|
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
|
|
77-0487526
|
(State of incorporation)
|
|
(I.R.S. Employer Identification No.)
|
|
Title of each class
|
|
Trading symbol
|
|
Name of each exchange on which registered
|
Common Stock, $0.001
|
|
EQIX
|
|
The NASDAQ Stock Market LLC
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
|
|
|
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
|
|
|
|
Emerging growth company
|
☐
|
|
|
Page
No.
|
|
|
||
|
|
|
Item 1.
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
|
||
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
(Unaudited)
|
||||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,613,529
|
|
|
$
|
606,166
|
|
Short-term investments
|
17,219
|
|
|
4,540
|
|
||
Accounts receivable, net of allowance for doubtful accounts of $16,275 and $15,950
|
752,680
|
|
|
630,119
|
|
||
Other current assets
|
251,451
|
|
|
274,857
|
|
||
Assets held for sale
|
353,622
|
|
|
—
|
|
||
Total current assets
|
2,988,501
|
|
|
1,515,682
|
|
||
Property, plant and equipment, net
|
10,992,740
|
|
|
11,026,020
|
|
||
Operating lease right-of-use assets
|
1,468,378
|
|
|
—
|
|
||
Goodwill
|
4,768,880
|
|
|
4,836,388
|
|
||
Intangible assets, net
|
2,204,405
|
|
|
2,333,296
|
|
||
Other assets
|
463,601
|
|
|
533,252
|
|
||
Total assets
|
$
|
22,886,505
|
|
|
$
|
20,244,638
|
|
Liabilities and Stockholders' Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
768,670
|
|
|
$
|
756,692
|
|
Accrued property, plant and equipment
|
344,693
|
|
|
179,412
|
|
||
Current portion of operating lease liabilities
|
140,733
|
|
|
—
|
|
||
Current portion of finance lease liabilities
|
61,094
|
|
|
77,844
|
|
||
Current portion of mortgage and loans payable
|
72,795
|
|
|
73,129
|
|
||
Current portion of senior notes
|
300,929
|
|
|
300,999
|
|
||
Other current liabilities
|
142,461
|
|
|
126,995
|
|
||
Liabilities held for sale
|
53,030
|
|
|
—
|
|
||
Total current liabilities
|
1,884,405
|
|
|
1,515,071
|
|
||
Operating lease liabilities, less current portion
|
1,324,527
|
|
|
—
|
|
||
Finance lease liabilities, less current portion
|
1,140,676
|
|
|
1,441,077
|
|
||
Mortgage and loans payable, less current portion
|
1,267,551
|
|
|
1,310,663
|
|
||
Senior notes, less current portion
|
7,959,467
|
|
|
8,128,785
|
|
||
Other liabilities
|
560,650
|
|
|
629,763
|
|
||
Total liabilities
|
14,137,276
|
|
|
13,025,359
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
||||
Equinix stockholders' equity
|
|
|
|
||||
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 85,213,952 issued and 84,819,158 outstanding in 2019 and 81,119,117 issued and 80,722,258 outstanding in 2018
|
85
|
|
|
81
|
|
||
Additional paid-in capital
|
12,450,614
|
|
|
10,751,313
|
|
||
Treasury stock, at cost; 394,794 shares in 2019 and 396,859 shares in 2018
|
(144,725
|
)
|
|
(145,161
|
)
|
||
Accumulated dividends
|
(3,743,869
|
)
|
|
(3,331,200
|
)
|
||
Accumulated other comprehensive loss
|
(958,443
|
)
|
|
(945,702
|
)
|
||
Retained earnings
|
1,145,580
|
|
|
889,948
|
|
||
Total Equinix stockholders' equity
|
8,749,242
|
|
|
7,219,279
|
|
||
Non-controlling interests
|
(13
|
)
|
|
—
|
|
||
Total stockholders' equity
|
8,749,229
|
|
|
7,219,279
|
|
||
Total liabilities and stockholders' equity
|
$
|
22,886,505
|
|
|
$
|
20,244,638
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Unaudited)
|
||||||||||||||
Revenues
|
$
|
1,384,977
|
|
|
$
|
1,261,943
|
|
|
$
|
2,748,195
|
|
|
$
|
2,477,820
|
|
Costs and operating expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
698,179
|
|
|
651,801
|
|
|
1,380,209
|
|
|
1,274,231
|
|
||||
Sales and marketing
|
159,201
|
|
|
154,202
|
|
|
328,916
|
|
|
313,978
|
|
||||
General and administrative
|
232,656
|
|
|
210,489
|
|
|
447,702
|
|
|
413,646
|
|
||||
Acquisition costs
|
2,774
|
|
|
30,413
|
|
|
5,245
|
|
|
35,052
|
|
||||
Impairment charges
|
386
|
|
|
—
|
|
|
14,834
|
|
|
—
|
|
||||
Total costs and operating expenses
|
1,093,196
|
|
|
1,046,905
|
|
|
2,176,906
|
|
|
2,036,907
|
|
||||
Income from operations
|
291,781
|
|
|
215,038
|
|
|
571,289
|
|
|
440,913
|
|
||||
Interest income
|
7,762
|
|
|
3,958
|
|
|
11,964
|
|
|
8,568
|
|
||||
Interest expense
|
(120,547
|
)
|
|
(134,673
|
)
|
|
(243,393
|
)
|
|
(260,950
|
)
|
||||
Other income
|
12,180
|
|
|
8,866
|
|
|
12,014
|
|
|
5,802
|
|
||||
Loss on debt extinguishment
|
—
|
|
|
(19,215
|
)
|
|
(382
|
)
|
|
(40,706
|
)
|
||||
Income before income taxes
|
191,176
|
|
|
73,974
|
|
|
351,492
|
|
|
153,627
|
|
||||
Income tax expense
|
(47,324
|
)
|
|
(6,356
|
)
|
|
(89,893
|
)
|
|
(23,115
|
)
|
||||
Net income
|
143,852
|
|
|
67,618
|
|
|
261,599
|
|
|
130,512
|
|
||||
Net (income) loss attributable to non-controlling interests
|
(325
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Net income attributable to Equinix
|
$
|
143,527
|
|
|
$
|
67,618
|
|
|
$
|
261,605
|
|
|
$
|
130,512
|
|
Earnings per share ("EPS") attributable to Equinix:
|
|
|
|
|
|
|
|
||||||||
Basic EPS
|
$
|
1.70
|
|
|
$
|
0.85
|
|
|
$
|
3.15
|
|
|
$
|
1.64
|
|
Weighted-average shares for basic EPS
|
84,399
|
|
|
79,479
|
|
|
83,114
|
|
|
79,361
|
|
||||
Diluted EPS
|
$
|
1.69
|
|
|
$
|
0.85
|
|
|
$
|
3.13
|
|
|
$
|
1.64
|
|
Weighted-average shares for diluted EPS
|
84,767
|
|
|
79,752
|
|
|
83,471
|
|
|
79,746
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Unaudited)
|
||||||||||||||
Net income
|
$
|
143,852
|
|
|
$
|
67,618
|
|
|
$
|
261,599
|
|
|
$
|
130,512
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $(585), $5,985, $(595) and $5,985
|
25,127
|
|
|
(421,233
|
)
|
|
(56,592
|
)
|
|
(275,382
|
)
|
||||
Net investment hedge CTA gain (loss), net of tax effect of $0, $0, $10 and $1,637
|
(37,857
|
)
|
|
226,115
|
|
|
38,993
|
|
|
153,480
|
|
||||
Unrealized gain (loss) on cash flow hedges, net of tax effects of $650, $(11,758), $(2,091) and $(10,398)
|
(3,355
|
)
|
|
35,280
|
|
|
4,869
|
|
|
31,200
|
|
||||
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $2, $(4), $1 and $(10)
|
(7
|
)
|
|
13
|
|
|
(18
|
)
|
|
21
|
|
||||
Total other comprehensive loss, net of tax
|
(16,092
|
)
|
|
(159,825
|
)
|
|
(12,748
|
)
|
|
(90,681
|
)
|
||||
Comprehensive income (loss), net of tax
|
127,760
|
|
|
(92,207
|
)
|
|
248,851
|
|
|
39,831
|
|
||||
Net (income) loss attributable to non-controlling interests
|
(325
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Other comprehensive loss attributable to non-controlling interests
|
14
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||
Comprehensive income (loss) attributable to Equinix
|
$
|
127,449
|
|
|
$
|
(92,207
|
)
|
|
$
|
248,864
|
|
|
$
|
39,831
|
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
261,599
|
|
|
$
|
130,512
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
533,650
|
|
|
513,248
|
|
||
Stock-based compensation
|
110,542
|
|
|
92,261
|
|
||
Amortization of intangible assets
|
98,752
|
|
|
101,651
|
|
||
Amortization of debt issuance costs and debt discounts and premiums
|
6,233
|
|
|
7,461
|
|
||
Provision for allowance for doubtful accounts
|
7,097
|
|
|
3,606
|
|
||
Impairment charges
|
14,834
|
|
|
—
|
|
||
Loss on debt extinguishment
|
382
|
|
|
40,706
|
|
||
Other items
|
8,725
|
|
|
7,998
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(126,720
|
)
|
|
(38,441
|
)
|
||
Income taxes, net
|
30,662
|
|
|
(22,866
|
)
|
||
Other assets
|
(5,724
|
)
|
|
3,536
|
|
||
Operating lease right-of-use assets
|
78,483
|
|
|
—
|
|
||
Operating lease liabilities
|
(73,805
|
)
|
|
—
|
|
||
Accounts payable and accrued expenses
|
(3,987
|
)
|
|
(24,325
|
)
|
||
Other liabilities
|
23,341
|
|
|
24,288
|
|
||
Net cash provided by operating activities
|
964,064
|
|
|
839,635
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of investments
|
(20,787
|
)
|
|
(54,421
|
)
|
||
Sales of investments
|
8,945
|
|
|
67,164
|
|
||
Business acquisitions, net of cash and restricted cash acquired
|
(34,143
|
)
|
|
(830,993
|
)
|
||
Purchases of real estate
|
(47,436
|
)
|
|
(41,782
|
)
|
||
Purchases of other property, plant and equipment
|
(808,138
|
)
|
|
(869,968
|
)
|
||
Net cash used in investing activities
|
(901,559
|
)
|
|
(1,730,000
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from employee equity awards
|
27,593
|
|
|
25,860
|
|
||
Payment of dividends and special distribution
|
(413,052
|
)
|
|
(368,759
|
)
|
||
Proceeds from public offering of common stock, net of issuance costs
|
1,561,555
|
|
|
7,622
|
|
||
Proceeds from senior notes
|
—
|
|
|
929,850
|
|
||
Repayments of finance lease liabilities
|
(43,112
|
)
|
|
(69,856
|
)
|
||
Repayments of mortgage and loans payable
|
(36,212
|
)
|
|
(25,415
|
)
|
||
Repayment of senior notes
|
(150,000
|
)
|
|
—
|
|
||
Debt extinguishment costs
|
—
|
|
|
(20,556
|
)
|
||
Debt issuance costs
|
—
|
|
|
(11,583
|
)
|
||
Other financing activities
|
—
|
|
|
580
|
|
||
Net cash provided by financing activities
|
946,772
|
|
|
467,743
|
|
||
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
|
411
|
|
|
(25,840
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
1,009,688
|
|
|
(448,462
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
627,604
|
|
|
1,450,701
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
1,637,292
|
|
|
$
|
1,002,239
|
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,613,529
|
|
|
$
|
966,308
|
|
Current portion of restricted cash included in other current assets
|
13,673
|
|
|
25,277
|
|
||
Non-current portion of restricted cash included in other assets
|
10,090
|
|
|
10,654
|
|
||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows
|
$
|
1,637,292
|
|
|
$
|
1,002,239
|
|
1.
|
Basis of Presentation and Significant Accounting Policies
|
Balance Sheet
|
|
Balances at December 31, 2018
|
|
Adjustments due to adoption of Topic 842
|
|
Balances at January 1, 2019
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Other current assets
|
|
$
|
274,857
|
|
|
$
|
(15,949
|
)
|
|
$
|
258,908
|
|
Property, plant and equipment, net
|
|
11,026,020
|
|
|
(293,111
|
)
|
|
10,732,909
|
|
|||
Operating lease right-of-use assets
|
|
—
|
|
|
1,468,762
|
|
|
1,468,762
|
|
|||
Intangible assets, net
|
|
2,333,296
|
|
|
(23,205
|
)
|
|
2,310,091
|
|
|||
Other assets
|
|
533,252
|
|
|
(63,468
|
)
|
|
469,784
|
|
|||
Liabilities
|
|
|
|
|
|
|
||||||
Current portion of operating lease liabilities
|
|
—
|
|
|
144,405
|
|
|
144,405
|
|
|||
Current portion of finance lease liabilities
|
|
—
|
|
|
70,795
|
|
|
70,795
|
|
|||
Current portion of capital lease and other financing obligations
|
|
77,844
|
|
|
(77,844
|
)
|
|
—
|
|
|||
Other current liabilities
|
|
126,995
|
|
|
(6,455
|
)
|
|
120,540
|
|
|||
Operating lease liabilities, less current portion
|
|
—
|
|
|
1,312,262
|
|
|
1,312,262
|
|
|||
Finance lease liabilities, less current portion
|
|
—
|
|
|
1,165,188
|
|
|
1,165,188
|
|
|||
Capital lease and other financing obligations, less current portion
|
|
1,441,077
|
|
|
(1,441,077
|
)
|
|
—
|
|
|||
Other liabilities
|
|
629,763
|
|
|
(88,272
|
)
|
|
541,491
|
|
|||
Equity
|
|
|
|
|
|
|
||||||
Retained Earnings
|
|
889,948
|
|
|
(5,973
|
)
|
|
883,975
|
|
2.
