REDWOOD CITY, Calif.,
Nov. 3, 2021 /PRNewswire/
--
- Quarterly revenues increased 10% over the same quarter last
year to $1.675 billion, or 8% on a
normalized and constant currency basis, representing the company's
75th consecutive quarter of revenue growth
- Record channel bookings accounted for more than 35% of total
bookings, nearly 50% of enterprise bookings, and more than 60% of
new logos in Q3
- Interconnection revenues continued to outpace colocation
revenues in Q3 with total interconnections increasing to more than
414,000
- Significant milestones in the quarter included closing the GPX
India acquisition to enter the strategic market of India and expanding the xScaleTM
program with a new agreement to form a $575
million joint venture in Australia
Equinix, Inc. (Nasdaq: EQIX), the world's digital
infrastructure companyTM, today reported results for the
quarter ended September 30, 2021. 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.
Third Quarter 2021 Results Summary
- Revenues
-
- $1.675 billion, a 1% increase
over the previous quarter
- Includes a $6 million negative
foreign currency impact when compared to prior guidance
rates
- Operating Income
-
- $282 million, a 1% increase over
the previous quarter and an operating margin of 17%
- Adjusted EBITDA
-
- $786 million, a 47% adjusted
EBITDA margin
- Includes a $3 million negative
foreign currency impact when compared to prior guidance
rates
- Includes $3 million of
integration costs
- Net Income and Net Income per Share attributable to
Equinix
-
- $152 million, a 123% increase
over the previous quarter, primarily due to lower debt redemption
costs and operating performance
- $1.68 per share, a 121% increase
over the previous quarter
- AFFO and AFFO per Share
-
- $628 million, a 1% decrease from
the previous quarter, including a $13
million increase in tax expense attributable to lower debt
redemption costs
- $6.94 per share, a 1% decrease
from the previous quarter
- Includes $3 million of
integration costs
2021 Annual Guidance Summary
- Revenues
-
- $6.614 - $6.634 billion, an increase of 10 - 11% over the
previous year, or a normalized and constant currency increase of
~8%
- Includes an incremental $5
million from the GPX India acquisition, offset by a
$20 million negative foreign currency
impact when compared to prior guidance rates
- Adjusted EBITDA
-
- $3.119 - $3.139 billion, a 47% adjusted EBITDA margin
- Increases prior guidance by $10
million for GPX India and lower integration costs, offset by
a $9 million negative foreign
currency impact when compared to prior guidance rates
- Assumes $18 million of
integration costs
- AFFO and AFFO per Share
-
- $2.444 - $2.464 billion, an increase of 12 - 13% over the
previous year, or a normalized and constant currency increase of 10
- 11%
- Increases prior guidance by a net $3
million for GPX India and lower integration costs, offset by
slightly higher taxes and a $3
million negative foreign currency impact when compared to
prior guidance rates
- $27.03 - $27.25 per share, an increase of 9 - 10% over the
previous year on both an as-reported and a normalized and constant
currency basis
- Assumes $18 million of
integration costs
Equinix does not 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.
Equinix Quote
Charles Meyers, President and
CEO, Equinix:
"The pandemic has triggered an accelerated need to digitize
business models in virtually every segment of the economy, and our
strong Q3 results are reflective of this increasing demand for
digital services. As the world's digital infrastructure company,
Equinix remains uniquely positioned to help businesses as they
shift towards distributed, hybrid and multicloud as the clear
architecture of choice."
Business Highlights
- Equinix continued to extend its global platform both
organically and through acquisitions, enhancing cloud and network
density to offer enterprises the most robust platform for their
digital infrastructure:
-
- In September, Equinix completed the GPX India acquisition,
providing an entry into the strategic market of India and bringing the global footprint of
Platform Equinix® to 27 countries, 65 metros and more
than 235 data centers.
- 11 major data center openings and expansions were delivered in
Q3, including the key markets of Frankfurt, New
York and Singapore.
- 31 additional major projects are underway across 23 markets in
16 countries.
- The xScaleTM program continued to expand in Q3,
supporting the unique needs of hyperscale companies and the
increasing demand for hybrid multicloud architecture:
-
- In October, Equinix announced an agreement to form a new
$575 million joint venture with
PGIM Real Estate to extend its xScale data center program into
Australia.
- The total investment in the xScale program, when closed and
fully built out, is expected to be more than $7.5 billion across 34 facilities globally with
more than 675 megawatts of power capacity.
- Eight xScale builds are currently under development, including
newly announced projects in Madrid, Mexico
City and Sydney.
- Equinix continued the growth of its indirect selling
initiatives, with channel sales contributing more than 35% of the
bookings for the quarter, nearly half of enterprise bookings, and
more than 60% of new logos in the quarter. Wins were across a wide
range of industry verticals and use cases, with continued strength
from strategic partners.
COVID-19 Update
Many of Equinix's International Business ExchangeTM
(IBX®) and xScale data centers have been identified
as "essential businesses" or "critical infrastructure" by local
governments for purposes of remaining open during the ongoing
COVID-19 pandemic, and all data centers remain operational at the
time of filing of this press release. Precautionary measures have
been implemented during the COVID-19 pandemic to minimize the risk
of operational impact and to protect the health and safety of
employees, customers, partners and communities.
Looking ahead, the full impact of the COVID-19 pandemic on the
company's financial condition or results of operations remains
uncertain and will depend on a number of factors, including its
impact on Equinix customers, partners and vendors and the impact
on, and functioning of, the global financial markets. The company's
past results may not be indicative of future performance, and
historical trends may differ materially. Additional information
pertaining to the impact of the COVID-19 pandemic on Equinix and
the company's response thereto will be provided in the upcoming
Form 10-Q to be filed with the Securities and Exchange Commission
for the quarter ended September 30,
2021.
Business Outlook
For the fourth quarter of 2021, the Company expects revenues to
range between $1.685 and $1.705 billion, an increase of 1 - 2% compared to
the prior quarter on both an as-reported and a normalized and
constant currency basis. This guidance includes a $5 million negative foreign currency impact when
compared to the average FX rates in Q3 2021. This guidance includes
the largest ever normalized step-up in recurring revenues in Q4, a
reflection of continued strong execution, and a sequential decrease
of non-recurring revenues by approximately $12 million. Adjusted EBITDA is expected to range
between $762 and $782 million. Adjusted EBITDA includes a
$2 million negative foreign currency
impact when compared to the average FX rates in Q3 2021 and
$7 million of integration costs from
acquisitions. Recurring capital expenditures are expected to range
between $75 and $85 million.
For the full year of 2021, total revenues are expected to range
between $6.614 and $6.634 billion, a 10 - 11% increase over the
previous year, or a normalized and constant currency increase of
approximately 8%. This updated full year guidance includes an
incremental $5 million from the GPX
India acquisition, offset by a negative foreign currency impact of
$20 million when compared to the
prior guidance rates. Adjusted EBITDA is expected to range between
$3.119 and $3.139 billion, an adjusted EBITDA margin of 47%.
