Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Cyxtera Technologies, Inc. |
Entity Central Index Key | 0001794905 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Consolidated Consolidated Balan
Consolidated Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 52.4 | $ 120.7 |
Accounts receivable, net of allowance of $0.3 and $1.4 | 18.3 | 33.5 |
Prepaid and other current assets | 37.5 | 41.9 |
Due from affiliates (Note 21) | 0 | 117.1 |
Total current assets | 108.2 | 313.2 |
Property and equipment, net | 1,530.8 | 1,580.7 |
Goodwill | 761.7 | 762.2 |
Intangible assets, net | 519.8 | 586.3 |
Other assets | 16.7 | 23.7 |
Total assets | 2,937.2 | 3,266.1 |
Current liabilities: | ||
Accounts payable | 57.9 | 48.9 |
Accrued expenses | 65.3 | 88.4 |
Due to affiliates (Note 21) | 0 | 22.7 |
Current portion of long-term debt, capital leases and other financing obligations | 50.3 | 65 |
Deferred revenue | 60.7 | 60.2 |
Other current liabilities | 10 | 6.8 |
Total current liabilities | 244.2 | 292 |
Long-term debt, net of current portion | 896.5 | 1,311.5 |
Capital leases and other financing obligations, net of current portion | 937.8 | 933.1 |
Deferred income taxes | 29.9 | 77.8 |
Warrant liabilities | 64.7 | 0 |
Other liabilities | 158.2 | 93.9 |
Total liabilities | 2,331.3 | 2,708.3 |
Commitments and contingencies (Note 19) | ||
Shareholders' equity: | ||
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Class A common stock, $0.0001 par value; 500,000,000 shares authorized; 166,207,190 and 115,745,455 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | 0 | 0 |
Additional paid-in capital | 1,816.5 | 1,504.6 |
Accumulated other comprehensive income | 10.8 | 16.7 |
Accumulated deficit | (1,221.4) | (963.5) |
Total shareholders' equity | 605.9 | 557.8 |
Total liabilities and shareholders' equity | $ 2,937.2 | $ 3,266.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable | $ 0.3 | $ 1.4 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 166,207,190 | 115,745,455 |
Common stock, shares outstanding | 166,207,190 | 115,745,455 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 703.7 | $ 690.5 |
Operating costs and expenses: | ||
Cost of revenues, excluding depreciation and amortization | 390.5 | 390.5 |
Selling, general and administrative expenses | 112.8 | 115.5 |
Depreciation and amortization | 240.6 | 231.8 |
Restructuring, impairment, site closures and related costs | 69.8 | |
Transaction- related costs | 5.2 | |
Recovery of notes receivable from affiliate (Note 21) | 0 | (97.7) |
Total operating costs and expenses | 818.9 | 640.1 |
(Loss) income from operations | (115.2) | 50.4 |
Interest expense, net | (164.9) | (169.4) |
Other expenses, net | (0.1) | (0.3) |
Change in fair value of the warrant liabilities | (25.5) | 0 |
Loss from operations before income taxes | (305.7) | (119.3) |
Income tax benefit (expense) | 47.8 | (3.5) |
Net loss | $ (257.9) | $ (122.8) |
Loss per Share | ||
Basic (in dollars per share) | $ 1.94 | $ 1.06 |
Diluted (in dollars per share) | $ 1.94 | $ 1.06 |
Weighted average number of shares outstanding | ||
Basic (in share) | 133,126,171 | 115,745,455 |
Diluted (in share) | 133,126,171 | 115,745,455 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (257.9) | $ (122.8) |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustment | (5.9) | 8.7 |
Other comprehensive (loss) income | (5.9) | 8.7 |
Comprehensive loss | $ (263.8) | $ (114.1) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Millions | Total | Previously Reported | Common stockClass A common stock | Common stockClass A common stockRetroactive application of recapitalization | Common stockClass A common stockPreviously Reported | Additional paid-in capital | Additional paid-in capitalPreviously Reported | Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss)Previously Reported | Accumulated deficit | Accumulated deficitPreviously Reported |
Beginning balance at Dec. 31, 2019 | $ 662.2 | $ 662.2 | $ 0 | $ 0 | $ 1,494.9 | $ 1,494.9 | $ 8 | $ 8 | $ (840.7) | $ (840.7) | |
Beginning balance, Shares at Dec. 31, 2019 | 115,745,455 | 115,745,454 | 0.96 | ||||||||
Equity-based compensation | 8.2 | 8.2 | |||||||||
Cybersecurity Spin-Off | 1.5 | 1.5 | |||||||||
Net loss | (122.8) | (122.8) | |||||||||
Other comprehensive income (loss) | 8.7 | 8.7 | |||||||||
Ending balance at Dec. 31, 2020 | 557.8 | $ 0 | 1,504.6 | 16.7 | (963.5) | ||||||
Ending balance, Shares at Dec. 31, 2020 | 115,745,455 | ||||||||||
Equity-based compensation | 9.5 | 9.5 | |||||||||
Capital redemption | (97.9) | (97.9) | |||||||||
Capital redemption, Shares | (9,645,455) | ||||||||||
Reverse recapitalization, net of transaction costs (in shares) | 59,878,740 | ||||||||||
Reverse recapitalization, net of transaction costs | 392.3 | 392.3 | |||||||||
Issuance of shares related to exercise of warrants (in shares) | 228,450 | ||||||||||
Issuance of shares related to exercise of warrants | 2.8 | 2.8 | |||||||||
Capital contributions | 5.2 | 5.2 | |||||||||
Net loss | (257.9) | (257.9) | |||||||||
Other comprehensive income (loss) | (5.9) | (5.9) | |||||||||
Ending balance at Dec. 31, 2021 | $ 605.9 | $ 0 | $ 1,816.5 | $ 10.8 | $ (1,221.4) | ||||||
Ending balance, Shares at Dec. 31, 2021 | 166,207,190 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss | $ (257.9) | $ (122.8) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 240.6 | 231.8 |
Restructuring, impairment, site closures and related costs | 2 | 0 |
Amortization of favorable/unfavorable leasehold interests, net | 3.7 | 3.1 |
Loss on extinguishment of debt and amortization of debt issuance costs and fees, net | 10.1 | 5.8 |
Recovery of notes receivable from affiliate (Note 21) | 0 | (97.7) |
Equity-based compensation | 9.5 | 8.2 |
Change in fair value of warrant liabilities | 25.5 | 0 |
Reversal of provision for doubtful accounts | (1.2) | (5.5) |
Deferred income taxes | (48.2) | 1.1 |
Non-cash interest expense, net | 9.7 | 12 |
Changes in operating assets and liabilities, excluding impact of acquisitions and dispositions: | ||
Accounts receivable | 16.4 | 37.4 |
Prepaid and other current assets | 3.6 | 15 |
Due from affiliates | 0 | 0.8 |
Other assets | 6.5 | 4.3 |
Accounts payable | (10.1) | (7.1) |
Accrued expenses | (22.9) | 10.2 |
Due to affiliates | (22.7) | (2.1) |
Other liabilities | 61.2 | 22.1 |
Net cash provided by operating activities | 25.8 | 116.6 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (77.5) | (83.2) |
Amounts received from (advanced to) affiliate (Note 21) | 117.1 | (19.4) |
Net cash provided by (used in) investing activities | 39.6 | (102.6) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt and other financing obligations | 40 | 91.7 |
Proceeds from recapitalization, net of issuance costs | 434.5 | 0 |
Proceeds from capital contributions | 0 | |
Capital contribution | 5.2 | |
Proceeds from sale-leaseback transaction | 5 | 46 |
Repayment of long-term debt | (461.7) | (10.3) |
Repayment of capital leases and other financing obligations | (62.1) | (36.4) |
Capital redemption | (97.9) | 0 |
Net cash (used in) provided by financing activities | (137) | 91 |
Effect of foreign currency exchange rates on cash | 3.3 | 2.7 |
Net (decrease) increase in cash | (68.3) | 107.7 |
Cash at beginning of period | 120.7 | 13 |
Cash at end of period | 52.4 | 120.7 |
Supplemental cash flow information: | ||
Cash paid for income taxes, net of refunds | 4.5 | 3.6 |
Cash paid for interest | 58.6 | 157.4 |
Non-cash purchases of property and equipment | $ 65.7 | $ 55.3 |
Organization and description of
Organization and description of the business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and description of the business | Note 1. Organization and description of the business Cyxtera Technologies, Inc. (“Cyxtera” or the “Company”) is a global data center leader in retail colocation and interconnection services. Cyxtera’s data center platform consists of 61 highly interconnected data centers across 28 markets on three continents. Cyxtera was incorporated in Delaware as Starboard Value Acquisition Corp. (“SVAC”) on November 14, 2019. On July 29, 2021 (the “Closing Date”), SVAC consummated the previously announced business combination pursuant to the Agreement and Plan of Merger, dated February 21, 2021 ( the “Merger Agreement”), by and among SVAC, Cyxtera Technologies, Inc. (now known as Cyxtera Technologies, LLC), a Delaware corporation (“Legacy Cyxtera”), Mundo Merger Sub 1, Inc., a Delaware Corporation and wholly owned subsidiary of SVAC (“Merger Sub 1”), Cyxtera Holdings, LLC (formerly known as Mundo Merger Sub 2, LLC), a Delaware limited liability company and wholly owned subsidiary of SVAC (“Merger Sub 2” and, together with Mundo Merger Sub 1, the “Merger Subs”), and Mundo Holdings, Inc. (“NewCo”), a Delaware corporation and wholly owned subsidiary of SIS Holdings LP, a Delaware limited partnership (“SIS”). Pursuant to the Merger Agreement, Legacy Cyxtera was contributed to NewCo and then converted into a limited liability company and, thereafter, Merger Sub 1 was merged with and into NewCo, with NewCo surviving such merger as a wholly owned subsidiary of SVAC and immediately following such merger and as part of the same overall transaction NewCo was merged with and into Merger Sub 2, with Merger Sub 2 surviving such merger as a wholly owned subsidiary of SVAC (the “Business Combination” and, collectively with the other transactions described in the Merger Agreement, the “Transactions”). On the Closing Date, and in connection with the closing of the Business Combination, SVAC changed its name to Cyxtera Technologies, Inc. Legacy Cyxtera was deemed the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) Topic 805. This determination was primarily based on Legacy Cyxtera’s stockholders prior to the Business Combination having a majority of the voting power in the combined company, Legacy Cyxtera having the ability to appoint a majority of the board of directors of the combined company, Legacy Cyxtera’s existing management comprising the senior management of the combined company, Legacy Cyxtera’s operations comprising the ongoing operations of the combined company, Legacy Cyxtera being the larger entity based on historical revenues and business operations and the combined company assuming Legacy Cyxtera’s name. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Cyxtera issuing stock for the net assets of SVAC, accompanied by a recapitalization. The net assets of SVAC are stated at historical cost, with no goodwill or other intangible assets recorded. While SVAC was the legal acquirer in the Business Combination, because Legacy Cyxtera was deemed the accounting acquirer, the historical financial statements of Legacy Cyxtera became the historical financial statements of the combined company upon the consummation of the Business Combination. As a result, the financial statements included in this report reflect: (i) the historical operating results of Legacy Cyxtera prior to the Business Combination; (ii) the consolidated results of SVAC and Legacy Cyxtera following the close of the Business Combination; (iii) the assets and liabilities of Legacy Cyxtera at their historical cost; and (iv) the Company’s equity structure for all periods presented. In accordance with guidance applicable to these circumstances, the equity structure has been restated in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s Class A common stock, $0.0001 par value per share, issued to Legacy Cyxtera’s shareholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Cyxtera common stock prior to the Business Combination have been retroactively restated as shares reflecting the effective exchange ratio of 120,568,182 utilized in the Business Combination. Refer to Note 3 for further discussion of the Cyxtera and SVAC Business Combination. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 2. Summary of significant accounting policies a) Basis of presentation and use of estimates The accompanying consolidated financial statements are presented in accordance with US generally accepted accounting principles (“US GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates and assumptions. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to the allowance for doubtful accounts, fair values of financial instruments, intangible assets and goodwill, useful lives of intangible assets and property and equipment, assets acquired, and liabilities assumed from acquisitions, asset retirement obligations and income taxes. b) Risks and uncertainties Preparing financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Examples include, but are not limited to, asset and goodwill impairments, allowance of doubtful accounts, stock-based compensation forfeiture rates, future asset retirement obligations and the potential outcome of future tax consequences of events that have been recognized in the consolidated financial statements. Actual results and outcomes may differ from these estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment. Coronavirus (COVID-19) During the year ended December 31, 2021, the COVID-19 COVID-19 c) Principles of consolidation and foreign currency translation The consolidated financial statements include Cyxtera accounts and the accounts of entities in which Cyxtera has a controlling financial interest, the usual condition of which is ownership of a majority voting interest. All material intercompany balances and transactions have been eliminated in consolidation. The functional currency of each of the Company’s operating subsidiaries is generally the currency of the economic environment in which the subsidiary primarily does business. The Company’s foreign subsidiaries’ financial statements are translated into dollars using the foreign exchange rates applicable to the dates of the financial statements. Assets and liabilities are translated using the end-of-period For any transaction that is denominated in a curre d) Financial instruments and concentrations of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of accounts receivable. The Company operates primarily in the United States; realization of its customer accounts receivable and its future operations and cash flows could be affected by adverse economic conditions in the United States. During the years ended December 31, 2021, and 2020, Lumen Technologies Inc, formerly known as CenturyLink Inc., (“Lumen”), the Company’s largest customer, accounted for approximately respectively, of the Company’s consolidated revenue. Revenues from Lumen are recognized pursuant to a Master Services Agreement (the “MSA”), dated May 1, 2017, between the Company and Lumen. The MSA originally had an initial term of three years, subject to renewal, and contained provisions related to rental of space for an initial term of 10 years, subject to renewal – see Note 11 – Leases, for the related disclosure on minimum lease receipts. On July 10, 2020, the Company entered into a new master agreement with Lumen (the “Master Agreement”). The Master Agreement replaced the MSA with retroactive effect to May 1, 2020, and provides for services with staggered terms through April 30, 2025. Provisions related to the rental of space were included on substantially the same terms as provided under the MSA. In connection with the execution and delivery of the Master Agreement, the Company also settled various other amounts due from and due to Lumen, which resulted in a net gain of approximately $11.0 million. This net gain will be recognized over the five-year term of the Master Agreement. During the years ended December 31, 2021, and 2020, no other customer accounted for more than 5% of the Company’s consolidated revenues. e) Property and equipment Property and equipment is recorded at the Company’s original cost or fair value for property, plant and equipment acquired through acquisition, net of accumulated depreciation and amortization. In general, depreciation is computed using the straight-line method over the estimated useful life of the asset being depreciated. Leasehold improvements are amortized over the shorter of the useful life of the asset or the length of the expected lease term. When property, plant and equipment is sold or otherwise disposed of, the costs and accumulated depreciation are generally removed from the accounts and any gain or loss is recognized in income. The estimated useful lives used in computing depreciation and amortization are as follows: Asset class Estimated useful Buildings 10 — Leasehold improvements 3 — Personal property 2 — The Company’s construction in progress is stated at original cost. Construction in progress consists of costs incurred under construction contracts, including services related to project management, engineering and schematic design, design development and construction and other construction-related fees and services. The Company has contracted out substantially all of its current construction and expansion projects to independent contractors. In addition, the Company generally capitalizes interest costs during the construction phase. During the years ended December 31, 2021, and 2020, the Company capitalized interest of $1.7 million and $3.6 million, respectively. At the time a construction or expansion project becomes operational, these capitalized costs are allocated to certain property and equipment assets and are depreciated over the estimated useful lives of the underlying assets. Major improvements are capitalized, while maintenance and repairs are expensed when incurred. f) Long-lived assets Long-lived assets, such as property, plant and equipment and intangible assets subject to amortization, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Some of the events and circumstances that would trigger an impairment review include, but are not limited to, a significant decrease in market price of a long-lived asset, a significant adverse change in legal factors or business climate that could affect the value of a long-lived asset, or a continuous deterioration of the Company’s financial condition. Recoverability of assets to be held and used is assessed by comparing the carrying amount of an asset to estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized based on the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company did not record any impairment charges on long-lived assets during the years ended December 31, 2021, and 2020. g) Asset retirement obligations The Company has asset retirement obligations (each an “ARO”) primarily associated with its obligations as of December 31, 2021, and 2020, respectively, and the related cost is capitalized within property, plant and equipment on the consolidated balance sheets. h) Goodwill Goodwill is calculated as the excess of the purchase price over the fair value of assets acquired and liabilities assumed in connection with a business combination. Goodwill will not be amortized, but rather tested for impairment at least annually or more often if an event occurs or circumstances change which indicate impairment might exist. Goodwill is evaluated at the reporting unit level. The Company has identified a single reporting unit. The Company conducts goodwill impairment testing as of October 1st of each year or whenever an indicator of impairment exists. The Company has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, after assessing the qualitative factors, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company will not be required to perform a quantitative test. However, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then it is required to perform a quantitative impairment test. The quantitative test compares the fair value of a reporting unit with its carrying value, including goodwill. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. i) Debt issuance costs and fees Debt issuance costs and fees are capitalized and amortized over the term of the related loans based on the effective interest method. Such amortization is a component of interest expenses, net on the consolidated statements of operations. Debt issuance costs related to outstanding debt are presented as a reduction of the carrying amount of the debt liability and debt issuance fees related to the Revolving Facility (as defined in Note 12—Long-term debt) are presented within other assets on the Company’s consolidated balance sheets. j) Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). The fair value is based on assumptions that market participants would use when pricing the asset or liability. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs to the calculation, as follows: Input level Description of input Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly Level 3 Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability k) Revenue Revenue recognition Cyxtera derives the majority of its revenues from recurring revenue streams, consisting primarily of colocation service fees. The Company derives revenue from colocation service fees, which include fees for the licensing of space, power and interconnection services. Almost all of the Company’s revenue is derived from sales to customers in the United States, based upon the service address of the customer. Revenue derived from customers outside the United States, based upon the service address of the customer, was not significant in any individual foreign country. The remainder of the Company’s revenues are derived from non-recurring Revenue from Contracts with Customers Leases. Under the revenue accounting guidance, revenues are recognized when control of these products and services is transferred to the Company’s customers, in an amount that reflects the consideration it expects to be entitled to in exchange for the products and services. Revenues from recurring revenue streams are generally invoiced monthly in advance and recognized ratably over the term of the contract, which is generally three years. Non-recurring fees, although generally invoiced in a lump sum upon installation, are deferred and recognized ratably over the contract term. Professional service fees and equipment sales are also generally invoiced in a lump sum upon service delivery and are recognized in the period when the services are provided or the equipment is delivered. For contracts with customers that contain multiple performance obligations, the Company accounts for individual performance obligations separately if they are distinct or as a series of distinct obligations if the individual performance obligations meet the series criteria. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The transaction price is allocated to the separate performance obligation on a relative standalone selling price basis. The standalone selling price is determined based on overall pricing objectives, taking into consideration market conditions, geographic locations and other factors. Other judgments include determining if any variable consideration should be included in the total contract value of the arrangement, such as price increases. Revenue is generally recognized on a gross basis in accordance with the accounting standard related to reporting revenue on a gross basis as a principal versus on a net basis as an agent, as the Company is primarily responsible for fulfilling the contract, bears inventory risk and has discretion in establishing the price when selling to the customer. