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Equinix Reports Second-Quarter 2023 Results

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Equinix Inc. reported second-quarter 2023 results with revenues of $2.02 billion, an 11% increase from the same quarter last year. Operating income increased by 5% to $332 million, while net income decreased by 4% to $207 million. Adjusted EBITDA increased by 5% to $901 million, and AFFO increased by 9% to $754 million. The company provided annual guidance for 2023 with expected revenues of $8.171 - $8.251 billion, adjusted EBITDA of $3.660 - $3.720 billion, and AFFO of $2.963 - $3.023 billion.
Positive
  • Revenues for the second quarter of 2023 increased by 11% compared to the same quarter last year.
  • Operating income increased by 5% to $332 million.
  • Net income decreased by 4% to $207 million.
  • Adjusted EBITDA increased by 5% to $901 million.
  • AFFO increased by 9% to $754 million.
  • The company provided annual guidance for 2023 with expected revenues of $8.171 - $8.251 billion, adjusted EBITDA of $3.660 - $3.720 billion, and AFFO of $2.963 - $3.023 billion.
Negative
  • None.

REDWOOD CITY, Calif., Aug. 2, 2023 /PRNewswire/ --

  • Quarterly revenues increased 11% over the same quarter last year, to $2.0 billion, or 14% on a normalized and constant currency basis
  • Solid gross and net bookings resulted in more than 4,100 deals across more than 3,100 customers
  • Channel bookings accounted for 40% of total bookings and nearly 60% of new logos

Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure companyTM, today reported results for the quarter ended June 30, 2023. Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements. All per share results are presented on a fully diluted basis.

Second-Quarter 2023 Results Summary

  • Revenues
    • $2.02 billion, an 11% increase over the same quarter last year
    • Includes a $3 million negative foreign currency impact when compared to prior guidance rates
  • Operating Income
    • $332 million, a 5% increase over the same quarter last year, although impacted by an expected increase in average energy hedge costs and higher seasonal consumption
    • Operating margin of 16%
  • Net Income and Net Income per Share attributable to Equinix
    • $207 million, a 4% decrease from the same quarter last year, primarily due to lower income from operations and higher income tax expense given a favorable tax settlement in 2022
    • $2.21 per share, a 7% decrease from the same quarter last year
  • Adjusted EBITDA
    • $901 million, a 5% increase over the same quarter last year, and an adjusted EBITDA margin of 45%
    • Includes a $2 million negative foreign currency impact when compared to prior guidance rates and $3 million of integration costs
  • AFFO and AFFO per Share
    • $754 million, a 9% increase over the same quarter last year
    • $8.04 per share, a 6% increase over the same quarter last year

2023 Annual Guidance Summary

  • Revenues
    • $8.171 - $8.251 billion, an increase of 12 - 14% over the previous year, or a normalized and constant currency increase of 14 - 15%
    • Includes a $14 million negative foreign currency impact compared to prior guidance rates
  • Adjusted EBITDA
    • $3.660 - $3.720 billion, a 45% adjusted EBITDA margin
    • An increase of $20 million compared to prior guidance offset by a $5 million negative foreign currency impact
    • Includes $23 million of integration costs
  • AFFO and AFFO per Share
    • $2.963 - $3.023 billion, an increase of 9 - 11% over the previous year, or a normalized and constant currency increase of 11 - 14%
    • An increase of $28 million compared to prior guidance offset by a $2 million negative foreign currency impact
    • $31.51 - $32.15 per share, an increase of 7 - 9% over the previous year, or a normalized and constant currency increase of 9 - 11%

Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income (loss) from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant.

Equinix Quote

Charles Meyers, President and CEO, Equinix:

"We continue to see momentum in our business as digital transformation accelerates the pace of innovation and changes the way business is done. By 20261, IDC is forecasting that 40% of revenue from G2000 companies will come from digital products, services and experiences, a dynamic that is reshaping the basis of competition in nearly every industry, and making digital an unprecedented force for economic growth."

Business Highlights

  • With customers deployed in all three regions representing approximately two-thirds of recurring revenues, Equinix continues to invest behind the scale and reach of its data center services portfolio. The company currently has 53 major projects underway across 40 metros in 24 countries, including 11 xScale builds that are expected to deliver approximately 90 megawatts of capacity once opened.
    • In Q2, Equinix added 12 new projects including new International Business Exchange™ (IBX®) data center builds in Lisbon, Monterrey and Mumbai—in addition to the company's first build in Kuala Lumpur, one of the most strategic markets in Asia.
    • Equinix was selected to build incremental data center capacity in Singapore in response to the Singapore Government's Data Center Call for Application process. This build will help to strengthen the country's digital capabilities as well as support Singapore's Green Plan and digital economy.
  • Equinix's Channel program delivered another strong quarter, accounting for 40% of bookings and nearly 60% of new logos. It continues to see growth from partners like Accenture, Avant, Cisco, Dell and HPE, with wins across a wide range of industry verticals and digital first use cases.   
    • In June, Equinix announced an expanded relationship with Hewlett Packard Enterprise for pre-provisioned HPE GreenLake for Private Cloud Enterprise and HPE GreenLake for Private Cloud Business Edition on demand at select Equinix IBX data centers in seven metros around the globe.
  • Equinix's global interconnection franchise continues to perform with over 456,000 total interconnections. In Q2, interconnection revenues stepped up 10% year over year as reported or 11% year over year on a normalized and constant currency basis, driven by strong gross adds, increasing traffic levels and healthy pricing.
    • Equinix Fabric® saw total virtual connections surpassing 50,000 in the quarter for the first time, as it continues to add new capabilities to support larger workloads, like data-intensive AI training models and scalable enterprise networks. Beginning in the third quarter, Equinix Fabric customers will be able to provision virtual connections to cloud providers with bandwidths of up to 50 gigabits per second, with Google Cloud as the first cloud provider to support this capability
    • In Q2, Equinix won three new native cloud on-ramps in Bogotá, Madrid and Toronto, further strengthening its cloud ecosystem, which represents nearly 15% of total interconnections on its platform.
    • Internet Exchange saw strength in Q2 in Equinix's EMEA and APAC markets with peak traffic up 4% quarter over quarter and 25% year over year, to nearly 32 terabits per second.  