This updated full year guidance includes a $7 million reduction of integration costs and an
incremental $3 million from the GPX
India acquisition, offset by a negative foreign currency impact of
$9 million when compared to the prior
guidance rates. AFFO is expected to range between $2.444 and $2.464
billion, an increase of 12 - 13% over the previous year, or
a normalized and constant currency increase of 10 - 11%. This
updated guidance includes a net $3
million increase due to the GPX India acquisition and lower
integration costs, offset by slightly higher taxes and a
$3 million negative foreign currency
impact when compared to the prior guidance rates. AFFO per share is
expected to range between $27.03 and
$27.25, an increase of 9 - 10% over
the previous year, both as-reported and on a normalized and
constant currency basis. Total capital expenditures are expected to
range between $2.738 and $2.988 billion. Non-recurring capital
expenditures, including xScale-related costs, are expected to range
between $2.550 and $2.790 billion, and recurring capital
expenditures are expected to range between $188 and $198
million. xScale-related on-balance sheet capital
expenditures are expected to range between $425 and $475
million, which we anticipate will be reimbursed from both
the current and future xScale JVs.
The U.S. dollar exchange rates used for 2021 guidance, taking
into consideration the impact of our current foreign currency
hedges, have been updated to $1.16 to
the Euro, $1.32 to the Pound,
S$1.36 to the U.S. dollar, ¥111 to
the U.S. dollar, and R$5.47 to the
U.S. dollar. The Q3 2021 global revenue breakdown by currency for
the Euro, British Pound, Singapore Dollar, Japanese Yen and
Brazilian Real is 20%, 9%, 7%, 7% and 3%, 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.
Q3 2021 Results Conference Call and Replay
Information
Equinix will discuss its quarterly results for the period ended
September 30, 2021, along with its future outlook, in its
quarterly conference call on Wednesday, November 3, 2021, 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 Wednesday, February 16, 2022,
by dialing 1-866-373-9229 and referencing the passcode 2021. 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, enabling digital leaders to harness a trusted platform to
bring together and interconnect the foundational infrastructure
that powers their success. Equinix enables today's businesses to
access all the right places, partners and possibilities they need
to accelerate advantage. With Equinix, they can scale with agility,
speed the launch of digital services, deliver world-class
experiences and multiply their value.
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 income from operations
excluding 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 excludes restructuring charges from its
non-GAAP financial measures. The restructuring charges relate to
Equinix's decision to exit leases for excess space adjacent to
several of its IBX data centers, which it did not intend to build
out, or its decision to reverse such restructuring charges. Equinix
also excludes impairment charges generally related to certain
long-lived assets. The impairment charges are related to expense
recognized whenever events or changes in circumstances indicate
that the carrying amount of assets are not recoverable. 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,
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 prior period revenues and certain
operating expenses from entities with functional 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 ongoing COVID-19 pandemic; the challenges of
acquiring, operating and constructing IBX and xScale data centers
and 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 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 thousands,
except per share data)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30, 2021
|
|
June 30,
2021
|
|
September
30, 2020
|
|
September
30, 2021
|
|
September
30, 2020
|
Recurring
revenues
|
$
|
1,563,616
|
|
|
$
|
1,542,462
|
|
|
$
|
1,432,072
|
|
|
$
|
4,617,011
|
|
|
$
|
4,191,904
|
|
Non-recurring
revenues
|
111,560
|
|
|
115,457
|
|
|
87,695
|
|
|
312,148
|
|
|
242,526
|
|
Revenues
|
1,675,176
|
|
|
1,657,919
|
|
|
1,519,767
|
|
|
4,929,159
|
|
|
4,434,430
|
|
Cost of
revenues
|
885,650
|
|
|
865,120
|
|
|
767,979
|
|
|
2,561,987
|
|
|
2,243,605
|
|
Gross
profit
|
789,526
|
|
|
792,799
|
|
|
751,788
|
|
|
2,367,172
|
|
|
2,190,825
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
182,997
|
|
|
185,610
|
|
|
172,727
|
|
|
551,434
|
|
|
531,301
|
|
General and
administrative
|
334,625
|
|
|
322,005
|
|
|
279,350
|
|
|
958,086
|
|
|
797,837
|
|
Transaction
costs
|
5,197
|
|
|
6,985
|
|
|
5,840
|
|
|
13,364
|
|
|
30,987
|
|
Impairment
charges
|
—
|
|
|
—
|
|
|
7,306
|
|
|
—
|
|
|
7,306
|
|
Gain on asset
sales
|
(15,414)
|
|
|
(455)
|
|
|
(1,785)
|
|
|
(14,149)
|
|
|
(928)
|
|
Total operating
expenses
|
507,405
|
|
|
514,145
|
|
|
463,438
|
|
|
1,508,735
|
|
|
1,366,503
|
|
Income from
operations
|
282,121
|
|
|
278,654
|
|
|
288,350
|
|
|
858,437
|
|
|
824,322
|
|
Interest and other
income (expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
411
|
|
|
374
|
|
|
1,452
|
|
|
1,514
|
|
|
7,410
|
|
Interest
expense
|
(78,943)
|
|
|
(87,231)
|
|
|
(99,736)
|
|
|
(255,855)
|
|
|
(315,554)
|
|
Other income
(expense)
|
1,482
|
|
|
(39,377)
|
|
|
162
|
|
|
(44,845)
|
|
|
9,610
|
|
Gain (loss) on debt
extinguishment
|
179
|
|
|
(102,460)
|
|
|
(93,494)
|
|
|
(115,339)
|
|
|
(101,803)
|
|
Total interest and
other, net
|
(76,871)
|
|
|
(228,694)
|
|
|
(191,616)
|
|
|
(414,525)
|
|
|
(400,337)
|
|
Income before
income taxes
|
205,250
|
|
|
49,960
|
|
|
96,734
|
|
|
443,912
|
|
|
423,985
|
|
Income tax (expense)
benefit
|
(53,224)
|
|
|
18,527
|
|
|
(29,903)
|
|
|
(67,325)
|
|
|
(104,847)
|
|
Net
income
|
152,026
|
|
|
68,487
|
|
|
66,831
|
|
|
376,587
|
|
|
319,138
|
|
Net (income) loss
attributable to non-controlling interests
|
190
|
|
|
(148)
|
|
|
(144)
|
|
|
330
|
|
|
(355)
|
|
Net income
attributable to Equinix
|
$
|
152,216
|
|
|
$
|
68,339
|
|
|
$
|
66,687
|
|
|
$
|
376,917
|
|
|
$
|
318,783
|
|
Net income per
share attributable to Equinix:
|
Basic net income per
share
|
$
|
1.69
|
|
|
$
|
0.76
|
|
|
$
|
0.75
|
|
|
$
|
4.21
|
|
|
$
|
3.65
|
|
Diluted net income per
share
|
$
|
1.68
|
|
|
$
|
0.76
|
|
|
$
|
0.74
|
|
|
$
|
4.18
|
|
|
$
|
3.63
|
|
Shares used in
computing basic net income per share
|
89,858
|
|
|
89,648
|
|
|
88,806
|
|
|
89,614
|
|
|
87,226
|
|
Shares used in
computing diluted net income per share
|
90,467
|
|
|
90,104
|
|
|
89,519
|
|
|
90,202
|
|
|
87,925
|
|
|
|
|
EQUINIX,
INC.
