Equinix (NASDAQ: EQIX) reported Q1 EPS of $0.79, which may note compare to the analyst estimate of $1.05. Revenue for the quarter came in at $1.22 billion versus the consensus estimate of $1.21 billion.

Business Outlook

For the second quarter of 2018, the Company expects revenues to range between $1.257 and $1.267 billion, an increase of 4% quarter-over-quarter, or a normalized and constant currency growth rate of approximately 2%. This guidance includes an incremental $18 million from the Infomart and Metronode acquisitions and a positive foreign currency benefit of $2 million when compared to the average FX rates in Q1 2018. Adjusted EBITDA is expected to range between $579 and $589 million, which includes the Infomart and Metronode acquisitions, a $3 million positive foreign currency benefit when compared to the average FX rates in Q1 2018 and $20 million of integration costs from acquisitions. Recurring capital expenditures are expected to range between $42 and $52 million.

For the full year of 2018, total revenues are expected to range between $5.082 and $5.122 billion, an increase of 17% year-over-year, or a normalized and constant currency growth rate of approximately 9% including the Verizon assets acquisition. This updated guidance includes an incremental $92 million, due to a combination of $62 million from the Infomart and Metronode acquisitions, a positive foreign currency benefit of $35 million when compared to prior Equinix guidance rates and other accounting and Verizon-related adjustments. Adjusted EBITDA is expected to range between $2.395 and $2.435 billion, an increase of 18% year-over-year. This updated guidance includes an incremental $45 million, excluding integration costs, due to a combination of $33 million from the Infomart and Metronode acquisitions, a positive foreign currency benefit of $12 million when compared to prior Equinix guidance rates and other accounting and Verizon-related adjustments. This guidance includes an expected $50 million in integration costs. AFFO is expected to range between $1.595 and $1.635 billion, an increase of 12% year-over-year. This updated guidance includes an incremental $40 million from the Infomart and Metronode acquisitions and a $10 million positive foreign currency benefit when compared to prior Equinix guidance rates. Also, AFFO includes $50 million of additional debt service costs related to our recent acquisitions, as well as an expected $50 million in integration costs. Non-recurring capital expenditures are expected to range between $1.8 and $1.9 billion, and recurring capital expenditures are expected to range between $203 and $213 million.

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