Tuesday, October 21, 2008

Equinix Posts Q3 Revenues to $183.7 million, up 77% YoY

Equinix, which operates network-neutral data centers, reported Q3 revenues of $183.7 million, a 7% increase over the previous quarter and a 77% increase over the same quarter last year, which includes an approximate negative $2.5 million impact as a result of a strengthening U.S. dollar during the quarter.


Recurring revenues, consisting primarily of colocation, interconnection and managed services, were $173.5 million, a 6% increase over the prior quarter and a 75% increase over the same quarter last year. Non-recurring revenues were $10.2 million in the quarter.


Cost of revenues were $109.9 million for the third quarter, an 8% increase over the previous quarter and a 75% increase over the same quarter last year. Cost of revenues, excluding depreciation, amortization, accretion and stock-based compensation of $39.3 million, were $70.6 million for the third quarter, a 7% increase over the previous quarter and a 75% increase over the same quarter last year. Cash gross margins, defined as gross profit plus depreciation, amortization, accretion and stock-based compensation, divided by revenues, for the quarter were 62%, the same as the previous quarter and up from 61% the same quarter last year.


"Despite the challenging economic environment, Equinix delivered another strong quarter," said Steve Smith, president and CEO of Equinix. "While we continue to closely monitor all aspects of the business, we believe that the strength of our continued demand and focus on business execution will allow us to extend our market leadership position."


Capital expenditures in the third quarter were $95.4 million, of which $13.5 million was attributed to ongoing capital expenditures and $81.9 million was attributed to expansion capital expenditures.http://www.equinix.com

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