8f5bfa45421276e85e10dddad4d4ca5eb728189db4edb45ccc1cf0ba3384306c

| Metric (Unit) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Cabinet Utilization Rate (%) | **82%**  **[0001628280-23-004039_eqix-20221231.htm:74]**  | **82%**  **[0001628280-23-016073_eqix-20230331.htm:41]**  | **82%**  **[0001628280-23-027511_eqix-20230630.htm:42]**  | **80%**  **[0001628280-23-035406_eqix-20230930.htm:45]**  | **79%**  **[0001628280-24-005350_eqix-20231231.htm:80]**  | **79%**  **[0001628280-24-021647_eqix-20240331.htm:36]**  | **77%**  **[0001628280-24-035638_eqix-20240630.htm:39]**  | **78%**  **[0001628280-24-044355_eqix-20240930.htm:42]**  |

734aa81c34dd64ab3d59391f14d9d2fa9a1d75ee0313967f1f795061224fbb84

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

66d9016d6bf4cf9dfb2e81049c04c8b8e008841b0f9250a6d9930091022728e8

Equinix is the largest data center company globally, focusing on retail data center operations with a strong emphasis on recurring revenue streams **[EQIX_3368922_1]** **[0001628280-24-005350_eqix-20231231.htm:81]** **[0001628280-24-044355_eqix-20240930.htm:44]**. The company specializes in colocation, interconnection, and managed infrastructure solutions, which together account for more than 90% of its total revenues **[0001628280-24-005350_eqix-20231231.htm:150]** **[0001628280-24-005350_eqix-20231231.htm:81]**. Equinix's revenue is geographically segmented into the Americas, EMEA (Europe, the Middle East, and Africa), and Asia-Pacific regions, with additional non-recurring revenue activities such as installation and professional services contributing less than 10% of total revenues **[0001628280-24-035638_eqix-20240630.htm:31]** **[0001628280-24-021647_eqix-20240331.htm:28]** **[0001628280-24-005350_eqix-20231231.htm:197]** **[0001628280-24-005350_eqix-20231231.htm:81]** **[0001628280-24-044355_eqix-20240930.htm:44]**. The company is also expanding its digital services portfolio, including multi-cloud networking and cloud-adjacent storage, to complement its core data center offerings **[0001628280-24-035638_eqix-20240630.htm:84]** **[0001628280-24-005350_eqix-20231231.htm:36]**.

1. **Colocation Services** - Provides licensing of cabinet space and power, forming a substantial part of Equinix's recurring revenue model.
2. **Interconnection Services** - Facilitates connections between different networks and data centers, enhancing network efficiency and performance.
3. **Managed Infrastructure Solutions** - Offers comprehensive infrastructure management services to support clients' IT operations.
4. **Digital Services** - Expands offerings with multi-cloud networking and cloud-adjacent storage solutions to enhance data center capabilities.
5. **Non-Recurring Revenue Activities** - Includes installation services and professional services, contributing a smaller portion of the overall revenue.

8f9bf93ae01dbd480633633185e8a5f03185cac4d7c80a1d4c6ba0a04110caf8

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

a26e8adc0012ce9e6059e71d8ffe87787826527f600a503d32c0352a9efe1bab

deb40ff472f9736afbc17e0bf3e3598ad04d4ff3ab03f28d3870e7bbd4617ec9

| Metric (USD Million) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Americas             | **871.8**  **[0000950170-23-002891_eqix-ex99_1.htm:12]**  | **882.375**  **[0001628280-23-016073_eqix-20230331.htm:34]**  | **889.7**  **[0001628280-23-027511_eqix-20230630.htm:35]**  | **913.7**  **[0001628280-23-035406_eqix-20230930.htm:37]**  | **931.7**  **[0001628280-24-004799_eqix-123123xpr8kupload.htm:19]**  | **939**  **[0001628280-24-021647_eqix-20240331.htm:28]**  | **966**  **[0001628280-24-035638_eqix-20240630.htm:31]**  | **958**  **[0001628280-24-044355_eqix-20240930.htm:34]**  |
| EMEA                 | **601.7**  **[0000950170-23-002891_eqix-ex99_1.htm:12]**  | **691.217**  **[0001628280-23-016073_eqix-20230331.htm:34]**  | **686.8**  **[0001628280-23-027511_eqix-20230630.htm:35]**  | **708.7**  **[0001628280-23-035406_eqix-20230930.htm:37]**  | **751.2**  **[0001628280-24-004799_eqix-123123xpr8kupload.htm:19]**  | **727**  **[0001628280-24-021647_eqix-20240331.htm:28]**  | **721**  **[0001628280-24-035638_eqix-20240630.htm:31]**  | **743**  **[0001628280-24-044355_eqix-20240930.htm:34]**  |
| Asia-Pacific         | **397.4**  **[0000950170-23-002891_eqix-ex99_1.htm:12]**  | **424.617**  **[0001628280-23-016073_eqix-20230331.htm:34]**  | **441.9**  **[0001628280-23-027511_eqix-20230630.htm:35]**  | **438.6**  **[0001628280-23-035406_eqix-20230930.htm:37]**  | **427.6**  **[0001628280-24-004799_eqix-123123xpr8kupload.htm:19]**  | **461**  **[0001628280-24-021647_eqix-20240331.htm:28]**  | **472**  **[0001628280-24-035638_eqix-20240630.htm:31]**  | **500**  **[0001628280-24-044355_eqix-20240930.htm:34]**  |
| Total Revenue        | **1,870.8**  **[0000950170-23-002891_eqix-ex99_1.htm:12]**  | **1,998.209**  **[0001628280-23-016073_eqix-20230331.htm:34]**  | **2,018.4**  **[0001628280-23-027511_eqix-20230630.htm:35]**  | **2,061**  **[0001628280-23-035406_eqix-20230930.htm:37]**  | **2,110.5**  **[0001628280-24-004799_eqix-123123xpr8kupload.htm:19]**  | **2,127**  **[0001628280-24-021647_eqix-20240331.htm:28]**  | **2,159**  **[0001628280-24-035638_eqix-20240630.htm:31]**  | **2,201**  **[0001628280-24-044355_eqix-20240930.htm:34]**  |

