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Equinix Inc (EQIX) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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EQIX Quarterly Reports

Equinix Inc

CIK: 1101239 Ticker: EQIX
Exhibit 99.1

EQUINIX REPORTS FIRST QUARTER 2022 RESULTS



Delivers Best Net Bookings Performance in Company History

REDWOOD CITY, Calif., April 27, 2022 /PRNewswire/ --

  • Quarterly revenues increased 9% over the same quarter last year to $1.7 billion, or 10% on a normalized and constant currency basis, representing the company's 77th consecutive quarter of revenue growth
  • More than 4,200 deals executed in the quarter across more than 3,100 customers
  • Strong quarter for Equinix Metal® and Network Edge digital services offerings
  • Global platform expansion continued with 43 projects underway across 29 metros in 20 countries, including new projects in the Atlanta, Mumbai, Sydney, Tokyo and Washington, D.C. metros

Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure companyTM, today reported results for the quarter ended March 31, 2022. Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements. All per share results are presented on a fully diluted basis.

First Quarter 2022 Results Summary

  • Revenues
    • $1.7 billion, a 2% increase over the previous quarter
    • Includes a negative $2 million foreign currency impact when compared to prior guidance rates
  • Operating Income
    • $267 million, a 7% increase over the previous quarter and an operating margin of 15%
  • Adjusted EBITDA
    • $800 million, a 46% adjusted EBITDA margin
    • Includes a negative $1 million foreign currency impact when compared to prior guidance rates
    • Includes $5 million of integration costs
  • Net Income and Net Income per Share attributable to Equinix
    • $147 million, a 20% increase over the previous quarter, primarily due to strong operating performance
    • $1.62 per share, a 19% increase over the previous quarter
  • AFFO and AFFO per Share
    • $653 million, a 16% increase over the previous quarter, primarily due to strong operating performance and seasonally lower recurring capital expenditures
    • $7.16 per share, a 15% increase over the previous quarter
    • Includes $5 million of integration costs

2022 Annual Guidance Summary

  • Revenues
    • $7.291 - $7.341 billion, an increase of 10 - 11% over the previous year, or a normalized and constant currency increase of ~10%
    • An increase of $89 million compared to prior guidance, including a negative $3 million foreign currency impact when compared to prior guidance rates
  • Adjusted EBITDA
    • $3.344 - $3.374 billion, a 46% adjusted EBITDA margin
    • An increase of $42 million excluding integration costs compared to prior guidance, including a positive $2 million foreign currency benefit when compared to prior guidance rates
    • Assumes $25 million of integration costs
  • AFFO and AFFO per Share
    • $2.650 - $2.680 billion, an increase of 8 - 9% over the previous year, or a normalized and constant currency increase of 8 - 10%
    • A net increase of $9 million excluding integration costs compared to prior guidance with $22 million derived from strong operating performance and a net $9 million attributed to the MainOne Cable Company Ltd. ("MainOne") acquisition, partially offset by $22 million of incremental debt financing costs
    • $28.93 - $29.26 per share, an increase of 7 - 8% over the previous year on both an as-reported and a normalized and constant currency basis
    • Assumes $25 million of integration costs

Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income (loss) from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant.

Equinix Quote

Charles Meyers, President and CEO, Equinix:

"We had a great start to 2022. While there are a number of macroeconomic factors we continue to proactively manage, the business continues to perform exceptionally well. Underlying demand for digital infrastructure continues to rise as enterprises in diverse sectors across the globe prioritize digital transformation and service providers continue to innovate, distribute and scale their infrastructure globally in response to that demand."