1 IDC Blog: "Leadership in a Changing Digital World: Five Mandates," April 2023.

Business Outlook

For the third quarter of 2023, the Company expects revenues to range between $2.039 and $2.069 billion, an increase of approximately 1 - 3% over the previous quarter, on both an as-reported and normalized and constant currency basis. This guidance includes a $4 million negative foreign currency impact when compared to the average FX rates in Q2 2023. Adjusted EBITDA is expected to range between $908 and $938 million. This guidance includes a $3 million negative foreign currency impact when compared to the average FX rates in Q2 2023 and $7 million of integration costs from acquisitions. Recurring capital expenditures are expected to range between $58 and $68 million.

For the full year of 2023, total revenues are expected to range between $8.171 and $8.251 billion, a 12 - 14% increase over the previous year, or a normalized and constant currency increase of 14 - 15%. This updated guidance maintains prior full year revenue guidance, offset by a $14 million negative foreign currency impact when compared to the prior guidance rates. Adjusted EBITDA is expected to range between $3.660 and $3.720 billion, an adjusted EBITDA margin of 45%. This updated guidance includes an underlying raise of $20 million from better-than-expected operating performance and lower integration costs, partially offset by a $5 million negative foreign currency impact when compared to prior guidance rates. AFFO is expected to range between $2.963 and $3.023 billion, an increase of 9 - 11% over the previous year, or a normalized and constant currency increase of 11 - 14%. This updated guidance includes an underlying raise of $28 million from better-than-expected business performance and lower integration costs, partially offset by a $2 million negative foreign currency impact when compared to prior guidance rates. AFFO per share is expected to range between $31.51 and $32.15, an increase of 7 - 9% over the previous year, or a normalized and constant currency increase of 9 - 11%. Total capital expenditures are expected to range between $2.675 and $2.925 billion. Non-recurring capital expenditures, including xScale-related capital expenditures, are expected to range between $2.467 and $2.697 billion, and recurring capital expenditures are expected to range between $208 and $228 million. xScale-related on-balance sheet capital expenditures are expected to range between $96 and $146 million, which we anticipate will be reimbursed to Equinix from both the current and future xScale JVs.

The U.S. dollar exchange rates used for 2023 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.09 to the Euro, $1.19 to the Pound, S$1.35 to the U.S. Dollar, ¥144 to the U.S. Dollar, A$1.50 to the U.S. Dollar, HK$7.84 to the U.S. Dollar, R$4.79 to the U.S. Dollar and C$1.32 to the U.S. Dollar. The Q2 2023 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen, Australian Dollar, Hong Kong Dollar, Brazilian Real and Canadian Dollar is 20%, 10%, 8%, 6%, 4%, 3%, 3% and 3%, respectively.

The adjusted EBITDA guidance is based on the revenue guidance less our expectations of cash cost of revenues and cash operating expenses. The AFFO guidance is based on the adjusted EBITDA guidance less our expectations of net interest expense, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, income tax expense, an income tax expense adjustment, recurring capital expenditures, other income (expense), (gains) losses on disposition of real estate property, and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.

Q2 2023 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended June 30, 2023, along with its future outlook, in its quarterly conference call on Wednesday, August 2, 2023, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company's Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call through Wednesday, October 25, 2023, by dialing 1-800-839-9317 and referencing the passcode 2023. In addition, the webcast will be available at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

Equinix has made available on its website a presentation designed to accompany the discussion of Equinix's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.

Additional Resources

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company®. Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.

Non-GAAP Financial Measures

Equinix provides all information required in accordance with generally accepted accounting principles ("GAAP"), but it believes that evaluating its ongoing operating results may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix uses non-GAAP financial measures to evaluate its operations.

Equinix provides normalized and constant currency growth rates, which are calculated to adjust for acquisitions, dispositions, integration costs, changes in accounting principles and foreign currency.

Equinix presents adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA represents net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales.

In presenting non-GAAP financial measures, such as adjusted EBITDA, cash cost of revenues, cash gross margins, cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A), adjusted EBITDA margins, free cash flow and adjusted free cash flow, Equinix excludes certain items that it believes are not good indicators of Equinix's current or future operating performance. These items are depreciation, amortization, accretion of asset retirement obligations and accrued restructuring charges, stock-based compensation, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales. Equinix excludes these items in order for its lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix's operating performance and cash spending levels relative to its industry sector and competitors.

Equinix excludes depreciation expense as these charges primarily relate to the initial construction costs of a data center, and do not reflect its current or future cash spending levels to support its business. Its data centers are long-lived assets, and have an economic life greater than 10 years. The construction costs of a data center do not recur with respect to such data center, although Equinix may incur initial construction costs in future periods with respect to additional data centers, and future capital expenditures remain minor relative to the initial investment. This is a trend it expects to continue. In addition, depreciation is also based on the estimated useful lives of the data centers. These estimates could vary from actual performance of the asset, are based on historic costs incurred to build out our data centers and are not indicative of current or expected future capital expenditures. Therefore, Equinix excludes depreciation from its operating results when evaluating its operations.

