Technology

Equinix Reports First-Quarter Results and Raises Full-Year Financial Outlook

Published

4 months ago

April 29, 2026

Grew monthly recurring revenue 12% on an as-reported basis and 10% on a normalized and constant currency basis year over year Delivered largest first-quarter annualized gross bookings in company’s history, leading to a record backlog Increased stabilized assets’ revenues 9% on an as-reported basis and 6% on a constant currency basis year over year, and continued to generate attractive 26% cash-on-cash returnsRaising full-year financial outlook across key metrics

REDWOOD CITY, Calif., April 29, 2026 /PRNewswire/ — Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company®, today reported results for the quarter ended March 31, 2026.

“Our results reflect continued strength across the business. We delivered double-digit recurring revenue growth whilst improving our margins as we capitalise on robust customer demand for our AI, cloud and networking solutions,” said Adaire Fox-Martin, CEO and President, Equinix. “We are raising our 2026 financial outlook based on the underlying strength of our Q1 performance and disciplined execution by our teams. The essential infrastructure we provide is enabling companies to accelerate innovation and enhancing our market position.”

First-Quarter 2026 Results Summary

Revenues$2.444 billion, a 10% increase over the same quarter of the previous year on an as-reported basis, or an 8% increase on a normalized and constant currency basisOperating Income$577 million, a 26% increase over the same quarter of the previous year, primarily from strong underlying operating performanceNet Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders$415 million, a 21% increase over the same quarter of the previous year, primarily from higher operating income$4.20 per share, a 20% increase over the same quarter of the previous yearAdjusted EBITDA$1.245 billion, a record adjusted EBITDA margin of 51%, a 17% increase over the same quarter of the previous year on an as-reported basis, or a 13% increase on a normalized and constant currency basisAFFO and AFFO per Share$1.065 billion, a 12% increase over the same quarter of the previous year on an as-reported basis, or an 11% increase on a normalized and constant currency basis driven by strong operating performance$10.79 per share, a 12% increase over the same quarter of the previous year on an as-reported basis, or a 10% increase on a normalized and constant currency basis

Q1 results do not include the xScale® Hampton lease transaction. Adjusting for the timing of that deal, Q1 results were above the midpoint of the company’s Q1 guidance ranges.

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.

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

2026 Annual Guidance Summary

(in millions, except per share data)

Prior FY 2026
Guidance

Guidance
Adjustment

Foreign
Exchange
Impact

Revised FY 2026
Guidance

Q2 2026
Guidance

Revenues

$10,123 – 10,223

+$20

+$1

$10,144 – 10,244

$2,571 – 2,611

Adjusted EBITDA

Adjusted EBITDA Margin %

$5,141 – 5,221

~51%

+$23

+$1

$5,165 – 5,245

~51%

$1,349 – 1,389

52 – 53%

Recurring Capital Expenditures

% of Revenues

$270 – 290

~3%

+$11

($1)

$280 – 300

~3%

$46 – 66

2 – 3%

Non-recurring Capital Expenditures

(Excludes xScale and Land Acquisitions)

$3,385 – 3,865

+$188

($13)

~$3,800

AFFO

$4,158 – 4,238

+$40

($0)

$4,198 – 4,278

AFFO per Share (Diluted)

$41.93 – 42.74

+$0.38

($0.00)

$42.31 – 43.11

Expected Cash Dividends

~$2,036

+$1

~$2,037

Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation and other components of net income or loss from operations, 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.

For the second quarter of 2026, the company expects revenues to range between $2.571 and $2.611 billion, an increase of 6% at the midpoint over the previous quarter, on both an as-reported and a normalized and constant currency basis. This guidance includes a $6 million foreign currency benefit when compared to the average FX rates in Q1 2026. Adjusted EBITDA is expected to range between $1.349 and $1.389 billion. This guidance includes a $4 million foreign currency benefit when compared to the average FX rates in Q1 2026. Recurring capital expenditures are expected to range between $46 and $66 million.

For the full year of 2026, total revenues are expected to range between $10.144 and $10.244 billion, an increase of approximately 10 – 11% over the previous year on both an as-reported and a normalized and constant currency basis. This guidance includes a $21 million raise from better-than-expected Q1 operating performance. It also includes a minimal foreign currency benefit when compared to prior guidance. Adjusted EBITDA is expected to range between $5.165 and $5.245 billion, reflecting an adjusted EBITDA margin of 51%, an approximate +2% expansion over the previous year. This guidance includes a $24 million raise from better-than-expected Q1 operating performance. It also includes a minimal foreign currency benefit when compared to prior guidance. AFFO is expected to range between $4.198 and $4.278 billion, an increase of 12 – 14% over the previous year on an as-reported basis, or 10 – 12% on a normalized and constant currency basis. This guidance includes a $40 million raise from better-than-expected Q1 operating performance. This guidance also includes a minimal foreign currency impact when compared to prior guidance rates. AFFO per share is expected to range between $42.31 and $43.11, an increase of 10 – 12% over the previous year on an as-reported basis, or 9 – 11% on a normalized and constant currency basis. Total capital expenditures are expected to be approximately $4.100 billion. Non-recurring capital expenditures, excluding on-balance sheet xScale-related spend, are expected to be approximately $3.800 billion. Recurring capital expenditures are expected to range between $280 and $300 million.

