Equinix Records Revenues of Over $2Bn with 11% YoY Increase in Q2 2023

Equinix, Inc. (Equinix), the world's digital infrastructure company™, reported results for the quarter ended June 30, 2023 (Q2 2023), showing an increase of 11% in revenues on a yearly basis.

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 the company's 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.

Charles Meyers, President and CEO at 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."