9a2b52f352e7fd5d910642e6b1aead87c6dc10e607c992abe8062499153f446f

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Colocation**       | **1,310.20**  **[0000950170-23-002891_eqix-ex99_1.htm:12]**  | **1,408.41**  **[0001628280-23-016073_eqix-20230331.htm:34]**  | **1,424.05**  **[0001628280-23-027511_eqix-20230630.htm:35]**  | **1,464.18**  **[0001628280-23-035406_eqix-20230930.htm:37]**  | N/A | **1,490**  **[0001628280-24-021647_eqix-20240331.htm:28]**  | **1,500**  **[0001628280-24-035638_eqix-20240630.htm:31]**  | **1,520**  **[0001628280-24-044355_eqix-20240930.htm:34]**  |
| **Interconnection**  | **325.62**  **[0000950170-23-002891_eqix-ex99_1.htm:12]**  | **336.81**  **[0001628280-23-016073_eqix-20230331.htm:34]**  | **347.04**  **[0001628280-23-027511_eqix-20230630.htm:35]**  | **352.76**  **[0001628280-23-035406_eqix-20230930.htm:37]**  | N/A | **368**  **[0001628280-24-021647_eqix-20240331.htm:28]**  | **374**  **[0001628280-24-035638_eqix-20240630.htm:31]**  | **384**  **[0001628280-24-044355_eqix-20240930.htm:34]**  |
| **Managed Infrastructure** | **106.49**  **[0000950170-23-002891_eqix-ex99_1.htm:12]**  | **111.25**  **[0001628280-23-016073_eqix-20230331.htm:34]**  | **111.63**  **[0001628280-23-027511_eqix-20230630.htm:35]**  | **113.63**  **[0001628280-23-035406_eqix-20230930.htm:37]**  | N/A | **118**  **[0001628280-24-021647_eqix-20240331.htm:28]**  | **116**  **[0001628280-24-035638_eqix-20240630.htm:31]**  | **118**  **[0001628280-24-044355_eqix-20240930.htm:34]**  |
| **Other**            | **31.07**  **[0000950170-23-002891_eqix-ex99_1.htm:12]**  | **33.61**  **[0001628280-23-016073_eqix-20230331.htm:34]**  | **34.86**  **[0001628280-23-027511_eqix-20230630.htm:35]**  | **30.47**  **[0001628280-23-035406_eqix-20230930.htm:37]**  | N/A | **34**  **[0001628280-24-021647_eqix-20240331.htm:28]**  | **34**  **[0001628280-24-035638_eqix-20240630.htm:31]**  | **37**  **[0001628280-24-044355_eqix-20240930.htm:34]**  |
| **Total Revenue**    | **1,870.85**  **[0000950170-23-002891_eqix-ex99_1.htm:12]**  | **1,998.21**  **[0001628280-23-016073_eqix-20230331.htm:34]**  | **2,018.41**  **[0001628280-23-027511_eqix-20230630.htm:35]**  | **2,061.03**  **[0001628280-23-035406_eqix-20230930.htm:37]**  | N/A | **2,127**  **[0001628280-24-021647_eqix-20240331.htm:28]**  | **2,159**  **[0001628280-24-035638_eqix-20240630.htm:31]**  | **2,201**  **[0001628280-24-044355_eqix-20240930.htm:34]**  |

fc3ec1683dcc72616e96428282ebe1d436e66fef16490f403ca190dcaefb847d

1. Given the ongoing DOJ and SEC investigations, can you provide an update on their status, and have any internal or external reporting changes been made in response to these inquiries?

2. With the increasing power density of cabinets leading to a differential between cabinets being churned and those being added, do you view this as a structural trend that could represent a growing headwind to cabinet growth numbers in future quarters?

3. Considering the shift towards higher density cabinets and the impact on metrics like net cabinets billed and MRR per cabinet, are you planning to adjust how you measure and report these key performance indicators to better reflect business realities?

4. You mentioned a focus on simplification and amplifying your go-to-market efforts; can you expand on specific areas where you see opportunities for simplification, and what changes might we expect to see in your processes or organizational structure?

5. As AI workloads become more significant, particularly in terms of infrastructure demands for training and inference, how is Equinix positioning itself to capitalize on these opportunities, and what investments or strategic initiatives are you undertaking to address this market?

ee93dfd2d7e07f61283e63cd56f6ead7e0deb3b00b5f74cad88f32ceb5405e91

Americas

- Recurring Revenues

- Non-recurring Revenues

EMEA

Asia-Pacific

United States

United Kingdom

Total Revenue

bcecc8310cde29c54c14192302b6cd3cada479c4b9ce973b0dd33bc2c2d66344

Cabinet Utilization Rate (%)