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records the revenue on a net basis. The Company estimates credits on contractual billings using historical data and recognizes an allowance that reduces net sales. Historically, these credits have not been significant. Occasionally, the Company enters into contracts with customers for data center, office and storage spaces, which contain lease components. The Company’s leases with customers are generally classified as operating leases and lease payments are recognized on a straight-line basis over the lease term. Lease revenues are included within revenues in the Company’s consolidated statements of operations. Taxes collected from customers and remitted to governmental authorities are reported on a net basis and are excluded from revenue. Contract balances The timing of revenue recognition, billings and cash collections result in accounts receivables, contract assets and deferred revenues. A receivable is recorded at the invoice amount, net of an allowance for doubtful accounts and is recognized in the period in which the Company has transferred products or provided services to its customers and when its right to consideration is unconditional. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 45 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the Company’s contracts generally do not include a significant financing component. The Company assesses collectability based on a number of factors, including past transaction history with the customer and the credit-worthiness of the customer. The Company generally does not request collateral from its customers. The Company also maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments that the Company had expected to collect. If the financial condition of the Company’s customers deteriorates or if they become insolvent, resulting in an impairment of their ability to make payments, greater allowances for doubtful accounts may be required. Management specifically analyzes accounts receivable and current economic news and trends, historical bad debts, customer concentrations, customer credit-worthiness and changes in customer payment terms when evaluating revenue recognition and the adequacy of the Company’s reserves. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectable are charged to bad debt expense, which is included in selling, general and administrative expenses in the consolidated statements of operations. Delinquent account balances are written off after management has determined that collection is not probable. A contract asset exists when the Company has transferred products or provided services to its customers, but customer payment is contingent upon satisfaction of additional performance obligations. Certain contracts include terms related to price arrangements such as price increases and free months. The Company recognizes revenues ratably over the contract term, which could potentially give rise to contract assets during certain periods of the contract term. Contract assets are recorded in prepaid and other current assets and other assets in the consolidated balance sheets. Deferred revenue (a contract liability) is recognized when the Company has an unconditional right to a payment before we transfer products or services to customers. Deferred revenue is included in other current liabilities and other liabilities in the consolidated balance sheets. Contract costs Direct and indirect incremental costs solely related to obtaining revenue generating contracts are capitalized as costs of obtaining a contract when they are incremental and if they are expected to be recovered. Such costs consist primarily of commission fees and sales bonuses, contract fulfillment costs, as well as other related payroll costs. Contract costs are amortized over the estimated period of benefit, which is estimated as three years, on a straight-line basis. For further information on revenue recognition, see Note 6—Revenue. l) Restructuring charges If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life or changes its use of assets and estimated cash flows are revised accordingly, the Company may be required to record an asset impairment charge. Additionally, related liabilities may arise such as severance, contractual obligations and other accruals associated with site closures from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charges recorded. m) Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 480, Distinguishing Liabilities from Equity (“ASC Topic 480”), and FASB ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed Upon the consummation of the Business Combination, Cyxtera assumed certain warrants issued by SVAC. Such warrants consisted of public warrants issued in SVAC’s initial public offering (“IPO”) (the “Public Warrants”) and warrants issued by SVAC to the Sponsor and certain clients of Starboard Value LP (the “Forward Purchasers”) in private placement transactions (the “Private Placement Warrants” and, together with the Public Warrants, the “Public and Private Placement Warrants”). The Public and Private Placement Warrants were reallocated upon the consummation of the Business Combination and recognized as derivative liabilities in accordance with ASC Topic 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are exercised. The Public and Private Placement Warrants were initially recorded at fair value on the date of the Business Combination. n) Income taxes The Company files a consolidated US federal, state, local and foreign income tax returns where applicable. Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not to be realized in the future. A tax benefit from an uncertain income tax position may be recognized in the financial statements only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. o) Equity-based compensation SIS Profit Interest Units SIS has issued equity awards in the form of profit interest units (“PIUs”) to certain employees of Cyxtera and its affiliates. Compensation expense related to PIU awards is based on the fair value of the underlying units on the grant date. Fair value of PIUs is estimated using a Black-Scholes option pricing model (“OPM”), which requires assumptions as to expected volatility, dividends, term and risk-free rates. These PIUs vest based on a service condition. For additional information regarding equity-based compensation, see Note 15 – Equity compensation. Stock-based compensation The Company maintains the 2021 Omnibus Incentive Plan (the “2021 Plan”), an equity incentive plan under which the Company may grant equity incentive awards, including non-qualified p) Other comprehensive (loss) income Other comprehensive (loss) income refers to revenues, expenses, gains and losses that are included in comprehensive (loss) income but are excluded from net loss as these amounts are recorded directly as an adjustment to shareholders’ equity. The Company’s other comprehensive (loss) income is composed of unrealized gains and losses on foreign currency translation adjustments. q) Advertising expenses Costs related to advertising are expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of operations. Advertising expenses of $3.2 million and $2.4 million were recorded during the years ended December 31, 2021, and 2020, respectively. r) Recent accounting pronouncements The Company is as an “emerging growth company” as defined in the JOBS Act. The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards, such that an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to avail itself of the extended transition periods and, as a result, the Company will not be required to adopt new or revised accounting standards on the adoption dates required for other public companies so long as the Company remains an emerging growth company. In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes pany In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases 2017-13, 2018-01, 2018-10, 2018-11, 2018-20 2020-05 right-of-use The Company expects to elect the package of practical expedients which allows the Company not to reassess (1) whether any expired or existing contracts contain leases under the new definition of a lease; (2) the lease classification for any expired or existing leases; and (3) whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. The Company expects that this standard will have a material effect on its financial statements, including: (1) the recognition of new ROU assets and lease liabilities on its balance sheet for operating leases; and (2) significant new financial statement disclosures regarding our leasing activities. The Company is currently evaluating the extent of the impact that the adoption of this standard will have on its accounting, processes and systems. |
Business combination
Business combination | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business combination | Note 3. Business combination July 29, 2021, Acquisition of Legacy Cyxtera On July 29, 2021, Legacy Cyxtera consummated the Business Combination with SVAC, with Legacy Cyxtera deemed the accounting acquirer. The Business Combination was accounted for as a reverse recapitalization with no goodwill or other intangible assets recorded, in accordance with US GAAP. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Cyxtera issuing stock for net assets of SVAC, accompanied by a recapitalization. As stated in Note 1, in connection with the closing of the Business Combination, SVAC was renamed Cyxtera Technologies, Inc. Of the shares of SVAC’s Class A common stock issued in its IPO (“Public Shares”) in , holders of shares of SVAC’s Class A common stock properly exercised their right to have such shares redeemed for a full pro rata portion of the trust account holding the proceeds from SVAC’s IPO, calculated as of business days prior to the consummation of the Business Combination, which was approximately $ per share or $ million in the aggregate. As a result, shares of Class A common stock remained outstanding, million in the trust account. As a result of the Business Combination, 106,100,000 shares of Class A common stock were issued to SIS, the sole stockholder of Cyxtera prior to the Business Combination, and 25,000,000 shares of Class A common stock were issued to certain qualified institutional buyers and accredited investors, at a price of $10.00 per share, for aggregate consideration of $250.0 million, for the purpose of raising additional capital for use by the combined company following the closing of the Business Combination and satisfying one of the conditions to the closing (the “PIPE Investment”). Additionally, as a result of the Business Combination, 10,526,315 shares of Class A common stock were issued to the “Forward Purchasers” for $100 million and 10,105,863 shares of SVAC Class B common stock held by the Sponsor, automatically converted to 10,105,863 shares of Class A common stock. In connection with SVAC’s IPO, the Forward Purchasers and SVAC entered into an Optional Share Purchase Agreement, dated September 9, 2020 (the “Optional Share Purchase Agreement”), pursuant to which the Forward Purchasers were granted the option, exercisable anytime or from time to time during the six-month period following the day that is the first business day following the closing of the Company’s initial business combination, to purchase common equity of the surviving entity in the initial business combination (the “Optional Shares”) at a price per Optional Share of $10.00, subject to adjustments. In connection with the Merger Agreement, Legacy Cyxtera and the Forward Purchasers entered into a letter agreement pursuant to which the Forward Purchasers agreed not to purchase Optional Shares for an aggregate amount exceeding $ million. On July , , immediately prior to the consummation of the Transactions, Legacy Cyxtera entered into a second letter agreement (the “Optional Purchase Letter Agreement”) with the Forward Purchasers pursuant to which the parties agreed to amend the Optional Share Purchase Agreement to limit the number of Optional Shares available for purchase by the Forward Purchasers in the six-month period following the Transactions from $ million to $ million. Additionally, pursuant to an assignment agreement entered into concurrently with the Optional Purchase Letter Agreement (the “Assignment Agreement”), the Forward Purchasers agreed to assign an option to purchase $ million of Optional Shares under the Optional Share Purchase Agreement to SIS. As a result of the Optional Purchase Letter Agreement and the Assignment Agreement, each of SIS and the Forward Purchasers had an option to purchase, at a price of $ per share, up to million shares of Class A common stock (for a combined maximum amount of $ million or million shares) during the six-month period following the day that is the first business day following the closing date of the Transactions. The exercise price of $ per share is subject to adjustment in proportion to any stock dividends, stock splits, reverse stock splits or similar transactions. If the optional share purchase holder exercises the option, then the Company would be obligated to issue shares of Class A common stock in exchange for cash (the option would be settled on a gross basis). The accounting guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity (“ASC Subtopic 815-40”), states that contracts should be classified as equity instruments (and not as an asset or liability) if they are both indexed to the issuer’s own stock and classified in stockholders’ equity in the issuer’s statement of financial position. The optional share purchase options are indexed to the Company’s Class A common stock because the options are considered a fixed-for-fixed option on equity shares, pursuant to which the option holder will receive a fixed number of Class A common stock for a fixed conversion price of $ per share. The Optional Share Purchase Agreement contains no contingent exercise or settlement provisions, which would preclude equity classification. In January 2022, the Optional Shares were exercised by the holders at an exercise price of $ per share, which resulted in the Company receiving $ million of proceeds and the issuance of 7.5 million shares. See Note 22—Subsequent Events for additional information. After giving effect to the Transactions, the redemption of the Public Shares as described above, the issuance of shares as part of the forward purchase and the consummation of the PIPE Investment, there were 165,978,740 shares of Class A common stock issued and outstanding, immediately following the completion of the Business Combination. The Class A common stock and Public Warrants commenced trading on the Nasdaq on July 30, 2021. As noted above, an aggregate of $261.8 million was paid from SVAC’s trust account to holders that properly exercised their right to have Public Shares redeemed, and the remaining balance immediately prior to the closing remained in the trust account. After taking into account the funds of $142.5 million in the trust account and $1.4 million from SVAC’s cash operating accounts after redemptions, the $250.0 million in gross proceeds from the PIPE Investment and the $100.0 million in gross proceeds from forward purchase, the Company received approximately $493.9 million in total cash from the Business Combination, before direct and incremental transaction costs of approximately $59.4 million and debt repayment of $433.0 million, plus accrued interest. The $433.0 million debt repayment includes the full repayment of Legacy Cyxtera’s 2017 Second Lien Term Facility of $310.0 million and pay down of Legacy Cyxtera’s Revolving Facility and 2021 Revolving Facility (each as defined in Note 12) of $123.0 million, plus accrued interest. Prior to the Business Combination, Legacy Cyxtera and SVAC filed separate federal, state and local income tax returns. As a result of the Business Combination, which qualified as a reverse recapitalization, SVAC (now known as Cyxtera Technologies, Inc.) became the legal parent of the consolidated filing group, with Legacy Cyxtera (now known as Cyxtera Technologies, LLC) as a subsidiary. The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of changes in shareholders’ equity for the year ended December 31, 2021: Recapitalization SVAC’s trust and cash, net of redemption $ 143.9 Cash-PIPE Investment 250.0 Cash-Forward Purchase 100.0 Less: transaction cost and advisory fees, net of tax benefit (59.4 ) Net proceeds from reverse recapitalization 434.5 Plus: non-cash (1) (41.8 ) Less: accrued transaction costs and advisory fees (0.4 ) Net contributions from reverse recapitalization $ 392.3 (1) Represents $41.8 million of non-cash |
Loss per common share
Loss per common share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per common share | Note 4. Loss per common share Basic loss per share is computed by dividing net loss (the numerator) by the weighted-average number of shares of Class A common stock outstanding (the denominator) for the period. Diluted loss per share assumes that any dilutive equity instruments were exercised with outstanding Class A common stock adjusted accordingly when the conversion of such instruments would be dilutive. The Company’s potential dilutive shares, which include outstanding Public and Private Placement Warrants, unvested employee stock options, unvested restricted stock units, and options issued to the Forward Purchasers and SIS pursuant to the Optional Share Purchase Agreement, have been excluded from diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding as of December 31, 2021, from the computation of diluted net loss per share because including them would have an anti-dilutive effect: Year Ended December 31, Public and Private Warrants 19,356,867 Unvested employee stock options 849,233 Unvested restrictive stock units 3,347,511 Optional Shares 7,500,000 Total Shares 31,053,611 For the year ended December 31, 2020, the Company did have any potential dilutive shares. In connection with the Optional Shares exercised and the Public and Private Warrants exercised in January 2022 an additional of common shares were issued. For further information refer to Note 22, Subsequent Events. |
Restructuring Impairment Site C
Restructuring Impairment Site Closures And Related Costs | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, impairment, site closures and related costs | Note 5. Restructuring, impairment, site closures and related costs Addison site In January 2021, the Company notified the landlord of the Addison office space in Texas of its intent to sublease the property for the remaining 10 years. The Company ceased use and leased the space during the three months ended March 31, 2021. In connection with this decision, the Company incurred $7.9 million of expenses, including $5.9 million of accrued lease termination costs and $2.0 million of asset disposals. Moses Lake site In February 2021, the Company notified the landlord of the Moses Lake data center facility in the State of Washington of its intent to cease the use of the space. Accordingly, the Company accelerated depreciation and amortization of all assets on the site, including favorable leasehold interest amortization, which resulted in $1.8 million additional depreciation and amortization during the year ended December 31, 2021, and $0.6 million additional favorable leasehold interest amortization, recorded in cost of revenues, during the year ended December 31, 2021, respectively. The Company ceased use of the property in June 2021 at which time it met the conditions for recording a charge related to the remaining lease obligation of million. There is no sublease in place on this property. Furthermore, management believes the ability to sublease the property is remote and as such has not made any assumption for the future cash flows from a potential sublease in making this estimate. As of December , , the restructuring liability reserve is entirely related to lease termination costs and is included in other liabilities in the consolidated balance sheets. , 2021 Beginning balance $— Lease termination costs 64.4 Reclassification of deferred rent credits 3.4 Accretion 3.5 Payments (9.0) Ending balance $ 62.3 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 6. Revenue Disaggregation of revenue The Company disaggregates revenue from contracts with customers into recurring revenue and non-recurring non-recurring non-recurring non-recurring 2021 2020 Recurring revenue $ 671.5 $ 657.4 Non-recurring 32.2 33.1 Total $ 703.7 $ 690.5 Contract balances The following table summarizes the opening and closing balances of the Company’s receivables; contract asset, current; contract asset, non-current; non-current Receivables Contract Contract non-current Deferred Deferred non-current Closing balances as of December 31, 2019 $ 65.2 $ 32.5 $ 23.8 $ 14.6 $ 9.6 Net (decrease) increase during the year ended December 31, 2020 (31.7 ) (8.7 ) (7.0 ) 1.0 8.5 Closing balances as of December 31, 2020 33.5 23.8 16.8 15.6 18.1 Net (decrease) increase during the year ended December 31, 2021 (15.2 ) (6.6 ) (4.7 ) (1.1 ) (3.4 ) Closing balances as of December 31, 2021 18.3 17.2 12.1 14.5 14.7 The difference between the opening and closing balances of the Company’s contract assets and deferred revenues primarily results from the timing difference between the Company’s performance obligation and the customer’s payment. The amounts of revenue recognized during the years ended December , , and , from the opening deferred revenue balance was $ million and $ million, respectively. During the years ended December , , and , impairment loss related to contract balances was recognized in the consolidated statements of operations. In addition to the contract liability amounts shown above, deferred revenue on the consolidated balance sheets includes $46.1 million and $44.6 million of advanced billings as of December 31, 2021 , Contract costs The ending balance of net capitalized contract costs as of December 31, 2021 , , , , , , Remaining performance obligations Under colocation contracts, Cyxtera’s performance obligations are to provide customers with space and power through fixed duration agreements, which are typically three years in length. Under these arrangements, the Company bills customers on a monthly basis. Under interconnection agreements, Cyxtera’s performance obligations are to provide customers the ability to establish connections to their network service providers and business partners. Interconnection services are typically offered on month-to-month Cyxtera’s remaining performance obligations under its colocation agreements represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized in future periods. The remaining performance obligations do not include estimates of variable consideration related to unsatisfied performance obligations, such as the use of metered power, or any contracts that could be terminated without significant penalties, such as the majority of interconnection revenues. The aggregate amount allocated to performance obligations that were unsatisfied or partially unsatisfied as of December 31, 2021, was $818.0 million, of which 45%, 27% and 28% is expected to be recognized over the next year, the next one to two years, and thereafter, respectively. While initial contract terms vary in length, substantially all contracts automatically renew in one-year |
Balance Sheet components
