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August 8, 2018

Equinix Reports Second Quarter 2018 Results

REDWOOD CITY, Calif., Aug. 8, 2018 /PRNewswire/ --

  • Quarterly revenues increased 18% year-over-year to $1.262 billion; a 9% year-over-year increase on a normalized and constant currency basis
  • Key customer wins and expansions included China Mobile, Lithia Motors and Tencent
  • Customer deployments across multiple metros increased to 85% of total recurring revenue, demonstrating the value of the Equinix global platform

Equinix, Inc. (Nasdaq: EQIX), the global interconnection and data center company, today reported quarterly results for the quarter ended June 30, 2018. 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.

Second Quarter 2018 Results Summary

  • Revenues
    • $1.262 billion, a 4% increase over the previous quarter
  • Operating Income
    • $215 million
  • Adjusted EBITDA
    • $604 million, a 48% adjusted EBITDA margin
    • Includes $10 million of integration costs for acquisitions
  • Net Income
    • $68 million
    • Includes $30 million of acquisition costs and $19 million of loss on debt extinguishment costs primarily related to the Infomart acquisition
  • AFFO
    • $428 million, a 3% increase over the previous quarter
    • Includes $10 million of integration costs for acquisitions

2018 Annual Guidance Summary

  • Revenues
    • $5.037 - $5.077 billion, a 16% increase over the previous year; a normalized and constant currency increase of 9%, including $55 million of FX headwinds compared to prior guidance
  • Adjusted EBITDA
    • $2.379 - $2.419 billion or a 47% adjusted EBITDA margin, including $21 million of FX headwinds compared to prior guidance, or 48% excluding integration costs for acquisitions
    • Assumes $49 million of integration costs for acquisitions
  • AFFO
    • $1.596 - $1.636 billion, a 12% increase over the previous year, including $4 million of FX headwinds compared to prior guidance
    • Assumes $49 million of integration costs for acquisitions

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.

Quote
Peter Van Camp, Executive Chairman and Interim CEO and President, Equinix:

"Equinix delivered another strong quarter with record bookings across all three regions and virtually all key operating metrics showing solid momentum in our go-to-market engine and interconnection strategy. Our unique global platform of 200 data centers, and the customer ecosystems within them, remain at the heart of our strategy, as evidenced by strong cross-regional sales and healthy interconnection activity in Q2. We are looking forward to the second half of the year as we focus on our strategic initiatives, deliver value from our acquisitions and work to convert a healthy customer pipeline."

Q2 Business Highlights

  • Equinix continued to expand its global platform in response to strong underlying demand. In addition to progress with the integration of acquired assets from Infomart, Metronode and Verizon, Equinix completed expansions in the Amsterdam, Denver and London metros. With a utilization rate of 82% across the platform, Equinix has an active pipeline of 32 expansion projects currently underway, including a partnership with Omantel to enter the new market of Muscat, Oman, with a new IBX data center opening next year that will serve as a regional interconnection hub between global business markets.
  • Equinix completed the integration of Terremark Federal Group (TFG) into Equinix Government Solutions, expanding the company's Federal industry expertise and adding key capabilities for Federal agencies and systems integrators. This integration included 33 new Equinix employees who bring a deep understanding of the Federal sector to act as trusted advisors for IT transformation initiatives. The diverse portfolio of Equinix assets, including former Verizon government campuses in Miami and Culpeper, enables support for sensitive government workloads in an optimal environment, based on security, cost and performance.
  • Interconnection revenue continued to outpace colocation revenue, reflecting the movement towards Interconnection Oriented Architecture® strategies and the rapid adoption of hybrid, multicloud as the preferred IT deployment model. Cross connects between customers increased to more than 288,000, and the Equinix Cloud Exchange FabricTM (ECX FabricTM) platform now serves more than 1,200 customers. This includes those deploying virtual connections through the new capabilities of ECX Fabric, which was extended in Q2 to Australia and Japan with full rollout in the Asia-Pacific region targeted for Q3, and full inter-regional connectivity slated for delivery by year end.
  • Equinix continued the growth of its indirect selling initiatives, with channel sales increasing to more than 20% of bookings for the quarter. This accounted for half of the new logos acquired in the quarter, driven by solid performance across all regions and channels, including alliance, reseller and referral partners.

Business Outlook

For the third quarter of 2018, the Company expects revenues to range between $1.272 and $1.282 billion, an increase of 1% quarter-over-quarter, or a normalized and constant currency growth rate of approximately 2%. This guidance includes a negative foreign currency impact of $14 million when compared to the average FX rates in Q2 2018. Adjusted EBITDA is expected to range between $591 and $601 million, which includes a $9 million negative foreign currency impact when compared to the average FX rates in Q2 2018, higher seasonal utilities costs and $15 million of integration costs from acquisitions. Recurring capital expenditures are expected to range between $56 and $66 million.

