Equinix, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Q2 revenues were $1.658 billion, up 8% year-over-year (compared to Q2 of prior year), marking the 74th consecutive quarter of top-line growth.
  • Adjusted EBITDA was $797 million, up 7% year-over-year, with margins at 48%.
  • FFO was $632 million, meaningfully ahead of expectations.
  • Interconnection revenue grew 12% year-over-year with over 406,000 total interconnections.
  • Peak internet exchange traffic increased 4% sequentially and 31% year-over-year.
  • Processed over 4,600 deals in the quarter across more than 3,200 customers.

Business Momentum & Strategic Highlights

  • Strong performance across all regions; Americas delivered a record quarter.
  • Record bookings driven by enterprise, cloud, and network verticals.
  • Over 35% of bookings came via channel partners, a record level.
  • Expansion continued with 35 active build projects across 25 markets.
  • New openings included Bordeaux, Helsinki, and Silicon Valley.

Digital Infrastructure & Services

  • Equinix Metal saw its strongest quarter to date, including its largest deal via channel partner Alarm for blockchain deployments.
  • Network Edge adoption accelerated with larger deal sizes and nearly 1,000 virtual connections provisioned.

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Operator: Good afternoon. Welcome to the Equinix's Second Quarter Earnings Conference Call. All lines will be able to listen only until we open for questions. Also, today's conference is being recorded. [Operator Instructions]. 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 and 10-Q filed on April 30, 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 available

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