Balance Sheet components | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet components | Note 7. Balance sheet components Allowance for doubtful accounts The activity in the allowance for doubtful accounts during the year ended December 31, 2021, and 2020 was as follows (in millions): 2021 2020 Beginning balance $ 1.4 $ 13.5 Recoveries (Write-offs) 0.1 (6.5 ) Reversal of allowance (1.2 ) (5.5 ) Impact of foreign currency translation — (0.1 ) Ending balance $ 0.3 $ 1.4 During the year ended December 31, 2021, the Company recorded recoveries of $0.1 million and decreased its allowance by $1.2 million, respectively. During the year ended December 31, 2020, the Company recorded write-offs of $6.5 million and decreased its allowance by $5.5 million, respectively. The allowance for doubtful accounts was impacted to a lesser extent from foreign currency translation during the same period. Factored receivables On February 9, 2021, a subsidiary of Cyxtera entered into a Master Receivables Purchase Agreement with Nomura Corporate Funding America, LLC (the “Factor”) to factor up to $37.5 million in open trade receivables at any point during the term of the commitment, which extends for a period of 540 days provided that the Factor has the right to impose additional conditions to its obligations to complete any purchase after 360 days. The Factor has not imposed any such additional conditions. Pursuant to the terms of the arrangement, a subsidiary of the Company shall, from time to time, sell to the Factor certain of its accounts receivable balances on a non-recourse basis for credit approved accounts. The agreement allows for up to Prepaid and other current assets Prepaid and other current assets consist of the following as of December 31, 2021, and 2020 (in millions): 2021 2020 Contract asset, current $ 17.2 $ 23.8 Prepaid expenses 19.3 14.6 Value added tax (“VAT”) receivable — 0.9 Other current assets 1.0 2.6 Total prepaid and other current assets $ 37.5 $ 41.9 |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | Note 8. Property, plant and equipment, net Property, plant and equipment, net consist of the following as of December 31, 2021, and 2020 (in millions): 2021 2020 Land $ 10.6 $ 10.6 Buildings 1,030.4 986.1 Leasehold improvements 933.5 882.8 Personal property 222.9 186.8 Construction in progress 65.2 68.9 2,262.6 2,135.2 Less: accumulated depreciation and amortization (731.8 ) (554.5 ) Property, plant and equipment, net $ 1,530.8 $ 1,580.7 Assets under capital leases and related accumulated amortization are $943.8 million and $193.4 million, respectively , , Depreciation and amortization expense amounted to $180.3 million and $171.4 million, respectively , , |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | Note 9. Goodwill and intangible assets Goodwill was $761.7 million and $762.2 million as of December 31, 2021 , , In addition, the Company has indefinite-lived intangible assets of $0.5 million as of December 31, 2021 , Summarized below are the carrying values for the major classes of amortizing intangible assets as of December 31, 2021 , 2021 2020 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 768.0 $ (281.4 ) $ 486.6 $ 768.0 $ (221.1 ) $ 546.9 Favorable leasehold interests 57.6 (24.9 ) 32.7 59.3 (20.4 ) 38.9 Developed technology 0.3 (0.3 ) — 0.3 (0.3 ) — Total intangibles $ 825.9 $ (306.6 ) $ 519.3 $ 827.6 $ (241.8 ) $ 585.8 The main changes in the carrying amount of each major class of amortizing intangible assets during the years ended December 31, 2021 , Amortization expense on intangible assets, excluding the impact of unfavorable leasehold interest amortization, amounted to $ million and $ million, respectively, for the years ended December , , and . Amortization expense for all intangible assets, except favorable leasehold interests, was recorded within depreciation and amortization expense in the consolidated statements of operations. As of December , , and , the Company had $ million and $ million, respectively, of unfavorable leasehold interests included within other liabilities in the accompanying consolidated balance sheets. Favorable leasehold amortization of $ million and $ million, and unfavorable leasehold amortization of $ million and $ million, respectively, was recorded within cost of revenues, excluding depreciation and amortization in the consolidated statements of operations for the years ended December , , and . The Company estimates annual amortization expense for existing intangible assets subject to amortization is as follows (in millions): For the years ending: 2022 $ 65.7 2023 65.7 2024 65.7 2025 65.0 2026 64.4 Thereafter 192.8 Total amortization expense $ 519.3 Impairment tests The Company performs annual impairment tests of goodwill on October 1st of each year or whenever an indicator of impairment exists. No impairment charges were recorded during the years ended December 31, 2021, and 2020. During the years ended December 31, 2021, and 2020, the Company performed a qualitative assessment, which consists of an assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. As of December 31, 2021, and 2020, the Company concluded goodwill was |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Note 10. Fair value measurements The fair value of cash, accounts receivable, accounts payable, accrued expenses, deferred revenue and other current liabilities approximate their carrying value because of the short-term nature of these instruments. The carrying values and fair values of other financial instruments are as follows as of December 31, 2021 , 2021 2020 Carrying value Fair value Carrying value Fair value 2017 First Lien Term Facility $ 778.3 $ 780.0 $ 786.6 $ 730.6 2019 First Lien Term Facility 97.5 98.0 98.5 93.0 2017 Second Lien Term Facility — — 310.0 241.8 Revolving Facility 2.7 2.7 142.6 142.6 2021 Revolving Facility 37.3 37.3 — — The fair value of our First Lien Term Facility (as defined in Note 12) as of December 31, 2021, and 2020 was based on the quoted market price for this instrument in an inactive market, which represents a Level 2 fair value measurement. During the year ended December 31, 2021, the 2017 Second Lien Term Facility (as defined in Note 12) was paid in full. At December 31, 2020, the quoted market price for this instrument was also based on the quoted market price in an inactive market, representing a Level 2 fair value measurement. The carrying value of the Revolving Facility (as defined in Note 12) and the 2021 Revolving Facility (as defined in Note 12) approximates estimated fair value as of December 31, 2021, and 2020 due to the variability of interest rates. Debt issuance costs of million, respectively, as of December 31, 2021, and 2020 are not included in the carrying value of these instruments as shown above. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 11. Leases Capital lease obligations and sale-leaseback financings The Company leases certain facilities and equipment under capital lease arrangements that expire at various dates ranging from 2022 to 2054. The Company also enters sale-leaseback financings, primarily relating to equipment. Amortization of assets under capital leases is included in depreciation and amortization expense in the Company’s consolidated statements of operations. Payments on capital leases and sale-leaseback financings are included in repayments of capital leases and sale-leaseback financings in the Company’s consolidated statements of cash flows. The weighted-average interest rate on the Company’s sale-leaseback financings is 7.9% as of December 31, 2021. The lease terms of the Company’s sale-leaseback financings range from 24 to 36 months. During the years ended December 31, 2021, and 2020, the Company had additions to assets and liabilities recorded as sale-lease financings of The future minimum lease payments under capital lease arrangements and sale-leaseback financings as of December 31, 2021, are as follows (in millions): For the years ending: 2022 $ 135.1 2023 128.3 2024 118.5 2025 120.6 2026 119.3 Thereafter 2,285.0 Total minimum lease payments 2,906.8 Less: amount representing interest (1,930.5 ) Present value of net minimum lease payments 976.3 Less: current portion (38.5 ) Capital leases, net of current portion $ 937.8 Interest expense recorded in connection with capital leases and sale-leaseback financings totaled $101.5 million and $98.0 million, respectively, for the years ended December 31, 2021, and 2020 and is included within interest expense, net in the accompanying consolidated statements of operations. Operating leases The Company leases the majority of its data centers and certain equipment under noncancelable operating lease agreements. The Company’s operating leases for data centers expire at various dates from to with renewal options available to the Company. The lease agreements typically provide for base rental rates that increase at defined intervals during the term of the lease. In addition, the Company has negotiated rent expense abatement periods for certain leases to better match the phased build out of its data centers. The Company accounts for such abatements and increasing base rentals using the straight-line method over the term of the lease. The difference between the straight-line expense and the cash payment is recorded as deferred rent within other liabilities in the consolidated balance sheets. As described in Note 2 – Significant accounting policies The future minimum lease receipts and payments under operating leases as of December 31, 2021, are as follows (in millions): For the years ending: Lease receipts Lease commitments (1) 2022 $ 12.2 $ 60.3 2023 12.2 59.7 2024 12.2 59.2 2025 12.2 50.6 2026 12.2 46.3 Thereafter 4.1 273.8 Total minimum lease receipts/payments $ 65.1 $ 549.9 (1) Minimum lease payments have not been reduced by minimum sublease rentals of $45.1 million due in the future under non-cancelable Total rent expense, including the $64.4 million restructuring charge for Moses Lake and Addison as described in Note 5 and the net impact from amortization of favorable and unfavorable leasehold interests, was approximately $181.0 million and $113.8 million, respectively, for the years ended December 31, 2021 , and |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt | Note 12. Long-term debt Long-term debt consists of the following as of December 31, 2021, and 2020 (in millions): 2021 2020 2017 First Lien Term Facility due May 2024 $ 778.3 $ 786.6 2019 First Lien Term Facility due May 2024 97.5 98.5 2017 Second Lien Term Facility due May 2025 — 310.0 Revolving Facility due May 2022 2.7 142.6 2021 Revolving Facility due November 2023 37.3 — Less: unamortized debt issuance costs (7.5 ) (17.1 ) 908.3 1,320.6 Less: current maturities of long-term debt (11.8 ) (9.1 ) Long-term debt, net current portion $ 896.5 $ 1,311.5 Senior Secured Credit Facilities On May 1, 2017, a subsidiary of the Company (the “Borrower”) entered into credit agreements for up to $1,275.0 million of borrowings under first and second lien credit facilities (together with the 2019 First Lien Term Facility and the 2021 Revolving Facility described below, collectively, the “Senior Secured Credit Facilities”). The Senior Secured Credit Facilities consist of (a) a first lien credit agreement providing for (i) a $150.0 million first lien (the “Revolving Facility”) and (ii)(a) an First Lien Term Facility”) and (b) a second pay-down The Senior Secured Credit Facilities are secured by substantially all assets of Borrower and contain customary covenants, including reporting and financial covenants, some of which require the Borrower to maintain certain financial coverage and leverage ratios, as well as customary events of default, and are guaranteed by certain of the Borrower’s domestic subsidiaries. As of December 31, 2021, the Company believes the Borrower was in compliance with these covenants. The Revolving Facility, the 2021 Revolving Facility, the 2017 First Lien Term Facility and the 2019 First Lien Term Facility have a term, The Borrower is required to make amortization payments on each of the First Lien Term Facility and the First Lien Term Facility at a rate of % of the original principal amount per annum, payable on a , with the remaining balance to be repaid in full at maturity. The First Lien Term Facility bears interest at a rate based on LIBOR plus a margin that can vary from % to %. The First Lien Term Facility bears interest at a rate based on LIBOR plus a margin that can vary from % to %. The Second Lien Term Facility, which was repaid in , bore interest at a rate based on LIBOR plus a margin that varied from % to %. As of December 31, 2021, the rate for the 2017 First Lien Term Facility was %, The Revolving Facility and the 2021 Revolving Facility allow the Borrower to borrow, repay and reborrow over their stated term. The Revolving Facility and the 2021 Revolving Facility provide a sublimit for the issuance of letters of credit of up to $30.0 million at any one time. Borrowings under the Revolving Facility and the 2021 Revolving Facility bear interest at a rate based on LIBOR plus a margin that can vary from 2.5% to 3.0% or, at the Borrower’s option, the alternative base rate, which is defined as the higher of (a) the Federal Funds Rate plus 0.5%, (b) the JP Morgan prime rate or (c) one-month The aggregate maturities of our long-term debt, including the Revolving Facilities, are as follows as of December 31, 2021 (in millions): For the years ending: Principal amount 2022 $ 11.8 2023 46.5 2024 850.0 2025 — Total $ 908.3 Interest expense, net Interest expense, net for the years ended December 31, 2021, and 2020 consist of the following (in millions): 2021 2020 Interest expense on debt, net of capitalized interest $ 53.3 $ 66.6 Interest expense on capital leases 101.5 98.0 Amortization of deferred financing costs and fees 10.1 5.8 Interest income on Promissory Notes (Note 21) — (1.0 ) Total $ 164.9 $ 169.4 |
Warrant Liabilities
Warrant Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Warrant Liabilities | Note 13. Warrant liabilities In September 2020, in connection with SVAC’s IPO, SVAC issued Public Warrants to purchase shares of SVAC Class A common stock at $ per share. Simultaneously with the consummation of the IPO, SVAC issued Private Placement Warrants to purchase shares of its Class A common stock at $ per share to the Sponsor and to SVAC’s underwriters. In July 2021, in connection with the Business Combination transaction described in Note 3, additional Public and Private Placement Warrants were issued to SVAC common stockholders, including the Forward Purchasers. At July 29, 2021 (the Business Combination date ), and of Public Warrants and and of Private Placement Warrants outstanding, respectively. The Public and Private Placement Warrants expire five from the completion of the Business Combination. The Public and Private Placement Warrants may only be exercised for a whole number of shares. In September 2021 we filed a Registration Statement on Form S-1 We may call the Public Warrants for redemption: • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sales price of the Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-day If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the Warrant Agreement. In addition, commencing 90 days after the warrants become exercisable, the Company may redeem the outstanding warrants for shares of Class A common stock (including both Public and Private Placement Warrants): • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption, provided that holders will be able to exercise their warrants prior to redemption and receive that number of shares of Class A common stock determined by reference to an agreed table described in the Warrant Agreement, based on the redemption date and the “fair market value” of the Class A common stock except as otherwise described below; • if, and only if, the last sale price of Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which the Company sends notice of redemption to the warrant holders; • if, and only if, the Private Placement Warrants also concurrently exchanged at the same price (equal to a number of shares of Class A common stock) as the outstanding Public Warrants, as described above; and • if , 30-day The Private Placement Warrants may be exercised for cash or on a cashless basis, so long as they are held by the Sponsor or its permitted transferees. If the Private Placement Warrants are held by holders other than the initial purchasers or any of their permitted transferees, they will be redeemable by us and exercisable by the holders on the same basis as the Public Warrants. The exercise price and number of shares of Class A common stock issuable upon exercise of the Public and Private Placement Warrants may be adjusted in certain circumstances including in the event of a share capitalization, or recapitalization, reorganization, merger or consolidation. The exercise price of the Public and Private Placement Warrants would have adjusted if, in connection with the closing of the Business Combination, we issued additional shares of Class A common stock or securities convertible into or exercisable or exchangeable for shares of Class A common stock for capital raising purposes at an issue price or effective issue price of less than $9.20 per share and certain other conditions were satisfied. The Public and Private Placement Warrant exercise price would have been adjusted to be equal to 115% of the price received in the new issuance. In connection with the Business Combination, we did not issue any additional shares of Class A common stock for capital raising purposes at an issue price or effective issue price of less than $9.20 per share, therefore the price reset provision was not triggered. The Public and Private Placement Warrants have provisions which could affect the settlement amount. Such variables are outside of those used to determine the fair value of a fixed-for-fixed 815-40, The Public and Private Placement Warrants are measured at fair value on a recurring basis. The Public Warrants are traded on the Nasdaq and are recorded at fair value using the closing price as of the measurement date, and as such, represents a Level 1 fair value measurement. At the acquisition date, the Private Placement Warrants are recorded at fair value on a recurring basis using a Monte Carlo simulation model and unobservable inputs, and as such, represent a Level 3 fair value measurement. The Monte Carlo simulation model requires inputs such as the fair value of our Class A common stock, the risk-free interest rate, expected term, expected dividend yield and expected volatility. The fair value of our Class A common stock is considered a Level 1 input as shares of our Class A common stock are freely traded on the Nasdaq. The risk-free interest rate assumption is determined by using the US Treasury rates of the same period as the expected term of the Private Placement Warrants. The dividend yield assumption is based on the dividends expected to be paid over the expected life of the warrants. Our volatility is derived from several publicly traded peer companies and the implied volatility of our Public Warrants. We will continue to adjust the Public and Private Placement Warrant liabilities for changes in fair value for the Public and Private Placement Warrants until the warrants are exercised, redeemed or cancelled. In December 2021, the Company announced that it would redeem all Public and Private Placement Warrants that remained outstanding as of 5:00 p.m., New York time, on January 19, 2022. Pursuant to the terms of the Warrant Agreement, prior to the Redemption Time, the warrant holders were permitted to exercise their warrants either (a) on a cash basis by paying the exercise price of per warrant in cash or (b) on a “cashless basis,” in which case the holder would receive shares of Class A common stock per warrant. As of December 31, 2021, Public Warrants were exercised in accordance with the terms of the Warrant Agreement, resulting in the issuance of shares of Class A common stock. None of the Private Warrants were exercised through December 31, 2021. For the Public Warrants exercised through December 31, 2021, the warrants were marked to market through the settlement date utilizing the publicly traded closing stock price of the Public Warrants on the settlement date, with changes in the fair value through the settlement date recorded as change of fair value of warrant liabilities in other expenses in the consolidated statements of operations. Upon settlement, the remaining warrant liabilities were derecognized and the liabilities and cash received from warrant holders was recorded as consideration for the common shares issued (an increase of million was recorded to additional paid in capital). As a result of the redemption notice for the Public and Private Warrants, the valuation method for the Private Placement Warrants was changed from the Monte Carlo Simulation to utilizing a fair value based on the publicly traded closing price of the Public Warrants given that in connection with the terms of the redemption notice, the exercise and settlement provision of the Public and Private Warrants are substantially the same. Such fair value determination represents a Level 2 fair value input. Subsequent to December 31, 2021, the remaining Public and Private Warrants were either exercised by the holders, or if not exercised, such warrants were redeemed by the Company at the Redemption Time (See Note 22, Subsequent Events). There was a transfer between fair value measurement level (from Level 3 to Level 2) for the Private Placement Warrants that were called for redemption in December 2021. There were no Level 3 warrant liabilities outstanding during the year ended December 31, 2020. The following table presents information about the Company’s movement in its Level 1, Level 2 and Level 3 warrant liabilities measured at fair value (in millions): Public Warrants Private Warrants Private Warrants Total Balance at the beginning of the period $ — $ — $ — $ — Warrant liabilities assumed on July 29, 2021 23.2 — 18.6 41.8 Level 3 transfer-out transfer-in — 18.6 (18.6 ) — Change in the fair value of the warrant liabilities 15.5 10.0 — 25.5 Warrants exercised for Class A common stock (2.6 ) — — (2.6 ) Balance at the end of the period $ 36.1 $ 28.6 $ — $ 64.7 The key assumptions used to determine the fair value of the Private Placement Warrants at July 29, 2021 (the date the warrant obligation was assumed by Cyxtera) using the Monte Carlo simulation model were as follows: Inputs As of July 29, 2021 Risk - 0.73 % Volatility for Least-Square Monte Carlo Model 35.7 % Expected Term in Years 5.00 Fair Value of Class A Common Stock $ 9.55 |
Shareholder's equity
Shareholder's equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholder's equity | Note 14. Shareholders’ equity As mentioned in Note 1, the equity structure has been restated in all the comparative periods up to the Closing Date to reflect the number of shares of the Company’s Class A common stock, $0.0001 par value per share, issued to Legacy Cyxtera’s shareholder in connection with the Business Combination. Accordingly, the shares and corresponding capital amounts and earnings per share prior to the Business Combination have been retroactively restated as of January 1, 2020, to 115,745,455 shares, as shown in the consolidated statements of changes in shareholders’ equity. The Company’s authorized shares capital consists of 510,000,000 shares of capital stock, of which 500,000,000 are designated as Class A common stock, and 10,000,000 are designated as preferred stock. As of December 31, 2020, Legacy Cyxtera had 115,745,455 shares of Class A common stock issued and outstanding, which shares were owned by SIS. On February 19, 2021, Cyxtera redeemed, cancelled and retired 9,645,455 shares of its common stock, par value $0.0001, prior to the Business Combination, held by SIS, in exchange for the payment of $97.9 million by the Company to SIS. In December 2021, 840,456 Public Warrants were exercised in accordance with the terms of the Warrant Agreement, resulting in the issuance of 228,450 shares of Class A common stock. As of December 31, 2021, the Company had 166,207,190 shares of Class A common stock issued and outstanding, of which 64% was beneficially , and During the year ended December 31, 2021, SIS made a capital contribution of million to fund a Business Combination transaction bonus that was paid to current and former employees and directors of Legacy Cyxtera. The transaction bonus of |
