Equinix, Inc. Q1 FY2023 Earnings Call
· Earnings call transcript and AI-powered summary
Quarter Overview
- Q1 revenue reached $2.0B, up 16% year-over-year (compared to Q1 last year), driven by strong recurring revenue.
- Adjusted EBITDA was $944M, up 18% year-over-year and above guidance due to strong operating performance and lower SG&A spend.
- AFFO totaled $802M, outperforming expectations due to lower interest expense and taxes.
- 4,000 deals were closed across more than 3,000 customers, in line with historic activity levels.
- Pricing environment remained strong across all regions; interconnection revenue grew 12% year-over-year.
- MRR churn remained low at 2%, with full‑year expectations at the low end of 2% to 2.5%.
Key Performance Highlights
- Multi-region customers grew, with 76% using multiple regions and 65% using all three major regions (up 1% quarter-over-quarter).
- xScale portfolio is over 75% leased, including full pre-leasing of the Frankfurt 16 site (14 MW).
- Interconnection count reached 452,000+, with 5,300 new adds in the quarter.
- Internet Exchange peak traffic rose 26% year-over-year, surpassing 30 Tbps.
- Strong deal pipeline in AI-related workloads, spanning training (more xScale-oriented) and inference (more retail colo-oriented).
- Channel partners accounted for ~35% of bookings and 60% of new logos.
Regional Performance
Continue Reading
Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.
Upgrade to ProfessionalContinue Reading
Unlock the full earnings call transcript with speaker labels and formatted dialogue.
Upgrade to Professional