Equinix Inc. Q2 FY2024 results: revenue $2.2 billion, up 7.0% on the year

Equinix Inc. (EQIX) reported revenue of $2.2 billion for Q2 FY2024, the quarter ended 30 June 2024, up 7.0% on the same quarter a year earlier. Net income was $301 million, up 45.4% on the year, and diluted earnings per share $3.16. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2024.

Revenue$2.2 billionup 7.0%

Net income$301 millionup 45.4%

Diluted EPS$3.16

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,159	2,127	n/a	n/a
Cost of revenue	1,082	1,091	n/a	n/a
Gross profit	1,077	1,036	n/a	n/a
Gross margin	49.9%	48.7%	n/a
Operating income	436	364	n/a	n/a
Operating margin	20.2%	17.1%	n/a
Interest expense	110	104	n/a	n/a
Pre-tax income	348	277	n/a	n/a
Income tax	47.0	46.0	n/a	n/a
Effective tax rate	13.5%	16.6%	n/a
Net income	301	231	n/a	n/a
Net margin	13.9%	10.9%	n/a
Diluted EPS	$3.16	$2.43	n/a	n/a

$ million except per share. 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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	912	598	n/a	n/a
Capital expenditure	648	707	n/a	n/a
Free cash flow	264	-109	n/a	n/a
Free cash flow margin	12.2%	-5.1%	n/a
Depreciation and amortisation	489	526	n/a	n/a
Share-based compensation	125	101	n/a	n/a
Dividends paid	405	412	n/a	n/a
Dividend per share	$4.26	$4.26	n/a	n/a
Diluted shares, weighted	95m	95m	n/a	n/a
Shares outstanding at period end	95m	95m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	32,854	31,937	n/a	n/a
Cash and equivalents	1,993	1,527	n/a	n/a
Receivables	1,124	1,079	n/a	n/a
Goodwill	5,622	5,621	n/a	n/a
Long-term debt	14,454	13,742	n/a	n/a
Borrowings, as the company tags them	12,682	11,978	n/a	n/a
Operating lease liabilities	1,265	1,280	n/a	n/a
Finance lease liabilities	2,095	2,058	n/a	n/a
Shareholders' equity	12,278	12,299	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-Q for the period ended 30 June 2024, filed 7 August 2024, accession 0001628280-24-035638: the filing on EDGAR. All of Equinix Inc.'s filings: EDGAR company page.

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