With a Strong Q2, Equinix Boosts Guidance

July 31st, 2014 by · Leave a Comment

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
Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Guidance
- Recurring 502.5 517.0 538.1 549.7 574.2
- Non-recurring 23.2 23.5 26.6 30.4 31.0
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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Categories: Datacenter · Financials

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