Equinix, Inc. (EQIX) - NASDAQ
  • Fri, Jul. 15, 12:36 PM
    • Equinix (EQIX -1.5%) has earned a downgrade from Jefferies, which is seeing more limited upside at current valuations even as the opportunity to capture data-center investments remains.
    • Analyst Mike McCormack downgraded the company to Hold, from Buy, but raised his price target to $400 from $380 (implying 5.9% upside from current levels).
    • "We continue to believe Equinix is well positioned to benefit from the strong secular tailwinds of the cloud and an increasingly interconnected world," McCormack writes. "While estimates could push modestly higher, we believe upside is limited, and we look for a better entry point before becoming more constructive."
    • The company guided to 10%-plus compound revenue growth over the next five years, McCormack notes, showing higher investment than expected, and he says some investors will question whether demand can support that spending in the medium term.
    | Fri, Jul. 15, 12:36 PM
  • Fri, Jul. 8, 11:10 AM
    • Equinix (EQIX +2%) has expanded the role of Mike Campbell, naming him chief sales officer.
    • Campbell had joined the company last year as senior vice president of Sales, after running global renewals and website security businesses at Symantec.
    • He'll now directly lead Equinix's Global Accounts, Business Development and Channel Programs, and oversee the company's Global Solutions Architects and Professional Services teams.
    | Fri, Jul. 8, 11:10 AM
  • Tue, Jul. 5, 4:54 PM
    • Digital Realty (DLR +2.1%) has completed an $874M acquisition of eight European data centers from Equinix (EQIX -0.2%).
    • That deal is part of a divestment that Equinix undertook as a condition requested by the European Commission, tied to Equinix's purchase of TelecityGroup.
    • Equinix also entered a deal with Digital Realty to pay €189.75M for Digital Realty's opearting business in St. Denis, Paris, including real estate and data center there.
    • Digital Realty's purchase comes at a multiple of about 13 times the portfolio's expected 2016 EBITDA. It includes five properties in London, two in Amsterdam and one in Frankfurt, and provides about 6.9 megawatts of fully installed power and 62,700 net sellable square feet.
    | Tue, Jul. 5, 4:54 PM | 4 Comments
  • Mon, May 16, 7:16 AM
    • The company agrees to buy eight European (5 in London, 2 in Amsterdam, one in Frankfurt) data centers from Equinix (NASDAQ:EQIX) for $874M. The purchase price represents a multiple of about 13x expected full-year 2016 EBITDA.
    • As part of the deal, Equinix gets an option to buy a Paris facility of DLR's for $125M.
    • The purchase is expected to close in H2.
    • Source: Press Release
    • In conjunction with the acquisition, Digital Realty launches a secondary offering of 11.5M shares.
    • DLR is higher by 3.1% in light premarket action.
    | Mon, May 16, 7:16 AM | 5 Comments
  • Thu, Feb. 18, 4:22 PM
    • Equinix (NASDAQ:EQIX) is off 2.2% in late trading after it swung to a net gain in income in Q4, but EPS of $0.18 fell well below expectations for $1.17, and funds from operations that declined 8% Y/Y were light as well.
    • Revenues were $730.5M in Q4 (up 14% Y/Y and up 6% sequentially), including $21.6M from its acquisition of Bit-isle. Recurring revenues were up 13% to $686.1M, also up 6% sequentially.
    • Monthly recurring revenue churn was 2.3%, up slightly from the previous quarter's 2%.
    • Including forecasts from acquisitions of Telecity (from Jan. 15, 2016) and Bit-isle (for the full year), Equinix is guiding to Q1 revenues of $838M-$842M (above consensus of $756.8M), including $117M in revenues from the acquisitions. Q1 adjusted EBITDA is expected between $368M-$372M (above expectations for $362.4M).
    • For the full year, it's expected revenues of more than $3.55B (vs. expected $3.26B) and EBITDA of more than $1.62B (vs. expected $1.55B).
    • Conference call to come at 5:30 p.m. ET.
    • Press Release
    | Thu, Feb. 18, 4:22 PM
  • Fri, Jan. 29, 8:02 PM
    • Data-center REITs Equinix (EQIX +3.5%) and DuPont Fabros Technology (DFT +1.9%) had Buy ratings reiterated by SunTrust Robinson Humphrey, with an eye toward the solid cloud computing growth shown by Amazon.com and Microsoft.