61fb3d288f15960c8bb3210251905598d480a9aa861fd934d259fe1e21cd4c9f

Colocation

Interconnection

Managed Infrastructure

Rental

Other

Recurring Revenues

Non-recurring Revenues

416490cd4446f89371370ad358453907290747f7dea49e472bf22b5c38e82dfa

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Revenue Growth**: Expected top-line growth of **7% to 8%** on a normalized and constant currency basis  **[EQIX_3397065_8]** .
  - **Adjusted EBITDA Guidance**: Raised by another **$15 million** due to strong operating performance and lower integration costs  **[EQIX_3397065_8]** .
  - **Adjusted Funds From Operations (AFFO) Guidance**: Raised by **$15 million**, representing an **11% to 13%** increase over the previous year. AFFO per share is expected to grow between **9% and 11%**  **[EQIX_3397065_8]** .
  - **Capital Expenditures (CapEx)**: Expected to range between **$2.8 billion and $3.1 billion**, including about **$240 million** of recurring CapEx  **[EQIX_3397065_8]** .
  - **Monthly Recurring Revenue (MRR) Churn**: Expected to remain in the **2% to 2.5%** quarterly guidance range for the balance of the year  **[EQIX_3397065_7]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Revenue Growth**: Expected top-line growth of **7% to 8%** on a normalized and constant-currency basis  **[EQIX_3388525_6]** .
  - **Adjusted EBITDA**: Raised the underlying 2024 adjusted EBITDA guidance by **$5 million** due to lower integration spend  **[EQIX_3388525_6]** .
  - **Adjusted Funds From Operations (AFFO)**: Raised the underlying 2024 AFFO guidance by **$25 million**, now expected to grow between **10% and 13%** compared to the previous year, due to lower net interest expense. AFFO per share is expected to grow between **8% and 11%**  **[EQIX_3388525_6]** .
  - **Capital Expenditures (Capex)**: Expected to range between **$2.8 billion and $3 billion**, including about **$220 million** of recurring capex spend  **[EQIX_3388525_6]** .
  - **Monthly Recurring Revenue (MRR) Churn**: Expected to average in the **2% to 2.5%** quarterly guidance range for the full year  **[EQIX_3388525_5]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  - **Revenue Growth**: Expected top-line growth of **7% to 9%** on an as-reported basis or **7% to 8%** on a normalized and constant currency basis, excluding the impact of lower power cost pass-through to customers  **[EQIX_3373418_6]** .
  - **Adjusted EBITDA Margin**: Expected to be approximately **47%**, which is a **160 basis point improvement** over the previous year due to strong operating leverage, targeted expense management initiatives, and power price decreases  **[EQIX_3373418_6]** .
  - **Integration Costs**: Expected to incur **$25 million** of integration costs, primarily related to the MainOne business, with projects expected to complete by the end of the year  **[EQIX_3373418_6]** .
  - **AFFO Growth**: Expected to grow between **9% and 12%** compared to the previous year  **[EQIX_3373418_6]** .
  - **AFFO per Share Growth**: Expected to grow between **8% and 10%** at the top end of their longer-term targeted range on both an as-reported and normalized and constant currency basis  **[EQIX_3373418_6]** .
  - **Capital Expenditures**: Expected to range between **$2.8 billion and $3 billion**, including about **$220 million** of recurring CapEx  **[EQIX_3373418_6]** .
  - **Cash Dividend**: Holding the quarterly cash dividend constant at **$4.26 per share** for 2024. For the full year, the cash dividend will approximate **$1.6 billion**, a year-over-year increase of **19%**, with 100% expected to be sourced from ordinary income given their expected strong operating performance  **[EQIX_3373418_6]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not provide information about the guidance from the Q3 2024 earnings call for Equinix (EQIX). The available information pertains to the Q2 2024 earnings call.

9d30efd4059c3664050279f3715d673a58b8cb71b2a7469cbbeb913a5a4082f4

| Name                  | Position                                      | Start Date          | Short Bio                                                                                                                                                                                                 |
|-----------------------|-----------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Charles Meyers        | Chief Executive Officer and President         | 2018                | Charles Meyers has been serving as the CEO and President of Equinix since 2018. He previously held roles such as President of Strategy, Services and Innovation, COO, and President of Equinix Americas  **[0001628280-24-016094_eqix-20240412.htm:11]** **[0001628280-24-016094_eqix-20240412.htm:43]** .                                  |
| Adaire Fox-Martin     | Chief Executive Officer and President         | June 3, 2024        | Adaire Fox-Martin will become the CEO and President of Equinix on June 3, 2024. She has been a director at Equinix since January 2020 and previously worked at Google Cloud, SAP, and Oracle  **[0001628280-24-044328_eqix-093024xpruploadhyperl.htm:1]** **[0001628280-24-016094_eqix-20240412.htm:7]** **[0001628280-24-016094_eqix-20240412.htm:10]** .                                          |
| Keith Taylor          | Chief Financial Officer                       | 2005                | Keith Taylor has been the CFO of Equinix since 2005. He previously served as VP of Finance and Chief Accounting Officer, and Director of Finance and Administration at Equinix  **[0001628280-24-016094_eqix-20240412.htm:43]** **[0001104659-23-044487_tm231819d2_def14a.htm:46]** .                                                          |
| Mike Campbell         | Chief Sales Officer                           | 2016                | Mike Campbell has been the Chief Sales Officer at Equinix since 2016. He was previously the SVP of Sales for Equinix Americas and held sales management positions at Symantec and Verisign Americas  **[0001628280-24-016094_eqix-20240412.htm:43]** **[0001104659-23-044487_tm231819d2_def14a.htm:46]** .                                      |
| Scott Crenshaw        | EVP and GM, Digital Services                  | August 2022         | Scott Crenshaw serves as the EVP and GM of Digital Services at Equinix since August 2022. He was previously the President and CEO at Concourse Labs and EVP and GM of Private Cloud at Rackspace  **[0001628280-24-016094_eqix-20240412.htm:43]** **[0001104659-23-044487_tm231819d2_def14a.htm:46]** **[0001104659-23-044487_tm231819d2_def14a.htm:49]** .                                      |
| Jon Lin               | EVP and GM, Data Center Services              | 2021                | Jon Lin has been the EVP and GM of Data Center Services at Equinix since 2021. He previously served as President of Equinix Americas and held positions at Tata Communications and Verizon Business  **[0001628280-24-016094_eqix-20240412.htm:43]** .                                         |
| Brandi Galvin Morandi | Chief Legal and Human Resources Officer       | 2019                | Brandi Galvin Morandi has been the Chief Legal and Human Resources Officer at Equinix since 2019. She was previously the Chief Legal Officer, General Counsel, and Secretary at Equinix  **[0001628280-24-016094_eqix-20240412.htm:43]** .                                                     |
| Merrie Williamson     | Chief Customer and Revenue Officer            | March 25, 2024      | Merrie Williamson serves as the Chief Customer and Revenue Officer at Equinix, starting on March 25, 2024. She was previously the Corporate VP of Azure Infrastructure at Microsoft and held roles at Intel  **[0001628280-24-021647_eqix-33124xexhibit1046.htm:1]** **[0001628280-24-016094_eqix-20240412.htm:38]** .                               |
| Peter Van Camp        | Executive Chairman (until late Q2 2024)       | 2007                | Peter Van Camp has been a Director at Equinix since May 2000 and Executive Chairman since 2007. He was the CEO of Equinix from 2000 to 2007 and will transition to Special Advisor to the Board later in Q2 2024  **[0001628280-24-016094_eqix-20240412.htm:17]** **[0001628280-24-016094_eqix-20240412.htm:24]** **[0001628280-24-016094_eqix-20240412.htm:7]** **[0001628280-24-021647_eqix-33124xexhibit1045.htm:0]** .                  |