Equity compensation
Equity compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement, Disclosure [Abstract] | |
Equity Compensation | Note 15. Equity compensation SIS Holdings LP Class B Profit Units SIS adopted the SIS Holdings LP Class B Unit Plan (the “SIS Plan”) in May 2017. The purpose of the SIS Plan was to promote the interests of SIS and its controlled affiliates, including Cyxtera and Appgate (former cybersecurity business), by (a) attracting and retaining officers, directors, managers, employees and consultants of SIS and its controlled affiliates and (b) enabling such persons to acquire an equity interest in and participate in the long-term growth and financial success of SIS and its controlled affiliates. All awards were issued in 2017, 2018 and 2019 (none were issued in 2020 or 2021). Awards under the SIS Plan are subject to a vesting schedule measured by a service condition such that awards vest 25% after the first anniversary of issue date (or, with respect to certain employees, the earlier of their hire date and May 1, 2017) and the remainder vest in equal monthly installments over the 42 months following the initial vesting date. In addition, vesting of all unvested units will be accelerated upon the satisfaction of a performance condition, namely an “exit event.” An exit event is defined as a change of control through sale of all or substantially all of the assets of SIS and its subsidiaries (whether by merger, recapitalization, stock sale or other sale or business combination, including the sale of any subsidiary accounting for all or substantially all of the revenues of SIS and its subsidiaries on a consolidated basis) or any transaction resulting in a change of in excess of 50% of the beneficial ownership of the voting units of SIS. The holders of the Class B units were not required to make any capital contributions to SIS or the Company in exchange for their Class B units and are entitled to receive distributions on their vested units (including those accelerated upon an exit event). Compensation expense related to the Class B units is recognized based on the estimated fair values of the Class B units and recognized on a straight line basis over the service period. The fair value of the Class B units was estimated using a Black-Scholes OPM, which estimates the fair value of each class of security using call options. Similar to call options for publicly-traded stock, call options used in an OPM assign value to each class of security based on the potential to profit from the upside of the business while taking into account the unique characteristics of each class of security. Each call option gives its holder the right, but not the obligation, to buy the underlying asset at a predetermined price, or exercise price. The starting equity value is based on the total equity value of the Company rather than, in the case of a regular call option, the per share stock price. The strike prices on the options in an OPM model are represented by “breakpoints,” which are the points at which there is a change in the proportion of the claims of the various securities on the total equity value. Each junior security is considered a call option with a claim on the equity value at an exercise price which settles all of the more senior claims and takes into account the unique characteristics of each class of security. A discount for lack of marketability was then calculated based on the Finnerty model, using series-specific volatility, and applied to the per share value of Class B units produced by the OPM, to arrive at a non-marketable The following inputs were used in the valuation of the Class B units for grants issued during the years ended December 31, 2019, and 2018: 2019 2018 Expected life (years) 3.9 4.0 Risk-free rate (%) 1.55 % 2.70 % Expected volatility (%) 45 % 35 % Expected dividend (%) — % — % Expected life: Risk-free rate: Expected volatility: Expected dividend: A summary of PIU awards granted by SIS to the employees of the Company, for the years ended December 31, 2021 , Number of units Weighted-average Outstanding at January 1, 2020 686,714 $ 82.65 Forfeited (48,995 ) (81.95 ) Outstanding at December 31, 2020 637,719 $ 82.70 Forfeited (4,407 ) (89.00 ) Outstanding at December 31, 2021 633,312 $ 82.63 Equity-based compensation costs totaled $6.3 million and $7.5 million, respectively, for the years ended December 31, 2021 , and , respectively, , or As of December 31, 2021, total equity-based compensation costs related to 26,281 unvested Class B units not yet recognized totaled $1.9 million, which is expected to be recognized over a weighted-average period of two years. Stock Options On July 29, 2021, the Company adopted the 2021 Plan. The total number of the number of shares granted on the one-year anniversary of the grant date, and the remainder of the options will vest ratably in twelve equal quarterly installments over the The fair value of stock options awards was estimated at the grant date at $2.42 per share using a Black Scholes valuation model, with the following weighted average assumptions for the year ended December 31, 2021: Stock Options Granted during Expected term (in years) 6.1 Expected stock volatility 30.7 % Risk-free interest rate 0.87 % Stock price at grant date $ 8.65 Exercise price $ 9.55 Dividend yield — % The expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. Expected stock price volatility is based on the volatility of the stock of public companies peers. The risk-free interest rate is based on the implied yield available on US Treasury zero-coupon issues with an equivalent remaining term. The dividend yield assumption is based on our anticipated cash dividend payouts. Stock option transactions are as follows: Shares Subject Weighted Average Weighted Average Aggregate Intrinsic Outstanding from January 1, 2020 , — $ — — $ — Granted 849,233 $ 9.55 Exercised — $ — Expired/forfeited — $ — Outstanding at December 31, 2021 849,233 $ 9.55 9.6 $ 2,598,653 Exercisable, December 31, 2021 — $ — — $ — Unvested and expected to vest, December 31, 2021 849,233 $ 9.55 9.6 $ 2,598,653 The aggregate intrinsic value in the table above is the amount by which the value of the underlying stock exceeded the exercise price of outstanding options, before applicable income taxes, and represents the amount optionees would have realized if all-in-the-money options had been exercised on the last business day of the period indicated. As of December 31, 2021, the total unrecognized stock-based compensation, related to unvested options was approximately $1.8 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 3.59 years. No options were exercised or vested during the year ended December 31, 2021. Total stock options compensation expense related to the stock options for the year ended December 31, 2021, was approximately million, and is recorded in selling, general and administrative expenses in the consolidated statements of operations. The related income tax benefit for the year ended December 31, 2021, was inconsequential. Restricted Stock Units On October 1, 2021, and November 12, 2021, the Company granted approximately million of restricted stock units (“RSUs”) under the 2021 Plan. RSUs may be settled in shares or cash at the Company’s option with Board of Directors and Compensation Committee approval. The Company has the intent and ability to settle the RSU awards with shares. The fair value of RSUs granted is determined using the fair value of the Company’s Class A common stock on the date of the grant, which was respectively. RSUs were granted to members of the Board of Directors and employees of the Company. The RSUs granted to the members of the board vest over on the one year anniversary of the date of grant. The RSUs issued to employees vest in three equal annual installments. RSUs transactions are as follows: Shares Weighted Weighted Aggregate Outstanding from January 1, 2020 , — $ — — $ — Granted 3,347,511 $ 9.32 Exercised — $ — Expired/forfeited (11,700 ) $ 9.30 Outstanding at December 31, 2021 3,335,811 $ 9.32 1.6 $ 42,064,577 Exercisable, December 31, 2021 — $ — — $ — Unvested and expected to vest, December 31, 2021 3,335,811 $ 9.32 1.6 $ 42,064,577 As of December 31, 2021, the total unrecognized stock-based compensation, net of actual forfeitures, related to unvested RSUs was approximately million, before income taxes, and is expected to be recognized over a weighted period of approximately years. No RSUs vested during the year ended December 31, 2021. Total RSU compensation expense totaled $3.0 million for the year ended December 31, 2021, of which approximately $2.8 million is recorded in selling, general and administrative expenses and million is recorded in cost of revenues, excluding depreciation and amortization, in the consolidated statements of operations. The related income tax benefit for the year ended December 31, 2021, was inconsequential. |
Cyxtera Management, Inc. Long-T
Cyxtera Management, Inc. Long-Term Incentive Plan | 12 Months Ended |
Dec. 31, 2021 | |
Incentive Distribution, Managing Member or General Partner [Abstract] | |
Cyxtera Management, Inc. Long-Term Incentive Plan | Note 16. Cyxtera Management, Inc. Long-Term Incentive Plan On February 13, 2018, Cyxtera Management Inc. (“Management Company”) adopted the Cyxtera Management, Inc. Long-Term Incentive Plan (the “LTI Plan”). The purpose of the LTI Plan is to retain key talent, attract new employees, align particular behavior with the common goals of profitability and revenue growth, provide incentive awards, the value of which are tied to the equity value of SIS, and to create an opportunity for certain key employees to participate in value creation. The value of award units under the LTI Plan is tied to SIS’s equity value. Award units entitle the holder to share in the equity appreciation of SIS upon an exit event or an initial public offering. Except in the case of an initial public offering, any payments in respect of the awards are expected to be made in cash. In an initial public offering, payment may be made in the stock of the initial public offering vehicle. Payout is estimated to range between $0 and $70.0 million, depending on a multiple based on the results of the exit event or initial public offering. While awards under the LTI Plan vest, to the extent there is no exit event or an initial public offering, the awards expire after seven years from the grant date. The Company has determined that no expense or liability should be recognized under this LTI Plan until an exit event or initial public offering occurs. As described in Note 1, on February 21, 2021, Cyxtera entered into the Merger Agreement, which closed on July 29, 2021. Pursuant to the Merger Agreement, the Company caused its subsidiaries to declare an “Early Settlement Event” under (resulting in the final settlement of) the LTI Plan and any award agreements thereunder, without liability to the Company or any of its subsidiaries. |
Employee benefits – 401(k
Employee benefits – 401(k) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee benefits – 401(k) | Note 17. Employee benefits – 401(k) Effective July 2, 2017, the Company’s employees are eligible to participate in the Cyxtera 401(k) Savings Plan (the “Plan”), a defined contribution benefit plan sponsored by the Management Company. Under the Plan, the Company may make a safe harbor matching contribution equal to 100% of an employee’s salary deferral that does not exceed 1% of the employee’s compensation plus 50% of the salary deferral between 1% and 6% of the employee’s compensation. Matching contributions made to the Plan were $2.8 million and $3.0 million for the years ended December 31, 2021, and 2020, respectively, of which Through December 31, 2020, employees of Appgate were eligible to participate in the Plan. Under the Cyxtera Management Inc. transition service agreement (“Transition Services Agreement”), costs related to the participation of Appgate employees in the Plan were charged back to Appgate through the Transition Services Agreement. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 18. Income taxes The income tax benefit (expense) from continuing operations for the years ended December 31, 2021, and 2020 consists of the following (in millions): 2021 2020 Domestic and foreign loss: US $ (284.9 ) $ (97.9 ) Foreign loss (20.8 ) (21.4 ) Total loss before income taxes (305.7 ) (119.3 ) Current: US $ — $ — US (0.2 ) (0.2 ) Foreign (0.2 ) (2.2 ) Total current tax provision (0.4 ) (2.4 ) Deferred: US 42.5 5.7 US 4.9 (1.7 ) Foreign 0.8 (5.1 ) Total deferred tax provision 48.2 (1.1 ) Total income tax benefit (expense) $ 47.8 $ (3.5 ) The effective tax rate for the years ended December 31, 2021, and 2020 is )%, respectively. An income tax reconciliation between the US statutory tax rate of for each of the years ended December 31, 2021, and 2020 and the effective tax rate is as follows (in millions): 2021 2020 Income tax at US $ 64.2 $ 25.1 State and local taxes, net of federal income tax benefit 12.6 9.2 Valuation allowance (21.9 ) (31.6 ) Nondeductible equity-based compensation (1.3 ) (1.6 ) Taxes of foreign operations at rates different than US 1.1 (1.9 ) Foreign adjustments 0.6 (1.8 ) Impact of foreign law changes (1.0 ) — Change of fair value of the warrant liabilities (5.4 ) — Other (1.1 ) (0.9 ) Total income tax benefit (expense) $ 47.8 $ (3.5 ) The effective tax rate for the year ended December 31, 2021, differs from the US Federal income tax rate of primarily due to state taxes, the change in fair value of warrant liabilities and recorded valuation allowances. For the year ended December 31, 2020, the effective tax rate differs primarily due to state taxes and US and foreign taxes on the Company’s earnings as well as recorded valuation allowances. The tax effects of temporary differ 2021 2020 Deferred tax assets: Capital leases $ 55.1 $ 27.8 Other accruals 14.1 15.6 Deferred rent 3.6 4.8 Acquisition and other related costs 4.9 6.2 Net operating loss carryforward 91.6 73.8 Interest expense carryforward 44.9 35.4 Asset retirement obligations 1.7 1.6 Allowance for doubtful accounts 1.2 2.0 Impairment of Promissory Notes — 9.1 Other 4.8 — Valuation allowance (53.7 ) (37.3 ) Total deferred tax assets 168.2 139.0 Less deferred tax liabilities: Intangibles (165.7 ) (177.0 ) Property, plant and equipment (23.4 ) (35.9 ) Contract asset (2.4 ) (2.0 ) Other (5.6 ) (1.3 ) Total deferred tax liability (197.1 ) (216.2 ) Deferred tax liability, net $ (28.9 ) $ (77.2 ) As of December 31, 2021 , million, respectively, is included in deferred income tax liabilities in the accompanying consolidated balance sheets. The Company anticipates most of its deferred tax assets will be realized within the period during which its deferred tax liabilities are expected to reverse. However, there are certain US federal and foreign deferred tax assets as well as state net operating losses (“NOLs”) that are not expected to be realized before expiration and as such are not more likely than not realizable and the Company has recorded a valuation allowance against such deferred tax assets. As of December 31, 2021, the Company has US million will In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. In making such a determination, we considered all available positive and negative evidence, including our past operating results, forecasted earnings, frequency and severity of current and cumulative losses, duration of statutory carryforward periods, future taxable income and prudent and feasible tax planning strategies. On the basis of this evaluation, we continue to maintain a valuation allowance against a portion of the Company’s deferred tax assets. As of December 31, 2021, the Company has recorded a valuation allowance of $53.7 million for the portion of the deferred tax asset that did not meet the more likely than not realization criteria. The Company recorded an increase in its valuation allowance on its net deferred taxes of approximately million during the year ended December 31, 2021. The changes in valuation allowance are primarily due to certain US and Foreign deferred tax assets that management believes are not more likely than not to be fully realized in future periods. In addition, certain state NOL carryforward assets are reduced by a valuation allowance and/or are subject to an annual limitation under Internal Revenue Code Section 382. If losses continue, we may not be able to benefit from such future losses and additional valuation allowances may also be required. The Company is subject to taxation in the United States and various foreign jurisdictions. As of December 31, 2021, the Company is no longer subject to examination by the Internal Revenue Service (“IRS”) for tax years prior to 2017 and generally not subject to examination by state tax authorities for tax years prior to 2016. With few exceptions, the Company is no longer subject to foreign examinations by tax authorities for tax years prior to 2017. The Company is currently under examination in the United States by the IRS and some state tax authorities. The Company is also currently under audit in Germany for its 2016 tax year; however, the outcome and any resulting liability related to Germany is not the responsibility of the Company. The Company does not have any unrecorded unrecognized tax positions (“UTPs”) as of December 31, 2021. While the Company currently does not have any UTPs, it is foreseeable that the calculation of the Company’s tax liabilities may involve dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company’s global operations. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. Upon identification of a UTP, the Company would (1) record the UTP as a liability in accordance with ASC 740 and (2) adjust these liabilities if/when management’s judgment changes as a result of the evaluation of new information not previously available. Ultimate resolution of UTPs may produce a result that is materially different from an entity’s estimate of the potential liability. In accordance with ASC 740, the Company would reflect these differences as increases or decreases to income tax expense in the period in which new information is available. The Company recognized and includes interest and penalties accrued on uncertain tax positions as a component of income tax expense. The amount of accrued interest and penalties was not significant. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): 2021 2020 Beginning balance as of January 1 $ 1.0 $ — Additions based on tax positions related to the current year — 1.0 Settlements (1.0 ) — Closing balance as of December 31 $ — $ 1.0 As of December 31, 2021, the Company had no unrecognized tax benefits that would affect the annual effective rate. As of December 31, 2021 , million, respectively, which the Company intends to reinvest indefinitely. As part of the Tax Act, the Company paid a one-time deemed repatriation tax on the ending balance as of December 31, 2017. With respect to the remaining total balance as of December 31, 2021, the Company does not expect to incur US Federal, state, local or foreign withholding taxes on the balance of these unremitted earnings as management plans to indefinitely reinvest these earnings overseas. In the event the Company determines not to continue to assert that all or part of its undistributed foreign earnings are permanently reinvested, such a determination in the future could result in the accrual and payment of additional foreign withholding taxes and US taxes on currency transaction gains and losses, the determination of which is not practicable due to the complexities associated with the hypothetical calculation. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 19. Commitments and contingencies Letters of credit As of December 31, 2021, and 2020, the Company had million, respectively, in irrevocable stand-by letters of credit outstanding, which were issued primarily to guarantee data center lease obligations, to guarantee a subsidiary’s performance under a services agreement (in 2020 only), and to guarantee another subsidiary’s performance under a line of credit. As of December 31, 2021, and 2020, amounts had been drawn on any of these irrevocable standby letters of credit. Purchase obligations As of December 31, 2021, and 2020, the Company had approximately million, respectively, of purchase commitments related to information technology licenses, utilities and colocation operations. These amounts do not represent the Company’s entire anticipated purchases in the future but represent only those items for which the Company was contractually committed as of December 31, 2021, and 2020, respectively. Litigation From time to time the Company is involved in certain legal proceedings and claims that arise in the ordinary course of business. It is the Company’s policy to accrue for amounts related to these legal matters if it is probable that a liability has been incurred and the amount is reasonably estimable. In the opinion of the management, based on consultations with counsel, the results of any of these matters individually and in the aggregate are not expected to have a material effect on the Company’s results of operations, financial condition or cash flows. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment reporting | Note 20. Segment reporting Cyxtera’s chief operating decision maker is its Chief Executive Officer. The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions – the colocation segment. The Company derives almost all of the colocation revenue from sales to customers in the United States, based upon the service address of the customer. Revenue derived from customers outside the United States, based upon the service address of the customer, was not significant in any individual foreign country. |
Certain relationships and relat
