Equinix, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Q3 revenue was approximately $1.675 billion, up 8% year-over-year (normalized and constant currency).
  • This marks Equinix’s 75th consecutive quarter of top-line revenue growth.
  • Adjusted EBITDA was $786 million (47% margin), up 4% year-over-year.
  • AFFO reached $628 million, in line with expectations.
  • Interconnection revenue grew 11% year-over-year, outpacing colocation revenue.
  • Strong demand continues across regions, led by record Americas bookings.

Business Momentum and Market Environment

  • Digital transformation tailwinds continue as enterprises prioritize hybrid and multi-cloud architectures.
  • Channel partnerships were responsible for over 35% of total bookings and nearly half of enterprise wins.
  • More than 4,200 deals processed in the quarter with over 3,100 customers.
  • Global interconnections increased to more than 414,000, up 7,800 from the prior quarter.
  • Internet exchange peak traffic grew 6% sequentially and 30% year-over-year to more than 21 Tbps.

Regional Highlights

  • APAC revenue grew 11% year-over-year, Americas 7%, EMEA 6%.
  • Americas achieved its third consecutive record bookings quarter with strength even in smaller metros like Denver and Toronto.

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Operator: Good afternoon and welcome to the Equinix Third 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 conference 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 that we make 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 19th, 2021, and 10-Q filed on July 30th, 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 is Equinix's policy not to comment on its financial guidance during the quarter unless it is done through an explicit public disclosure. In addition, we'll provide non-GAAP measures on today's conference call. We provide a reconciliation of those measures, the most directly comparable GAAP measures and a list of the reasons why the Company uses these measures in today's press release of the Equinix IR page a

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