In addition, in presenting the non-GAAP financial measures, Equinix also excludes amortization expense related to acquired intangible assets. Amortization expense is significantly affected by the timing and magnitude of acquisitions, and these charges may vary in amount from period to period. We exclude amortization expense to facilitate a more meaningful evaluation of our current operating performance and comparisons to our prior periods. Equinix excludes accretion expense, both as it relates to its asset retirement obligations as well as its accrued restructuring charges, as these expenses represent costs which Equinix also believes are not meaningful in evaluating Equinix's current operations. Equinix excludes stock-based compensation expense, as it can vary significantly from period to period based on share price and the timing, size and nature of equity awards. As such, Equinix and many investors and analysts exclude stock-based compensation expense to compare its operating results with those of other companies. Equinix excludes restructuring charges from its non-GAAP financial measures. The restructuring charges relate to Equinix's decision to exit leases for excess space adjacent to several of its IBX® data centers, which it did not intend to build out, or its decision to reverse such restructuring charges. Equinix also excludes impairment charges generally related to certain long-lived assets. The impairment charges are related to expense recognized whenever events or changes in circumstances indicate that the carrying amount of assets are not recoverable. Equinix also excludes gain or loss on asset sales as it represents profit or loss that is not meaningful in evaluating the current or future operating performance. Finally, Equinix excludes transaction costs from its non-GAAP financial measures to allow more comparable comparisons of the financial results to the historical operations. The transaction costs relate to costs Equinix incurs in connection with business combinations and formation of joint ventures, including advisory, legal, accounting, valuation and other professional or consulting fees. Such charges generally are not relevant to assessing the long-term performance of Equinix. In addition, the frequency and amount of such charges vary significantly based on the size and timing of the transactions. Management believes items such as restructuring charges, impairment charges, transaction costs and gain or loss on asset sales are non-core transactions; however, these types of costs may occur in future periods.

Equinix also presents funds from operations ("FFO") and adjusted funds from operations ("AFFO"), both commonly used in the REIT industry, as supplemental performance measures. Additionally, Equinix presents AFFO per share, which is also commonly used in the REIT industry. AFFO per share offers investors and industry analysts a perspective of Equinix's underlying operating performance when compared to other REIT companies. FFO is calculated in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items. AFFO represents FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items. Equinix excludes depreciation expense, amortization expense, accretion, stock-based compensation, restructuring charges, impairment charges and transaction costs for the same reasons that they are excluded from the other non-GAAP financial measures mentioned above.

Equinix includes an adjustment for revenues from installation fees, since installation fees are deferred and recognized ratably over the period of contract term, although the fees are generally paid in a lump sum upon installation. Equinix includes an adjustment for straight-line rent expense on its operating leases, since the total minimum lease payments are recognized ratably over the lease term, although the lease payments generally increase over the lease term. Equinix also includes an adjustment to contract costs incurred to obtain contracts, since contract costs are capitalized and amortized over the estimated period of benefit on a straight-line basis, although costs of obtaining contracts are generally incurred and paid during the period of obtaining the contracts. The adjustments for installation revenues, straight-line rent expense and contract costs are intended to isolate the cash activity included within the straight-lined or amortized results in the consolidated statement of operations. Equinix excludes the amortization of deferred financing costs and debt discounts and premiums as these expenses relate to the initial costs incurred in connection with its debt financings that have no current or future cash obligations. Equinix excludes gain or loss on debt extinguishment since it represents a cost that is not a good indicator of Equinix's current or future operating performance. Equinix includes an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances and uncertain tax positions that do not relate to the current period's operations. Equinix excludes recurring capital expenditures, which represent expenditures to extend the useful life of its IBX and xScale data centers or other assets that are required to support current revenues. Equinix also excludes net income or loss from discontinued operations, net of tax, which represents results that are not a good indicator of our current or future operating performance.

Equinix presents constant currency results of operations, which is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, Equinix has presented this non-GAAP financial measure to provide investors with an additional tool to evaluate its operating results without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Equinix's business performance. To present this information, Equinix's current and comparative prior period revenues and certain operating expenses from entities with functional currencies other than the U.S. dollar are converted into U.S. dollars at a consistent exchange rate for purposes of each result being compared.

Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Equinix presents such non-GAAP financial measures to provide investors with an additional tool to evaluate its operating results in a manner that focuses on what management believes to be its core, ongoing business operations. Management believes that the inclusion of these non-GAAP financial measures provides consistency and comparability with past reports and provides a better understanding of the overall performance of the business and its ability to perform in subsequent periods. Equinix believes that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze Equinix effectively.

Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should, therefore, exercise caution when comparing non-GAAP financial measures used by us to similarly titled non-GAAP financial measures of other companies. Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income or loss from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of acquiring, operating and constructing IBX and xScale data centers and developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

 

EQUINIX, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)



Three Months Ended


Six Months Ended


June 30,
2023


March 31,
2023


June 30,
2022


June 30,
2023


June 30,
2022

Recurring revenues

$ 1,917,570


$   1,890,080


$ 1,707,451


$ 3,807,650


$ 3,349,775

Non-recurring revenues

100,838


108,129


109,703


208,967


201,826

Revenues

2,018,408


1,998,209


1,817,154


4,016,617


3,551,601

Cost of revenues

1,060,800


1,006,091


930,257


2,066,891


1,846,132

Gross profit

957,608


992,118


886,897


1,949,726


1,705,469

Operating expenses:










Sales and marketing

215,016


210,671


193,727


425,687


386,238

General and administrative

406,429


394,874


370,348


801,303


723,035

Transaction costs

5,718


1,600


5,063


7,318


9,303

Gain (loss) on sale of asset

(1,941)


852


(94)


(1,089)


1,724

Total operating expenses

625,222


607,997


569,044


1,233,219


1,120,300

Income from operations

332,386


384,121


317,853


716,507


585,169

Interest and other income (expense):









Interest income

23,503


19,388


4,508


42,891


6,614

Interest expense

(99,973)


(97,481)


(90,826)


(197,454)


(170,791)

Other income (expense)

(11,518)


7,503


(6,238)


(4,015)


(15,787)

Gain (loss) on debt extinguishment


254


(420)


