Technology

Equinix Reports Strong Fourth-Quarter and Full-Year 2024 Results

Published

2 years ago

February 12, 2025

REDWOOD CITY, Calif., Feb. 12, 2025 /PRNewswire/ —

Increased annual revenues 7% on an as-reported basis or 8% on a normalized and constant-currency basis, excluding the impact of power pass-throughDrove significant operating leverage, creating continued value for shareholdersIncreased quarterly cash dividend by 10% to $4.69 per share on its common stock, a 10th consecutive year of increase, based on continued strong operating performance

Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company®, today reported results for the quarter and full-year ended December 31, 2024.

“We had an outstanding close to 2024, with revenues for the full year up 8% year-over-year,” said Adaire Fox-Martin, CEO and President, Equinix. “Our strategic focus on our customers, solutions, and capacity has not only driven remarkable financial results, but also positioned Equinix to make the very most of the growing AI opportunity. With 22 years of consecutive quarterly revenue growth, a record-breaking Q4 and full year in gross bookings, and significant advancements in our xScale portfolio, we have demonstrated our ability to deliver sustained value to our customers and shareholders alike—all whilst setting our business and ecosystem up to scale even more in the years ahead.”

2024 Results Summary

Revenues$8.748 billion, a 7% increase over the previous year on an as-reported basis, or an 8% increase on a normalized and constant-currency basis excluding the year-over-year impact of the power pass-throughOperating Income$1.328 billion, an 8% decrease from the previous year, impacted by $314 million of non-recurring charges related to asset impairments, restructuring and transaction costsNet Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders$815 million, a 16% decrease from the previous year, impacted by $314 million of non-recurring charges related to asset impairments, restructuring and transaction costs$8.50 per share, a 18% decrease from the previous yearAdjusted EBITDA$4.097 billion, adjusted EBITDA margin of 47%, a 160 basis-point year-over-year improvementAFFO and AFFO per Share$3.356 billion, an 11% increase over the previous year on an as-reported basis or 12% on a normalized and constant-currency basis$35.02 per share, a 9% increase over the previous year on an as-reported basis or 10% on a normalized and constant-currency basis

2025 Annual Guidance Summary

Revenues$9.033 – $9.133 billion, an increase of approximately 3 – 4% over the previous year on an as-reported basis, or an increase of 7 – 8% on a normalized and constant-currency basis excluding the year-over-year impact of the power pass-through and Equinix Metal®Adjusted EBITDA$4.386 – $4.466 billion, adjusted EBITDA margin of 49%, a 190 basis-point year-over-year improvement due to operating leverage and power pass-throughAFFO and AFFO per Share$3.606 – $3.686 billion, an increase of 7 – 10% over the previous year or a normalized and constant-currency increase of 9 – 12%$36.69 – $37.51 per share, an increase of 5 – 7% over the previous year or a normalized and constant-currency increase of 7 – 9%

GAAP and Non-GAAP Disclosure

Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements.

Equinix converted the presentation of results from thousands to millions in the first quarter of 2024. Certain rounding adjustments have been made to prior period disclosed amounts.

Equinix is not reasonably able to provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income (loss) from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant.

All per-share results are presented on a fully diluted basis.

Business Highlights

Equinix has positioned itself as a leader in private AI infrastructure and distribution, capturing significant opportunities in inferencing and training workloads. In Q4, over half of the top 25 deals in the company’s retail business were focused on high-performance compute and AI workloads. Importantly, the company is also witnessing a growing diversification of AI and machine learning use cases across key enterprise segments, including healthcare, finance, transportation and gaming.In 2024, Equinix’s global xScale® portfolio saw robust demand and leasing activity driven by service providers looking to bolster their AI and cloud initiatives. Since the Q3 earnings call, the joint ventures leased an incremental 31 megawatts across the Paris 12 and Paris 13 assets, bringing total xScale leasing to over 400 megawatts globally.In December, Equinix announced a private AI solution that enables businesses to train AI models in scalable, cost-efficient public and private clouds, while ensuring enhanced control, security and low-latency deployment on-premises. Utilizing the Dell AI Factory with NVIDIA, Equinix International Business ExchangeTM (IBX®) data centers provide a portfolio of products, solutions and services in a neutral, cloud-adjacent platform, allowing customers to securely connect to public clouds, colocation facilities, and their own private cloud and on-premises infrastructure.Two-thirds of Equinix’s recurring revenues come from customers who deploy in more than 10 IBX data centers. The company continues to expand its global data center footprint to accommodate this demand. Equinix currently has 62 major projects underway in 36 markets across 25 countries, including 16 xScale projects, which will add approximately 34,000 cabinets of retail capacity and over 165 megawatts of capacity by the end of 2026.In October, Equinix announced plans to nearly triple the capital invested in its xScale data center portfolio with the formation of a greater than $15 billion joint venture with Canada Pension Plan Investment Board (CPP Investments) and GIC. Through this joint venture, Equinix expects to build new state-of-the-art xScale facilities on multiple campuses across the U.S., each with multi-hundred megawatts of capacity, to support larger AI and hyperscale workloads.In November, Equinix announced its Singapore 6 build, part of the country’s pilot data center call for application, which will provide 20 megawatts of capacity for next-generation workloads such as AI in one of Asia-Pacific’s fastest-growing digital economies.Earlier this month, Equinix opened its first IBX data center in Jakarta, Indonesia, to meet the increasing digital infrastructure and connectivity needs in Southeast Asia.Equinix’s role in interconnecting the digital world is increasingly vital for customers. The company’s global interconnection franchise now has more than 482,000 total interconnections, adding 6,000 underlying interconnections in the fourth quarter of 2024. Interconnection revenues stepped up 9% year-over-year on an as-reported and normalized and constant-currency basis, accounting for 19% of Equinix’s recurring revenue.Equinix Fabric® has continued to perform well as customers adopt 25 and 50 gigabit per second circuits, enabling quick set up and flexible management of connections across hybrid multi-cloud architectures.Equinix is committed to sustainability through its global Future First strategy, which includes investing in energy efficiency, renewable energy and heat export projects that benefit customers and stakeholders.In 2024, Equinix’s best-in-class operations team improved the company’s power usage effectiveness (PUE) by more than 6%, aiding customers in greening their digital supply chain. The company also achieved the highest-ranking score of the CDP’s prestigious “Climate Change A List” for the third consecutive year, and received its first MSCI “AAA-rating.”In Q4 , Equinix issued an additional €1.15 billion in green bonds bringing its total to approximately $6.9 billion, making it a top five U.S. issuer in the investment-grade green bond market.