|
Revenue
|
|
Accounts receivable, net
|
|
Contract asset, current
|
|
Contract asset, non-current
|
|
Deferred revenue, current
|
|
Deferred revenue, non-current
|
||||||||||
Beginning balances as of January 1, 2019
|
$
|
630,119
|
|
|
$
|
9,778
|
|
|
$
|
16,396
|
|
|
$
|
73,142
|
|
|
$
|
46,641
|
|
Closing balances as of June 30, 2019
|
752,680
|
|
|
9,346
|
|
|
18,883
|
|
|
77,026
|
|
|
46,517
|
|
|||||
Increase/(decrease)
|
$
|
122,561
|
|
|
$
|
(432
|
)
|
|
$
|
2,487
|
|
|
$
|
3,884
|
|
|
$
|
(124
|
)
|
3.
|
Earnings Per Share
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
143,852
|
|
|
$
|
67,618
|
|
|
$
|
261,599
|
|
|
$
|
130,512
|
|
Net (income) loss attributable to non-controlling interests
|
(325
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Net income attributable to Equinix
|
$
|
143,527
|
|
|
$
|
67,618
|
|
|
$
|
261,605
|
|
|
$
|
130,512
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares used to calculate basic EPS
|
84,399
|
|
|
79,479
|
|
|
83,114
|
|
|
79,361
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Employee equity awards
|
368
|
|
|
273
|
|
|
357
|
|
|
385
|
|
||||
Weighted-average shares used to calculate diluted EPS
|
84,767
|
|
|
79,752
|
|
|
83,471
|
|
|
79,746
|
|
||||
|
|
|
|
|
|
|
|
||||||||
EPS attributable to Equinix:
|
|
|
|
|
|
|
|
||||||||
Basic EPS
|
$
|
1.70
|
|
|
$
|
0.85
|
|
|
$
|
3.15
|
|
|
$
|
1.64
|
|
Diluted EPS
|
$
|
1.69
|
|
|
$
|
0.85
|
|
|
$
|
3.13
|
|
|
$
|
1.64
|
|
4.
|
Acquisitions
|
|
Metronode
|
|
Infomart Dallas
|
||||
Cash and cash equivalents
|
$
|
3,206
|
|
|
$
|
17,432
|
|
Accounts receivable
|
8,318
|
|
|
637
|
|
||
Other current assets
|
9,421
|
|
|
395
|
|
||
Property, plant, and equipment
|
297,092
|
|
|
362,023
|
|
||
Intangible assets
|
128,229
|
|
|
65,847
|
|
||
Goodwill
|
410,188
|
|
|
197,378
|
|
||
Other assets (1)
|
44,373
|
|
|
—
|
|
||
Total assets acquired
|
900,827
|
|
|
643,712
|
|
||
Accounts payable and accrued liabilities
|
(17,104
|
)
|
|
(5,056
|
)
|
||
Other current liabilities
|
(2,038
|
)
|
|
(2,141
|
)
|
||
Deferred tax liabilities
|
(31,281
|
)
|
|
—
|
|
||
Other liabilities (1)
|
(45,851
|
)
|
|
(4,723
|
)
|
||
Net assets acquired
|
$
|
804,553
|
|
|
$
|
631,792
|
|
|
(1)
|
In connection with the Metronode Acquisition, the Company recorded indemnification assets of $44.4 million, which represented the seller's obligation under the purchase agreement to reimburse pre-acquisition tax liabilities settled after the acquisition.
|
Intangible Assets
|
|
Fair Value
|
|
Estimated Useful Lives (Years)
|
|
Weighted-average Estimated Useful Lives (Years)
|
||
Customer relationships (Metronode)
|
|
$
|
128,229
|
|
|
20.0
|
|
20.0
|
Customer relationships (Infomart Dallas)
|
|
35,860
|
|
|
20.0
|
|
20.0
|
|
In-place leases (Infomart Dallas)
|
|
19,960
|
|
|
3.6 - 7.5
|
|
6.8
|
|
Trade names (Infomart Dallas)
|
|
9,552
|
|
|
20.0
|
|
20.0
|
|
Favorable leases (Infomart Dallas)
|
|
475
|
|
|
3.6 - 7.5
|
|
7.0
|
5.
|
Assets Held for Sale
|
Property, plant and equipment
|
$
|
264,807
|
|
Operating lease right-of-use assets
|
9,557
|
|
|
Goodwill
|
68,499
|
|
|
Intangible assets
|
2,669
|
|
|
Deferred tax assets
|
1,557
|
|
|
Other assets
|
6,533
|
|
|
Total assets held for sale
|
$
|
353,622
|
|
|
|
||
Current portion of operating lease liabilities
|
$
|
667
|
|
Current portion of finance lease liabilities
|
112
|
|
|
Operating lease liabilities, less current portion
|
9,224
|
|
|
Finance lease liabilities, less current portion
|
41,709
|
|
|
Deferred tax liabilities
|
335
|
|
|
Other liabilities
|
983
|
|
|
Total liabilities held for sale
|
$
|
53,030
|
|
6.
|
Derivatives and Hedging Activities
|
Amount of gain or (loss) recognized in accumulated other comprehensive income:
|
|
|
|
|
|||||||||||||
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign currency debt
|
|
$
|
(34,309
|
)
|
|
$
|
226,115
|
|
|
$
|
29,606
|
|
|
$
|
151,843
|
|
|
Cross-currency interest rate swaps (included component) (1)
|
|
(9,689
|
)
|
|
—
|
|
|
5,826
|
|
|
—
|
|
|||||
Cross-currency interest rate swaps (excluded component) (2)
|
|
6,141
|
|
|
—
|
|
|
3,551
|
|
|
—
|
|
|||||
Total
|
|
$
|
(37,857
|
)
|
|
$
|
226,115
|
|
|
$
|
38,983
|
|
|
$
|
151,843
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Amount of gain or (loss) recognized in earnings:
|
|
|
|
|
|||||||||||||
|
Location of gain or (loss)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Cross-currency interest rate swaps (excluded component) (2)
|
Interest expense
|
|
$
|
4,928
|
|
|
$
|
—
|
|
|
$
|
9,091
|
|
|
$
|
—
|
|
Total
|
|
|
$
|
4,928
|
|
|
$
|
—
|
|
|
$
|
9,091
|
|
|
$
|
—
|
|
|
(1)
|
Included component represents foreign exchange spot rates.
|
(2)
|
Excluded component represents cross-currency basis spread and interest rates.
|
Amount of gain or (loss) recognized in accumulated other comprehensive income:
|
|
|
|
|
|||||||||||||
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign currency forward and option contracts (included component) (1)
|
|
$
|
(2,599
|
)
|
|
$
|
47,031
|
|
|
$
|
8,366
|
|
|
$
|
41,590
|
|
|
Foreign currency option contracts (excluded component) (2)
|
|
(1,405
|
)
|
|
—
|
|
|
(1,405
|
)
|
|
—
|
|
|||||
Total
|
|
$
|
(4,004
|
)
|
|
$
|
47,031
|
|
|
$
|
6,961
|
|
|
$
|
41,590
|
|
|
|
|||||||||||||||||
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
|
|||||||||||||||||
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
Location of gain or (loss)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign currency forward contracts
|
Revenues
|
|
$
|
18,684
|
|
|
$
|
(12,904
|
)
|
|
$
|
28,545
|
|
|
$
|
(31,319
|
)
|
Foreign currency forward contracts
|
Cost of revenues
|
|
(9,745
|
)
|
|
6,778
|
|
|
(15,074
|
)
|
|
16,101
|
|
||||
Total
|
|
|
$
|
8,939
|
|
|
$
|
(6,126
|
)
|
|
$
|
13,471
|
|
|
$
|
(15,218
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Amount of gain or (loss) excluded from effectiveness testing included in income:
|
|||||||||||||||||
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
Location of gain or (loss)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign currency forward contracts
|
Other income (expense)
|
|
$
|
—
|
|
|
$
|
4,777
|
|
|
$
|
88
|
|
|
$
|
6,430
|
|
Foreign currency option contracts (excluded component) (2)
|
Revenues
|
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
||||
Total
|
|
|
$
|
(17
|
)
|
|
$
|
4,777
|
|
|
$
|
71
|
|
|
$
|
6,430
|
|
|
(1)
|
Included component represents foreign exchange spot rates.
|
(2)
|
Excluded component represents option's time value.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Assets (1)
|
|
Liabilities (2)
|
|
Assets (1)
|
|
Liabilities (2)
|
||||||||
Designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward and option contracts
|
$
|
42,781
|
|
|
$
|
187
|
|
|
$
|
38,606
|
|
|
$
|
865
|
|
Net investment hedges
|
|
|
|
|
|
|
|
||||||||
Cross-currency interest rate swaps
|
9,377
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total designated as hedging
|
52,158
|
|
|
187
|
|
|
38,606
|
|
|
865
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Embedded derivatives
|
4,947
|
|
|
1,943
|
|
|
4,656
|
|
|
2,426
|
|
||||
Economic hedges of embedded derivatives
|
1,873
|
|
|
19
|
|
|
525
|
|
|
180
|
|
||||
Foreign currency forward contracts
|
4,021
|
|
|
23,979
|
|
|
29,287
|
|
|
6,269
|
|
||||
Total not designated as hedging
|
10,841
|
|
|
25,941
|
|
|
34,468
|
|
|
8,875
|
|
||||
Total Derivatives
|
$
|
62,999
|
|
|
$
|
26,128
|
|
|
$
|
73,074
|
|
|
$
|
9,740
|
|
|
(1)
|
As presented in the Company's condensed consolidated balance sheets within other current assets and other assets.
|
(2)
|
As presented in the Company's condensed consolidated balance sheets within other current liabilities and other liabilities.
|
|
Gross Amounts Offset in
Consolidated Balance Sheet
|
|
|
|
|
||||||||||||||
|
Gross Amounts
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Net Amounts
|
|
Gross Amounts not Offset in the Balance Sheet
|
|
Net
|
||||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative assets
|
$
|
80,919
|
|
|
$
|
—
|
|
|
$
|
80,919
|
|
|
$
|
(32,248
|
)
|
|
$
|
48,671
|
|
Derivative liabilities
|
35,931
|
|
|
—
|
|
|
35,931
|
|
|
(32,248
|
)
|
|
3,683
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative assets
|
$
|
73,074
|
|
|
$
|
—
|
|
|
$
|
73,074
|
|
|
$
|
(6,517
|
)
|
|
$
|
66,557
|
|
Derivative liabilities
|
9,740
|
|
|
—
|
|
|
9,740
|
|
|
(6,517
|
)
|
|
3,223
|
|
7.
|
Fair Value Measurements
|
|
Fair Value at
June 30, 2019 |
|
Fair Value
Measurement Using
|
||||||||
|
Level 1
|
|
Level 2
|
||||||||
Assets:
|
|
|
|
|
|
||||||
Cash
|
$
|
1,039,871
|
|
|
$
|
1,039,871
|
|
|
$
|
—
|
|
Money market and deposit accounts
|
573,658
|
|
|
573,658
|
|
|
—
|
|
|||
Publicly traded equity securities
|
2,215
|
|
|
2,215
|
|
|
—
|
|
|||
Certificates of deposit
|
15,004
|
|
|
—
|
|
|
15,004
|
|
|||
Derivative instruments (1)
|
62,999
|
|
|
—
|
|
|
62,999
|
|
|||
Total
|
$
|
1,693,747
|
|
|
$
|
1,615,744
|
|
|
$
|
78,003
|
|
Liabilities:
|
|
|
|
|
|
||||||
Derivative instruments (1)
|
$
|
26,128
|
|
|
$
|
—
|
|
|
$
|
26,128
|
|
|
(1)
|
Amounts are included within other current assets, other assets, others current liabilities and other liabilities in the Company's accompanying condensed consolidated balance sheet.