254


109

Total interest and other, net

(87,988)


(70,336)


(92,976)


(158,324)


(179,855)

Income before income taxes

244,398


313,785


224,877


558,183


405,314

Income tax expense

(37,385)


(55,055)


(8,635)


(92,440)


(41,379)

Net income

207,013


258,730


216,242


465,743


363,935

Net (income) loss attributable to non-controlling interests

17


56


80


73


(160)

Net income attributable to Equinix

$     207,030


$      258,786


$     216,322


$     465,816


$     363,775

Net income per share attributable to Equinix:

Basic net income per share

$           2.21


$             2.78


$           2.38


$           5.00


$           4.00

Diluted net income per share

$           2.21


$             2.77


$           2.37


$           4.98


$           3.99

Shares used in computing basic net income per share

93,535


92,971


91,036


93,253


90,904

Shares used in computing diluted net income per share

93,857


93,340


91,262


93,599


91,213

 

EQUINIX, INC.

Condensed Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)



Three Months Ended


Six Months Ended


June 30,
2023


March 31,
2023


June 30,
2022


June 30,
2023


June 30,
2022

Net income

$     207,013


$     258,730


$     216,242


$     465,743


$     363,935

Other comprehensive income (loss), net of tax:







Foreign currency translation adjustment ("CTA") income (loss)

25,923


157,214


(740,428)


183,137


(862,962)

Net investment hedge CTA gain (loss)

(24,186)


(39,960)


353,953


(64,146)


445,311

Unrealized gain (loss) on cash flow hedges

(4,792)


(12,881)


20,617


(17,673)


84,654

Net actuarial loss on defined benefit plans

(116)


(115)


(19)


(231)


(40)

Total other comprehensive income (loss), net of tax

(3,171)


104,258


(365,877)


101,087


(333,037)

Comprehensive income (loss), net of tax

203,842


362,988


(149,635)


566,830


30,898

Net (income) loss attributable to non-controlling interests

17


56


80


73


(160)

Other comprehensive (income) loss attributable to non-controlling interests

(97)



35


(97)


32

Comprehensive income (loss) attributable to Equinix

$     203,762


$     363,044


$   (149,520)


$     566,806


$       30,770

 

EQUINIX, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)



June 30, 2023


December 31, 2022

Assets




Cash and cash equivalents

$                  2,342,177


$              1,906,421

Accounts receivable, net

1,006,116


855,380

Other current assets

395,723


459,138

Assets held for sale


84,316

          Total current assets

3,744,016


3,305,255

Property, plant and equipment, net

17,267,282


16,649,534

Operating lease right-of-use assets

1,529,064


1,427,950

Goodwill

5,732,010


5,654,217

Intangible assets, net

1,807,485


1,897,649

Other assets

1,487,088


1,376,137

          Total assets

$                31,566,945


$            30,310,742

Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity




Accounts payable and accrued expenses

$                  1,023,031


$              1,004,800

Accrued property, plant and equipment

316,090


281,347

Current portion of operating lease liabilities

139,661


139,538

Current portion of finance lease liabilities

151,554


151,420

Current portion of mortgage and loans payable

8,419


9,847

Other current liabilities

215,473


251,346

          Total current liabilities

1,854,228


1,838,298

Operating lease liabilities, less current portion

1,403,269


1,272,812

Finance lease liabilities, less current portion

2,136,159


2,143,690

Mortgage and loans payable, less current portion

665,916


642,708

Senior notes, less current portion

12,672,826


12,109,539

Other liabilities

785,547


797,863

          Total liabilities

19,517,945


18,804,910

Redeemable non-controlling interest

25,000


          Equinix stockholders' equity:




Common stock

94


93

Additional paid-in capital

17,909,043


17,320,017

Treasury stock

(63,973)


(71,966)

Accumulated dividends

(7,963,253)


(7,317,570)

Accumulated other comprehensive loss

(1,288,456)


(1,389,446)

Retained earnings

3,430,654


2,964,838

          Total Equinix stockholders' equity

12,024,109


11,505,966

Non-controlling interests

(109)


(134)

          Total stockholders' equity

12,024,000


11,505,832

                Total liabilities, redeemable non-controlling interest and stockholders' equity

$                31,566,945


$            30,310,742





Ending headcount by geographic region is as follows:




          Americas headcount

5,774


5,493

          EMEA headcount

4,081


3,936

          Asia-Pacific headcount

2,766


2,668

                    Total headcount

12,621


12,097

 

EQUINIX, INC.

Summary of Debt Principal Outstanding

(in thousands)

(unaudited)



June 30, 2023


December 31, 2022





Finance lease liabilities

$                 2,287,713


$                 2,295,110





Term loans

642,275


618,028

Mortgage payable and other loans payable

32,060


34,527

Plus: debt discount and issuance costs, net

878


1,062

           Total loans payable principal

675,213


653,617





Senior notes

12,672,826


12,109,539

Plus: debt discount and issuance costs

113,449


117,351

          Total senior notes principal

12,786,275


12,226,890





Total debt principal outstanding

$              15,749,201


$              15,175,617

 

EQUINIX, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)




Three Months Ended


Six Months Ended



June 30,
2023


March 31,
2023


June 30,
2022


June 30,
2023


June 30,
2022












Cash flows from operating activities:


Net income

$    207,013


$    258,730


$    216,242


$    465,743


$    363,935


Adjustments to reconcile net income to net cash provided by operating activities:


Depreciation, amortization and accretion

459,746


454,939


432,828


914,685


869,214


Stock-based compensation

104,546


98,715


104,682


203,261


194,634


Amortization of debt issuance costs and debt discounts

4,653


4,590


4,536


9,243


8,740


(Gain) loss on debt extinguishment


(254)


420


(254)


(109)


(Gain) loss on asset sales

(1,941)


852


(94)


