the same quarter in 2017. Year-to-date, Adjusted EBITDA of $201.7 million, compared to $194.7 million for the same period in 2017. • Annual capital expenditures of $275.5 million, compared to $402.6 million in 2017, a decrease of 32%. • Churn of 0.4%, compared to 0.3% for the same quarter in 2017.¹ • Over 420 contracts signed with total contract value over $73 million and annualized revenue of more than $20 million ¹ Churn is defined as a reduction in recurring revenue attributed to customer terminations or non-renewal of expired contracts, as a percentage of 4 revenue at the beginning of the period.

Switch COMPANY SNAPSHOT Q4 2018 The Four Switch PRIMES™ Up to 12 million Up to 1,185 3 Campus Locations Operational and Gross square feet (GSF) Megawatts of power (MW) 1 Under Development Current U.S. facilities: 4M GSF Current U.S. facilities: 455 MW Future U.S. facilities: 8M GSF Future U.S. facilities: 730 MW 850+ 36.3% 0.4% Customers Of revenues from top 10 Revenue Churn 1 customers Q4’18 Q4’18 3.9% 4.9% 16.3% Revenue Growth Q4’17 to Q4’18 Adjusted EBITDA2 Growth Cash flow yield on invested capital Q4’17 to Q4’18 (Last 4 quarters as of Q4’18)3 ¹ Churn is defined as a reduction in recurring revenue attributed to customer terminations or non-renewal of expired contracts, as a percentage of revenue at the beginning of the period. ² See Appendix for a reconciliation of Net Income (Loss) to Adjusted EBITDA. ³ Cash flow yield on invested capital is defined as Adjusted EBITDA less income taxes and maintenance capital expenditures, divided by property and equipment, net, less construction in progress. 5

STRATEGICALLY LOCATED PRIME CAMPUS LOCATIONS The Citadel Campus | Reno The Pyramid Campus | Grand Rapids  Designed to be, upon  Designed to be the largest completion, world’s largest data datacenter campus center environment in the Eastern U.S.  TAHOE RENO 1 - Up to a 1.3mm  Over 1,100,000 sq. ft. and 110 sq. ft. and 130 MW power MW power capacity capacity  Low natural disaster rating  TAHOE RENO 1-7 over 5,000,000 sq. ft. and 520 MW  Tax Renaissance zone TAHOE RENO GRAND RAPIDS  Stable climate with low-humidity  100% renewable power source  Low tax environment The Keep Campus | Atlanta  100% renewable power source LAS VEGAS ATLANTA  Land acquired The Core Campus | Las Vegas  Campus data center designs currently in process  2,340,000 sq. ft. and 315 MW power capacity  Over 1,100,000 sq. ft. and 110 MW power capacity  Stable climate with low-humidity  Construction began Q4 2017  Lowest natural disaster rating in Western U.S.  Low tax environment  100% renewable power source 6

GROWING PORTFOLIO OF HYPERSCALE FACILITIES Utilization % - Year Gross Square Feet Utilization % - Power Capacity Campus(1) By Available Data Operational (up to)(2) By Campus(3) (up to)(4) Center Space(3) The Core Campus(5) 2003-2018 2,340,000 78% 91% 315 MW Current: 9 Facilities(6) The Citadel Campus Current: TAHOE RENO 1 2016 1,360,000 30% 58% 130 MW Future: 7 Facilities 2020+ 5,890,000 520 MW The Pyramid Campus Current: Switch PYRAMID 2016 430,000 (Office) 10 MW 52% 88% 220,000 (Data Center) 100 MW Future: 2 Facilities 2020+ 940,000 The Keep Campus Future 2019 1,100,000 N/A N/A 110 MW U.S. Total (Current) 4,350,000 ft 455 MW U.S. Total (Future) 7,930,000 ft 730 MW 1. SUPERNAP International has also deployed two additional data centers in Milan, Italy and Bangkok, Thailand that collectively provide up to 904,200 GSF of space, with up to 100 MW of power available to these facilities. We hold a 50% ownership interest in SUPERNAP International. 2. Estimated square footage of all enclosed space at full build out. 3. Utilization numbers are based on available cabinets. The Citadel Campus and The Pyramid Campus opened in the second half of 2016 and are in the first phase of development. Additional capital investment will be required to reach full build out. 4. Defined as total power delivered to the data center at full out. 5. We lease a data center building and the underlying land for three of our data centers at The Core Campus that have non-cancellable terms expiring through 2066. 7 6. Current facilities at The Core Campus include LAS VEGAS 2, LAS VEGAS 4, LAS VEGAS 5, LAS VEGAS 7, LAS VEGAS 8, LAS VEGAS 9, LAS VEGAS 10, LAS VEGAS 11, and LAS VEGAS 12.