For the full year of 2018, total revenues are expected to range between $5.037 and $5.077 billion, an increase of 16% year-over-year, or a normalized and constant currency growth rate of approximately 9%. This updated guidance includes a raise of full year revenues guidance of $10 million, offset by a negative foreign currency impact of $55 million when compared to prior Equinix guidance rates. Adjusted EBITDA is expected to range between $2.379 and $2.419 billion, an increase of 17% year-over-year. This updated guidance includes a raise of full year adjusted EBITDA guidance of $5 million, offset by a negative foreign currency impact of $21 million when compared to prior Equinix guidance rates, and an expected $49 million in integration costs. AFFO is expected to range between $1.596 and $1.636 billion, an increase of 12% year-over-year. This updated guidance includes a raise of full year AFFO guidance of $5 million, offset by a negative foreign currency impact of $4 million when compared to prior Equinix guidance rates. Also, AFFO includes an expected $49 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 approximately $200 and $210 million.

The U.S. dollar exchange rates used for 2018 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 Pound, ¥111 to the U.S. dollar, S$1.36 to the U.S. dollar, and R$3.87 to the U.S. dollar. The Q2 2018 global revenue breakdown by currency for the Euro, British Pound, Japanese Yen, Singapore Dollar and Brazilian Real is 19%, 9%, 6%, 6% 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, gains (losses) on debt extinguishment, an income tax expense adjustment, recurring capital expenditures and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.

Q2 2018 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended June 30, 2018, along with its future outlook, in its quarterly conference call on Wednesday, August 8, 2018, 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 Thursday, November 1, 2018, by dialing 1-203-369-0283 and referencing the passcode 2018. 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 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

About Equinix

Equinix, Inc. (Nasdaq: EQIX) connects the world's leading businesses to their customers, employees and partners inside the most-interconnected data centers. In 52 markets across five continents, Equinix is where companies come together to realize new opportunities and accelerate their business, IT and cloud strategies.

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 or loss from operations excluding depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, acquisition 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, acquisition 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 an IBX data center, and do not reflect its current or future cash spending levels to support its business. Its IBX data centers are long-lived assets, and have an economic life greater than 10 years. The construction costs of an IBX 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 IBX 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 IBX data centers. These estimates could vary from actual performance of the asset, are based on historic costs incurred to build out our IBX 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 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 long-lived 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 acquisition costs from its non-GAAP financial measures to allow more comparable comparisons of the financial results to the historical operations. The acquisition costs relate to costs Equinix incurs in connection with business combinations. 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 acquisitions. Management believes items such as restructuring charges, impairment charges, acquisition 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"), which are non-GAAP financial measures commonly used in the REIT industry. 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, acquisition 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 acquisition 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 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, the challenges of acquiring, operating and constructing IBX data centers and developing, deploying and delivering Equinix services; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix including the Infomart, Metronode and Verizon; 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; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent 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

 

Six Months Ended

 

June 30,
2018

 

March 31,
2018

 

June 30,
2017

 

June 30,
2018

 

June 30,
2017

Recurring revenues

$

1,187,749

   

$

1,150,629

   

$

1,010,048

   

$

2,338,378

   

$

1,908,488

 

Non-recurring revenues

74,194

   

65,248

   

56,373

   

139,442

   

107,458

 

Revenues

1,261,943

   

1,215,877

   

1,066,421

   

2,477,820

   

2,015,946

 

Cost of revenues

651,801

   

622,430

   

522,203

   

1,274,231

   

991,164

 

Gross profit

610,142

   

593,447

   

544,218

   

1,203,589

   

1,024,782

 

Operating expenses:

                 

Sales and marketing

154,202

   

159,776

   

141,566

   

313,978

   

270,493

 

General and administrative

210,489

   

203,157

   

191,355

   

413,646

   

372,754

 

Acquisition costs

30,413

   

4,639

   

26,402

   

35,052

   

29,427

 

Total operating expenses

395,104

   

367,572

   

359,323

   

762,676

   

672,674

 

Income from operations

215,038

   

225,875

   

184,895

   

440,913

   

352,108

 

Interest and other income (expense):

                 

Interest income

3,958

   

4,610

   

4,437

   

8,568

   

7,529

 

Interest expense

(134,673)

   

(126,277)

   

(119,042)

   

(260,950)

   

(230,726)

 

Other income (expense)

8,866

   

(3,064)

   

1,284

   

5,802

   

1,621

 

Loss on debt extinguishment

(19,215)

   

(21,491)

   

(16,444)

   

(40,706)

   

(19,947)

 

Total interest and other, net

(141,064)

   

(146,222)

   

(129,765)

   

(287,286)

   

(241,523)

 

Income before income taxes

73,974

   