|
Condensed
Consolidated Statements of Comprehensive Income
(Loss)
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30, 2021
|
|
June 30,
2021
|
|
September
30, 2020
|
|
September
30, 2021
|
|
September
30, 2020
|
Net income
|
$
|
152,026
|
|
|
$
|
68,487
|
|
|
$
|
66,831
|
|
|
$
|
376,587
|
|
|
$
|
319,138
|
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
|
Foreign currency
translation adjustment ("CTA") gain (loss)
|
(260,011)
|
|
|
110,466
|
|
|
299,441
|
|
|
(444,691)
|
|
|
66,935
|
|
Net investment hedge
CTA gain (loss)
|
131,080
|
|
|
(37,036)
|
|
|
(227,101)
|
|
|
264,219
|
|
|
(179,213)
|
|
Unrealized gain (loss)
on cash flow hedges
|
28,270
|
|
|
(5,700)
|
|
|
(33,842)
|
|
|
52,048
|
|
|
(54,966)
|
|
Net actuarial gain on
defined benefit plans
|
14
|
|
|
15
|
|
|
22
|
|
|
41
|
|
|
77
|
|
Total other
comprehensive income (loss), net of tax
|
(100,647)
|
|
|
67,745
|
|
|
38,520
|
|
|
(128,383)
|
|
|
(167,167)
|
|
Comprehensive
income, net of tax
|
51,379
|
|
|
136,232
|
|
|
105,351
|
|
|
248,204
|
|
|
151,971
|
|
Net (income) loss
attributable to non-controlling interests
|
190
|
|
|
(148)
|
|
|
(144)
|
|
|
330
|
|
|
(355)
|
|
Other comprehensive
(income) attributable to non-controlling interests
|
—
|
|
|
(11)
|
|
|
(30)
|
|
|
(10)
|
|
|
(21)
|
|
Comprehensive
income attributable to Equinix
|
$
|
51,569
|
|
|
$
|
136,073
|
|
|
$
|
105,177
|
|
|
$
|
248,524
|
|
|
$
|
151,595
|
|
|
|
|
EQUINIX,
INC.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
September 30,
2021
|
|
December 31,
2020
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
1,379,100
|
|
|
$
|
1,604,869
|
|
Short-term
investments
|
—
|
|
|
4,532
|
|
Accounts receivable,
net
|
792,101
|
|
|
676,738
|
|
Other current
assets
|
492,832
|
|
|
323,016
|
|
Assets held for
sale
|
235,330
|
|
|
—
|
|
Total current assets
|
2,899,363
|
|
|
2,609,155
|
|
Property, plant and
equipment, net
|
15,307,049
|
|
|
14,503,084
|
|
Operating lease
right-of-use assets
|
1,325,872
|
|
|
1,475,057
|
|
Goodwill
|
5,401,744
|
|
|
5,472,553
|
|
Intangible assets,
net
|
1,994,023
|
|
|
2,170,945
|
|
Other
assets
|
846,080
|
|
|
776,047
|
|
Total assets
|
$
|
27,774,131
|
|
|
$
|
27,006,841
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
844,056
|
|
|
$
|
844,862
|
|
Accrued property,
plant and equipment
|
347,003
|
|
|
301,155
|
|
Current portion of
operating lease liabilities
|
150,490
|
|
|
154,207
|
|
Current portion of
finance lease liabilities
|
148,522
|
|
|
137,683
|
|
Current portion of
mortgage and loans payable
|
67,571
|
|
|
82,289
|
|
Current portion of
senior notes
|
—
|
|
|
150,186
|
|
Other current
liabilities
|
223,494
|
|
|
354,368
|
|
Total current liabilities
|
1,781,136
|
|
|
2,024,750
|
|
Operating lease
liabilities, less current portion
|
1,147,490
|
|
|
1,308,627
|
|
Finance lease
liabilities, less current portion
|
1,986,266
|
|
|
1,784,816
|
|
Mortgage and loans
payable, less current portion
|
560,733
|
|
|
1,287,254
|
|
Senior notes, less
current portion
|
11,000,669
|
|
|
9,018,277
|
|
Other
liabilities
|
729,264
|
|
|
948,999
|
|
Total liabilities
|
17,205,558
|
|
|
16,372,723
|
|
Common
stock
|
90
|
|
|
89
|
|
Additional paid-in
capital
|
15,488,848
|
|
|
15,028,357
|
|
Treasury
stock
|
(112,696)
|
|
|
(122,118)
|
|
Accumulated
dividends
|
(5,902,937)
|
|
|
(5,119,274)
|
|
Accumulated other
comprehensive loss
|
(1,041,761)
|
|
|
(913,368)
|
|
Retained
earnings
|
2,137,219
|
|
|
1,760,302
|
|
Total Equinix stockholders' equity
|
10,568,763
|
|
|
10,633,988
|
|
Non-controlling
interests
|
(190)
|
|
|
130
|
|
Total stockholders' equity
|
10,568,573
|
|
|
10,634,118
|
|
Total liabilities and stockholders' equity
|
$
|
27,774,131
|
|
|
$
|
27,006,841
|
|
|
|
|
|
Ending headcount by
geographic region is as follows:
|
|
|
|
Americas headcount
|
4,971
|
|
|
4,599
|
|
EMEA headcount
|
3,588
|
|
|
3,405
|
|
Asia-Pacific headcount
|
2,242
|
|
|
2,009
|
|
Total headcount
|
10,801
|
|
|
10,013
|
|
|
|
|
EQUINIX,
INC.
