Equinix Reports Robust Q3 2023 with Revenue of $2.06Bn

Equinix, Inc. (Equinix), the world's digital infrastructure company™, published its financial results for the third quarter of 2023 (Q3 2023), showcasing overall growth across multiple metrics on both a year-on-year (YoY) and quarter-on-quarter (QoQ) 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.

Financial Overview for Q3 2023

• Revenue reached $2.06 billion, 12.0% higher than $1.84 billion in Q3 2022 and 2.0% higher than $2.02 billion in Q2 2023.

• Operating income came in at $380 million, up 14.1% from $333 million in Q3 2022 and up 14.5% from $332 million in Q2 2023.

• Net income attribute to Equinix was $276 million, an increase of 30.2% compared to $212 million in a year ago quarter and an increase of 33.3% compared to $207 million in the prior quarter. Diluted net income per share was $2.93, rising by 27.4% compared to $2.30 in Q3 of last year and rising by 32.6% compared to $2.21 in Q2 of this year.

• Adjusted EBITDA amounted to $936 million, increasing 7.5% compared to $871 million in the same period of last year and increasing 3.9% compared to $901 million in the previous quarter. Adjusted EBITDA margin reported 45%, unchanged from the prior quarter and compared with 47% in Q3 of last year.

• Adjusted Funds From Operations (AFFO) rose by 8.4% from $712 million to $772 million, up 2.4% compared to $754 million in Q2 2023. While AFFO per Share was $8.19 for the quarter, up 6.0% YoY (Q3 2022: $7.73) and up 1.9% QoQ (Q2 2023: $8.04).