COMPELLING FINANCIAL MODEL • 70% of the increase in 2018 revenue was attributable to growth from customers who have been Track Record of Organic with Switch over one year, while the remaining 30% of the increase in revenue was attributable to Top-Line Growth new customers initiating service after December 31, 2017 • Long term licenses (3 to 5 year contracts) with ability to escalate rates Predictable and Recurring • Stable monthly recurring revenue Revenue Stream • 3-year average annual revenue churn of 0.7% • Patent-protected technology enables just-in-time capex deployment and low cost construction Capital Efficient Growth • Vertical integration creates additional capex savings • Low maintenance capex – 2.0% of revenue in 2018 Low Capital at Risk • Switch MOD® enables the company to build and open new sectors to meet customer demand Powerful Network Effects • Powerful network effects from 850+ customers and CORE Telecom purchasing cooperative 8

HISTORY OF ORGANIC GROWTH (IN $ MILLIONS) Revenue Adjusted EBITDA 1 $406 $378 $202 $195 $318 $266 $153 $142 $207 $112 2014A 2015A 2016A 2017A 2018A 2014A 2015A 2016A 2017A 2018A ¹ See Appendix for a reconciliation of Net Income (Loss) to Adjusted EBITDA 9

Q4 2018 REVENUE & ADJUSTED EBITDA VS. Q4 2017 Revenue & Adjusted EBITDA Performance $120 $100 $103.2 $99.3 $80 $60 $53.6 $51.1 $40 ($ millions) ($ $20 $0 Q4'18 Q4'17 Actual Actual Revenue $103.2 $99.3 Adj. EBITDA $53.6 $51.1 Adj. EBITDA Margin % 52.0% 51.4% YOY Actual Revenue Growth % 3.9% YOY Actual Adj. EBITDA Growth % 4.9% 10

ROLLING QUARTERLY REVENUE PERFORMANCE Rolling Quarterly Revenue Performance $120 $100 $102.2 $102.8 $103.2 $97.7 $97.7 $99.3 $92.1 $89.2 $80 $60 ($ millions) ($ $40 $20 $0 Q1'18 Q2'18 Q3'18 Q4'18 2018 Actual Revenue $97.7 $102.2 $102.8 $103.2 2017 Actual Revenue $89.2 $92.1 $97.7 $99.3 YOY % Growth 9.6% 10.9% 5.2% 3.9% 11

ROLLING QUARTERLY ADJUSTED EBITDA PERFORMANCE Rolling Quarterly Adjusted EBITDA Performance $70 $60 $50 $53.6 $50.3 $50.9 $49.7 $51.1 $46.9 $47.1 $46.8 $40 $30 ($ millions) ($ $20 $10 $0 Q1'18 Q2'18 Q3'18 Q4'18 2018 Actual Adj. EBITDA $46.9 $50.3 $50.9 $53.6 2017 Actual Adj. EBITDA $47.1 $46.8 $49.7 $51.1 YOY % Growth -0.4% 7.5% 2.3% 4.9% 12

Q4 2018 TOTAL CONTRACT VALUE HIGHLIGHTS New Existing Metrics Total Customers Customers Contracts¹ 42 382 424 Customers 26 165 191 Power (MWs) >0.3 >8.1 >8.4 Annualized MRC² ($ millions) >$1 >$19 >$20 Wtd. Avg. Contract Term (yrs) 3.5 3.9 3.9 Total Contract Value³ ($ millions) >$4 >$69 >$73 ¹ Includes contracts signed by Switch and the customer during the quarter. ² Annualized Monthly Recurring Charges (“MRC”) is calculated using the monthly recurring revenue multiplied by 12. ³ Total Contract Value is adjusted for returns or discount options and does not include power and bandwidth usage revenue, price escalators or lifts. 13

