Q2 2024 Equinix Inc Earnings Call Transcript
Key Points
- Equinix Inc (EQIX) delivered record gross bookings in Q2 2024, indicating strong demand.
- Q2 revenues were $2.2 billion, up 8% year-over-year, marking the 86th consecutive quarter of top-line growth.
- Adjusted EBITDA increased by 17% year-over-year, with strong AFFO per share flow-through.
- The company announced expansions into new markets, including Malaysia and the Philippines, enhancing its global footprint.
- Equinix Inc (EQIX) continues to see strong demand for its xScale program, driven by AI training workloads and cloud technologies.
- Interconnection net adds were lower than expected, with a notable impact from the liquidation of StackPath.
- Churn rates remain elevated, particularly in the EMEA region, affecting overall performance.
- Capacity constraints in key markets and increasing power density are pressuring net cabinet billing metrics.
- The company is still dealing with DOJ and SEC subpoenas, which could pose ongoing legal and reputational risks.
- Economic challenges and optimization efforts by customers are leading to higher churn and slower growth in some segments.
Good afternoon, and welcome to the Equinix second quarter earnings conference Call. (Operator Instructions) Also, today's conference is being recorded. If anyone has objections, please disconnect at this time.
I would now like to turn the call over to Chip Newcom, Senior Director of Investor Relations. Thank you. May begin.
Good afternoon and welcome to today's conference call. Before we get started, I would like to remind everyone that some of the statements we will be making today are forward-looking in nature and involve risks and uncertainties.
Actual results may vary significantly from those statements and may be affected by the risks we've identified in today's press release and those identified in our filings with the SEC, including our most recent Form 10-K filed February 16, 2024, at our most recent Form 10-Q. Equinix assumes no obligation and does not intend to update or comment on forward-looking statements made on this call.
In addition, in light of regulation, fair disclosure is
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