|
Summary of Debt
Principal Outstanding
|
(in
thousands)
|
(unaudited)
|
|
|
September 30,
2021
|
|
December 31,
2020
|
|
|
|
|
Finance lease
liabilities
|
$
|
2,134,788
|
|
|
$
|
1,922,499
|
|
|
|
|
|
Term loans
|
555,268
|
|
|
1,288,779
|
|
Mortgage payable and
other loans payable
|
73,036
|
|
|
80,764
|
|
Plus (minus):
mortgage premium, debt discount and issuance costs, net
|
(1,226)
|
|
|
1,427
|
|
Total mortgage and loans payable principal
|
627,078
|
|
|
1,370,970
|
|
|
|
|
|
Senior
notes
|
11,000,669
|
|
|
9,168,463
|
|
Plus: debt discount
and issuance costs
|
122,031
|
|
|
92,773
|
|
Less: debt
premium
|
—
|
|
|
(186)
|
|
Total senior notes principal
|
11,122,700
|
|
|
9,261,050
|
|
|
|
|
|
Total debt principal
outstanding
|
$
|
13,884,566
|
|
|
$
|
12,554,519
|
|
|
|
|
EQUINIX,
INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30, 2021
|
|
June 30,
2021
|
|
September
30, 2020
|
|
September
30, 2021
|
|
September
30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
Net income
|
$
|
152,026
|
|
|
$
|
68,487
|
|
|
$
|
66,831
|
|
|
$
|
376,587
|
|
|
$
|
319,138
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
Depreciation,
amortization and accretion
|
419,684
|
|
|
417,758
|
|
|
362,286
|
|
|
1,231,760
|
|
|
1,048,151
|
|
|
Stock-based
compensation
|
94,710
|
|
|
94,335
|
|
|
75,248
|
|
|
267,395
|
|
|
215,591
|
|
|
Amortization of debt
issuance costs and debt discounts and premiums
|
4,390
|
|
|
4,430
|
|
|
3,884
|
|
|
12,760
|
|
|
11,788
|
|
|
(Gain) loss on debt
extinguishment
|
(179)
|
|
|
102,460
|
|
|
93,494
|
|
|
115,339
|
|
|
101,803
|
|
|
Gain on asset
sales
|
(15,414)
|
|
|
(455)
|
|
|
(1,785)
|
|
|
(14,149)
|
|
|
(928)
|
|
|
Impairment
charges
|
—
|
|
|
—
|
|
|
7,306
|
|
|
—
|
|
|
7,306
|
|
|
Other items
|
5,932
|
|
|
11,296
|
|
|
(2,518)
|
|
|
28,410
|
|
|
18,229
|
|
|
Changes in operating
assets and liabilities:
|
|
Accounts
receivable
|
(53,984)
|
|
|
(39,709)
|
|
|
(23,871)
|
|
|
(111,313)
|
|
|
(38,104)
|
|
|
Income taxes,
net
|
21,735
|
|
|
(55,661)
|
|
|
(32,054)
|
|
|
(44,200)
|
|
|
(20,193)
|
|
|
Accounts payable and
accrued expenses
|
67,169
|
|
|
19,161
|
|
|
61,410
|
|
|
9,968
|
|
|
35,846
|
|
|
Operating lease
right-of-use assets
|
40,953
|
|
|
20,851
|
|
|
38,319
|
|
|
102,728
|
|
|
114,611
|
|
|
Operating lease
liabilities
|
(37,423)
|
|
|
(63,765)
|
|
|
(35,300)
|
|
|
(137,751)
|
|
|
(107,391)
|
|
|
Other assets and
liabilities
|
(34,853)
|
|
|
20,009
|
|
|
(81,088)
|
|
|
(182,433)
|
|
|
(82,169)
|
|
Net cash provided
by operating activities
|
664,746
|
|
|
599,197
|
|
|
532,162
|
|
|
1,655,101
|
|
|
1,623,678
|
|
Cash flows from
investing activities:
|
|
Purchases, sales and
maturities of investments, net
|
(52,138)
|
|
|
(2,595)
|
|
|
3,969
|
|
|
(73,082)
|
|
|
(36,312)
|
|
|
Business
acquisitions, net of cash and restricted cash acquired
|
(158,498)
|
|
|
—
|
|
|
—
|
|
|
(158,498)
|
|
|
(478,248)
|
|
|
Real estate
acquisitions
|
(107,212)
|
|
|
(33,900)
|
|
|
(41,895)
|
|
|
(194,849)
|
|
|
(124,462)
|
|
|
Purchases of other
property, plant and equipment
|
(678,277)
|
|
|
(692,232)
|
|
|
(565,285)
|
|
|
(1,934,107)
|
|
|
(1,448,174)
|
|
|
Proceeds from asset
sales
|
174,494
|
|
|
—
|
|
|
—
|
|
|
174,494
|
|
|
—
|
|
Net cash used in
investing activities
|
(821,631)
|
|
|
(728,727)
|
|
|
(603,211)
|
|
|
(2,186,042)
|
|
|
(2,087,196)
|
|
Cash flows from
financing activities:
|
|
Proceeds from
employee equity awards
|
37,594
|
|
|
—
|
|
|
31,727
|
|
|
77,628
|
|
|
62,118
|
|
|
Payment of dividend
distributions
|
(262,362)
|
|
|
(258,053)
|
|
|
(240,690)
|
|
|
(783,454)
|
|
|
(710,177)
|
|
|
Proceeds from public
offering of common stock, net of offering costs
|
—
|
|
|
99,599
|
|
|
196,477
|
|
|
99,599
|
|
|
1,981,375
|
|
|
Proceeds from
mortgage and loans payable
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
750,790
|
|
|
Proceeds from senior
notes, net of debt discounts
|
—
|
|
|
2,587,910
|
|
|
—
|
|
|
3,878,662
|
|
|
2,585,736
|
|
|
Repayment of finance
lease liabilities
|
(31,252)
|
|
|
(66,293)
|
|
|
(31,765)
|
|
|
(130,129)
|
|
|
(74,446)
|
|
|
Repayment of mortgage
and loans payable
|
(10,367)
|
|
|
(675,873)
|
|
|
(19,431)
|
|
|
(706,426)
|
|
|
(808,609)
|
|
|
Repayment of senior
notes
|
—
|
|
|
(1,400,000)
|
|
|
(1,947,050)
|
|
|
(1,990,650)
|
|
|
(2,440,761)
|
|
|
Debt extinguishment
costs
|
—
|
|
|
(90,664)
|
|
|
(77,785)
|
|
|
(99,185)
|
|
|
(82,404)
|
|
|
Debt issuance
costs
|
—
|
|
|
(21,950)
|
|
|
—
|
|
|
(25,102)
|
|
|
(26,266)
|
|
Net cash provided
by (used in) financing activities
|
(266,387)
|
|
|
174,676
|
|
|
(2,088,517)
|
|
|
320,943
|
|
|
1,237,356
|
|
Effect of foreign
currency exchange rates on cash, cash equivalents and restricted
cash
|
(7,085)
|
|
|
4,965
|
|
|
18,513
|
|
|
(24,139)
|
|
|
5,637
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
(430,357)
|
|
|
50,111
|
|
|
(2,141,053)
|
|
|
(234,137)
|
|
|
779,475
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
1,821,915
|
|
|
1,771,804
|
|
|
4,807,141
|
|
|
1,625,695
|
|
|
1,886,613
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
1,391,558
|
|
|
$
|
1,821,915
|
|
|
$
|
2,666,088
|
|
|
$
|
1,391,558
|
|
|
$
|
2,666,088
|
|
Supplemental cash
flow information:
|
Cash paid for
taxes
|
$
|
35,755
|
|
|
$
|
32,667
|
|
|
$
|
55,473
|
|
|
$
|
118,392