Q4 2018 NEW CUSTOMERS HIGHLIGHTS BY INDUSTRY • Over 420 contracts signed in Q4 2018 for new services, renewals, and expansions • 26 new customers Industry Description Finance & Banking One of the largest independent retirement and college savings provider in the US Logistics / Transportation One of the largest transit agencies in California Insurance Services A leading mortgage technology provider Amusement Parks A global leader in theme park entertainment Government A Nevada governmental agency Law Enforcement A Las Vegas public agency Digital Advertising A premier advertising and marketing campaign management company Education & Training Software An award-winning software developer Cloud, IT & Software An enterprise networking and security company Health / Wellness A non-profit healthcare system provider in California Real Estate / Property Management A premier vacation ownership company Corporate / Business Services A leading alternative asset management company 14

Q4 2018 NEW CONTRACT HIGHLIGHTS (IN $ MILLIONS) Total MRC Total NRC Total Annualized % of Total Rank Industry Contract Contract Contract MRC TCV Value Value Value (TCV) 1 Healthcare $2.2 $10.6 $0.1 $10.7 15% 2 Cloud, IT & Software $2.7 $8.6 $0.1 $8.7 12% 3 Cloud, IT & Software $1.8 $8.2 $0.1 $8.3 11% 4 Healthcare $1.3 $6.5 $0.0 $6.5 9% 5 Cloud, IT & Software $1.5 $4.5 $0.2 $4.7 6% 6 Cloud, IT & Software $0.8 $4.0 $0.1 $4.1 6% 7 Semiconductor Manufacturing $0.6 $2.9 $0.0 $2.9 4% 8 Network & Telecom $0.7 $2.1 $0.0 $2.1 3% 9 Hospitality & Gaming $0.6 $1.9 $0.0 $1.9 3% 10 Cloud, IT & Software $0.5 $1.7 $0.0 $1.8 2% Total $12.7 $51.0 $0.7 $51.6 70% 15

CUSTOMER REVENUE & RECURRING REVENUES (IN $ MILLIONS) Customer Revenue Category Q4'18 Q4'17 Growth (%) Q4'18 YTD Q4'17 YTD Growth (%) Colocation $82.9 $79.8 3.9% $324.2 $304.7 6.4% Connectivity $18.4 $17.7 4.3% $74.0 $67.7 9.3% Other $1.9 $1.9 0.8% $7.6 $5.9 30.3% Total $103.2 $99.3 3.9% $405.9 $378.3 7.3% Recurring Revenue ¹ % of % of % of % of Category Q4'18 Revenue Q4'17 Revenue Q4'18 YTD Revenue Q4'17 YTD Revenue MRC $100.9 97.8% $96.9 97.6% $395.8 97.5% $369.9 97.8% NRC $2.3 2.2% $2.4 2.4% $10.1 2.5% $8.3 2.2% Total $103.2 100.0% $99.3 100.0% $405.9 100.0% $378.3 100.0% ¹ Recurring Revenue is comprised of (1) colocation, which includes the licensing and leasing of cabinet space and power; and (2) connectivity services, which include cross-connects, broadband services and external connectivity. We consider these services recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract. Non-Recurring Charges (“NRC”) are primarily comprised of installation services related to a customer’s initial deployment. These services are non-recurring because they are typically billed once, 16 upon completion of the installation.

