Equinix — Feb 12, 2025 release

With 22 years of consecutive quarterly revenue growth, a record-breaking Q4 and full year in gross bookings, and significant advancements in our xScale portfolio, we have demonstrated our ability to deliver sustained value to our customers and shareholders alike—all whilst setting our business and ecosystem up to scale even more in the years ahead." 1 2024 Results Summary • Revenues ◦ $8.748 billion, a 7% increase over the previous year on an as-reported basis, or an 8% increase on a normalized and constant-currency basis excluding the year-over-year impact of the power pass-through • Operating Income ◦ $1.328 billion, an 8% decrease from the previous year, impacted by $314 million of non-recurring charges related to asset impairments, restructuring and transaction costs • Net Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders ◦ $815 million, a 16% decrease from the previous year, impacted by $314 million of non-recurring charges related to asset impairments, restructuring and transaction costs ◦ $8.50 per share, a 18% decrease from the previous year • Adjusted EBITDA ◦ $4.097 billion, adjusted EBITDA margin of 47%, a 160 basis-point year-over-year improvement • AFFO and AFFO per Share ◦ $3.356 billion, an 11% increase over the previous year on an as-reported basis or 12% on a normalized and constant-currency basis ◦ $35.02 per share, a 9% increase over the previous year on an as-reported basis or 10% on a normalized and constant-currency basis 2025 Annual Guidance Summary • Revenues ◦ $9.033 - $9.133 billion, an increase of approximately 3 - 4% over the previous year on an as-reported basis, or an increase of 7 - 8% on a normalized and constant-currency basis excluding the year-over-year impact of the power pass-through and Equinix Metal ® • Adjusted EBITDA ◦ $4.386 - $4.466 billion, adjusted EBITDA margin of 49%, a 190 basis-point year-over-year improvement due to operating leverage and power pass-through • AFFO and AFFO per Share ◦ $3.606 - $3.686 billion, an increase of 7 - 10% over the previous year or a normalized and constant-currency increase of 9 - 12% ◦ $36.69 - $37.51 per share, an increase of 5 - 7% over the previous year or a normalized and constant-currency increase of 7 - 9% GAAP and Non-GAAP Disclosure Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements. Equinix converted the presentation of results from thousands to millions in the first quarter of 2024. Certain rounding adjustments have been made to prior period disclosed amounts. Equinix is not reasonably able to provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income (loss) from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to 2 provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. All per-share results are presented on a fully diluted basis. Business Highlights • Equinix has positioned itself as a leader in private AI infrastructure and distrib