Business Outlook

For the first quarter of 2025, the company expects revenues to range between $2.191 and $2.231 billion, an as-reported decrease of 1 – 3% from the previous quarter, or flat on a normalized and constant-currency basis excluding the quarter-over-quarter impact of the power pass-through. This guidance includes a $28 million step-up from recurring revenues, offset by lower sequential non-recurring revenues related to significant xScale activity in Q4 2024, and a $38 million negative foreign currency impact when compared to the average FX rates in Q4 2024. Adjusted EBITDA is expected to range between $1.011 and $1.051 billion. This guidance includes $25 million of higher seasonal costs and a $20 million negative foreign currency impact when compared to the average FX rates in Q4 2024. Recurring capital expenditures are expected to range between $24 and $47 million.

For the full year of 2025, total revenues are expected to range between $9.033 and $9.133 billion, an as-reported increase of approximately 3 – 4% over the previous year, or a normalized and constant-currency increase of approximately 7 – 8% excluding the year-over-year impact of the power pass-through and Equinix Metal. This guidance includes a $252 million negative foreign currency impact when compared to the prior guidance rates. Adjusted EBITDA is expected to range between $4.386 and $4.466 billion, an adjusted EBITDA margin of 49%. This guidance represents a 190 basis-point year-over-year improvement to adjusted EBITDA margins due to operating leverage and power pass-through and includes a $139 million negative foreign currency impact when compared to prior guidance rates. AFFO is expected to range between $3.606 and $3.686 billion, an as-reported increase of 7 – 10% over the previous year, or a normalized and constant-currency increase of 9 – 12%. AFFO per share is expected to range between $36.69 and $37.51, an as-reported increase of 5 – 7% over the previous year, or a normalized and constant-currency increase of 7 – 9%. Total capital expenditures are expected to range between $3.222 and $3.472 billion. Non-recurring capital expenditures, including xScale-related capital expenditures, are expected to range between $2.985 and $3.215 billion, and recurring capital expenditures are expected to range between $237 and $257 million.

The U.S. dollar exchange rates used for 2025 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.07 to the Euro, $1.27 to the British Pound, S$1.37 to the U.S. Dollar, ¥157 to the U.S. Dollar, A$1.62 to the U.S. Dollar, HK$7.77 to the U.S. Dollar, R$6.17 to the U.S. Dollar and C$1.44 to the U.S. Dollar. The Q4 2024 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen, Australian Dollar, Hong Kong Dollar, Brazilian Real and Canadian Dollar is 20%, 10%, 9%, 5%, 4%, 3%, 2% and 2%, respectively.

The adjusted EBITDA guidance is based on the revenue guidance less our expectations of cash cost of revenues and cash operating expenses. The AFFO guidance is based on the adjusted EBITDA guidance less our expectations of net interest expense, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, income tax expense, an income tax expense adjustment, recurring capital expenditures, other income (expense), (gains) losses on disposition of real estate property, and adjustments for unconsolidated joint ventures’ and non-controlling interests’ share of these items.

FY 2024 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended December 31, 2024, along with its future outlook, in its quarterly conference call on Wednesday, February 12, 2025, at 5:30 PM ET (2:30 PM PT). A simultaneous live webcast of the call will be available on the company’s Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call through Monday, March 31, 2025, by dialing 1-203-369-3354 and referencing the passcode 2025. In addition, the webcast will be available at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

Equinix has made available on its website a presentation designed to accompany the discussion of Equinix’s results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.

Additional Resources

Equinix Investor Relations Resources

About Equinix

Equinix (Nasdaq: EQIX) is the world’s digital infrastructure company®. Digital leaders harness Equinix’s trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.

Non-GAAP Financial Measures

Equinix provides all information required in accordance with generally accepted accounting principles (“GAAP”), but it believes that evaluating its ongoing operating results may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix uses non-GAAP financial measures to evaluate its operations.

Equinix provides normalized and constant-currency growth rates, which are calculated to adjust for acquisitions, dispositions, integration costs, changes in accounting principles and foreign currency.

Equinix presents adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA represents net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales.

In presenting non-GAAP financial measures, such as adjusted EBITDA, cash cost of revenues, cash gross margins, cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A), adjusted EBITDA margins, free cash flow and adjusted free cash flow, Equinix excludes certain items that it believes are not good indicators of Equinix’s current or future operating performance. These items are depreciation, amortization, accretion of asset retirement obligations and accrued restructuring charges, stock-based compensation, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales. Equinix excludes these items in order for its lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix’s operating performance and cash spending levels relative to its industry sector and competitors.

Equinix excludes depreciation expense as these charges primarily relate to the initial construction costs of a data center, and do not reflect its current or future cash spending levels to support its business. Its data centers are long-lived assets, and have an economic life greater than 10 years. The construction costs of a data center do not recur with respect to such data center, although Equinix may incur initial construction costs in future periods with respect to additional data centers, and future capital expenditures remain minor relative to the initial investment. This is a trend it expects to continue. In addition, depreciation is also based on the estimated useful lives of the data centers. These estimates could vary from actual performance of the asset, are based on historic costs incurred to build out our data centers and are not indicative of current or expected future capital expenditures. Therefore, Equinix excludes depreciation from its operating results when evaluating its operations.

In addition, in presenting the non-GAAP financial measures, Equinix also excludes amortization expense related to acquired intangible assets. Amortization expense is significantly affected by the timing and magnitude of acquisitions, and these charges may vary in amount from period to period. We exclude amortization expense to facilitate a more meaningful evaluation of our current operating performance and comparisons to our prior periods. Equinix excludes accretion expense, both as it relates to its asset retirement obligations as well as its accrued restructuring charges, as these expenses represent costs which Equinix also believes are not meaningful in evaluating Equinix’s current operations. Equinix excludes stock-based compensation expense, as it can vary significantly from period to period based on share price and the timing, size and nature of equity awards. As such, Equinix and many investors and analysts exclude stock-based compensation expense to compare its operating results with those of other companies. Equinix also excludes restructuring charges. Such charges include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products. Equinix also excludes impairment charges related to goodwill or long-lived assets. Equinix also excludes gain or loss on asset sales as it represents profit or loss that is not meaningful in evaluating the current or future operating performance. Finally, Equinix excludes transaction costs from its non-GAAP financial measures to allow more comparable comparisons of the financial results to the historical operations. The transaction costs relate to costs Equinix incurs in connection with business combinations and formation of joint ventures, including advisory, legal, accounting, valuation and other professional or consulting fees. Such charges generally are not relevant to assessing the long-term performance of Equinix. In addition, the frequency and amount of such charges vary significantly based on the size and timing of the transactions. Management believes items such as restructuring charges, impairment charges, transaction costs and gain or loss on asset sales are non-core transactions; however, these types of costs may occur in future periods.