(1,089)


1,724


Other items

20,465


9,001


5,832


29,466


11,882


Changes in operating assets and liabilities:


Accounts receivable

(99,164)


(53,392)


(26,302)


(152,556)


(127,029)


Income taxes, net

2,954


4,991


(33,663)


7,945


(19,782)


Accounts payable and accrued expenses

88,632


(72,765)


55,128


15,867


(20,852)


Operating lease right-of-use assets

42,337


34,766


38,839


77,103


74,239


Operating lease liabilities

(31,723)


(33,587)


(34,632)


(65,310)


(66,372)


Other assets and liabilities

(56,220)


(15,178)


37,765


(71,398)


92,480

Net cash provided by operating activities

741,298


691,408


801,581


1,432,706


1,382,704

Cash flows from investing activities:


Purchases, sales and maturities of investments, net

(30,290)


(24,393)


(26,391)


(54,683)


(64,949)


Business acquisitions, net of cash and restricted cash acquired



(883,668)



(883,668)


Real estate acquisitions


(40,397)


(30,257)


(40,397)


(33,331)


Purchases of other property, plant and equipment

(638,159)


(529,600)


(484,830)


(1,167,759)


(897,348)


Proceeds from asset sales


72,254


56,024


72,254


251,415

Net cash used in investing activities

(668,449)


(522,136)


(1,369,122)


(1,190,585)


(1,627,881)

Cash flows from financing activities:


Proceeds from employee equity programs


44,543



44,543


43,876


Proceeds from redeemable non-controlling interest

25,000




25,000



Payment of dividend distributions

(320,243)


(326,162)


(283,048)


(646,405)


(572,717)


Proceeds from public offering of common stock, net of offering costs


300,775



300,775



Proceeds from mortgage and loans payable





676,850


Proceeds from senior notes, net of debt discounts


565,239


1,193,688


565,239


1,193,688


Repayment of finance lease liabilities

(30,964)


(35,498)


(28,783)


(66,462)


(69,556)


Repayment of mortgage and loans payable

(1,020)


(2,403)


(9,199)


(3,423)


(561,032)


Debt issuance costs


(4,257)


(10,365)


(4,257)


(17,731)

Net cash provided by (used in) financing activities

(327,227)


542,237


862,293


215,010


693,378

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash

(46,681)


23,883


(101,129)


(22,798)


(96,536)

Net increase (decrease) in cash, cash equivalents, and restricted cash

(301,059)


735,392


193,623


434,333


351,665

Cash, cash equivalents and restricted cash at beginning of period

2,643,640


1,908,248


1,707,496


1,908,248


1,549,454

Cash, cash equivalents and restricted cash at end of period

$ 2,342,581


$ 2,643,640


$ 1,901,119


$ 2,342,581


$ 1,901,119

Supplemental cash flow information:

Cash paid for taxes

$      35,345


$      48,960


$      53,609


$      84,305


$      73,759

Cash paid for interest

$    134,176


$    103,904


$    106,249


$    238,080


$    210,300












Free cash flow (negative free cash flow) (1)

$    103,139


$    193,665


$  (541,150)


$    296,804


$  (180,228)












Adjusted free cash flow (2)

$    103,139


$    234,062


$    372,775


$    337,201


$    736,771












(1)

We define free cash flow (negative free cash flow) as net cash provided by operating activities plus net cash used in investing activities (excluding the net purchases, sales and maturities of investments) as presented below:


Net cash provided by operating activities as presented above

$    741,298


$    691,408


$    801,581


$ 1,432,706


$ 1,382,704


Net cash used in investing activities as presented above

(668,449)


(522,136)


(1,369,122)


(1,190,585)


(1,627,881)


Purchases, sales and maturities of investments, net

30,290


24,393


26,391


54,683


64,949


Free cash flow (negative free cash flow)

$    103,139


$    193,665


$  (541,150)


$    296,804


$  (180,228)












(2)

We define adjusted free cash flow as free cash flow (negative free cash flow) as defined above, excluding any real estate and business acquisitions, net of cash and restricted cash acquired as presented below:


Free cash flow (negative free cash flow) as defined above

$    103,139


$    193,665


$  (541,150)


$    296,804


$  (180,228)


Less business acquisitions, net of cash and restricted cash acquired



883,668



883,668


Less real estate acquisitions


40,397


30,257


40,397


33,331


Adjusted free cash flow

$    103,139


$    234,062


$    372,775


$    337,201


$    736,771

 

EQUINIX, INC.

Non-GAAP Measures and Other Supplemental Data

(in thousands)

(unaudited)




Three Months Ended


Six Months Ended



June 30,
2023


March 31,
2023


June 30,
2022


June 30,
2023


June 30,
2022


Recurring revenues

$  1,917,570


$  1,890,080


$  1,707,451


$  3,807,650


$  3,349,775


Non-recurring revenues

100,838


108,129


109,703


208,967


201,826


Revenues (1)

2,018,408


1,998,209


1,817,154


4,016,617


3,551,601













Cash cost of revenues (2)

720,796


665,978


599,368


1,386,774


1,183,071


Cash gross profit (3)

1,297,612


1,332,231


1,217,786


2,629,843


2,368,530













Cash operating expenses (4)(7):










Cash sales and marketing expenses (5)

141,241


140,310


120,739


281,551


245,445


Cash general and administrative expenses (6)

255,201


247,638


236,715


502,839


463,041


Total cash operating expenses (4)(7)

396,442


387,948


357,454


784,390


708,486













Adjusted EBITDA (8)

$     901,170


$     944,283


$     860,332


$  1,845,453


$  1,660,044













Cash gross margins (9)

64 %


67 %


67 %


65 %


67 %













Adjusted EBITDA margins(10)

45 %


47 %


47 %


46 %


47 %













Adjusted EBITDA flow-through rate (11)