79,653

   

55,130

   

153,627

   

110,585

 

Income tax expense

(6,356)

   

(16,759)

   

(9,325)

   

(23,115)

   

(22,718)

 

Net income

$

67,618

   

$

62,894

   

$

45,805

   

$

130,512

   

$

87,867

 

Net income per share:

                 

Basic net income per share

$

0.85

   

$

0.79

   

$

0.59

   

$

1.64

   

$

1.17

 

Diluted net income per share

$

0.85

   

$

0.79

   

$

0.58

   

$

1.64

   

$

1.16

 

Shares used in computing basic net income per share

79,479

   

79,241

   

77,923

   

79,361

   

75,383

 

Shares used in computing diluted net income per share

79,752

   

79,649

   

78,508

   

79,746

   

76,008

 
                   

 

EQUINIX, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(unaudited)

 
 

Three Months Ended

 

Six Months Ended

 

June 30,
2018

 

March 31,
2018

 

June 30,
2017

 

June 30,
2018

 

June 30,
2017

Net income

$

67,618

   

$

62,894

   

$

45,805

   

$

130,512

   

$

87,867

 

Other comprehensive income (loss), net of tax:

                 

Foreign currency translation adjustment ("CTA") gain (loss)

(421,233)

   

145,851

   

200,983

   

(275,382)

   

307,921

 

Net investment hedge CTA gain (loss)

226,115

   

(72,635)

   

(101,847)

   

153,480

   

(130,398)

 

Unrealized loss on available-for-sale securities

   

   

(65)

   

   

(330)

 

Unrealized gain (loss) on cash flow hedges

35,280

   

(4,080)

   

(27,671)

   

31,200

   

(39,398)

 

Net actuarial gain on defined benefit plans

13

   

8

   

15

   

21

   

26

 

Total other comprehensive income (loss), net of tax

(159,825)

   

69,144

   

71,415

   

(90,681)

   

137,821

 

Comprehensive income (loss), net of tax

$

(92,207)

   

$

132,038

   

$

117,220

   

$

39,831

   

$

225,688

 

 

EQUINIX, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 
 

June 30,
2018

 

December 31,
2017

Assets

     

Cash and cash equivalents

$

966,308

   

$

1,412,517

 

Short-term investments

18,199

   

28,271

 

Accounts receivable, net

616,472

   

576,313

 

Other current assets

249,846

   

232,027

 

          Total current assets

1,850,825

   

2,249,128

 

Long-term investments

4,200

   

9,243

 

Property, plant and equipment, net

10,378,915

   

9,394,602

 

Goodwill

4,870,300

   

4,411,762

 

Intangible assets, net

2,440,087

   

2,384,972

 

Other assets

525,961

   

241,750

 

          Total assets

$

20,070,288

   

$

18,691,457

 

Liabilities and Stockholders' Equity

     

Accounts payable and accrued expenses

$

710,584

   

$

719,257

 

Accrued property, plant and equipment

269,409

   

220,367

 

Current portion of capital lease and other financing obligations

85,263

   

78,705

 

Current portion of mortgage and loans payable

75,224

   

64,491

 

Current portion of senior notes

150,828

   

 

Other current liabilities

142,312

   

159,914

 

          Total current liabilities

1,433,620

   

1,242,734

 

Capital lease and other financing obligations, less current portion

1,426,368

   

1,620,256

 

Mortgage and loans payable, less current portion

1,317,940

   

1,393,118

 

Senior notes, less current portion

8,334,383

   

6,923,849

 

Other liabilities

633,450

   

661,710

 

          Total liabilities

13,145,761

   

11,841,667

 

Common stock

80

   

79

 

Additional paid-in capital

10,253,155

   

10,121,323

 

Treasury stock

(145,632)

   

(146,320)

 

Accumulated dividends

(2,960,183)

   

(2,592,792)

 

Accumulated other comprehensive loss

(877,994)

   

(785,189)

 

Retained earnings

655,101

   

252,689

 

          Total stockholders' equity

6,924,527

   

6,849,790

 

          Total liabilities and stockholders' equity

$

20,070,288

   

$

18,691,457

 
       
       

Ending headcount by geographic region is as follows:

     
       

          Americas headcount

3,375

   

3,154

 

          EMEA headcount

2,661

   

2,560

 

          Asia-Pacific headcount

1,574

   

1,559

 

                    Total headcount

7,610

   

7,273

 

 

EQUINIX, INC.