Equinix also presents funds from operations (“FFO”) and adjusted funds from operations (“AFFO”), both commonly used in the REIT industry, as supplemental performance measures. Additionally, Equinix presents AFFO per share, which is also commonly used in the REIT industry. AFFO per share offers investors and industry analysts a perspective of Equinix’s underlying operating performance when compared to other REIT companies. FFO is calculated in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures’ and non-controlling interests’ share of these items. AFFO represents FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax and adjustments from FFO to AFFO for unconsolidated joint ventures’ and non-controlling interests’ share of these items. Equinix excludes depreciation expense, amortization expense, accretion, stock-based compensation, restructuring charges, impairment charges and transaction costs for the same reasons that they are excluded from the other non-GAAP financial measures mentioned above.

Equinix includes an adjustment for revenues from installation fees, since installation fees are deferred and recognized ratably over the period of contract term, although the fees are generally paid in a lump sum upon installation. Equinix includes an adjustment for straight-line rent expense on its operating leases, since the total minimum lease payments are recognized ratably over the lease term, although the lease payments generally increase over the lease term. Equinix also includes an adjustment to contract costs incurred to obtain contracts, since contract costs are capitalized and amortized over the estimated period of benefit on a straight-line basis, although costs of obtaining contracts are generally incurred and paid during the period of obtaining the contracts. The adjustments for installation revenues, straight-line rent expense and contract costs are intended to isolate the cash activity included within the straight-lined or amortized results in the consolidated statement of operations. Equinix excludes the amortization of deferred financing costs and debt discounts and premiums as these expenses relate to the initial costs incurred in connection with its debt financings that have no current or future cash obligations. Equinix excludes gain or loss on debt extinguishment since it represents a cost that is not a good indicator of Equinix’s current or future operating performance. Equinix includes an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances and uncertain tax positions that do not relate to the current period’s operations. Equinix excludes recurring capital expenditures, which represent expenditures to extend the useful life of its IBX and xScale data centers or other assets that are required to support current revenues. Equinix also excludes net income or loss from discontinued operations, net of tax, which represents results that are not a good indicator of our current or future operating performance.

Equinix presents constant-currency results of operations, which is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, Equinix has presented this non-GAAP financial measure to provide investors with an additional tool to evaluate its operating results without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Equinix’s business performance. To present this information, Equinix’s current and comparative period revenues and certain operating expenses denominated in currencies other than the U.S. dollar are converted into U.S. dollars at a consistent exchange rate for purposes of each result being compared.

Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Equinix presents such non-GAAP financial measures to provide investors with an additional tool to evaluate its operating results in a manner that focuses on what management believes to be its core, ongoing business operations. Management believes that the inclusion of these non-GAAP financial measures provides consistency and comparability with past reports and provides a better understanding of the overall performance of the business and its ability to perform in subsequent periods. Equinix believes that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze Equinix effectively.

Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should, therefore, exercise caution when comparing non-GAAP financial measures used by us to similarly titled non-GAAP financial measures of other companies. Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income or loss from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; availability of power, increased costs to procure power and the general volatility in the global energy market; the challenges of acquiring, operating and constructing IBX and xScale data centers and developing, deploying and delivering Equinix products and solutions; delays related to the closing of any planned acquisitions subject to closing conditions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

EQUINIX, INC.

Condensed Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

Three Months Ended

Twelve Months Ended

December
31, 2024

September
30, 2024

December
31, 2023

December
31, 2024

December
31, 2023

Recurring revenues

$ 2,091

$ 2,059

$ 1,976

$ 8,184

$ 7,745

Non-recurring revenues

170

142

134

564

443

Revenues

2,261

2,201

2,110

8,748

8,188

Cost of revenues

1,196

1,098

1,092

4,467

4,228

Gross profit

1,065

1,103

1,018

4,281

3,960

Operating expenses:

Sales and marketing

209

237

217

891

855

General and administrative

451

434

449

1,766

1,654

Restructuring charges

—

Transaction costs

Impairment charges

233

—

233

—

Gain on asset sales

—

(18)

(5)

Total operating expenses

962

678

672

2,953

2,517

Income from operations

103

425

346

1,328

1,443

Interest and other income (expense):

Interest income

137

Interest expense

(126)

(117)

(103)

(457)

(402)

Other income (expense)

(11)

(1)

(17)

(11)

Loss on debt extinguishment

(15)

—

(16)

—

Total interest and other, net

(103)

(75)

(76)

(353)

(319)

Income before income taxes

—

350

270

975

1,124

Income tax expense

(14)

(54)

(43)

(161)

(155)

Net income (loss)

(14)

296

227

814

969

Net loss attributable to non-controlling interests

—

Net income (loss) attributable to common stockholders

$ (14)

$ 297

$ 227

$ 815

$ 969

Earnings (loss) per share (“EPS”) attributable to common stockholders:

Basic EPS

$ (0.14)

$ 3.11

$ 2.41

$ 8.54

$ 10.35

Diluted EPS

$ (0.14)

$ 3.10

$ 2.40

$ 8.50

$ 10.31

Weighted-average shares for basic EPS (in thousands)

96,849

95,394

94,268

95,457

93,615

Weighted-average shares for diluted EPS (in thousands)

96,849

95,731

94,667

95,827

94,009

EQUINIX, INC.

Condensed Consolidated Statements of Comprehensive Income

(in millions)

(unaudited)

Three Months Ended

Twelve Months Ended

December
31, 2024

September
30, 2024

December
31, 2023

December
31, 2024

December
31, 2023

Net income (loss)

$ (14)

$ 296

$ 227

$ 814

$ 969

Other comprehensive income (loss), net of tax:

Foreign currency translation adjustment (“CTA”) gain (loss)

(757)

421

480

(772)

250

Net investment hedge CTA gain (loss)

279

(138)

(217)

295

(132)

Unrealized gain (loss) on cash flow hedges

(25)

(27)

(19)

Total other comprehensive income (loss), net of tax

(452)

258

236

(445)

Comprehensive income (loss), net of tax

(466)

554

463

369

1,068

Net loss attributable to non-controlling interests

—

Comprehensive income (loss) attributable to common stockholders

$ (466)

$ 555

$ 463

$ 370

$ 1,068

EQUINIX, INC.

