Exhibit 99.2
CYXTERA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Financial Statements
As of March 31, 2021 and December 31, 2020 and for the
Three Months Ended March 31, 2021 and 2020
CYXTERA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Balance Sheets
(in millions, except share information)
March 31, | December 31, | |||||||
2021 | 2020 | |||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash | $ | 113.6 | $ | 120.7 | ||||
Accounts receivable, net of allowance of $1.2 and $1.4 | 12.6 | 33.5 | ||||||
Prepaid and other current assets | 38.9 | 41.9 | ||||||
Due from affiliates | - | 117.1 | ||||||
Total current assets | 165.1 | 313.2 | ||||||
Property, plant and equipment, net | 1,554.0 | 1,580.7 | ||||||
Goodwill | 763.0 | 762.2 | ||||||
Intangible assets, net | 569.7 | 586.3 | ||||||
Other assets | 24.0 | 23.7 | ||||||
Total assets | $ | 3,075.8 | $ | 3,266.1 | ||||
Liabilities and shareholder's equity: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 48.2 | $ | 48.9 | ||||
Accrued expenses | 91.0 | 88.4 | ||||||
Due to affiliates | - | 22.7 | ||||||
Current portion of long-term debt, capital leases and other financing obligations | 58.1 | 65.0 | ||||||
Deferred revenue | 59.9 | 60.2 | ||||||
Other current liabilities | 7.0 | 6.8 | ||||||
Total current liabilities | 264.2 | 292.0 | ||||||
Long-term debt, net of current portion | 1,310.4 | 1,311.5 | ||||||
Capital leases and other financing obligations, net of current portion | 927.3 | 933.1 | ||||||
Deferred income taxes | 64.9 | 77.8 | ||||||
Other liabilities | 99.6 | 93.9 | ||||||
Total liabilities | 2,666.4 | 2,708.3 | ||||||
Commitments and contingencies | ||||||||
Shareholder's equity: | ||||||||
Common shares, $0.01 par value; 1,000 shares authorized; 0.88 of a share and 0.96 of a share issued and outstanding as of March 31, 2021 and | ||||||||
December 31, 2020, respectively | - | - | ||||||
Additional paid-in capital | 1,408.6 | 1,504.6 | ||||||
Accumulated other comprehensive income | 16.9 | 16.7 | ||||||
Accumulated deficit | (1,016.1 | ) | (963.5 | ) | ||||
Total shareholder's equity | 409.4 | 557.8 | ||||||
Total liabilities and shareholder's equity | $ | 3,075.8 | $ | 3,266.1 |
2
CYXTERA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Operations
(in millions)
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Revenues | $ | 172.9 | $ | 172.5 | ||||
Operating costs and expenses: | ||||||||
Cost of revenues, excluding depreciation and amortization | 98.4 | 95.9 | ||||||
Selling, general and administrative expenses | 27.6 | 31.1 | ||||||
Depreciation and amortization | 60.6 | 57.0 | ||||||
Restructuring, impairment, site closures and related costs | 8.1 | - | ||||||
Impairment of notes receivable and other amounts due from affiliate | - | 6.7 | ||||||
Total operating costs and expenses | 194.7 | 190.7 | ||||||
Loss from operations | (21.8 | ) | (18.2 | ) | ||||
Interest expense, net | (43.2 | ) | (43.3 | ) | ||||
Other expenses, net | (0.5 | ) | (0.3 | ) | ||||
Loss from operations before income taxes | (65.5 | ) | (61.8 | ) | ||||
Income tax benefit | 12.9 | 14.4 | ||||||
Net loss | $ | (52.6 | ) | $ | (47.4 | ) |
3
CYXTERA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(in millions)
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net loss | $ | (52.6 | ) | $ | (47.4 | ) | ||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustment | 0.2 | (17.4 | ) | |||||
Other comprehensive income (loss) | 0.2 | (17.4 | ) | |||||
Comprehensive loss | $ | (52.4 | ) | $ | (64.8 | ) |
4
CYXTERA TECHNOLOGIES, INC.