|
|
Fair Value at
December 31, 2018 |
|
Fair Value
Measurement Using
|
||||||||
|
Level 1
|
|
Level 2
|
||||||||
Assets:
|
|
|
|
|
|
||||||
Cash
|
$
|
486,648
|
|
|
$
|
486,648
|
|
|
$
|
—
|
|
Money market and deposit accounts
|
119,518
|
|
|
119,518
|
|
|
—
|
|
|||
Publicly traded equity securities
|
1,717
|
|
|
1,717
|
|
|
—
|
|
|||
Certificates of deposit
|
2,823
|
|
|
—
|
|
|
2,823
|
|
|||
Derivative instruments (1)
|
73,074
|
|
|
—
|
|
|
73,074
|
|
|||
Total
|
$
|
683,780
|
|
|
$
|
607,883
|
|
|
$
|
75,897
|
|
Liabilities:
|
|
|
|
|
|
||||||
Derivative instruments (1)
|
$
|
9,740
|
|
|
$
|
—
|
|
|
$
|
9,740
|
|
|
(1)
|
Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the Company's accompanying condensed consolidated balance sheet.
|
8.
|
Leases
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended
June 30, 2019 |
||||
Finance lease cost
|
|
|
|
||||
Amortization of right-of-use assets (1)
|
$
|
19,811
|
|
|
$
|
39,897
|
|
Interest on lease liabilities
|
27,111
|
|
|
54,634
|
|
||
Total finance lease cost
|
46,922
|
|
|
94,531
|
|
||
|
|
|
|
||||
Operating lease cost
|
54,920
|
|
|
106,559
|
|
||
Total lease cost
|
$
|
101,842
|
|
|
$
|
201,090
|
|
|
|
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
2019 (6 months remaining)
|
$
|
93,232
|
|
|
$
|
76,153
|
|
|
$
|
169,385
|
|
2020
|
198,629
|
|
|
157,700
|
|
|
356,329
|
|
|||
2021
|
185,623
|
|
|
156,656
|
|
|
342,279
|
|
|||
2022
|
178,060
|
|
|
157,284
|
|
|
335,344
|
|
|||
2023
|
163,424
|
|
|
158,137
|
|
|
321,561
|
|
|||
Thereafter
|
1,184,006
|
|
|
1,563,362
|
|
|
2,747,368
|
|
|||
Total lease payments
|
2,002,974
|
|
|
2,269,292
|
|
|
4,272,266
|
|
|||
Plus amount representing residual property value
|
—
|
|
|
19,027
|
|
|
19,027
|
|
|||
Less imputed interest
|
(537,714
|
)
|
|
(1,086,549
|
)
|
|
(1,624,263
|
)
|
|||
Total
|
$
|
1,465,260
|
|
|
$
|
1,201,770
|
|
|
$
|
2,667,030
|
|
|
Capital Lease
Obligations
|
|
Other
Financing
Obligations (1)
|
|
Total Capital Lease and Other Financing Obligations
|
|
Operating Leases
|
||||||||
2019
|
$
|
103,859
|
|
|
$
|
80,292
|
|
|
$
|
184,151
|
|
|
$
|
187,280
|
|
2020
|
97,326
|
|
|
73,266
|
|
|
170,592
|
|
|
179,515
|
|
||||
2021
|
95,414
|
|
|
73,672
|
|
|
169,086
|
|
|
166,159
|
|
||||
2022
|
94,954
|
|
|
73,856
|
|
|
168,810
|
|
|
158,115
|
|
||||
2023
|
95,463
|
|
|
69,423
|
|
|
164,886
|
|
|
147,677
|
|
||||
Thereafter
|
878,755
|
|
|
722,496
|
|
|
1,601,251
|
|
|
1,130,494
|
|
||||
Total minimum lease payments
|
1,365,771
|
|
|
1,093,005
|
|
|
2,458,776
|
|
|
1,969,240
|
|
||||
Plus amount representing residual property value
|
—
|
|
|
389,643
|
|
|
389,643
|
|
|
—
|
|
||||
Less amount representing interest
|
(602,026
|
)
|
|
(727,472
|
)
|
|
(1,329,498
|
)
|
|
—
|
|
||||
Present value of net minimum lease payments
|
763,745
|
|
|
755,176
|
|
|
1,518,921
|
|
|
1,969,240
|
|
||||
Less current portion
|
(43,498
|
)
|
|
(34,346
|
)
|
|
(77,844
|
)
|
|
—
|
|
||||
Total
|
$
|
720,247
|
|
|
$
|
720,830
|
|
|
$
|
1,441,077
|
|
|
$
|
1,969,240
|
|
|
9.
|
Debt Facilities
|
|
June 30,
2019 |
|
December 31, 2018
|
||||
Term loans
|
$
|
1,301,849
|
|
|
$
|
1,344,482
|
|
Mortgage payable and loans payable
|
42,392
|
|
|
44,042
|
|
||
|
1,344,241
|
|
|
1,388,524
|
|
||
Less amount representing unamortized debt discount and debt issuance cost
|
(5,725
|
)
|
|
(6,614
|
)
|
||
Add amount representing unamortized mortgage premium
|
1,830
|
|
|
1,882
|
|
||
|
1,340,346
|
|
|
1,383,792
|
|
||
Less current portion
|
(72,795
|
)
|
|
(73,129
|
)
|
||
Total
|
$
|
1,267,551
|
|
|
$
|
1,310,663
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||
|
Amount
|
|
Effective Rate
|
|
Amount
|
|
Effective Rate
|
||||||
5.000% Infomart Senior Notes (1)
|
$
|
600,000
|
|
|
4.43
|
%
|
|
$
|
750,000
|
|
|
4.40
|
%
|
5.375% Senior Notes due 2022
|
750,000
|
|
|
5.56
|
%
|
|
750,000
|
|
|
5.56
|
%
|
||
5.375% Senior Notes due 2023
|
1,000,000
|
|
|
5.51
|
%
|
|
1,000,000
|
|
|
5.51
|
%
|
||
2.875% Euro Senior Notes due 2024
|
852,600
|
|
|
3.08
|
%
|
|
859,125
|
|
|
3.08
|
%
|
||
5.750% Senior Notes due 2025
|
500,000
|
|
|
5.88
|
%
|
|
500,000
|
|
|
5.88
|
%
|
||
2.875% Euro Senior Notes due 2025
|
1,136,800
|
|
|
3.04
|
%
|
|
1,145,500
|
|
|
3.04
|
%
|
||
5.875% Senior Notes due 2026
|
1,100,000
|
|
|
6.03
|
%
|
|
1,100,000
|
|
|
6.03
|
%
|
||
2.875% Euro Senior Notes due 2026
|
1,136,800
|
|
|
3.04
|
%
|
|
1,145,500
|
|
|
3.04
|
%
|
||
5.375% Senior Notes due 2027
|
1,250,000
|
|
|
5.51
|
%
|
|
1,250,000
|
|
|
5.51
|
%
|
||
|
8,326,200
|
|
|
|
|
8,500,125
|
|
|
|
||||
Less amount representing unamortized debt issuance cost
|
(68,936
|
)
|
|
|
|
(75,372
|
)
|
|
|
||||
Add amount representing unamortized debt premium
|
3,132
|
|
|
|
|
5,031
|
|
|
|
||||
|
8,260,396
|
|
|
|
|
8,429,784
|
|
|
|
||||
Less current portion
|
(300,929
|
)
|
|
|
|
(300,999
|
)
|
|
|
||||
Total
|
$
|
7,959,467
|
|
|
|
|
$
|
8,128,785
|
|
|
|
|
Years ending:
|
|
||
2019 (6 months remaining)
|
$
|
186,592
|
|
2020
|
372,978
|
|
|
2021
|
222,722
|
|
|
2022
|
1,908,801
|
|
|
2023
|
1,002,528
|
|
|
Thereafter
|
5,978,650
|
|
|
Total
|
$
|
9,672,271
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Mortgage and loans payable
|
$
|
1,349,302
|
|
|
$
|
1,389,632
|
|
Senior notes
|
8,710,218
|
|
|
8,422,211
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest expense
|
$
|
120,547
|
|
|
$
|
134,673
|
|
|
$
|
243,393
|
|
|
$
|
260,950
|
|
Interest capitalized
|
5,910
|
|
|
3,484
|
|
|
15,764
|
|
|
6,798
|
|
||||
Interest charges incurred
|
$
|
126,457
|
|
|
$
|
138,157
|
|
|
$
|
259,157
|
|
|
$
|
267,748
|
|
10.
|
Commitments and Contingencies
|
11.
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AOCI (Loss)
|
|
Retained
Earnings
|
|
Equinix
Stockholders'
Equity
|
|
Non-controlling Interests
|
|
Total Stockholders' Equity
|
||||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-in Capital
|
|
Accumulated
Dividends |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balance as of December 31, 2018
|
81,119,117
|
|
|
$
|
81
|
|
|
(396,859
|
)
|
|
$
|
(145,161
|
)
|
|
$
|
10,751,313
|
|
|
$
|
(3,331,200
|
)
|
|
$
|
(945,702
|
)
|
|
$
|
889,948
|
|
|
$
|
7,219,279
|
|
|
$
|
—
|
|
|
$
|
7,219,279
|
|
Adjustment from adoption of new accounting standard update
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,973
|
)
|
|
(5,973
|
)
|
|
—
|
|
|
(5,973
|
)
|
|||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118,078
|
|
|
118,078
|
|
|
(331
|
)
|
|
117,747
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,337
|
|
|
—
|
|
|
3,337
|
|
|
7
|
|
|
3,344
|
|
|||||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
360,464
|
|
|
—
|
|
|
1,706
|
|
|
360
|
|
|
27,233
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,593
|
|
|
—
|
|
|
27,593
|
|
|||||||||
Issuance of common stock for equity offering
|
2,985,575
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1,213,431
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,213,434
|
|
|
—
|
|
|
1,213,434
|
|
|||||||||
Dividend distribution on common stock, $2.46 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(198,933
|
)
|
|
—
|
|
|
—
|
|
|
(198,933
|
)
|
|
—
|
|
|
(198,933
|
)
|
|||||||||
Settlement of accrued dividends on vested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
284
|
|
|
(387
|
)
|
|
—
|
|
|
—
|
|
|
(103
|
)
|
|
—
|
|
|
(103
|
)
|
|||||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,395
|
)
|
|
—
|
|
|
—
|
|
|
(2,395
|
)
|
|
—
|
|
|
(2,395
|
)
|
|||||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,795
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,795
|
|
|
—
|
|
|
50,795
|
|
|||||||||
Balance as of March 31, 2019
|
84,465,156
|
|
|
84
|
|
|
(395,153
|
)
|
|
(144,801
|
)
|
|
12,043,056
|
|
|
(3,532,915
|
)
|
|
(942,365
|
)
|
|
1,002,053
|
|
|
8,425,112
|
|
|
(324
|
)
|
|
8,424,788
|
|
|||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
143,527
|
|
|
143,527
|
|
|
325
|
|
|
143,852
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,078
|
)
|
|
—
|
|
|
(16,078
|
)
|
|
(14
|
)
|
|
(16,092
|
)
|
|||||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
26,435
|
|
|
—
|
|
|
359
|
|
|
76
|
|
|
(76
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Issuance of common stock under ATM Program
|
722,361
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
348,120
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
348,121
|
|
|
—
|
|
|
348,121
|
|
|||||||||
Dividend distribution on common stock, $2.46 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(207,949
|
)
|
|
—
|
|
|
—
|
|
|
(207,949
|
)
|
|
—
|
|
|
(207,949
|
)
|
|||||||||
Settlement of accrued dividends on vested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(21
|
)
|
|||||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,972
|
)
|
|
—
|
|
|
—
|
|
|
(2,972
|
)
|
|
—
|
|
|
(2,972
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AOCI (Loss)
|
|
Retained
Earnings
|
|
Equinix
Stockholders'
Equity
|
|
Non-controlling Interests
|
|
Total Stockholders' Equity
|
||||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-in Capital
|
|
Accumulated
Dividends |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,502
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,502
|
|
|
—
|
|
|
59,502
|
|
|||||||||
Balance as of June 30, 2019
|
85,213,952
|
|
|
$
|
85
|
|
|
(394,794
|
)
|
|
$
|
(144,725
|
)
|
|
$
|
12,450,614
|
|
|
$
|
(3,743,869
|
)
|
|
$
|
(958,443
|
)
|
|
$
|
1,145,580
|
|
|
$
|
8,749,242
|
|
|
$
|
(13
|
)
|
|
$
|
8,749,229
|
|
|
|
|
|
|
|
|
|
|
Additional
Paid-in Capital
|
|
Accumulated
Dividends |
|
AOCI (Loss)
|
|
Retained
Earnings |
|
Equinix
Stockholders' Equity |
||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
Balance as of December 31, 2017
|
79,440,404
|
|
|
$
|
79
|
|
|
(402,342
|
)
|
|
$
|
(146,320
|
)
|
|
$
|
10,121,323
|
|
|
$
|
(2,592,792
|
)
|
|
$
|
(785,189
|
)
|
|
$
|
252,689
|
|
|
$
|
6,849,790
|
|
Adjustment from adoption of new accounting standard update
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,124
|
)
|
|
271,900
|
|
|
269,776
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,894
|
|
|
62,894
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69,144
|
|
|
—
|
|
|
69,144
|
|
|||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
416,512
|
|
|
1
|
|
|
2,957
|
|
|
625
|
|
|
25,221
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,847
|
|
|||||||
Dividend distribution on common stock, $2.28 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180,640
|
)
|
|
—
|
|
|
—
|
|
|
(180,640
|
)
|
|||||||
Settlement of accrued dividends on vested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,795
|
|
|
(530
|
)
|
|
—
|
|
|
—
|
|
|
1,265
|
|
|||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,216
|
)
|
|
—
|
|
|
—
|
|
|
(2,216
|
)
|
|||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,691
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,691
|
|
|||||||
Balance as of March 31, 2018
|
79,856,916
|
|
|
80
|
|
|
(399,385
|
)
|
|
(145,695
|
)
|
|
10,193,030
|
|
|
(2,776,178
|
)
|
|
(718,169
|
)
|
|
587,483
|
|
|
7,140,551
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,618
|
|
|
67,618
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(159,825
|
)
|
|
—
|
|
|
(159,825
|
)
|
|||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
31,068
|
|
|
—
|
|
|
297
|
|
|
63
|
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|||||||
Issuance of common stock under ATM Program
|
19,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,202
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,202
|
|
|||||||
Dividend distribution on common stock, $2.28 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(181,207
|
)
|
|
—
|
|
|
—
|
|
|
(181,207
|
)
|
|||||||
Settlement of accrued dividends on vested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
60
|
|
|||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,755
|
)
|
|
—
|
|
|
—
|
|
|
(2,755
|
)
|
|||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,870
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,870
|
|
|||||||
Balance as of June 30, 2018
|
79,907,084
|
|
|
$
|
80
|
|
|
(399,088
|
)
|
|
$
|
(145,632
|
)
|
|
$
|
10,253,155
|
|
|
$
|
(2,960,183
|
)
|
|
$
|
(877,994
|
)
|
|
$
|
655,101
|
|
|
$
|
6,924,527
|
|
|
Balance as of
December 31, 2018 |
|
Net
Change
|
|
Balance as of
June 30, 2019 |
||||||
Foreign currency translation adjustment ("CTA") loss
|
$
|
(998,603
|
)
|
|
$
|
(56,585
|
)
|
|
$
|
(1,055,188
|
)
|
Unrealized gain on cash flow hedges (1)
|
19,480
|
|
|
4,869
|
|
|
24,349
|
|
|||
Net investment hedge CTA gain (1)
|
34,325
|
|
|
38,993
|
|
|
73,318
|
|
|||
Net actuarial loss on defined benefit plans (2)
|
(904
|
)
|
|
(18
|
)
|
|
(922
|
)
|
|||
Accumulated other comprehensive loss attributable to Equinix
|
$
|
(945,702
|
)
|
|
$
|
(12,741
|
)
|
|
$
|
(958,443
|
)
|
|
(1)
|
Refer to Note 6 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.