a0e84d9c7f0deaaf6fd6904b940320fb3cdf5922932bb9323587620897ad9dbf

**Annual guidance for FY 2024:**
- **Revenue guidance**: 7% to 8%  **[EQIX_3404881_6]**  (no change from 7% to 8%  **[EQIX_3397065_8]** )  
- **Adjusted EBITDA**: Raised by $10 million  **[EQIX_3404881_6]**  (raised from raised by $15 million  **[EQIX_3397065_8]** )  
- **Adjusted EBITDA margin**: 47%  **[EQIX_3404881_6]**  (no prior guidance)  
- **AFFO**: Raised by $18 million  **[EQIX_3404881_6]**  (raised from raised by $15 million  **[EQIX_3397065_8]** )  
- **AFFO YoY growth**: 11% to 13%  **[EQIX_3404881_6]**  (no change from 11% to 13%  **[EQIX_3397065_8]** )  
- **AFFO per share YoY growth**: 9% to 10%  **[EQIX_3404881_6]**  (lowered from 9% to 11%  **[EQIX_3397065_8]** )  
- **Capital expenditures (CapEx)**: $2.8B to $3.1B, including $240M recurring  **[EQIX_3404881_6]**  (no change from $2.8B to $3.1B, including $240M recurring  **[EQIX_3397065_8]** )  

2d75400fbd4733fab555c9dea6158a4ccf2604b378742c796975194b2d65b303

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 2000  **[0001628280-24-005350_eqix-20231231.htm:133]**    | Present  | Current auditor   |

4f40712fc5583373f9b41c497cff36dd42ac3720d482b323147baf2413f2bb19

2440d48748b5a6588e2f34d73e3d469776c563352c30b8e7278e5949debca4bf

- Total Revenue: $2,201 million (+7% YoY)  **[0001628280-23-035406_eqix-20230930.htm:37]** **[0001628280-24-044355_eqix-20240930.htm:34]**   
- Interconnection: $384 million (+9% YoY)  **[0001628280-23-035406_eqix-20230930.htm:37]** **[0001628280-24-044355_eqix-20240930.htm:34]**   
- Other: $37 million (**+21% YoY**)  **[0001628280-23-035406_eqix-20230930.htm:37]** **[0001628280-24-044355_eqix-20240930.htm:34]**   
- Asia-Pacific: $500 million (+14% YoY)  **[0001628280-23-035406_eqix-20230930.htm:37]** **[0001628280-24-044355_eqix-20240930.htm:34]**   
- EBIT: $425 million (+12% YoY)  **[0001628280-23-035406_eqix-20230930.htm:5]** **[0001628280-24-044355_eqix-20240930.htm:5]**   
- Net Income: $296 million (+7% YoY)  **[0001628280-23-035406_eqix-20230930.htm:5]** **[0001628280-24-044355_eqix-20240930.htm:5]**   

5988a715d7ecdf66f27b954a8c7d9789e31f8b5c61b355c160095f3440255240

Number of IBX data centers (count)

Number of xScale data centers (count)

Cabinet utilization rate (percentage)

Remaining performance obligations (USD billions)

11891b7b76ed1579b26420b58fcdb6c692b356ea59dfeed5af54f871f61c4580

f20c86c5bb8f6dd336fff3945082caf42dbc7f1ceb0528f614b5698e9491f1c1

| Year | Amount Due (in millions) | Debt Type                                   | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|------------------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2024     | $1,000                       | 2.625% Senior Notes                            | 2.625                 | 5.2% = (1,000 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:67]** **[0001628280-24-044355_eqix-20240930.htm:22]**                                     |
| 2025     | $1,205                       | 1.250% Senior Notes, 1.000% Senior Notes       | 1.250, 1.000          | 6.2% = (1,205 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:23]** **[0001628280-24-044355_eqix-20240930.htm:22]**                                     |
| 2026     | $1,305                       | 2.900% Senior Notes, 1.450% Senior Notes       | 2.900, 1.450          | 6.8% = (1,305 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:23]** **[0001628280-24-044355_eqix-20240930.htm:22]**                                     |
| 2027     | $1,729                       | 0.250% Euro Senior Notes, 1.800% Senior Notes  | 0.250, 1.800          | 9.0% = (1,729 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:23]** **[0001628280-24-044355_eqix-20240930.htm:22]**                                     |
| 2028     | $1,409                       | 1.550% Senior Notes, 2.000% Senior Notes       | 1.550, 2.000          | 7.3% = (1,409 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:23]** **[0001628280-24-044355_eqix-20240930.htm:22]**                                     |
| 2029     | $1,318                       | 1.558% Swiss Franc Senior Notes, 3.200% Senior Notes | 1.558, 3.200    | 6.8% = (1,318 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                            |
| 2030     | $1,100                       | 2.150% Senior Notes                            | 2.150                 | 5.7% = (1,100 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                            |
| 2031     | $1,000                       | 2.500% Senior Notes                            | 2.500                 | 5.2% = (1,000 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                            |
| 2032     | $1,200                       | 3.900% Senior Notes                            | 3.900                 | 6.2% = (1,200 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                            |
| 2033     | $1,334                       | 1.000% Euro Senior Notes, 3.650% Euro Senior Notes | 1.000, 3.650      | 6.9% = (1,334 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                            |
| 2034     | $750                         | 5.500% Senior Notes                            | 5.500                 | 3.9% = (750 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                              |
| 2035     | $365                         | 2.000% Japanese Yen Senior Notes Series A, 2.130% Japanese Yen Senior Notes Series C | 2.000, 2.130 | 1.9% = (365 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                              |
| 2043     | $173                         | 2.370% Japanese Yen Senior Notes Series B, 2.570% Japanese Yen Senior Notes Series D, 2.570% Japanese Yen Senior Notes Series E | 2.370, 2.570 | 0.9% = (173 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                              |
| 2050     | $500                         | 3.000% Senior Notes                            | 3.000                 | 2.6% = (500 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                              |
| 2051     | $500                         | 2.950% Senior Notes                            | 2.950                 | 2.6% = (500 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                              |
| 2052     | $500                         | 3.400% Senior Notes                            | 3.400                 | 2.6% = (500 / 19,300) * 100 **[0001628280-24-044355_eqix-20240930.htm:22]**                                              |