Summary of Debt Principal Outstanding

(in thousands)

(unaudited)

 
 

June 30, 2018

 

December 31, 2017

       

Capital lease and other financing obligations

$

1,511,631

   

$

1,698,961

 
       

Term loans

1,345,349

   

1,406,686

 

Mortgage payable and other loans payable

47,815

   

50,923

 

Plus: debt discount and issuance costs, net

7,265

   

8,615

 

           Total mortgage and loans payable principal

1,400,429

   

1,466,224

 
       

Senior notes

8,485,211

   

6,923,849

 

Plus: debt issuance costs

82,297

   

78,151

 

Less: debt premium

(7,158)

   

 

          Total senior notes principal

8,560,350

   

7,002,000

 
       

Total debt principal outstanding

$

11,472,410

   

$

10,167,185

 

 

EQUINIX, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 
   

Three Months Ended

 

Six Months Ended

   

June 30,
2018

 

March 31,
2018

 

June 30,
2017

 

June 30,
2018

 

June 30,
2017

                     

Cash flows from operating activities:

                 
 

Net income

$

67,618

   

$

62,894

   

$

45,805

   

$

130,512

   

$

87,867

 
 

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

 

Depreciation, amortization and accretion

308,828

   

306,465

   

252,386

   

615,293

   

471,399

 
 

Stock-based compensation

49,725

   

42,536

   

45,625

   

92,261

   

83,948

 
 

Amortization of debt issuance costs and debt discounts and premiums

3,362

   

4,099

   

4,130

   

7,461

   

15,710

 
 

Loss on debt extinguishment

19,215

   

21,491

   

16,444

   

40,706

   

19,947

 
 

Other items

2,322

   

8,888

   

3,775

   

11,210

   

12,155

 
 

Changes in operating assets and liabilities:

 

Accounts receivable

32,834

   

(71,275)

   

(112,236)

   

(38,441)

   

(151,900)

 
 

Income taxes, net

(7,485)

   

(15,381)

   

(13,290)

   

(22,866)

   

(33,927)

 
 

Accounts payable and accrued expenses

10,818

   

(35,143)

   

81,585

   

(24,325)

   

16,171

 
 

Other assets and liabilities

51,491

   

(23,667)

   

(17,751)

   

27,824

   

32,474

 

Net cash provided by operating activities

538,728

   

300,907

   

306,473

   

839,635

   

553,844

 

Cash flows from investing activities:

                 
 

Purchases, sales and maturities of investments, net

13,240

   

(497)

   

10,303

   

12,743

   

3,199

 
 

Business acquisitions, net of cash and restricted cash acquired

(830,993)

   

   

(3,593,613)

   

(830,993)

   

(3,629,654)

 
 

Purchases of real estate

(27,082)

   

(14,700)

   

(6,841)

   

(41,782)

   

(48,580)

 
 

Purchases of other property, plant and equipment

(520,239)

   

(349,729)

   

(348,572)

   

(869,968)

   

(625,814)

 
 

Proceeds from asset sales

   

   

   

   

47,767

 

Net cash used in investing activities

(1,365,074)

   

(364,926)

   

(3,938,723)

   

(1,730,000)

   

(4,253,082)

 

Cash flows from financing activities:

                 
 

Proceeds from employee equity awards

13

   

25,847

   

45

   

25,860

   

20,119

 
 

Payment of dividend distributions

(181,760)

   

(186,999)

   

(156,290)

   

(368,759)

   

(304,373)

 
 

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

7,622

   

   

83

   

7,622

   

2,126,341

 
 

Proceeds from loans payable

   

   

   

   

1,059,800

 
 

Proceeds from senior notes

   

929,850

   

   

929,850

   

1,250,000

 
 

Repayment of capital lease and other financing obligations

(14,069)

   

(55,787)

   

(27,864)

   

(69,856)

   

(44,460)

 
 

Repayment of mortgage and loans payable

(18,816)

   

(6,599)

   

(20,795)

   

(25,415)

   

(42,305)

 
 

Debt extinguishment costs

148

   

(20,704)

   

(8,122)

   

(20,556)

   

(11,254)

 
 

Debt issuance costs

   

(11,583)

   

46

   

(11,583)

   

(40,619)

 
 

Other financing activities

580

   

   

   

580

   

(900)

 

Net cash provided by (used in) financing activities

(206,282)

   

674,025

   

(212,897)

   

467,743

   

4,012,349

 

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

(33,743)

   

7,903

   

5,327

   

(25,840)

   

16,868

 

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

(1,066,371)

   

617,909

   

(3,839,820)

   

(448,462)

   

329,979

 

Cash, cash equivalents and restricted cash at beginning of period

2,068,610

   

1,450,701

   

4,943,046

   

1,450,701

   

773,247

 

Cash, cash equivalents and restricted cash at end of period

$

1,002,239

   

$

2,068,610

   

$

1,103,226

   

$

1,002,239

   

$

1,103,226

 

Supplemental cash flow information:

                 

Cash paid for taxes

$

17,681

   

$

31,761

   

$

16,269

   

$

49,442

   

$

45,821

 

Cash paid for interest

$

115,071

   

