The data center business shows no sign of slowing down, at least if Equinix's results are any indication. Revenues, EBITDA, and earnings per share all outpaced both guidance and expectations, and the company boosted its full year guidance for both revenue and EBITDA. Here are their numbers in some context:
|$ in millions
|Revenues||525.7||540.5||564.7||580.1||605.2||Q3: 614-618, 2014: 2025-2035|
|Cash COS||169.1||174.8||174.3||184.2||190.9||Q3: Cash GM of 68-69%|
|Cash SG&A||112.4||120.5||126.9||135.4||139.0||Q3: 140, 2014: 550|
|Adjusted EBITDA||244.2||245.2||263.5||260.4||275.3||Q3: 278-280, 2014: >1105-1115|
|Earnings Per Share||0.58||0.72||0.88||0.81||0.87|
|Ongoing Capex||40.2||41.0||68.0||44.9||63.6||Q3: 25, 2014: 115|
|Expansion Capex||82.7||130.0||134.8||60.1||96.2||Q3: 150-160, 2014: 485-535|
Revenues were up 14% over the same period last year and a hefty 4% sequentially. Some of the boost in guidance comes from currency fluctuations, but only some.
The company is in the midst of its conversion to a REIT this year, after which their reporting format will probably change -- hopefully the detailed guidance they provide won't. With even fiber and copper now exploring the REIT path, I'm going to have to give in and put in the time to figure out how they really work though.
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