    • As cloud players compete, the firm's Inder Singh writes, it's "fueling data center demand."
    • "We believe DFT continues to win deals due to its scale and density and remains a major enabler of the cloud," Singh says, "counting Microsoft (22.7% of annualized rent as of 3Q15), Rackspace (10.3%) and a Fortune 1000 leading Software as a Service (SaaS) Provider (6.5%) as its top customers."
    • Equinix benefits from a large footprint and its scale, he says. "While Equinix has a well distributed customer list with its top 10 customers only accounting for roughly 16.5% of revenue as of the end of 3Q15, Cloud customers make up four of its top 10 customers accounting for roughly 8.5% of revenue."
    • Previously: Equinix closes Telecity deal, becomes top data center player in Europe (Jan. 15 2016)
    • Previously: SunTrust bullish on data centers, picks CONE, DFT, EQIX (Nov. 24 2015)
    | Fri, Jan. 29, 8:02 PM
  • Fri, Jan. 15, 11:25 AM
    • Equinix (EQIX -2.1%) has closed on its acquisition of TelecityGroup (OTCPK:TLEIY), creating the biggest data center player in Europe, with the transaction finishing at £2.6B (about $3.8B).
    • Equinix more than doubles its capacity in Europe by adding 40-plus data centers as well as seven new markets. The company also gains more than 1,000 net new customers including more than 200 network/mobility companies, and more than 300 cloud and IT services companies.
    • The deal came to a cash payment of about $1.7B and issuing some 6.8M shares of Equinix common stock, valued at about $2.1B.
    • Along with the transaction, Telecity Chairman John Hughes has joined the Equinix board.
    • The company will discuss financials around the deal in its February earnings call.
    • Previously: Equinix CIO: Company about 'interconnection,' moving beyond data centers (Jan. 07 2016)
    • Previously: European regulators give conditional OK to Equinix's Telecity buyout (Nov. 13 2015)
    | Fri, Jan. 15, 11:25 AM
  • Thu, Jan. 7, 7:38 PM
    • Equinix (EQIX -1.9%) is moving beyond its core data center business, its chief information officer says, because the cloud is forcing changes in corporate IT.
    • The on-premise data center was still the heart of corporate operations in the early days of cloud computing, Brian Lillie says, but the weight has shifted.
    • You are not doing everything within the firm," he says. "You truly need partners. It is a digital supply chain. That is really what is changing.
    • Much has changed over the past seven years, he says. "We are moving more and more workloads to the public cloud. We think cloud is the happy and frugal architecture."
    • Earlier this week, Stifel Nicolaus upgraded shares to Buy (with a $340 price target), and Zacks has now upgraded shares to Buy as well (with a $346 target). Shares closed down today to $303.29, implying 12-14% upside in the targets.
    | Thu, Jan. 7, 7:38 PM
  • Nov. 19, 2015, 7:34 PM
    | Nov. 19, 2015, 7:34 PM
  • Nov. 19, 2015, 9:18 AM
    | Nov. 19, 2015, 9:18 AM
  • Oct. 28, 2015, 4:25 PM
    • Equinix (NASDAQ:EQIX) is off 2% in choppy trading after hours in the wake of posting Q3 results where revenues and FFO grew solidly though EPS fell short of consensus.
    • Adjusted FFO was up to $210.4M, but net income came to $0.71/share vs. an expected $1.11. Revenues were up 10.7% Y/Y and up 3% sequentially. Recurring revenues (co-location, interconnection, managed services) were up 10% Y/Y to $646.7M.
    • Gross margins were 53% compared to a year-ago 51%.
    • The company also announced a deal with Oracle (NYSE:ORCL) to bring Oracle's Cloud services to six global markets via the Equinix Cloud Exchange: Amsterdam, Chicago, London, Singapore, Sydney and Washington, D.C. Cloud is the fastest-growing part of Oracle's business, supporting 62M users and 23B transactions a day.
    • Equinix is guiding to Q4 revenues of $701M-$705M vs. consensus of $701M. It expects Q4 EBITDA of $328M-$332M vs. an expected $327M. It sees full-year 2015 revenues of $2.696B-$2.7B, above consensus of $2.693B, and EBITDA of $1.267B-$1.271B, above an expected $1.26B.
