Equinix Sees Stable Increase in Revenues for Fourth Quarter and Full Year 2022

Equinix, Inc. (Equinix), the world's digital infrastructure company, released its financial results for the quarter and year ended December 31, 2022, seeing an increase of 9% in revenues for the full year 2022.

The company 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.

2022 Results Summary

Revenues

• $7.263 billion, a 9% increase over the previous year on an as-reported basis or 11% on a normalized and constant currency basis.

Operating Income

• $1.201 billion, an 8% increase over the previous year, and an operating margin of 17%, largely due to strong operating performance offset in part by increased investments to support the expanded scale and reach of the business.

Net Income and Net Income Per Share Attributable to Equinix

• $705 million, a 41% increase over the previous year, primarily due to operating performance strength and loss on debt extinguishment in 2021; partially offset by higher income taxes.

• $7.67 per share, a 39% increase over the previous year.

Adjusted EBITDA

• $3.370 billion, a 46% adjusted EBITDA margin.

• Includes $20 million of integration costs.

AFFO and AFFO per Share

• $2.714 billion, an 11% increase over the previous year on both an as-reported and normalized and constant currency basis.

• $29.55 per share, a 9% increase over the previous year or a normalized and constant currency increase of 11%.

• Includes $20 million of integration costs.

Q4 Results Summary

Revenues

• $1.871 billion, an increase of 1.6% compared to $1.841 billion in Q3 2022 and an increase of 9.6% compared to $1.706 billion in Q4 2021.

Operating Income

• $282.2 million, a decrease of 15.3% compared to $333.2 million in Q3 2022 and an increase of 13.0% compared to $249.7 million in Q4 2021.

Net Income and Net Income per Share Attributable to Equinix

• $128.9 million, a decrease of 39.1% compared to $246.3 million in Q3 2022 and an increase of 4.7% compared to $123.1 million in Q4 2021.

• $1.39 per share, compared to $2.30 per share in Q3 2022 and $1.36 per share in Q4 2021.

Adjusted EBITDA

• $838.7 million, a decrease of 3.7% compared to $870.9 million in Q3 2022 and an increase of 6.5% compared to $787.6 million in Q4 2021.

• ​A 45% adjusted EBITDA margin.
  

AFFO and AFFO per Share

• $757.8 million, a decrease of 7.6% compared to $712.0 million in Q3 2022 and an increase of 16.6% compared to $564.2 million in Q4 2021.

• $7.09 per share, compared to $7.73 per share in Q3 2022 and $6.22 per share in Q4 2021.