|
(2)
|
The Company has a defined benefit pension plan covering all employees in one country where such plan is mandated by law. The Company does not have any defined benefit plans in any other countries. The unamortized gain (loss) on defined benefit plans includes gains or losses resulting from a change in the value of either the projected benefit obligation or the plan assets resulting from a change in an actuarial assumption, net of amortization.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Cost of revenues
|
$
|
6,500
|
|
|
$
|
4,607
|
|
|
$
|
11,512
|
|
|
$
|
8,506
|
|
Sales and marketing
|
15,157
|
|
|
14,108
|
|
|
28,458
|
|
|
25,814
|
|
||||
General and administrative
|
39,862
|
|
|
31,010
|
|
|
70,572
|
|
|
57,941
|
|
||||
Total
|
$
|
61,519
|
|
|
$
|
49,725
|
|
|
$
|
110,542
|
|
|
$
|
92,261
|
|
12.
|
Segment Information
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||||||||
|
Americas
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
|
Americas
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||||||||||
Colocation (1)
|
$
|
444,086
|
|
|
$
|
347,795
|
|
|
$
|
213,734
|
|
|
$
|
1,005,615
|
|
|
$
|
884,067
|
|
|
$
|
678,920
|
|
|
$
|
423,399
|
|
|
$
|
1,986,386
|
|
Interconnection
|
142,460
|
|
|
38,614
|
|
|
37,957
|
|
|
219,031
|
|
|
281,023
|
|
|
76,139
|
|
|
74,653
|
|
|
431,815
|
|
||||||||
Managed infrastructure
|
22,908
|
|
|
28,397
|
|
|
22,467
|
|
|
73,772
|
|
|
44,695
|
|
|
57,485
|
|
|
44,387
|
|
|
146,567
|
|
||||||||
Other (1)
|
5,352
|
|
|
2,275
|
|
|
—
|
|
|
7,627
|
|
|
11,331
|
|
|
4,774
|
|
|
—
|
|
|
16,105
|
|
||||||||
Recurring revenues
|
614,806
|
|
|
417,081
|
|
|
274,158
|
|
|
1,306,045
|
|
|
1,221,116
|
|
|
817,318
|
|
|
542,439
|
|
|
2,580,873
|
|
||||||||
Non-recurring revenues
|
29,614
|
|
|
32,774
|
|
|
16,544
|
|
|
78,932
|
|
|
67,670
|
|
|
67,197
|
|
|
32,455
|
|
|
167,322
|
|
||||||||
Total
|
$
|
644,420
|
|
|
$
|
449,855
|
|
|
$
|
290,702
|
|
|
$
|
1,384,977
|
|
|
$
|
1,288,786
|
|
|
$
|
884,515
|
|
|
$
|
574,894
|
|
|
$
|
2,748,195
|
|
|
|
Three Months Ended June 30, 2018
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||||
|
Americas
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
|
Americas
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||||||||||
Colocation (1)
|
$
|
433,895
|
|
|
$
|
293,518
|
|
|
$
|
186,172
|
|
|
$
|
913,585
|
|
|
$
|
861,020
|
|
|
$
|
581,579
|
|
|
$
|
352,370
|
|
|
$
|
1,794,969
|
|
Interconnection
|
131,720
|
|
|
33,969
|
|
|
31,924
|
|
|
197,613
|
|
|
260,973
|
|
|
68,946
|
|
|
62,693
|
|
|
392,612
|
|
||||||||
Managed infrastructure
|
18,292
|
|
|
29,731
|
|
|
21,184
|
|
|
69,207
|
|
|
36,827
|
|
|
60,417
|
|
|
43,364
|
|
|
140,608
|
|
||||||||
Other (1)
|
4,980
|
|
|
2,364
|
|
|
—
|
|
|
7,344
|
|
|
6,059
|
|
|
4,130
|
|
|
—
|
|
|
10,189
|
|
||||||||
Recurring revenues
|
588,887
|
|
|
359,582
|
|
|
239,280
|
|
|
1,187,749
|
|
|
1,164,879
|
|
|
715,072
|
|
|
458,427
|
|
|
2,338,378
|
|
||||||||
Non-recurring revenues
|
29,388
|
|
|
23,586
|
|
|
21,220
|
|
|
74,194
|
|
|
56,023
|
|
|
47,726
|
|
|
35,693
|
|
|
139,442
|
|
||||||||
Total
|
$
|
618,275
|
|
|
$
|
383,168
|
|
|
$
|
260,500
|
|
|
$
|
1,261,943
|
|
|
$
|
1,220,902
|
|
|
$
|
762,798
|
|
|
$
|
494,120
|
|
|
$
|
2,477,820
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Adjusted EBITDA:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
309,052
|
|
|
$
|
293,955
|
|
|
$
|
616,890
|
|
|
$
|
585,504
|
|
EMEA
|
209,645
|
|
|
170,815
|
|
|
408,717
|
|
|
336,993
|
|
||||
Asia-Pacific
|
158,313
|
|
|
139,234
|
|
|
311,558
|
|
|
261,022
|
|
||||
Total adjusted EBITDA
|
677,010
|
|
|
604,004
|
|
|
1,337,165
|
|
|
1,183,519
|
|
||||
Depreciation, amortization and accretion expense
|
(320,550
|
)
|
|
(308,828
|
)
|
|
(635,255
|
)
|
|
(615,293
|
)
|
||||
Stock-based compensation expense
|
(61,519
|
)
|
|
(49,725
|
)
|
|
(110,542
|
)
|
|
(92,261
|
)
|
||||
Impairment charges
|
(386
|
)
|
|
—
|
|
|
(14,834
|
)
|
|
—
|
|
||||
Acquisition costs
|
(2,774
|
)
|
|
(30,413
|
)
|
|
(5,245
|
)
|
|
(35,052
|
)
|
||||
Income from operations
|
$
|
291,781
|
|
|
$
|
215,038
|
|
|
$
|
571,289
|
|
|
$
|
440,913
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
167,244
|
|
|
$
|
159,922
|
|
|
$
|
334,014
|
|
|
$
|
317,500
|
|
EMEA
|
87,980
|
|
|
88,492
|
|
|
172,145
|
|
|
181,772
|
|
||||
Asia-Pacific
|
64,000
|
|
|
58,917
|
|
|
126,243
|
|
|
115,627
|
|
||||
Total
|
$
|
319,224
|
|
|
$
|
307,331
|
|
|
$
|
632,402
|
|
|
$
|
614,899
|
|
Capital expenditures:
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
173,623
|
|
|
$
|
200,277
|
|
|
$
|
318,118
|
|
|
$
|
347,606
|
|
EMEA
|
170,851
|
|
|
222,377
|
|
|
335,206
|
|
|
376,768
|
|
||||
Asia-Pacific
|
99,697
|
|
|
97,585
|
|
|
154,814
|
|
|
145,594
|
|
||||
Total
|
$
|
444,171
|
|
|
$
|
520,239
|
|
|
$
|
808,138
|
|
|
$
|
869,968
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Americas
|
$
|
5,055,889
|
|
|
$
|
5,010,507
|
|
EMEA
|
3,715,307
|
|
|
3,726,596
|
|
||
Asia-Pacific
|
2,221,544
|
|
|
2,288,917
|
|
||
Total long-lived assets
|
$
|
10,992,740
|
|
|
$
|
11,026,020
|
|
13.
|
Subsequent Events
|
•
|
Overview
|
•
|
Results of Operations
|
•
|
Non-GAAP Financial Measures
|
•
|
Liquidity and Capital Resources
|
•
|
Contractual Obligations and Off-Balance-Sheet Arrangements
|
•
|
Critical Accounting Policies and Estimates
|
•
|
Recent Accounting Pronouncements
|
|
Three Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency (1)
|
||||||||
Americas:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Recurring revenues
|
$
|
614,806
|
|
|
44
|
%
|
|
$
|
588,887
|
|
|
47
|
%
|
|
4
|
%
|
|
5
|
%
|
Non-recurring revenues
|
29,614
|
|
|
2
|
%
|
|
29,388
|
|
|
2
|
%
|
|
1
|
%
|
|
1
|
%
|
||
|
644,420
|
|
|
46
|
%
|
|
618,275
|
|
|
49
|
%
|
|
4
|
%
|
|
5
|
%
|
||
EMEA:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Recurring revenues
|
417,081
|
|
|
30
|
%
|
|
359,582
|
|
|
28
|
%
|
|
16
|
%
|
|
22
|
%
|
||
Non-recurring revenues
|
32,774
|
|
|
3
|
%
|
|
23,586
|
|
|
2
|
%
|
|
39
|
%
|
|
47
|
%
|
||
|
449,855
|
|
|
33
|
%
|
|
383,168
|
|
|
30
|
%
|
|
17
|
%
|
|
24
|
%
|
||
Asia-Pacific:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Recurring revenues
|
274,158
|
|
|
20
|
%
|
|
239,280
|
|
|
19
|
%
|
|
15
|
%
|
|
18
|
%
|
||
Non-recurring revenues
|
16,544
|
|
|
1
|
%
|
|
21,220
|
|
|
2
|
%
|
|
(22
|
)%
|
|
(20
|
)%
|
||
|
290,702
|
|
|
21
|
%
|
|
260,500
|
|
|
21
|
%
|
|
12
|
%
|
|
15
|
%
|
||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Recurring revenues
|
1,306,045
|
|
|
94
|
%
|
|
1,187,749
|
|
|
94
|
%
|
|
10
|
%
|
|
13
|
%
|
||
Non-recurring revenues
|
78,932
|
|
|
6
|
%
|
|
74,194
|
|
|
6
|
%
|
|
6
|
%
|
|
10
|
%
|
||
|
$
|
1,384,977
|
|
|
100
|
%
|
|
$
|
1,261,943
|
|
|
100
|
%
|
|
10
|
%
|
|
13
|
%
|
|
(1)
|
As defined in the "Non-GAAP Financial Measures" section in Item 2 of this Quarterly Report on Form 10-Q.