The U.S. dollar exchange rates used for 2026 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.14 to the Euro, $1.31 to the British Pound, S$1.27 to the U.S. Dollar, ¥159 to the U.S. Dollar, A$1.40 to the U.S. Dollar, R$4.97 to the U.S. Dollar, HK$7.83 to the U.S. Dollar and C$1.37 to the U.S. Dollar. The Q1 2026 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen, Australian Dollar, Brazilian Real, Hong Kong Dollar, and Canadian Dollar is 20%, 9%, 9%, 5%, 3%, 3%, 2% and 2%, respectively.

Business Highlights

Delivered $378 million of annualized gross bookings and record annualized presales of approximately $140 million.Approximately 60% of the company’s largest deals were AI-related.Introduced Equinix Fabric Intelligence™, an industry-leading solution that embeds AI directly into the network to interpret telemetry in real time and autonomously take action to optimize performance and workflows.Launched the Distributed AI Hub, a neutral, low-latency on-ramp to AI model companies, GPU clouds, data platforms and security services that enable companies to build their own AI stacks from best-of-breed providers.Announced definitive agreement with Canada Pension Plan Investment Board to acquire atNorth, a deal that will further enhance the company’s position in the Nordics and is expected to be immediately accretive to AFFO per share upon close.Strengthened position across the AI inferencing ecosystem, with eight of the top 10 AI model providers and four of the top five neoclouds actively expanding with Equinix to enable mission-critical, latency-sensitive elements of their architectures.Published 11th annual sustainability report, detailing the significant investments Equinix is making to expand critical energy infrastructure without burdening residential ratepayers while also achieving new levels of energy efficiency and environmental stewardship across the company’s operations.

Q1 2026 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended March 31, 2026, along with its future outlook, in its quarterly conference call on Wednesday, April 29, 2026, at 5:30 p.m. ET (2:30 p.m. 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 Tuesday, June 30, 2026, by dialing 1-800-308-6785 and referencing the passcode 2026. 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, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.

Non-GAAP Financial Measures

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

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. As such, Equinix provides a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

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 Equinix to similarly titled non-GAAP financial measures of other companies.

Equinix’s primary non-GAAP financial measures include Adjusted EBITDA and Adjusted Funds from Operations (“AFFO”) as described below. Equinix presents these measures to provide investors with additional tools to evaluate its results in a manner that focuses on what management believes to be its core, ongoing business operations. These measures exclude items which Equinix believes are generally not relevant to assessing its long-term performance. Both measures eliminate the impacts of depreciation and amortization, which are derived from historical costs and which Equinix believes are not indicative of current or future expenditures, and other items for which the frequency and amount of charges can vary based on the timing and significance of individual transactions. Equinix believes that presenting these non-GAAP financial measures provides consistency and comparability with past reports and that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze the company effectively.

Adjusted EBITDA is used by management to evaluate the operating strength and performance of its core, ongoing business, without regard to its capital or tax structures. It also aids in assessing the performance of, making operating decisions for, and allocating resources to its operating segments. In addition to the uses described above, Equinix believes this measure provides investors with a better understanding of the operating performance of the business and its ability to perform in subsequent periods.

Equinix defines adjusted EBITDA as net income excluding:

income tax expenseinterest incomeinterest expenseother income or expensegain or loss on debt extinguishmentdepreciation, amortization and accretion expensestock-based compensation expenserestructuring and other exit charges, which primarily 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 and other exit activitiesimpairment chargestransaction costsgain or loss on asset sales

AFFO is derived from Funds from Operations (“FFO”) calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. Both FFO and AFFO are non-GAAP measures commonly used in the REIT industry. Although these measures may not be directly comparable to similar measures used by other companies, Equinix believes that the presentation of these measures provides investors with an additional tool for comparing its performance with the performance of other companies in the REIT industry. Additionally, AFFO is a performance measure used in certain of the company’s employee incentive programs, and Equinix believes it is a useful measure in assessing its dividend-paying capacity, as it isolates the cash impact of certain income and expense items and considers the impact of recurring capital expenditures.