(213) %


83 %


73 %


45 %


51 %













FFO (12)

$     495,240


$     548,152


$     498,349


$  1,043,392


$     930,993













AFFO (13)(14)

$     754,262


$     801,793


$     691,392


$  1,556,055


$  1,344,024













Basic FFO per share (15)

$            5.29


$            5.90


$            5.47


$          11.19


$          10.24













Diluted FFO per share (15)

$            5.28


$            5.87


$            5.46


$          11.15


$          10.21













Basic AFFO per share (15)

$            8.06


$            8.62


$            7.59


$          16.69


$          14.79













Diluted AFFO per share (15)

$            8.04


$            8.59


$            7.58


$          16.62


$          14.74



































































(1)

The geographic split of our revenues on a services basis is presented below:

















Americas Revenues:






















Colocation

$     583,568


$     574,098


$     541,988


$  1,157,666


$  1,064,159


Interconnection

204,266


198,639


187,491


402,905


368,594


Managed infrastructure

60,539


60,860


55,329


121,399


104,551


Other

5,086


4,872


5,581


9,958


10,715


Recurring revenues

853,459


838,469


790,389


1,691,928


1,548,019


Non-recurring revenues

36,254


43,906


40,475


80,160


83,266


Revenues

$     889,713


$     882,375


$     830,864


$  1,772,088


$  1,631,285













EMEA Revenues:






















Colocation

$     517,366


$     515,611


$     433,339


$  1,032,977


$     847,908


Interconnection

76,317


72,606


66,845


148,923


134,985


Managed infrastructure

32,891


31,424


30,447


64,315


61,437


Other

26,292


25,200


22,048


51,492


28,462


Recurring revenues

652,866


644,841


552,679


1,297,707


1,072,792


Non-recurring revenues

33,891


46,376


46,522


80,267


76,889


Revenues

$     686,757


$     691,217


$     599,201


$  1,377,974


$  1,149,681













Asia-Pacific Revenues:






















Colocation

$     323,116


$     318,705


$     281,635


$     641,821


$     564,250


Interconnection

66,455


65,562


60,841


132,017


120,828


Managed infrastructure

18,195


18,963


19,916


37,158


40,558


Other

3,479


3,540


1,991


7,019


3,328


Recurring revenues

411,245


406,770


364,383


818,015


728,964


Non-recurring revenues

30,693


17,847


22,706


48,540


41,671


Revenues

$     441,938


$     424,617


$     387,089


$     866,555


$     770,635













Worldwide Revenues:






















Colocation

$  1,424,050


$  1,408,414


$  1,256,962


$  2,832,464


$  2,476,317


Interconnection

347,038


336,807


315,177


683,845


624,407


Managed infrastructure

111,625


111,247


105,692


222,872


206,546


Other

34,857


33,612


29,620


68,469


42,505


Recurring revenues

1,917,570


1,890,080


1,707,451


3,807,650


3,349,775


Non-recurring revenues

100,838


108,129


109,703


208,967


201,826


Revenues

$  2,018,408


$  1,998,209


$  1,817,154


$  4,016,617


$  3,551,601


































(2)

We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-based compensation as presented below:







Cost of revenues

$  1,060,800


$  1,006,091


$     930,257


$  2,066,891


$  1,846,132


Depreciation, amortization and accretion expense

(327,605)


(328,790)


(319,011)


(656,395)


(640,740)


Stock-based compensation expense

(12,399)


(11,323)


(11,878)


(23,722)


(22,321)


Cash cost of revenues

$     720,796


$     665,978


$     599,368


$  1,386,774


$  1,183,071













The geographic split of our cash cost of revenues is presented below:

















Americas cash cost of revenues

$     266,682


$     245,407


$     243,636


$     512,089


$     483,039


EMEA cash cost of revenues

297,684


271,179


215,983


568,863


418,831


Asia-Pacific cash cost of revenues

156,430


149,392


139,749


305,822


281,201


Cash cost of revenues

$     720,796


$     665,978


$     599,368


$  1,386,774


$  1,183,071






(3)

We define cash gross profit as revenues less cash cost of revenues (as defined above).












(4)

We define cash operating expense as selling, general, and administrative expense less depreciation, amortization, and stock-based compensation. We also refer to cash operating expense as cash selling, general and administrative expense or "cash SG&A".







Selling, general, and administrative expense

$     621,445


$     605,545


$     564,075


$  1,226,990


$  1,109,273


Depreciation and amortization expense

(132,856)


(130,205)


(113,817)


(263,061)


(228,474)


Stock-based compensation expense

(92,147)


(87,392)


(92,804)


(179,539)


(172,313)


Cash operating expense

$     396,442


$     387,948


$     357,454


$     784,390


$     708,486












(5)

We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization and stock-based compensation as presented below:













Sales and marketing expense

$     215,016


$     210,671


$     193,727


$     425,687


$     386,238


Depreciation and amortization expense

(51,221)


(50,856)


(49,817)


(102,077)


(97,438)


Stock-based compensation expense

(22,554)


(19,505)


(23,171)


(42,059)


(43,355)


Cash sales and marketing expense

$     141,241


$     140,310


$     120,739


$     281,551


$     245,445












(6)

We define cash general and administrative expense as general and administrative expense less depreciation, amortization and stock-based compensation as presented below:













General and administrative expense

$     406,429


$     394,874


$     370,348


$     801,303


$     723,035


Depreciation and amortization expense

(81,635)


(79,349)


(64,000)


(160,984)


(131,036)


Stock-based compensation expense

(69,593)


(67,887)


(69,633)


(137,480)


(128,958)


Cash general and administrative expense

$     255,201


$     247,638


$     236,715


$     502,839


$     463,041












(7)

The geographic split of our cash operating expense, or cash SG&A, as defined above, is presented below:













