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Switch Balance Sheet 2021-2011 | SWCH
Brief overview of Switch's balance sheet strength
The review uses the five latest available annual reports between 2017 and 2021.
Assets advanced +103.4% to $2.9 billion from $1.4 billion; annual growth near 19.4% reflects a fast increase in scale.
Funding shifted toward liabilities: they gained +232.1%, compared with +103.4% for assets.
Equity covers only 11.3% of assets versus 7.6% initially. The loss-absorbing cushion is limited.
Net debt stands at $1.6 billion, or 4.75x of equity. The debt cushion is limited.
The cash reserve occupies 1.7% of the balance sheet, previously 18.4%. It is one marker of short-term resilience.
The accumulated result is -$23 million and remains below zero. The number alone does not explain whether losses, dividends or repurchases were the main cause.
Conclusion
Switch's balance sheet profile remains vulnerable. Lower liabilities and capital accumulation are the main routes to improvement.
Annual Balance Sheet Switch
| 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
1.57 B | 904 M | 725 M | 505 M | 327 M | 449 M | 269 M | - | - | - | - |
Long Term Debt |
1.61 B | 991 M | 745 M | 581 M | 586 M | 458 M | 283 M | - | - | - | - |
Long Term Debt Current |
3.28 M | 3.51 M | 4.8 M | 6 M | 6 M | 14.3 M | - | - | - | - | - |
Total Non Current Liabilities |
- | 1.4 B | 1.03 B | 677 M | 627 M | 497 M | 311 M | - | - | - | - |
Total Current Liabilities |
169 M | 104 M | 114 M | 75 M | 66.1 M | 146 M | - | - | - | - | - |
Total Liabilities |
2.3 B | 1.5 B | 1.15 B | 752 M | 693 M | 643 M | 363 M | - | - | - | - |
Deferred Revenue |
16.9 M | 14.9 M | 12.3 M | 10.8 M | 11.5 M | 7.16 M | 13.8 M | - | - | - | - |
Retained Earnings |
-23 M | 9 K | 2.42 M | 2.69 M | 1.6 M | - | - | - | - | - | - |
Total Assets |
2.92 B | 2.11 B | 1.77 B | 1.46 B | 1.43 B | 921 M | 648 M | - | - | - | - |
Cash and Cash Equivalents |
48.3 M | 90.7 M | 24.7 M | 81.6 M | 265 M | 22.7 M | 14.2 M | - | - | - | - |
Book Value |
619 M | 611 M | 628 M | 708 M | 742 M | 278 M | 285 M | - | - | - | - |
Total Shareholders Equity |
330 M | 266 M | 207 M | 143 M | 109 M | - | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet Switch
| 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
- | 1.89 B | 1.78 B | 1.71 B | 1.61 B | 1.53 B | 1.49 B | 992 M | 991 M | 985 M | 833 M | 814 M | 745 M | 647 M | 578 M | 579 M | 581 M | 583 M | 584 M | 585 M | 586 M | 587 M | 587 M | 587 M | 458 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
- | 2.27 B | 2.12 B | 2.37 B | 2.3 B | 2.17 B | 2.1 B | 1.54 B | 1.5 B | 1.48 B | 1.3 B | 1.24 B | 1.15 B | 958 M | 835 M | 753 M | 752 M | 754 M | 739 M | 705 M | 693 M | 693 M | 693 M | 693 M | 643 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
- | 26.8 M | 21.4 M | 21.2 M | 16.9 M | 16.4 M | 14.3 M | 18.4 M | 14.9 M | 14.5 M | 12.9 M | 15.8 M | 15 M | 13.7 M | 10.6 M | 11 M | 10.8 M | 9.92 M | 10.2 M | 11.7 M | 11.5 M | 11.5 M | 11.5 M | 11.5 M | 7.16 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
- | 342 M | 351 M | -18.2 M | -23 M | -5.02 M | 2.73 M | 5.09 M | 9 K | -325 K | 98 K | -1.75 M | 2.42 M | -51 K | 454 K | 1.66 M | 2.69 M | 981 K | 1.77 M | 2.27 M | 1.6 M | 1.6 M | 1.6 M | 1.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
- | 3.3 B | 3.11 B | 3 B | 2.92 B | 2.79 B | 2.73 B | 2.16 B | 2.11 B | 2.09 B | 1.91 B | 1.85 B | 1.77 B | 1.64 B | 1.52 B | 1.46 B | 1.46 B | 1.45 B | 1.49 B | 1.46 B | 1.43 B | 1.43 B | 1.43 B | 1.43 B | 921 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
- | 41.3 M | 31.2 M | 27.5 M | 48.3 M | 35.2 M | 84.8 M | 38.9 M | 90.7 M | 156 M | 31.7 M | 64.7 M | 24.7 M | 52.5 M | 60.2 M | 87 M | 81.6 M | 105 M | 184 M | 239 M | 265 M | 265 M | 265 M | 265 M | 22.7 M | - | - | - | 14.2 M | - | - | - | 13.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
- | 1.03 B | 991 M | 626 M | 619 M | 614 M | 622 M | 619 M | 611 M | 609 M | 606 M | 618 M | 628 M | 681 M | 690 M | 710 M | 708 M | 693 M | 749 M | 758 M | 742 M | 742 M | 742 M | 742 M | 278 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
- | 770 M | 743 M | 339 M | 330 M | 309 M | 299 M | 289 M | 611 M | 243 M | 239 M | 216 M | 207 M | 211 M | 199 M | 144 M | 143 M | 130 M | 134 M | 114 M | 109 M | 109 M | 109 M | 109 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Switch, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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