|
|
|
$
|
116,549
|
|
Cash paid for
interest
|
$
|
86,466
|
|
|
$
|
128,636
|
|
|
$
|
115,174
|
|
|
$
|
316,157
|
|
|
$
|
363,767
|
|
|
|
|
|
|
|
|
|
|
|
|
Negative free cash
flow (1)
|
$
|
(104,747)
|
|
|
$
|
(126,935)
|
|
|
$
|
(75,018)
|
|
|
$
|
(457,859)
|
|
|
$
|
(427,206)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted free cash
flow (negative adjusted free cash flow)
(2)
|
$
|
160,963
|
|
|
$
|
(93,035)
|
|
|
$
|
(33,123)
|
|
|
$
|
(104,512)
|
|
|
$
|
175,504
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
We define free cash
flow (negative free cash flow) as net cash provided by operating
activities plus net cash provided by (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
|
$
|
664,746
|
|
|
$
|
599,197
|
|
|
$
|
532,162
|
|
|
$
|
1,655,101
|
|
|
$
|
1,623,678
|
|
|
Net cash used in
investing activities as presented above
|
(821,631)
|
|
|
(728,727)
|
|
|
(603,211)
|
|
|
(2,186,042)
|
|
|
(2,087,196)
|
|
|
Purchases, sales and
maturities of investments, net
|
52,138
|
|
|
2,595
|
|
|
(3,969)
|
|
|
73,082
|
|
|
36,312
|
|
|
Negative free cash
flow
|
$
|
(104,747)
|
|
|
$
|
(126,935)
|
|
|
$
|
(75,018)
|
|
|
$
|
(457,859)
|
|
|
$
|
(427,206)
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
We define adjusted
free cash flow (negative adjusted 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:
|
|
Negative free cash
flow as defined above
|
$
|
(104,747)
|
|
|
$
|
(126,935)
|
|
|
$
|
(75,018)
|
|
|
$
|
(457,859)
|
|
|
$
|
(427,206)
|
|
|
Less business
acquisitions, net of cash and restricted cash acquired
|
158,498
|
|
|
—
|
|
|
—
|
|
|
158,498
|
|
|
478,248
|
|
|
Less real estate
acquisitions
|
107,212
|
|
|
33,900
|
|
|
41,895
|
|
|
194,849
|
|
|
124,462
|
|
|
Adjusted free cash
flow (negative adjusted free cash flow)
|
$
|
160,963
|
|
|
$
|
(93,035)
|
|
|
$
|
(33,123)
|
|
|
$
|
(104,512)
|
|
|
$
|
175,504
|
|
|
|
|
EQUINIX,
INC.
|
Non-GAAP Measures
and Other Supplemental Data
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September 30,
2021
|
|
June 30,
2021
|
|
September 30,
2020
|
|
September 30,
2021
|
|
September 30,
2020
|
|
Recurring
revenues
|
$
|
1,563,616
|
|
$
|
1,542,462
|
|
$
|
1,432,072
|
|
$
|
4,617,011
|
|
$
|
4,191,904
|
|
Non-recurring
revenues
|
111,560
|
|
115,457
|
|
87,695
|
|
312,148
|
|
242,526
|
|
Revenues
(1)
|
1,675,176
|
|
1,657,919
|
|
1,519,767
|
|
4,929,159
|
|
4,434,430
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash cost of revenues
(2)
|
564,499
|
|
544,196
|
|
494,187
|
|
1,619,505
|
|
1,451,674
|
|
Cash gross profit
(3)
|
1,110,677
|
|
1,113,723
|
|
1,025,580
|
|
3,309,654
|
|
2,982,756
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash operating
expenses (4)(7):
|
|
|
|
|
|
|
|
|
|
Cash sales and
marketing expenses (5)
|
114,112
|
|
115,282
|
|
106,317
|
|
342,447
|
|
332,995
|
|
Cash general and
administrative expenses (6)
|
210,267
|
|
201,164
|
|
182,018
|
|
610,400
|
|
508,265
|
|
Total cash
operating expenses (4)(7)
|
324,379
|
|
316,446
|
|
288,335
|
|
952,847
|
|
841,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(8)
|
$
|
786,298
|
|
$
|
797,277
|
|
$
|
737,245
|
|
$
|
2,356,807
|
|
$
|
2,141,496
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash gross margins
(9)
|
66
|
%
|
|
67
|
%
|
|
67
|
%
|
|
67
|
%
|
|
67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margins(10)
|
47
|
%
|
|
48
|
%
|
|
49
|
%
|
|
48
|
%
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
flow-through rate (11)
|
(64)
|
%
|
|
39
|
%
|
|
35
|
%
|
|
50
|
%
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
(12)
|
$
|
407,981
|
|
$
|
340,873
|
|
$
|
298,183
|
|
$
|
1,166,117
|
|
$
|
998,883
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO
(13)(14)
|
$
|
628,270
|
|
$
|
631,937
|
|
$
|
579,682
|
|
$
|
1,887,035
|
|
$
|
1,672,180
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic FFO per
share (15)
|
$
|
4.54
|
|
$
|
3.80
|
|
$
|
3.36
|
|
$
|
13.01
|
|
$
|
11.45
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FFO per
share (15)
|
$
|
4.51
|
|
$
|
3.78
|
|
$
|
3.33
|
|
$
|
12.93
|
|
$
|
11.36
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic AFFO per
share (15)
|
$
|
6.99
|
|
$
|
7.05
|
|
$
|
6.53
|
|
$
|
21.06
|
|
$
|
19.17
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted AFFO per
share (15)
|
$
|
6.94
|
|
$
|
7.01
|
|
$
|
6.48
|
|
$
|
20.92
|
|
$
|
19.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The geographic split
of our revenues on a services basis is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colocation
|
$
|
504,711
|
|
$
|
497,659
|
|
$
|
450,030
|
|
$
|
1,489,829
|
|
$
|
1,348,482
|
|
Interconnection
|
168,511
|
|
167,618
|
|
156,677
|
|
501,016
|
|
460,993
|
|
Managed
infrastructure
|
43,313
|
|
40,734
|
|
28,954
|
|
122,532
|
|
83,372
|
|
Other
|
4,757
|
|
451
|
|
3,911
|
|
7,246
|
|
14,212
|
|
Recurring
revenues
|
721,292
|
|
706,462
|
|
639,572
|
|
2,120,623
|
|
1,907,059
|
|
Non-recurring
revenues
|
41,761
|
|
44,181
|
|
32,760
|
|
119,013
|
|
88,597
|
|
Revenues
|
$
|
763,053
|
|
$
|
750,643
|
|
$
|
672,332
|
|
$
|
2,239,636
|
|
$
|
1,995,656
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colocation
|
$
|
400,395
|
|
$
|
398,703
|
|
$
|
391,773
|
|
$
|
1,187,373
|
|
$
|
1,135,247
|
|
Interconnection
|
65,809
|
|
65,258
|
|
55,700
