Slide 1: Q4 2024 Earnings Conference Call
Q4 2024 Earnings Conference Call NASDAQ: EQIX Presented on February 12, 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: 2024 Financial Highlights
2024 Financial Highlights Revenues Q4 24 FY24 Recurring Revenues Non-recurring Revenues Revenues Growth QoQ YoY YoY ($M) $8,748 $8,188 As-reported ▲3% ▲7% ▲7% $7,263 $6,635 $6,000 Normalized and ▲3% ▲6% ▲7% Constant Currency(1)(2) $7,745 $8,184 $6,220 $6,871 $5,658 Normalized MRR(1) ▲1% ▲5% ▲6% FY20
Slide 4: Q4 2024 Consolidated Results
Q4 2024 Consolidated Results Q4 24 FY24 $M except for AFFO per Share and Non-Financial Metrics Underlying Guidance FX Actual QoQ YoY Guidance Actual YoY vs. Mid-Pt. Revenues(1) $2,262 - 2,302 +$1 -$22 $2,261 3% 7% $8,748 - 8,788 $8,748 7% Cash Gross Profit $1,440 -2% 6% $5,765 8% Cash Gross Margin %
Slide 5: Americas Performance
Americas Performance Revenues Recurring Revenues Non-recurring Revenues ($M) Q4 24 FY24 $3,862 Revenues Growth $3,617 QoQ(3) YoY YoY $3,349 $3,022 As-reported ▲4% ▲7% ▲7% $2,709 Normalized and ▲4% ▲8% ▲7% $3,647 Constant Currency(1) $3,457 $3,183 $2,862 Normalized and $2,583 ▲1% ▲4% ▲6% Constant Cur
Slide 6: EMEA Performance
EMEA Performance Revenues Recurring Revenues Non-recurring Revenues ($M) Q4 24 FY24 $2,967 Revenues Growth $2,838 QoQ YoY YoY $2,342 As-reported ▲5% ▲3% ▲5% $2,155 $1,998 Normalized and ▲5% ▲1% ▲3% Constant Currency(1)(2) $2,648 $2,812 $2,002 $2,206 Normalized and $1,866 ▲1% ▲4% ▲5% Constant Currenc
Slide 7: Asia-Pacific Performance
Asia-Pacific Performance Revenues Recurring Revenues Non-recurring Revenues ($M) Q4 24 FY24 $1,919 Revenues Growth QoQ(4) YoY YoY $1,733 $1,572 As-reported ▼3% ▲13% ▲11% $1,458 $1,293 Normalized and ▼4% ▲11% ▲12% Constant Currency(1)(2) $1,640 $1,725 $1,356 $1,482 Normalized and $1,209 ▲2% ▲7% ▲7% C
Slide 8: Capital Structure
Capital Structure (1) (3) Available Liquidity During the three months ended December 31, 2024, we issued €650M of 3.25% EUR Green Notes due 2031 and €500M of 3.625% EUR Green Notes due 2034 (2) $7.5B Ratings In Q4 we raised $697M in net proceeds under our ATM program Baa2 / BBB / BBB+ Net Leverage R
Slide 9: Capital Expenditures
Capital Expenditures Recurring Capital Expenditures ($M) 5.0% 5.1% $115 $105 3.1% 15% • Recurring capital expenditures have historically 13% trended between 2% and 5% of revenues, 5% 2.1% 12% $69 annually 1.0% 20% $45 12% • Maintenance capital expenditures can vary by 82% 73% 10% 23% quarter based o
Slide 10: Stabilized Data Center Growth
Stabilized Data Center Growth(1)(2) Stabilized, Expansion & New Data Centers Stabilized Data Center Profitability ($M) Last Quarter $16,625 $6,346 $4,250 $128 Reported # of Data Centers Q4 FY24 Revenues ($M) $15,801 $16,000 27% annual Cash Gross 17 $14,000 Profit on Gross PP&E Expansion: investment(
Slide 11: 2025 Financial Guidance
2025 Financial Guidance ($M except AFFO per Share) FY 2025 Q1 2025 (1) (2) Revenues $9,033 - 9,133 $2,191 - 2,231 (3) (4) Adjusted EBITDA $4,386 - 4,466 $1,011 - 1,051 Adjusted EBITDA Margin % ~49% 46 - 47% Recurring Capital Expenditures $237 - 257 $27 - 47 % of revenues ~3% 1 - 2% Non-recurring Cap
Slide 12: FY25 Revenues Guidance ($M)