Certain relationships and related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Certain relationships and related party transactions | Note 21. Certain relationships and related party transactions Relationships The Company is party to the following agreements and key relationships: • Appgate. transition services agreement and other services Appgate and the Management Company are parties to the Transition Services Agreement, pursuant to which the Management Company provided certain transition services to Appgate and Appgate provided certain transition services to Cyxtera. The Transition Services Agreement provided for a term that commenced on January 1, 2020 , , During the year ended December 31, 2020, the Company charged $3.9 million to Appgate for services rendered under the Transition Services Agreement (net of service fees provided to Cyxtera and its subsidiaries by Appgate), with a full reserve of $3.9 million. The provision for doubtful accounts is presented as part of the recovery of notes receivable from affiliates in the consolidated statement of operations for the year ended December 31, 2020. Income from the Transition Services Agreement is included in other expenses, net in the consolidated statements of operations for the year ended December 31, 2020. • Promissory Notes On March 31, 2019, Appgate issued Promissory Notes to each of the Company and the Management Company evidencing certain funds borrowed by Appgate from each of the Company and Management Company as well as potential future borrowings. The Promissory Notes had a combined initial aggregate principal amount of million and provided for additional borrowings during the term of the Promissory Notes for additional amounts not to exceed approximately million in the aggregate (approximately million including the initial aggregate principal amount). Interest accrued on, the unpaid principal balance of the Promissory Notes at a rate per annum equal to ; provided, that with respect to any day during the period from the date of the Promissory Notes through December 31, 2019, interest was calculated assuming that the unpaid principal balance of the Promissory Notes on such day is the unpaid principal amount of the notes on the last calendar day of the quarter in which such day occurs. Interest was payable upon the maturity date of the notes. Each of the Promissory Notes had an initial maturity date of March 30, 2020, and was extended through , by amendments entered into effective as of March 30, 2020. During the year ended December 31, 2020, the Company advanced $19.4 million under the Promissory Notes to Appgate and recorded provision for loan losses in the same amount. Accordingly, as of December 31, 2020, the Company had a receivable related to the Promissory Notes of $147.1 million with a reserve of $30.0 million. The provision for loan losses is presented as recovery of notes receivable from affiliates in the consolidated statement of operations for the year ended December 31, 2020. On February 8, 2021, the Company received $120.6 million from Appgate. Approximately $117.1 million and $1.1 million were designated as repayment of the full balance of the $154.3 million outstanding principal and accrued interest, respectively, on the Promissory Notes at that time. On the same date, the Company issued a payoff letter to Appgate extinguishing the remaining unpaid balance of the Promissory Notes. The remainder of the payment was designated as settlement of trade balances with Appgate and its subsidiaries and other amounts due to/from under the Transition Services Agreement described above. Accordingly, for the year ended December 31, 2020, the Company recorded a reversal of previously established allowance of $117.1 million. As a result, during the three months ended March 31, 2021, the Company wrote off the ending balance in the allowance for loan losses on the Promissory Notes. No other transactions related to the Promissory Notes were recorded during the year ended December 31, 2021. The activity in the allowance for loan losses on the Promissory Notes during the years ended December 31, 2021. and 2020, was as follows (in millions): 2021 2020 Beginning balance $ 30.0 $ 127.7 Provision for loan losses — 19.4 Reversal of allowance — (117.1 ) Net reversal of allowance for loan losses — (97.7 ) Write offs (30.0 ) — Ending balance $ — $ 30.0 • Service provider management consulting fee and structuring fee In connection with 2017 Acquisitions, certain equity owners of SIS (collectively, the “Service Providers”) entered into a Services Agreement (the “Services Agreement”) dated May 1, 2017, with SIS and its subsidiaries and controlled affiliates as of such date (collectively, the “Company Group”). Under the Services Agreement, the Service Providers agreed to provide certain management, consulting and advisory services to the business combination and affairs of the Company Group from time to time. Pursuant to the Services Agreement, the Company Group also agreed to pay the Service Providers an annual service fee in the aggregate amount of (the “Service Provider Fee”). Fees owed under the Services Agreement related to a structuring fee, Service Provider Fee and other related expenses totaled $22.7 million as of December 31, 2020 , • Sponsor’s investment in the First Lien Term Facility At December 31, 2020, until the date of the Business Combination, some of the controlled affiliates of BC Partners LLP (“BC Partners”), the largest equity owner of SIS, held investments in the Company’s First Lien Term Facility. The total investment represented less than of the Company’s total outstanding debt at December 31, 2020. As of December 31, 2021, the controlled affiliates of BC Partners no longer held investments in the Company’s First Lien Term Facility. • Optional Share Purchase On July 21, 2021, immediately prior to the consummation of the Business Combination, Legacy Cyxtera entered into the Optional Purchase Letter Agreement with the Forward Purchasers, pursuant to which the Forward Purchasers agreed to amend the Optional Share Purchase Agreement to limit the number of Optional Shares available for purchase by the Forward million shares. In addition, on such date, the Forward Purchasers agreed to assign the rights to purchase up to 3.75 million shares under the Optional Share Purchase Agreement to SIS. In January 2022, SIS and the Forward Purchasers exercised their option to purchase 7.5 million Optional Shares at a price of • Relationships with certain members of the Company’s board of directors The Company owed , The chairman of the board of directors is one of the founders and the chairman of Emerge Americas, LLC, which operates the premier technology conference in Miami, Florida. As of December 31, 2021, and 2020, the Company did not owe any significant amounts to Emerge Americas, LLC. Since 2019 until the date of the Business Combination, one of the directors of the Company was also a member of the board of directors of Pico Quantitative Trading, LLC (“Pico”). Pico offers a comprehensive range of network products to meet the full spectrum of electronic trading requirements. During the period from January 1, 2021 through the date of the Business Combination, the Company billed and collected from Pico $0.2 million. During the year ended December 31, 2020, the Company billed and collected from Pico $ million. As of December 31, 2021, Pico was no longer a related party of the Company. Two directors of the Company are also members of the board of directors of Presidio Holdings (“Presidio”), a provider of digital transformation solutions built on agile secure infrastructure deployed in a multi-cloud world with business analytics. During the years ended December 31, 2021 , , , million and One of the directors of the Company is also a member of the board of directors of Altice USA, Inc. (“Altice”), a vendor and a customer of the Company. The amount paid and due for the year ended December 31, 2021 , December 31, 2021, was million, respectively. During the year ended December 31, 2020, Altice was not a related party of the Company. Related party transactions and balances The following table summarizes the Company’s transactions with related parties for each of the years ended December 31, 2021, and 2020 (in millions): 2021 2020 Revenues (1) $ 1.5 $ 0.2 Selling, general and administrative expenses (2) 1.0 0.3 Recovery of notes receivable from affiliate (3) — (97.7 ) Interest income (4) — 1.0 Other (expense) income, net (5) (1.2 ) 4.2 (1) Revenues for the years ended December 31, 2021, and 2020 include amounts recognized from contracts with Appgate, Brainspace Corporation and Presidio. Appgate is an affiliate of the Company and a direct subsidiary of SIS. Brainspace Corporation was an affiliate of the Company and an indirect subsidiary of SIS through January 20, 2021. (2) Selling, general and administrative expenses include amounts incurred under the Transition Services Agreement. (3) Represents net recovery recognized in connection with amounts funded under the Promissory Notes. (4) Represents interest income recognized under one of the Promissory Notes and under the Transaction Services Agreement for the years ended December 31, 2021, and 2020. (5) Includes expenses incurred in connection with board fees and management fees paid for the years ended December 31, 2021, and 2020. As of December 31, 2021, and 2020, the Company had the following balances arising from transactions with related parties (in millions): 2021 2020 Accounts receivable (1) $ 0.1 $ 4.3 Due from affiliates (2) — 117.1 Accounts payable (3) 0.6 0.4 Accrued expenses (4) — 0.5 Due to affiliates (5) — 22.7 (1) Accounts receivable at December 31, 2021, and 2020, include amounts due from Appgate under the Transition Services Agreement, and trade receivables due from Appgate and Brainspace Corporation. (2) Due from affiliates at December 31, 2020 includes amounts due from Appgate under the Promissory Notes. (3) Accounts payable at December 31, 2021, and 2020, include amounts due to Appgate under the Transition Services Agreement, and trade payables due to Appgate. (4) Accrued expenses at December 31, 2021, and 2020, include board fees owed to the independent directors of the Company. (5) Due to affiliates at December 31, 2020 includes amounts owed under the Transaction Services Agreement. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 22. Subsequent events On January 26, 2022, the Company completed the redemption of all of its outstanding warrants that were issued under the Warrant Agreement, dated September 9, 2020 (the “Warrant Agreement”), between the Company and Continental Stock Transfer & Trust Company, as warrant agent, that remained outstanding at 5:00 p.m., New York City time, on January 19, 2022 (the “Redemption Time”) at a redemption price of In addition, on January 31, 2022, the Company issued a total of 7,500,000 shares (the “Optional Shares”) of Class A common stock, par value $0.0001 per Class A common stock, at a price of $10.00 per share, for an aggregate purchase price of $75 million, to SIS and certain clients of Starboard Value LP (collectively, the “Purchasers”) pursuant to the Optional Share Purchase Agreement, dated September 9, 2020, by and between the Company and the Purchasers, as amended and supplemented to date. The Optional Shares were issued in transactions not requiring registration under the Securities Act, in reliance on the exemption contained in Section 4(a)(2) of the Securities Act. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation and use of estimates | a) Basis of presentation and use of estimates The accompanying consolidated financial statements are presented in accordance with US generally accepted accounting principles (“US GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates and assumptions. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to the allowance for doubtful accounts, fair values of financial instruments, intangible assets and goodwill, useful lives of intangible assets and property and equipment, assets acquired, and liabilities assumed from acquisitions, asset retirement obligations and income taxes. |
Risks and uncertainties due to current economic environment | b) Risks and uncertainties Preparing financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Examples include, but are not limited to, asset and goodwill impairments, allowance of doubtful accounts, stock-based compensation forfeiture rates, future asset retirement obligations and the potential outcome of future tax consequences of events that have been recognized in the consolidated financial statements. Actual results and outcomes may differ from these estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment. Coronavirus (COVID-19) During the year ended December 31, 2021, the COVID-19 COVID-19 |
Restructuring charges | l) Restructuring charges If the Company commits to a plan to dispose of a long-lived asset before the end of its previously estimated useful life or changes its use of assets and estimated cash flows are revised accordingly, the Company may be required to record an asset impairment charge. Additionally, related liabilities may arise such as severance, contractual obligations and other accruals associated with site closures from decisions to dispose of assets. The Company estimates these liabilities based on the facts and circumstances in existence for each restructuring decision. The amounts the Company will ultimately realize or disburse could differ from the amounts assumed in arriving at the asset impairment and restructuring charges recorded. |
Principles of consolidation and foreign currency translation | c) Principles of consolidation and foreign currency translation The consolidated financial statements include Cyxtera accounts and the accounts of entities in which Cyxtera has a controlling financial interest, the usual condition of which is ownership of a majority voting interest. All material intercompany balances and transactions have been eliminated in consolidation. The functional currency of each of the Company’s operating subsidiaries is generally the currency of the economic environment in which the subsidiary primarily does business. The Company’s foreign subsidiaries’ financial statements are translated into dollars using the foreign exchange rates applicable to the dates of the financial statements. Assets and liabilities are translated using the end-of-period For any transaction that is denominated in a curre |
Financial instruments and concentrations of credit risk | d) Financial instruments and concentrations of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of accounts receivable. The Company operates primarily in the United States; realization of its customer accounts receivable and its future operations and cash flows could be affected by adverse economic conditions in the United States. During the years ended December 31, 2021, and 2020, Lumen Technologies Inc, formerly known as CenturyLink Inc., (“Lumen”), the Company’s largest customer, accounted for approximately respectively, of the Company’s consolidated revenue. Revenues from Lumen are recognized pursuant to a Master Services Agreement (the “MSA”), dated May 1, 2017, between the Company and Lumen. The MSA originally had an initial term of three years, subject to renewal, and contained provisions related to rental of space for an initial term of 10 years, subject to renewal – see Note 11 – Leases, for the related disclosure on minimum lease receipts. On July 10, 2020, the Company entered into a new master agreement with Lumen (the “Master Agreement”). The Master Agreement replaced the MSA with retroactive effect to May 1, 2020, and provides for services with staggered terms through April 30, 2025. Provisions related to the rental of space were included on substantially the same terms as provided under the MSA. In connection with the execution and delivery of the Master Agreement, the Company also settled various other amounts due from and due to Lumen, which resulted in a net gain of approximately $11.0 million. This net gain will be recognized over the five-year term of the Master Agreement. During the years ended December 31, 2021, and 2020, no other customer accounted for more than 5% of the Company’s consolidated revenues. |
Property, plant and equipment | e) Property and equipment Property and equipment is recorded at the Company’s original cost or fair value for property, plant and equipment acquired through acquisition, net of accumulated depreciation and amortization. In general, depreciation is computed using the straight-line method over the estimated useful life of the asset being depreciated. Leasehold improvements are amortized over the shorter of the useful life of the asset or the length of the expected lease term. When property, plant and equipment is sold or otherwise disposed of, the costs and accumulated depreciation are generally removed from the accounts and any gain or loss is recognized in income. The estimated useful lives used in computing depreciation and amortization are as follows: Asset class Estimated useful Buildings 10 — Leasehold improvements 3 — Personal property 2 — The Company’s construction in progress is stated at original cost. Construction in progress consists of costs incurred under construction contracts, including services related to project management, engineering and schematic design, design development and construction and other construction-related fees and services. The Company has contracted out substantially all of its current construction and expansion projects to independent contractors. In addition, the Company generally capitalizes interest costs during the construction phase. During the years ended December 31, 2021, and 2020, the Company capitalized interest of $1.7 million and $3.6 million, respectively. At the time a construction or expansion project becomes operational, these capitalized costs are allocated to certain property and equipment assets and are depreciated over the estimated useful lives of the underlying assets. Major improvements are capitalized, while maintenance and repairs are expensed when incurred. |
Long-lived assets | f) Long-lived assets Long-lived assets, such as property, plant and equipment and intangible assets subject to amortization, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Some of the events and circumstances that would trigger an impairment review include, but are not limited to, a significant decrease in market price of a long-lived asset, a significant adverse change in legal factors or business climate that could affect the value of a long-lived asset, or a continuous deterioration of the Company’s financial condition. Recoverability of assets to be held and used is assessed by comparing the carrying amount of an asset to estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized based on the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company did not record any impairment charges on long-lived assets during the years ended December 31, 2021, and 2020. |
Asset retirement obligations | g) Asset retirement obligations The Company has asset retirement obligations (each an “ARO”) primarily associated with its obligations as of December 31, 2021, and 2020, respectively, and the related cost is capitalized within property, plant and equipment on the consolidated balance sheets. |
Goodwill | h) Goodwill Goodwill is calculated as the excess of the purchase price over the fair value of assets acquired and liabilities assumed in connection with a business combination. Goodwill will not be amortized, but rather tested for impairment at least annually or more often if an event occurs or circumstances change which indicate impairment might exist. Goodwill is evaluated at the reporting unit level. The Company has identified a single reporting unit. The Company conducts goodwill impairment testing as of October 1st of each year or whenever an indicator of impairment exists. The Company has the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, after assessing the qualitative factors, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company will not be required to perform a quantitative test. However, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then it is required to perform a quantitative impairment test. The quantitative test compares the fair value of a reporting unit with its carrying value, including goodwill. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. |
Debt issuance costs and fees | i) Debt issuance costs and fees Debt issuance costs and fees are capitalized and amortized over the term of the related loans based on the effective interest method. Such amortization is a component of interest expenses, net on the consolidated statements of operations. Debt issuance costs related to outstanding debt are presented as a reduction of the carrying amount of the debt liability and debt issuance fees related to the Revolving Facility (as defined in Note 12—Long-term debt) are presented within other assets on the Company’s consolidated balance sheets. |
Fair value measurements | j) Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). The fair value is based on assumptions that market participants would use when pricing the asset or liability. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs to the calculation, as follows: Input level Description of input Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly Level 3 Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability |
Revenue | k) Revenue Revenue recognition Cyxtera derives the majority of its revenues from recurring revenue streams, consisting primarily of colocation service fees. The Company derives revenue from colocation service fees, which include fees for the licensing of space, power and interconnection services. Almost all of the Company’s revenue is derived from sales to customers in the United States, based upon the service address of the customer. Revenue derived from customers outside the United States, based upon the service address of the customer, was not significant in any individual foreign country. The remainder of the Company’s revenues are derived from non-recurring Revenue from Contracts with Customers Leases. Under the revenue accounting guidance, revenues are recognized when control of these products and services is transferred to the Company’s customers, in an amount that reflects the consideration it expects to be entitled to in exchange for the products and services. Revenues from recurring revenue streams are generally invoiced monthly in advance and recognized ratably over the term of the contract, which is generally three years. Non-recurring fees, although generally invoiced in a lump sum upon installation, are deferred and recognized ratably over the contract term. Professional service fees and equipment sales are also generally invoiced in a lump sum upon service delivery and are recognized in the period when the services are provided or the equipment is delivered. For contracts with customers that contain multiple performance obligations, the Company accounts for individual performance obligations separately if they are distinct or as a series of distinct obligations if the individual performance obligations meet the series criteria. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The transaction price is allocated to the separate performance obligation on a relative standalone selling price basis. The standalone selling price is determined based on overall pricing objectives, taking into consideration market conditions, geographic locations and other factors. Other judgments include determining if any variable consideration should be included in the total contract value of the arrangement, such as price increases. Revenue is generally recognized on a gross basis in accordance with the accounting standard related to reporting revenue on a gross basis as a principal versus on a net basis as an agent, as the Company is primarily responsible for fulfilling the contract, bears inventory risk and has discretion in establishing the price when selling to the customer. To the extent the Company does not meet the criteria for recognizing revenue on a gross basis, the Company records the revenue on a net basis. The Company estimates credits on contractual billings using historical data and recognizes an allowance that reduces net sales. Historically, these credits have not been significant. Occasionally, the Company enters into contracts with customers for data center, office and storage spaces, which contain lease components. The Company’s leases with customers are generally classified as operating leases and lease payments are recognized on a straight-line basis over the lease term. Lease revenues are included within revenues in the Company’s consolidated statements of operations. Taxes collected from customers and remitted to governmental authorities are reported on a net basis and are excluded from revenue. Contract balances The timing of revenue recognition, billings and cash collections result in accounts receivables, contract assets and deferred revenues. A receivable is recorded at the invoice amount, net of an allowance for doubtful accounts and is recognized in the period in which the Company has transferred products or provided services to its customers and when its right to consideration is unconditional. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 45 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the Company’s contracts generally do not include a significant financing component. The Company assesses collectability based on a number of factors, including past transaction history with the customer and the credit-worthiness of the customer. The Company generally does not request collateral from its customers. The Company also maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments that the Company had expected to collect. If the financial condition of the Company’s customers deteriorates or if they become insolvent, resulting in an impairment of their ability to make payments, greater allowances for doubtful accounts may be required. Management specifically analyzes accounts receivable and current economic news and trends, historical bad debts, customer concentrations, customer credit-worthiness and changes in customer payment terms when evaluating revenue recognition and the adequacy of the Company’s reserves. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectable are charged to bad debt expense, which is included in selling, general and administrative expenses in the consolidated statements of operations. Delinquent account balances are written off after management has determined that collection is not probable. A contract asset exists when the Company has transferred products or provided services to its customers, but customer payment is contingent upon satisfaction of additional performance obligations. Certain contracts include terms related to price arrangements such as price increases and free months. The Company recognizes revenues ratably over the contract term, which could potentially give rise to contract assets during certain periods of the contract term. Contract assets are recorded in prepaid and other current assets and other assets in the consolidated balance sheets. Deferred revenue (a contract liability) is recognized when the Company has an unconditional right to a payment before we transfer products or services to customers. Deferred revenue is included in other current liabilities and other liabilities in the consolidated balance sheets. Contract costs Direct and indirect incremental costs solely related to obtaining revenue generating contracts are capitalized as costs of obtaining a contract when they are incremental and if they are expected to be recovered. Such costs consist primarily of commission fees and sales bonuses, contract fulfillment costs, as well as other related payroll costs. Contract costs are amortized over the estimated period of benefit, which is estimated as three years, on a straight-line basis. For further information on revenue recognition, see Note 6—Revenue. |