DIVERSE, LONG-TENURED CUSTOMER BASE Q4 2018 Customer Revenue by Industry Q4 2018 Top 10 Customers Healthcare Network & Telecom Other 7.1% 9.3% 5.1% % of Q4 2018 Customer Company Industry Classification Government & Revenue Since Utilities 1 Retail & Consumer Goods 11.4% Sep-10 2.7% Cloud, IT & 2 Finance & Banking 4.8% May-15 Software 3 Digital Content & Multi-Media Entertainment 3.5% Jun-15 24.6% 4 Network & Telecom 3.4% Mar-16 5 Digital Content & Multi-Media Entertainment 3.2% Aug-13 6 Cloud, IT & Software 2.5% Jun-10 Retail & Consumer 7 Healthcare 2.1% Oct-12 Goods 8 Cloud, IT & Software 1.9% Mar-13 17.6% 9 Cloud, IT & Software 1.8% May-14 10 Digital Content & Multi-Media Entertainment 1.7% Dec-09 Top 10 Customers Total 36.3% Finance & Banking 11.9% Digital Content & Multi-Media Entertainment Hospitality & Gaming 17.1% 4.6% 17

REVENUE GROWTH, CABINET EQUIVALENTS & CHURN New vs. Existing Customer Revenue Growth Q4 2018 Q4 YTD 2018 % of Revenue Growth From New Customers 98% 30% % of Revenue Growth From Existing Customers 2% 70% Key Revenue Drivers Q4 2018 Billable Cabinet Equivalents¹ > 14,000 MRC per Cabinet Equivalent > $2,300 Billable Cross Connects > 5,000 Churn2 Q4 2018 Q4 2017 Churn % 0.4% 0.3% 1 Billed cabinet equivalents include contracted cabinet amounts as well as equivalent units for customers that are billed on metrics such as square footage, T-SCIF (Thermal Separate Compartment in Facility), or power usage. 2 Churn is defined as a reduction in recurring revenue attributed to customer terminations or non-renewal of expired contracts, as a 18 percentage of revenue at the beginning of the period.

2018 CAPITAL EXPENDITURES & CAMPUS HIGHLIGHTS (IN $ MILLIONS) 2018 Capital Expenditures Campus Highlights The Core Campus: • Opened the Site, Shell, and Power System 1 (10MW) in LAS 2018 Total Capex of $275.5 VEGAS 11. Sectors 1 & 2 will be open in Q2 2019. • Opened 1 sector and supporting 10MW of power capacity in LAS VEGAS 10 • Upgraded portion of power and cooling infrastructure to support continued customer growth in LAS VEGAS 4 The Citadel Campus: • Opened 2 new sectors, corporate office, and supporting 10MW Power System 6 • Acquired 722 acres of land • Continued build costs associated with 40MW capacity Substation expected to go live Q1 2019 The Pyramid Campus: • Opened 1 sector (Area B) • Acquired 139 acres of land (wetland mitigation) • Build-out costs for newest sector opening in two phases in 2019 (Q1 & Q4) The Keep Campus: • Site and shell development costs for the land where the first building is expected to open in Q4 2019 • Maintenance Capex was $8 million for 2018, which represents 2.0% of revenue 19

2019 DEVELOPMENT PIPELINE 20

DEBT & LIQUIDITY (IN $ MILLIONS) Q4 2018 Capital Leases $20 Other Debt $587 Less: Cash & Cash Equivalents ($82) Net Debt $525 Fourth Quarter 2018 Annualized EBITDA $215 Net Debt / Fourth Quarter 2018 Annualized EBITDA 2.4x Liquidity¹ $582 ¹ Liquidity defined as: Remaining undrawn revolver capacity plus cash & cash equivalents 21

FULL YEAR 2019 GUIDANCE SUMMARY (IN $ MILLIONS) 2018 2019 Guidance Financial Metric Results Low High Revenue $406 $436 $445 Adjusted EBITDA¹ $202 $217 $223 Capital Expenditures $276 $210 $260 ¹ Switch does not provide reconciliations for the non-GAAP financial measures included in the 2019 guidance above due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss), depreciation, impairment charges, gains or losses on retirement of debt and variations in effective tax rate, which are difficult to predict and estimate and are primarily dependent on future events, but which are excluded from Switch's calculations 22 of Adjusted EBITDA

