Equinix Inc. Q4 FY2023 results: revenue $2.1 billion, up 12.8% on the year

Equinix Inc. (EQIX) reported revenue of $2.1 billion for Q4 FY2023, the quarter ended 31 December 2023, up 12.8% on the same quarter a year earlier. Net income was $228 million, up 76.7% on the year, and diluted earnings per share $2.40. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$2.1 billionup 12.8%

Net income$228 millionup 76.7%

Diluted EPS$2.40

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,110	2,061	n/a	n/a
Cost of revenue	1,092	1,069	n/a	n/a
Gross profit	1,019	992	n/a	n/a
Gross margin	48.3%	48.1%	n/a
Operating income	346	380	n/a	n/a
Operating margin	16.4%	18.5%	n/a
Interest expense	103	101	n/a	n/a
Pre-tax income	270	296	n/a	n/a
Income tax	42.8	20.0	n/a	n/a
Effective tax rate	15.8%	6.8%	n/a
Net income	228	276	n/a	n/a
Net margin	10.8%	13.4%	n/a
Diluted EPS	$2.40	$2.93	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	999	785	n/a	n/a
Capital expenditure	996	618	n/a	n/a
Free cash flow	3.0	168	n/a	n/a
Free cash flow margin	0.1%	8.1%	n/a
Depreciation and amortisation	463	463	n/a	n/a
Share-based compensation	106	98.4	n/a	n/a
Dividends paid	403	325	n/a	n/a
Dividend per share	$4.26	$3.41	n/a	n/a
Diluted shares, weighted	94m	94m	n/a	n/a
Shares outstanding at period end	94m	94m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	32,651	31,685	n/a	n/a
Cash and equivalents	2,096	2,357	n/a	n/a
Receivables	1,004	1,031	n/a	n/a
Goodwill	5,737	5,589	n/a	n/a
Long-term debt	13,841	13,703	n/a	n/a
Borrowings, as the company tags them	12,062	12,945	n/a	n/a
Operating lease liabilities	1,331	1,400	n/a	n/a
Finance lease liabilities	2,122	2,121	n/a	n/a
Shareholders' equity	12,489	11,887	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,061	2,110	2,127	2,159	2,201	2,261	2,225	2,256	2,316	2,420	2,444	2,625
Cost of revenue	1,069	1,092	1,091	1,082	1,098	1,196	1,084	1,084	1,142	1,198	1,186	1,230
Gross profit	992	1,019	1,036	1,077	1,103	1,065	1,141	1,172	1,174	1,222	1,258	1,395
Gross margin	48%	48%	49%	50%	50%	47%	51%	52%	51%	50%	51%	53%
Operating income	380	346	364	436	425	103	458	494	474	422	577	665
Operating margin	18%	16%	17%	20%	19%	5%	21%	22%	20%	17%	24%	25%
Interest expense	101	103	104	110	117	126	122	135	128	142	148	151
Pre-tax income	296	270	277	348	350	0.0	392	405	399	312	471	523
Tax rate	7%	16%	17%	14%	15%	n/a	12%	9%	6%	15%	12%	9%
Net income	276	228	231	301	297	-14.0	343	368	374	265	415	479
Net margin	13%	11%	11%	14%	13%	-1%	15%	16%	16%	11%	17%	18%
Diluted EPS	$2.93	$2.40	$2.43	$3.16	$3.10	-$0.19	$3.50	$3.75	$3.81	$2.70	$4.20	$4.83
Operating cash flow	785	999	598	912	758	981	809	944	1,014	1,144	717	1,067
Capital expenditure	618	996	707	648	724	987	750	989	1,136	1,436	1,256	1,578
Free cash flow	168	3.0	-109	264	34.0	-6.0	59.0	-45.0	-122	-292	-539	-511
Dividends paid	325	403	412	405	413	413	468	460	467	461	519	510
Shares outstanding	94m	94m	95m	95m	96m	97m	98m	98m	98m	98m	99m	99m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0001628280-24-005350: the filing on EDGAR. All of Equinix Inc.'s filings: EDGAR company page.

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