Business Highlights

  • Equinix continued to expand its global platform, which currently includes more than 240 data centers across 69 metros in 30 countries. As of Q1, 89% of revenues are generated from customers deployed in more than one metro, demonstrating the strategic value of Equinix's global footprint. Specific initiatives included:
    • In March, Equinix announced its planned expansion into Chile through the intended acquisition of multiple data centers from Empresa Nacional De Telecomunicaciones S.A. ("Entel"), a leading Chilean telecommunications provider. The transaction is expected to solidify Equinix's leadership as the top regional provider of digital infrastructure. 
    • In April, Equinix formally entered the African continent with the acquisition of MainOne, a data center and connectivity solutions provider in West Africa, with operations in Nigeria, Ghana and Ivory Coast. This acquisition represents the first step in Equinix's long-term strategy to extend its global carrier-neutral digital infrastructure platform to Africa.
    • Equinix continued the expansion of its xScaleTM program with the completion of its Australian joint venture with PGIM in March, which is expected to provide more than 55 megawatts of capacity in the Sydney market when fully built out. In April, Equinix completed its South Korean joint venture with GIC, which is expected to provide more than 45 megawatts of capacity to the Seoul market.
  • The Equinix digital services portfolio had a strong quarter with the most net customer adds for Equinix Metal since its launch. Similarly, Equinix FabricTM added the most quarterly virtual connections ever. At the same time, customers continued to consume Equinix's data center and colocation services with the addition of an incremental 8,900 total interconnections in the quarter, bringing the total interconnections on Equinix's platform to 428,200.
  • Equinix continued to make advances in meeting its environmental sustainability commitments, including its goal of climate-neutral operations by 2030:
    • In January, Equinix announced the opening of its first Co-Innovation Facility (CIF), located in its DC15 International Business ExchangeTM (IBX®) data center at the Equinix Ashburn Campus in the Washington, D.C. area. A component of Equinix's Data Center of the Future initiative, the CIF is a new capability that enables partners to work with Equinix on trialing and developing sustainable data center innovations including fuel cell and liquid cooling technologies.
    • In April, Equinix completed its fourth green bond offering to help advance its commitment to sustainability leadership. With the latest offering, Equinix has issued approximately $4.9 billion of green bonds, currently making it the fourth largest global issuer in the investment grade green bond market.
    • Equinix continued to develop IBX data centers with sustainable features, including a heat recovery technology project at the PA10 IBX in Paris to recover energy from customer equipment and transfer it to the urban heating network. Equinix also recently opened its MU4 IBX in Munich, which has a green façade and partially planted roof that acts as additional natural insulation and cooling, and allows the building to blend into the cityscape.
  • Key leadership appointments included the internal promotion of three Equinix leaders: Jon Lin to EVP & General Manager, Data Center Services; Nicole Collins to Chief Transformation Officer; and Tara Risser to President, Americas.

Business Outlook

For the second quarter of 2022, the Company expects revenues to range between $1.809 and $1.829 billion, a 4 - 5% increase over the prior quarter, or 3 - 4% on a normalized and constant currency basis. This guidance includes a positive $8 million foreign currency benefit when compared to the average FX rates in Q1 2022. Adjusted EBITDA is expected to range between $828 and $848 million. Adjusted EBITDA includes a positive $4 million foreign currency benefit when compared to the average FX rates in Q1 2022 and $7 million of integration costs from acquisitions. Recurring capital expenditures are expected to range between $33 and $43 million.

For the full year of 2022, total revenues are expected to range between $7.291 and $7.341 billion, a 10 - 11% increase over the previous year, or a normalized and constant currency increase of approximately 10%. This updated increase in full-year guidance of $89 million includes $42 million of better-than-expected business performance, $50 million from the MainOne acquisition and a negative $3 million foreign currency impact when compared to the prior guidance rates. Adjusted EBITDA is expected to range between $3.344 and $3.374 billion, an adjusted EBITDA margin of 46%. This updated increase in full-year guidance of $42 million, excluding integration costs, includes $20 million of better-than-expected business performance, $20 million from the MainOne acquisition and a positive $2 million foreign currency benefit when compared to the prior guidance rates. For the year, the Company now expects to incur $25 million in integration costs related to acquisitions. AFFO is expected to range between $2.650 and $2.680 billion, an increase of 8 - 9% over the previous year, or a normalized and constant currency increase of 8 - 10%. This updated AFFO guidance of $9 million, excluding integration costs, includes $22 million of better-than-expected business performance and $9 million from the MainOne acquisition, partially offset by $22 million of incremental debt financing costs. AFFO per share is expected to range between $28.93 and $29.26, an increase of 7- 8% over the previous year, on both an as-reported and normalized and constant currency basis. Total capital expenditures are expected to range between $2.265 and $2.515 billion. Non-recurring capital expenditures, including xScale-related capital expenditures, are expected to range between $2.097 and $2.337 billion, and recurring capital expenditures are expected to range between $168 and $178 million. xScale-related on-balance sheet capital expenditures are expected to range between $37 and $87 million, which we anticipate will be reimbursed to Equinix from both the current and future xScale JVs.

The U.S. dollar exchange rates used for 2022 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.15 to the Euro, $1.32 to the Pound, S$1.36 to the U.S. dollar, ¥122 to the U.S. dollar, and R$4.74 to the U.S. dollar. The Q1 2022 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen and Brazilian Real is 19%, 9%, 8%, 6% and 3%, respectively.