Equinix defines FFO as net income attributable to common stockholders excluding:

gain or loss from the disposition of real estate assetsdepreciation and amortization expense on real estate assetsadjustments for unconsolidated joint ventures’ and non-controlling interests’ share of these items

Equinix defines AFFO as FFO adjusted for:

depreciation and amortization expense on non-real estate assetsaccretion expensestock-based compensation expensestock-based charitable contributionsrestructuring and other exit charges, as described aboveimpairment chargestransaction costsan adjustment to remove the impacts of straight-lining installation revenuean adjustment to remove the impacts of straight-lining rent expensean adjustment to remove the impacts of straight-lining contract costsamortization of deferred financing costs and debt discounts and premiumsgain or loss from the disposition of non-real estate assetsgain or loss on debt extinguishmentan income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxesrecurring capital expenditures, which represent expenditures to extend the useful life of data centers or other assets that are required to support current revenuesnet income or loss from discontinued operations, net of taxadjustments from FFO to AFFO for unconsolidated joint ventures’ and non-controlling interests’ share of these items

Equinix provides normalized and constant currency growth rates for revenues, adjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign currency rates remain consistent across comparative periods. Revenue growth rates exclude the impact of net power pass-through, acquisitions, divestitures and the Equinix Metal® wind-down. Adjusted EBITDA growth rates exclude the impact of acquisitions, divestitures and integration costs. AFFO growth rates exclude the impact of acquisitions and related financing costs, divestitures, integration costs and balance sheet remeasurements. AFFO per share growth rates exclude the impact of integration costs and balance sheet remeasurements.

Equinix presents cash cost of revenues and cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A). These measures exclude depreciation, amortization, accretion and stock-based compensation, which are not good indicators of Equinix’s current or future operating performance, as described above.

Equinix also presents free cash flow and adjusted free cash flow. Free cash flow is defined as net cash provided by (used in) operating activities plus net cash provided by (used in) investing activities excluding the net purchases of and distributions from equity investments. Adjusted free cash flow is defined as free cash flow excluding any real estate and business acquisitions, net of cash and restricted cash acquired. These measures are presented in order for lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix’s cash spending levels relative to its industry sector and competitors.

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; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; 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 share and per share data)

(unaudited)

Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Recurring revenues

$ 2,331

$ 2,294

$ 2,087

Non-recurring revenues

113

126

138

Revenues

2,444

2,420

2,225

Cost of revenues

1,186

1,198

1,084

Gross profit

1,258

1,222

1,141

Operating expenses:

Sales and marketing

241

234

229

General and administrative

444

481

438

Restructuring and other exit charges

Transaction costs

Impairment charges

—

(Gain) loss on asset sales

(20)

—

Total operating expenses

681

800

683

Income from operations

577

422

458

Interest and other income (expense):

Interest income

Interest expense

(148)

(142)

(122)

Other income (expense)

(9)

Total interest and other, net

(106)

(110)

(66)

Income before income taxes

471

312

392

Income tax expense

(56)

(48)

(49)

Net income from continuing operations

415

264

343

Net (income) loss attributable to non-controlling interests

—

Net income attributable to common stockholders

$ 415

$ 265

$ 343

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

Basic EPS

$ 4.22

$ 2.70

$ 3.52

Diluted EPS

$ 4.20

$ 2.69

$ 3.50

Weighted-average shares for basic EPS (in thousands)

98,392

98,200

97,514

Weighted-average shares for diluted EPS (in thousands)

98,727

98,378

97,887

EQUINIX, INC.

Condensed Consolidated Balance Sheets

(in millions, except headcount)

(unaudited)

March 31,
2026

December 31,
2025

Assets

Cash and cash equivalents

$ 1,362

$ 1,727

Short-term investments

1,692

1,500

Accounts receivable, net

1,108

1,001

Other current assets

1,184

897

Total current assets

5,346

5,125

Property, plant and equipment, net

24,169

23,584

Operating lease right-of-use assets

1,345

1,392

Goodwill

5,931

5,984

Intangible assets, net

1,258

1,316

Other assets

2,849

2,740

Total assets

$ 40,898

$ 40,141

Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity

Accounts payable and accrued expenses

$ 1,321

$ 1,350

Accrued property, plant and equipment

703

564

Current portion of operating lease liabilities

161

155

Current portion of finance lease liabilities

173

168

Current portion of mortgage and loans payable

Current portion of senior notes

1,876

1,299

Other current liabilities

288

340

Total current liabilities

4,538

3,893

Operating lease liabilities, less current portion

1,256

1,304

Finance lease liabilities, less current portion

2,126

2,187

Mortgage and loans payable, less current portion

686

Senior notes, less current portion

17,715

16,910

Other liabilities

930

983

Total liabilities

26,578

25,963

Redeemable non-controlling interest

Common stockholders’ equity:

Common stock

—

Additional paid-in capital

21,858

21,642

Treasury stock

(24)

Accumulated dividends

(12,707)

(12,202)

Accumulated other comprehensive loss

(1,343)

(1,359)

Retained earnings

6,514

6,099

Total common stockholders’ equity

14,298

14,156

Non-controlling interests

(3)

Total stockholders’ equity

14,295

14,153

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

$ 40,898

$ 40,141

Ending headcount by geographic region is as follows:

Americas headcount

5,964

5,917

EMEA headcount

4,721

4,706

Asia-Pacific headcount

3,132

3,093

Total headcount

13,817

13,716

EQUINIX, INC.