|
|
192,717
|
|
155,145
|
|
Managed
infrastructure
|
31,445
|
|
31,176
|
|
30,690
|
|
94,732
|
|
89,839
|
|
Other
|
5,639
|
|
3,682
|
|
5,581
|
|
14,367
|
|
14,177
|
|
Recurring
revenues
|
503,288
|
|
498,819
|
|
483,744
|
|
1,489,189
|
|
1,394,408
|
|
Non-recurring
revenues
|
41,939
|
|
39,110
|
|
34,339
|
|
112,684
|
|
90,674
|
|
Revenues
|
$
|
545,227
|
|
$
|
537,929
|
|
$
|
518,083
|
|
$
|
1,601,873
|
|
$
|
1,485,082
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colocation
|
$
|
259,092
|
|
$
|
259,573
|
|
$
|
236,762
|
|
$
|
773,223
|
|
$
|
686,658
|
|
Interconnection
|
56,789
|
|
54,898
|
|
48,565
|
|
164,869
|
|
136,376
|
|
Managed
infrastructure
|
21,572
|
|
22,094
|
|
22,614
|
|
66,415
|
|
66,588
|
|
Other
|
1,583
|
|
616
|
|
815
|
|
2,692
|
|
815
|
|
Recurring
revenues
|
339,036
|
|
337,181
|
|
308,756
|
|
1,007,199
|
|
890,437
|
|
Non-recurring
revenues
|
27,860
|
|
32,166
|
|
20,596
|
|
80,451
|
|
63,255
|
|
Revenues
|
$
|
366,896
|
|
$
|
369,347
|
|
$
|
329,352
|
|
$
|
1,087,650
|
|
$
|
953,692
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colocation
|
$
|
1,164,198
|
|
$
|
1,155,935
|
|
$
|
1,078,565
|
|
$
|
3,450,425
|
|
$
|
3,170,387
|
|
Interconnection
|
291,109
|
|
287,774
|
|
260,942
|
|
858,602
|
|
752,514
|
|
Managed
infrastructure
|
96,330
|
|
94,004
|
|
82,258
|
|
283,679
|
|
239,799
|
|
Other
|
11,979
|
|
4,749
|
|
10,307
|
|
24,305
|
|
29,204
|
|
Recurring
revenues
|
1,563,616
|
|
1,542,462
|
|
1,432,072
|
|
4,617,011
|
|
4,191,904
|
|
Non-recurring
revenues
|
111,560
|
|
115,457
|
|
87,695
|
|
312,148
|
|
242,526
|
|
Revenues
|
$
|
1,675,176
|
|
$
|
1,657,919
|
|
$
|
1,519,767
|
|
$
|
4,929,159
|
|
$
|
4,434,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$
|
885,650
|
|
$
|
865,120
|
|
$
|
767,979
|
|
$
|
2,561,987
|
|
$
|
2,243,605
|
|
Depreciation,
amortization and accretion expense
|
(311,438)
|
|
(310,916)
|
|
(265,936)
|
|
(914,294)
|
|
(767,077)
|
|
Stock-based
compensation expense
|
(9,713)
|
|
(10,008)
|
|
(7,856)
|
|
(28,188)
|
|
(24,854)
|
|
Cash cost of
revenues
|
$
|
564,499
|
|
$
|
544,196
|
|
$
|
494,187
|
|
$
|
1,619,505
|
|
$
|
1,451,674
|
|
|
|
|
|
|
|
|
|
|
|
|
The geographic split
of our cash cost of revenues is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas cash cost of
revenues
|
$
|
239,172
|
|
$
|
234,679
|
|
$
|
196,731
|
|
$
|
667,311
|
|
$
|
576,431
|
|
EMEA cash cost of
revenues
|
204,174
|
|
196,661
|
|
189,423
|
|
600,018
|
|
554,229
|
|
Asia-Pacific cash
cost of revenues
|
121,153
|
|
112,856
|
|
108,033
|
|
352,176
|
|
321,014
|
|
Cash cost of
revenues
|
$
|
564,499
|
|
$
|
544,196
|
|
$
|
494,187
|
|
$
|
1,619,505
|
|
$
|
1,451,674
|
|
|
|
|
|
(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
|
$
|
517,622
|
|
$
|
507,615
|
|
$
|
452,077
|
|
$
|
1,509,520
|
|
$
|
1,329,138
|
|
Depreciation and
amortization expense
|
(108,246)
|
|
(106,842)
|
|
(96,350)
|
|
(317,466)
|
|
(281,074)
|
|
Stock-based
compensation expense
|
(84,997)
|
|
(84,327)
|
|
(67,392)
|
|
(239,207)
|
|
(206,804)
|
|
Cash operating
expense
|
$
|
324,379
|
|
$
|
316,446
|
|
$
|
288,335
|
|
$
|
952,847
|
|
$
|
841,260
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$
|
182,997
|
|
$
|
185,610
|
|
$
|
172,727
|
|
$
|
551,434
|
|
$
|
531,301
|
|
Depreciation and
amortization expense
|
(48,320)
|
|
(49,549)
|
|
(48,780)
|
|
(149,940)
|
|
(143,916)
|
|
Stock-based
compensation expense
|
(20,565)
|
|
(20,779)
|
|
(17,630)
|
|
(59,047)
|
|
(54,390)
|
|
Cash sales and
marketing expense
|
$
|
114,112
|
|
$
|
115,282
|
|
$
|
106,317
|
|
$
|
342,447
|
|
$
|
332,995
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$
|
334,625
|
|
$
|
322,005
|
|
$
|
279,350
|
|
$
|
958,086
|
|
$
|
797,837
|
|
Depreciation and
amortization expense
|
(59,926)
|
|
(57,293)
|
|
(47,570)
|
|
(167,526)
|
|
(137,158)
|
|
Stock-based
compensation expense
|
(64,432)
|
|
(63,548)
|
|
(49,762)
|
|
(180,160)
|
|
(152,414)
|
|
Cash general and
administrative expense
|
$
|
210,267
|
|
$
|
201,164
|
|
$
|
182,018
|
|
$
|
610,400
|
|
$
|
508,265
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
The geographic split
of our cash operating expense, or cash SG&A, as defined above,
is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas cash
SG&A
|
$
|
202,113
|
|
$
|
190,040
|
|
$
|
185,051
|
|
$
|
580,141
|
|
$
|
532,955
|
|
EMEA cash
SG&A
|
73,500
|
|
78,742
|
|
65,444
|
|
228,213
|
|
193,882
|
|
Asia-Pacific cash
SG&A
|
48,766
|
|
47,664
|
|
37,840
|
|
144,493
|
|
114,423
|
|
Cash
SG&A
|
$
|
324,379
|
|
$
|
316,446
|
|
$
|
288,335
|
|
$
|
952,847
|
|
$
|
841,260
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
We define adjusted
EBITDA as income from operations excluding depreciation,
amortization, accretion, stock-based compensation,
restructuring charges, impairment charges, transaction costs and
gain or loss on asset sales as presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
282,121
|
|
$
|
278,654
|
|
$
|
288,350
|
|
$
|
858,437
|
|
$
|
824,322
|
|
Depreciation,
amortization and accretion expense
|
419,684
|
|
417,758
|
|
362,286
|
|
1,231,760
|
|
1,048,151
|
|
Stock-based
compensation expense
|
94,710
|
|
94,335
|
|
75,248
|
|
267,395
|
|
231,658
|
|
Impairment
charges
|
—
|
|
—
|
|
7,306
|
|
—
|
|
7,306
|
|
Transaction
costs
|
5,197
|
|
6,985