FY25 Revenues Guidance ($M) Normalized Constant Currency growth ex. net power Underlying growth of 7 - 8% against FX headwinds pass-through and Metal 9% 8% 7 - 8% (1) ~ 4% $9,033 - 9,133 +7% $8,748 $8,188 FY23 Reported FY24 Reported FY25 Guidance (1) Normalized for net power price decreases of $50M
Slide 13: FY25 Adjusted EBITDA Guidance ($M)
FY25 Adjusted EBITDA Guidance ($M) 190 bps margin expansion from operating leverage and power price decreases As-reported Margin Expanding margin by 190 bps from operating leverage and power price decreases 45.2% 46.8% 48.7% +1.9% +7 - 9% 48.7% $4,386 - $4,466 +11% 1.6% +1.6% $4,097 46.8% 0.3% 1.3%
Slide 14: Q1 25 Guidance
Q1 25 Guidance Revenues ($M) Adjusted EBITDA ($M) 45.1% As-reported Margin 46.6%(3) Includes $28M recurring revenue step up, offset by $30M lower NRR primarily $2,261 related to xScale activity -$47 -$3 +$31 (0%) (+3%) $2,213 $2,191 - 2,231 $1,011 - 1,051 $1,021 -$20 $1,000 (1) Q4 24 Normalizing (1)
Slide 15: FY25 AFFO and AFFO per Share Guidance
FY25 AFFO and AFFO per Share Guidance (1)(2) Normalized AFFO growth of 9 - 12% and AFFO per share growth of 7 - 9%, driving shareholder value Share Count (Diluted) 94.0M 95.8M 98.3M AFFO per Share (Diluted) $32.11 $35.02 $36.69 - 37.51 Normalized Constant Currency YoY Growth (3) AFFO/Sh. AFFO/Sh. AF
Slide 16: Dividend Outlook
Dividend Outlook Annual Cash Dividend ($M) ~13% +20% ~$1,835 $1,624 $1,359 2025G Cash Dividend of ~$1,835M $1,137 $1,030 • Ten years of continued cash dividend growth since REIT conversion in 2015 totaling $9B 42% 42% 45% 48% ~50% 42% Payout Payout Payout Payout Payout Ratio Ratio Ratio Ratio Ratio
Slide 17: Supplemental Financial and Operating Data
All the Right All the Right All the Right PLACES PARTNERS POSSIBILITIES Place Infrastructure Connect to Everything Seize Opportunity with Supplemental Wherever You Need It You Need to Succeed Agility, Speed and Confidence Global Footprint Diverse Global Experience Financial and 268 data centers acro
Slide 18: Equinix Overview
Equinix Overview (1) • Global footprint: 268 data centers in 74 metros Unique Portfolio of Data • Network dense: ~2,000 networks; 100% of Tier 1 Network Routes Center Assets • Cloud dense: ~3,000 Cloud & IT service providers • Interconnected ecosystems: 482,000+ Total Interconnections across 4,800+
Slide 19: Pressing Our Advantage in All Markets
Pressing Our Advantage in All Markets Equinix global reach expands to 74 metro areas and 35 countries 6 Continents 35 Countries 74 Metro areas 268 Data centers AMERICAS EMEA ASIA – PACIFIC Platform Equinix • Geographic footprint is 29 Metros 29 Metros 16 Metros 109 Data Centers 99 Data Centers 60 Da
Slide 20: xScale: Amplifying Our Balance Sheet to Extend Cloud Leadership
xScale: Amplifying Our Balance Sheet to Extend Cloud Leadership Phase Phase Phase Cost JV Status Capacity Leasing Opening ($M) (MW) (MW) Recent Leasing Activity AMER (1) Silicon Valley 12x-2 JV Q2 2026 $151 14 0 • Leased ~31MW of capacity since our last earnings call in EMEA Frankfurt 10x-1 JV Q1 20
Slide 21: Customer Diversity
Customer Diversity Diversified revenues across business size and industry reduces exposure to macro volatility Bubble Size: 4Q24 MRR1 with Equinix Large, established businesses Customers come from a diverse Majority of revenue comes from constitute majority of revenue… set of Industries… customers d