Summary of Debt Principal Outstanding

(in millions)

(unaudited)

March 31,
2026

December 31,
2025

Finance lease liabilities

$ 2,299

$ 2,355

Term loans

673

Mortgage payable and other loans payable

Total mortgage and loans payable principal

703

Senior notes

19,591

18,209

Plus: debt issuance costs and debt discounts

165

150

Total senior notes principal

19,756

18,359

Total debt principal outstanding

$ 22,084

$ 21,417

EQUINIX, INC.

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Three Months Ended

March 31,
2026

March 31,
2025

Cash flows from operating activities:

Net income

$ 415

$ 343

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and accretion

544

480

Stock-based compensation

128

113

Impairment charges

—

(Gain) loss on asset sales

(20)

—

Other operating activities

(3)

(1)

Changes in operating assets and liabilities:

Accounts receivable

(106)

(133)

Income taxes, net

(7)

(2)

Operating lease right-of-use assets

Operating lease liabilities

(35)

(39)

Accounts payable and accrued expenses

(62)

(149)

Other assets and liabilities

(180)

155

Net cash provided by operating activities

717

809

Cash flows from investing activities:

Purchases of equity investments

(146)

(43)

Distributions from equity investments

—

Purchases of short-term investments

(784)

(190)

Maturity of short-term investments

595

—

Real estate acquisitions

(123)

(17)

Purchases of other property, plant and equipment

(1,256)

(750)

Proceeds from sale of assets, net of cash transferred

258

—

Settlement of foreign currency hedges

(3)

Net cash used in investing activities

(1,459)

(964)

Cash flows from financing activities:

Proceeds from employee equity programs

Payment of dividends

(519)

(468)

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

—

Proceeds from senior notes, net of debt discounts

1,492

370

Repayment of finance lease liabilities

(41)

(32)

Repayment of other debt

(674)

—

Other financing activities

(4)

Net cash provided by financing activities

349

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

(6)

Net decrease in cash, cash equivalents and restricted cash

(399)

(120)

Cash, cash equivalents and restricted cash at beginning of period

1,824

3,082

Cash, cash equivalents and restricted cash at end of period

$ 1,425

$ 2,962

Free cash flow (1)

$ (596)

$ (116)

Adjusted free cash flow (2)

$ (473)

$ (99)

(1)

We define free cash flow as net cash provided by operating activities plus net cash used in investing activities
(excluding the net purchases of and distributions from equity investments) as presented below:

Net cash provided by operating activities as presented above

$ 717

$ 809

Net cash used in investing activities as presented above

(1,459)

(964)

Less purchases of equity investments, net of distributions

146

Free cash flow

$ (596)

$ (116)

(2)

We define adjusted free cash flow as 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 (as defined above)

$ (596)

$ (116)

Less real estate acquisitions

123

Adjusted free cash flow

$ (473)

$ (99)

EQUINIX, INC.

Non-GAAP Measures and Other Supplemental Data

($ in millions, except per share data)

(unaudited)

Three Months Ended

March 31,
2026

December 31,
2025

March 31,
2025

Recurring revenues

$ 2,331

$ 2,294

$ 2,087

Non-recurring revenues

113

126

138

Revenues (1)

2,444

2,420

2,225

Cash cost of revenues (2)

765

773

727

Cash gross profit (3)

1,679

1,647

1,498

Cash operating expenses (4):

Cash sales and marketing expenses

162

160

Cash general and administrative expenses

272

301

271

Total cash operating expenses (4)

434

461

431

Adjusted EBITDA (5)

$ 1,245

$ 1,186

$ 1,067

Cash gross margins (6)

69 %

68 %

67 %

Adjusted EBITDA margins (7)

51 %

49 %

48 %

FFO (8)

$ 758

$ 625

$ 647

AFFO (9)(10)

$ 1,065

$ 877

$ 947

Basic FFO per share (11)

$ 7.70

$ 6.36

$ 6.63

Diluted FFO per share (11)

$ 7.68

$ 6.35

$ 6.61

Basic AFFO per share (11)

$ 10.82

$ 8.93

$ 9.71

Diluted AFFO per share (11)

$ 10.79

$ 8.91

$ 9.67

(1)

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

Americas Revenues:

Colocation

$ 731

$ 711

$ 636

Interconnection

251

245

229

Managed infrastructure

Other

Recurring revenues

1,046

1,020

931

Non-recurring revenues

Revenues

$ 1,091

$ 1,071

$ 1,001

EMEA Revenues:

Colocation

$ 613

$ 619

$ 567

Interconnection

106

102

Managed infrastructure

Other

Recurring revenues

789

716

Non-recurring revenues

Revenues

$ 827

$ 836

$ 743

Asia-Pacific Revenues:

Colocation

$ 386

$ 378

$ 342

Interconnection

Managed infrastructure

Other

Recurring revenues

496

485

440

Non-recurring revenues

Revenues

$ 526

$ 513

$ 481

Worldwide Revenues:

Colocation

$ 1,730

$ 1,708

$ 1,545

Interconnection

446

433

393

Managed infrastructure

115

116

115

Other

Recurring revenues

2,331

2,294

2,087

Non-recurring revenues

113

126

138

Revenues

$ 2,444

$ 2,420

$ 2,225

(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

$ 1,186

$ 1,198

$ 1,084

Depreciation, amortization and accretion expense

(405)

(409)

(343)

Stock-based compensation expense

(16)

(14)

Cash cost of revenues

$ 765

$ 773

$ 727

(3)

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

(4)

We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization
and stock-based compensation as presented below. We define cash general and administrative expense as
general and administrative expense less depreciation, amortization and stock-based compensation as
presented below. 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”.

Sales and marketing expense

$ 241

$ 234

$ 229

Depreciation and amortization expense

(52)

(50)

(47)

Stock-based compensation expense

(27)

(24)

(22)

Cash sales and marketing expense

162

160

General and administrative expense

444

481

438

Depreciation and amortization expense

(87)

(92)

(90)

Stock-based compensation expense

(85)

(88)

(77)

Cash general and administrative expenses

272

301

271

Cash operating expense

$ 434

$ 461

$ 431

(5)

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

Net income

$ 415

$ 264

$ 343

Income tax expense (benefit)

Interest income

(41)

(47)

Interest expense

148

142

122

Other (income) expense

(1)

(9)

Depreciation, amortization and accretion expense

544

551

480

Stock-based compensation expense

128

113

Restructuring and other exit charges

Impairment charges

—

Transaction costs

(Gain) loss on asset sales

(20)

—

Adjusted EBITDA

$ 1,245

$ 1,186

$ 1,067

Americas

516

492

443

EMEA

424

413

365

Asia-Pacific

305

281

259

Adjusted EBITDA

$ 1,245

$ 1,186

$ 1,067

(6)

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

(7)

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

(8)

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

Net income

$ 415

$ 264

$ 343

Net (income) loss attributable to non-controlling interests

—

Net income (loss) attributable to common stockholders

415

265

343

Adjustments:

Real estate depreciation

351

349

297

(Gain) loss on disposition of real estate assets

(20)

—

Adjustments for FFO from unconsolidated joint ventures

FFO attributable to common stockholders

$ 758

$ 625

$ 647

(9)

AFFO is defined as FFO adjusted for depreciation and amortization expense on non-real estate assets,
accretion, stock-based compensation, stock-based charitable contributions, restructuring and other exit
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 from the disposition of non-real estate assets, 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.

FFO attributable to common stockholders

$ 758

$ 625

$ 647

Adjustments:

Installation revenue adjustment

Straight-line rent expense adjustment

(4)

Contract cost adjustment

(15)

(27)

(7)

Amortization of deferred financing costs and debt discounts

Stock-based compensation expense

128

113

Non-real estate depreciation expense

138

142

134

(Gain) loss on disposition of non-real estate assets

—

Amortization expense

Accretion expense adjustment

Recurring capital expenditures

(32)

(139)

(26)

Restructuring and other exit charges

Transaction costs

Impairment charges

—

Income tax expense adjustment

—

(5)

Adjustments for AFFO from unconsolidated joint ventures

(2)

AFFO attributable to common stockholders

$ 1,065

$ 877

$ 947

(10)

Following is how we reconcile from adjusted EBITDA to AFFO:

Adjusted EBITDA

$ 1,245

$ 1,186

$ 1,067

Adjustments:

Interest expense, net of interest income

(107)

(101)

(75)

Amortization of deferred financing costs and debt discounts

Income tax expense

(56)

(48)

(49)

Income tax expense adjustment

—

(5)

Straight-line rent expense adjustment

(4)

Contract cost adjustment

(15)

(27)

(7)

Installation revenue adjustment

Recurring capital expenditures

(32)

(139)

(26)

Other income (expense)

(9)

Adjustments for (gain) loss on asset dispositions

—

Adjustments for unconsolidated JVs and non-controlling interests

AFFO attributable to common stockholders

$ 1,065

$ 877

$ 947

(11)

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)

98,392

98,200

97,514

Effect of dilutive securities:

Employee equity awards (in thousands)

335

178

373

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

98,727

98,378

97,887

Basic FFO per share

$ 7.70

$ 6.36

$ 6.63

Diluted FFO per share

$ 7.68

$ 6.35

$ 6.61

Basic AFFO per share

$ 10.82

$ 8.93

$ 9.71

Diluted AFFO per share

$ 10.79

$ 8.91

$ 9.67

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SOURCE Equinix, Inc.

