Equinix, Inc. · NASDAQ:EQIX
Equinix — Q1 2025 Earnings Presentation
50 slides from Equinix's earnings presentation, Apr 30, 2025
Slide 1: Investor Presentation Q1 2025
Investor Presentation Q1 2025 © 2025 Equinix, Inc.
Slide 2: Public Disclosure Statement
Public Disclosure Statement Forward-Looking Statements Except for historical information, this presentation contains forward-looking statements which include words such as “believe,” “anticipate,” and “expect.” These forward-looking statements involve risks and uncertainties that may cause Equinix’s
Slide 3: Equinix Business Update
Equinix Business Update © 2025 Equinix, Inc. 3
Slide 4: Key Priorities at Equinix
Key Priorities at Equinix Investing to extend our competitive advantage CAPITAL ALLOCATION DELIVERING VALUE Strategic Moves & FOR SHAREHOLDERS Enablers Organic Investments Return of • Serve Better • Expansion of platform AFFO per Capital • Solve Smarter • Increase ownership • Consistent Share Growth
Slide 5: Digital demand continues to accelerate with a series of catalysts
Digital demand continues to accelerate with a series of catalysts creating a cumulative effect 2023+ 2020-2022 AI 2000s 2010s Pandemic Web, Cloud Social and SaaS Fuel on the fire to Consumer demand Ignites a Fans the flames transform business and aaS acceleration multi-decade of Business and society
Slide 6: Platform Equinix – Our Competitive Advantage
Platform Equinix – Our Competitive Advantage (1) Equinix global reach expanding across 75 metro areas and 35 countries 6 Continents 35 Countries 75 Metro areas 270 Data centers Interconnected Ecosystems • World’s infrastructure provider with 29 Metros 30 Metros 16 Metros 109 Data Centers 101 Data Ce
Slide 7: Becoming the Trusted Center of a Cloud-First World
Becoming the Trusted Center of a Cloud-First World Curating Interconnection Ecosystems Remains a Strategic Priority with 2024 ~40% of Hyperscale Cloud On-ramp Nodes are in Equinix (1) Interconnection revenue growing 9% year over year (3) (Public Multi-Cloud and Network Density)(2) AWS Azure Network
Slide 8: xScale: Amplifying Our Balance Sheet to Extend Cloud Leadership
xScale: Amplifying Our Balance Sheet to Extend Cloud Leadership Phase Phase Phase Cost JV Status Capacity Leasing Opening ($M) (MW) (MW) Overview AMER Silicon Valley 12x-2 JV Q2 2026 $151 14 0 • In October, we announced our plans to nearly triple the Frankfurt 10x-1 JV Open $202 14 14 investment cap
Slide 9: Future First Sustainability
Future First Sustainability (1) We deliver digital infrastructure that fosters positive change through secure, efficient solutions Awards and recognition Grow our digital We received recognition for our infrastructure Drive social progress Lead with integrity sustainable operations, innovations and
Slide 10: Financial Highlights
Financial Highlights © 2025 Equinix, Inc. 10
Slide 11: Why Invest in Equinix Now?