834732826e3f251a602b3fb4b8a5e717d8dc15f8f2b6d5dce98fe4aa9500ba2d

- Equinix has **accelerated its dividend increase into Q4**, raising the quarterly cash dividend by **25% to $4.26 per share**, reflecting the company's **strong operating performance** and confidence in future growth.  **[EQIX_3361892_8]**
- The company is experiencing **strong new logo growth across various verticals**, including manufacturing, retail, financial services, and healthcare, indicating **broad-based demand** and **diversified customer acquisition**.  **[EQIX_3361892_13]**
- **Rising demand for AI and digital transformation** is contributing to Equinix's **best forward-looking pipeline in a long time**, positioning the company to capitalize on **AI-related opportunities** and drive future growth.  **[EQIX_3361892_17]** **[EQIX_3361892_10]**

993f4da44814f7f09c992fbfc2e322467ec9602def6bee72d21c5c2cc56de9af

1. **Revenue Guidance Lowered**  
   **Q:** Are macro conditions causing revenue guidance to drop to 7%?  
   **A:** Yes, due to macro conditions, sales cycles are extending, leading to deal slippage and elevated churn, which brought our full revenue guide slightly below the **8%–10%** range discussed at Analyst Day. Despite these headwinds, we feel positive about strong xScale bookings and a healthy pipeline, including emerging AI opportunities.  **[EQIX_3373418_8]** 

2. **AI Opportunities Expanding**  
   **Q:** How do you view AI's impact on TAM and NVIDIA partnership?  
   **A:** AI presents a massive opportunity, likely exceeding the **$21 billion** TAM outlined earlier. Our NVIDIA DGX offering is distinctive, building a big pipeline with them. We're seeing early wins in AI-related services, and we expect our cloud-adjacent offerings to unlock further potential.  **[EQIX_3373418_9]** 

3. **xScale Initiative in the U.S.**  
   **Q:** Update on U.S. xScale growth—organic vs. inorganic?  
   **A:** We're focused on being more aggressive in the U.S. xScale market, primarily through organic growth. While we're open to inorganic opportunities, high asset valuations and competition make organic expansion our main path forward.  **[EQIX_3373418_11]** 

4. **Churn and Capacity Constraints**  
   **Q:** Any regions or products with notable churn?  
   **A:** Churn is slightly elevated, mainly in cabinets and power, particularly in Europe where we have larger footprints. This is due to customers resizing their deployments to align with immediate needs. Only a single-digit percentage of churn is full customer churn.  **[EQIX_3373418_10]** 

5. **Pricing Actions Ahead**  
   **Q:** Are price increases, especially for interconnection, expected?  
   **A:** We're seeing a robust pricing environment and are evaluating a price increase on interconnection in the U.S. market. Firm pricing continues to improve our profitability and AFFO per share growth.  **[EQIX_3373418_17]** 

6. **Churn Expected to Improve**  
   **Q:** What guides your expectation for churn improvement later?  
   **A:** We have good visibility into our pipeline and believe churn will abate in the second half based on customer feedback. Some customers reconsidered releasing capacity, indicating a shift in mindset toward securing space in tight markets.  **[EQIX_3373418_15]** 

7. **Deal Slippage and Macro Impact**  
   **Q:** Have delayed deals from Q4 closed yet?  
   **A:** Some deals closed immediately after the quarter, some are committed for Q1, and others have moved to Q2 or later. Collectively, there's very little loss, just timing shifts due to extended sales cycles in the current macro environment.  **[EQIX_3373418_15]** 

8. **Competitive Environment Stable**  
   **Q:** Are you losing deals to competitors or just delays?  
   **A:** While we occasionally see competitive losses, there's no meaningful change in the competitive landscape. In markets where we're capacity-constrained, some customers may seek alternatives, but overall, it's more about timing than competition.  **[EQIX_3373418_16]** 

9. **Evolving Data Center Design**  
   **Q:** How does GPU adoption affect data center design?  
   **A:** GPUs are specialized compute resources, and while we don't see a massive shift from CPUs to GPUs causing obsolescence, we are adapting. Higher power densities, especially for AI training, require enhanced cooling solutions like liquid cooling, which we're implementing where needed.  **[EQIX_3373418_14]** 

10. **Customer Optimization Efforts**  
    **Q:** Are customers seeking alternatives to your products?  
    **A:** Typically, we don't see customers substituting our products. Some are consolidating on higher-speed circuits to reduce costs, but the value of our comprehensive services remains strong, and we're seeing momentum across our offerings.  **[EQIX_3373418_18]** 

c96c6dab4194ebd230d830f319abd7553ed5fb08af37e9ead9180ad97b261c0f

- Equinix's xScale business is performing very well, with strong pre-leasing activity, firm pricing, and **unlevered returns in the low teens**, indicating robust demand from hyperscalers and supporting future growth.  **[EQIX_3388525_8]** **[EQIX_3388525_9]**
- The company reported **strong net bookings above expectations**, lower-than-expected churn, and a **strong pipeline**, which supports confidence in continued revenue growth.  **[EQIX_3388525_15]**
- Equinix is seeing **increased interest and demand for AI-related workloads**, positioning the company to benefit from the growth in AI and digital transformation initiatives.  **[EQIX_3388525_16]**

a0fcddd99b1bc107f0ed6e74e2e509e1397be4ce6052f38654d87211fd2740f2

1. **xScale Business Outlook**  
   **Q:** How is xScale performing, and will you expand it?  
   **A:** xScale continues to perform extremely well, with **huge pre-leasing activity** and strong demand. Equinix is confident in effectively pre-selling capacity at returns **at or above last year's levels** despite rising costs.  **[EQIX_3388525_8]**  They are planning to **continue expanding** the xScale platform globally, including in the U.S. and the Americas  **[EQIX_3388525_12]** , as demand has significantly exceeded initial expectations.  **[EQIX_3388525_12]** 