Unaudited Condensed Consolidated Statements of Changes in Shareholder’s Equity
(in millions, except share information)
Accumulated | ||||||||||||||||||||||||
Additional | other | Total | ||||||||||||||||||||||
Common shares | paid-in | comprehensive | Accumulated | shareholder's | ||||||||||||||||||||
Share | Amount | capital | income (loss) | deficit | equity | |||||||||||||||||||
Balance as of December 31, 2020 | 0.96 | $ | 0.01 | $ | 1,504.6 | $ | 16.7 | $ | (963.5 | ) | $ | 557.8 | ||||||||||||
Equity-based compensation | - | - | 1.9 | - | - | 1.9 | ||||||||||||||||||
Capital redemption | (0.08 | ) | - | (97.9 | ) | - | - | (97.9 | ) | |||||||||||||||
Net loss | - | - | - | - | (52.6 | ) | (52.6 | ) | ||||||||||||||||
Other comprehensive income | - | - | - | 0.2 | - | 0.2 | ||||||||||||||||||
Balance as of March 31, 2021 | 0.88 | $ | 0.01 | $ | 1,408.6 | $ | 16.9 | $ | (1,016.1 | ) | $ | 409.4 | ||||||||||||
Balance as of December 31, 2019 | 0.96 | $ | 0.01 | $ | 1,494.9 | $ | 8.0 | $ | (840.7 | ) | $ | 662.2 | ||||||||||||
Equity-based compensation | - | - | 2.2 | - | - | 2.2 | ||||||||||||||||||
Net loss | - | - | - | - | (47.4 | ) | (47.4 | ) | ||||||||||||||||
Other comprehensive income | - | - | - | (17.4 | ) | - | (17.4 | ) | ||||||||||||||||
Balance as of March 31, 2020 | 0.96 | $ | 0.01 | $ | 1,497.1 | $ | (9.4 | ) | $ | (888.1 | ) | $ | 599.6 |
5
CYXTERA TECHNOLOGIES, INC.
Unaudited
Condensed Consolidated Statements of Cash Flows
(in millions)
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net loss | $ | (52.6 | ) | $ | (47.4 | ) | ||
Cash flows from operating activities: | ||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 60.6 | 57.0 | ||||||
Restructuring, impairment, site closures and related costs | 2.0 | - | ||||||
Amortization of favorable/unfavorable leasehold interests, net | 1.1 | 0.8 | ||||||
Amortization of debt issuance costs and fees, net | 1.4 | 1.4 | ||||||
Impairment of notes receivable and other amounts due from affiliate | - | 6.7 | ||||||
Equity-based compensation | 1.9 | 2.2 | ||||||
Bad debt expense (recoveries), net | (0.2 | ) | 0.6 | |||||
Deferred income taxes | (12.9 | ) | (14.4 | ) | ||||
Non-cash interest expense, net | 2.4 | 4.6 | ||||||
Changes in operating assets and liabilities, excluding impact of acquisitions and dispositions: | ||||||||
Accounts receivable | 21.0 | (19.4 | ) | |||||
Prepaid and other current assets | 2.8 | 2.3 | ||||||
Due from affiliates | - | 1.2 | ||||||
Other assets | (0.5 | ) | 2.3 | |||||
Accounts payable | (3.1 | ) | 0.7 | |||||
Accrued expenses | 2.6 | (2.6 | ) | |||||
Due to affiliates | (22.7 | ) | - | |||||
Other liabilities | 4.3 | 3.2 | ||||||
Net cash provided by (used in) operating activities | 8.1 | (0.8 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | (13.7 | ) | (37.9 | ) | ||||
Amounts received from (advanced to) affiliate | 117.1 | (5.3 | ) | |||||
Net cash provided by (used in) investing activities | 103.4 | (43.2 | ) | |||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of long-term debt and other financing obligations | - | 91.0 | ||||||
Repayment of long-term debt | (2.3 | ) | - | |||||
Repayment of capital leases and other financing obligations | (17.1 | ) | (2.2 | ) | ||||
Capital redemption | (97.9 | ) | - | |||||
Net cash (used in) provided by financing activities | (117.3 | ) | 88.8 | |||||
Effect of foreign currency exchange rates on cash | (1.3 | ) | (3.6 | ) | ||||
Net (decrease) increase in cash | (7.1 | ) | 41.2 | |||||
Cash at beginning of period | 120.7 | 13.0 | ||||||
Cash at end of period | $ | 113.6 | $ | 54.2 | ||||
Supplemental cash flow information: | ||||||||
Cash paid for income taxes, net of refunds | $ | 0.3 | $ | 0.4 | ||||
Cash paid for interest | $ | 25.6 | $ | 24.7 | ||||
Non-cash purchases of property, plant and equipment | $ | 9.7 | $ | 29.7 |
6
CYXTERA TECHNOLOGIES, INC.
