Keith D. Taylor
Chief Financial officer at Equinix
Thanks,, and good afternoon to everyone. As already noted by, we had a great end to the year. The Equinix team continued to deliver across all levels of the organization. For the full-year, our record gross bookings and robust performance across each of our regions highlight the diversity and strength of our unrivaled go-to-market engine. We had solid net bookings and a healthy net pricing actions while our pipeline conversion improved throughout the year.
We also celebrated our 10th year operating as a real-estate investment trust, a meaningful milestone for the company. Over this 10-year period, our as-reported Lighthouse metric AFFO per share has grown 10% on an annual compounded basis, while we also return more than $9.3 billion of capital to our shareholders via our quarterly cash dividends.
Our customer focus and differentiated business model and strong consistent execution has truly allowed us to create value over the past decade. And as highlighted by, we continue to see a very significant opportunity ahead and are positioning the business to drive accretive growth for the many years to come. Yes, this isn't a very exciting time. And our non-financial metrics continue to trend favorably as we completed the year. Our net cabinets billing stepped-up by 2,200 in the quarter, driven by continued strong booking activity. Our backlog of cabinets sold but not yet installed doubled over the last year, which when combined with our 2025 operating plan goals should drive continued performance of this core metric. Net underlying interconnection additions also showed a healthy step-up as the gross cross-connect activity was at its highest-level in three years.
Finally, our MRR per cabinet yield stepped-up to $2,326 per cabinet, driven by net positive pricing actions and increasing power densities. So simply put, we continue to drive value on both the top-line and at the per share level, while delivering meaningful operating leverage across the business. On the sustainability front, we're pleased to be recognized on CDP's prestigious client Change A-list for the third consecutive year, while also rated AAA by MSCI for the first time.
We consider our sustainability efforts to be a fundamental tenet of our business, which both supports the needs of our customers and drives operational efficiency, both very good for the business. And finally, as we look-forward into 2025 and beyond, we plan to continue to adapt each of our organizations and our products and services to serve our customers better with greater efficiency. This includes the end of sale of our metal product offering, while realigning the organization to enable us to make investments in other key priority areas. Given the metal decision, we booked a $160 million impairment charge on specific assets related to metal.
Separately, we recorded a one-off and discrete charge for the impairment of our Hong-Kong 4 asset totaling $73 million. We also recorded a $31 million restructuring charge primarily related to the reduction in-force in the quarter. These decisions, although difficult at the time, are the right decisions for our business. They allow us to reprioritize where we invest while also reducing the net drag on the business and improving our return on invested capital.
Now let me cover the highlights for the quarter as depicted on Slide 4. Note that all growth rates in this section are on a normalized and constant-currency basis and exclude the impact of lower-power cost pass-through to our customers. Global Q4 revenues were $2.261 billion, up 7% over the same quarter last year and at the midpoint of our guidance range with both solid recurring and non-recurring revenue growth across our regions, despite a portion of our fees being deferred into Q1.
Q4 revenues net of our FX hedges included a $22 million FX headwind when compared to our prior guidance rates given the meaningful strengthening of the US dollar in the 4th-quarter. Global Q4 adjusted EBITDA was $1.021 billion or approximately 45% of revenues, up 9% over the same quarter last year and at the midpoint of our guidance range due to strong operating performance, though down sequentially due to planned timing of spend and fee mix.
Q4 adjusted EBITDA, net of our FX hedges included a $9 million FX headwind when compared to our prior guidance rates. Global Q4 AFFO was $770 million, up 10% over the same quarter last year due to strong operating performance, offset by our seasonally higher recurring CapEx spend as expected. Q4 AFFO included a $2 million FX benefit when compared to our prior guidance rates. Global Q4 MRR turn was 2.5% as planned through the previously discussed deferral of MRR churn from late September into early October. Normalized for this timing, churn would have been 2.2%.
For the full-year, our average quarterly churn was 2.2%, well-placed in the lower half of our 2% to 2.5% quarterly guidance range. Turning to our regional highlights, whose full results are covered on Slides 5 through 7. On a year-over-year normalized basis, excluding the impact of lower-power costs passed-through to our customers, APAC was our fastest-growing region at 13%, followed by the Americas region at 8%. Our EMEA region grew 2% year-over-year, dampened by the significant scale leasing activity in Q4 of 2023.