Slide 22: Customer Revenues Mix
Customer Revenues Mix Diversified Revenues across Customer, Region and Industry segments Customers and Churn Q4 24 Revenues Mix Top 10 Customers (1) Rank Type of Customer %MRR Region Count IBX Count 1 Cloud & IT 2.7% 3 59 EMEA 2 Cloud & IT 2.6% 3 90 Enterprise 36% 34% 3 Cloud & IT 2.5% 3 81 INT 19%
Slide 23: Non-Financial Metrics
Non-Financial Metrics (1) FY2023 FY2024 Organic Annual Total Underlying Acquisitions & Q4 Q1 Q2 Q3 Q4 Reconciliation(2) Q4 QoQ Interconnections Americas 203,600 207,000 208,600 211,000 213,700 200 213,900 2,700 EMEA 159,800 161,300 162,400 164,100 165,500 (1,900) 163,600 1,400 Asia-Pacific 98,800 10
Slide 24: Equinix Announced Retail IBX Expansions
Equinix Announced Retail IBX Expansions Expansion Highlights • We have 62 major builds underway across 36 markets in 25 countries including 16 xScale builds • We had 3 openings in 3 metros – Barcelona, Jakarta and Rio de Janeiro • Estimated FY25 ending cabinet equivalent capacity of ~391,000 AMER Ca
Slide 25: Equinix Announced Retail IBX Expansions
Equinix Announced Retail IBX Expansions EMEA / APAC Cabinet(1) Equivalent (1) 2024 2025 2026 2027 Total Capex Capacity In IBX Data Center Status Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $US millions Ownership Future Phases BA2 phase 1 (Barcelona) Open 675 $58 Owned 375 LG2 phase 2 (Lagos) Previously Anno
Slide 26: Real Estate Ownership and Long-Term Leases
Real Estate Ownership and Long-Term Leases (1) Own 165 of 268 Data Centers, totaling 24.3M of 33.7M total gross square feet Recurring Revenues by Global Lease Portfolio Expiration Waterfall (3) (2) Ownership % Leases Renewing by Square Footage Last Possible Expiration Date 45% Lease >=2040 14% Owned
Slide 27: Same Store Operating Performance
Same Store Operating Performance(1) Revenues ($M) Cash Cost, Gross Profit and PP&E ($M) Trailing 4-Qtr Inter- Services/ Total Non- Total Cash Cost of Cash Gross Cash Gross Gross Cash Return on Category Colocation connection Other Recurring Recurring Revenues Revenues Profit Margin % PP&E Gross PP&E
Slide 28: Consolidated Portfolio Operating Performance
Consolidated Portfolio Operating Performance(1)(2) Cabinets Billed Q4 24 Revenues ($M) Total Owned % of # of Data Cabinet Cabinets Cabinet Total Total Category Centers Capacity Billed Utilization % Recurring Recurring Americas Owned 70 113,000 91,300 81% $685 Leased 37 31,100 25,400 82% $201 America
Slide 29: Data Center Portfolio Composition
Data Center Portfolio Composition Metro Count Stabilized Expansion New xScale Owned Leased Change Summary (1) Atlanta 2 AT4 AT1 AT4 AT1 Bogota 2 BG1 BG2 BG1, BG2 Boston 1 BO2 BO2 Calgary 3 CL1, CL2 CL3 CL3 CL1, CL2 New IBX Chicago 5 CH1, CH2, CH3, CH4, CH7 CH3, CH7 CH1, CH2, CH4 RJ3 Culpeper 4 CU1,C
Slide 30: Data Center Portfolio Composition
Data Center Portfolio Composition Metro Count Stabilized Expansion New xScale Owned Leased Abidjan 1 AB1 AB1 Change Summary (1) Abu Dhabi 1 AD1 AD1 Accra 1 AC1 AC1 Amsterdam 9 AM1, AM2, AM3, AM4, AM5, AM6, AM7, AM8, AM11 AM1*, AM2*, AM3*, AM4*, AM5, AM6, AM7* AM8, AM11 Barcelona 2 BA1 BA2 BA2 BA1 Ne
Slide 31: Adjusted Corporate NOI