SUPPLEMENTARY INFORMATION
The following supplemental consolidating information of Cyxtera DC Holdings, Inc. and its subsidiaries (“DC Holdings”), and all other subsidiaries of the Company, including its parent Cyxtera Technologies, Inc. (“Other”) as of March 31, 2021 and December 31, 2020, and the results of its operations, comprehensive income, changes in shareholder’s equity and other comprehensive income (loss), and cash flows for the three months ended March 31, 2021 and 2020. DC Holdings is a wholly owned subsidiary of the Company.
7
CYXTERA TECHNOLOGIES, INC.
SUPPLEMENTARY INFORMATION
Schedule 1 – Unaudited Condensed Consolidating Balance Sheet Information (in millions)
As of March 31, 2021 | ||||||||||||
DC Holdings | Other | Total | ||||||||||
Assets: | ||||||||||||
Current assets: | ||||||||||||
Cash | $ | 110.4 | $ | 3.2 | $ | 113.6 | ||||||
Accounts receivable, net of allowance | 12.4 | 0.2 | 12.6 | |||||||||
Prepaid and other current assets | 34.3 | 4.6 | 38.9 | |||||||||
Due from affiliates | 66.0 | (66.0 | ) | - | ||||||||
Total current assets | 223.1 | (58.0 | ) | 165.1 | ||||||||
Property, plant and equipment, net | 1,546.2 | 7.8 | 1,554.0 | |||||||||
Goodwill | 763.0 | - | 763.0 | |||||||||
Intangible assets, net | 569.7 | - | 569.7 | |||||||||
Other assets | 18.5 | 5.5 | 24.0 | |||||||||
Total assets | $ | 3,120.5 | $ | (44.7 | ) | $ | 3,075.8 | |||||
Liabilities and shareholder's equity: | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 44.2 | $ | 4.0 | $ | 48.2 | ||||||
Accrued expenses | 71.1 | 19.9 | 91.0 | |||||||||
Current portion of long-term debt, capital leases and other financing obligations | 57.0 | 1.1 | 58.1 | |||||||||
Deferred revenue | 59.6 | 0.3 | 59.9 | |||||||||
Other current liabilities | 6.6 | 0.4 | 7.0 | |||||||||
Total current liabilities | 238.5 | 25.7 | 264.2 | |||||||||
Long-term debt, net of current portion | 1,310.4 | - | 1,310.4 | |||||||||
Capital leases and other financing obligations, net of current portion | 927.3 | - | 927.3 | |||||||||
Deferred income taxes | 64.6 | 0.3 | 64.9 | |||||||||
Other liabilities | 94.9 | 4.7 | 99.6 | |||||||||
Total liabilities | 2,635.7 | 30.7 | 2,666.4 | |||||||||
Shareholder's equity: | ||||||||||||
Common shares | - | - | - | |||||||||
Additional paid-in capital | 1,053.2 | 355.4 | 1,408.6 | |||||||||
Accumulated other comprehensive income (loss) | 17.5 | (0.6 | ) | 16.9 | ||||||||
Accumulated deficit | (585.9 | ) | (430.2 | ) | (1,016.1 | ) | ||||||
Total shareholder's equity | 484.8 | (75.4 | ) | 409.4 | ||||||||
Total liabilities and shareholder's equity | $ | 3,120.5 | $ | (44.7 | ) | $ | 3,075.8 |
8
CYXTERA TECHNOLOGIES, INC.
