Equinix Reports Strong Financial Results with Revenues of Approximately $2.0Bn for Q1 2023

Equinix, Inc. (Equinix), the world's digital infrastructure company™, reported results for the first quarter ended March 31, 2023, seeing an increase of 7% in revenues for the quarter.

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.

First-Quarter 2023 Results Summary

Revenues

• Approximately $2.0 billion, a record quarter-over-quarter step up of $127 million or a 7% increase over the previous quarter.

• Includes approximately $90 million from power price increases and a $2 million foreign currency benefit when compared to prior guidance rates.

Operating Income

• $384 million, a 36% increase over the previous quarter, due to strong operating performance and flat quarter-over-quarter SG&A spend and an operating margin of 19%.

Net Income and Net Income per Share attributable to Equinix

• $259 million, a 101% increase over the previous quarter, primarily due to higher income from operations and lower net interest expense.

• $2.77 per share, a 99% increase over the previous quarter.

Adjusted EBITDA

• $944 million, a 13% increase over the previous quarter, and an adjusted EBITDA margin of 47%.

• Includes a $2 million foreign currency benefit when compared to prior guidance rates.

• Includes $5 million of integration costs.

AFFO and AFFO per Share

• $802 million, a 22% increase over the previous quarter, primarily due to strong operating performance and seasonally lower recurring capital expenditures.

• $8.59 per share, a 21% increase over the previous quarter.

• Includes $5 million of integration costs.

Charles Meyers, President and CEO of Equinix, said: "We had a strong start to the year, delivering nearly $2 billion of revenue for the quarter, as our outlook remains positive with the overall demand for digital transformation fueling our conviction around the long-term secular drivers of our business. We look forward to our upcoming analyst day next month, where we plan to continue the discussion of the significant opportunity ahead and our strongly differentiated position in capturing this opportunity as we enable our customers to access all the right places, partners and possibilities."