Again, as noted earlier, egg scale fees are inherently lumpy and can impact the quarter-over-quarter and year-over-year growth rates, both at the consolidated and regional -- regional levels. The Americas region had a strong quarter with solid gross bookings as revenues for the region reached the $1 billion quarterly revenue threshold for the very first time.
Also, our Americas team had strong sales across our global assets, achieving its best export quarter in two years. We saw particular strength in our Denver, Montreal and San Thiago markets as well as continued momentum in our Tier-1 metros. Our EMEA business delivered record gross bookings Bookings and firm pricing led by our flat metros with strong momentum also in Geneva, Istanbul and Milan. In the quarter, we signed our first power purchase agreement in Italy with NEON to support 53 megawatts of new solar projects. This agreement brings Equinix's total global renewable energy capacity under long-term contracts to greater than 1.2 gigawatts across 10 countries. And finally, the Asia-Pacific region had a great quarter with record gross bookings. We saw particular strength in both our Osaka and Tokyo markets as we continue to capture significant AI deployments from both domestic and international customers. We also saw strength in our Mumbai, Singapore and Sydney markets. And now looking at the capital structure, please refer to Slide 8. Our 3.4 times net leverage continues to remain low, both in absolute and relative terms to our peers. As of year-end, we had cash and short-term investments of $3.6 billion on our balance sheet due to record customer collections and our financing activity, which puts us in a solid funding position to meet our 2025 capital needs and set us up for 2026. In the quarter, we issued Euro $1.15 billion in senior green notes at a weighted-average rate of 3.4%. Additionally, we repaid $1 billion of senior notes in the quarter and raised approximately $700 million of equity through our ATM program. We plan to continue to take a balanced and opportunistic approach to accessing the capital markets as and when the market conditions are favorable to fund our future growth. Turning to Slide nine, for the quarter, capital expenditures were approximately $1 billion, including seasonally higher recurring capex of $115 million as planned. We opened three major projects since the last earnings call, Barcelona, Jakarta and Rio de Janeiro. We also purchased land for development in Lagos and Paris. More than 85% of our current retail expansion spend is on our own land, our own buildings with long-term ground leases. Our capital investments delivered strong returns as shown on Slide 10. Our now 177 stabilized assets increased revenues by 3% year-over-year on both an as-reported and constant-currency basis. Stabilized assets were collectively 83% utilized and generated a 27% cash-on-cash return on the gross PP&E invested. As a reminder, unlike prior years, we plan to update our stabilized asset summary on the Q1 earnings call. And finally, please refer to Slides 11 through 16 for our summary of 2025 guidance and bridges. Do note, all growth rates are on a normalized and constant-currency basis. Starting with revenues, for the full-year 2025, we expect top-line growth of 7% to 8%. As noted, this is on a normalized and constant-currency basis, which adjusts for the significant net impact of FX, but also lower-power cost pass-through to our customers and the end of sale of our metal product offering. And given our bookings momentum and our largest backlog of three years and timing of capacity additions across our major metros, our Q1 guidance assumes a $28 million step-up in recurring revenues, but continued healthy step-ups in recurring revenues over the course of the year. MRR churn is expected to remain within our targeted quarterly range of 2% to 2.5% per quarter. We expect 2025 adjusted EBITDA margins to be approximately 49%, a 190 basis-point improvement over last year due to strong operating leverage, targeted expense management efforts and anticipated lower-power prices. And like our revenues, we expect quarterly margins to step-up over the course of the year with a meaningful increase in Q2 margins over Q1, in-part due to seasonality and second-half adjusted EBITDA margins are expected to be at or near 50%. 2025 AFFO is expected to grow between 9% and 12% compared to the previous year and AFFO per share is expected to grow between 7% and 9% despite the sizable investment in warehouse capital to support our future growth into '26, '27 and beyond and also the refinancing of debt maturing in the year. 2025 capex is expected to range between $3.2 billion and $3.5 billion, including approximately $200 million of on-balance sheet X scale spend, which we expect to be reimbursed as we transfer assets into our US joint-venture and about $250 million of recurring capex spend. Finally, we're increasing our 2025 cash dividend on a per share basis by 10% due to strong operating performance, our 10th consecutive year of dividend per share growth since our reconversion. The cash dividend will be approximately $1.8 billion, a 13% year-over-year increase, 100% of which is expected to be derived from operating performance. So I'm going to stop here and turn the call-back to.