2. **Accounting Investigation Outcome**  
   **Q:** What were the findings of the internal accounting review?  
   **A:** An independent audit committee, assisted by WilmerHale and AlixPartners, conducted a thorough review of the accounting allegations.  **[EQIX_3388525_10]**  They confirmed confidence in the accuracy of Equinix's financial reporting on both GAAP and non-GAAP bases.  **[EQIX_3388525_10]**  While the investigation remains open due to SEC and DOJ subpoenas, management feels confident about the outcome and the integrity of their team.  **[EQIX_3388525_10]** 

3. **Refinancing Debt Strategy**  
   **Q:** How will you refinance upcoming debt maturities?  
   **A:** Equinix plans to refinance the **$1 billion due in 2024** and **$1.2 billion due in 2025** by focusing on achieving a competitive spread of **105 to 115 basis points over base rates**.  **[EQIX_3388525_8]**  They may issue debt in euros or dollars and could swap currencies as needed.  **[EQIX_3388525_8]**  With an unused **$4 billion line of credit**, they are well-positioned even in volatile markets.  **[EQIX_3388525_8]** 

4. **Unlevered Return Expectations**  
   **Q:** Are low teens unlevered returns reasonable for xScale?  
   **A:** Yes, achieving **low teens unlevered returns** on xScale developments is considered reasonable and appropriate.  **[EQIX_3388525_9]**  Pricing remains very firm due to strong demand and constrained supply, leading to attractive returns.  **[EQIX_3388525_9]** 

5. **Cabinet Growth and Utilization**  
   **Q:** Why were cabinet adds soft, and will they improve?  
   **A:** Cabinet growth was impacted by higher power densities, leading to fewer cabinets but higher revenue per cabinet.  **[EQIX_3388525_13]**  Equinix expects cabinet billing to increase, driving utilization up over time.  **[EQIX_3388525_17]**  They are managing capacity constraints in key markets like New York and Singapore  **[EQIX_3388525_17]** , and anticipate growth in the second half supported by a strong pipeline.  **[EQIX_3388525_13]** 

6. **DC2 Data Center Redevelopment**  
   **Q:** What are the plans for the DC2 redevelopment?  
   **A:** Equinix is investing **$76 million** to redevelop DC2, effectively performing a "heart transplant" to extend its life and unlock **15% to 20% more revenue capacity**.  **[EQIX_3388525_11]**  The project aims for an IRR **better than stabilized assets**, targeting returns in the **30% range**.  **[EQIX_3388525_11]**  The redevelopment will take **two to three years** and is part of a plan to upgrade several facilities over the next few years.  **[EQIX_3388525_11]** 

7. **AI's Impact on Business**  
   **Q:** How is AI influencing your business?  
   **A:** While still in early stages, there's **significant interest in AI**, leading to a rich pipeline of opportunities.  **[EQIX_3388525_16]**  Equinix is seeing increased demand for both large-scale training workloads and distributed inference workloads, particularly benefiting from their distributed footprint.  **[EQIX_3388525_16]**  An uptick in larger footprint deals this quarter is partly associated with AI-related workloads.  **[EQIX_3388525_16]** 

8. **Revenue Outlook and Guidance**  
   **Q:** Has your revenue outlook for the second half changed?  
   **A:** Equinix maintains its guidance of **7% to 8% constant-currency revenue growth** excluding PPI.  **[EQIX_3388525_15]**  Despite a strong Q1 and a solid pipeline, they note some level of customer caution and churn.  **[EQIX_3388525_15]**  They anticipate acceleration in bookings in the back half of the year but are balancing opportunities with market uncertainties.  **[EQIX_3388525_15]** 

9. **Decision on New Metrics**  
   **Q:** Will you introduce new metrics for power density?  
   **A:** Equinix has decided to stick with existing metrics—**billable cabinet count** and **MRR per cabinet**—rather than introducing new ones.  **[EQIX_3388525_14]**  They aim to provide better visibility on how the product of these metrics drives growth, despite the complexity added by increasing power densities.  **[EQIX_3388525_14]** 

0e4d103c351727b75b53ee7e158d71ecc8a009b8f8e533c127ddef88266b82fe

- **Equinix lowered its revenue guidance below prior expectations due to macroeconomic uncertainties, deal slippage, and increased churn, resulting in a lower exit run rate.**  **[EQIX_3373418_8]**
- **Customers are reducing their data center footprints because of tighter budgets, leading to higher churn at the upper end of Equinix's expected range, particularly affecting cabinets and power services.**  **[EQIX_3373418_15]** **[EQIX_3373418_10]**
- **The rise of AI and GPU computing demands higher power densities and new cooling solutions, posing potential obsolescence risks to Equinix's existing data centers and possibly requiring significant investments to upgrade facilities.**  **[EQIX_3373418_14]**

95dae9a86ed0429451fdc9199b4f3726bf134a6ed76e7a47a39b798da08f5360

- Equinix is experiencing a **robust pricing environment**, leading to improved profitability and **AFFO per share guidance at the top end** of their expectations.  **[EQIX_3373418_17]**
- The company has a **strong demand pipeline**, including emerging **AI-related opportunities**, and remains **upbeat about their long-term growth prospects**.  **[EQIX_3373418_8]**
- Equinix is **well-positioned to capitalize on AI trends**, with the capability to support **high-density compute workloads**, including **GPUs and liquid cooling solutions**, without significant obsolescence risk to existing data centers.  **[EQIX_3373418_12]**

f9e46d0652abf546d977c86ded6d7fd7980e7c4dee3ab6a403725c1e9bf75363

1. **Revenue Growth Outlook**  
   **Q:** How will revenue growth trend heading into 2025?  
   **A:** Equinix expects strong revenue growth heading into 2025, driven by **record gross bookings** and a solid bookings backlog. In Q3, despite some persistent headwinds, they saw incredible improvement in their bookings trajectory due to robust demand and precise execution by their sales teams. They focused on demand shaping, landing megawatts into non-Tier 1 metros, which were **80% up quarter-on-quarter**. They are confident that these factors, along with presale activities that derisk future quarters, position them well for continued growth. Pricing continues to be robust, and they aim to deliver another great quarter in Q4 for a strong exit into 2025.  **[EQIX_3404881_10]** 