Condensed Consolidated Balance Sheets

(in millions, except headcount)

(unaudited)

December 31, 2024

December 31, 2023

Assets

Cash and cash equivalents

$ 3,081

$ 2,096

Short-term investments

527

—

Accounts receivable, net

949

1,004

Other current assets

890

468

Total current assets

5,447

3,568

Property, plant and equipment, net

19,249

18,601

Operating lease right-of-use assets

1,419

1,449

Goodwill

5,504

5,737

Intangible assets, net

1,417

1,705

Other assets

2,049

1,591

Total assets

$ 35,085

$ 32,651

Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity

Accounts payable and accrued expenses

$ 1,193

$ 1,187

Accrued property, plant and equipment

387

398

Current portion of operating lease liabilities

144

131

Current portion of finance lease liabilities

189

138

Current portion of mortgage and loans payable

Current portion of senior notes

1,199

998

Other current liabilities

232

302

Total current liabilities

3,349

3,162

Operating lease liabilities, less current portion

1,331

Finance lease liabilities, less current portion

2,086

2,123

Mortgage and loans payable, less current portion

644

663

Senior notes, less current portion

13,363

12,062

Other liabilities

760

796

Total liabilities

21,533

20,137

Redeemable non-controlling interest

Common stockholders’ equity:

Common stock

—

Additional paid-in capital

20,895

18,596

Treasury stock

(39)

(56)

Accumulated dividends

(10,342)

(8,695)

Accumulated other comprehensive loss

(1,735)

(1,290)

Retained earnings

4,749

3,934

Total common stockholders’ equity

13,528

12,489

Non-controlling interests

(1)

—

Total stockholders’ equity

13,527

12,489

Total liabilities, redeemable non-controlling interest and stockholders’ equity

$ 35,085

$ 32,651

Ending headcount by geographic region is as follows:

Americas headcount

5,952

5,953

EMEA headcount

4,653

4,267

Asia-Pacific headcount

3,001

2,931

Total headcount

13,606

13,151

EQUINIX, INC.

Summary of Debt Principal Outstanding

(in millions)

(unaudited)

December 31, 2024

December 31, 2023

Finance lease liabilities

$ 2,275

$ 2,261

Term loans

628

642

Mortgage payable and other loans payable

Plus: debt issuance costs and debt discounts

—

Total mortgage and loans payable principal

649

672

Senior notes

14,562

13,060

Plus: debt issuance costs and debt discounts

123

108

Total senior notes principal

14,685

13,168

Total debt principal outstanding

$ 17,609

$ 16,101

EQUINIX, INC.

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Three Months Ended

Twelve Months Ended

December
31, 2024

September
30, 2024

December
31, 2023

December
31, 2024

December
31, 2023

Cash flows from operating activities:

Net income (loss)

$ (14)

$ 296

$ 227

$ 814

$ 969

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation, amortization and accretion

502

494

462

2,011

1,844

Stock-based compensation

114

122

106

462

407

Amortization of debt issuance costs and debt discounts

Loss on debt extinguishment

—

Gain on asset sales

—

(18)

(5)

Impairment charges

233

—

233

—

Other items

(3)

Changes in operating assets and liabilities:

Accounts receivable

180

(12)

(150)

Income taxes, net

(17)

(9)

Accounts payable and accrued expenses

193

(102)

161

Operating lease right-of-use assets

150

139

Operating lease liabilities

(51)

(37)

(28)

(153)

(128)

Other assets and liabilities

(231)

(55)

(450)

(103)

Net cash provided by operating activities

981

758

999

3,249

3,217

Cash flows from investing activities:

Purchases, sales, and distributions of equity investments, net

(22)

(29)

(54)

(87)

(136)

Purchases of short-term investments

(70)

(450)

—

(520)

—

Real estate acquisitions

(50)

(162)

(231)

(337)

(384)

Purchases of other property, plant and equipment

(987)

(724)

(996)

(3,066)

(2,781)

Proceeds from asset sales

—

247

Settlement of foreign currency hedges

—

Investment in loan receivable

(65)

—

(261)

—

Loan receivable upfront fee

—

Net cash used in investing activities

(1,111)

(1,365)

(1,281)

(3,937)

(3,224)

Cash flows from financing activities:

Proceeds from employee equity awards

(1)

—

Contribution from non-controlling interest

—

Payment of dividend distributions

(413)

(403)

(1,643)

(1,375)

Proceeds from public offering of common stock, net of offering costs

697

976

433

1,673

734

Proceeds from senior notes, net of debt discounts

1,244

780

—

2,768

902

Repayment of finance lease liabilities

(39)

(35)

(51)

(140)

(149)

Repayment of mortgage and loans payable

(1)

(2)

(1)

(7)

(6)

Repayment of senior notes

(1,000)

—

(1,000)

—

Debt issuance costs

(9)

(6)

—

(23)

(7)

Net cash provided by (used in) financing activities

478

1,348

(22)

1,723

211

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash

(42)

(49)

(16)

Net increase (decrease) in cash, cash equivalents, and restricted cash

306

780

(262)

986

188

Cash, cash equivalents and restricted cash at beginning of period

2,776

1,996

2,358

2,096

1,908

Cash, cash equivalents and restricted cash at end of period

$ 3,082

$ 2,776

$ 2,096

$ 3,082

$ 2,096

Supplemental cash flow information:

Cash paid for taxes

$ 21

$ 63

$ 27

$ 185

$ 153

Cash paid for interest, net of amounts capitalized

$ 173

$ 104

$ 129

$ 486

$ 445

Free cash flow (negative free cash flow) (1)

$ (108)

$ (578)

$ (228)

$ (601)

$ 129

Adjusted free cash flow (adjusted negative free cash flow) (2)

$ (58)

$ (416)

$ 3

$ (264)

$ 513

(1)

We define free cash flow (negative free cash flow) as net cash provided by operating activities plus net cash used in investing activities (excluding the net purchases, sales and maturities of investments) as presented below:

Net cash provided by operating activities as presented above

$ 981

$ 758

$ 999

$ 3,249

$ 3,217

Net cash used in investing activities as presented above

(1,111)

(1,365)

(1,281)

(3,937)

(3,224)

Purchases, sales and maturities of investments, net

136

Free cash flow (negative free cash flow)

$ (108)

$ (578)

$ (228)

$ (601)

$ 129

(2)

We define adjusted free cash flow (adjusted negative free cash flow) as free cash flow (negative free cash flow) as defined above, excluding any real estate and business acquisitions, net of cash and restricted cash acquired as presented below:

Free cash flow (negative free cash flow) as defined above

$ (108)

$ (578)

$ (228)

$ (601)

$ 129

Less real estate acquisitions

162

231

337

384

Adjusted free cash flow (adjusted negative free cash flow)

$ (58)

$ (416)

$ 3

$ (264)

$ 513

EQUINIX, INC.