|
|
Three Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
287,065
|
|
|
41
|
%
|
|
$
|
282,395
|
|
|
43
|
%
|
|
2
|
%
|
|
3
|
%
|
EMEA
|
251,876
|
|
|
36
|
%
|
|
226,301
|
|
|
35
|
%
|
|
11
|
%
|
|
17
|
%
|
||
Asia-Pacific
|
159,238
|
|
|
23
|
%
|
|
143,105
|
|
|
22
|
%
|
|
11
|
%
|
|
14
|
%
|
||
Total
|
$
|
698,179
|
|
|
100
|
%
|
|
$
|
651,801
|
|
|
100
|
%
|
|
7
|
%
|
|
10
|
%
|
|
Three Months Ended
June 30, |
||||
|
2019
|
|
2018
|
||
Cost of revenues as a percentage of revenues:
|
|
|
|
||
Americas
|
45
|
%
|
|
46
|
%
|
EMEA
|
56
|
%
|
|
59
|
%
|
Asia-Pacific
|
55
|
%
|
|
55
|
%
|
Total
|
50
|
%
|
|
52
|
%
|
|
Three Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
97,596
|
|
|
61
|
%
|
|
$
|
96,554
|
|
|
62
|
%
|
|
1
|
%
|
|
1
|
%
|
EMEA
|
39,711
|
|
|
25
|
%
|
|
36,544
|
|
|
24
|
%
|
|
9
|
%
|
|
14
|
%
|
||
Asia-Pacific
|
21,894
|
|
|
14
|
%
|
|
21,104
|
|
|
14
|
%
|
|
4
|
%
|
|
7
|
%
|
||
Total
|
$
|
159,201
|
|
|
100
|
%
|
|
$
|
154,202
|
|
|
100
|
%
|
|
3
|
%
|
|
5
|
%
|
|
Three Months Ended
June 30, |
||||
|
2019
|
|
2018
|
||
Sales and marketing expenses as a percentage of revenues:
|
|
|
|
||
Americas
|
15
|
%
|
|
16
|
%
|
EMEA
|
9
|
%
|
|
10
|
%
|
Asia-Pacific
|
8
|
%
|
|
8
|
%
|
Total
|
11
|
%
|
|
12
|
%
|
|
Three Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
160,997
|
|
|
69
|
%
|
|
$
|
140,812
|
|
|
67
|
%
|
|
14
|
%
|
|
15
|
%
|
EMEA
|
48,085
|
|
|
21
|
%
|
|
46,739
|
|
|
22
|
%
|
|
3
|
%
|
|
7
|
%
|
||
Asia-Pacific
|
23,574
|
|
|
10
|
%
|
|
22,938
|
|
|
11
|
%
|
|
3
|
%
|
|
5
|
%
|
||
Total
|
$
|
232,656
|
|
|
100
|
%
|
|
$
|
210,489
|
|
|
100
|
%
|
|
11
|
%
|
|
12
|
%
|
|
Three Months Ended
June 30, |
||||
|
2019
|
|
2018
|
||
General and administrative expenses as a percentage of revenues:
|
|
|
|
||
Americas
|
25
|
%
|
|
23
|
%
|
EMEA
|
11
|
%
|
|
12
|
%
|
Asia-Pacific
|
8
|
%
|
|
9
|
%
|
Total
|
17
|
%
|
|
17
|
%
|
|
Three Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
99,195
|
|
|
34
|
%
|
|
$
|
87,711
|
|
|
41
|
%
|
|
13
|
%
|
|
14
|
%
|
EMEA
|
106,555
|
|
|
37
|
%
|
|
73,046
|
|
|
34
|
%
|
|
46
|
%
|
|
55
|
%
|
||
Asia-Pacific
|
86,031
|
|
|
29
|
%
|
|
54,281
|
|
|
25
|
%
|
|
58
|
%
|
|
64
|
%
|
||
Total
|
$
|
291,781
|
|
|
100
|
%
|
|
$
|
215,038
|
|
|
100
|
%
|
|
36
|
%
|
|
41
|
%
|
|
Three Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
309,052
|
|
|
46
|
%
|
|
$
|
293,955
|
|
|
49
|
%
|
|
5
|
%
|
|
6
|
%
|
EMEA
|
209,645
|
|
|
31
|
%
|
|
170,815
|
|
|
28
|
%
|
|
23
|
%
|
|
30
|
%
|
||
Asia-Pacific
|
158,313
|
|
|
23
|
%
|
|
139,234
|
|
|
23
|
%
|
|
14
|
%
|
|
17
|
%
|
||
Total
|
$
|
677,010
|
|
|
100
|
%
|
|
$
|
604,004
|
|
|
100
|
%
|
|
12
|
%
|
|
15
|
%
|
|
Six Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency (1)
|
||||||||
Americas:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Recurring revenues
|
$
|
1,221,116
|
|
|
44
|
%
|
|
$
|
1,164,879
|
|
|
47
|
%
|
|
5
|
%
|
|
6
|
%
|
Non-recurring revenues
|
67,670
|
|
|
3
|
%
|
|
56,023
|
|
|
2
|
%
|
|
21
|
%
|
|
22
|
%
|
||
|
1,288,786
|
|
|
47
|
%
|
|
1,220,902
|
|
|
49
|
%
|
|
6
|
%
|
|
7
|
%
|
||
EMEA:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Recurring revenues
|
817,318
|
|
|
30
|
%
|
|
715,072
|
|
|
29
|
%
|
|
14
|
%
|
|
22
|
%
|
||
Non-recurring revenues
|
67,197
|
|
|
2
|
%
|
|
47,726
|
|
|
2
|
%
|
|
41
|
%
|
|
50
|
%
|
||
|
884,515
|
|
|
32
|
%
|
|
762,798
|
|
|
31
|
%
|
|
16
|
%
|
|
23
|
%
|
||
Asia-Pacific:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Recurring revenues
|
542,439
|
|
|
20
|
%
|
|
458,427
|
|
|
19
|
%
|
|
18
|
%
|
|
22
|
%
|
||
Non-recurring revenues
|
32,455
|
|
|
1
|
%
|
|
35,693
|
|
|
1
|
%
|
|
(9
|
)%
|
|
(6
|
)%
|
||
|
574,894
|
|
|
21
|
%
|
|
494,120
|
|
|
20
|
%
|
|
16
|
%
|
|
20
|
%
|
||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Recurring revenues
|
2,580,873
|
|
|
94
|
%
|
|
2,338,378
|
|
|
95
|
%
|
|
10
|
%
|
|
14
|
%
|
||
Non-recurring revenues
|
167,322
|
|
|
6
|
%
|
|
139,442
|
|
|
5
|
%
|
|
20
|
%
|
|
24
|
%
|
||
|
$
|
2,748,195
|
|
|
100
|
%
|
|
$
|
2,477,820
|
|
|
100
|
%
|
|
11
|
%
|
|
14
|
%
|
|
(1)
|
As defined in the "Non-GAAP Financial Measures" section in Item 2 of this Quarterly Report on Form 10-Q.
|
|
Six Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
572,724
|
|
|
41
|
%
|
|
$
|
547,536
|
|
|
43
|
%
|
|
5
|
%
|
|
6
|
%
|
EMEA
|
494,330
|
|
|
36
|
%
|
|
452,471
|
|
|
35
|
%
|
|
9
|
%
|
|
16
|
%
|
||
Asia-Pacific
|
313,155
|
|
|
23
|
%
|
|
274,224
|
|
|
22
|
%
|
|
14
|
%
|
|
17
|
%
|
||
Total
|
$
|
1,380,209
|
|
|
100
|
%
|
|
$
|
1,274,231
|
|
|
100
|
%
|
|
8
|
%
|
|
12
|
%
|
|
Six Months Ended June 30,
|
||||
|
2019
|
|
2018
|
||
Cost of revenues as a percentage of revenues:
|
|
|
|
||
Americas
|
44
|
%
|
|
45
|
%
|
EMEA
|
56
|
%
|
|
59
|
%
|
Asia-Pacific
|
54
|
%
|
|
55
|
%
|
Total
|
50
|
%
|
|
51
|
%
|
|
Six Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
202,634
|
|
|
62
|
%
|
|
$
|
194,517
|
|
|
62
|
%
|
|
4
|
%
|
|
5
|
%
|
EMEA
|
80,913
|
|
|
24
|
%
|
|
76,607
|
|
|
24
|
%
|
|
6
|
%
|
|
12
|
%
|
||
Asia-Pacific
|
45,369
|
|
|
14
|
%
|
|
42,854
|
|
|
14
|
%
|
|
6
|
%
|
|
9
|
%
|
||
Total
|
$
|
328,916
|
|
|
100
|
%
|
|
$
|
313,978
|
|
|
100
|
%
|
|
5
|
%
|
|
7
|
%
|
|
Six Months Ended June 30,
|
||||
|
2019
|
|
2018
|
||
Sales and marketing expenses as a percentage of revenues:
|
|
|
|
||
Americas
|
16
|
%
|
|
16
|
%
|
EMEA
|
9
|
%
|
|
10
|
%
|
Asia-Pacific
|
8
|
%
|
|
9
|
%
|
Total
|
12
|
%
|
|
13
|
%
|
|
Six Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
308,135
|
|
|
69
|
%
|
|
$
|
276,689
|
|
|
67
|
%
|
|
11
|
%
|
|
12
|
%
|
EMEA
|
93,427
|
|
|
21
|
%
|
|
93,589
|
|
|
23
|
%
|
|
—
|
%
|
|
5
|
%
|
||
Asia-Pacific
|
46,140
|
|
|
10
|
%
|
|
43,368
|
|
|
10
|
%
|
|
6
|
%
|
|
9
|
%
|
||
Total
|
$
|
447,702
|
|
|
100
|
%
|
|
$
|
413,646
|
|
|
100
|
%
|
|
8
|
%
|
|
10
|
%
|
|
Six Months Ended June 30,
|
||||
|
2019
|
|
2018
|
||
General and administrative expenses as a percentage of revenues:
|
|
|
|
||
Americas
|
24
|
%
|
|
23
|
%
|
EMEA
|
11
|
%
|
|
12
|
%
|
Asia-Pacific
|
8
|
%
|
|
9
|
%
|
Total
|
16
|
%
|
|
17
|
%
|
|
Six Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
189,206
|
|
|
33
|
%
|
|
$
|
189,447
|
|
|
43
|
%
|
|
—
|
%
|
|
1
|
%
|
EMEA
|
211,562
|
|
|
37
|
%
|
|
137,149
|
|
|
31
|
%
|
|
54
|
%
|
|
66
|
%
|
||
Asia-Pacific
|
170,521
|
|
|
30
|
%
|
|
114,317
|
|
|
26
|
%
|
|
49
|
%
|
|
54
|
%
|
||
Total
|
$
|
571,289
|
|
|
100
|
%
|
|
$
|
440,913
|
|
|
100
|
%
|
|
30
|
%
|
|
35
|
%
|
|
Six Months Ended June 30,
|
|
% Change
|
||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
Actual
|
|
Constant
Currency
|
||||||||
Americas
|
$
|
616,890
|
|
|
46
|
%
|
|
$
|
585,504
|
|
|
50
|
%
|
|
5
|
%
|
|
6
|
%
|
EMEA
|
408,717
|
|
|
31
|
%
|
|
336,993
|
|
|
28
|
%
|
|
21
|
%
|
|
30
|
%
|
||
Asia-Pacific
|
311,558
|
|
|
23
|
%
|
|
261,022
|
|
|
22
|
%
|
|
19
|
%
|
|
23
|
%
|
||
Total
|
$
|
1,337,165
|
|
|
100
|
%
|
|
$
|
1,183,519
|
|
|
100
|
%
|
|
13
|
%
|
|
17
|
%
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Income from operations
|
$
|
291,781
|
|
|
$
|
215,038
|
|
|
$
|
571,289
|
|
|
$
|
440,913
|
|
Depreciation, amortization, and accretion expense
|
320,550
|
|
|
308,828
|
|
|
635,255
|
|
|
615,293
|
|
||||
Stock-based compensation expense
|
61,519
|
|
|
49,725
|
|
|
110,542
|
|
|
92,261
|
|
||||
Acquisition costs
|
2,774
|
|
|
30,413
|
|
|
5,245
|
|
|
35,052
|
|
||||
Impairment charges
|
386
|
|
|
—
|
|
|
14,834
|
|
|
—
|
|
||||
Adjusted EBITDA
|
$
|
677,010
|
|
|
$
|
604,004
|
|
|
$
|
1,337,165
|
|
|
$
|
1,183,519
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
143,852
|
|
|
$
|
67,618
|
|
|
$
|
261,599
|
|
|
$
|
130,512
|
|
Net (income) loss attributable to non-controlling interests
|
(325
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Net income attributable to Equinix
|
143,527
|
|
|
67,618
|
|
|
261,605
|
|
|
130,512
|
|
||||
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Real estate depreciation
|
209,103
|
|
|
221,029
|
|
|
414,752
|
|
|
443,884
|
|
||||
Loss on disposition of real estate property
|
343
|
|
|
878
|
|
|
2,689
|
|
|
5,884
|
|
||||
FFO attributable to common shareholders
|
$
|
352,973
|
|
|
$
|
289,525
|
|
|
$
|
679,046
|
|
|
$
|
580,280
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
FFO attributable to common shareholders
|
$
|
352,973
|
|
|
$
|
289,525
|
|
|
$
|
679,046
|
|
|
$
|
580,280
|
|
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Installation revenue adjustment
|
1,492
|
|
|
840
|
|
|
2,521
|
|
|
2,999
|
|
||||
Straight-line rent expense adjustment
|
2,300
|
|
|
1,664
|
|
|
4,678
|
|
|
3,965
|
|
||||
Contract cost adjustment
|
(12,348
|
)
|
|
(4,384
|
)
|
|
(19,126
|
)
|
|
(7,739
|
)
|
||||
Amortization of deferred financing costs and debt discounts and premiums
|
3,238
|
|
|
3,362
|
|
|
6,233
|
|
|
7,461
|
|
||||
Stock-based compensation expense
|
61,519
|
|
|
49,725
|
|
|
110,542
|
|
|
92,261
|
|
||||
Non-real estate depreciation expense
|
60,904
|
|
|
35,267
|
|
|
118,898
|
|
|
69,364
|
|
||||
Amortization expense
|
49,217
|
|
|
51,035
|
|
|
98,752
|
|
|
101,651
|
|
||||
Accretion expense
|
1,326
|
|
|
1,497
|
|
|
2,853
|
|
|
394
|
|
||||
Recurring capital expenditures
|
(36,726
|
)
|
|
(42,206
|
)
|
|
(57,673
|
)
|
|
(77,437
|
)
|
||||
Loss on debt extinguishment
|
—
|
|
|
19,215
|
|
|
382
|
|
|
40,706
|
|
||||
Acquisition costs
|
2,774
|
|
|
30,413
|
|
|
5,245
|
|
|
35,052
|
|
||||
Impairment charges
|
386
|
|
|
—
|
|
|
14,834
|
|
|
—
|
|
||||
Income tax expense adjustment
|
10,592
|
|
|
(7,827
|
)
|
|
18,582
|
|
|
(6,255
|
)
|
||||
AFFO attributable to common shareholders
|
$
|
497,647
|
|
|
$
|
428,126
|
|
|
$
|
985,767
|
|
|
$
|
842,702
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(dollars in thousands)
|
||||||
Net cash provided by operating activities
|
$
|
964,064
|
|
|
$
|
839,635
|
|
Net cash used in investing activities
|
(901,559
|
)
|
|
(1,730,000
|
)
|
||
Net cash provided by financing activities
|
946,772
|
|
|
467,743
|
|
|
2019 (6 months remaining)
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
Term loans and other loans payable (1)
|
$
|
36,592
|
|
|
$
|
72,978
|
|
|
$
|
72,722
|
|
|
$
|
1,158,801
|
|
|
$
|
2,528
|
|
|
$
|
2,450
|
|
|
$
|
1,346,071
|
|
Senior notes (1)
|
150,000
|
|
|
300,000
|
|
|
150,000
|
|
|
750,000
|
|
|
1,000,000
|
|
|
5,976,200
|
|
|
8,326,200
|
|
|||||||
Interest (2)
|
201,304
|
|
|
391,187
|
|
|
374,849
|
|
|
348,363
|
|
|
277,528
|
|
|
599,427
|
|
|
2,192,658
|
|
|||||||
Finance leases (3)
|
76,153
|
|
|
157,700
|
|
|
156,656
|
|
|
157,284
|
|
|
158,137
|
|
|
1,563,362
|
|
|
2,269,292
|
|
|||||||
Operating leases (3)
|
93,232
|
|
|
198,629
|
|
|
185,623
|
|
|
178,060
|
|
|
163,424
|
|
|
1,184,006
|
|
|
2,002,974
|
|
|||||||
Other contractual commitments (4)
|
1,196,382
|
|
|
259,330
|
|
|
79,514
|
|
|
44,802
|
|
|
31,799
|
|
|
303,615
|
|
|
1,915,442
|
|
|||||||
Asset retirement obligations (5)
|
6,310
|
|
|
3,985
|
|
|
4,091
|
|
|
11,965
|
|
|
5,702
|
|
|
71,755
|
|
|
103,808
|
|
|||||||
|
$
|
1,759,973
|
|
|
$
|
1,383,809
|
|
|
$
|
1,023,455
|
|
|
$
|
2,649,275
|
|
|
$
|
1,639,118
|
|
|
$
|
9,700,815
|
|
|
$
|
18,156,445
|
|
|
(1)
|
Represents principal and unamortized mortgage premium only.
|
(2)
|