Technology

Signant Health and Lothar Medical Sign Letter of Intent to Commercialize ALDS PRO for Clinical Trials

Published

9 minutes ago

September 5, 2026

Collaboration creates a path to combine Signant’s market-leading eCOA and digital endpoint capabilities with Lothar Medical’s three-in-one ALDS PRO respiratory assessment system

PHILADELPHIA, and WÜRZBURG, Germany, Sept. 5, 2026 /PRNewswire/ — Signant Health, a leading provider of evidence generation solutions for clinical trials, and Lothar Medical today announced that they have signed a letter of intent outlining a planned strategic collaboration to bring Lothar Medical’s next-generation pulmonary function technology to the global clinical trial market.

The companies are discussing plans to develop an integrated clinical trial offering that combines Signant’s electronic clinical outcome assessment (eCOA) solutions, including TrialMax®, with Lothar Medical’s ALDS PRO, an all-in-one respiratory assessment system. The planned offering would help sponsors connect patient-reported symptoms and daily functioning with objective measures of pulmonary function and airway inflammation, providing a more complete view of treatment effects in respiratory studies.

ALDS PRO combines three essential respiratory assessments — spirometry, airway oscillometry, and fractional exhaled nitric oxide (FeNO) –in one portable, guided system. By replacing multiple devices and disconnected assessment workflows with a single solution, the combined technologies will simplify equipment management and training for sites, promote more consistent data collection across study locations, and create a more straightforward assessment experience for patients.

Oscillometry is increasingly used alongside spirometry and FeNO in clinical trials to capture airway mechanics during normal tidal breathing. FeNO provides an objective measure associated with airway inflammation. Bringing these complementary assessments together will help sites collect broader respiratory evidence with less workflow fragmentation and operational challenges.

As part of the planned commercialization framework, the companies intend Signant to serve as the exclusive provider of ALDS PRO for drug trial applications. Signant and Lothar Medical will work together on the scientific, technical, operational, and commercial activities required to prepare the solution for use by study sponsors and clinical research sites.

The collaboration supports Signant’s Sensor-Enhanced eCOA (SEE) strategy, which brings together patient-reported outcomes and sensor-generated evidence through a unified scientific, operational, and technology approach. Signant’s acquisition of Ametris, formerly ActiGraph, combined its eCOA capabilities with validated wearable-derived digital outcome measures, creating a platform designed to connect what patients report with continuous, objective measures of how they move, sleep, and function.

“Respiratory development programs increasingly need evidence that reflects both the patient’s real life experience and the underlying physiology of disease,” said Roger Smith, chief executive officer of Signant Health. “Our planned collaboration with Lothar Medical creates a compelling path to bring its innovative pulmonary function technology to clinical research. By combining ALDS PRO with TrialMax and Ametris, we intend to give sponsors an integrated and more accurate way to capture patient-reported, respiratory, and movement-based evidence while designing an experience that is more manageable for sites and patients.”

“ALDS PRO was created to make comprehensive pulmonary assessment more accessible and less fragmented,” said David Markus Thomas, managing director of Lothar Medical. “Signant brings the eCOA leadership, digital endpoint expertise, scientific depth, and global clinical trial infrastructure needed to translate that vision into a purpose-built solution for research. This planned collaboration represents an important step toward making ALDS PRO available to sponsors and sites conducting respiratory trials around the world.”

Experience ALDS PRO at ERS 2026

The companies are announcing the planned collaboration ahead of the European Respiratory Society International Congress 2026, taking place September 5–9 in Barcelona, Spain. The two companies will staff a booth at the Congress to promote the planned partnership and gain feedback from sponsors.

Congress attendees are invited to visit Lothar Medical at booth U.02B to see demonstrations of:

Lothar Medical ALDS PRO, which combines forced spirometry, airway oscillometry, and FeNO in one portable system.
Ametris ActiGraph LEAP®, a medical-grade multisensor watch that supports the collection of movement-based digital endpoints and continuous measures of activity, sleep, and mobility.

The demonstrations will illustrate the companies’ shared vision for connecting pulmonary assessments, patient-reported outcomes, and movement-based digital measures to build a more comprehensive picture of patient health in respiratory clinical trials. Demonstrations are for showcasing device functionality and do not indicate current commercial availability of an integrated Signant–Lothar solution.

To learn more about Signant’s Sensor-Enhanced eCOA strategy, visit discover.signanthealth.com/sensor-enhanced-ecoa.