|
|
5,840
|
|
13,364
|
|
30,987
|
|
Gain on asset
sales
|
(15,414)
|
|
(455)
|
|
(1,785)
|
|
(14,149)
|
|
(928)
|
|
Adjusted
EBITDA
|
$
|
786,298
|
|
$
|
797,277
|
|
$
|
737,245
|
|
$
|
2,356,807
|
|
$
|
2,141,496
|
|
|
|
|
|
|
|
|
|
|
|
|
The geographic split
of our adjusted EBITDA is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas income from
operations
|
$
|
26,520
|
|
$
|
27,745
|
|
$
|
50,657
|
|
$
|
135,830
|
|
$
|
156,388
|
|
Americas
depreciation, amortization and accretion expense
|
219,106
|
|
222,413
|
|
182,899
|
|
644,225
|
|
536,542
|
|
Americas stock-based
compensation expense
|
70,495
|
|
69,982
|
|
55,044
|
|
198,739
|
|
174,059
|
|
Americas transaction
costs
|
4,478
|
|
6,239
|
|
3,735
|
|
10,956
|
|
20,288
|
|
Americas (gain) loss
on asset sales
|
1,169
|
|
(455)
|
|
(1,785)
|
|
2,434
|
|
(1,007)
|
|
Americas adjusted
EBITDA
|
$
|
321,768
|
|
$
|
325,924
|
|
$
|
290,550
|
|
$
|
992,184
|
|
$
|
886,270
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA income from
operations
|
$
|
153,424
|
|
$
|
131,158
|
|
$
|
148,992
|
|
$
|
404,367
|
|
$
|
413,150
|
|
EMEA depreciation,
amortization and accretion expense
|
115,026
|
|
115,702
|
|
101,265
|
|
341,941
|
|
286,958
|
|
EMEA stock-based
compensation expense
|
15,022
|
|
15,114
|
|
12,770
|
|
42,266
|
|
36,012
|
|
EMEA transaction
costs
|
664
|
|
552
|
|
189
|
|
1,651
|
|
772
|
|
EMEA (gain) loss on
asset sales
|
(16,583)
|
|
—
|
|
—
|
|
(16,583)
|
|
79
|
|
EMEA adjusted
EBITDA
|
$
|
267,553
|
|
$
|
262,526
|
|
$
|
263,216
|
|
$
|
773,642
|
|
$
|
736,971
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific income
from operations
|
$
|
102,177
|
|
$
|
119,751
|
|
$
|
88,701
|
|
$
|
318,240
|
|
$
|
254,784
|
|
Asia-Pacific
depreciation, amortization and accretion expense
|
85,552
|
|
79,643
|
|
78,122
|
|
245,594
|
|
224,651
|
|
Asia-Pacific
stock-based compensation expense
|
9,193
|
|
9,239
|
|
7,434
|
|
26,390
|
|
21,587
|
|
Asia-Pacific
impairment charges
|
—
|
|
—
|
|
7,306
|
|
—
|
|
7,306
|
|
Asia-Pacific
transaction costs
|
55
|
|
194
|
|
1,916
|
|
757
|
|
9,927
|
|
Asia-Pacific adjusted
EBITDA
|
$
|
196,977
|
|
$
|
208,827
|
|
$
|
183,479
|
|
$
|
590,981
|
|
$
|
518,255
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
We define cash gross
margins as cash gross profit divided by revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Our cash gross
margins by geographic region is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas cash gross
margins
|
69
|
%
|
|
69
|
%
|
|
71
|
%
|
|
70
|
%
|
|
71
|
%
|
|
EMEA cash gross
margins
|
63
|
%
|
|
63
|
%
|
|
63
|
%
|
|
63
|
%
|
|
63
|
%
|
|
Asia-Pacific cash
gross margins
|
67
|
%
|
|
69
|
%
|
|
67
|
%
|
|
68
|
%
|
|
66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
(10)
|
We define adjusted
EBITDA margins as adjusted EBITDA divided by revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas adjusted
EBITDA margins
|
42
|
%
|
|
43
|
%
|
|
43
|
%
|
|
44
|
%
|
|
44
|
%
|
|
EMEA adjusted EBITDA
margins
|
49
|
%
|
|
49
|
%
|
|
51
|
%
|
|
48
|
%
|
|
50
|
%
|
|
Asia-Pacific adjusted
EBITDA margins
|
54
|
%
|
|
57
|
%
|
|
56
|
%
|
|
54
|
%
|
|
54
|
%
|
|
|
|
|
|
(11)
|
We define adjusted
EBITDA flow-through rate as incremental adjusted EBITDA growth
divided by incremental revenue growth as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
current period
|
$
|
786,298
|
|
$
|
797,277
|
|
$
|
737,245
|
|
$
|
2,356,807
|
|
$
|
2,141,496
|
|
Less adjusted EBITDA
- prior period
|
(797,277)
|
|
(773,232)
|
|
(720,041)
|
|
(2,168,688)
|
|
(2,027,572)
|
|
Adjusted EBITDA
growth
|
$
|
(10,979)
|
|
$
|
24,045
|
|
$
|
17,204
|
|
$
|
188,119
|
|
$
|
113,924
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues - current
period
|
$
|
1,675,176
|
|
$
|
1,657,919
|
|
$
|
1,519,767
|
|
$
|
4,929,159
|
|
$
|
4,434,430
|
|
Less revenues - prior
period
|
(1,657,919)
|
|
(1,596,064)
|
|
(1,470,121)
|
|
(4,554,003)
|
|
(4,198,922)
|
|
Revenue
growth
|
$
|
17,257
|
|
$
|
61,855
|
|
$
|
49,646
|
|
$
|
375,156
|
|
$
|
235,508
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
flow-through rate
|
(64)
|
%
|
|
39
|
%
|
|
35
|
%
|
|
50
|
%
|
|
48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$
|
152,026
|
|
|
$
|
68,487
|
|
$
|
66,831
|
|
$
|
376,587
|
|
$
|
319,138
|
|
Net (income) loss
attributable to non-controlling interests
|
190
|
|
|
(148)
|
|
(144)
|
|
330
|
|
(355)
|
|
Net income
attributable to Equinix
|
152,216
|
|
|
68,339
|
|
66,687
|
|
376,917
|
|
318,783
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Real estate
depreciation
|
267,973
|
|
|
271,500
|
|
232,110
|
|
796,117
|
|
676,510
|
|
(Gain) loss on
disposition of real estate property
|
(13,744)
|
|
|
(518)
|
|
(1,313)
|
|
(11,132)
|
|
1,569
|
|
Adjustments for FFO
from unconsolidated joint ventures
|
1,536
|
|
|
1,552
|
|
699
|
|
4,215
|
|
2,021
|
|
FFO attributable to
common shareholders
|
$
|
407,981
|
|
|
$
|
340,873
|
|
$
|
298,183
|
|
$
|
1,166,117
|
|
$
|
998,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13)
|
AFFO is defined as
FFO, excluding depreciation and amortization expense on non-real
estate assets, accretion, stock-based compensation,
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 shareholders
|
$
|
407,981
|
|
$
|
340,873
|
|
$
|
298,183
|
|
$
|
1,166,117