SUPPLEMENTARY INFORMATION
Schedule 1 – Unaudited Condensed Consolidating Balance Sheet Information (in millions, continued)
As of December 31, 2020 | ||||||||||||||||
DC Holdings | Other | Eliminations | Total | |||||||||||||
Assets: | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash | $ | 120.3 | $ | 0.4 | $ | - | $ | 120.7 | ||||||||
Accounts receivable, net of allowance | 29.3 | 4.2 | - | 33.5 | ||||||||||||
Prepaid and other current assets | 36.6 | 5.3 | - | 41.9 | ||||||||||||
Total current assets | 259.5 | 127.0 | (73.3 | ) | 313.2 | |||||||||||
Property, plant and equipment, net | 1,570.1 | 10.6 | - | 1,580.7 | ||||||||||||
Goodwill | 762.2 | - | - | 762.2 | ||||||||||||
Intangible assets, net | 586.3 | - | - | 586.3 | ||||||||||||
Other assets | 21.4 | 2.3 | - | 23.7 | ||||||||||||
Total assets | $ | 3,199.5 | $ | 139.9 | $ | (73.3 | ) | $ | 3,266.1 | |||||||
Liabilities and shareholder's equity: | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 46.0 | $ | 2.9 | $ | - | $ | 48.9 | ||||||||
Accrued expenses | 73.0 | 15.4 | - | 88.4 | ||||||||||||
Due to affiliates | - | 96.0 | (73.3 | ) | 22.7 | |||||||||||
Current portion of long-term debt, capital leases and other financing obligations | 62.5 | 2.5 | - | 65.0 | ||||||||||||
Deferred revenue | 60.2 | - | - | 60.2 | ||||||||||||
Other current liabilities | 6.8 | - | - | 6.8 | ||||||||||||
Total current liabilities | 248.5 | 116.8 | (73.3 | ) | 292.0 | |||||||||||
Long-term debt, net of current portion | 1,311.5 | - | - | 1,311.5 | ||||||||||||
Capital leases and other financing obligations, net of current portion | 933.1 | - | - | 933.1 | ||||||||||||
Deferred income taxes | 77.1 | 0.7 | - | 77.8 | ||||||||||||
Other liabilities | 93.9 | - | - | 93.9 | ||||||||||||
Total liabilities | 2,664.1 | 117.5 | (73.3 | ) | 2,708.3 | |||||||||||
Shareholder's equity: | ||||||||||||||||
Common shares | - | - | - | - | ||||||||||||
Additional paid-in capital | 1,052.8 | 451.8 | - | 1,504.6 | ||||||||||||
Accumulated other comprehensive income (loss) | 17.3 | (0.6 | ) | - | 16.7 | |||||||||||
Accumulated deficit | (534.7 | ) | (428.8 | ) | - | (963.5 | ) | |||||||||
Total shareholder's equity | 535.4 | 22.4 | - | 557.8 | ||||||||||||
Total liabilities and shareholder's equity | $ | 3,199.5 | $ | 139.9 | $ | (73.3 | ) | $ | 3,266.1 |
9
CYXTERA TECHNOLOGIES, INC.