Non-GAAP Measures and Other Supplemental Data

(in millions)

(unaudited)

Three Months Ended

Twelve Months Ended

December
31, 2024

September
30, 2024

December
31, 2023

December
31, 2024

December
31, 2023

Recurring revenues

$ 2,091

$ 2,059

$ 1,976

$ 8,184

$ 7,745

Non-recurring revenues

170

142

134

564

443

Revenues (1)

2,261

2,201

2,110

8,748

8,188

Cash cost of revenues (2)

821

732

757

2,983

2,870

Cash gross profit (3)

1,440

1,469

1,353

5,765

5,318

Cash operating expenses (4)(7):

Cash sales and marketing expenses (5)

136

162

146

596

565

Cash general and administrative expenses (6)

283

259

287

1,072

1,051

Total cash operating expenses (4)(7)

419

421

433

1,668

1,616

Adjusted EBITDA (8)

$ 1,021

$ 1,048

$ 920

$ 4,097

$ 3,702

Cash gross margins (9)

64 %

67 %

64 %

66 %

65 %

Adjusted EBITDA margins(10)

45 %

48 %

44 %

47 %

45 %

Adjusted EBITDA flow-through rate (11)

(45) %

29 %

(31) %

71 %

36 %

FFO (12)

$ 302

$ 609

$ 525

$ 2,061

$ 2,130

AFFO (13)(14)

$ 770

$ 866

$ 691

$ 3,356

$ 3,019

Basic FFO per share (15)

$ 3.12

$ 6.38

$ 5.56

$ 21.59

$ 22.75

Diluted FFO per share (15)

$ 3.11

$ 6.36

$ 5.54

$ 21.51

$ 22.66

Basic AFFO per share (15)

$ 7.95

$ 9.08

$ 7.33

$ 35.16

$ 32.24

Diluted AFFO per share (15)

$ 7.92

$ 9.05

$ 7.30

$ 35.02

$ 32.11

(1)

The geographic split of our revenues on a services basis is presented below:

Americas Revenues:

Colocation

$ 626

$ 617

$ 610

$ 2,474

$ 2,364

Interconnection

227

224

211

885

821

Managed infrastructure

261

250

Other

Recurring revenues

923

914

893

3,647

3,457

Non-recurring revenues

215

160

Revenues

$ 999

$ 958

$ 932

$ 3,862

$ 3,617

EMEA Revenues:

Colocation

$ 577

$ 566

$ 541

$ 2,235

$ 2,112

Interconnection

340

308

Managed infrastructure

138

130

Other

Recurring revenues

723

713

677

2,812

2,648

Non-recurring revenues

155

190

Revenues

$ 776

$ 743

$ 751

$ 2,967

$ 2,838

Asia-Pacific Revenues:

Colocation

$ 345

$ 337

$ 318

$ 1,349

$ 1,289

Interconnection

294

266

Managed infrastructure

Other

Recurring revenues

445

432

406

1,725

1,640

Non-recurring revenues

194

Revenues

$ 486

$ 500

$ 427

$ 1,919

$ 1,733

Worldwide Revenues:

Colocation

$ 1,548

$ 1,520

$ 1,469

$ 6,058

$ 5,765

Interconnection

393

384

358

1,519

1,395

Managed infrastructure

115

118

115

467

452

Other

140

133

Recurring revenues

2,091

2,059

1,976

8,184

7,745

Non-recurring revenues

170

142

134

564

443

Revenues

$ 2,261

$ 2,201

$ 2,110

$ 8,748

$ 8,188

(2)

We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-based compensation as presented below:

Cost of revenues

$ 1,196

$ 1,098

$ 1,092

$ 4,467

$ 4,228

Depreciation, amortization and accretion expense

(360)

(351)

(322)

(1,426)

(1,310)

Stock-based compensation expense

(15)

(13)

(58)

(48)

Cash cost of revenues

$ 821

$ 732

$ 757

$ 2,983

$ 2,870

The geographic split of our cash cost of revenues is presented below:

Americas cash cost of revenues

$ 326

$ 289

$ 263

$ 1,158

$ 1,047

EMEA cash cost of revenues

316

270

326

1,190

1,199

Asia-Pacific cash cost of revenues

179

173

168

635

624

Cash cost of revenues

$ 821

$ 732

$ 757

$ 2,983

$ 2,870

(3)

We define cash gross profit as revenues less cash cost of revenues (as defined above).

(4)

We define cash operating expense as selling, general, and administrative expense less depreciation, amortization, and stock-based compensation. We also refer to cash operating expense as cash selling, general and administrative expense or “cash SG&A”.

Selling, general, and administrative expense

$ 660

$ 671

$ 666

$ 2,657

$ 2,509

Depreciation and amortization expense

(142)

(143)

(140)

(585)

(534)

Stock-based compensation expense

(99)

(107)

(93)

(404)

(359)

Cash operating expense

$ 419

$ 421

$ 433

$ 1,668

$ 1,616

(5)

We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization and stock-based compensation as presented below:

Sales and marketing expense

$ 209

$ 237

$ 217

$ 891

$ 855

Depreciation and amortization expense

(50)

(51)

(201)

(204)

Stock-based compensation expense

(23)

(25)

(20)

(94)

(86)

Cash sales and marketing expense

$ 136

$ 162

$ 146

$ 596

$ 565

(6)

We define cash general and administrative expense as general and administrative expense less depreciation, amortization and stock-based compensation as presented below:

General and administrative expense

$ 451

$ 434

$ 449

$ 1,766

$ 1,654

Depreciation and amortization expense

(92)

(93)

(89)

(384)

(330)

Stock-based compensation expense

(76)

(82)

(73)

(310)

(273)

Cash general and administrative expenses

$ 283

$ 259

$ 287

$ 1,072

$ 1,051

(7)

The geographic split of our cash operating expense, or cash SG&A, as defined above, is presented below:

Americas cash SG&A

$ 251

$ 242

$ 257

$ 994

$ 954

EMEA cash SG&A

106

101

105

400

388

Asia-Pacific cash SG&A

274

Cash SG&A

$ 419

$ 421

$ 433

$ 1,668

$ 1,616

(8)

We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, loss on debt extinguishment , depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs, and gain on asset sales as presented below:

Net income (loss)

$ (14)

$ 296

$ 227

$ 814

$ 969

Income tax expense

161

155

Interest income

(49)

(35)

(28)

(137)

(94)

Interest expense

126

117

103

457

402

Other expense (income)

(7)

Loss on debt extinguishment

—

Depreciation, amortization and accretion expense

502

494

462

2,011

1,844

Stock-based compensation expense

114

122

106

462

407

Restructuring charges

—

Impairment charges

233

—

233

—

Transaction costs

Gain on asset sales

—

(18)

(5)

Adjusted EBITDA

$ 1,021

$ 1,048

$ 920

$ 4,097

$ 3,702

The geographic split of our adjusted EBITDA is presented below:

Americas net income (loss)

$ 32

$ (126)

$ 57

$ (140)

$ 13

Americas income tax expense (benefit)

(105)

(89)

Americas interest income

(39)

(28)

(20)

(101)

(72)

Americas interest expense

355

342

Americas other expense (income)

(101)

(66)

Americas loss on debt extinguishment

—

Americas depreciation, amortization and accretion expense

274

273

251

1,121

1,000

Americas stock-based compensation expense

307

272

Americas restructuring charges

—

Americas impairment charges

127

—

127

—

Americas transaction costs

Americas (gain) loss on asset sales

—

(18)