The adjusted EBITDA guidance is based on the revenue guidance less our expectations of cash cost of revenues and cash operating expenses. The AFFO guidance is based on the adjusted EBITDA guidance less our expectations of net interest expense, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, income tax expense, an income tax expense adjustment, recurring capital expenditures, other income (expense), (gains) losses on disposition of real estate property, and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.

Q1 2022 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended March 31, 2022, along with its future outlook, in its quarterly conference call on Wednesday, April 27, 2022, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company's Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call through Wednesday, July 27, 2022, by dialing 1-866-357-4208 and referencing the passcode 2022. In addition, the webcast will be available at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

Equinix has made available on its website a presentation designed to accompany the discussion of Equinix's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.

Additional Resources

  • Equinix Investor Relations Resources

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today's businesses to access all the right places, partners and possibilities they need to accelerate advantage. With Equinix, they can scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value.

Non-GAAP Financial Measures

Equinix provides all information required in accordance with generally accepted accounting principles ("GAAP"), but it believes that evaluating its ongoing operating results may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix uses non-GAAP financial measures to evaluate its operations.

Equinix provides normalized and constant currency growth rates, which are calculated to adjust for acquisitions, dispositions, integration costs, changes in accounting principles and foreign currency.

Equinix presents adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA represents income from operations excluding depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales.

In presenting non-GAAP financial measures, such as adjusted EBITDA, cash cost of revenues, cash gross margins, cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A), adjusted EBITDA margins, free cash flow and adjusted free cash flow, Equinix excludes certain items that it believes are not good indicators of Equinix's current or future operating performance. These items are depreciation, amortization, accretion of asset retirement obligations and accrued restructuring charges, stock-based compensation, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales. Equinix excludes these items in order for its lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix's operating performance and cash spending levels relative to its industry sector and competitors.

Equinix excludes depreciation expense as these charges primarily relate to the initial construction costs of a data center, and do not reflect its current or future cash spending levels to support its business. Its data centers are long-lived assets, and have an economic life greater than 10 years. The construction costs of a data center do not recur with respect to such data center, although Equinix may incur initial construction costs in future periods with respect to additional data centers, and future capital expenditures remain minor relative to the initial investment. This is a trend it expects to continue. In addition, depreciation is also based on the estimated useful lives of the data centers. These estimates could vary from actual performance of the asset, are based on historic costs incurred to build out our data centers and are not indicative of current or expected future capital expenditures. Therefore, Equinix excludes depreciation from its operating results when evaluating its operations.

In addition, in presenting the non-GAAP financial measures, Equinix also excludes amortization expense related to acquired intangible assets. Amortization expense is significantly affected by the timing and magnitude of acquisitions, and these charges may vary in amount from period to period. We exclude amortization expense to facilitate a more meaningful evaluation of our current operating performance and comparisons to our prior periods. Equinix excludes accretion expense, both as it relates to its asset retirement obligations as well as its accrued restructuring charges, as these expenses represent costs which Equinix also believes are not meaningful in evaluating Equinix's current operations. Equinix excludes stock-based compensation expense, as it can vary significantly from period to period based on share price and the timing, size and nature of equity awards. As such, Equinix and many investors and analysts exclude stock-based compensation expense to compare its operating results with those of other companies. Equinix excludes restructuring charges from its non-GAAP financial measures. The restructuring charges relate to Equinix's decision to exit leases for excess space adjacent to several of its IBX data centers, which it did not intend to build out, or its decision to reverse such restructuring charges. Equinix also excludes impairment charges generally related to certain long-lived assets. The impairment charges are related to expense recognized whenever events or changes in circumstances indicate that the carrying amount of assets are not recoverable. Equinix also excludes gain or loss on asset sales as it represents profit or loss that is not meaningful in evaluating the current or future operating performance. Finally, Equinix excludes transaction costs from its non-GAAP financial measures to allow more comparable comparisons of the financial results to the historical operations. The transaction costs relate to costs Equinix incurs in connection with business combinations and formation of joint ventures, including advisory, legal, accounting, valuation and other professional or consulting fees. Such charges generally are not relevant to assessing the long-term performance of Equinix. In addition, the frequency and amount of such charges vary significantly based on the size and timing of the transactions. Management believes items such as restructuring charges, impairment charges, transaction costs and gain or loss on asset sales are non-core transactions; however, these types of costs may occur in future periods.