Represents interest on mortgage payable, loans payable, senior notes and term loans based on their respective interest rates as of June 30, 2019, as well as the credit facility fee for the revolving credit facility.
|
(3)
|
Represents lease payments under finance and operating lease arrangements, including renewal options that are certain to be exercised.
|
(4)
|
Represents off-balance sheet arrangements. Other contractual commitments are described below.
|
(5)
|
Represents liability, net of future accretion expense.
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
•
|
the possible disruption of our ongoing business and diversion of management's attention by acquisition, transition and integration activities, particularly when multiple acquisitions and integrations are occurring at the same time;
|
•
|
our potential inability to successfully pursue or realize some or all of the anticipated revenue opportunities associated with an acquisition or investment;
|
•
|
the possibility that we may not be able to successfully integrate acquired businesses, or businesses in which we invest, or achieve anticipated operating efficiencies or cost savings;
|
•
|
the possibility that announced acquisitions may not be completed, due to failure to satisfy the conditions to closing as a result of:
|
◦
|
an injunction, law or order that makes unlawful the consummation of the acquisition;
|
◦
|
inaccuracy or breach of the representations and warranties of, or the non-compliance with covenants by, either party;
|
◦
|
the nonreceipt of closing documents; or
|
◦
|
for other reasons;
|
•
|
the possibility that there could be a delay in the completion of an acquisition, which could, among other things, result in additional transaction costs, loss of revenue or other negative effects resulting from uncertainty about completion of the respective acquisition;
|
•
|
the dilution of our existing stockholders as a result of our issuing stock as consideration in a transaction or selling stock in order to fund the transaction;
|
•
|
the possibility of customer dissatisfaction if we are unable to achieve levels of quality and stability on par with past practices;
|
•
|
the possibility that we will be unable to retain relationships with key customers, landlords and/or suppliers of the acquired businesses, some of which may terminate their contracts with the acquired business as a result of the acquisition or which may attempt to negotiate changes in their current or future business relationships with us;
|
•
|
the possibility that we could lose key employees from the acquired businesses before integrating them;
|
•
|
the possibility that we may be unable to integrate or migrate IT systems, which could create a risk of errors or performance problems and could affect our ability to meet customer service level obligations;
|
•
|
the potential deterioration in our ability to access credit markets due to increased leverage;
|
•
|
the possibility that our customers may not accept either the existing equipment infrastructure or the "look-and-feel" of a new or different IBX data center;
|
•
|
the possibility that additional capital expenditures may be required or that transaction expenses associated with acquisitions may be higher than anticipated;
|
•
|
the possibility that required financing to fund an acquisition may not be available on acceptable terms or at all;
|
•
|
the possibility that we may be unable to obtain required approvals from governmental authorities under antitrust and competition laws on a timely basis or at all, which could, among other things, delay or prevent us from completing an acquisition, limit our ability to realize the expected financial or strategic benefits of an acquisition or have other adverse effects on our current business and operations;
|
•
|
the possible loss or reduction in value of acquired businesses;
|
•
|
the possibility that future acquisitions may present new complexities in deal structure, related complex accounting and coordination with new partners, particularly in light of our desire to maintain our qualification for taxation as a REIT;
|
•
|
the possibility that we may not be able to prepare and issue our financial statements and other public filings in a timely and accurate manner, and/or maintain an effective control environment, due to the strain on the finance organization when multiple acquisitions and integrations are occurring at the same time;
|
•
|
the possibility that future acquisitions may trigger property tax reassessments resulting in a substantial increase to our property taxes beyond that which we anticipated;
|
•
|
the possibility that future acquisitions may be in geographies and regulatory environments to which we are unaccustomed and we may become subject to complex requirements and risks with which we have limited experience;
|
•
|
the possibility that carriers may find it cost-prohibitive or impractical to bring fiber and networks into a new IBX data center;
|
•
|
the possibility of litigation or other claims in connection with, or as a result of, an acquisition, including claims from terminated employees, customers, former stockholders or other third parties;
|
•
|
the possibility that asset divestments may be required in order to obtain regulatory clearance for a transaction;
|
•
|
the possibility of pre-existing undisclosed liabilities, including, but not limited to, lease or landlord related liability, environmental liability or asbestos liability, for which insurance coverage may be insufficient or unavailable, or other issues not discovered in the diligence process; and
|
•
|
the possibility that we receive limited or incorrect information about the acquired business in the diligence process. For example, we sometimes do not receive all of the customer contracts associated with our acquisitions in the diligence process, which affects our visibility into customer termination rights and could expose us to additional liabilities.
|
•
|
certain financing conditions, including the fulfilment by each of Equinix and GIC of their funding obligations;
|
•
|
completion of presale reorganization, including obtaining certain customer consents; and
|
•
|
obtaining required regulatory approvals.
|
•
|
we may not have the right to exercise sole decision-making authority regarding the properties, partnership, joint venture or other entity;
|
•
|
if our partners become bankrupt or fail to fund their share of required capital contributions, we may choose to or be required to contribute such capital;
|
•
|
our partners may have economic, tax or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives;
|
•
|
our joint venture partners may take actions that are not within our control, which could require us to dispose of the joint venture asset, transfer it to a TRS in order for Equinix to maintain its qualification for REIT taxation, or purchase the partner's interests or assets at an above-market price;
|
•
|
disputes between us and our partners may result in litigation or arbitration that would increase our expenses and prevent our management from focusing their time and effort on our day-to-day business; and
|
•
|
we may in certain circumstances be liable for the actions of our third-party partners or guarantee all or a portion of the joint venture's liabilities, which may require the company to pay an amount greater than its investment in the joint venture.
|
•
|
require us to dedicate a substantial portion of our cash flow from operations to make interest and principal payments on our debt and in respect of other off-balance sheet arrangements, reducing the availability of our cash flow to fund future capital expenditures, working capital, execution of our expansion strategy and other general corporate requirements;
|
•
|
increase the likelihood of negative outlook from our credit rating agencies, or of a downgrade to our current rating;
|
•
|
make it more difficult for us to satisfy our obligations under our various debt instruments;
|
•
|
increase our cost of borrowing and even limit our ability to access additional debt to fund future growth;
|
•
|
increase our vulnerability to general adverse economic and industry conditions and adverse changes in governmental regulations;
|
•
|
limit our flexibility in planning for, or reacting to, changes in our business and industry, which may place us at a competitive disadvantage compared with our competitors;
|
•
|
limit our operating flexibility through covenants with which we must comply;
|
•
|
limit our ability to borrow additional funds, even when necessary to maintain adequate liquidity, which would also limit our ability to further expand our business; and
|
•
|
make us more vulnerable to increases in interest rates because of the variable interest rates on some of our borrowings to the extent we have not entirely hedged such variable rate debt.
|
•
|
the costs of customizing IBX data centers for foreign countries;
|
•
|
protectionist laws and business practices favoring local competition;
|
•
|
greater difficulty or delay in accounts receivable collection;
|
•
|
difficulties in staffing and managing foreign operations, including negotiating with foreign labor unions or workers' councils;
|
•
|
difficulties in managing across cultures and in foreign languages;
|
•
|
political and economic instability;
|
•
|
fluctuations in currency exchange rates;
|
•
|
difficulties in repatriating funds from certain countries;
|
•
|
our ability to obtain, transfer or maintain licenses required by governmental entities with respect to our business;
|
•
|
unexpected changes in regulatory, tax and political environments such as the United Kingdom's pending withdrawal from the European Union ("Brexit");
|
•
|
our ability to secure and maintain the necessary physical and telecommunications infrastructure;
|
•
|
compliance with anti-bribery and corruption laws;
|
•
|
compliance with economic and trade sanctions enforced by the Office of Foreign Assets Control of the U.S. Department of Treasury; and
|
•
|
compliance with evolving governmental regulation with which we have little experience.
|
•
|
our operating results or forecasts;
|
•
|
new issuances of equity, debt or convertible debt by us, including issuances through our ATM Program;
|
•
|
increases in market interest rates and changes in other general market and economic conditions, including inflationary concerns;
|
•
|
changes to our capital allocation, tax planning or business strategy;
|
•
|
our qualification for taxation as a REIT and our declaration of distributions to our stockholders;
|
•
|
changes in U.S. or foreign tax laws;
|
•
|
changes in management or key personnel;
|
•
|
developments in our relationships with customers;
|
•
|
announcements by our customers or competitors;
|
•
|
changes in regulatory policy or interpretation;
|
•
|
governmental investigations;
|
•
|
changes in the ratings of our debt or stock by rating agencies or securities analysts;
|
•
|
our purchase or development of real estate and/or additional IBX data centers;
|
•
|
our acquisitions of complementary businesses; or
|
•
|
the operational performance of our IBX data centers.
