Equinix Starts 2014 Building Momentum, Nudges Up Guidance

May 1st, 2014 by · Leave a Comment

This earnings season has been pretty positive so far for internet infrastructure.  Yesterday after the market closed, Equinix added to the list of positive earnings reports with better than expected revenue and earnings.  Here are their key numbers in some context:

$ in millions
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Guidance
- Recurring 495.3 502.5 517.0 538.1 549.7
- Non-recurring 24.2 23.2 23.5 26.6 30.4
Revenues 519.8 525.7 540.5 564.7 580.1 Q2:594-598, 2014:>2395B
Cash COS 162.8 169.1 174.8 174.3 184.2 Q2: Cash GM of 68-69%
Cash SG&A 113.2 112.4 120.5 126.9 135.4 Q2: 135-139, 2014: 530-550
Adjusted EBITDA 243.5  244.2 245.2 263.5 260.4 Q2: 267-273, 2014: >1105B
Earnings Per Share 0.71 0.58 0.72 0.88 0.81
Ongoing Capex 34.0 40.2 41.0 68.0 44.9 Q2: 60, 2014: 200
Expansion Capex 41.7 82.7 130.0 134.8 60.1 Q2: 105-115, 2014: 350-450

They nudged full year guidance for both revenues and EBITDA a bit higher, while Q2 guidance for revenue of $594-598 was also above the composite analyst estimate of $588.

Equinix has been consistently busy expanding on multiple fronts for many years now.  At the moment, lots of the new space they have under construction is in APAC, while not all much is going on in here the US.  Here though it is ecosystem development they are investing resources in, with today's Cloud Exchange announcement being the latest example.

 

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Categories: Datacenter · Financials

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