Equinix, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue for Q1 was $1.596 billion, up 7% year-over-year, marking the 73rd consecutive quarter of revenue growth. Growth was driven by strong Americas performance and increased cabinet billing.
  • Adjusted EBITDA reached $773 million, up 10% year-over-year, outperforming expectations due to strong operations and lower net utility costs.
  • AFFO for Q1 was $627 million, meaningfully above expectations, supported by strong operating results and seasonal capital expenditure patterns.
  • Interconnection revenues grew 13% year-over-year, outpacing colocation revenue and now representing 19% of recurring revenue. Equinix added 6,700 interconnections in Q1 and surpassed 398,000 total interconnections.
  • Q1 MRR churn was 2%, the company’s lowest churn level in years and down from recent quarters near the high end of the typical 2%–2.5% range.
  • Bookings set records for a Q1, with 4,300 deals closed across 3,200+ customers. The Americas region had record gross and net bookings, while EMEA and APAC showed strong year-over-year momentum.
  • Equinix completed the acquisition of Bell Canada assets, becoming market leader in 19 of 26 operating countries and achieving #1 retail colocation share in all three global regions for the first time.

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Operator: Good afternoon, and welcome to the Equinix's First Quarter Earnings Conference Call. All lines will be able to listen only until we open for questions. Also, today's conference is being recorded. If anyone has objections, please disconnect at this time. I would now like to turn the call over to Katrina Rymill, Vice President of Investor Relations and Sustainability. You may begin. Katrina Rymill: Good afternoon, and welcome to today's conference call. Before we get started, I'd like to remind everyone that some of the statements we're making today are forward-looking in nature and involve risks and uncertainties. Actual results may vary significantly from those statements and may be affected by the risks we identified in today's press release, and those identified in our filings with the SEC, including our most recent Form 10-K filed on February 19, 2021. Equinix assumes no obligation and does not intend to update or comment on forward-looking statements made on this call. In addition, in light of Regulation Fair Disclosure, it is Equinix's policy not to comment on its financial guidance during the quarter unless it is done in explicit public disclosure. In addition, we will provide non-GAAP measures on today's conference call. We provide a reconciliation of these measures to the most directly comparable GAAP measures and the list of the reasons why the company uses these measures in today's press release from Equinix IR page at www.equinix.com. We have made availab

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