Americas adjusted EBITDA

$ 422

$ 427

$ 411

$ 1,709

$ 1,614

EMEA net income

$ 26

$ 288

$ 174

$ 605

$ 651

EMEA income tax expense (benefit)

(1)

EMEA interest income

(6)

(4)

(21)

(13)

EMEA interest expense

EMEA other expense (income)

104

(81)

(54)

(31)

EMEA depreciation, amortization and accretion expense

133

128

125

527

499

EMEA stock-based compensation expense

EMEA restructuring charges

—

EMEA impairment charges

—

EMEA transaction costs

EMEA gain on asset sales

—

(9)

EMEA adjusted EBITDA

$ 354

$ 372

$ 319

$ 1,378

$ 1,251

Asia-Pacific net income (loss)

$ (72)

$ 134

$ (4)

$ 349

$ 305

Asia-Pacific income tax expense

—

Asia-Pacific interest income

(4)

(3)

(4)

(15)

(9)

Asia-Pacific interest expense

Asia-Pacific other expense (income)

(3)

Asia-Pacific loss on debt extinguishment

—

Asia-Pacific depreciation, amortization and accretion expense

363

345

Asia-Pacific stock-based compensation expense

Asia-Pacific restructuring charges

—

Asia-Pacific impairment charges

—

Asia-Pacific transaction costs

—

Asia-Pacific adjusted EBITDA

$ 245

$ 249

$ 190

$ 1,010

$ 837

(9)

We define cash gross margins as cash gross profit divided by revenues.

Our cash gross margins by geographic region are presented below:

Americas cash gross margins

67 %

70 %

72 %

70 %

71 %

EMEA cash gross margins

59 %

64 %

57 %

60 %

58 %

Asia-Pacific cash gross margins

63 %

65 %

61 %

67 %

64 %

(10)

We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.

Americas adjusted EBITDA margins

42 %

45 %

44 %

45 %

EMEA adjusted EBITDA margins

46 %

50 %

43 %

46 %

44 %

Asia-Pacific adjusted EBITDA margins

50 %

44 %

53 %

48 %

(11)

We define adjusted EBITDA flow-through rate as incremental adjusted EBITDA growth divided by incremental revenue growth as follow:

Adjusted EBITDA – current period

$ 1,021

$ 1,048

$ 920

$ 4,097

$ 3,702

Less adjusted EBITDA – prior period

(1,048)

(1,036)

(936)

(3,702)

(3,370)

Adjusted EBITDA growth

$ (27)

$ 12

$ (16)

$ 395

$ 332

Revenues – current period

$ 2,261

$ 2,201

$ 2,110

$ 8,748

$ 8,188

Less revenues – prior period

(2,201)

(2,159)

(2,061)

(8,188)

(7,263)

Revenue growth

$ 60

$ 42

$ 49

$ 560

$ 925

Adjusted EBITDA flow-through rate

(45) %

29 %

(31) %

71 %

36 %

(12)

FFO is defined as net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures’ and non-controlling interests’ share of these items.

Net income (loss)

$ (14)

$ 296

$ 227

$ 814

$ 969

Net loss attributable to non-controlling interests

—

Net (income) loss attributable to non-controlling interests

(14)

297

227

815

969

Adjustments:

Real estate depreciation

309

308

290

1,239

1,143

(Gain) loss on disposition of real estate property

(1)

(3)

(20)

Adjustments for FFO from unconsolidated joint ventures

FFO attributable to common stockholders

$ 302

$ 609

$ 525

$ 2,061

$ 2,130

(13)

AFFO is defined as FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, net income or loss from discontinued operations, net of tax, recurring capital expenditures and adjustments from FFO to AFFO for unconsolidated joint ventures’ and non-controlling interests’ share of these items.

FFO attributable to common stockholders

$ 302

$ 609

$ 525

$ 2,061

$ 2,130

Adjustments:

Installation revenue adjustment

(1)

(4)

Straight-line rent expense adjustment

(18)

(6)

(3)

Contract cost adjustment

(11)

(6)

(16)

(27)

(47)

Amortization of deferred financing costs and debt discounts

Stock-based compensation expense

114

122

106

462

407

Stock-based charitable contributions

—

Non-real estate depreciation expense

136

121

562

494

Amortization expense

208

Accretion expense adjustment

(2)

(1)

Recurring capital expenditures

(115)

(69)

(105)

(250)

(219)

Loss on debt extinguishment

—

Restructuring charges

—

Transaction costs

Impairment charges

233

—

233

Income tax expense adjustment

(16)

(2)

(12)

Adjustments for AFFO from unconsolidated joint ventures

—

(1)

(6)

AFFO attributable to common stockholders

$ 770

$ 866

$ 691

$ 3,356

$ 3,019

(14)

Following is how we reconcile from adjusted EBITDA to AFFO:

Adjusted EBITDA

$ 1,021

$ 1,048

$ 920

$ 4,097

$ 3,702

Adjustments:

Interest expense, net of interest income

(77)

(82)

(75)

(320)

(308)

Amortization of deferred financing costs and debt discounts

Income tax expense

(14)

(54)

(43)

(161)

(155)

Income tax expense adjustment

(16)

(2)

(12)

Straight-line rent expense adjustment

(18)

(6)

(3)

Stock-based charitable contributions

—

Contract cost adjustment

(11)

(6)

(16)

(27)

(47)

Installation revenue adjustment

(1)

(4)

Recurring capital expenditures

(115)

(69)

(105)

(250)

(219)

Other income (expense)

(11)

(1)

(17)

(11)

(Gain) loss on disposition of real estate property

(1)

(3)

(20)

Adjustments for unconsolidated JVs’ and non-controlling interests

Adjustments for impairment charges

—

Adjustment for gain on asset sales

—

AFFO attributable to common stockholders

$ 770

$ 866

$ 691

$ 3,356

$ 3,019

(15)

The shares used in the computation of basic and diluted FFO and AFFO per share attributable to common stockholders is presented below:

Shares used in computing basic net income per share, FFO per share and AFFO per share (in thousands)

96,849

95,394

94,268

95,457

93,615

Effect of dilutive securities:

Employee equity awards (in thousands)

404

337

399

370

394

Shares used in computing diluted net income per share, FFO per share and AFFO per share (in thousands)

97,253

95,731

94,667

95,827

94,009

Basic FFO per share

$ 3.12

$ 6.38

$ 5.56

$ 21.59

$ 22.75

Diluted FFO per share

$ 3.11

$ 6.36

$ 5.54

$ 21.51

$ 22.66

Basic AFFO per share

$ 7.95

$ 9.08

$ 7.33

$ 35.16

$ 32.24

Diluted AFFO per share

$ 7.92

$ 9.05

$ 7.30

$ 35.02

$ 32.11

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SOURCE Equinix, Inc.