$

107,057

   

$

97,960

   

$

222,128

   

$

213,394

 
                     

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

$

(839,586)

   

$

(63,522)

   

$

(3,642,553)

   

$

(903,108)

   

$

(3,702,437)

 
                     

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

$

18,489

   

$

(48,822)

   

$

(42,099)

   

$

(30,333)

   

$

(24,203)

 
                     
                     
                     

(1)

We define 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

$

538,728

   

$

300,907

   

$

306,473

   

$

839,635

   

$

553,844

 
 

Net cash used in investing activities as presented above

(1,365,074)

   

(364,926)

   

(3,938,723)

   

(1,730,000)

   

(4,253,082)

 
 

Purchases, sales and maturities of investments, net

(13,240)

   

497

   

(10,303)

   

(12,743)

   

(3,199)

 
 

Negative free cash flow

$

(839,586)

   

$

(63,522)

   

$

(3,642,553)

   

$

(903,108)

   

$

(3,702,437)

 
                     

(2)

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

 

Free cash flow (as defined above)

$

(839,586)

   

$

(63,522)

   

$

(3,642,553)

   

$

(903,108)

   

$

(3,702,437)

 
 

Less business acquisitions, net of cash and restricted cash acquired

830,993

   

   

3,593,613

   

830,993

   

3,629,654

 
 

Less purchases of real estate

27,082

   

14,700

   

6,841

   

41,782

   

48,580

 
 

Adjusted free cash flow (adjusted negative free cash flow)

$

18,489

   

$

(48,822)

   

$

(42,099)

   

$

(30,333)

   

$

(24,203)

 
                     

 

EQUINIX, INC.

Non-GAAP Measures and Other Supplemental Data

(in thousands)

(unaudited)

 
   

Three Months Ended

 

Six Months Ended

   

June 30,
2018

 

March 31,
2018

 

June 30,
2017

 

June 30,
2018

 

June 30,
2017

 

Recurring revenues

$

1,187,749

   

$

1,150,629

   

$

1,010,048

   

$

2,338,378

   

$

1,908,488

 
 

Non-recurring revenues

74,194

   

65,248

   

56,373

   

139,442

   

107,458

 
 

Revenues (1)

1,261,943

   

1,215,877

   

1,066,421

   

2,477,820

   

2,015,946

 
                     
 

Cash cost of revenues (2)

421,733

   

395,522

   

344,469

   

817,255

   

648,009

 
 

Cash gross profit (3)

840,210

   

820,355

   

721,952

   

1,660,565

   

1,367,937

 
                     
 

Cash operating expenses (4) (7):

                 
 

Cash sales and marketing expenses (5)

91,468

   

98,069

   

89,616

   

189,537

   

189,477

 
 

Cash general and administrative expenses (6)

144,738

   

142,771

   

123,028

   

287,509

   

241,578

 
 

Total cash operating expenses (4) (7)

236,206

   

240,840

   

212,644

   

477,046

   

431,055

 
                     
 

Adjusted EBITDA (8)

$

604,004

   

$

579,515

   

$

509,308

   

$

1,183,519

   

$

936,882

 
                     
 

Cash gross margins (9)

67

%

 

67

%

 

68

%

 

67

%

 

68

%

                     
 

Adjusted EBITDA margins (10)

48

%

 

48

%

 

48

%

 

48

%

 

46

%

                     
 

Adjusted EBITDA flow-through rate (11)

53

%

 

94

%

 

70

%

 

55

%

 

54

%

                     
 

FFO (12)

$

289,525

   

$

290,755

   

$

219,760

   

$

580,280

   

$

420,626

 
                     
 

AFFO (13) (14)

$

428,126

   

$

414,576

   

$

360,114

   

$

842,702

   

$

664,224

 
                     
                     

(1)

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

       
                     
 

Americas Revenues:

                 
                     
 

Colocation

$

433,895

   

$

427,125

   

$

374,764

   

$

861,020

   

$

674,037

 
 

Interconnection

131,720

   

129,253

   

116,248

   

260,973

   

217,098

 
 

Managed infrastructure

18,292

   

18,535

   

17,005

   

36,827

   

32,066

 
 

Other

4,980

   

1,079

   

1,903

   

6,059

   

2,822

 
 

Recurring revenues

588,887

   

575,992

   

509,920

   

1,164,879

   

926,023

 
 

Non-recurring revenues

29,388

   

26,635

   

23,688

   

56,023

   

44,032

 
 

Revenues

$

618,275

   

$

602,627

   

$

533,608

   

$

1,220,902

   

$

970,055

 
                     
                     
 

EMEA Revenues:

                 
                     
 

Colocation

$

293,518

   

$

288,061

   

$

259,684

   

$

581,579

   

$

512,938

 
 

Interconnection

33,969

   