Adjusted Corporate NOI(1) ($M, except # of Data Centers) Calculation Of Adjusted Corp NOI Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 (1) # of Data Centers 248 248 244 243 243 (2) Recurring Revenues $2,043 $2,009 $1,973 $1,960 $1,930 Recurring Cash Cost of Revenues Allocation (674) (626) (616) (619) (66
Slide 32: Adjusted NOI Composition – Organic
Adjusted NOI Composition – Organic(1)(2) Q4 2024 # of Total Cabinet Q4 2024 Quarterly % of Data Cabinet Cabinets Utilization Recurring Adjusted NOI Total Category Centers Capacity Billed % Revenues ($M) ($M) NOI Stabilized Owned 93 173,300 145,200 84% $1,030 $639 52% Leased 84 85,300 68,800 81% $520
Slide 33: Components of Net Asset Value
Components of Net Asset Value Q4 24 Quarterly Adjusted Ownership Reference NOI ($M) Stabilized Owned Adjusted NOI Segments $639 Stabilized Leased Adjusted NOI Segments $311 Expansion Owned Adjusted NOI Segments $200 Expansion Leased Adjusted NOI Segments $63 Other Real Estate Owned Adjusted NOI Segm
Slide 34: Shares Forecast (M)
Shares Forecast (M) Fully Diluted Weighted Average Shares Common Stock Outstanding -0.3 97.3 0.5 ~98.3 ~98.1 96.5 0.8 97.3 94.9 94.9 94.5 1.8 1.8 1.6 1.5 1.4 Shares Est. Employee Est. Shares Est. Weighted Est. Weighting Est. Fully Diluted Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Outstanding @ Equity Awards Out
Slide 35: Capital Expenditures Profile
Capital Expenditures Profile ($M) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Recurring IBX Maintenance 83 47 30 9 86 Sustaining IT & Network 14 8 5 2 5 Re-configuration Installation 18 14 11 10 14 Subtotal - Recurring 115 69 45 21 105 Non-Recurring IBX Expansion 678 516 477 532 712 (1) IBX Redevelopmen
Slide 36: FX Rates, Hedging and Currencies
FX Rates, Hedging and Currencies Revenue FX Rates (3) (4) (1) (2) Blended (2) Guidance Blended % of Currency Hedge Rate Guidance Rate Hedge % Revenues Rate USD 1.00 38% EUR to USD 1.04 1.10 1.07 65% 20% GBP to USD 1.25 1.27 1.27 73% 10% USD to SGD 1.37 9% USD to JPY 157 5% USD to AUD 1.62 4% USD to
Slide 37: The Three Pillars of Sustainability
The Three Pillars of Sustainability (1) Equinix believes in a future where technology drives sustainable growth and transformative social impact Environment Social Governance Awards and recognition Grow our digital We received recognition for our sustainable operations, innovations and infrastructur
Slide 38: Equinix Leadership and Investor Relations
Equinix Leadership and Investor Relations Executive Team Equinix Investor Relations Contacts Equity Research Analysts Katrina Rymill Bank of America David Barden SVP, Corporate Finance and Sustainability Barclays Brendan Lynch 650-598-6583 BMO Capital Markets Ari Klein krymill@equinix.com BNP Pariba
Slide 39: Appendix: Non-GAAP Financial Reconciliations & Definitions
Appendix: Non-GAAP Financial Reconciliations & Definitions © 2025 Equinix, Inc. 39
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP PRESENTATION Three Months Ended Twelve Months Ended (unaudited and in milions) December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 We define cash cost of revenues as cost of rev
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP PRESENTATION Three Months Ended Twelve Months Ended December 31, September March 31, December 31, December 31, December 31, (unaudited and in millions) 2024 30, 2024 June 30, 2024 2024 2023 2024 2023 The geographic s