Americas cash SG&A

$     230,284


$     231,881


$     211,004


$     462,165


$     415,467


EMEA cash SG&A

94,258


93,525


87,836


187,783


175,123


Asia-Pacific cash SG&A

71,900


62,542


58,614


134,442


117,896


Cash SG&A

$     396,442


$     387,948


$     357,454


$     784,390


$     708,486












(8)

We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, loss or gain on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs, and gain or loss on asset sales as presented below:













Net income

$     207,013


$     258,730


$     216,242


$     465,743


$     363,935


Income tax expense

37,385


55,055


8,635


92,440


41,379


Interest income

(23,503)


(19,388)


(4,508)


(42,891)


(6,614)


Interest expense

99,973


97,481


90,826


197,454


170,791


Other expense (income)

11,518


(7,503)


6,238


4,015


15,787


(Gain) loss on debt extinguishment


(254)


420


(254)


(109)


Depreciation, amortization and accretion expense

460,461


458,995


432,828


919,456


869,214


Stock-based compensation expense

104,546


98,715


104,682


203,261


194,634


Transaction costs

5,718


1,600


5,063


7,318


9,303


(Gain) loss on asset sales

(1,941)


852


(94)


(1,089)


1,724


Adjusted EBITDA

$     901,170


$     944,283


$     860,332


$  1,845,453


$  1,660,044













The geographic split of our adjusted EBITDA is presented below:

















Americas net income (loss)

$    (42,264)


$    (40,492)


$        38,199


$    (82,756)


$        18,627


Americas income tax expense

37,385


55,142


8,516


92,527


41,260


Americas interest income

(18,631)


(15,175)


(3,904)


(33,806)


(5,632)


Americas interest expense

83,892


84,280


82,160


168,172


152,890


Americas other expense (income)

7,988


5,104


(55,803)


13,092


(79,193)


Americas loss on debt extinguishment



420



159


Americas depreciation, amortization and accretion expense

251,594


245,107


230,099


496,701


460,185


Americas stock-based compensation expense

69,464


67,814


73,677


137,278


137,594


Americas transaction costs

2,610


477


2,715


3,087


5,706


Americas gain on asset sales

710


2,830


145


3,540


1,183


Americas adjusted EBITDA

$     392,748


$     405,087


$     376,224


$     797,835


$     732,779













EMEA net income

$     151,942


$     199,015


$     101,638


$     350,957


$     200,026


EMEA income tax expense



119



119


EMEA interest income

(2,872)


(2,540)


(525)


(5,412)


(792)


EMEA interest expense

4,557


4,149


(112)


8,706


804


EMEA other expense (income)

(2,862)


(16,480)


57,169


(19,342)


86,340


EMEA depreciation, amortization and accretion expense

123,100


124,675


116,070


247,775


230,936


EMEA stock-based compensation expense

21,510


18,836


19,168


40,346


35,280


EMEA transaction costs

2,090


836


2,094


2,926


3,251


EMEA loss on asset sales

(2,651)


(1,978)


(239)


(4,629)


(237)


EMEA adjusted EBITDA

$     294,814


$     326,513


$     295,382


$     621,327


$     555,727













Asia-Pacific net income

$       97,335


$     100,207


$        76,405


$     197,542


$     145,282


Asia-Pacific income tax benefit


(87)



(87)



Asia-Pacific interest income

(2,000)


(1,673)


(79)


(3,673)


(190)


Asia-Pacific interest expense

11,524


9,052


8,778


20,576


17,097


Asia-Pacific other expense

6,392


3,873


4,872


10,265


8,640


Asia-Pacific gain on debt extinguishment


(254)



(254)


(268)


Asia-Pacific depreciation, amortization and accretion expense

85,767


89,213


86,659


174,980


178,093


Asia-Pacific stock-based compensation expense

13,572


12,065


11,837


25,637


21,760


Asia-Pacific transaction costs

1,018


287


254


1,305


346


Asia-Pacific gain on asset sales





778


Asia-Pacific adjusted EBITDA

$     213,608


$     212,683


$     188,726


$     426,291


$     371,538












(9)

We define cash gross margins as cash gross profit divided by revenues.

















Our cash gross margins by geographic region are presented below:

















Americas cash gross margins

70 %


72 %


71 %


71 %


70 %


EMEA cash gross margins

57 %


61 %


64 %


59 %


64 %


Asia-Pacific cash gross margins

65 %


65 %


64 %


65 %


64 %












(10)

We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.













Americas adjusted EBITDA margins

44 %


46 %


45 %


45 %


45 %


EMEA adjusted EBITDA margins

43 %


47 %


49 %


45 %


48 %


Asia-Pacific adjusted EBITDA margins

48 %


50 %


49 %


49 %


48 %






(11)

We define adjusted EBITDA flow-through rate as incremental adjusted EBITDA growth divided by incremental revenue growth as follows:













Adjusted EBITDA - current period

$     901,170


$     944,283


$     860,332


$  1,845,453


$  1,660,044


Less adjusted EBITDA - prior period

(944,283)


(838,740)


(799,712)


(1,709,656)


(1,573,875)


Adjusted EBITDA growth

$    (43,113)


$     105,543


$        60,620


$     135,797


$        86,169













Revenues - current period

$  2,018,408


$  1,998,209


$  1,817,154


$  4,016,617


$  3,551,601


Less revenues - prior period

(1,998,209)


(1,870,845)


(1,734,447)


(3,711,504)


(3,381,554)


Revenue growth

$       20,199


$     127,364


$        82,707


$     305,113


$     170,047













Adjusted EBITDA flow-through rate

(213) %


83 %


73 %


45 %


51 %












(12)

FFO is defined as net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.