    • Conference call to come at 5:30 p.m. ET.
    | Oct. 28, 2015, 4:25 PM
  • Sep. 28, 2015, 4:33 PM
    • Equinix (NASDAQ:EQIX) has declared a special distribution of $627M (about $10.95/share) for common stockholders, tied to its conversion to a REIT effective last Jan. 1.
    • The distribution is payable Nov. 10 to common stockholders of record at the end of Oct. 8, and stockholders can receive payment in stock or cash, though the total cash payment is limited to $125.4M (20% of the distribution).
    • The company says the value of its 2015 distributions should equal or exceed taxable income that it recognizes this year.
    • Shares are up 0.4% after hours, rebounding from a 3.2% decline today.
    | Sep. 28, 2015, 4:33 PM
  • Sep. 23, 2015, 1:33 PM
    • Data-center operator Equinix (EQIX -0.3%) has gone 100% renewable-energy with its California operations, signing a deal with SunEdison (SUNE -5.5%) to supply 105 megawatts of new solar power for its in-state data centers.
    • The deal will let Equinix operate 11 data centers and its headquarters entirely on renewable energy, and boost its renewables footprint globally to 43% from 30%. The company says it's responding to Internet customers who are demanding renewable sources.
    • A new project will be located just north of the U.S.-Mexico border, near Calexico, and produce 150 megawatts for the California system.
    • The deal is part of Equinix's Earth Day goal of the company going 100% renewable.
    | Sep. 23, 2015, 1:33 PM | 22 Comments
  • May 20, 2015, 8:56 AM
    • "The private letter ruling supports Equinix's (NASDAQ:EQIX) position with respect to numerous technical tax issues in connection with Equinix's election of REIT status and conversion to a REIT," says the company.
    • Equinix began its first day as a REIT on January 1 of this year.
    • Shares +2.4% premarket
    | May 20, 2015, 8:56 AM
  • May 7, 2015, 8:49 AM
    • UK-based data-center firm Telecity (OTCPK:TLEIY) says it's beginning talks to be taken over by Equinix (NASDAQ:EQIX) -- which is casting doubt on Telecity's already-agreed $2.2B deal to buy InterXion Holding (NYSE:INXN) from earlier this spring.
    • Equinix is up 2.2% in U.S. premarket trading.
    • Telecity's all-stock deal with Dutch firm InterXion prohibited either from talking with others, with few exceptions, though Telecity says it believes fiduciary duty requires it to listen to Equinix.
    • Equinix's offer would be for $3.5B and be 54% cash and 46% stock and establish the combo as Europe's top player in the industry, leaving InterXion a bit in the lurch. For its part, InterXion says it's committed to its "strategically compelling" deal with Telecity.
    • Equinix must decide on an offer for Telecity by June 4.
    • Telecity is up 19.4% in London trading.
    • Earlier: InterXion Holding beats by €0.01, beats on revenue (May. 07 2015)
    | May 7, 2015, 8:49 AM
  • Apr. 29, 2015, 5:38 PM
    • Data-center firm Equinix (NASDAQ:EQIX) is up 5.2% in late trading after a Q1 report where revenues grew 11%, and 1% sequentially, in its first quarter reporting and operating as a REIT.
    • EBITDA of $305.8M beat a consensus of $289.2M, and MRR churn was 2% (unchanged from Q4).
    • Cost of revenues declined 5% to $298.3M; gross margins were 54%, up from prior year's 50% and Q4's 51%.
    • Net income attributable to the company was $76.5M, or $1.35/share vs. an expected $0.80.
    • Capex for Q1 was $150.1M -- up from the prior year's $105.9M, but down from Q4's $238.5M.
    • Equinix guided for Q2 revenues of $654M-$658M, including a $6M negative currency impact. Adjusted EBITDA is expected at $304M-$308, higher than consensus of $301M.
    | Apr. 29, 2015, 5:38 PM
Company Description
Equinix, Inc. provides a choice of data center offerings primarily comprises of colocation, interconnection solutions and managed IT infrastructure services. It designs, builds-out and operates IBX data centers. The company operates through three segments: Americas, EMEA and Asia-Pacific... More
Sector: Technology
Industry: Telecom Services - Domestic
Country: United States