34,977

   

23,655

   

68,946

   

46,006

 
 

Managed infrastructure

29,731

   

30,686

   

19,205

   

60,417

   

36,877

 
 

Other

2,364

   

1,766

   

2,037

   

4,130

   

5,367

 
 

Recurring revenues

359,582

   

355,490

   

304,581

   

715,072

   

601,188

 
 

Non-recurring revenues

23,586

   

24,140

   

18,363

   

47,726

   

36,603

 
 

Revenues

$

383,168

   

$

379,630

   

$

322,944

   

$

762,798

   

$

637,791

 
                     
 

Asia-Pacific Revenues:

                 
                     
 

Colocation

$

186,172

   

$

166,198

   

$

147,783

   

$

352,370

   

$

286,778

 
 

Interconnection

31,924

   

30,769

   

25,781

   

62,693

   

50,640

 
 

Managed infrastructure

21,184

   

22,180

   

21,983

   

43,364

   

43,859

 
 

Recurring revenues

239,280

   

219,147

   

195,547

   

458,427

   

381,277

 
 

Non-recurring revenues

21,220

   

14,473

   

14,322

   

35,693

   

26,823

 
 

Revenues

$

260,500

   

$

233,620

   

$

209,869

   

$

494,120

   

$

408,100

 
                     
 

Worldwide Revenues:

                 
                     
 

Colocation

$

913,585

   

$

881,384

   

$

782,231

   

$

1,794,969

   

$

1,473,753

 
 

Interconnection

197,613

   

194,999

   

165,684

   

392,612

   

313,744

 
 

Managed infrastructure

69,207

   

71,401

   

58,193

   

140,608

   

112,802

 
 

Other

7,344

   

2,845

   

3,940

   

10,189

   

8,189

 
 

Recurring revenues

1,187,749

   

1,150,629

   

1,010,048

   

2,338,378

   

1,908,488

 
 

Non-recurring revenues

74,194

   

65,248

   

56,373

   

139,442

   

107,458

 
 

Revenues

$

1,261,943

   

$

1,215,877

   

$

1,066,421

   

$

2,477,820

   

$

2,015,946

 
                     
                     

(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

$

651,801

   

$

622,430

   

$

522,203

   

$

1,274,231

   

$

991,164

 
 

Depreciation, amortization and accretion expense

(225,461)

   

(223,009)

   

(174,556)

   

(448,470)

   

(337,066)

 
 

Stock-based compensation expense

(4,607)

   

(3,899)

   

(3,178)

   

(8,506)

   

(6,089)

 
 

Cash cost of revenues

$

421,733

   

$

395,522

   

$

344,469

   

$

817,255

   

$

648,009

 
                     
 

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

       
                     
 

Americas cash cost of revenues

$

180,057

   

$

164,255

   

$

148,589

   

$

344,312

   

$

261,648

 
 

EMEA cash cost of revenues

155,085

   

152,814

   

124,485

   

307,899

   

246,660

 
 

Asia-Pacific cash cost of revenues

86,591

   

78,453

   

71,395

   

165,044

   

139,701

 
 

Cash cost of revenues

$

421,733

   

$

395,522

   

$

344,469

   

$

817,255

   

$

648,009

 
         
   

(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

$

364,691

   

$

362,933

   

$

332,921

   

$

727,624

   

$

643,247

 
 

Depreciation and amortization expense

(83,367)

   

(83,456)

   

(77,830)

   

(166,823)

   

(134,333)

 
 

Stock-based compensation expense

(45,118)

   

(38,637)

   

(42,447)

   

(83,755)

   

(77,859)

 
 

Cash operating expense

$

236,206

   

$

240,840

   

$

212,644

   

$

477,046

   

$

431,055

 
                     
   

(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

$

154,202

   

$

159,776

   

$

141,566

   

$

313,978

   

$

270,493

 
 

Depreciation and amortization expense

(48,626)

   

(50,001)

   

(38,524)

   

(98,627)

   

(56,618)

 
 

Stock-based compensation expense

(14,108)

   

(11,706)

   

(13,426)

   

(25,814)

   

(24,398)

 
 

Cash sales and marketing expense

$

91,468

   

$

98,069

   

$

89,616

   

$

189,537

   

$

189,477

 
                     
                     

(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

$

210,489

   

$

203,157

   

$

191,355

   

$

413,646

   

$

372,754

 
 

Depreciation and amortization expense

(34,741)

   

(33,455)

   

(39,306)

   

(68,196)

   

(77,715)

 
 

Stock-based compensation expense

(31,010)

   

(26,931)

   

(29,021)

   

(57,941)

   

(53,461)

 
 

Cash general and administrative expense

$

144,738

   

$

142,771

   

$

123,028

   

$

287,509

   

$

241,578

 
                     
   