|
•
|
human error;
|
•
|
equipment failure;
|
•
|
physical, electronic and cyber security breaches;
|
•
|
fire, earthquake, hurricane, flood, tornado and other natural disasters;
|
•
|
extreme temperatures;
|
•
|
water damage;
|
•
|
fiber cuts;
|
•
|
power loss;
|
•
|
terrorist acts;
|
•
|
sabotage and vandalism; and
|
•
|
failure of business partners who provide our resale products.
|
•
|
construction delays;
|
•
|
lack of availability and delays for data center equipment, including items such as generators and switchgear;
|
•
|
unexpected budget changes;
|
•
|
increased prices for building supplies, raw materials and data center equipment;
|
•
|
labor availability, labor disputes and work stoppages with contractors, subcontractors and other third parties;
|
•
|
unanticipated environmental issues and geological problems; and
|
•
|
delays related to permitting from public agencies and utility companies.
|
•
|
fluctuations of foreign currencies in the markets in which we operate;
|
•
|
the timing and magnitude of depreciation and interest expense or other expenses related to the acquisition, purchase or construction of additional IBX data centers or the upgrade of existing IBX data centers;
|
•
|
demand for space, power and solutions at our IBX data centers;
|
•
|
changes in general economic conditions, such as an economic downturn, or specific market conditions in the telecommunications and internet industries, both of which may have an impact on our customer base;
|
•
|
charges to earnings resulting from past acquisitions due to, among other things, impairment of goodwill or intangible assets, reduction in the useful lives of intangible assets acquired, identification of additional assumed contingent liabilities or revised estimates to restructure an acquired company's operations;
|
•
|
the duration of the sales cycle for our offerings and our ability to ramp our newly-hired sales persons to full productivity within the time period we have forecasted;
|
•
|
restructuring charges or reversals of restructuring charges, which may be necessary due to revised sublease assumptions, changes in strategy or otherwise;
|
•
|
acquisitions or dispositions we may make;
|
•
|
the financial condition and credit risk of our customers;
|
•
|
the provision of customer discounts and credits;
|
•
|
the mix of current and proposed products and offerings and the gross margins associated with our products and offerings;
|
•
|
the timing required for new and future IBX data centers to open or become fully utilized;
|
•
|
competition in the markets in which we operate;
|
•
|
conditions related to international operations;
|
•
|
increasing repair and maintenance expenses in connection with aging IBX data centers;
|
•
|
lack of available capacity in our existing IBX data centers to generate new revenue or delays in opening new or acquired IBX data centers that delay our ability to generate new revenue in markets which have otherwise reached capacity;
|
•
|
changes in rent expense as we amend our IBX data center leases in connection with extending their lease terms when their initial lease term expiration dates approach or changes in shared operating costs in connection with our leases, which are commonly referred to as common area maintenance expenses;
|
•
|
the timing and magnitude of other operating expenses, including taxes, expenses related to the expansion of sales, marketing, operations and acquisitions, if any, of complementary businesses and assets;
|
•
|
the cost and availability of adequate public utilities, including electricity;
|
•
|
changes in employee stock-based compensation;
|
•
|
overall inflation;
|
•
|
increasing interest expense due to any increases in interest rates and/or potential additional debt financings;
|
•
|
changes in our tax planning strategies or failure to realize anticipated benefits from such strategies;
|
•
|
changes in income tax benefit or expense; and
|
•
|
changes in or new GAAP as periodically released by the Financial Accounting Standards Board ("FASB").
|
•
|
ownership limitations and transfer restrictions relating to our stock that are intended to facilitate our compliance with certain REIT rules relating to share ownership;
|
•
|
authorization for the issuance of "blank check" preferred stock;
|
•
|
the prohibition of cumulative voting in the election of directors;
|
•
|
limits on the persons who may call special meetings of stockholders;
|
•
|
limits on stockholder action by written consent; and
|
•
|
advance notice requirements for nominations to the Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.
|
•
|
we will not be allowed a deduction for distributions to stockholders in computing our taxable income;
|
•
|
we will be subject to federal and state income tax on our taxable income at regular corporate income tax rates; and
|
•
|
we would not be eligible to elect REIT status again until the fifth taxable year that begins after the first year for which we failed to qualify for taxation as a REIT.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosure
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
5/29/15
|
|
2.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
5/29/15
|
|
2.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
12/31/15
|
|
2.3
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
12/6/16
|
|
2.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
12/31/16
|
|
2.5
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
5/1/17
|
|
2.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
8/8/18
|
|
2.7
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K/A
|
|
12/31/02
|
|
3.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
6/14/11
|
|
3.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
6/11/13
|
|
3.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
6/30/2014
|
|
3.4
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K/A
|
|
12/31/02
|
|
3.3
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
3/29/16
|
|
3.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.1
|
|
Reference is made to Exhibits 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
3/5/13
|
|
4.3
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.3
|
|
Form of 5.375% Senior Note due 2023 (see Exhibit 4.2).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
11/20/14
|
|
4.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
8-K
|
|
11/20/14
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.6
|
|
Form of 5.375% Senior Note due 2022 (see Exhibit 4.5).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
11/20/14
|
|
4.4
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.8
|
|
Form of 5.750% Senior Note due 2025 (see Exhibit 4.7).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
12/04/15
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.10
|
|
Form of 5.875% Senior Note due 2026 (see Exhibit 4.9).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
3/22/17
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.12
|
|
Form of 5.375% Senior Notes due 2027 (see Exhibit 4.11).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
9/20/17
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.14
|
|
Form of 2.875% Senior Notes due 2025 (see Exhibit 4.13).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
12/05/17
|
|
4.1
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
12/05/17
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.17
|
|
Form of 2.875% Senior Notes due 2026 (see Exhibit 4.16).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
03/14/18
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.19
|
|
Form of 2.875% Senior Notes due 2024 (see Exhibit 4.18).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8-K
|
|
04/03/18
|
|
4.2
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
4.21
|
|
Form of 5.00% Senior Notes due April 2019 (see Exhibit 4.20).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
4.22
|
|
Form of 5.00% Senior Notes due October 2019 (see Exhibit 4.20).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.23
|
|
Form of 5.00% Senior Notes due April 2020 (see Exhibit 4.20).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.24
|
|
Form of 5.00% Senior Notes due October 2020 (see Exhibit 4.20).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.25
|
|
Form of 5.00% Senior Notes due April 2021 (see Exhibit 4.20).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
|
12/31/14
|
|
4.13
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
10.1**
|
|
|
S-4 (File No. 333-93749)
|
|
12/29/1999
|
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2**
|
|
|
10-K
|
|
12/31/16
|
|
10.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.3**
|
|
|
10-K
|
|
12/31/16
|
|
10.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.4**
|
|
|
10-K
|
|
12/31/16
|
|
10.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.5**
|
|
|
10-Q
|
|
6/30/14
|
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.6**
|
|
|
10-K
|
|
12/31/08
|
|
10.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.7**
|
|
|
10-K
|
|
12/31/08
|
|
10.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.8**
|
|
|
10-K
|
|
12/31/08
|
|
10.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.9**
|
|
|
S-1/A
(File No. 333-137607) filed by Switch & Data Facilities Company
|
|
2/5/07
|
|
10.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.10**
|
|
|
10-Q
|
|
9/30/10
|
|
10.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.11**
|
|
|
10-K
|
|
12/31/10
|
|
10.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.12**
|
|
|
10-K
|
|
12/31/10
|
|
10.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.13**
|
|
|
10-Q
|
|
3/31/14
|
|
10.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.14**
|
|
|
10-Q
|
|
3/31/19
|
|
10.16
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
|
|
|
|
|
|
|
|
|
10.15**
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
10.16**
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
10.17**
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
10.18**
|
|
|
10-Q
|
|
3/31/17
|
|
10.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.19**
|
|
|
10-Q
|
|
3/31/17
|
|
10.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.20**
|
|
|
10-Q
|
|
3/31/17
|
|
10.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.21**
|
|
|
10-Q
|
|
3/31/17
|
|
10.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.22**
|
|
|
10-Q
|
|
3/31/18
|
|
10.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.23**
|
|
|
10-Q
|
|
3/31/18
|
|
10.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.24**
|
|
|
10-Q
|
|
3/31/18
|
|
10.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.25**
|
|
|
10-Q
|
|
3/31/19
|
|
10.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.26**
|
|
|
10-Q
|
|
3/31/19
|
|
10.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.27**
|
|
|
10-Q
|
|
3/31/19
|
|
10.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.28**
|
|
|
10-Q
|
|
3/31/19
|
|
10.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
9/30/14
|
|
10.67
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
6/30/16
|
|
10.55
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
10-K
|
|
12/31/2017
|
|
10.40
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
8/8/2018
|
|
10.35
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
10-Q
|
|
8/8/2018
|
|
10.36
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
10.35**
|
|
|
10-K
|
|
2/22/2019
|
|
10.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
Incorporated by Reference
|
|
|
||||
Exhibit Number
|
|
Exhibit Description
|
|
Form
|
|
Filing Date/
Period End Date
|
|
Exhibit
|
|
Filed
Herewith
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
104
|
|
Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
|
|
X
|
|
EQUINIX, INC.
|
|
Date: August 2, 2019
|
|
|
|
By:
|
/s/ KEITH D. TAYLOR
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
Exhibit
Number
|
Description of Document
|
|
|
10.15**
|
|
|
|
10.16**
|
|
|
|
10.17**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
104
|
Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
(i)
|
the date of Executive’s Qualifying Termination;
|
(ii)
|
the date of the Company’s receipt of the Executive’s executed General Release; and
|
(iii)
|
the expiration of any rescission period applicable to the Executive’s executed General Release.
|
(i)
|
The Executive’s voluntary resignation of his or her employment for Good Reason; or
|
(ii)
|
The Company’s termination of the Executive’s employment for any reason other than Cause;
|
Worldwide Corporate Headquarters
Equinix, Inc.
One Lagoon Drive
Redwood City, CA 94065
|
|
|
www.equinix.com
+650 598 6000 Main
+650 598 6900 Fax
|
|
|
•
|
Direct Paid Housing - Payment of your rent in the assignment location will continue until such time as you repatriate. Expense related to ending the lease of your property and the cleaning of the property will be covered by Equinix
|
•
|
Cleaning and dilapidation - Payment of the cleaning of your property and the payment of any dilapidation/repair claims made by the landlord. Any damage in the property over and above reasonable ‘fair wear and tear’, may be recoverable from you by Equinix
|
•
|
Direct Paid Schooling- Payment of any schooling charges following notice being served.
|
•
|
Temporary Accommodation - A hotel or serviced apartment for a period of up to 30 days will be provided to you upon return to the Home Country, if required.
|
•
|
Per Diem - In the event of having to leave the permanent housing and whilst in temporary accommodation (serviced flat/apartment) until the repatriation date, meals and incidental expenses will be reimbursed to per diem rate values as supplied by Equinix's appointed data service suppliers, via the relocation destination service provider.
|
•
|
One Way Flight - Equinix will reimburse you for the flight(s) back to the Home Country for you and accompanying family members, in line with the Group Travel policy
|
•
|
Pro-rated Bonus - Equinix may elect to pay your pro-rated bonus award for pay year 2019, covering your time spent in the host country. You will be advised in a separate letter if this is the case, together with the calculation.
|
•
|
Return Shipment - A household goods shipment to transport your belongings back to the Home Country, will be provided to you. Weight limits will be based on Equinix policy. K2 will arrange this shipment.
|
•
|
Delivery of Storage- Your storage items, once scheduled, will be delivered and unpacked to your home address in the United States,
|
•
|
Relocation Allowance - A one-time, lump sum relocation allowance of USD 10,000.00 net will be provided to you to defray a portion of the expenses associated with your move to the Home Country. The relocation allowance will be grossed up where required to include an amount sufficient to cover the withholding taxes you would otherwise have to pay. The relocation allowance will be paid to you by the Employer Payroll in your Home Country and the “grossed up” amount of the allowance will be reported as income to you.
|
•
|
Your immigration status in the host country will be updated and as per any agreements in respect of either continued business travel and/or the circumstances of any dependants
|
/s/ Eric Schwartz
|
|
6/5/2019
|
|
…......................................................
|
|
…...................................................
|
|
Eric Schwartz
|
|
Date
|
|
BORROWER:
|
EQUINIX, INC.
|
|
By:/s/ Melanie Mock
Name:Melanie Mock
Title:Treasurer
|
By:
|
/s/ Angela Larkin
|
Name:
|
Angela Larkin
|
Title:
|
Vice President
|
By:
|
/s/ Noreen Lee
|
Name:
|
Noreen Lee
|
Title:
|
V.P.
|
By:
|
/s/ Robert F. Parr
|
By:
|
/s/ Bruce Borden
|
Name:
|
Bruce Borden
|
Title:
|
Executive Director
|
A.1.
|
Consolidated Net Income (previous 2 fiscal quarters ending on Statement Date)1
|
$_____________
|
A.2.
|
Equinix’s consolidated interest expense (previous 2 fiscal quarters ending on Statement Date; to the extent deducted in calculating Line A.1)
|
$_____________
|
A.3.
|
Equinix’s consolidated income tax expense (previous 2 fiscal quarters ending on Statement Date; to the extent deducted in calculating Line A.1)
|
$_____________
|
A.4.
