Equinix ups revenue guidance, spends heavily on capex

Equinix (NASDAQ:EQIX) expects Q3 revenue of $614M-$618M, above a $606.3M consensus. Full-year revenue guidance is at $2.425B-$2.435B, better than prior guidance of $2.395B+ and above a $2.41B consensus.

Full-year adjusted EBITDA guidance has been changed to $1.105B-$1.115B from $1.105B+, and capex guidance to $600M-$650M from $550M-$650M. $485M-$535M of the capex will be directed towards "expansion" activities.

With capex rising to $159.8M from $122.9M a year ago, Q2 free cash flow was -$60.3M, and adjusted free cash flow only $12.1M.

MRR churn was 2.7%, up from 2.3% in Q1 but better than guidance. $346.8M has been spent on buybacks from Dec. 5, 2013 to July 25, 2014, up from $127M as of April 25.

EQIX +1.1% AH. Q2 results, PR.

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