SUPPLEMENTARY INFORMATION
Schedule 2 – Unaudited Condensed Consolidating Statements of Operations Information (in millions)
Three Months Ended March 31, 2021 | ||||||||||||
DC Holdings | Other | Total | ||||||||||
Revenues | $ | 167.9 | $ | 5.0 | $ | 172.9 | ||||||
Operating costs and expenses: | ||||||||||||
Cost of revenues, excluding depreciation and amortization | 95.7 | 2.7 | 98.4 | |||||||||
Selling, general and administrative expenses | 25.9 | 1.7 | 27.6 | |||||||||
Depreciation and amortization | 58.8 | 1.8 | 60.6 | |||||||||
Restructuring, impairment, site closures and related costs | 8.1 | - | 8.1 | |||||||||
Total operating costs and expenses | 188.5 | 6.2 | 194.7 | |||||||||
(Loss) Income from operations | (20.6 | ) | (1.2 | ) | (21.8 | ) | ||||||
Interest expense, net | (42.8 | ) | (0.4 | ) | (43.2 | ) | ||||||
Other expenses, net | (0.4 | ) | (0.1 | ) | (0.5 | ) | ||||||
(Loss) Income from operations before income taxes | (63.8 | ) | (1.7 | ) | (65.5 | ) | ||||||
Income tax benefit (expense) | 12.6 | 0.3 | 12.9 | |||||||||
Net (loss) income | $ | (51.2 | ) | $ | (1.4 | ) | $ | (52.6 | ) |
Three Months Ended March 31, 2020 | ||||||||||||
DC Holdings | Other | Total | ||||||||||
Revenues | $ | 172.5 | $ | - | $ | 172.5 | ||||||
Operating costs and expenses: | ||||||||||||
Cost of revenues, excluding depreciation and amortization | 95.9 | - | 95.9 | |||||||||
Selling, general and administrative expenses | 30.6 | 0.5 | 31.1 | |||||||||
Depreciation and amortization | 57.0 | - | 57.0 | |||||||||
Impairment (recovery) of notes receivable and other amounts due from affiliate | 7.7 | (1.0 | ) | 6.7 | ||||||||
Total operating costs and expenses | 191.2 | (0.5 | ) | 190.7 | ||||||||
(Loss) Income from operations | (18.7 | ) | 0.5 | (18.2 | ) | |||||||
Interest expense, net | (43.3 | ) | - | (43.3 | ) | |||||||
Other expenses, net | (0.2 | ) | (0.1 | ) | (0.3 | ) | ||||||
(Loss) Income from operations before income taxes | (62.2 | ) | 0.4 | (61.8 | ) | |||||||
Income tax benefit (expense) | 14.7 | (0.3 | ) | 14.4 | ||||||||
Net (loss) income | $ | (47.5 | ) | $ | 0.1 | $ | (47.4 | ) |
10
CYXTERA TECHNOLOGIES, INC.
SUPPLEMENTARY INFORMATION
Schedule 3 – Unaudited Condensed Consolidating Statements of Comprehensive Income Information (in millions)
Three Months Ended March 31, 2021 | ||||||||||||
DC Holdings | Other | Total | ||||||||||
Net loss | $ | (51.2 | ) | $ | (1.4 | ) | $ | (52.6 | ) | |||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustment | 0.2 | - | 0.2 | |||||||||
Other comprehensive loss | 0.2 | - | 0.2 | |||||||||
Comprehensive loss | $ | (51.0 | ) | $ | (1.4 | ) | $ | (52.4 | ) |
Three Months Ended March 31, 2020 | ||||||||||||
DC Holdings | Other | Total | ||||||||||
Net (loss) income | $ | (47.5 | ) | $ | 0.1 | $ | (47.4 | ) | ||||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustment | (17.3 | ) | (0.1 | ) | (17.4 | ) | ||||||
Other comprehensive loss | (17.3 | ) | (0.1 | ) | (17.4 | ) | ||||||
Comprehensive (loss) income | $ | (64.8 | ) | $ | - | $ | (64.8 | ) |
11
CYXTERA TECHNOLOGIES, INC.
