EQIX - Equinix FFO of $5.28 beats by $0.02 revenue of $2.02B in-line; initiates Q3 and updates FY23 outlook

2023-08-02 16:17:12 ET

• Equinix press release ( NASDAQ: EQIX ): Q2 FFO of $5.28 beats by $0.02 .
• Revenue of $2.02B (+12.2% Y/Y) in-line.

• Outlook: For the third quarter of 2023, the Company expects revenues to range between $2.039 and $2.069 billion vs. consensus of $2.08B, an increase of approximately 1 - 3% over the previous quarter, on both an as-reported and normalized and constant currency basis. . Adjusted EBITDA is expected to range between $908 and $938 million. Recurring capital expenditures are expected to range between $58 and $68 million.

• For the full year of 2023, total revenues are expected to range between $8.171 and $8.251 billion vs. consensus of $8.23B, a 12 - 14% increase over the previous year, or a normalized and constant currency increase of 14 - 15%.  Adjusted EBITDA is expected to range between $3.660 and $3.720 billion, an adjusted EBITDA margin of 45%.  AFFO is expected to range between $2.963 and $3.023 billion, an increase of 9 - 11% over the previous year, or a normalized and constant currency increase of 11 - 14%.  AFFO per share is expected to range between $31.51 and $32.15 vs. consensus of $22.04, an increase of 7 - 9% over the previous year, or a normalized and constant currency increase of 9 - 11%. Total capital expenditures are expected to range between $2.675 and $2.925 billion. Non-recurring capital expenditures, including xScale-related capital expenditures, are expected to range between $2.467 and $2.697 billion, and recurring capital expenditures are expected to range between $208 and $228 million. xScale-related on-balance sheet capital expenditures are expected to range between $96 and $146 million, which we anticipate will be reimbursed to Equinix from both the current and future xScale JVs.

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