Equinix Powers Through Q1, Expands In Florida

April 25th, 2012 by · Leave a Comment

Carrier neutral datacenter provider Equinix (NASDAQ:EQIX, news, filings) turned in a powerful first quarter this morning.  Revenues, EBITDA, and earnings were each above expectations, and the company increased guidance to match.  On the expansion front, they announced plans for their third Miami-area data center.  Here is a quick tabular summary:

$ in millions Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12
(guidance)
FY/12
(guidance)
- Recurring 343.9 376.5 397.4 410.7 429.6
- Non-recurring 19.1 18.4 20.2 20.6 22.6
Revenues 363.0 394.9 417.6
431.3 452.2 466-468 >1890
COS 194.6 215.6 228.2 229.3 225.2
Cash SG&A 73.1 76.0 81.4 89.7 96.5 100-104 370-400
Adjusted EBITDA 167.3 181.3 191.6 198.2 215.2 212-214 >860
Earnings Per Share 0.53 0.64
0.20 0.35 0.71
Ongoing Capex 32.7 28.0 26.6 ~28 43.1 40 135
Expansion Capex 139.8 160.9 104.9 145.5 102.4 200-220 565-665

Revenues of $452.2 were above guidance and analyst estimates, while Q2 projections were as well.  The story was similar for EBITDA, while for earnings per share they beat expectations by twenty cents.  The stock is up strongly in response, as you might expect.

Capex guidance was also raised, and part of that will go into a new facility in Boca Raton, strategically placed on a low latency route to Brazil as part of their plans for the 2014 Olympics and 2016 Summer Olympics.  The new MI3 facility will have 31,300 square feet of floor space initially, and will cost $18M.

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Categories: Datacenter · Financials

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