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Sep 30, 2024
Equinix Q3 2024 Earnings Report
Equinix reported record gross bookings and achieved its 87th consecutive quarter of revenue growth.
Key Takeaways
Equinix reported a 7% increase in quarterly revenues year-over-year, reaching $2.2 billion. The company's performance was driven by robust pricing, strong deal conversion rates, and meaningful billable cabinet improvement. A new joint venture is expected to nearly triple the capital invested in xScale data center portfolio.
Revenues increased 7% year-over-year to $2.2 billion.
Operating income was $425 million.
Net income attributable to common stockholders was $297 million, or $3.10 per share.
AFFO was $866 million, or $9.05 per share.
Equinix
Equinix
Equinix Revenue by Segment
Equinix Revenue by Geographic Location
Revenue by Segment
Colocation Revenue
CapyFin.comInterconnection Revenue
CapyFin.comManaged Infrastructure Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia-Pacific Revenue
CapyFin.com Forward Guidance
For the fourth quarter of 2024, the company expects revenues to range between $2.262 and $2.302 billion, and adjusted EBITDA is expected to range between $1.010 and $1.050 billion.
Positive Outlook
- Revenue guidance includes a $26 million foreign currency benefit when compared to the average FX rates in Q3 2024.
- Adjusted EBITDA guidance includes a $12 million foreign currency benefit when compared to the average FX rates in Q3 2024.
- Full year revenue is expected to increase by approximately 7% over the previous year.
- The $36 million increase from previously issued revenue guidance is due to $12 million of better-than-expected operating performance and a $24 million positive foreign currency benefit when compared to the prior guidance rates.
- AFFO is expected to range between $3.338 and $3.378 billion, an as-reported increase of 11 - 12% over the previous year.
Challenges Ahead
- Revenue guidance excludes the quarter-over-quarter impact of the power pass-through.
- Adjusted EBITDA guidance includes $8 million of integration costs related to acquisitions and higher seasonal spending.
- Recurring capital expenditures are expected to range between $94 and $114 million, consistent with our typical seasonal investments in Q4.
- Adjusted EBITDA margin of 47%.
- Total capital expenditures are expected to range between $2.850 and $3.100 billion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income