Warrant Liabilities | m) Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 480, Distinguishing Liabilities from Equity (“ASC Topic 480”), and FASB ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed Upon the consummation of the Business Combination, Cyxtera assumed certain warrants issued by SVAC. Such warrants consisted of public warrants issued in SVAC’s initial public offering (“IPO”) (the “Public Warrants”) and warrants issued by SVAC to the Sponsor and certain clients of Starboard Value LP (the “Forward Purchasers”) in private placement transactions (the “Private Placement Warrants” and, together with the Public Warrants, the “Public and Private Placement Warrants”). The Public and Private Placement Warrants were reallocated upon the consummation of the Business Combination and recognized as derivative liabilities in accordance with ASC Topic 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are exercised. The Public and Private Placement Warrants were initially recorded at fair value on the date of the Business Combination. |
Income taxes | n) Income taxes The Company files a consolidated US federal, state, local and foreign income tax returns where applicable. Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not to be realized in the future. A tax benefit from an uncertain income tax position may be recognized in the financial statements only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. |
Equity-based compensation | o) Equity-based compensation SIS Profit Interest Units SIS has issued equity awards in the form of profit interest units (“PIUs”) to certain employees of Cyxtera and its affiliates. Compensation expense related to PIU awards is based on the fair value of the underlying units on the grant date. Fair value of PIUs is estimated using a Black-Scholes option pricing model (“OPM”), which requires assumptions as to expected volatility, dividends, term and risk-free rates. These PIUs vest based on a service condition. For additional information regarding equity-based compensation, see Note 15 – Equity compensation. Stock-based compensation The Company maintains the 2021 Omnibus Incentive Plan (the “2021 Plan”), an equity incentive plan under which the Company may grant equity incentive awards, including non-qualified |
Other comprehensive income (loss) | p) Other comprehensive (loss) income Other comprehensive (loss) income refers to revenues, expenses, gains and losses that are included in comprehensive (loss) income but are excluded from net loss as these amounts are recorded directly as an adjustment to shareholders’ equity. The Company’s other comprehensive (loss) income is composed of unrealized gains and losses on foreign currency translation adjustments. |
Advertising expenses | q) Advertising expenses Costs related to advertising are expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of operations. Advertising expenses of $3.2 million and $2.4 million were recorded during the years ended December 31, 2021, and 2020, respectively. |
Recent accounting pronouncements | r) Recent accounting pronouncements The Company is as an “emerging growth company” as defined in the JOBS Act. The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards, such that an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to avail itself of the extended transition periods and, as a result, the Company will not be required to adopt new or revised accounting standards on the adoption dates required for other public companies so long as the Company remains an emerging growth company. In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes pany In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases 2017-13, 2018-01, 2018-10, 2018-11, 2018-20 2020-05 right-of-use The Company expects to elect the package of practical expedients which allows the Company not to reassess (1) whether any expired or existing contracts contain leases under the new definition of a lease; (2) the lease classification for any expired or existing leases; and (3) whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. The Company expects that this standard will have a material effect on its financial statements, including: (1) the recognition of new ROU assets and lease liabilities on its balance sheet for operating leases; and (2) significant new financial statement disclosures regarding our leasing activities. The Company is currently evaluating the extent of the impact that the adoption of this standard will have on its accounting, processes and systems. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives Used in Computing Depreciation and Amortization [Table Text Block] | The estimated useful lives used in computing depreciation and amortization are as follows: Asset class Estimated useful Buildings 10 — Leasehold improvements 3 — Personal property 2 — |
Business combination (Tables)
Business combination (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule Of Reverse Recapitalization | The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of changes in shareholders’ equity for the year ended December 31, 2021: Recapitalization SVAC’s trust and cash, net of redemption $ 143.9 Cash-PIPE Investment 250.0 Cash-Forward Purchase 100.0 Less: transaction cost and advisory fees, net of tax benefit (59.4 ) Net proceeds from reverse recapitalization 434.5 Plus: non-cash (1) (41.8 ) Less: accrued transaction costs and advisory fees (0.4 ) Net contributions from reverse recapitalization $ 392.3 (1) Represents $41.8 million of non-cash |
Loss per common share (Tables)
Loss per common share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company excluded the following potential common shares, presented based on amounts outstanding as of December 31, 2021, from the computation of diluted net loss per share because including them would have an anti-dilutive effect: Year Ended December 31, Public and Private Warrants 19,356,867 Unvested employee stock options 849,233 Unvested restrictive stock units 3,347,511 Optional Shares 7,500,000 Total Shares 31,053,611 |
Restructuring Impairment Site_2
Restructuring Impairment Site Closures And Related Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
schedule of restructuring liability reserve | The activity in the restructuring liability reserve for the year ended December 31, 2021 , 2021 Beginning balance $— Lease termination costs 64.4 Reclassification of deferred rent credits 3.4 Accretion 3.5 Payments (9.0) Ending balance $ 62.3 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of disaggregation of revenue | 2021 2020 Recurring revenue $ 671.5 $ 657.4 Non-recurring 32.2 33.1 Total $ 703.7 $ 690.5 |
Summary of disclosure of opening and closing balances of the çompany's receivables contract asset, current contract asset, noncurrent deferred revenue, current and deferred revenue, noncurrent | The following table summarizes the opening and closing balances of the Company’s receivables; contract asset, current; contract asset, non-current; non-current Receivables Contract Contract non-current Deferred Deferred non-current Closing balances as of December 31, 2019 $ 65.2 $ 32.5 $ 23.8 $ 14.6 $ 9.6 Net (decrease) increase during the year ended December 31, 2020 (31.7 ) (8.7 ) (7.0 ) 1.0 8.5 Closing balances as of December 31, 2020 33.5 23.8 16.8 15.6 18.1 Net (decrease) increase during the year ended December 31, 2021 (15.2 ) (6.6 ) (4.7 ) (1.1 ) (3.4 ) Closing balances as of December 31, 2021 18.3 17.2 12.1 14.5 14.7 |
Balance Sheet components (Table
Balance Sheet components (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of prepaid and other current assets | Prepaid and other current assets consist of the following as of December 31, 2021, and 2020 (in millions): 2021 2020 Contract asset, current $ 17.2 $ 23.8 Prepaid expenses 19.3 14.6 Value added tax (“VAT”) receivable — 0.9 Other current assets 1.0 2.6 Total prepaid and other current assets $ 37.5 $ 41.9 |
Schedule of allowance for doubtful accounts | The activity in the allowance for doubtful accounts during the year ended December 31, 2021, and 2020 was as follows (in millions): 2021 2020 Beginning balance $ 1.4 $ 13.5 Recoveries (Write-offs) 0.1 (6.5 ) Reversal of allowance (1.2 ) (5.5 ) Impact of foreign currency translation — (0.1 ) Ending balance $ 0.3 $ 1.4 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Plant and Equipment | Property, plant and equipment, net consist of the following as of December 31, 2021, and 2020 (in millions): 2021 2020 Land $ 10.6 $ 10.6 Buildings 1,030.4 986.1 Leasehold improvements 933.5 882.8 Personal property 222.9 186.8 Construction in progress 65.2 68.9 2,262.6 2,135.2 Less: accumulated depreciation and amortization (731.8 ) (554.5 ) Property, plant and equipment, net $ 1,530.8 $ 1,580.7 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary Of Amortizing Intangible Assets | Summarized below are the carrying values for the major classes of amortizing intangible assets as of December 31, 2021 , 2021 2020 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 768.0 $ (281.4 ) $ 486.6 $ 768.0 $ (221.1 ) $ 546.9 Favorable leasehold interests 57.6 (24.9 ) 32.7 59.3 (20.4 ) 38.9 Developed technology 0.3 (0.3 ) — 0.3 (0.3 ) — Total intangibles $ 825.9 $ (306.6 ) $ 519.3 $ 827.6 $ (241.8 ) $ 585.8 |
Summary Of Future Amortization Expense Of The Intangible Assets | The Company estimates annual amortization expense for existing intangible assets subject to amortization is as follows (in millions): For the years ending: 2022 $ 65.7 2023 65.7 2024 65.7 2025 65.0 2026 64.4 Thereafter 192.8 Total amortization expense $ 519.3 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying Values and Fair Values Of Other Financial Instruments | The carrying values and fair values of other financial instruments are as follows as of December 31, 2021 , 2021 2020 Carrying value Fair value Carrying value Fair value 2017 First Lien Term Facility $ 778.3 $ 780.0 $ 786.6 $ 730.6 2019 First Lien Term Facility 97.5 98.0 98.5 93.0 2017 Second Lien Term Facility — — 310.0 241.8 Revolving Facility 2.7 2.7 142.6 142.6 2021 Revolving Facility 37.3 37.3 — — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Future Minimum Lease Payments Under Capital Lease Arrangements and Sale-Leaseback Financings | The future minimum lease payments under capital lease arrangements and sale-leaseback financings as of December 31, 2021, are as follows (in millions): For the years ending: 2022 $ 135.1 2023 128.3 2024 118.5 2025 120.6 2026 119.3 Thereafter 2,285.0 Total minimum lease payments 2,906.8 Less: amount representing interest (1,930.5 ) Present value of net minimum lease payments 976.3 Less: current portion (38.5 ) Capital leases, net of current portion $ 937.8 |
Summary of Future Minimum Lease Receipts and Payments Under Operating Leases | The future minimum lease receipts and payments under operating leases as of December 31, 2021, are as follows (in millions): For the years ending: Lease receipts Lease commitments (1) 2022 $ 12.2 $ 60.3 2023 12.2 59.7 2024 12.2 59.2 2025 12.2 50.6 2026 12.2 46.3 Thereafter 4.1 273.8 Total minimum lease receipts/payments $ 65.1 $ 549.9 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-term debt | Long-term debt consists of the following as of December 31, 2021, and 2020 (in millions): 2021 2020 2017 First Lien Term Facility due May 2024 $ 778.3 $ 786.6 2019 First Lien Term Facility due May 2024 97.5 98.5 2017 Second Lien Term Facility due May 2025 — 310.0 Revolving Facility due May 2022 2.7 142.6 2021 Revolving Facility due November 2023 37.3 — Less: unamortized debt issuance costs (7.5 ) (17.1 ) 908.3 1,320.6 Less: current maturities of long-term debt (11.8 ) (9.1 ) Long-term debt, net current portion $ 896.5 $ 1,311.5 |
Summary of Aggregate Maturities of our Long-term debt | The aggregate maturities of our long-term debt, including the Revolving Facilities, are as follows as of December 31, 2021 (in millions): For the years ending: Principal amount 2022 $ 11.8 2023 46.5 2024 850.0 2025 — Total $ 908.3 |
Summary of Interest Expense Net | Interest expense, net for the years ended December 31, 2021, and 2020 consist of the following (in millions): 2021 2020 Interest expense on debt, net of capitalized interest $ 53.3 $ 66.6 Interest expense on capital leases 101.5 98.0 Amortization of deferred financing costs and fees 10.1 5.8 Interest income on Promissory Notes (Note 21) — (1.0 ) Total $ 164.9 $ 169.4 |
Warrant Liabilities (Tables)
Warrant Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Changes in Warrant Liability | The following table presents information about the Company’s movement in its Level 1, Level 2 and Level 3 warrant liabilities measured at fair value (in millions): Public Warrants Private Warrants Private Warrants Total Balance at the beginning of the period $ — $ — $ — $ — Warrant liabilities assumed on July 29, 2021 23.2 — 18.6 41.8 Level 3 transfer-out transfer-in — 18.6 (18.6 ) — Change in the fair value of the warrant liabilities 15.5 10.0 — 25.5 Warrants exercised for Class A common stock (2.6 ) — — (2.6 ) Balance at the end of the period $ 36.1 $ 28.6 $ — $ 64.7 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The key assumptions used to determine the fair value of the Private Placement Warrants at July 29, 2021 (the date the warrant obligation was assumed by Cyxtera) using the Monte Carlo simulation model were as follows: Inputs As of July 29, 2021 Risk - 0.73 % Volatility for Least-Square Monte Carlo Model 35.7 % Expected Term in Years 5.00 Fair Value of Class A Common Stock $ 9.55 |
Equity compensation (Tables)
Equity compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Inputs were Used in the Valuation of the Class B Units for Grants | The following inputs were used in the valuation of the Class B units for grants issued during the years ended December 31, 2019, and 2018: 2019 2018 Expected life (years) 3.9 4.0 Risk-free rate (%) 1.55 % 2.70 % Expected volatility (%) 45 % 35 % Expected dividend (%) — % — % |
Summary of PIU Awards | A summary of PIU awards granted by SIS to the employees of the Company, for the years ended December 31, 2021 , Number of units Weighted-average Outstanding at January 1, 2020 686,714 $ 82.65 Forfeited (48,995 ) (81.95 ) Outstanding at December 31, 2020 637,719 $ 82.70 Forfeited (4,407 ) (89.00 ) Outstanding at December 31, 2021 633,312 $ 82.63 |
Schedule of assumptions used for estimating fair value | The fair value of stock options awards was estimated at the grant date at $2.42 per share using a Black Scholes valuation model, with the following weighted average assumptions for the year ended December 31, 2021: Stock Options Granted during Expected term (in years) 6.1 Expected stock volatility 30.7 % Risk-free interest rate 0.87 % Stock price at grant date $ 8.65 Exercise price $ 9.55 Dividend yield — % |
Schedule of Stock Options Transactions | Stock option transactions are as follows: Shares Subject Weighted Average Weighted Average Aggregate Intrinsic Outstanding from January 1, 2020 , — $ — — $ — Granted 849,233 $ 9.55 Exercised — $ — Expired/forfeited — $ — Outstanding at December 31, 2021 849,233 $ 9.55 9.6 $ 2,598,653 Exercisable, December 31, 2021 — $ — — $ — Unvested and expected to vest, December 31, 2021 849,233 $ 9.55 9.6 $ 2,598,653 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of PIU Awards | RSUs transactions are as follows: Shares Weighted Weighted Aggregate Outstanding from January 1, 2020 , — $ — — $ — Granted 3,347,511 $ 9.32 Exercised — $ — Expired/forfeited (11,700 ) $ 9.30 Outstanding at December 31, 2021 3,335,811 $ 9.32 1.6 $ 42,064,577 Exercisable, December 31, 2021 — $ — — $ — Unvested and expected to vest, December 31, 2021 3,335,811 $ 9.32 1.6 $ 42,064,577 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Components Of Income Tax Expense Benefit [Abstract] | |
Summary of The Income Tax (Expense) Benefit | The income tax benefit (expense) from continuing operations for the years ended December 31, 2021, and 2020 consists of the following (in millions): 2021 2020 Domestic and foreign loss: US $ (284.9 ) $ (97.9 ) Foreign loss (20.8 ) (21.4 ) Total loss before income taxes (305.7 ) (119.3 ) Current: US $ — $ — US (0.2 ) (0.2 ) Foreign (0.2 ) (2.2 ) Total current tax provision (0.4 ) (2.4 ) Deferred: US 42.5 5.7 US 4.9 (1.7 ) Foreign 0.8 (5.1 ) Total deferred tax provision 48.2 (1.1 ) Total income tax benefit (expense) $ 47.8 $ (3.5 ) |
Summary of Income Tax Reconciliation | 2021 2020 Income tax at US $ 64.2 $ 25.1 State and local taxes, net of federal income tax benefit 12.6 9.2 Valuation allowance (21.9 ) (31.6 ) Nondeductible equity-based compensation (1.3 ) (1.6 ) Taxes of foreign operations at rates different than US 1.1 (1.9 ) Foreign adjustments 0.6 (1.8 ) Impact of foreign law changes (1.0 ) — Change of fair value of the warrant liabilities (5.4 ) — Other (1.1 ) (0.9 ) Total income tax benefit (expense) $ 47.8 $ (3.5 ) |
Summary of deferred tax assets and deferred tax liabilities | The tax effects of temporary differ 2021 2020 Deferred tax assets: Capital leases $ 55.1 $ 27.8 Other accruals 14.1 15.6 Deferred rent 3.6 4.8 Acquisition and other related costs 4.9 6.2 Net operating loss carryforward 91.6 73.8 Interest expense carryforward 44.9 35.4 Asset retirement obligations 1.7 1.6 Allowance for doubtful accounts 1.2 2.0 Impairment of Promissory Notes — 9.1 Other 4.8 — Valuation allowance (53.7 ) (37.3 ) Total deferred tax assets 168.2 139.0 Less deferred tax liabilities: Intangibles (165.7 ) (177.0 ) Property, plant and equipment (23.4 ) (35.9 ) Contract asset (2.4 ) (2.0 ) Other (5.6 ) (1.3 ) Total deferred tax liability (197.1 ) (216.2 ) Deferred tax liability, net $ (28.9 ) $ (77.2 ) |
Summary of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): 2021 2020 Beginning balance as of January 1 $ 1.0 $ — Additions based on tax positions related to the current year — 1.0 Settlements (1.0 ) — Closing balance as of December 31 $ — $ 1.0 |
Certain relationships and rel_2
Certain relationships and related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of allowance for loan losses on the Promissory Notes | The activity in the allowance for loan losses on the Promissory Notes during the years ended December 31, 2021. and 2020, was as follows (in millions): 2021 2020 Beginning balance $ 30.0 $ 127.7 Provision for loan losses — 19.4 Reversal of allowance — (117.1 ) Net reversal of allowance for loan losses — (97.7 ) Write offs (30.0 ) — Ending balance $ — $ 30.0 |
Summary of Related Party Transactions | The following table summarizes the Company’s transactions with related parties for each of the years ended December 31, 2021, and 2020 (in millions): 2021 2020 Revenues (1) $ 1.5 $ 0.2 Selling, general and administrative expenses (2) 1.0 0.3 Recovery of notes receivable from affiliate (3) — (97.7 ) Interest income (4) — 1.0 Other (expense) income, net (5) (1.2 ) 4.2 (1) Revenues for the years ended December 31, 2021, and 2020 include amounts recognized from contracts with Appgate, Brainspace Corporation and Presidio. Appgate is an affiliate of the Company and a direct subsidiary of SIS. Brainspace Corporation was an affiliate of the Company and an indirect subsidiary of SIS through January 20, 2021. (2) Selling, general and administrative expenses include amounts incurred under the Transition Services Agreement. (3) Represents net recovery recognized in connection with amounts funded under the Promissory Notes. (4) Represents interest income recognized under one of the Promissory Notes and under the Transaction Services Agreement for the years ended December 31, 2021, and 2020. (5) Includes expenses incurred in connection with board fees and management fees paid for the years ended December 31, 2021, and 2020. |
Summary of Balances Arising from Transactions with Related Parties | As of December 31, 2021, and 2020, the Company had the following balances arising from transactions with related parties (in millions): 2021 2020 Accounts receivable (1) $ 0.1 $ 4.3 Due from affiliates (2) — 117.1 Accounts payable (3) 0.6 0.4 Accrued expenses (4) — 0.5 Due to affiliates (5) — 22.7 (1) Accounts receivable at December 31, 2021, and 2020, include amounts due from Appgate under the Transition Services Agreement, and trade receivables due from Appgate and Brainspace Corporation. (2) Due from affiliates at December 31, 2020 includes amounts due from Appgate under the Promissory Notes. (3) Accounts payable at December 31, 2021, and 2020, include amounts due to Appgate under the Transition Services Agreement, and trade payables due to Appgate. (4) Accrued expenses at December 31, 2021, and 2020, include board fees owed to the independent directors of the Company. (5) Due to affiliates at December 31, 2020 includes amounts owed under the Transaction Services Agreement. |