(7)

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

                     
 

Americas cash SG&A

$

144,263

   

$

146,823

   

$

126,868

   

$

291,086

   

$

251,637

 
 

EMEA cash SG&A

57,268

   

60,638

   

56,837

   

117,906

   

119,955

 
 

Asia-Pacific cash SG&A

34,675

   

33,379

   

28,939

   

68,054

   

59,463

 
 

Cash SG&A

$

236,206

   

$

240,840

   

$

212,644

   

$

477,046

   

$

431,055

 
                     
   

(8)

We define adjusted EBITDA as income from operations excluding depreciation, amortization, accretion, stock-based compensation, restructuring charges, impairment charges, acquisition costs and gain or loss on asset sales as presented below:

                     
 

Income from operations

$

215,038

   

$

225,875

   

$

184,895

   

$

440,913

   

$

352,108

 
 

Depreciation, amortization and accretion expense

308,828

   

306,465

   

252,386

   

615,293

   

471,399

 
 

Stock-based compensation expense

49,725

   

42,536

   

45,625

   

92,261

   

83,948

 
 

Acquisition costs

30,413

   

4,639

   

26,402

   

35,052

   

29,427

 
 

Adjusted EBITDA

$

604,004

   

$

579,515

   

$

509,308

   

$

1,183,519

   

$

936,882

 
                     
 

The geographic split of our adjusted EBITDA is presented below:

       
                     
 

Americas income from operations

$

87,711

   

$

101,736

   

$

75,039

   

$

189,447

   

$

156,149

 
 

Americas depreciation, amortization and accretion expense

160,337

   

158,026

   

124,905

   

318,363

   

213,333

 
 

Americas stock-based compensation expense

35,104

   

29,877

   

33,771

   

64,981

   

61,545

 
 

Americas acquisition costs

10,803

   

1,910

   

24,436

   

12,713

   

25,743

 
 

Americas adjusted EBITDA

$

293,955

   

$

291,549

   

$

258,151

   

$

585,504

   

$

456,770

 
                     
                     
 

EMEA income from operations

$

73,046

   

$

64,103

   

$

54,927

   

$

137,149

   

$

99,908

 
 

EMEA depreciation, amortization and accretion expense

88,828

   

92,492

   

78,118

   

181,320

   

154,924

 
 

EMEA stock-based compensation expense

8,403

   

7,139

   

6,611

   

15,542

   

12,660

 
 

EMEA acquisition costs

538

   

2,444

   

1,966

   

2,982

   

3,684

 
 

EMEA adjusted EBITDA

$

170,815

   

$

166,178

   

$

141,622

   

$

336,993

   

$

271,176

 
                     
 

Asia-Pacific income from operations

$

54,281

   

$

60,036

   

$

54,929

   

$

114,317

   

$

96,051

 
 

Asia-Pacific depreciation, amortization and accretion expense

59,663

   

55,947

   

49,363

   

115,610

   

103,142

 
 

Asia-Pacific stock-based compensation expense

6,218

   

5,520

   

5,243

   

11,738

   

9,743

 
 

Asia-Pacific acquisition costs

19,072

   

285

   

   

19,357

   

 
 

Asia-Pacific adjusted EBITDA

$

139,234

   

$

121,788

   

$

109,535

   

$

261,022

   

$

208,936

 
                     
           

(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

71

%

 

73

%

 

72

%

 

72

%

 

73

%

 

EMEA cash gross margins

60

%

 

60

%

 

61

%

 

60

%

 

61

%

 

Asia-Pacific cash gross margins

67

%

 

66

%

 

66

%

 

67

%

 

66

%

                     
   

(10)

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

                     
 

Americas adjusted EBITDA margins

48

%

 

48

%

 

48

%

 

48

%

 

47

%

 

EMEA adjusted EBITDA margins

45

%

 

44

%

 

44

%

 

44

%

 

43

%

 

Asia-Pacific adjusted EBITDA margins

53

%

 

52

%

 

52

%

 

53

%

 

51

%

         
   

(11)

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

                     
 

Adjusted EBITDA - current period

$

604,004

   

$

579,515

   

$

509,308

   

$

1,183,519

   

$

936,882

 
 

Less adjusted EBITDA - prior period

(579,515)

   

(564,840)

   

(427,574)

   

(1,115,159)

   

(856,533)

 
 

Adjusted EBITDA growth

$

24,489

   

$

14,675

   

$

81,734

   

$

68,360

   

$

80,349

 
                     
                     
 

Revenues - current period

$

1,261,943

   

$

1,215,877

   

$

1,066,421

   

$

2,477,820

   

$

2,015,946

 
 

Less revenues - prior period

(1,215,877)

   

(1,200,221)

   

(949,525)

   

(2,352,482)

   

(1,867,323)

 
 