Technology

TransPerfect Legal Recognizes Its 2026 Pro Bono Partners

Published

48 minutes ago

October 26, 2026

Key Takeaways

Translation and interpretation services for partner firm Fenwick and legal aid organizations.Helps immigrants, asylum seekers, and other vulnerable populations access the US legal system.Language support remains critical to ensuring equal access to justice.

NEW YORK, Oct. 26, 2026
/PRNewswire/ — TransPerfect Legal, the global leader in legal technology, AI, and advisory services, today announced that in honor of the 2026 National Celebration of Pro Bono, it is recognizing the legal aid organizations and partner firms it has supported this year with translation and interpretation services. These partnerships extend legal access to immigrants, asylum seekers, and other vulnerable populations who depend on accurate language support to navigate the US legal system.

The National Celebration of Pro Bono, sponsored by the American Bar Association October 25–31, brings attention to the importance of pro bono legal services and honors the lawyers and organizations working to expand access to justice.

This year, TransPerfect provided translation and interpretation services at reduced rates to Fenwick in support of the following pro bono efforts:

Fenwick — Immigration clinics and mattersCommunity Legal Services in East Palo Alto (CLSEPA) — U Visa Project with attorneys (full-scope work); passport and asylum clinicsCo-Counsel NYC — Naturalization clinicsImmigration Institute of the Bay Area (IIBA) — Naturalization clinicsLawyers’ Committee for Civil Rights of the San Francisco Bay Area (LCCRSF) — Asylum clinicsNew York Legal Assistance Group (NYLAG) — Asylum, naturalization, and TPS clinicsTahirih Justice Center — Immigration intake and U visa clinics

The need for pro bono legal support remains significant. The Pro Bono Declaration of the Americas states that “members of the legal profession have a responsibility to provide pro bono legal services”—a responsibility the Declaration links to the profession’s broader role in society and its commitment to a fair and equitable legal system.

“Access to justice depends on access to language,” said Eric Elting, Regional Director. “When someone can’t understand the proceeding that will decide their asylum claim or their immigration status, the legal system isn’t actually open to them. That’s the gap our pro bono partners work to close every day, and we’re proud to support that work.”

TransPerfect President and Co-CEO Phil Shawe commented, “Since our humble beginnings in NYC, we are proud to have performed pro bono legal work, including work to eliminate language barriers in legal processes. These efforts continue to this day.”

About TransPerfect Legal
TransPerfect Legal is the global leader in legal technology, AI, and advisory services for Am Law 200 and Global 100 law firms as well as corporate legal departments. With offices in more than 150 cities worldwide, solutions include forensic technology and consulting, eDiscovery and early data assessment, managed review and legal staffing, language services, deposition and trial support, and paper discovery, all offered alongside the Reef Technology ecosystem, TransPerfect Legal’s suite of proprietary applications that address the needs of legal and regulatory practitioners around the world. For more information, please visit www.transperfectlegal.com.

About TransPerfect
TransPerfect is the world’s largest provider of language and AI solutions for global business. From offices in over 150 cities on six continents, TransPerfect offers a full range of services in 200+ languages to clients worldwide. More than 6,000 global organizations employ TransPerfect’s GlobalLink® technology to simplify the management of multilingual content. With an unparalleled commitment to quality and client service, TransPerfect is fully ISO 9001 and ISO 17100 certified. TransPerfect has global headquarters in New York, with regional headquarters in London and Hong Kong. For more information, please visit our website at www.transperfect.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/transperfect-legal-recognizes-its-2026-pro-bono-partners-302918848.html

SOURCE TransPerfect

Technology

Forum Edge AI Announces $94.4 Million Definitive AI Cloud Services Compute Agreement with Fireworks

Published

48 minutes ago

October 26, 2026

PALM BEACH, Fla., Oct. 26, 2026 /PRNewswire/ — Forum Markets, Incorporated (“Forum” or “the Company”) (Nasdaq: FRMM), an innovator in sourcing and operating cash-generating assets in AI infrastructure, commercial aerospace and AI-powered consumer finance, today announced that Forum Edge AI LLC (“Forum Edge”), the Company’s joint venture with Edge Node Inc., has entered into a definitive agreement with Fireworks, the specialized intelligence platform, for a 36-month reservation of Nvidia B300 GPU capacity at its existing, powered data center facility in Dallas.

The agreement carries a combined total contract value of approximately $94.4 million, reflecting GPU capacity and associated CPU management node fees payable over the 36-month term. Fireworks has provided a substantial prepayment deposit, which will be credited against fees due across the term.

The GPUs are expected to be deployed at Forum Edge’s Dallas data center in late December or early January. The Dallas facility is one of the sites included in Forum’s initial AI infrastructure investment and features existing permits, power access and physical infrastructure.

“This agreement is an important proof point for our AI infrastructure strategy and reflects our focus on bringing revenue generating GPUs to market quickly in a modular manner,” said McAndrew Rudisill, chairman and chief executive officer of Forum Markets, Incorporated. “We have a strong partnership with Fireworks and are excited about our growth trajectory as we scale our AI infrastructure business. This is the first finalized contract Forum Edge is executing against and the first of several exciting partnerships we expect to deploy into our unique footprint.”

Fireworks provides inference, training, and routing that help enterprises deploy and scale generative AI applications in production. The company was most recently valued at approximately $17.5 billion, with backers including Nvidia, Atreides Management, Index Ventures and TCV. Fireworks’ scale and the caliber of its financial backers reflect the type of high-quality counterparty Forum has identified in its off-take partnerships.

Hosted AI, Inc., through its AI commercialization network/mesh and platform, facilitated the relationship between Forum Edge AI and Fireworks.

The agreement represents Forum Edge’s first contracted customer commitment and supports Forum’s broader strategy of deploying disciplined, risk-adjusted capital into cash-generating AI infrastructure assets.