SUPPLEMENTARY INFORMATION
Schedule
4 – Unaudited Condensed Consolidating Statements of Shareholder’s Equity and Other Comprehensive
(Loss) Income Information (in millions)
Accumulated | ||||||||||||||||||||||||
Additional | other | Total | ||||||||||||||||||||||
Common shares | paid-in | comprehensive | Accumulated | shareholder's | ||||||||||||||||||||
Share | Amount | capital | (loss) income | deficit | equity | |||||||||||||||||||
DC Holdings | ||||||||||||||||||||||||
Balance as of December 31, 2020 | 1 | $ | 0.01 | $ | 1,052.8 | $ | 17.3 | $ | (534.7 | ) | $ | 535.4 | ||||||||||||
Equity-based compensation, net | - | - | 0.4 | - | - | 0.4 | ||||||||||||||||||
Net loss | - | - | - | - | (51.2 | ) | (51.2 | ) | ||||||||||||||||
Other comprehensive loss | - | - | - | 0.2 | - | 0.2 | ||||||||||||||||||
Balance as of March 31, 2021 | 1 | $ | 0.01 | $ | 1,053.2 | $ | 17.5 | $ | (585.9 | ) | $ | 484.8 | ||||||||||||
Balance as of December 31, 2019 | 1.00 | $ | 0.01 | $ | 1,051.0 | $ | 8.5 | $ | (385.2 | ) | $ | 674.3 | ||||||||||||
Equity-based compensation, net | - | - | 0.4 | - | - | 0.4 | ||||||||||||||||||
Net loss | - | - | - | - | (47.5 | ) | (47.5 | ) | ||||||||||||||||
Other comprehensive income | - | - | - | (17.3 | ) | - | (17.3 | ) | ||||||||||||||||
Balance as of March 31, 2020 | 1 | $ | 0.01 | $ | 1,051.4 | $ | (8.8 | ) | $ | (432.7 | ) | $ | 609.9 | |||||||||||
Other | ||||||||||||||||||||||||
Balance as of December 31, 2020 | 1 | $ | 0.01 | $ | 451.8 | $ | (0.6 | ) | $ | (428.8 | ) | $ | 22.4 | |||||||||||
Equity-based compensation, net | - | - | 1.5 | - | - | 1.5 | ||||||||||||||||||
Capital redemption | (0.95 | ) | - | (97.9 | ) | - | - | (97.9 | ) | |||||||||||||||
Net loss | - | - | - | - | (1.4 | ) | (1.4 | ) | ||||||||||||||||
Other comprehensive loss | - | - | - | - | - | - | ||||||||||||||||||
Balance as of March 31, 2021 | 0.05 | $ | 0.01 | $ | 355.4 | $ | (0.6 | ) | $ | (430.2 | ) | $ | (75.4 | ) | ||||||||||
Balance as of December 31, 2019 | 1.00 | $ | 0.01 | $ | 1,051.0 | $ | 8.5 | $ | (385.2 | ) | $ | 674.3 | ||||||||||||
Equity-based compensation, net | - | - | 1.8 | - | - | 1.8 | ||||||||||||||||||
Net loss | - | - | - | - | 0.1 | 0.1 | ||||||||||||||||||
Other comprehensive income | - | - | - | (0.1 | ) | - | (0.1 | ) | ||||||||||||||||
Balance as of March 31, 2020 | 1 | $ | 0.01 | $ | 1,052.8 | $ | 8.4 | $ | (385.1 | ) | $ | 676.1 | ||||||||||||
Total | ||||||||||||||||||||||||
Balance as of December 31, 2020 | 0.96 | $ | 0.01 | $ | 1,504.6 | $ | 16.7 | $ | (963.5 | ) | $ | 557.8 | ||||||||||||
Equity-based compensation, net | - | - | 1.9 | - | - | 1.9 | ||||||||||||||||||
Capital redemption | (0.08 | ) | - | (97.9 | ) | - | - | (97.9 | ) | |||||||||||||||
Net loss | - | - | - | - | (52.6 | ) | (52.6 | ) | ||||||||||||||||
Other comprehensive loss | - | - | - | 0.2 | - | 0.2 | ||||||||||||||||||
Balance as of March 31, 2021 | 0.88 | $ | 0.01 | $ | 1,408.6 | $ | 16.9 | $ | (1,016.1 | ) | $ | 409.4 | ||||||||||||
Balance as of December 31, 2019 | 0.96 | $ | 0.01 | $ | 1,494.9 | $ | 8.0 | $ | (840.7 | ) | $ | 662.2 | ||||||||||||
Equity-based compensation, net | - | - | 2.2 | - | - | 2.2 | ||||||||||||||||||
Net loss | - | - | - | - | (47.4 | ) | (47.4 | ) | ||||||||||||||||
Other comprehensive income | - | - | - | (17.4 | ) | - | (17.4 | ) | ||||||||||||||||
Balance as of March 31, 2020 | 0.96 | $ | 0.01 | $ | 1,497.1 | $ | (9.4 | ) | $ | (888.1 | ) | $ | 599.6 |
12
CYXTERA TECHNOLOGIES, INC.
