Our funnel of sales opportunities remains robust for both inbound and outbound expansions by existing enterprise clients at the Rock Campus and across the other four Switch PRIMEs. We believe this significant expansion from one of the world's largest technology companies represents a strong early validation for the Data Foundry acquisition, which closed just five months ago and sends a positive signal to the other large enterprises as Switch continues its build-out of the Rock Campus in Texas. Notably, during Q3, we executed a three-megawatt expansion with a Fortune 5 technology customer in Austin whose incremental deployment will utilize substantially all of the remaining capacity in the newest sector of our Austin 3 data center. Switch's growth efforts in Texas continued to gain momentum in third quarter as Texas customers accounted for approximately $5 million of incremental annualized revenue signings in the period. Our revenue bookings mix also demonstrates the increasing diversity of our business with 60% of our Q3 total contract value coming from PRIMEs other than Las Vegas and 44% on a year-to-date basis. This represents a year-over-year growth rate of 26% in third quarter multicampus customer revenue. As of Q3 2021, multicampus customers comprised over 38% of legacy Switch revenue compared to 33% in the prior year quarter. Switch's strategy to expand its prime footprint equally and strategically across the United States has continued to pay dividends as our customers have increasingly exhibited demand for our world-class infrastructure across multiple Switch locations. For the first nine months of 2021, our incremental annualized revenue bookings increased 25% year over year to $50 million, and total annualized revenue signings increased 28% to $88 million, inclusive of $38 million in renewals. Our sales teams once again delivered solid third quarter bookings, signing over $16 million of incremental recurring revenue and a total contract value of more than $94 million, as detailed on slide 13 of our investor deck. Gabe will provide additional details on Q3 financial performance and 2021 guidance later on today's call.
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Our Q3 adjusted EBITDA margin of 48.6% was affected by seasonally driven increases in power costs, in addition to a full quarter contribution from Data Foundry's operations, where third quarter SG&A levels do not yet reflect the full benefit of merger-related synergies. Third quarter adjusted EBITDA increased 14.5% year over year to $76.9 million, including a $4.8 million contribution from Data Foundry. Third quarter revenue was $158.1 million, increasing 23% year over year.Įxcluding a $12 million revenue contribution from Data Foundry, Switch's revenue was $146.1 million, representing a 13.5% organic growth rate compared to the year-ago quarter. Our Q3 2021 financial results detailed on slide four of our investor deck reflect accelerating top line momentum across all of our prime campus locations. We look forward to sharing additional details as we continue to move forward with this exciting evolution in Switch's corporate structure. Importantly, our strategic sales initiatives continue to gain traction, producing strong mid-teens revenue growth in the third quarter and a 25% increase in year-to-date incremental revenue signings.Īs disclosed in our earnings press release, I am pleased to announce that the Switch board of directors has voted unanimously to pursue REIT conversion, and we'll be targeting a REIT tax election on January 1, 2023. Switch accomplished another solid quarter as we continued to execute on our strategic growth initiatives, driven by strong enterprise demand for our highly resilient and sustainable data center infrastructure. Thank you for joining us today for our third quarter 2021 earnings call. Thank you, Matt, and good afternoon, everyone.