|
Equinix’s consolidated depreciation expense (previous 2 fiscal quarters ending on Statement Date; to the extent deducted in calculating Line A.1)
|
$_____________
|
A.5.
|
Equinix’s consolidated amortization expense (previous 2 fiscal quarters ending on Statement Date; to the extent deducted in calculating Line A.1)
|
$_____________
|
A.6.
|
Equinix’s consolidated non-cash stock based compensation expense (previous 2 fiscal quarters ending on Statement Date; to the extent deducted in calculating Line A.1)
|
$_____________
|
A.7.
|
Consolidated EBITDA (the sum of Lines A.1 through A.6, multiplied by 2)2
|
$_____________
|
A.8.
|
Equinix’s consolidated rent expense (previous 2 fiscal quarters ending on Statement Date; to the extent deducted in calculating Line A.1)
|
$_____________
|
A.9.
|
Consolidated EBITDAR (the sum of (i) the sum of Lines A.1 through A.6 plus (ii) Line A.8 multiplied by 2)
|
$_____________
|
A.10.
|
Equinix’s consolidated current maturity of long-term debt for next 12 months (but excluding (i) any Convertible Subordinated Notes, (ii) the current portion of the Revolving Facility, (iii) the final installment of the Term Loans, and (iv) the final installment of any Senior Unsecured Notes)
|
$_____________
|
A.11.
|
Equinix’s consolidated principal portion of the current maturity of Finance Lease obligations for the next 12 months
|
$_____________
|
A.12.
|
Line A.2 multiplied by 2 (consolidated interest expense, annualized)
|
$_____________
|
A.13.
|
Line A.8 multiplied by 2 (consolidated rent expense, annualized)
|
$_____________
|
A.14.
|
Consolidated Fixed Charges (sum of Lines A.10 through A.13)
|
$_____________
|
A.15.
|
Consolidated Fixed Charge Coverage Ratio (Line A.9 divided by Line A.14)
|
______: 1.00
|
B.1.
|
Consolidated Funded Indebtedness at Statement Date3
|
$_____________
|
B.2.
|
Line A.13 (consolidated rent expense for previous 2 fiscal quarters ending on Statement Date, annualized)
|
$_____________
|
B.3.
|
Line B.2 multiplied by 6
|
$_____________
|
B.4.
|
The amount of unencumbered (other than by Liens permitted under clauses (a), (c) and (g) of Section 7.01 of the Agreement) and unrestricted cash, cash equivalents, freely tradable and liquid short term-investments, and freely tradable and liquid long-term investments of Equinix and its Subsidiaries at Statement Date
|
$_____________
|
B.5.
|
Consolidated Net Lease Adjusted Indebtedness at Statement Date (Line B.1 plus Line B.3, then minus Line B.4)
|
$_____________
|
B.6.
|
Consolidated EBITDAR (Line A.9)
|
$_____________
|
B.7.
|
Consolidated Net Lease Adjusted Leverage Ratio (Line B.5 divided by Line B.6)
|
_____ : 1.00
|
C.1.
|
Consolidated Funded Indebtedness at Statement Date that is secured by a Lien
|
$_____________
|
C.2.
|
Equinix’s consolidated Attributable Indebtedness in respect of Finance Leases and in respect of Synthetic Lease Obligations at Statement Date
|
$_____________
|
C.3.
|
Line B.3 (rent expense for the Measurement Period multiplied by 6)
|
$_____________
|
C.4.
|
Consolidated Lease Adjusted Secured Indebtedness at Statement Date (Sum of Lines C.1 through C.3)
|
$_____________
|
C.5.
|
Consolidated EBITDAR (Line A.9)
|
$_____________
|
C.6.
|
Consolidated Lease Adjusted Secured Leverage Ratio (Line C.4 divided by Line C.5)
|
_____ : 1.00
|
Entity
|
Jurisdiction
|
Equinix (Australia) Enterprises Holdings Pty Limited
|
Australia
|
Equinix (Australia) Enterprises Pty Limited
|
Australia
|
Equinix Australia Pty Limited
|
Australia
|
McLaren Pty Limited
|
Australia
|
Metronode (ACT) Pty Limited
|
Australia
|
Metronode (NSW) Pty Ltd
|
Australia
|
Metronode C1 Pty Limited
|
Australia
|
Metronode Group Pty Limited
|
Australia
|
Metronode Investments Pty Limited
|
Australia
|
Metronode M2 Pty Ltd
|
Australia
|
Metronode P2 Pty Limited
|
Australia
|
MGH Pegasus Pty Ltd
|
Australia
|
Equinix Australia National Pty. Ltd.
|
Australia
|
Metronode S2 Pty Ltd
|
Australia
|
MGH Bidco Pty Limited
|
Australia
|
MGH Finco Pty Limited
|
Australia
|
MGH Holdco Pty Ltd
|
Australia
|
McLaren Unit Trust
|
Australia
|
Equinix do Brasil Soluções de Tecnologia em Informática Ltda.
|
Brazil
|
Equinix do Brasil Telecomunicações Ltda.
|
Brazil
|
Equinix Colombia, Inc.
|
British Virgin Islands
|
Equinix (Bulgaria) Data Centers EOOD
|
Bulgaria
|
Equinix (Canada) Enterprises Ltd.
|
Canada
|
Equinix Canada Ltd.
|
Canada
|
CHI 3, LLC
|
Delaware, U.S.
|
DCI Management, Inc.
|
Delaware, U.S.
|
DCI Tech Holdings Infomart, LLLP
|
Delaware, U.S.
|
EPS Enterprises, Inc.
|
Delaware, U.S.
|
Equinix (EMEA) Management, Inc.
|
Delaware, U.S.
|
Equinix (Government) LLC
|
Delaware, U.S.
|
Equinix (US) Enterprises, Inc.
|
Delaware, U.S.
|
Equinix (Velocity) Holding Company
|
Delaware, U.S.
|
Equinix Impact LLC
|
Delaware, U.S.
|
Equinix LLC
|
Delaware, U.S.
|
Equinix Pacific LLC
|
Delaware, U.S.
|
Equinix Professional Services, Inc.
|
Delaware, U.S.
|
Equinix Government Solutions LLC
|
Delaware, U.S.
|
Equinix RP II LLC
|
Delaware, U.S.
|
Equinix South America Holdings, LLC
|
Delaware, U.S.
|
Infomart Dallas GP, LLC
|
Delaware, U.S.
|
Infomart Dallas, LP
|
Delaware, U.S.
|
Infomart Holdings, LLC
|
Delaware, U.S.
|
Infomart Venture, LLC
|
Delaware, U.S.
|
LA4, LLC
|
Delaware, U.S.
|
Moran Road Partners, LLC
|
Delaware, U.S.
|
NY2 Hartz Way, LLC
|
Delaware, U.S.
|
SV1, LLC
|
Delaware, U.S.
|
Switch & Data Facilities Company LLC
|
Delaware, U.S.
|
Switch & Data LLC
|
Delaware, U.S.
|
Switch & Data MA One LLC
|
Delaware, U.S.
|
Switch & Data WA One LLC
|
Delaware, U.S.
|
Switch & Data/NY Facilities Company LLC
|
Delaware, U.S.
|
Switch and Data CA Nine LLC
|
Delaware, U.S.
|
Switch And Data NJ Two LLC
|
Delaware, U.S.
|
Switch and Data Operating Company LLC
|
Delaware, U.S.
|
Switch and Data VA Four LLC
|
Delaware, U.S.
|
VDC I, LLC
|
Delaware, U.S.
|
VDC II, LLC
|
Delaware, U.S.
|
VDC III, LLC
|
Delaware, U.S.
|
VDC IV, LLC
|
Delaware, U.S.
|
VDC V, LLC
|
Delaware, U.S.
|
VDC VI, LLC
|
Delaware, U.S.
|
VDC VII, LLC
|
Delaware, U.S.
|
VDC VIII, LLC
|
Delaware, U.S.
|
Equinix Hyperscale (LP) LLC
|
Delaware, U.S.
|
Equinix Hyperscale (GP) LLC
|
Delaware, U.S.
|
Equinix (Finland) Enterprises Oy
|
Finland
|
Equinix (Finland) Oy
|
Finland
|
Equinix (France) Enterprises SAS
|
France
|
Equinix (Real Estate) Holdings SC
|
France
|
Equinix (Real Estate) SCI
|
France
|
Equinix France SAS
|
France
|
Equinix (Germany) Enterprises GmbH
|
Germany
|
Equinix (Germany) GmbH
|
Germany
|
Equinix (Real Estate) GmbH
|
Germany
|
Upminster GmbH
|
Germany
|
Equinix Hyperscale 1 (FR9) GmbH
|
Germany
|
Equinix Hyperscale 1 (FR11) GmbH
|
Germany
|
Equinix (Hong Kong) Enterprises Limited
|
Hong Kong
|
Equinix Hong Kong Limited
|
Hong Kong
|
CHI 3 Procurement, LLC
|
Illinois, U.S.
|
Equinix (Ireland) Enterprises Limited
|
Ireland
|
Equinix (Ireland) Limited
|
Ireland
|
Equinix (Italia) Enterprises S.r.l.
|
Italy
|
Equinix Italia S.r.l.
|
Italy
|
Open Hub Med Societa Consortile a responsabilita limitata
|
Italy
|
Equinix (Japan) Enterprises K.K.
|
Japan
|
Equinix (Japan) Technology Services K.K.
|
Japan
|
Equinix Japan K.K
|
Japan
|
Metronode New Zealand Limited
|
New Zealand
|
Equinix Muscat LLC
|
Oman
|
Equinix Middle East Services LLC
|
Oman
|
Equinix (China) Investment Holding Co., Ltd
(亿利互连 (中国) 投资有限公司)
|
People’s Republic of China
|
Equinix Information Technology (Shanghai) Co., Ltd.
(亿利互连信息技术 (上海) 有限公司)
|
People’s Republic of China
|
Equinix WGQ Information Technology (Shanghai) Co., Ltd.
(亿利互连 (上海) 通讯科技有限公司)
|
People’s Republic of China
|
Equinix YP Information Technology (Shanghai) Co., Ltd.
(亿利互连数据系统 (上海) 有限公司)
|
People’s Republic of China
|
Gaohong Equinix (Shanghai) Information Technology Co., Ltd
(高鸿亿利 (上海) 信息技术有限公司)
|
People’s Republic of China
|
Equinix (Poland) Technology Services sp. z o.o.
|
Poland
|
Equinix (Poland) Enterprises sp. z o.o.
|
Poland
|
Equinix (Poland) sp. z o.o.
|
Poland
|
Equinix (Portugal) Data Centers, S.A.
|
Portugal
|
Equinix II (Portugal) Enterprises Data Centers, Unipessoal Lda
|
Portugal
|
Equinix Korea LLC
|
Republic of Korea
|
Equinix (Singapore) Enterprises Pte. Ltd.
|
Singapore
|
Equinix Asia Pacific Holdings Pte. Ltd.
|
Singapore
|
Equinix Asia Pacific Pte. Ltd.
|
Singapore
|
Equinix Singapore Holdings Pte. Ltd.
|
Singapore
|
Equinix Singapore Pte. Ltd.
|
Singapore
|
Equinix (Spain) Enterprises, S.L.U.
|
Spain
|
Equinix (Spain), S.A.U.
|
Spain
|
TelecityGroup Spain S.A.
|
Spain
|
Equinix (Sweden) AB
|
Sweden
|
Equinix (Sweden) Enterprises AB
|
Sweden
|
Equinix (Switzerland) Enterprises GmbH
|
Switzerland
|
Equinix (Switzerland) GmbH
|
Switzerland
|
EMEA Hyperscale 1 C.V.
|
The Netherlands
|
Equinix Hyperscale 1 Holdings B.V.
|
The Netherlands
|
Equinix (EMEA) Acquisition Enterprises B.V.
|
The Netherlands
|
Equinix (EMEA) B.V.
|
The Netherlands
|
Equinix (Netherlands) B.V.
|
The Netherlands
|
Equinix (Netherlands) Enterprises B.V.
|
The Netherlands
|
Equinix (Netherlands) Holdings B.V.
|
The Netherlands
|
Switch Datacenters Amsterdam B.V.
|
The Netherlands
|
Equinix (Real Estate) B.V.
|
The Netherlands
|
Virtu Secure Webservices B.V.
|
The Netherlands
|
Equinix (EMEA) Hyperscale Services B.V.
|
The Netherlands
|
Equinix Turkey Data Merkezi Üretim Inºaat Sanayi ve Ticaret Anonim ªirketi
|
Turkey
|
Equinix Turkey Enterprises Data Merkezi Üretim Inºaat Sanayi ve Ticaret Anonim ªirketi
|
Turkey
|
Equinix Turkey Internet Hizmetleri Anonim Sirketi
|
Turkey
|
Equinix Middle East FZ-LLC
|
United Arab Emirates
|
Equinix Hyperscale 1 (LD11) Limited
|
United Kingdom
|
Equinix (Services) Limited
|
United Kingdom
|