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Equinix
🇺🇸 NASDAQ:EQIX
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•
Mar 31, 2024

Equinix Q1 2024 Earnings Report

Equinix Q1 2024 earnings were reported, demonstrating revenue growth and strategic investments.

Key Takeaways

Equinix reported a strong start to 2024 with Q1 revenues exceeding $2.1 billion, marking 85 consecutive quarters of top-line revenue growth. The company saw a 6% increase in revenue compared to the same quarter last year, driven by strong demand and strategic investments in its global footprint.

Revenues reached $2.13 billion, a 1% increase over the previous quarter.

Operating income was $364 million, a 5% increase over the previous quarter, with a 17% operating margin.

AFFO reached $843 million, a 22% increase over the previous quarter.

The company pre-leased an additional 48 megawatts of xScale capacity since the last earnings call.

Total Revenue
$2.13B
Previous year: $2B
+6.5%
EPS
$8.86
Previous year: $8.59
+3.1%
Worldwide Interconnections
468K
AFFO
$843M
Previous year: $802M
+5.1%
Gross Profit
$1.04B
Previous year: $992M
+4.4%
Cash and Equivalents
$1.53B
Previous year: $2.64B
-42.2%
Free Cash Flow
-$109M
Previous year: $194M
-156.3%
Total Assets
$31.9B
Previous year: $31.3B
+2.1%

Equinix

Equinix

Equinix Revenue by Segment

Equinix Revenue by Geographic Location

Forward Guidance

For Q2 2024, Equinix expects revenues to range between $2.148 and $2.168 billion. Total revenues for the full year 2024 are expected to range between $8.692 and $8.792 billion. Adjusted EBITDA is expected to range between $4.044 and $4.124 billion, and AFFO is expected to range between $3.290 and $3.370 billion.

Positive Outlook

  • Revenue to range between $2.148 and $2.168 billion for Q2 2024.
  • Adjusted EBITDA to range between $1.019 and $1.039 billion for Q2 2024.
  • Total revenues are expected to range between $8.692 and $8.792 billion for the full year 2024.
  • Adjusted EBITDA is expected to range between $4.044 and $4.124 billion for the full year 2024.
  • AFFO is expected to range between $3.290 and $3.370 billion for the full year 2024.

Challenges Ahead

  • Q2 2024 revenue guidance includes a $7 million negative foreign currency impact.
  • Q2 2024 adjusted EBITDA guidance includes a $4 million negative foreign currency impact and $6 million of integration costs.
  • Full year revenue guidance is offset by a $101 million negative foreign currency impact.
  • Full year adjusted EBITDA guidance is offset by a $50 million negative foreign currency impact.
  • Full year AFFO guidance is offset by a $36 million negative foreign currency impact.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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