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP PRESENTATION Three Months Ended Twelve Months Ended December 31, September June 30, March 31, December 31, December 31, December 31, (unaudited and in millions) 2024 30, 2024 2024 2024 2023 2024 2023 Asia-Pacific net
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations CALCULATION OF ADJUSTED EBITDA AND AFFO BY QUARTER Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 (unaudited and in millions) Net income $ (14) $ 296 $ 301 $ 231 $ 227 Adjustments: Income tax expense 14 54 47 46 43 Interest income (49) (35) (29) (24) (28) Interest expense 126 117 1
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Net income $ (14) $ 296 $ 301 $ 231 $ 227 Net loss attributable to non-controlling interests — 1 — — — Net income attributable to common stockholders (14) 297 301 231 227 Adjustments: Real estate depreciatio
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands, except per share amounts) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 FFO per share: Basic $ 3.12 $ 6.38 $ 6.29 $ 5.84 $ 5.56 Diluted $ 3.11 $ 6.36 $ 6.27 $ 5.81 $ 5.54 AFFO per share: Basic $ 7.95 $ 9.08 $ 9.24 $ 8.91 $ 7.33 Diluted $ 7.92 $ 9.05 $
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations CALCULATION OF ADJUSTED EBITDA AND AFFO BY YEAR FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 (unaudited and in millions) Net income $ 814 $ 969 $ 705 $ 500 $ 371 Adjustments: Income tax expense 161 155 124 109 146 Interest income (137) (94) (36) (3) (9) Interest expense 457 402 3
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Net income $ 814 $ 969 $ 705 $ 500 $ 371 Net loss attributable to non-controlling interests 1 — — — — Net income attributable to common stockholders 815 969 705 500 371 Adjustments: Real estate depreciation
Slide 48: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands, except per share amounts) FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 FFO per share: Basic $ 21.59 $ 22.75 $ 19.94 $ 17.52 $ 14.83 Diluted $ 21.51 $ 22.66 $ 19.89 $ 17.40 $ 14.71 AFFO per share: Basic $ 35.16 $ 32.24 $ 29.64 $ 27.31 $ 24.96 Diluted $
Slide 49: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated NOI calculation Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 (unaudited and in millions) Revenues 2,261 2,201 2,159 2,127 2,110 Non-Recurring Revenues (NRR)(1) 100 83 85 86 83 (2) Other Revenues 118 109 101 81 97 Recurring Revenues(1) 2,043 2,009 1,973 1,960 1,930 Co
Slide 50: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Income from Operations 103 425 436 364 346 Adjustments: Depreciation, Amortization and Accretion Expense 502 494 490 525 462 Stock-based Compensation Expense 114 122 125 101 106 Restructuring Charges 31 - -
Slide 51: Non-GAAP Reconciliations
Non-GAAP Reconciliations NAREIT Funds From Operations (NAREIT FFO) - We calculate Funds From Operations in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT FFO represents net income (loss), excluding gains (or losses) from disp
Slide 52: 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 53: Equinix: Where Opportunity Connects
ull EQUINIX WHERE OPPORTUNITY CONNECTS