Revenue growth

$

46,066

   

$

15,656

   

$

116,896

   

$

125,338

   

$

148,623

 
                     
 

Adjusted EBITDA flow-through rate

53

%

 

94

%

 

70

%

 

55

%

 

54

%

                     
   

(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

$

67,618

   

$

62,894

   

$

45,805

   

$

130,512

   

$

87,867

 
 

Adjustments:

                 
 

Real estate depreciation

221,029

   

222,855

   

175,387

   

443,884

   

334,801

 
 

(Gain) loss on disposition of real estate property

878

   

5,006

   

(1,460)

   

5,884

   

(2,098)

 
 

Adjustments for FFO from unconsolidated joint ventures

   

   

28

   

   

56

 
 

FFO

$

289,525

   

$

290,755

   

$

219,760

   

$

580,280

   

$

420,626

 
                     
   

(13)

AFFO is defined as FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, restructuring charges, impairment charges, acquisition 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

$

289,525

   

$

290,755

   

$

219,760

   

$

580,280

   

$

420,626

 
 

Adjustments:

                 
 

Installation revenue adjustment

840

   

2,159

   

6,939

   

2,999

   

11,614

 
 

Straight-line rent expense adjustment

1,664

   

2,301

   

1,015

   

3,965

   

3,424

 
 

Amortization of deferred financing costs and debt discounts and premiums

3,362

   

4,099

   

4,130

   

7,461

   

15,710

 
 

Contract cost adjustment

(4,384)

   

(3,355)

   

   

(7,739)

   

 
 

Stock-based compensation expense

49,725

   

42,536

   

45,625

   

92,261

   

83,948

 
 

Non-real estate depreciation expense

35,267

   

34,097

   

29,241

   

69,364

   

57,816

 
 

Amortization expense

51,035

   

50,616

   

50,158

   

101,651

   

79,175

 
 

Accretion expense (adjustment)

1,497

   

(1,103)

   

(2,400)

   

394

   

(393)

 
 

Recurring capital expenditures

(42,206)

   

(35,231)

   

(37,869)

   

(77,437)

   

(60,541)

 
 

Loss on debt extinguishment

19,215

   

21,491

   

16,444

   

40,706

   

19,947

 
 

Acquisition costs

30,413

   

4,639

   

26,402

   

35,052

   

29,427

 
 

Income tax expense adjustment

(7,827)

   

1,572

   

674

   

(6,255)

   

3,483

 
 

Adjustments for AFFO from unconsolidated joint ventures

   

   

(5)

   

   

(12)

 
 

AFFO

$

428,126

   

$

414,576

   

$

360,114

   

$

842,702

   

$

664,224

 
                     
                     

(14)

 Following is how we reconcile from adjusted EBITDA to AFFO:

       
         
 

Adjusted EBITDA

$

604,004

   

$

579,515

   

$

509,308

   

$

1,183,519

   

$

936,882

 
 

Adjustments:

                 
 

Interest expense, net of interest income

(130,715)

   

(121,667)

   

(114,605)

   

(252,382)

   

(223,197)

 
 

Amortization of deferred financing costs and debt discounts and premiums

3,362

   

4,099

   

4,130

   

7,461

   

15,710

 
 

Income tax expense

(6,356)

   

(16,759)

   

(9,325)

   

(23,115)

   

(22,718)

 
 

Income tax expense adjustment

(7,827)

   

1,572

   

674

   

(6,255)

   

3,483

 
 

Straight-line rent expense adjustment

1,664

   

2,301

   

1,015

   

3,965

   

3,424

 
 

Contract cost adjustment

(4,384)

   

(3,355)

   

   

(7,739)

   

 
 

Installation revenue adjustment

840

   

2,159

   

6,939

   

2,999

   

11,614

 
 

Recurring capital expenditures

(42,206)

   

(35,231)

   

(37,869)

   

(77,437)

   

(60,541)

 
 

Other income (expense)

8,866

   

(3,064)

   

1,284

   

5,802

   

1,621

 
 

(Gain) loss on disposition of real estate property

878

   

5,006

   

(1,460)

   

5,884

   

(2,098)

 
 

Adjustments for unconsolidated JVs' and non-controlling interests

   

   

23

   

   

44

 
 

AFFO

$

428,126

   

$

414,576

   

$

360,114

   

$

842,702

   

$

664,224

 

 

Equinix.  (PRNewsFoto/Equinix) (PRNewsfoto/Equinix, Inc.)

 

 

SOURCE Equinix, Inc.

Equinix Investor Relations Contacts: Katrina Rymill, (650) 598-6583, krymill@equinix.com, OR Chip Newcom, (650) 598-6262, cnewcom@equinix.com, OR Equinix Media Contact: David Fonkalsrud, (650) 598-6240, dfonkalsrud@equinix.com