Equinix, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Equinix delivered another record quarter with strong demand across all regions and products.
  • Q2 revenue reached $1.817 billion, up 10% year-over-year on a normalized and constant currency basis—its 78th consecutive quarter of revenue growth.
  • Adjusted EBITDA was $860 million, up 8% year-over-year; AFFO reached $691 million, exceeding expectations.
  • Interconnection revenue grew 13% year-over-year and total interconnections surpassed 435,000.
  • Bookings hit an all-time high with strong contribution from Americas and EMEA; APAC remained the fastest‑growing region.
  • Churn remained low at 2.1%, the lower end of guidance.
  • Power price pressures persist globally, especially in Europe, but Equinix expects to successfully pass through costs via hedging and contractual mechanisms.
  • 2022 guidance raised across revenue, adjusted EBITDA, and AFFO based on strong performance.

Financial Performance (Compared to Q2 Last Year)

  • Revenue: $1.817B, up 10% YoY.
  • Adjusted EBITDA: $860M, up 8% YoY.
  • AFFO: $691M, ahead of expectations.
  • MRR per cabinet reached $2,000.
  • MRR churn stable at 2.1% (low end of 2%–2.5% guidance).

Regional & Product Trends

  • APAC: Fastest-growing region at 14% MRR growth.

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Operator: Good afternoon, and welcome to the Equinix Second Quarter Earnings Conference Call. [Operator Instructions]. I would now like to turn the call over to Chip Newcom, Director of Investor Relations. You may begin. Chip Newcom: Good afternoon, and welcome to today's conference call. Before we get started, I would like to remind everyone that some of the statements we will be 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 have identified in today's press release and those identified in our filings with the SEC, including our most recent Form 10-K filed February 18, 2022 and 10-Q filed April 29, 2022. 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' policy to not comment on financial guidance during the quarter unless it is done through an explicit public disclosure. In addition, we will provide non-GAAP measures on today's conference call. We provide a reconciliation of those measures to the most directly comparable GAAP measures and a list of the reasons why the company uses these measures in today's press release on the Equinix Investor Relations page at www.equinix.com. We have made available on the IR page of our website a presentation designed to accompany this discussion, along with certain supplementa

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