About Signant Health

Signant Health is the evidence generation company, leveraging software, deep therapeutic and scientific knowledge, and operational expertise to deliver quality evidence across traditional, virtual, and hybrid trial models. For over 25 years, 600+ sponsors and CROs of all sizes – including all Top 20 pharma – have trusted Signant’s comprehensive eClinical solutions. Our clinical outcome assessments (eCOA, clinician ratings, cognitive testing) and wearable digital health technologies powered by Ametris provide the industry’s most comprehensive evidence generation capabilities, alongside EDC, eConsent, RTSM, supply chain management, and data quality analytics. Learn more at www.signanthealth.com.

About Lothar Medical

Lothar Medical develops respiratory diagnostic technologies designed to make lung assessment faster, more comprehensive, and easier to perform. Its portable ALDS platform combines respiratory measurements with cloud-based analysis to support efficient, multidimensional lung-function assessment. ALDS PRO integrates airway oscillometry, forced spirometry, and FeNO measurement in a single system. Learn more at lothar-medical.com.

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SOURCE Signant Health

Technology

Creality Unveils K3, SPARKX i8 and Expanded Creative Ecosystem at IFA 2026

Published

9 minutes ago

September 5, 2026

BERLIN, Sept. 5, 2026 /PRNewswire/ — Creality, a global leader in 3D printing, unveiled its latest product portfolio at IFA 2026, bringing together new developments across multi-channel and multi-material 3D printing, filament recycling, resin printing, 3D scanning, laser creation, and digitally manufactured consumer products.

The new lineup arrives with recognition from the IFA Innovation Awards 2026, with the Creality M1 Filament Maker named a Winner and the new flagship K3 recognised as an Honoree. The honours highlight Creality’s continued innovation across both next-generation 3D printing and more sustainable material workflows.

Leading Creality’s 3D printing lineup are the new K3 and SPARKX i8, representing two approaches to more efficient and versatile multicolour printing. They are joined by the large-format Ender-3 V3 Mega, the new HALOT-X1 Max and HALOT-X1 Neo resin printers, the portable Pika 3D scanner, Creality’s latest A1C and T1C laser systems, and Nexbie 3D-printed footwear.

K3: Award-Recognised Multi-Channel and Multi-Material Innovation

Recognised as an IFA Innovation Awards 2026 Honoree, the K3 represents the latest evolution of Creality’s flagship K Series. Powered by the built-in KliTek™ multi-channel system, it enables nozzle swaps in just 4.8 seconds, eliminating the repeated filament retraction, reloading, and heavy purging typical of single-nozzle multicolour printers. The system cuts total print time by up to 80%* and material waste by up to 85%*.

With optional add-on accessories, the K3 unlocks advanced multi-material capabilities and mixed-nozzle printing. It handles soft, flexible filaments including TPU 85A–95A, combines materials of varying hardness in a single build, and supports hybrid nozzle configurations—pairing a 0.4 mm nozzle for high-precision outer walls with a 0.8 mm nozzle for rapid infill, boosting print efficiency by up to 30%*. Combined with an AI-assisted workflow and an open ecosystem, the K3 expands creative possibilities for makers, print farm operators, and industrial professionals alike.

*Data based on Creality’s internal testing. Actual results may vary depending on testing conditions.

M1: Award-Winning Filament Recycling

Named a Winner at the IFA Innovation Awards 2026, the M1 Filament Maker extends 3D printing into a more circular material workflow. Working with the R1 Shredder, the system enables users to process plastic and failed prints into new filament, while also supporting customised material formulations for greater experimentation and reuse.

SPARKX i8: Efficient Four-Colour Creation

The SPARKX i8 makes four-colour printing faster, cleaner, and easier to use. Its four-channel toolhead and 4-in-1 hotend keep four filaments ready at once, while a short shared melt zone minimises purging between colours, reducing material waste and transition time.

Combined with AI-assisted creation and intelligent printing features, the i8 is designed to shorten the journey from an initial idea to a finished multicolour object with fewer manual steps.

Expanding the AI-Powered Creative Ecosystem

Creality has also expanded its FDM lineup with the Ender-3 V3 Mega, combining a 420 × 420 × 420 mm build volume with support for 85A–95A TPU. Designed for large models and batch production, it brings greater scale and material flexibility to the Ender platform.

The resin lineup has grown with HALOT-X1 Max and HALOT-X1 Neo. The X1 Neo offers a compact, accessible entry point with high-resolution printing and AI-assisted creation, while the flagship X1 Max combines a 17.1 L build volume, 16K display, 40°C active heating, quad-lead-screw architecture, and a 5 L smart resin system for larger, continuous production.

For 3D scanning, the new Pika packs a seven-line blue laser and NIR scanning into a portable 260 g body, delivering accuracy up to 0.03 mm and scanning speeds of up to 110 fps. AI-powered processing and wireless connectivity further simplify the path from physical objects to editable digital models.