Net income

$     207,013


$     258,730


$     216,242


$     465,743


$     363,935


Net (income) loss attributable to non-controlling interests

17


56


80


73


(160)


Net income attributable to Equinix

207,030


258,786


216,322


465,816


363,775


Adjustments:











Real estate depreciation

283,673


283,681


278,046


567,354


558,242


Loss on disposition of real estate property

1,175


2,561


1,850


3,736


4,695


Adjustments for FFO from unconsolidated joint ventures

3,362


3,124


2,131


6,486


4,281


FFO attributable to common shareholders

$     495,240


$     548,152


$     498,349


$  1,043,392


$     930,993























(13)

AFFO is defined as FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, net income or loss from discontinued operations, net of tax, recurring capital expenditures and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items.













FFO attributable to common shareholders

$     495,240


$     548,152


$     498,349


$  1,043,392


$     930,993


Adjustments:











Installation revenue adjustment

6,121


(2,237)


(34)


3,884


811


Straight-line rent expense adjustment

10,614


1,179


4,207


11,793


7,867


Amortization of deferred financing costs and debt discounts and premiums

4,653


4,590


4,536


9,243


8,740


Contract cost adjustment

(13,735)


(6,682)


(7,891)


(20,417)


(22,830)


Stock-based compensation expense

104,546


98,715


104,682


203,261


194,634


Stock-based charitable contributions

2,543



14,039


2,543


14,039


Non-real estate depreciation expense

125,535


120,945


103,349


246,480


208,924


Amortization expense

52,428


52,474


51,875


104,902


101,444


Accretion expense

(1,175)


1,895


(442)


720


604


Recurring capital expenditures

(39,672)


(21,729)


(34,775)


(61,401)


(58,656)


(Gain) loss on debt extinguishment


(254)


420


(254)


(109)


Transaction costs

5,718


1,600


5,063


7,318


9,303


Income tax expense (benefit) adjustment

1,542


1,582


(49,683)


3,124


(50,006)


Adjustments for AFFO from unconsolidated joint ventures

(96)


1,563


(2,303)


1,467


(1,734)


AFFO attributable to common shareholders

$     754,262


$     801,793


$     691,392


$  1,556,055


$  1,344,024

























(14)

 Following is how we reconcile from adjusted EBITDA to AFFO:











Adjusted EBITDA

$     901,170


$     944,283


$     860,332


$  1,845,453


$  1,660,044


Adjustments:











Interest expense, net of interest income

(76,470)


(78,093)


(86,318)


(154,563)


(164,177)


Amortization of deferred financing costs and debt discounts and premiums

4,653


4,590


4,536


9,243


8,740


Income tax expense

(37,385)


(55,055)


(8,635)


(92,440)


(41,379)


Income tax expense (benefit) adjustment

1,542


1,582


(49,683)


3,124


(50,006)


Straight-line rent expense adjustment

10,614


1,179


4,207


11,793


7,867


Stock-based charitable contributions

2,543



14,039


2,543


14,039


Contract cost adjustment

(13,735)


(6,682)


(7,891)


(20,417)


(22,830)


Installation revenue adjustment

6,121


(2,237)


(34)


3,884


811


Recurring capital expenditures

(39,672)


(21,729)


(34,775)


(61,401)


(58,656)


Other income (expense)

(11,518)


7,503


(6,238)


(4,015)


(15,787)


Loss on disposition of real estate property

1,175


2,561


1,850


3,736


4,695


Adjustments for unconsolidated JVs' and non-controlling interests

3,283


4,743


(92)


8,026


2,387


Adjustment for gain (loss) on sale of assets

1,941


(852)


94


1,089


(1,724)


AFFO attributable to common shareholders

$     754,262


$     801,793


$     691,392


$  1,556,055


$  1,344,024

























(15)

The shares used in the computation of basic and diluted FFO and AFFO per share attributable to Equinix is presented below:













Shares used in computing basic net income per share, FFO per share and AFFO per share

93,535


92,971


91,036


93,253


90,904


Effect of dilutive securities:










Employee equity awards

322


369


226


346


309


Shares used in computing diluted net income per share, FFO per share and AFFO per share

93,857


93,340


91,262


93,599


91,213













Basic FFO per share

$            5.29


$            5.90


$            5.47


$          11.19


$          10.24


Diluted FFO per share

$            5.28


$            5.87


$            5.46


$          11.15


$          10.21













Basic AFFO per share

$            8.06


$            8.62


$            7.59


$          16.69


$          14.79


Diluted AFFO per share

$            8.04


$            8.59


$            7.58


$          16.62


$          14.74

 

Equinix.  (PRNewsFoto/Equinix) (PRNewsfoto/Equinix, Inc.)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/equinix-reports-second-quarter-2023-results-301891983.html

SOURCE Equinix, Inc.

FAQ

What were Equinix's revenues for the second quarter of 2023?

Equinix reported revenues of $2.02 billion for the second quarter of 2023, an 11% increase from the same quarter last year.

What was Equinix's net income for the second quarter of 2023?

Equinix's net income for the second quarter of 2023 was $207 million, a 4% decrease from the same quarter last year.

What was Equinix's adjusted EBITDA for the second quarter of 2023?

Equinix's adjusted EBITDA for the second quarter of 2023 was $901 million, a 5% increase from the same quarter last year.

What was Equinix's AFFO for the second quarter of 2023?

Equinix's AFFO for the second quarter of 2023 was $754 million, a 9% increase from the same quarter last year.

What is Equinix's annual revenue guidance for 2023?

Equinix provided annual revenue guidance for 2023 with expected revenues of $8.171 - $8.251 billion.

What is Equinix's annual adjusted EBITDA guidance for 2023?

Equinix provided annual adjusted EBITDA guidance for 2023 with expected adjusted EBITDA of $3.660 - $3.720 billion.

What is Equinix's annual AFFO guidance for 2023?

Equinix provided annual AFFO guidance for 2023 with expected AFFO of $2.963 - $3.023 billion.

Equinix, Inc.

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