SUPPLEMENTARY INFORMATION
Schedule 5 – Unaudited Condensed Consolidating Statements of Cash Flows Information (in millions)
Three Months Ended March 31, 2021 | ||||||||||||
DC Holdings | Other | Total | ||||||||||
Net loss | $ | (51.2 | ) | $ | (1.4 | ) | $ | (52.6 | ) | |||
Cash flows from operating activities: | ||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating | ||||||||||||
activities: | ||||||||||||
Depreciation and amortization | 58.8 | 1.8 | 60.6 | |||||||||
Restructuring, impairment, site closures and related costs | 2.0 | - | 2.0 | |||||||||
Amortization of favorable/unfavorable leasehold interests, net | 1.1 | - | 1.1 | |||||||||
Amortization of debt issuance costs and fees, net | 1.4 | - | 1.4 | |||||||||
Equity-based compensation, net | 1.9 | - | 1.9 | |||||||||
Bad debt expense (recoveries), net | (0.2 | ) | - | (0.2 | ) | |||||||
Deferred income taxes | (12.6 | ) | (0.3 | ) | (12.9 | ) | ||||||
Non-cash interest expense | 2.4 | - | 2.4 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | 17.0 | 4.0 | 21.0 | |||||||||
Prepaid and other assets | 2.2 | 0.6 | 2.8 | |||||||||
Due from affiliates | 6.4 | (6.4 | ) | - | ||||||||
Other assets | 2.6 | (3.1 | ) | (0.5 | ) | |||||||
Accounts payable | (4.5 | ) | 1.4 | (3.1 | ) | |||||||
Accrued expenses | (1.9 | ) | 4.5 | 2.6 | ||||||||
Due to affiliates | (1.5 | ) | (21.2 | ) | (22.7 | ) | ||||||
Other liabilities | (0.9 | ) | 5.2 | 4.3 | ||||||||
Net cash provided by (used in) continuing operating activities | 23.0 | (14.9 | ) | 8.1 | ||||||||
Cash flows from investing activities: | ||||||||||||
Purchases of property, plant and equipment | (13.2 | ) | (0.5 | ) | (13.7 | ) | ||||||
Amounts received from affiliate | - | 117.1 | 117.1 | |||||||||
Net cash (used in) provided by investing activities | (13.2 | ) | 116.6 | 103.4 | ||||||||
Cash flows from financing activities: | ||||||||||||
(Repayment of) proceeds from Promissory Notes | - | - | - | |||||||||
Repayment of long-term debt | (2.3 | ) | - | (2.3 | ) | |||||||
Repayment of capital leases and other financing obligations | (15.8 | ) | (1.3 | ) | (17.1 | ) | ||||||
Capital redemption | - | (97.9 | ) | (97.9 | ) | |||||||
Net cash (used in) provided by financing activities | (18.1 | ) | (99.2 | ) | (117.3 | ) | ||||||
Effect of foreign currency exchange rates on cash | (1.6 | ) | 0.3 | (1.3 | ) | |||||||
Net decrease in cash and restricted cash | (9.9 | ) | 2.8 | (7.1 | ) | |||||||
Cash at beginning of period | 120.3 | 0.4 | 120.7 | |||||||||
Cash at end of period | $ | 110.4 | $ | 3.2 | $ | 113.6 |
13
CYXTERA TECHNOLOGIES, INC.