Creality’s latest laser solutions further extend the ecosystem into engraving, cutting, marking, and personalisation, giving creators more ways to turn digital designs into physical objects.

Beyond creative tools, Creality is showcasing the possibilities of digital manufacturing through Nexbie and its latest 3D-printed footwear collection. Models including CloudWing, CloudSpark, and CloudX combine DLP printing, advanced elastomers, and digitally engineered structures to explore new approaches to footwear design and production.

As IFA continues, Creality’s booth H20.143 remains open to visitors looking to explore its latest products and hands-on experiences. From the award-recognised K3 and M1 to new developments across multicolour printing, scanning, laser processing and digitally manufactured consumer products, the portfolio reflects Creality’s broader ambition to make advanced digital fabrication more accessible across the creative workflow.

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SOURCE Creality

Technology

TCL Inspires Her Greatness at the FIBA Women’s Basketball World Cup 2026

Published

1 hour ago

September 5, 2026

As a FIBA Global Partner, TCL brings TCLforHer to life through technology-enabled fan experiences that celebrate women athletes, connect fans, and extend the energy of the game beyond the court.

BERLIN, Sept. 5, 2026 /PRNewswire/ — The FIBA Women’s Basketball World Cup 2026 takes place in Berlin this September, with the world’s top women’s basketball teams competing on the sport’s biggest stage. As a FIBA Global Partner, TCL is bringing its TCLforHer initiative to life at the tournament with a series of technology-enabled fan experiences that let standout performances by women athletes be seen, shared and celebrated by audiences worldwide.

With the FIBA Women’s Basketball World Cup 2026 taking place in Berlin alongside IFA 2026, TCL is using this rare meeting of global sport and consumer technology to connect the energy of the court with the future of smart living.

“The FIBA Women’s Basketball World Cup is a powerful platform for celebrating the confidence, resilience and teamwork that define women’s basketball,” said Wei Xue, Vice President and ESG Director of TCL Technology and Chairman of the TCL Charity Foundation. “Through TCLforHer and our partnership with FIBA, TCL is using technology not only to enhance the fan experience, but also to help the stories and achievements of women athletes inspire more women around the world.”

TCLforHer Champions Women’s Sport On and Off the Court

During the tournament, the TCL Player of the Game award will honor standout performances across 36 games, recognizing the skill, strength, leadership and resilience shown on the court.

Beyond the court, TCL’s commitment to celebrating women’s achievements extends through TCLforHer, a global initiative launched in 2021 that brings together technology, sport, and education to support women’s personal development. Through FIBA’s “Her World, Her Rules,” TCL encourages girls and women to build confidence, challenge limitations and pursue their potential through sport.

From the Court to the Living Room, TCL Brings Elite Sport Closer to Fans

TCL’s support is visible throughout the tournament through courtside advertising boards, on-court decals, media backdrops and a dedicated fan interactive booth at Berlin Arena, while fan activations—including TCL Lucky Frame, giant TIFO display and TV giveaways—turn live game highlights into memorable fan moments.

Outside the arena, TCL is extending the passion of the game to home entertainment and mobile through TVs, RayNeo glasses, and mobile devices. Whether watching the game on a large living-room screen, exploring more personal viewing through wearable displays, or following and sharing moments on mobile devices, TCL is bringing the game’s energy into more everyday settings through a richer range of on-screen experiences.

Inspiring Greatness Through Global Sports Engagement

Sport is a key pillar of TCL’s global brand strategy and a shared language through which it creates emotional connections with audiences across cultures. Spanning football, basketball, American football, esports, and more, TCL is building a global partnership network that connects fans with world-class sport.

As an Official Worldwide Olympic and Paralympic Partner and FIBA Global Partner, TCL brings international sporting moments into everyday life through its display technologies, smart home appliances, and smart living experiences. Beyond these global sports platforms, TCL is also connecting with fans locally through football partnerships with major European national teams and clubs, creating more everyday touchpoints for fans to experience their favorite sports and teams. Together, these partnerships help TCL bring fans closer to their favorite athletes and teams, igniting more moments that Inspire Greatness every day.

About TCL

Founded in 1981, TCL—short for “The Creative Life”—is dedicated to empowering smarter, healthier lifestyles through next-generation experiences. Operating through two independent entities, TCL Industries and TCL Technology, TCL delivers innovative solutions spanning TVs, smartphones, audio products, smart home devices, display technologies, and clean energy.

Today, with 50 R&D centers and 47 manufacturing bases globally, TCL operates in over 160 countries and regions, reinforcing its position as a globally competitive smart technology brand. To further inspire greatness, TCL has become an official Worldwide Olympic and Paralympic Partner in the Home Audiovisual Equipment and Home Appliances category.

https://www.tcl.com/global/en

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SOURCE TCL Technology Group Corporation

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