About Forum Markets, Incorporated

Forum Markets, Incorporated (Nasdaq: FRMM) is an innovative company that sources and structures cash-generating assets with attractive risk-adjusted returns in aerospace, AI, and AI-powered consumer finance. The company draws on proprietary origination pipelines and strategic co-investment partnerships to scale its portfolio and generate durable operating income. Forum integrates traditional asset management principles with hands-on operational execution as it builds a new framework for how real-world assets are owned, managed, and monetized. For more information, please visit forum-markets.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the future performance and growth of the Company; the ability of the Company to execute its plans, the assets to be held by the Company, the Company’s current and anticipated yield strategies, and future performance. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the Company’s control, and actual results may differ materially. Applicable risks and uncertainties include, among others, the risk that the proposed transactions described herein may not be completed in a timely manner or at all, including the risk that the parties do not execute definitive documentation for the joint venture or any individual project; the risk that anticipated site capacity, power availability, permitting, equipment delivery or customer contracts are delayed or not obtained; the risk that equipment financing is not available on the terms or in the amounts assumed, or at all; risks relating to the Company’s recently completed offering, including dilution to existing stockholders and the risk that the net proceeds are insufficient to fund the initial projects as contemplated or are applied to uses other than those described herein; risks associated with the Company’s guarantee obligations in support of project-level financing; failure to realize the anticipated benefits of the stock repurchase program, previously announced private placements, sale of convertible notes, and related transactions, including the Company’s ability to achieve profitable operations; the Company’s ability to repurchase shares of common stock, the timing thereof, purchase price thereof, and the fact that repurchases may not be undertaken under the stock repurchase program; fluctuations in the market price of ETH that will impact the Company’s accounting and financial reporting; government regulation of tokenized securities; risks relating to the treatment of assets for U.S. and foreign tax purposes; changes in securities laws or regulations; changes in business, market, financial, political and regulatory conditions; risks relating to the Company’s OTC transaction, including the Company’s ability to repay such facility, covenants associated therewith and security interests associated therewith; risks relating to the Company’s previously announced ATM offering, including potential downward pressure on the Company’s stock price associated therewith; risks relating to the Company’s operations and businesses; risks related to increased competition in the industries in which the Company does and will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; expectations with respect to future performance, growth and anticipated acquisitions; potential litigation involving the Company; global economic conditions; geopolitical events and regulatory changes; access to additional financing, and the potential lack of such financing; and the Company’s ability to raise funding in the future and the terms of such funding, including dilution caused thereby, as well as those risks and uncertainties identified and those identified under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as the supplemental risk factors and other information the Company has or may file with the SEC, including those disclosed under Item 8.01 of the Current Reports on Form 8-K filed by the Company with the SEC. Readers are cautioned not to place undue reliance on these statements. Investors should also be aware that under U.S. generally accepted accounting principles (GAAP), certain crypto assets must be measured at fair value, with changes recognized in net income for each reporting period. These fair value adjustments may cause significant fluctuations in the Company’s balance sheet and income statement from period-to-period. In addition, for certain crypto assets, including ETH, which the Company holds as collateral against a loan, impairment charges may be required to be reported in net income if the market price of such assets falls below the cost basis at which those assets are carried on the balance sheet. Readers are encouraged to read the Company’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update any forward-looking statements except as required by law. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

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SOURCE Forum Markets, Incorporated

Technology

Perhaps Agency Expands Network Relationships for Emerging Brands

Published

48 minutes ago

October 26, 2026

Perhaps Agency’s new FuseTwo partnership and AvantLink certification give emerging brands broader access to networks, partnerships and expertise as rising paid-media costs push advertisers toward new acquisition channels.

LAS VEGAS, Oct. 26, 2026 /PRNewswire-PRWeb/ — Perhaps Agency, a full-funnel partner marketing agency specializing in affiliate and influencer marketing, announced the continued expansion of its strategic relationships with networks across the partner marketing industry, including FuseTwo, a recently launched partner marketing platform, and AvantLink, an affiliate marketing platform. These relationships give Perhaps Agency’s clients broader access to networks, technology and partnership opportunities as emerging brands seek growth channels beyond paid media.

“Every network relationship we add gives our clients another route to find the right partners. Our partnerships with FuseTwo and AvantLink build on that, and we’ll keep expanding our list of strategic partners that serve emerging brands.” — Jen Root, Managing Director, Perhaps

Rising costs across paid social and search have pushed many brands to look for acquisition channels they can scale without expanding an internal team or committing to a large retainer. Partner marketing is one route: it brings affiliate, influencer, creator and media partnerships together in one performance-based program. For growing brands, the right network relationships can determine whether an affiliate or influencer program gets off the ground. Perhaps builds and maintains those relationships on its clients’ behalf, while strengthening its ability to identify strategic opportunities and connect brands with the partners that support their growth.

Perhaps Agency’s partnership with FuseTwo, a partner marketing platform built for growing brands, offers Perhaps clients additional opportunities, resources and expertise. These brands gain access to the FuseTwo platform, which brings affiliate, influencer, creator and media partners into a single system with unified attribution. FuseTwo’s cookieless affiliate attribution and tracking, real-time reporting and AI-assisted automation give the Perhaps team faster data across every program the agency manages, supporting publisher recruitment and partner program optimization.

This approach pairs human expertise with accelerated technology. The Perhaps team, with more than two decades of combined partner marketing experience, continues to make the strategic calls, while the FuseTwo platform speeds up the analysis behind them.

As part of the partnership, Perhaps Agency is able to offer certain promotional features through the Perhaps + FuseTwo Growth Launch Offer, available to brands that register with FuseTwo through Perhaps. The features include FuseTwo covering a brand’s first month of Perhaps partner marketing management services, including strategy, recruitment and hands-on support, and Perhaps covering the brand’s FuseTwo platform setup fee. FuseTwo also offers qualifying migrating advertisers 0% transaction fees when they bring a qualifying group of active publishers to the platform. Subsequent management services are subject to the applicable service agreement, and additional terms and eligibility requirements may apply.

Beyond its partnership with FuseTwo, Perhaps is now an AvantLink Certified Agency Partner, demonstrating the company’s expertise and commitment to building network relationships for clients. AvantLink, an affiliate marketing platform, offers an agency certification program for agencies within its ecosystem. The program validates practical expertise in affiliate strategy, partner management, attribution and technology capabilities.

The certification signifies three areas: credibility, capability and visibility. Credibility reflects demonstrated knowledge of affiliate marketing strategy and program management. Capability reflects an understanding of partner relationships, attribution models, reporting and optimization. Visibility reflects opportunities for agency recommendations, preferred partner listings and co-marketing collaboration.

For Perhaps Agency, this status reinforces its expertise in affiliate marketing strategy and publisher partnerships. For growing brands, it means working with an agency that combines experienced program management with access to established affiliate marketing technology, which can help reduce the complexity of launching, managing and scaling a partner program.

About Perhaps: Perhaps Agency is a full-funnel U.S. partner marketing agency, serving as an affiliate marketing agency and influencer marketing agency for emerging and mid-market brands across Apparel, Beauty, Health & Wellness, Home Goods, CPG, DTC and more, including affiliate marketing for Shopify brands, WooCommerce affiliate marketing and affiliate marketing for CPG brands. Perhaps combines affiliate network management, influencer and creator management and Performance PR into a single, integrated partner marketing program. The Perhaps team brings more than two decades of combined affiliate and influencer marketing experience. Learn more at Perhaps.com.

Media Contact

Jen Root, Perhaps, 1 (786) 396-9863, pr@perhaps.com, www.perhaps.com

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SOURCE Perhaps