APPENDIX 23

NON-GAAP FINANCIAL MEASURES To supplement Switch’s condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Switch uses Adjusted EBITDA, Adjusted EBITDA margin, recurring revenue and net debt, which are non-GAAP measures, in this presentation. Switch defines Adjusted EBITDA as net income (loss) adjusted for interest expense, interest income, income taxes, depreciation and amortization of property and equipment and for specific and defined supplemental adjustments to exclude (i) non-cash equity-based compensation expense; (ii) equity in net earnings (losses) of investments; and (iii) certain other items that Switch believes are not indicative of its core operating performance. Switch defines Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. Switch defines net debt as total debt outstanding, including capital lease obligations, net of cash and cash equivalents. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. In addition, the non-GAAP measures exclude certain recurring expenses that have been and will continue to be significant expenses of Switch’s business. Switch believes these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational decision-making. 24

2016-2018 ADJUSTED EBITDA RECONCILIATION BY QUARTER (IN $ MILLIONS) Adjusted EBITDA Reconciliation Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Net income (loss) $16.7 $18.5 $15.9 ($19.8) $20.3 $15.0 $16.5 ($60.3) $4.0 $9.5 $4.7 $11.2 Interest expense 2.2 2.4 2.3 4.0 4.0 4.9 8.9 7.3 6.3 6.1 7.4 6.5 Interest income (0.0) 0.1 (0.1) (0.3) (0.0) (0.0) (0.0) (0.5) (0.7) (0.7) (0.6) (0.4) Depreciation and amortization 15.3 15.8 16.5 19.0 20.0 21.7 22.9 24.4 24.6 25.7 29.0 27.4 Loss on disposal of property and equipment 0.1 0.3 0.3 1.3 0.0 0.0 (0.0) 0.5 0.2 0.4 0.2 0.4 Impact fee expense - - - 27.0 - - - 0.6 - - - - Equity-based compensation 2.2 1.5 1.2 1.0 2.2 1.3 1.3 79.9 12.4 8.2 7.6 7.5 Equity in loss of investments 1.1 1.4 1.3 6.3 0.4 0.3 0.2 0.1 0.3 - - - Shareholder-related litigation expense - - - - - - - - - - 1.4 1.1 Loss on extinguishment of debt - - - - - 3.6 - - - - - - Gain on lease termination - - (2.8) - - - - - - - - - Impairment of notes and interest receivable - - - 2.4 - - - - - - - - Income tax (benefit) expense - - - - - - - (1.0) (0.1) 1.0 1.2 (0.1) Adjusted EBITDA $ 37.6 $ 40.0 $ 34.6 $ 41.0 $ 47.1 $ 46.8 $ 49.7 $ 51.1 $ 46.9 $ 50.3 $ 50.9 $ 53.6 Revenues $74.0 $80.8 $81.7 $81.9 $89.2 $92.1 $97.7 $99.3 $97.7 $102.2 $102.8 $103.2 Adjusted EBITDA Margin % 50.9% 49.5% 42.4% 50.0% 52.8% 50.8% 50.9% 51.4% 48.0% 49.2% 49.5% 52.0% 25

2014-2018 ADJUSTED EBITDA RECONCILIATION (IN $ MILLIONS) Adjusted EBITDA Reconciliation 2014 2015 2016 2017 2018 Net income (loss) $ 56.5 $ 73.5 $ 31.4 $(8.6) $ 29.3 Interest expense 6.8 7.7 10.8 25.1 26.4 Interest income (1.0) (0.3) (0.3) (0.6) (2.4) Depreciation and amortization 43.9 55.4 66.6 89.1 106.7 Loss on disposal of property and equipment 0.7 1.3 2.0 0.6 1.2 Impact fee expense - - 27.0 0.6 - Equity-based compensation 4.3 5.2 5.9 84.8 35.7 Equity in (net earnings) loss of investments 1.1 (0.8) 10.1 1.1 0.3 Shareholder-related litigation expense - - - - 2.5 Loss on extinguishment of debt - 0.2 - 3.6 - Gain on sale of asset - (0.2) - - - Gain on lease termination - - (2.8) - - Impairment of notes and interest receivable - - 2.4 - - Income tax (benefit) expense - - - (1.0) 1.9 Adjusted EBITDA $ 112.2 $ 141.9 $ 153.2 $ 194.7 $ 201.7 26