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What were the key takeaways from Equinix's earnings call?

- **Revenue Growth**: Q3 MRR up 8% YoY, gross bookings hit $394M (25% YoY), driven by AI/ML workloads and data residency needs.
- **Profitability Boost**: AFFO +12% YoY to $965M, EBITDA margin 50%, with guidance raised for full-year.
- **Expansion Acceleration**: 300MW+ capacity added in Q3, 900MW+ pipeline from new land acquisitions, targeting 2029 capacity doubling.
- **xScale Momentum**: 12 projects underway, 240MW Hampton deal under negotiation, 90%+ hyperscaler demand but open to enterprises.
- **AI/ML Differentiation**: 110Tbps fabric provisioning, 4,400+ deals with Hyundai, Zetaris, and ING highlight edge inferencing demand.

**【CEO Summary Section】**
- Delivered strong Q3 performance with MRR growth of 8% YoY (normalized, constant currency) and record annualized gross bookings of $394M, up 25% YoY.
- Highlighted three key achievements: top-line growth, profitability improvement (AFFO up 12% YoY), and strategic expansion (300MW+ capacity additions across 5 new markets).
- Showcased customer momentum with 4,400+ deals, including wins with Hyundai, Zetaris, and ING, driven by AI/ML workloads and data sovereignty needs.
- Advanced 'Build Bolder' strategy with land acquisitions in Amsterdam, Chicago, Johannesburg, London, and Toronto, supporting 900MW of future capacity.
- Raised full-year guidance for adjusted EBITDA (+$21M) and AFFO (+$31M) due to strong operating performance and cost control.

**【CFO Financial Commentary】**
- Q3 revenue: $2.32B (+5% YoY), with recurring revenue up 8% YoY.
- Adjusted EBITDA: $1.15B (50% margin), up 8% YoY.
- AFFO: $965M (+12% YoY), driven by strong operating cash flow and disciplined capital allocation.
- Expanded 2025 revenue guidance range to reflect higher xScale non-recurring fees, with Q4 step-up of >$60M in MRR.
- Capital expenditures: $1.14B (including $64M recurring), with 58 projects underway globally.
- Balance sheet remains strong with $38B total assets and 3.6x net leverage.

**【Q&A Key Highlights】**
- **Presales Momentum**: $185M presold bookings (40% closed in Q3), enabling 12-month forward capacity sales in high-demand markets like London and New York.
- **xScale Expansion**: 12 projects underway, with potential 240MW deal in Hampton under negotiation. 90%+ of xScale demand from hyperscalers, but open to large enterprises.
- **Pricing Environment**: Firm pricing across regions, with no dilution in MRR churn (2.3% Q3, guided 2-2.5% Q4).
- **AI Infrastructure**: Distributed AI solution with 110Tbps fabric provisioning, targeting enterprises needing low-latency inferencing at the edge.
- **Market Growth**: Americas leading with 8% interconnection revenue growth, but EMEA and APAC showing accelerating demand for hybrid/multi-cloud solutions.

Equinix, Inc. (EQIX) Q3 2025 Earnings Call Transcript

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EQIX

EQIX fundamentals

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