This earnings season has been pretty positive so far for internet infrastructure. Yesterday after the market closed, Equinix added to the list of positive earnings reports with better than expected revenue and earnings. Here are their key numbers in some context:
$ in millions | Q1/13 | Q2/13 | Q3/13 | Q4/13 | Q1/14 | Guidance |
- Recurring | 495.3 | 502.5 | 517.0 | 538.1 | 549.7 | |
- Non-recurring | 24.2 | 23.2 | 23.5 | 26.6 | 30.4 | |
Revenues | 519.8 | 525.7 | 540.5 | 564.7 | 580.1 | Q2:594-598, 2014:>2395B |
Cash COS | 162.8 | 169.1 | 174.8 | 174.3 | 184.2 | Q2: Cash GM of 68-69% |
Cash SG&A | 113.2 | 112.4 | 120.5 | 126.9 | 135.4 | Q2: 135-139, 2014: 530-550 |
Adjusted ebitda | 243.5 | 244.2 | 245.2 | 263.5 | 260.4 | Q2: 267-273, 2014: >1105B |
Earnings Per Share | 0.71 | 0.58 | 0.72 | 0.88 | 0.81 | |
Ongoing Capex | 34.0 | 40.2 | 41.0 | 68.0 | 44.9 | Q2: 60, 2014: 200 |
Expansion Capex | 41.7 | 82.7 | 130.0 | 134.8 | 60.1 | Q2: 105-115, 2014: 350-450 |
They nudged full year guidance for both revenues and ebitda a bit higher, while Q2 guidance for revenue of $594-598 million was also above the composite analyst estimate of $588 million.
Equinix has been consistently busy expanding on multiple fronts for many years now. At the moment, lots of the new space they have under construction is in APAC, while not all that much is going on in the US. Here though it is ecosystem development they are investing resources in, with the recent Cloud Exchange announcement being the latest example.
This article was authored by Rob Powell and was originally posted on Telecomramblings.com
Rob Powell is founder & editor of Telecom Ramblings, which was set up in 2008. The website is dedicated to discussing trends and developments in the telecom industry.