Organization and description _2
Organization and description of the business -Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021marketdataCenter$ / sharesshares | Dec. 31, 2020$ / shares | |
Business Acquisition [Line Items] | ||
Number of highly interconnected data centers | 61 | |
Number of global markets | market | 28 | |
Number of continents with data centers | 3 | |
Common stock par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
SVAC [Member] | Legacy Cyxtera [Member] | ||
Business Acquisition [Line Items] | ||
Number of shares issued (in shares) | shares | 120,568,182 |
Summary of significant accoun_4
Summary of significant accounting policies - Schedule of Estimated Useful Lives Used in Computing Depreciation and Amortization (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Personal Property [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 15 years |
Personal Property [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 2 years |
Summary of significant accoun_5
Summary of significant accounting policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gain on fair value . | $ 11 | |
Capitalized, Interest Costs | 1.7 | $ 3.6 |
Impairment charge | 0 | 0 |
Other liabilities | 6.9 | 6.5 |
Advertising expense | $ 3.2 | $ 2.4 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||
Concentration Risk | 11.00% | 14.00% |
Business combination - Addition
Business combination - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2022 | Jul. 29, 2021 | Jan. 31, 2022 | Sep. 30, 2020 | Dec. 31, 2021 | Jul. 21, 2021 | Dec. 31, 2020 | Sep. 09, 2020 |
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Sale of stock (in dollars per share) | $ 10 | |||||||
Sale of stock, consideration received on transaction | $ 493,900 | |||||||
Common stock outstanding (in shares) | 166,207,190 | 115,745,455 | ||||||
Share price | $ 10 | |||||||
Repayments of debt | 433,000 | |||||||
Payments of stock issuance costs | $ 59,400 | |||||||
Subsequent Event | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Share price | $ 10 | $ 10 | ||||||
Aggregate purchase price for shares issuance | $ 75,000 | $ 75,000 | ||||||
SIS | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Sale of stock, number of shares issued in transaction (in shares) | 106,100,000 | |||||||
SIS and Institutional Buyers | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Sale of stock, consideration received on transaction | $ 250,000 | |||||||
Forward Purchasers | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Sale of stock, consideration received on transaction | $ 100,000 | |||||||
Common Class A | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Sale of stock, number of shares issued in transaction (in shares) | 10,105,863 | |||||||
Common stock outstanding (in shares) | 165,978,740 | 166,207,190 | ||||||
Share price | $ 10 | |||||||
Common Class A | Subsequent Event | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Share price | $ 0.0001 | $ 0.0001 | ||||||
Number of shares to be issued in transaction (in shares) | 7,500,000 | 7,500,000 | ||||||
Common Class A | Starboard Value Acquisition Company | Affiliated Entity | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 75,000 | |||||||
Number of shares authorized to purchase (in shares) | 7,500,000 | |||||||
Share price | $ 10 | |||||||
Common Class A | Starboard Value Acquisition Corp Shareholders | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Sale of stock, number of shares issued in transaction (in shares) | 40,423,453 | |||||||
Number of shares redeemed (in shares) | 26,176,891 | |||||||
Sale of stock (in dollars per share) | $ 10 | |||||||
Sale of stock, consideration received on transaction | $ 261,800 | |||||||
Amount held in trust | $ 142,500 | |||||||
Common stock outstanding (in shares) | 14,246,562 | |||||||
Amount from operating accounts | $ 1,400 | |||||||
Common Class A | SIS | Starboard Value Acquisition Company | Affiliated Entity | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 3,750 | |||||||
Common Class A | Institutional Buyers and Accredited Investors | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Sale of stock, number of shares issued in transaction (in shares) | 25,000,000 | |||||||
Common Class A | Forward Purchasers | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Sale of stock, number of shares issued in transaction (in shares) | 10,526,315 | |||||||
Sale of Stock, Optional Share Purchase Agreement, Maximum Purchase Amount | $ 75,000 | |||||||
Common Class A | Forward Purchasers | Starboard Value Acquisition Company | Affiliated Entity | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 37,500 | $ 75,000 | ||||||
Common Class A | SIS And Forward Purchasers | Starboard Value Acquisition Company | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Share price | $ 10 | |||||||
Common Class A | SIS And Forward Purchasers | Starboard Value Acquisition Company | Affiliated Entity | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Number of shares authorized to purchase (in shares) | 37,500,000 | |||||||
Share price | $ 10 | |||||||
Common Class B | Starboard Value Acquisition Company | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Sale of stock, number of shares issued in transaction (in shares) | 10,105,863 | |||||||
2017 Second Lien Term Facility | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Repayments of debt | $ 310,000 | |||||||
2021 Revolving Facility | ||||||||
Schedule Of Reverse Recapitalization [Line Items] | ||||||||
Repayments of debt | $ 123,000 |
Business combination - Consider
Business combination - Consideration Paid (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
SVAC's trust and cash, net of redemptions | $ 143.9 |
Cash- PIPE Investment | 250 |
Cash- Forward Purchase | 100 |
Less: transaction costs and advisory fees, net of tax benefit | (59.4) |
Net proceeds from reverse recapitalization | 434.5 |
Plus: non cash net liabilities assumed | (41.8) |
Less: accrued transaction costs and advisory fees | (0.4) |
Net contributions from reverse recapitalization | 392.3 |
Non-cash warrant liability assumed | $ 41.8 |
Loss per common share - Summary
Loss per common share - Summary of Stockholders Because Including Them Would Have An Anti-Dilutive Effect (Detail) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 31,053,611 | 0 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 19,356,867 | |
Equity Unit Purchase Agreements [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,500,000 | |
Unvested [Member] | Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 849,233 | |
Unvested [Member] | Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,347,511 |
Loss per common share - Additio
Loss per common share - Additional Information (Details) - shares | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 31,053,611 | 0 | |
Subsequent Event [Member] | |||
Number of additional common shares issued | 12,359,162 |
Restructuring Impairment Site_3
Restructuring Impairment Site Closures And Related Costs - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2021 | |
Addison Site [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 7.9 | |
Addison Site [Member] | Contract Termination [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 5.9 | |
Addison Site [Member] | Assets Disposal [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | $ 2 | |
Moses Lake site | ||
Restructuring Cost and Reserve [Line Items] | ||
Capital lease obligation, related charges | $ 58.5 | |
Moses Lake site | Facility Closing [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Accelerated Depreciation | 1.8 | |
Favorable leasehold interest amortization | $ 0.6 |
Restructuring Impairment Site_4
Restructuring Impairment Site Closures and Related Costs - Schedule of Restructuring Liability Reserve (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | $ 0 |
Lease termination costs | 64.4 |
Reclassification of deferred rent credits | 3.4 |
Accretion | 3.5 |
Payments | (9) |
Ending balance | $ 62.3 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Revenue, Revenue Recognized | $ 15.6 | $ 8.2 |
Contract with Customer, Asset, Allowance for Credit Loss | 0 | 0 |
Contract with Customer, Liability | 46.1 | 44.6 |
Capitalized Contract Cost, Net | 29.3 | 40.6 |
Capitalized Contract Cost, Amortization | 26.5 | 35.1 |
Revenue, Remaining Performance Obligation, Amount | $ 818 | $ 869.3 |
Revenue Remaining Performance Obligation Percentage Due Year One | 45.00% | 49.00% |
Revenue Remaining Performance Obligation Percentage Due Year Two | 27.00% | 27.00% |
Revenue Remaining Performance Obligation Percentage Due Year Thereafter | 28.00% | 24.00% |
Cost of Sales [Member] | ||
Capitalized Contract Cost, Amortization | $ 15.2 | $ 24.1 |
Selling, General and Administrative Expenses [Member] | ||
Capitalized Contract Cost, Amortization | 11.3 | 11 |
Prepaid Expenses and Other Current Assets [Member] | ||
Capitalized Contract Cost, Net | 17.2 | 23.8 |
Other Assets [Member] | ||
Capitalized Contract Cost, Net | $ 12.1 | $ 16.8 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 703.7 | $ 690.5 |
Recurring Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 671.5 | 657.4 |
Non Recurring Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 32.2 | $ 33.1 |
Revenue - Summary of Disclosure
Revenue - Summary of Disclosure of Opening And Closing Balances of The Company's Receivables Contract Asset, Current Contract Asset, Noncurrent Deferred Revenue, Current And Deferred Revenue, Noncurrent (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Pening And Closing Balances Of The Companys Receivables Contract Asset, Current Contract Asset Noncurrent Deferred Revenue Current And Deferred Revenue,Noncurrent [Line Items] | ||
Receivables, Beginning Balance | $ 33.5 | $ 65.2 |
Receivables, Net (decrease) increase | (15.2) | (31.7) |
Receivables, Closing Balance | 18.3 | 33.5 |
Contract asset, current, Beginning Balance | 23.8 | 32.5 |
Contract asset, current, Net (decrease) increase | (6.6) | (8.7) |
Contract asset, current, Closing Balance | 17.2 | 23.8 |
Contract asset, non- curren, Beginning Balancet | 16.8 | 23.8 |
Contract asset, non- current, Net (decrease) increase | (4.7) | (7) |
Contract asset, non- current, Closing Balance | 12.1 | 16.8 |
Deferred revenue, current, Beginning Balance | 15.6 | 14.6 |
Deferred revenue, current, Net (decrease) increase | (1.1) | 1 |
Deferred revenue, current, Closing Balance | 14.5 | 15.6 |
Deferred revenue, non-current, Beginning Balance | 18.1 | 9.6 |
Deferred revenue, non-current, Net (decrease) increase | (3.4) | 8.5 |
Deferred revenue, non-current, Closing Balance | $ 14.7 | $ 18.1 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional information (Detail) - USD ($) $ in Millions | Feb. 09, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Accounts receivable, allowance for credit loss, writeoff | $ 6.5 | ||
Amount of increase (decrease) in allowance for credit loss on accounts receivable | $ 1.2 | 5.5 | |
Recoveries (Write-offs) | 0.1 | $ (6.5) | |
Nomura Corporate Funding America, LLC [Member] | Master Receivables Purchase Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Factor receivables commitment amount | $ 37.5 | ||
Factoring receivables commitment term extends period | 540 days | ||
Percentage of face amount of an invoice to be factored as per agreement | 85.00% | ||
Percentage of unused balance fee under the arrangement | 2.00% | ||
Factored amount of receivables | 101.2 | ||
Amount of factored receivables collected | 99.5 | ||
Factored receivables fee | $ 1.7 |
Balance Sheet Components- Sched
Balance Sheet Components- Schedule of Allowance For Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 1.4 | $ 13.5 |
Recoveries (Write-offs) | 0.1 | (6.5) |
Reversal of allowance | (1.2) | (5.5) |
Impact of foreign currency translation | 0 | (0.1) |
Ending balance | $ 0.3 | $ 1.4 |
Balance Sheet components - Summ
Balance Sheet components - Summary of prepaid and other current assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expense and Other Assets, Current [Abstract] | |||
Contract asset, current | $ 17.2 | $ 23.8 | $ 32.5 |
Prepaid expenses | 19.3 | 14.6 | |
Value added tax ("VAT") receivable | 0 | 0.9 | |
Other current assets | 1 | 2.6 | |
Total prepaid and other current assets | $ 37.5 | $ 41.9 |
Property, plant and equipment_3
Property, plant and equipment, net - Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,262.6 | $ 2,135.2 |
Less: accumulated depreciation and amortization | (731.8) | (554.5) |
Property, Plant and Equipment, Net | 1,530.8 | 1,580.7 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 10.6 | 10.6 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,030.4 | 986.1 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 933.5 | 882.8 |
Personal Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 222.9 | 186.8 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 65.2 | $ 68.9 |
Property, plant and equipment_4
Property, plant and equipment, net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Assets under capital leases | $ 943.8 | $ 941.4 |
Assets under capital leases accumulated amortization | 193.4 | 137.7 |
Depreciation and amortization expense | $ 180.3 | $ 171.4 |
Goodwill and intangible asset_2
Goodwill and intangible assets - Summary Of Amortizing Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 825.9 | $ 827.6 |
Accumulated Amortization | (306.6) | (241.8) |
Net | 519.3 | 585.8 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 768 | 768 |
Accumulated Amortization | (281.4) | (221.1) |
Net | 486.6 | 546.9 |
Favorable Leasehold Interests | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 57.6 | 59.3 |
Accumulated Amortization | (24.9) | (20.4) |
Net | 32.7 | 38.9 |
Developed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 0.3 | 0.3 |
Accumulated Amortization | (0.3) | (0.3) |
Net | $ 0 | $ 0 |
Goodwill and intangible asset_3
Goodwill and intangible assets - Summary Of Future Amortization Expense Of The Intangible Assets (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 | $ 65.7 |
2023 | 65.7 |
2024 | 65.7 |
2025 | 65 |
2026 | 64.4 |
Thereafter | 192.8 |
Total amortization expense | $ 519.3 |
Goodwill and intangible asset_4
Goodwill and intangible assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Goodwill | $ 761.7 | $ 762.2 |
Goodwill impairment | 0 | 0 |
Indefinite-lived intangible assets | 0.5 | 0.5 |
Amortization expense on intangible asset | 66.2 | 65.8 |
Unfavorable leasehold interests | 16.2 | 18.5 |
Amortization expense on unfavorable leasehold interests | 2.3 | 2.3 |
Goodwill, impairment loss | 0 | 0 |
Favorable Leasehold Interests | ||
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Amortization expense on intangible asset | $ 5.9 | $ 5.4 |
Fair value measurements - Summa
Fair value measurements - Summary of Carrying Values and Fair Values of Other Financial Instruments (Detail) - Line of Credit - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
2017 First Lien Term Facility | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | $ 778.3 | $ 786.6 |
2017 First Lien Term Facility | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value | 780 | 730.6 |
2019 First Lien Term Facility | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | 97.5 | 98.5 |
2019 First Lien Term Facility | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value | 98 | 93 |
2017 Second Lien Term Facility | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | 0 | 310 |
2017 Second Lien Term Facility | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value | 0 | 241.8 |
Revolving Facility | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | 2.7 | 142.6 |
Revolving Facility | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value | 2.7 | 142.6 |
2021 Revolving Facility | Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | 37.3 | 0 |
2021 Revolving Facility | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value | $ 37.3 | $ 0 |
Fair value measurements - Addit
Fair value measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Debt issuance costs, net | $ 7.5 | $ 17.1 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Under Capital Lease Arrangements and Sale-Leaseback Financings (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Capital Leases, Future Minimum Payments, Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||
2022 | $ 135.1 | |
2023 | 128.3 | |
2024 | 118.5 | |
2025 | 120.6 | |
2026 | 119.3 | |
Thereafter | 2,285 | |
Total minimum lease payments | 2,906.8 | |
Less: amount representing interest | (1,930.5) | |
Present value of net minimum lease payments | 976.3 | |
Less: current portion | (38.5) | |
Capital leases, net of current portion | $ 937.8 | $ 933.1 |
Leases - Summary of Future Mi_2
Leases - Summary of Future Minimum Lease Receipts and Payments Under Operating Leases (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Lease receipts | |
2022 | $ 12.2 |
2023 | 12.2 |
2024 | 12.2 |
2025 | 12.2 |
2026 | 12.2 |
Thereafter | 4.1 |
Total minimum lease receipts | 65.1 |
Lease commitments | |
2022 | 60.3 |
2023 | 59.7 |
2024 | 59.2 |
2025 | 50.6 |
2026 | 46.3 |
Thereafter | 273.8 |
Total minimum lease payments | $ 549.9 |
Leases - Summary of Future Mi_3
Leases - Summary of Future Minimum Lease Receipts and Payments Under Operating Leases (Parenthetical) (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Capital Leases, Future Minimum Payments, Net Minimum Payments, Fiscal Year Maturity [Abstract] | |
Future Minimum Sublease Rentals | $ 45.1 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Line Items] | ||
Weighted-average interest rate on sale-leaseback financings | 7.90% | |
Sale leaseback transaction, Net book value | $ 5 | |
Capital leases and sale leaseback financings income statement interest expense | 101.5 | $ 98 |
Operating leases total rent expense | 181 | $ 113.8 |
Restructuring charge | 46 | |
Contract Termination [Member] | ||
Leases [Line Items] | ||
Restructuring charge | 64.4 | |
Restructuring Impairment Site Closures And Related Costs [Member] | ||
Leases [Line Items] | ||
Restructuring charge | $ 64.4 | |
Maximum [Member] | ||
Leases [Line Items] | ||
Capital lease expiration year | 2054 | |
Sale leaseback financings term | 36 months | |
Operating leases expiration year | 2045 | |
Minimum [Member] | ||
Leases [Line Items] | ||
Capital lease expiration year | 2022 | |
Sale leaseback financings term | 24 months | |
Operating leases expiration year | 2022 |
Long-term debt - Summary of Lon
Long-term debt - Summary of Long-term debt (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Less: unamortized debt issuance costs | $ (7.5) | $ (17.1) |
Long-term Debt | 908.3 | 1,320.6 |
Less: current maturities of long-term debt | (11.8) | (9.1) |
Long-term debt, net of current portion | 896.5 | 1,311.5 |
2017 First Lien Term Facility due May 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 778.3 | 786.6 |
2019 First Lien Term Facility due May 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 97.5 | 98.5 |
2017 Second Lien Term Facility due May 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 0 | 310 |
Revolving Facility due May 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 2.7 | 142.6 |
2021 Revolving Facility due Nov 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 37.3 | $ 0 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions | May 10, 2021 | May 07, 2021 | Dec. 31, 2021 | May 13, 2019 | May 01, 2017 |
Debt Instrument [Line Items] | |||||
Line of credit facility annual principal payment percentage per annum | 1.00% | ||||
Line of credit facility, frequency of payments | quarterly basis | ||||
Loss on extinguishment of debt | $ 5.2 | ||||
Senior Secured Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 1,275 | ||||
Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 150 | ||||
Line of credit facility, expiration date | May 1, 2022 | May 1, 2022 | |||
Debt instrument term | 5 years | ||||
Line of credit facility, interest rate at period end | 3.10% | ||||
Commitment fee percentage | 0.125% | ||||
Line of credit facility revolving credit conversion | $ 141.3 | ||||
Repayments of lines of credit | $ 19.6 | ||||
Proceeds from Long-term Lines of Credit | $ 40 | ||||
Line of credit available under the facility | 88.8 | ||||
Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Proceeds from Long-term Lines of Credit | 40 | ||||
Loss on extinguishment of debt | 5.2 | ||||
Credit amount outstanding | 40 | ||||
Letter of Credit [Member] | Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 30 | ||||
Maximum [Member] | Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Minimum [Member] | Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.50% | ||||
2017 First Lien Term Facility due May 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 815 | ||||
Line of credit facility, expiration date | May 1, 2024 | ||||
Debt instrument term | 7 years | ||||
Line of credit facility, interest rate at period end | 4.00% | ||||
2017 First Lien Term Facility due May 2024 [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
2017 First Lien Term Facility due May 2024 [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.00% | ||||
2017 Second Lien Term Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 310 | ||||
2017 Second Lien Term Facility | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 7.25% | ||||
2017 Second Lien Term Facility | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 6.25% | ||||
2019 First Lien Term Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility additional borrowing capacity | $ 100 | ||||
Line of credit facility, expiration date | May 1, 2024 | ||||
Debt instrument term | 5 years | ||||
Line of credit facility, interest rate at period end | 5.00% | ||||
2019 First Lien Term Facility | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4.00% | ||||
2019 First Lien Term Facility | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
2021 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 120.1 | ||||
Line of credit facility, expiration date | Nov. 1, 2023 | Nov. 1, 2023 | |||
Debt instrument term | 18 months | ||||
2021 Revolving Facility | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, basis spread on variable rate, alternative base rate | 3.00% | ||||
2021 Revolving Facility | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, basis spread on variable rate, alternative base rate | 1.50% | ||||
Revolving Facility and 2021 Revolving Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Borrowers Option | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
Description of variable rate basis | one-month LIBOR plus 1% | ||||
Revolving Facility and 2021 Revolving Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Borrowers Option | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Description of variable rate basis | the Federal Funds Rate plus 0.5% |
Long-term debt - Summary of agg
Long-term debt - Summary of aggregate maturities of our long-term debt (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2022 | $ 11.8 | |
2023 | 46.5 | |
2024 | 850 | |
2025 | 0 | |
Long-term Debt | $ 908.3 | $ 1,320.6 |
Long-term debt - Summary of Int
Long-term debt - Summary of Interest Expense Net (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest Expense [Abstract] | ||
Interest expense on debt, net of capitalized interest | $ 53.3 | $ 66.6 |
Interest expense on capital leases | 101.5 | 98 |
