Innovative infrastructure platform paved the way for a solid Q2
We recently celebrated the first anniversary of becoming a public company. One year in and we continue to execute on our growth plan and remain energized by the significant opportunities ahead. Not only did we deliver solid financial results for the first half of 2022, but we are entering the second half of the year with strong demand for our full suite of infrastructure solutions. We were also recently added to the Russell 2000 Index, a testament to the performance of our team and further validation of our progress as a public company.
Earlier in the year, we expanded our suite of interconnection solutions with the launch of our native Cyxtera Cloud Connect offering, which lets customers reduce network costs, increase bandwidth throughput, simplify their interconnection environment, and improve resilience. Cyxtera Cloud Connect extends the value of our carrier-neutral, densely connected global data center footprint and thriving partner ecosystem by enabling customers to seamlessly establish on-demand connections to public cloud providers.
We also expanded our solutions portfolio by extending the capabilities of our SmartCabs solution to deliver dedicated, on-demand IT infrastructure resources to OEMs and technology service providers, significantly reducing deployment schedules and accelerating time-to-solution. Available to both enterprises and service providers, Cyxtera SmartCabs deliver point-and-click provisioning of dedicated, on-demand colocation cabinets that come complete with built-in power and core network, as well as direct connectivity to the Digital Exchange.
For enterprises, this results not only in instant network connectivity, but also, immediate access to Cyxtera’s entire partner ecosystem via the Cyxtera Marketplace, where they can find the compute, storage, networking, and technology solutions they need to build their complete data center environment. For OEMs and service providers, they can now leverage the data center as a high-growth sales channel.
Most recently, we announced our expansion into India through a strategic partnership with Sify Technologies, one of the country’s leading digital information and communications technology solution providers. This partnership allows us to offer colocation solutions in five additional markets in one of the most important and fastest growing global economies.
Positive momentum despite challenging market conditions
Despite challenging macroeconomic conditions, our second quarter represented the best net bookings quarter in our company’s history, thanks to robust demand from enterprise and service provider customers. This strong Go-To-Market momentum is also reflected in other key indicators across the business, namely:
- Core revenue growth of 5.9 percent year over year
- Strong pricing that is stable to up in most markets
- Growing sales contributions from our channel partner program
- Stabilized occupancy of more than 74 percent, an increase of 5.8 percent year over year, which is a key component to our growth strategy
These positive performance metrics reinforce the strength of our differentiated strategy to provide easy-to-consume, cloud-like colocation on a global scale to meet the needs of the modern digital enterprise. Our ability to provide flexible solutions across our global platform is helping our customers and partners optimize their IT Infrastructure and effectively navigate the challenging market conditions they are facing.
In it to win it
Backed by two strong quarters of results during the 1st half of 2022, we enter the 2nd half of the year energized by the customer adoption of our platform and determined to deliver even greater value going forward. Although we anticipate some short-term timing impacts stemming from the challenging macroeconomic conditions, we believe that our team is well prepared to navigate FX volatility, rising utility costs, and supply chain challenges, and continue our growth trajectory.
You have heard me say that data centers are the foundation of the digital economy and that rings even more true today. Cyxtera will continue to facilitate our customers’ IT transformation and help them realize their growth potential. This long-term strategy is the bedrock of everything we do at Cyxtera. It's a strategy we remain committed to, and it’s one that we are well-positioned to win thanks in no small part to our differentiated offerings and the strength of our team.
Views and opinions expressed in our blog posts are those of the employees who made them and do not necessarily reflect the views of the Company. A reader should not unduly rely on any statements made therein.