Why Invest in Equinix Now? 1 2 3Managing through 4 5 Durable advantages Track record Expanding a complex Sustained and a strong of delivery market opportunity and dynamic value creation balance sheet environment • Strong 2025 start, • Leading interconnection • Investing in our digital • Excellent li
Slide 12: Proven track record of growth and profitability
Proven track record of growth and profitability (1) • Strong 2025 Start, Exceeding Expectations with Projected Steady MRR Growth and Margin Expansion • High recurring revenue business model: ~ 95% of revenue recurring $13.35 $13.86 $15.06 $18.53 $20.69 $22.81 $24.76 $27.11 $29.55 $32.11 $35.02 $37.7
Slide 13: Customer Diversity
Customer Diversity Diversified revenues across business size geography and industry can reduce exposure to macro volatility Bubble Size: 1Q25 MRR1 with Equinix Large, established businesses Customers come from a diverse Majority of revenue comes from constitute majority of revenue… set of Industries
Slide 14: Customer Revenues Mix
Customer Revenues Mix Diversified Revenues across Customer, Region and Industry segments Customers and Churn Q1 25 Revenues Mix Top 10 Customers (1) Rank Type of Customer %MRR Region Count IBX Count 1 Cloud & IT 2.8% 3 88 2 Cloud & IT 2.6% 3 81 3 Cloud & IT 2.4% 3 60 4 Cloud & IT 1.8% 3 81 5 Network
Slide 15: Compelling Development Economics
Compelling Development Economics • Equinix has achieved attractive returns of ~30% on its prior developments • Development economics remain appealing and support an active development pipeline Build Economics: 2,000 cab example Development yield: Component Total $ $/Cab % of Total Yield Breakdown Es
Slide 16: Development Timeline
Development Timeline Maximizing development returns and minimizing risks % of Cost Phase 3 20% Phase 2 20% Phase 1 40% Core & Shell 20% Year 0 1 2 3 4 5 • New phase reaches cash flow breakeven typically in 6 to 12 months • Typically 12 to 18 months to fill a new phase • Stabilizing (80%+) all phases
Slide 17: Attractive Stabilized IBX Growth
Attractive Stabilized IBX Growth (1) (2) • Stabilized property results growing at an attractive rate • Expansion properties demonstrate outsized growth as utilization increases Stabilized revenue growth levers Stabilized IBX Profitability • Price increases: Contractual price increases of 2 - 5%+ per
Slide 18: Equinix property ownership
Equinix property ownership Ownership Strategy • 68% of recurring revenue from owned properties (1) • Ensure long-term control over all assets • Intend to own more strategic properties over time Long-term economic control of assets % of Recurring Revenue Owned / Leased Q1 2025 (1) • Average lease mat
Slide 19: Capital Structure
Capital Structure (1) Continuing to take opportunistic approach to access lower cost capital markets Debt and Equity Issuance in Q1 2025 Available Liquidity(3) • Issued inaugural S$500M(2) of 3.50% Green Notes due 2030 making Equinix the first U.S. $7.6B corporate issuer in Singapore in 5+ years Rat
Slide 20: 2025 Financial Guidance
2025 Financial Guidance (7) Raising our guidance to reflect strong underlying performance and weaker U.S. dollar ($M except AFFO per Share) FY 2025 Q2 2025 (1) (2) Revenues $9,175 - 9,275 $2,244 - 2,264 (3) (4) Adjusted EBITDA $4,471 - 4,551 $1,095 - 1,115 Adjusted EBITDA Margin % ~49% ~49% Recurrin
Slide 21: 2025 Guidance
2025 Guidance (1) Outlook implies continued step-up of underlying MRR with second half margins at or near 50% Revenues ($M) Adjusted EBITDA ($M) Normalized and Constant Currency growth ex. net power As-reported Margin 7 - 8% (2) 46.8% 48.9% pass-through +5 - 6% +9 - 11% $9,175 - 9,275 $4,471 - 4,551
Slide 22: Q2 25 Guidance
Q2 25 Guidance (1) Expected underlying recurring revenue step up of $37M with continued expanding EBITDA margins Includes $37M recurring revenue step-up, offset by Revenues ($M) $38M lower NRR primarily related to xScale activities Adjusted EBITDA ($M) in Q1 25 48.0% Reported Margin 49.0% -$1 (0%) $