SUPPLEMENTARY INFORMATION
Schedule 5 – Unaudited Condensed Consolidating Statements of Cash Flows Information (in millions, continued)
Three Months Ended March 31, 2020 | ||||||||||||||||
DC Holdings | Other | Eliminations | Total | |||||||||||||
Net loss | $ | (47.5 | ) | $ | 0.1 | $ | - | $ | (47.4 | ) | ||||||
Cash flows from operating activities: | ||||||||||||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating | ||||||||||||||||
activities: | ||||||||||||||||
Depreciation and amortization | 57.0 | - | - | 57.0 | ||||||||||||
Amortization of favorable/unfavorable leasehold interests, net | 0.8 | - | - | 0.8 | ||||||||||||
Amortization of debt issuance costs and fees, net | 1.4 | - | - | 1.4 | ||||||||||||
Impairment of (recovery of) note receivable from affiliate | 7.7 | (1.0 | ) | - | 6.7 | |||||||||||
Equity-based compensation, net | 0.4 | 1.8 | - | 2.2 | ||||||||||||
Bad debt expense (recoveries), net | 0.6 | - | - | 0.6 | ||||||||||||
Deferred income taxes | (14.4 | ) | - | - | (14.4 | ) | ||||||||||
Non-cash interest expense | 4.6 | - | - | 4.6 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable | (19.4 | ) | - | - | (19.4 | ) | ||||||||||
Prepaid and other assets | 1.2 | 1.1 | - | 2.3 | ||||||||||||
Due from affiliates | - | 1.2 | - | 1.2 | ||||||||||||
Other assets | 2.2 | 0.1 | - | 2.3 | ||||||||||||
Accounts payable | 1.8 | (1.1 | ) | - | 0.7 | |||||||||||
Accrued expenses | (1.2 | ) | (1.4 | ) | - | (2.6 | ) | |||||||||
Due to affiliates | - | - | - | - | ||||||||||||
Other liabilities | 3.6 | (0.4 | ) | - | 3.2 | |||||||||||
Net cash (used in) provided by operating activities | (1.2 | ) | 0.4 | - | (0.8 | ) | ||||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchases of property, plant and equipment | (37.9 | ) | - | - | (37.9 | ) | ||||||||||
(Advances to) amounts received from affiliate | (5.3 | ) | (5.3 | ) | 5.3 | (5.3 | ) | |||||||||
Net cash (used in) provided by investing activities | (43.2 | ) | (5.3 | ) | 5.3 | (43.2 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from issuance of long-term debt and other financing obligations | 91.0 | - | - | 91.0 | ||||||||||||
Proceeds from (repayment of) Promissory Notes | - | 5.3 | (5.3 | ) | - | |||||||||||
Repayment of capital leases and other financing obligations | (2.2 | ) | - | - | (2.2 | ) | ||||||||||
Net cash provided by (used in) financing activities | 88.8 | 5.3 | (5.3 | ) | 88.8 | |||||||||||
Effect of foreign currency exchange rates on cash | (3.2 | ) | (0.4 | ) | - | (3.6 | ) | |||||||||
Net decrease in cash | 41.2 | - | - | 41.2 | ||||||||||||
Cash at beginning of period | 12.8 | 0.2 | - | 13.0 | ||||||||||||
Cash at end of period | $ | 54.0 | $ | 0.2 | $ | - | $ | 54.2 |
14