Amortization of deferred financing costs and fees | 10.1 | 5.8 |
Interest income on Promissory Notes | 0 | (1) |
Total | $ 164.9 | $ 169.4 |
Warrant Liabilities - Change in
Warrant Liabilities - Change in Warrant Liability (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Warrants And Rights Outstanding Roll Forward [Line Items] | |
Balance at the beginning of the period | $ 0 |
Warrant liabilities assumed on July 29, 2021 | 41.8 |
Level 3 transfer-out and Level 2 transfer-in value | 0 |
Change in the fair value of the warrant liabilities | 25.5 |
Warrants exercised for Class A common stock | (2.6) |
Balance at the end of the period | 64.7 |
Fair Value, Inputs, Level 1 [Member] | Public Warrants | |
Warrants And Rights Outstanding Roll Forward [Line Items] | |
Balance at the beginning of the period | 0 |
Warrant liabilities assumed on July 29, 2021 | 23.2 |
Level 3 transfer-out and Level 2 transfer-in value | 0 |
Change in the fair value of the warrant liabilities | 15.5 |
Warrants exercised for Class A common stock | (2.6) |
Balance at the end of the period | 36.1 |
Fair Value, Inputs, Level 2 [Member] | Private Warrants | |
Warrants And Rights Outstanding Roll Forward [Line Items] | |
Balance at the beginning of the period | 0 |
Warrant liabilities assumed on July 29, 2021 | 0 |
Level 3 transfer-out and Level 2 transfer-in value | 18.6 |
Change in the fair value of the warrant liabilities | 10 |
Warrants exercised for Class A common stock | 0 |
Balance at the end of the period | 28.6 |
Fair Value, Inputs, Level 3 [Member] | Private Warrants | |
Warrants And Rights Outstanding Roll Forward [Line Items] | |
Balance at the beginning of the period | 0 |
Warrant liabilities assumed on July 29, 2021 | 18.6 |
Level 3 transfer-out and Level 2 transfer-in value | (18.6) |
Change in the fair value of the warrant liabilities | 0 |
Warrants exercised for Class A common stock | 0 |
Balance at the end of the period | $ 0 |
Warrant Liabilities - Valuation
Warrant Liabilities - Valuation Techniques (Details) | Jul. 29, 2021DATACENTER |
Derivative [Line Items] | |
Warrants and rights outstanding, measurement input | 9.55 |
Expected term (in years) | 5 years |
Risk free interest rate | |
Derivative [Line Items] | |
Warrants and rights outstanding, measurement input | 0.73 |
Volatility for Least-Square Monte Carlo Model | |
Derivative [Line Items] | |
Warrants and rights outstanding, measurement input | 35.7 |
Warrant Liabilities - Additiona
Warrant Liabilities - Additional Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / sharesshares | Jul. 29, 2021$ / sharesshares | Sep. 30, 2020$ / shares | |
Derivative [Line Items] | |||
Exercise price per warrant (in dollars per share) (less than) | $ 11.50 | $ 11.50 | |
Expected term (in years) | 5 years | ||
Warrants redemption price per warrant (in dollars per share) | $ 0.10 | ||
Class of warrant threshold days prior written notice of redemption | 30 days | ||
Sale of stock (in dollars per share) | $ 10 | ||
Issuance of shares related to exercise of warrants | $ | $ 2.8 | ||
Additional Paid-in Capital [Member] | |||
Derivative [Line Items] | |||
Issuance of shares related to exercise of warrants | $ | $ 2.8 | ||
Public Warrants (Level 1) | |||
Derivative [Line Items] | |||
Class of warrant threshold days prior written notice of redemption | 30 days | ||
Number of warrants outstanding | shares | 10,779,927 | 11,620,383 | |
Warrants redemption, price per warrant | $ 0.01 | ||
Class of Warrant or Right, Exercised during period | shares | 840,456 | ||
Private Warrants (Level 3) | |||
Derivative [Line Items] | |||
Number of warrants outstanding | shares | 8,576,940 | 8,576,940 | |
Warrant | |||
Derivative [Line Items] | |||
Exercise price per warrant (in dollars per share) (less than) | $ 9.20 | ||
Threshold issue price for capital raising purposes In connection with closing of business combination (in dollars per share) (less than) | shares | 9.20 | ||
Class of warrant or right adjustment of exercise price warrants or rights percentage based on market value and newly issued price | 115.00% | ||
Private Placement Warrant [Member] | |||
Derivative [Line Items] | |||
Number of warrants exercised | shares | 0 | ||
Common Class A | |||
Derivative [Line Items] | |||
Class of Warrant or Right,Issued during period | shares | 228,450 | ||
Class of Warrant or Right,Conversion rate | 0.265 | ||
Common Class A | Public Warrants (Level 1) | |||
Derivative [Line Items] | |||
Sale of stock (in dollars per share) | $ 18 | ||
Stock convertible threshold trading days | 20 days | ||
Stock convertible threshold consecutive trading days | 30 days | ||
Common Class A | Private Warrants (Level 3) | |||
Derivative [Line Items] | |||
Exercise price per warrant (in dollars per share) (less than) | $ 11.50 |
Shareholder's equity - Addition
Shareholder's equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 19, 2021 | Dec. 31, 2021 | Jul. 29, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares, Issued | 166,207,190 | 115,745,455 | ||
Common Stock, Shares, Outstanding | 166,207,190 | 115,745,455 | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||
Transaction Bonus | $ 5.2 | |||
Preferred stock issued (in shares) | 0 | 0 | ||
Preferred stock outstanding (in shares) | 0 | 0 | ||
Public Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Class of Warrant or Right, Exercised during period | 840,456 | |||
Common Class A | ||||
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 510,000,000 | |||
Common Stock, Shares, Issued | 166,207,190 | |||
Common Stock, Shares, Outstanding | 166,207,190 | 165,978,740 | ||
Class of Warrant or Right, Issued During Period | 228,450 | |||
SIS Holdings, LP [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, par value | $ 0.0001 | |||
Payment made to redeem shares | $ 97.9 | |||
Common Stock, Shares, Issued | 115,745,455 | |||
Common Stock, Shares, Outstanding | 115,745,455 | |||
Stock redeemed or called and retired during period (in shares) | 9,645,455 | |||
Sale of stock, percentage of ownership after transaction | 64.00% |
Equity compensation - Additiona
Equity compensation - Additional Information (Detail) - USD ($) | Nov. 12, 2021 | Oct. 01, 2021 | Aug. 05, 2021 | Jul. 29, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | May 01, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Income tax benefit | $ 0 | $ 0 | |||||
Common stock authorized (in shares) | 500,000,000 | 500,000,000 | |||||
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount | $ 1,800,000 | ||||||
Weighted-average period | 3 years 7 months 2 days | ||||||
Stock options compensation expense | $ 200,000 | ||||||
Exercised (in shares) | 0 | ||||||
Vested (in shares) | 0 | ||||||
Number of units grants | 0.2 | ||||||
Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock authorized (in shares) | 510,000,000 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $ 28,100,000 | ||||||
Vesting period (in years) | 1 year | ||||||
Weighted-average period | 2 years 7 months 6 days | ||||||
Stock options compensation expense | $ 3,000,000 | ||||||
Number of units grants | 3,347,511 | ||||||
Number of units vested | 0 | ||||||
Restricted Stock Units (RSUs) [Member] | Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of units grants | 9.54 | 9.30 | |||||
Selling, General and Administrative Expenses [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options compensation expense | $ 2,800,000 | ||||||
Cost of Sales | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options compensation expense | $ 200,000 | ||||||
SIS Holdings LP ClassB Unit Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,000,000 | ||||||
Exit event trigger percentage of change of beneficial ownership | 50.00% | ||||||
Stock-based Compensation Expense | $ 6,300,000 | $ 7,500,000 | |||||
Unvested shares outstanding | 26,281 | ||||||
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount | $ 1,900,000 | ||||||
Weighted-average period | 2 years | ||||||
SIS Holdings LP ClassB Unit Plan [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based Compensation Expense | $ 6,000,000 | 6,900,000 | |||||
SIS Holdings LP ClassB Unit Plan [Member] | Cost of Sales | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based Compensation Expense | $ 300,000 | $ 600,000 | |||||
SIS Holdings LP ClassB Unit Plan [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of vesting | 25.00% | ||||||
SIS Holdings LP ClassB Unit Plan [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Sharebased compensation arrangement by sharebased payment award vesting remainder period | 42 months | ||||||
2021 Plan | Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock authorized (in shares) | 13,278,299 | ||||||
Vesting period (in years) | 3 years | ||||||
Share-based payment award, expiration period | 10 years | ||||||
2021 Plan | Stock option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of vesting | 25.00% | ||||||
2021 Plan | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of units grants | 3.2 |
Equity compensation - Summary
Equity compensation - Summary of Inputs were Used in the Valuation of the Class B Units for Grants (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected life (years) | 3 years 10 months 24 days | 4 years |
Risk-free rate (%) | 1.55% | 2.70% |
Expected volatility (%) | 45.00% | 35.00% |
Expected dividend (%) | 0.00% | 0.00% |
Equity compensation - Summar_2
Equity compensation - Summary of PIU Awards (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Opening balance of outstanding | 637,719 | 686,714 |
Number of units forfeited | (4,407) | (48,995) |
Closing balance of outstanding | 633,312 | 637,719 |
Opening balance of weighted average outstanding | $ 82.70 | $ 82.65 |
Weighted average forfeited | (89) | (81.95) |
Closing balance of weighted average outstanding | $ 82.63 | $ 82.70 |
Equity Compensation - Fair Valu
Equity Compensation - Fair Value of Stock Options Awards (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 21, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date stock price (in dollar per share) | $ 2.42 | |||
Expected term (in years) | 3 years 10 months 24 days | 4 years | ||
Expected stock volatility | 45.00% | 35.00% | ||
Risk-free interest rate | 1.55% | 2.70% | ||
Stock price at grant date | $ 10 | |||
Dividend yield | 0.00% | 0.00% | ||
Stock option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | |||
Expected stock volatility | 30.70% | |||
Risk-free interest rate | 0.87% | |||
Stock price at grant date | $ 8.65 | |||
Exercise price | $ 9.55 | |||
Dividend yield | 0.00% |
Equity Compensation - Stock Opt
Equity Compensation - Stock Options Transactions (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Jul. 21, 2021 | |
Shares Subject to Options | ||
Outstanding beginning balance (in shares) | ||
Granted (in shares) | 849,233 | |
Outstanding ending balance (in shares) | 849,233 | |
Vested and expected to vest at the end of the period (in shares) | 849,233 | |
Weighted Average Exercise Price per Share | ||
Outstanding beginning balance (in dollars per share) | ||
Granted (in dollars per share) | 9.55 | |
Outstanding ending balance (in dollars per share) | 9.55 | |
Vested and expected to vest at the end of the period (in dollars per shares) | $ 9.55 | |
Weighted Average Remaining Contractual Life (Years) | ||
Outstanding balance (in years) | 9 years 7 months 6 days | |
Vested and expected to vest (in year) | 9 years 7 months 6 days | |
Aggregate Intrinsic Value | ||
Outstanding, intrinsic value | $ 2,598,653 | $ 75 |
Vested and expected to vest at the end of the period | $ 2,598,653 |
Equity compensation - Schedule
Equity compensation - Schedule Of Share Based Compensation Restricted Stock Units Award Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | Nov. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Shares Subject to RSUs | |||
Opening balance of outstanding | 637,719 | 686,714 | |
Number of units grants | 0.2 | ||
Expired/forfeited | (4,407) | (48,995) | |
Closing balance of outstanding | 633,312 | 637,719 | |
Weighted Average Grant Date Fair Value | |||
Opening balance of weighted average outstanding | $ 82.70 | $ 82.65 | |
Expired/forfeited | 89 | 81.95 | |
Closing balance of weighted average outstanding | $ 82.63 | $ 82.70 | |
Restricted Stock Units (RSUs) [Member] | |||
Shares Subject to RSUs | |||
Opening balance of outstanding | |||
Number of units grants | 3,347,511 | ||
Expired/forfeited | (11,700) | ||
Closing balance of outstanding | 3,335,811 | ||
Unvested and expected to vest, December 31, 2021 | 3,335,811 | ||
Weighted Average Grant Date Fair Value | |||
Opening balance of weighted average outstanding | |||
Weighted average granted | 9.32 | ||
Expired/forfeited | 9.30 | ||
Closing balance of weighted average outstanding | 9.32 | ||
Unvested and expected to vest, December 31, 2021 | $ 9.32 | ||
Weighted Average Remaining Contractual Life (Years) | |||
Outstanding balance (in years) | 1 year 7 months 6 days | ||
Unvested and expected to vest, December 31, 2021 | 1 year 7 months 6 days | ||
Aggregate Intrinsic Value | |||
Outstanding, intrinsic value | $ 42,064,577 | ||
Unvested and expected to vest, December 31, 2021 | $ 42,064,577 |
Cyxtera Management, Inc. Long_2
Cyxtera Management, Inc. Long-Term Incentive Plan - Additional information (Detail) - IPO [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Minimum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Incentive Distribution | $ 0 |
Maximum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Incentive Distribution | $ 70 |
Employee benefits – 401_2
Employee benefits – 401(k) - Additonal Information (Detail) - USD ($) $ in Millions | Jul. 02, 2017 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
Defined Contribution Plan ,Percentage of Deferred Employee Compensation | 1.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 2.8 | $ 3 | |
Cost of Sales [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 1.2 | 1.8 | |
Selling, General and Administrative Expenses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 1.6 | $ 1.2 | |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan ,Percentage of Deferred Employee Compensation | 1.00% | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan ,Percentage of Deferred Employee Compensation | 6.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Effective tax rate | 15.60% | 2.90% |
Statutory tax rate | 21.00% | |
deferred income tax liabilities | $ 29.9 | $ 77.8 |
Deferred Tax Assets, Valuation Allowance | 53.7 | 37.3 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 16.4 | |
undistributed foreign earnings | 111.8 | 111.2 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 284.9 | |
Operating Loss Carryforwards expire amount | 65.2 | |
Operating Loss Carryforwards Indefinite Amount | 219.7 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 399.9 | |
Operating Loss Carryforwards expire amount | 339.9 | |
Operating Loss Carryforwards Indefinite Amount | 60 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | 29.5 | |
Operating Loss Carryforwards expire amount | 12.8 | |
Operating Loss Carryforwards Indefinite Amount | 16.7 | |
Other Assets [Member] | ||
deferred tax assets | $ 1 | $ 0.6 |
Income Taxes - Summary of The I
Income Taxes - Summary of The Income Tax (Expense) Benefit (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
US loss | $ (284.9) | $ (97.9) |
Foreign (loss) earnings | (20.8) | (21.4) |
Loss from operations before income taxes | (305.7) | (119.3) |
Current: | ||
US Federal | 0 | 0 |
US State and local | (0.2) | (0.2) |
Foreign | (0.2) | (2.2) |
Total current tax provision | (0.4) | (2.4) |
Deferred: | ||
US Federal | 42.5 | 5.7 |
US State and local | 4.9 | (1.7) |
Foreign | 0.8 | (5.1) |
Total deferred tax benefit | (48.2) | 1.1 |
Total income tax (expense) benefit | $ 47.8 | $ (3.5) |
Income Taxes - Summary of Inco
Income Taxes - Summary of Income Tax Reconciliation (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Income tax at US federal statutory income tax rate | $ 64.2 | $ 25.1 |
State and local taxes, net of federal income tax benefit | 12.6 | 9.2 |
Valuation allowance | (21.9) | (31.6) |
Nondeductible Equity-based compensation | (1.3) | (1.6) |
Taxes of foreign operations at rates different than US Federal statutory rates | 1.1 | (1.9) |
Foreign adjustments | 0.6 | (1.8) |
Impact of U.S. Tax Act | (1) | 0 |
Change of fair value of the warrant liabilities | (5.4) | 0 |
Other | (1.1) | (0.9) |
Total income tax (expense) benefit | $ 47.8 | $ (3.5) |
Income Taxes - Summary of defe
Income Taxes - Summary of deferred tax assets and deferred tax liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Capital leases | $ 55.1 | $ 27.8 |
Other accruals | 14.1 | 15.6 |
Deferred rent | 3.6 | 4.8 |
Acquisition and other related costs | 4.9 | 6.2 |
Net operating loss carryforward | 91.6 | 73.8 |
Interest expense carryforward | 44.9 | 35.4 |
Asset retirement obligations | 1.7 | 1.6 |
Allowance for doubtful accounts | 1.2 | 2 |
Impairment of Promissory Notes | 0 | 9.1 |
Other | 4.8 | 0 |
Valuation allowance | (53.7) | (37.3) |
Total deferred tax assets | 168.2 | 139 |
Less deferred tax liabilities: | ||
Intangibles | (165.7) | (177) |
Property, plant and equipment | (23.4) | (35.9) |
Contract asset | (2.4) | (2) |
Other | (5.6) | (1.3) |
Total deferred tax liability | (197.1) | (216.2) |
Deferred tax liability, net | $ (28.9) | $ (77.2) |
Income Taxes - Summary of unrec
Income Taxes - Summary of unrecognized tax benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 1 | $ 0 |
Additions based on tax positions related to the current year | 0 | 1 |
Settlements | (1) | 0 |
Closing balance | $ 0 | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Purchase commitment | $ 4.4 | $ 8.2 |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | 0 | 0 |
Line of credit facility, maximum borrowing capacity | $ 5.7 | $ 7.4 |
Certain relationships and rel_3
Certain relationships and related party transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jul. 29, 2021 | Jul. 21, 2021 | Feb. 08, 2021 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Repayments of debt | $ 433 | ||||||
Revenue from related parties | $ 1.5 | $ 0.2 | |||||
Share price | $ 10 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 75 | 2,598,653 | |||||
Reversal of allowance | 0 | 117.1 | |||||
Subsequent Event [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Share price | $ 10 | ||||||
Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Number of shares purchased | 3,750,000 | ||||||
Minimum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Number of shares purchased | 7,500,000 | ||||||
Promissory Notes [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Line of credit facility, current borrowing capacity | $ 95.2 | ||||||
Line of credit facility, remaining borrowing capacity | 52.5 | ||||||
Line of credit facility, maximum borrowing capacity | $ 147.7 | ||||||
Debt instrument, interest rate, stated percentage | 3.00% | ||||||
Debt instrument, maturity date | Mar. 30, 2020 | ||||||
Appgate [Member] | Promissory Notes [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Payments for advance to affiliate | $ 19.4 | ||||||
Due from related parties, current | $ 147.1 | ||||||
Appgate [Member] | Promissory Notes [Member] | Subsequent Event [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Due from related parties | $ 120.6 | ||||||
Debt instrument, principal payment | 117.1 | ||||||
Debt instrument, interest payment | 1.1 | ||||||
Repayments of debt | $ 154.3 | ||||||
Appgate [Member] | Promissory Notes [Member] | Maximum [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Due from related parties, current | $ 30 | ||||||
Affiliates Of BC Partners [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of total investment by related parties of term facilities | 5.00% | ||||||
Pico Quantitative Trading LLC [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Revenue from related parties | 0.2 | $ 0.6 | |||||
Presidio Holdings [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Related party costs | 0.3 | ||||||
Payments to services provided by related party | 0.3 | 0.2 | |||||
Altice USA, Inc. | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Amount billed to related party | 0.3 | 0.4 | |||||
Transition Services Agreement [Member] | Appgate [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Related party transaction, amounts of transaction | 3.9 | ||||||
Management Consulting Fee And Structuring Fee [Member] | Service Provider [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Related party transaction, amounts of transaction | 1 | ||||||
Due to related party | $ 22.7 | ||||||
Board Fees [Member] | Accured Liabilities [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Due to related party | $ 0.5 |
Certain relationships and rel_4
Certain relationships and related party transactions - Schedule of allowance for loan losses on the Promissory Notes (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 30 | $ 127.7 |
Provision for loan losses | 0 | 19.4 |
Reversal of allowance | 0 | (117.1) |
Net reversal of allowance for loan losses | 0 | (97.7) |
Write offs | (30) | 0 |
Ending balance | $ 0 | $ 30 |
Certain relationships and rel_5
Certain relationships and related party transactions - Summary of Related Party Transactions (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Revenues | $ 1.5 | $ 0.2 |
Selling, general and administrative expenses | 1 | 0.3 |
Recovery of notes receivable from affiliate | 0 | (97.7) |
Interest income | 0 | 1 |
Other (expense) income, net | $ (1.2) | $ 4.2 |
Certain relationships and rel_6
Certain relationships and related party transactions - Summary of Balances Arising from Transactions with Related Parties (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Balances Arising From Transactions With Related Parties [Abstract] | ||
Accounts receivable | $ 0.1 | $ 4.3 |
Due from affiliates | 0 | 117.1 |
Accounts payable | 0.6 | 0.4 |
Accrued expenses | 0 | 0.5 |
Due to affiliates | $ 0 | $ 22.7 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) $ / shares in Units, $ in Millions | Jan. 31, 2022USD ($)$ / sharesshares | Jan. 26, 2022USD ($)$ / sharesshares | Jan. 31, 2022USD ($)$ / sharesshares | Dec. 31, 2021$ / shares | Jul. 21, 2021$ / shares | Sep. 30, 2020$ / shares |
Subsequent Event [Line Items] | ||||||
Exercise Price of Warrants or Rights | $ / shares | $ 11.50 | $ 11.50 | ||||
Share price | $ / shares | $ 10 | |||||
Common Class A | ||||||
Subsequent Event [Line Items] | ||||||
Share price | $ / shares | $ 10 | |||||
Class of Warrant or Right,Conversion rate | 0.265 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Class of warrant or Right ,Redemption price per warrant | shares | 0.10 | |||||
Class of Warrant or Rights, issued on cash basis ,shares | shares | 134,443 | |||||
Class of Warrant or Rights, issued on cash basis ,value | $ | $ 1.5 | |||||
Class of Warrant or Rights, issued on cashless basis ,shares | shares | 18,692,120 | |||||
Class of Warrant or Rights, Redemption shares | shares | 1,370,760 | |||||
Class of Warrant or Rights, Redemption value | $ | $ 0.1 | |||||
Exercise Price of Warrants or Rights | $ / shares | $ 11.50 | |||||
Share price | $ / shares | $ 10 | $ 10 | ||||
Aggregate purchase price for shares issuance | $ | $ 75 | $ 75 | ||||
Subsequent Event [Member] | Common Class A | ||||||
Subsequent Event [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 5,087,612 | |||||
Share price | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Number of shares to be issued in transaction (in shares) | shares | 7,500,000 | 7,500,000 | ||||
Class of Warrant or Right,Conversion rate | 0.265 |