Slide 23: FY25 AFFO and AFFO per Share Guidance
FY25 AFFO and AFFO per Share Guidance (1)(2)(3) Raise AFFO guidance by $69M; AFFO per share growth of 7 - 9% Share Count (Diluted) AFFO per Share (Diluted) Normalized AFFO Constant Currency 9 - 12% YoY Growth 1 Raise AFFO guidance 95.8M 98.3M 98.4M Prior Full Year Guidance $3,606 - 3,686M $35.02 $36
Slide 24: Dividend Outlook
Dividend Outlook(1) Annual Cash Dividend ($M) ~13% +20% ~$1,836 $1,624 2025G Cash Dividend of ~$1,836M $1,359 $1,030 $1,137 • Second quarter dividend of $4.69 to be paid on June 18th, 2025 42% 42% 45% 48% ~50% 42% Payout Ratio Payout Ratio Payout Ratio Payout Ratio Payout Ratio • 2025G cash dividend
Slide 25: Supplemental Financial and Operating Data
All the Right All the Right All the Right PLACES PARTNERS POSSIBILITIES Place Infrastructure Connect to Everything Seize Opportunity with Supplemental Wherever You Need It You Need to Succeed Agility, Speed and Confidence Global Footprint Diverse Global Experience Financial and 270 data centers acro
Slide 26: Equinix Data Center at a Glance
Equinix Data Center at a Glance Secure, reliable facility for servers, data storage and networking equipment • Long-life infrastructure assets • Revenue generated from selling space, power and interconnection Equinix Owns Customer Owns • Core and shell • Servers, storage and • Power and cooling netw
Slide 27: Non-Financial Metrics
Non-Financial Metrics (1) Continue to trend favorably with solid pricing and increasing densities FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 QoQ QoQ % Interconnection Interconnections Americas 207,000 208,600 211,000 213,900 215,900 2,000 1% • Interconnection revenues grew 9% YoY on a EMEA 161,300 162,400 164,100
Slide 28: Equinix Announced Retail IBX Expansions
Equinix Announced Retail IBX Expansions Expansion Highlights • We have 56 major builds underway in 33 markets across 24 countries including 12 xScale builds • We had 10 project openings across xScale and retail in 9 metros including Frankfurt, Kuala Lumpur, Lagos, Madrid, Manchester, Salalah, Santia
Slide 29: Equinix Announced Retail IBX Expansions
Equinix Announced Retail IBX Expansions EMEA / APAC (1) Sellable cabinet equivalents and capital expenditures are approximate and may change based on final construction details * Subject to long-term ground lease © 2025 Equinix, Inc. 29
Slide 30: Fixed and Predictable Cost Model
Fixed and Predictable Cost Model (1) Q1 25 Cash Operating Expenses 7% 21% Consumables and Other (2) Predominantly fixed cost Maintenance structure Outside Services • Predictable power and Utilities 4% variable compensation Labor 37% Rent 6% Power cost management • Drive towards energy 25% efficiency
Slide 31: Same Store Operating Performance
Same Store Operating Performance(1) Revenues ($M) Cash Cost, Gross Profit and PP&E ($M) Trailing 4-Qtr Inter- Services/ Total Non- Total Cash Cost of Cash Gross Cash Gross Gross Cash Return on Category Colocation connection Other Recurring Recurring Revenues Revenues Profit Margin % PP&E Gross PP&E
Slide 32: Consolidated Portfolio Operating Performance
Consolidated Portfolio Operating Performance(1)(2) Cabinets Billed Q1 25 Revenues ($M) Total Owned % of # of Data Cabinet Cabinets Cabinet Total Total Category Centers Capacity Billed Utilization % Recurring Recurring Americas Owned 70 113,400 92,900 82% $695 Leased 37 30,700 25,700 84% $203 America
Slide 33: Data Center Portfolio Composition
Data Center Portfolio Composition Metro Count Stabilized Expansion New xScale Owned Leased Change Summary (1) Atlanta 2 AT1, AT4 AT4 AT1 Bogota 2 BG1 BG2 BG1, BG2 Boston 1 BO2 BO2 Calgary 3 CL1, CL2 CL3 CL3 CL1, CL2 Expansion to Stabilized Chicago 5 CH1, CH2, CH3, CH4, CH7 CH3, CH7 CH1, CH2, CH4 AT1
Slide 34: Data Center Portfolio Composition