|
|
$
|
998,883
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Installation revenue
adjustment
|
13,710
|
|
4,539
|
|
(3,797)
|
|
22,161
|
|
(3,629)
|
|
Straight-line rent
expense adjustment
|
3,855
|
|
3,381
|
|
3,019
|
|
11,597
|
|
7,220
|
|
Amortization of
deferred financing costs and debt discounts and premiums
|
4,390
|
|
4,447
|
|
3,884
|
|
12,760
|
|
11,788
|
|
Contract cost
adjustment
|
(15,919)
|
|
(13,381)
|
|
(7,111)
|
|
(43,311)
|
|
(22,852)
|
|
Stock-based
compensation expense
|
94,710
|
|
94,335
|
|
75,248
|
|
267,395
|
|
231,658
|
|
Non-real estate
depreciation expense
|
100,604
|
|
93,062
|
|
78,356
|
|
278,644
|
|
220,565
|
|
Amortization
expense
|
50,354
|
|
51,679
|
|
50,222
|
|
155,428
|
|
148,075
|
|
Accretion
expense
|
753
|
|
1,517
|
|
1,598
|
|
1,571
|
|
3,001
|
|
Recurring capital
expenditures
|
(47,735)
|
|
(45,331)
|
|
(38,327)
|
|
(113,396)
|
|
(86,191)
|
|
(Gain) loss on debt
extinguishment
|
(179)
|
|
102,460
|
|
93,494
|
|
115,339
|
|
101,803
|
|
Transaction
costs
|
5,197
|
|
6,985
|
|
5,840
|
|
13,364
|
|
30,987
|
|
Impairment charges
(1)
|
(1,240)
|
|
33,552
|
|
7,306
|
|
32,312
|
|
7,306
|
|
Income tax expense
adjustment (1)
|
11,256
|
|
(47,440)
|
|
11,480
|
|
(35,419)
|
|
22,383
|
|
Adjustments for AFFO
from unconsolidated joint ventures
|
533
|
|
1,259
|
|
287
|
|
2,473
|
|
1,183
|
|
AFFO attributable to
common shareholders
|
$
|
628,270
|
|
$
|
631,937
|
|
$
|
579,682
|
|
$
|
1,887,035
|
|
$
|
1,672,180
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Impairment charges
for 2021 relate to the impairment of an indemnification asset in Q2
2021 resulting from the settlement of a pre-acquisition uncertain
tax position, which was recorded as Other Income (Expense) on the
Condensed Consolidated Statements of Operations. This impairment
charge was offset by the recognition of tax benefits in the same
amount, which was included within the Income tax expense adjustment
line on the table above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14)
|
Following is
how we reconcile from adjusted EBITDA to AFFO:
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
786,298
|
|
$
|
797,277
|
|
$
|
737,245
|
|
$
|
2,356,807
|
|
$
|
2,141,496
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
(78,532)
|
|
(86,857)
|
|
(98,284)
|
|
(254,341)
|
|
(308,144)
|
|
Amortization of
deferred financing costs and debt discounts and premiums
|
4,390
|
|
4,447
|
|
3,884
|
|
12,760
|
|
11,788
|
|
Income tax (expense)
benefit
|
(53,224)
|
|
18,527
|
|
(29,903)
|
|
(67,325)
|
|
(104,847)
|
|
Income tax expense
adjustment (1)
|
11,256
|
|
(47,440)
|
|
11,480
|
|
(35,419)
|
|
22,383
|
|
Straight-line rent
expense adjustment
|
3,855
|
|
3,381
|
|
3,019
|
|
11,597
|
|
7,220
|
|
Contract cost
adjustment
|
(15,919)
|
|
(13,381)
|
|
(7,111)
|
|
(43,311)
|
|
(22,852)
|
|
Installation revenue
adjustment
|
13,710
|
|
4,539
|
|
(3,797)
|
|
22,161
|
|
(3,629)
|
|
Recurring capital
expenditures
|
(47,735)
|
|
(45,331)
|
|
(38,327)
|
|
(113,396)
|
|
(86,191)
|
|
Other income
(expense)
|
1,482
|
|
(39,377)
|
|
162
|
|
(44,845)
|
|
9,610
|
|
(Gain) loss on
disposition of real estate property
|
(13,744)
|
|
(518)
|
|
(1,313)
|
|
(11,132)
|
|
1,569
|
|
Adjustments for
unconsolidated JVs' and non-controlling interests
|
2,259
|
|
2,663
|
|
842
|
|
7,018
|
|
2,849
|
|
Adjustments for
impairment charges (1)
|
(1,240)
|
|
33,552
|
|
—
|
|
32,312
|
|
—
|
|
Adjustment for gain on
sale of assets
|
15,414
|
|
455
|
|
1,785
|
|
14,149
|
|
928
|
|
AFFO attributable to
common shareholders
|
$
|
628,270
|
|
$
|
631,937
|
|
$
|
579,682
|
|
$
|
1,887,035
|
|
$
|
1,672,180
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Impairment charges
for 2021 relate to the impairment of an indemnification asset in Q2
2021 resulting from the settlement of a pre-acquisition uncertain
tax position, which was recorded as Other Income (Expense) on the
Condensed Consolidated Statements of Operations. This impairment
charge was offset by the recognition of tax benefits in the same
amount, which was included within the Income tax expense adjustment
line on the table above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15)
|
The shares used in the
computation of basic and diluted FFO and AFFO per share
attributable to Equinix is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income per share, FFO per share and AFFO per
share
|
89,858
|
|
89,648
|
|
88,806
|
|
89,614
|
|
87,226
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
Employee equity
awards
|
609
|
|
456
|
|
713
|
|
588
|
|
699
|
|
Shares used in
computing diluted net income per share, FFO per share and AFFO per
share
|
90,467
|
|
90,104
|
|
89,519
|
|
90,202
|
|
87,925
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic FFO per
share
|
$
|
4.54
|
|
$
|
3.80
|
|
$
|
3.36
|
|
$
|
13.01
|
|
$
|
11.45
|
|
Diluted FFO per
share
|
$
|
4.51
|
|
$
|
3.78
|
|
$
|
3.33
|
|
$
|
12.93
|
|
$
|
11.36
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic AFFO per
share
|
$
|
6.99
|
|
$
|
7.05
|
|
$
|
6.53
|
|
$
|
21.06
|
|
$
|
19.17
|
|
Diluted AFFO per
share
|
$
|
6.94
|
|
$
|
7.01
|
|
$
|
6.48
|
|
$
|
20.92
|
|
$
|
19.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download
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SOURCE Equinix, Inc.