2. **xScale Joint Venture**  
   **Q:** When will the new xScale capacity come online?  
   **A:** Equinix is excited about the new xScale joint venture with CPP and GIC, which allows them to serve hyperscale customers' needs. They expect to begin deploying capacity as soon as the transaction closes, starting with the Atlanta campus, which will be moved into the joint venture. They anticipate a **12 to 18-month cycle** to introduce this capacity and are working to bring it online as quickly as possible. Orders for long lead items have already been placed, and negotiations with power providers are underway, positioning them to deliver value much sooner than 2029.  **[EQIX_3404881_15]** 

3. **xScale Revenue Contribution**  
   **Q:** How is xScale contributing to revenue and AFFO now?  
   **A:** While xScale currently represents about **1.25% of revenues** and has been relatively flat quarter-over-quarter, Equinix expects it to be a significant contributor to future growth. They've sold into xScale 1.0 with a **$700 million** revenue run rate and over **$6 billion** in contract value. They believe that as deployments come online, xScale will deliver meaningful contributions to cash flow and AFFO, particularly given the new price points and yields from these investments. They anticipate seeing value accelerate through 2025 into 2026.  **[EQIX_3404881_20]** ,   

4. **Pricing Trends**  
   **Q:** Has pricing improved each quarter as supply tightens?  
   **A:** Pricing remains robust across all operations, especially in the Americas market where demand outstrips supply. Equinix continues to command price premiums in capacity-constrained environments and is able to support positive churn by replacing workloads with higher-value workloads utilizing the same space and power. They are landing megawatts into non-Tier 1 metros at premium prices, with megawatts in these metros **80% up quarter-on-quarter**.   

5. **Cash Usage and Leverage**  
   **Q:** How will you use your cash and manage leverage?  
   **A:** Equinix ended the quarter with **$3.2 billion** in cash and short-term investments. They will use **$1 billion** to pay down debt in November, and after funding capital plans, acquisitions, and dividends, they expect to end the year with around **$1.5 billion** in cash. They have significant capital needs for future growth opportunities, including the xScale 2.0 initiative, and need cash to fund growth, pay dividends, and scale the business. Despite this, they maintain a **net leverage** of **3.5x**, providing strategic flexibility without affecting credit ratings.  **[EQIX_3404881_12]** 

6. **Cabinet Growth Momentum**  
   **Q:** Can cabinet growth continue to accelerate?  
   **A:** Equinix is confident that the momentum in cabinet additions will remain strong into Q4 and early 2025. In Q3, they added **3,100 net billable cabinets**, driven by strong bookings, lower churn, and capacity opening up in key metros. Despite increasing power density, which allows them to sell higher-capacity cabinets (from 4-kilowatt to **6.2-kilowatt**), they believe that based on the backlog of what's been sold but not yet installed, cabinet growth will remain solid.  **[EQIX_3404881_16]** 

7. **Cabinet Equivalent Adjustments**  
   **Q:** What are the adjustments to cabinet disclosure?  
   **A:** Equinix has introduced a **cabinet equivalent** metric to account for increasing power densities in customer deployments. As customers consume more power per cabinet, they adjust the available capacity to reflect this, which can impact net utilization figures. They price to yield on a kilowatt basis, so higher power densities increase revenue per cabinet. This adjustment helps optimize assets and reflects changes in power utilization.  **[EQIX_3404881_17]** ,  **[EQIX_3404881_18]** ,  **[EQIX_3404881_19]** 

8. **Strategic Shift to Larger Campuses**  
   **Q:** What are the benefits of focusing on large campuses?  
   **A:** Equinix is shifting its strategic focus to building fewer, larger campuses to achieve economies of scale, secure necessary power, and deliver capacity more efficiently to customers. This approach enables them to offer the entire spectrum of their product continuum to customers ranging from hyperscalers to enterprises, and to accelerate builds and phases into earlier time frames. It augments their strategy around design and construction, enabling continued growth.  **[EQIX_3404881_8]** 

9. **Demand and Supply Dynamics**  
   **Q:** What's driving capacity additions in D.C. and the Americas?  
   **A:** Equinix is adding significant capacity in the D.C. market and the Americas because demand outstrips supply, particularly in North America. They are looking forward to releasing this capacity into the market, where they can serve customer needs and command a price premium in a robust pricing environment. This aligns with their shift to larger campuses and meeting customer demands in high-demand markets.  **[EQIX_3404881_9]** 

10. **Digital Services Outlook**  
    **Q:** How are Metal and Network Edge progressing?  
    **A:** Equinix continues to see success with its digital services portfolio, particularly with products like Fabric and Network Edge. Fabric has achieved over a **$250 million annual revenue run rate** with a **40% attach rate**, and they see opportunities to increase this rate. Network Edge has over **450 customers**; while it's not yet a meaningful revenue contributor, it drives ecosystem engagement and is evolving. For Metal, it represents about **1.25% of revenues** and has been relatively flat quarter-over-quarter. They are focusing on enhancing customer experience and improving digital interactions.  **[EQIX_3404881_13]** ,  **[EQIX_3404881_14]** 

11. **Interconnection Revenue Growth**  
    **Q:** What's driving interconnection revenue growth?  
    **A:** Interconnection revenues have increased with a **10% year-over-year growth rate**. The average price point per cross-connect is moving up, reflecting increased density and pricing. The contribution of interconnection revenues relative to the total revenue base has been increasing, influenced by factors like increased density and a robust pricing environment.  **[EQIX_3404881_11]** 

6441e1c87daefde1331d980fb8edbc0d83982295f9bebd097175668538d0896a

- **Increased Competition in xScale Business**: Charles Meyers stated that the xScale market "is going to continue to be a very competitive business".  **[EQIX_3361892_20]**
- **Lower Return Profile Compared to Retail**: The xScale business has "a very return—a different return profile than retail," suggesting potentially lower profitability compared to Equinix's retail operations.  **[EQIX_3361892_20]**
- **Financial Constraints on Investments**: Equinix aims to "preserve our balance sheet firepower to... continue to cultivate our retail business," indicating possible limitations in balancing investments between xScale and retail segments.  **[EQIX_3361892_20]**