Data Center Portfolio Composition Metro Count Stabilized Expansion New xScale Owned Leased Abidjan 1 AB1 AB1 Change Summary (1) Abu Dhabi 1 AD1 AD1 Accra 1 AC1 AC1 Amsterdam 9 AM1, AM2, AM3, AM4, AM5, AM6, AM7, AM8, AM11 AM1*, AM2*, AM3*, AM4*, AM5, AM6, AM7* AM8, AM11 Barcelona 2 BA1 BA2 BA2 BA1 Ne
Slide 35: Adjusted Corporate NOI ($M, except # of Data Centers)
Adjusted Corporate NOI(1) ($M, except # of Data Centers) Calculation Of Adjusted Corp NOI Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 (1) # of Data Centers 249 248 248 244 243 (2) Recurring Revenues $2,038 $2,043 $2,009 $1,973 $1,960 Recurring Cash Cost of Revenues Allocation (587) (674) (626) (616) (61
Slide 36: Adjusted NOI Composition – Organic
Adjusted NOI Composition – Organic(1)(2) Q1 2025 # of Total Cabinet Q1 2025 Quarterly % of Data Cabinet Cabinets Utilization Recurring Adjusted NOI Total Category Centers Capacity Billed % Revenues ($M) ($M) NOI Stabilized Owned 102 188,900 156,600 83% $1,103 $723 55% Leased 88 91,500 73,500 80% $54
Slide 37: Components of Net Asset Value
Components of Net Asset Value Q1 25 Quarterly Adjusted Ownership Reference NOI ($M) Stabilized Owned Adjusted NOI Segments $723 Stabilized Leased Adjusted NOI Segments $357 Expansion Owned Adjusted NOI Segments $171 Expansion Leased Adjusted NOI Segments $54 Other Real Estate Owned Adjusted NOI Segm
Slide 38: Forecasted Shares
Forecasted Shares (M) Fully Diluted Weighted Average Shares Common Stock Outstanding 97.8 0.5 -0.3 ~98.4 ~98.2 97.3 0.1 96.5 0.8 94.9 94.9 97.3 1.8 1.8 1.7 1.5 1.4 Shares Est. Employee ATM Offering Est. Shares Est. Weighted Est. Weighting Est. Fully Diluted Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Outstanding
Slide 39: Capital Expenditures Summary
Capital Expenditures Summary ($M) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Recurring IBX Maintenance 8 83 47 30 9 Sustaining IT & Network 5 14 8 5 2 Re-configuration Installation 13 18 14 11 10 Subtotal - Recurring $ 26 $ 115 $ 69 $ 45 $ 21 Non-Recurring IBX Expansion 617 678 516 477 532 (1) IBX Rede
Slide 40: Appendix: Non-GAAP Financial Reconciliations & Definitions
Appendix: Non-GAAP Financial Reconciliations & Definitions © 2025 Equinix, Inc. 40
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to the Equinix Metal Wind Down and an IBX asset in the Asia-Pacific region © 2025 Equinix, Inc. 41
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to Equinix Metal Wind Down © 2025 Equinix, Inc. 42
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to the Equinix Metal Wind Down and an IBX asset in the Asia-Pacific region © 2025 Equinix, Inc. 43
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to the Equinix Metal Wind Down and an IBX asset in the Asia-Pacific region © 2025 Equinix, Inc. 44
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to the Equinix Metal Wind Down and an IBX asset in the Asia-Pacific region © 2025 Equinix, Inc. 45
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations © 2025 Equinix, Inc. 46
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated NOI calculation Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 (unaudited and in millions) Revenues 2,225 2,261 2,201 2,159 2,127 Non-Recurring Revenues (NRR)(1) 97 100 83 85 86 (2) Other Revenues 90 118 109 101 81 Recurring Revenues(1) 2,038 2,043 2,009 1,973 1,960 Co
Slide 48: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Income from Operations 458 103 425 436 364 Adjustments: Depreciation, Amortization and Accretion Expense 480 502 494 490 525 Stock-based Compensation Expense 113 114 122 125 101 Restructuring Charges 10 31 -
Slide 49: Definitions: Non-financial Metrics, Data Center growth, REIT Disclosures and Capital Expenditures
Definitions: Non-financial Metrics, Data Center growth, REIT Disclosures and Capital Expenditures Non-Financial Metrics MRR per Cab: Monthly recurring revenues per billed cabinet: (current quarter recurring revenues / 3) divided by ((quarter end cabinets billing prior quarter + quarter end cabinets
Slide 50: Equinix
uni. EQUINIX