4115392837ebf0ec593c91c4bd34ac474631db13c0dc562cccb6b7a2fd099390

- **Equinix is uniquely positioned** to capitalize on the **AI opportunity**, with significant **short-term demand from service providers** boosting their **xScale business**, and a **meaningful long-term upside** as AI use cases move into production with enterprises.  **[EQIX_3397065_10]**
- The company is focusing on **simplification**, **focus**, and **amplifying go-to-market efforts**, including process improvements like **quote-to-cash** and **customer life cycle** management, which will **accelerate execution** and create **customer value**, driving **upsell opportunities** and attracting new customers.  **[EQIX_3397065_11]** **[EQIX_3397065_18]**
- Despite challenges, Equinix achieved **record gross bookings**, with **gross interconnection additions at the highest level in 2 years**, and **pricing trending favorably** with an **11% spread** between churn and new additions, leading to **revenue up 9% year-over-year** on a normalized and constant currency basis.  **[EQIX_3397065_12]**

a2b01b377f1a5ae5135ea1ce7e4e4e1af74a8a327e218c9cad056c59c1b9a0dd

1. **DOJ/SEC Investigations**  
   **Q:** What's the update on DOJ/SEC investigations?  
   **A:** Equinix is cooperating with the SEC and DOJ and feels confident in the process.  **[EQIX_3397065_13]**  They filed their 10-Qs without restatements or adjustments, indicating strong financial controls.  **[EQIX_3397065_13]**  While they always seek to improve disclosures, they are comfortable with their financial reporting.  **[EQIX_3397065_13]** 

2. **AI Demand Outlook**  
   **Q:** When will AI demand be material in retail?  
   **A:** In the short term, AI demand is driven by service providers, benefiting the xScale business.  **[EQIX_3397065_14]**  Equinix is beginning to see early traction with AI workloads in the enterprise retail segment and expects this to grow over the medium to long term.  **[EQIX_3397065_14]** 

3. **Interconnection Adds and Churn**  
   **Q:** How will interconnection adds improve?  
   **A:** Net interconnection adds were **3,900**, impacted by StackPath's liquidation.  **[EQIX_3397065_12]**  Gross adds are at their highest in two years, and pricing is favorable with an **11%** spread between churn and new additions.  **[EQIX_3397065_12]**  Churn was elevated but is decelerating, especially in EMEA.  **[EQIX_3397065_12]** 

4. **Cabinet Growth and Density**  
   **Q:** Is higher cabinet density a headwind?  
   **A:** Increasing power density is changing business dynamics.  **[EQIX_3397065_16]**  Growth is now more weighted toward cabinet yield rather than count, with higher MRR per cabinet offsetting lower cabinet adds.  **[EQIX_3397065_16]**  Equinix plans to provide more insights as density evolves.  **[EQIX_3397065_16]** 

5. **Churn Expectations**  
   **Q:** Will churn decrease in the second half?  
   **A:** Churn is expected to remain within the **2% to 2.5%** range.  **[EQIX_3397065_17]**  While macro challenges persist, Equinix is managing churn proactively and sees opportunities to improve yields.  **[EQIX_3397065_17]** 

6. **Market Growth Opportunities**  
   **Q:** How much room is there to grow customers?  
   **A:** Equinix sees significant opportunity to upsell existing customers and acquire new ones.  **[EQIX_3397065_18]**  They are refreshing customer segmentation and enhancing their go-to-market strategy to reach more prospects.  **[EQIX_3397065_18]** 

7. **Simplification Focus**  
   **Q:** How will you simplify and amplify go-to-market?  
   **A:** By simplifying core processes like quote-to-cash and customer lifecycle management, Equinix aims to increase agility and remove friction.  **[EQIX_3397065_11]**  They are focusing on critical partnerships and refining their segmentation strategy to better target high-revenue customers.  **[EQIX_3397065_11]** 

8. **Data Center Redevelopment**  
   **Q:** Will you redevelop more facilities like DC2?  
   **A:** Equinix plans to redevelop **5 to 7** strategic data centers globally.  **[EQIX_3397065_15]**  These projects will introduce more capacity into highly connected facilities and are expected to deliver good returns.  **[EQIX_3397065_15]** 

8c9b3a04751a38c887725ca65ab4ff73743660894f8ea15b8dd11707bd970de6

- **Equinix is facing ongoing SEC and DOJ investigations into its accounting practices**, which could pose legal and reputational risks to the company.  **[EQIX_3388525_10]** ,  **[EQIX_3388525_14]**
- **Declining utilization rates and capacity constraints in key markets may hinder growth**, as utilization levels have decreased year-over-year, and the company is experiencing capacity constraints in areas like New York and Singapore.  **[EQIX_3388525_17]** ,  **[EQIX_3388525_13]**
- **Despite strong Q1 results, Equinix maintained its revenue guidance, indicating potential concerns about customer caution and macroeconomic uncertainty impacting future growth.**  **[EQIX_3388525_15]**

29a801803af61e12d6fad837e954197b0eadb30097caac1f3e8cc93fda06cb78

- **Elevated churn in interconnection services leading to decreased net interconnection adds.** The company reported **net interconnection adds of 3,900**, affected by **elevated churn, especially in the EMEA region**, where network customers face tough operating environments and M&A activities are causing disruptions.  **[EQIX_3397065_12]**
- **Net cabinet billings are under pressure due to higher churn, capacity constraints, and increasing power densities.** The company noted that **billable cabinets may not be as closely tied to revenue growth as before** and may need to adjust this key metric, reflecting challenges in demand and operational efficiency.  **[EQIX_3397065_16]** **[EQIX_3397065_13]**
- **Ongoing DOJ and SEC investigations represent potential risks.** The company is responding to **subpoenas from the DOJ and SEC** following a short-seller report, and while confident in their financial disclosures, acknowledges that the investigation process is ongoing.  **[EQIX_3397065_13]**

094e3fdae0159f56bbce2760da881d195412d78801091417733f1a4a8be9d3d7

Equinix Inc (EQIX)

Financials