Equinix also presents funds from operations ("FFO") and adjusted funds from operations ("AFFO"), both commonly used in the REIT industry, as supplemental performance measures. Additionally, Equinix presents AFFO per share, which is also commonly used in the REIT industry. AFFO per share offers investors and industry analysts a perspective of Equinix's underlying operating performance when compared to other REIT companies. FFO is calculated in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items. AFFO represents FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items. Equinix excludes depreciation expense, amortization expense, accretion, stock-based compensation, restructuring charges, impairment charges and transaction costs for the same reasons that they are excluded from the other non-GAAP financial measures mentioned above.

Equinix includes an adjustment for revenues from installation fees, since installation fees are deferred and recognized ratably over the period of contract term, although the fees are generally paid in a lump sum upon installation. Equinix includes an adjustment for straight-line rent expense on its operating leases, since the total minimum lease payments are recognized ratably over the lease term, although the lease payments generally increase over the lease term. Equinix also includes an adjustment to contract costs incurred to obtain contracts, since contract costs are capitalized and amortized over the estimated period of benefit on a straight-line basis, although costs of obtaining contracts are generally incurred and paid during the period of obtaining the contracts. The adjustments for installation revenues, straight-line rent expense and contract costs are intended to isolate the cash activity included within the straight-lined or amortized results in the consolidated statement of operations. Equinix excludes the amortization of deferred financing costs and debt discounts and premiums as these expenses relate to the initial costs incurred in connection with its debt financings that have no current or future cash obligations. Equinix excludes gain or loss on debt extinguishment since it represents a cost that is not a good indicator of Equinix's current or future operating performance. Equinix includes an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances and uncertain tax positions that do not relate to the current period's operations. Equinix excludes recurring capital expenditures, which represent expenditures to extend the useful life of its IBX and xScale data centers or other assets that are required to support current revenues. Equinix also excludes net income or loss from discontinued operations, net of tax, which represents results that are not a good indicator of our current or future operating performance.

Equinix presents constant currency results of operations, which is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, Equinix has presented this non-GAAP financial measure to provide investors with an additional tool to evaluate its operating results without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Equinix's business performance. To present this information, Equinix's current and comparative prior period revenues and certain operating expenses from entities with functional currencies other than the U.S. dollar are converted into U.S. dollars at a consistent exchange rate for purposes of each result being compared.

Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Equinix presents such non-GAAP financial measures to provide investors with an additional tool to evaluate its operating results in a manner that focuses on what management believes to be its core, ongoing business operations. Management believes that the inclusion of these non-GAAP financial measures provides consistency and comparability with past reports and provides a better understanding of the overall performance of the business and its ability to perform in subsequent periods. Equinix believes that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze Equinix effectively.

Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should, therefore, exercise caution when comparing non-GAAP financial measures used by us to similarly titled non-GAAP financial measures of other companies. Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income or loss from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the ongoing COVID-19 pandemic; the current inflationary environment; increased costs to procure power and the general volatility in the global energy market; the challenges of acquiring, operating and constructing IBX and xScale data centers and developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

EQUINIX, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)



Three Months Ended


March 31,
2022


December 31,
2021


March 31,
2021

Recurring revenues

$ 1,642,324


$  1,603,474


$ 1,510,933

Non-recurring revenues

92,123


102,904


85,131

     Revenues

1,734,447


1,706,378


1,596,064

Cost of revenues

915,875


910,435


811,217

          Gross profit

818,572


795,943


784,847

Operating expenses:






     Sales and marketing

192,511


189,798


182,827

     General and administrative

352,687


343,711


301,456

     Transaction costs

4,240


9,405


1,182

     Loss on asset sales

1,818


3,304


1,720

          Total operating expenses

551,256


546,218


487,185

Income from operations

267,316


249,725


297,662

Interest and other income (expense):





     Interest income

2,106


1,130


729

     Interest expense

(79,965)


(80,227)


(89,681)

     Other expense

(9,549)


(5,802)


(6,950)

     Gain (loss) on debt extinguishment

529


214


(13,058)

          Total interest and other, net

(86,879)


(84,685)


(108,960)

Income before income taxes

180,437


165,040


188,702

     Income tax expense

(32,744)


(41,899)


(32,628)

Net income

147,693


123,141


156,074

     Net (income) loss attributable to non-controlling interests

(240)


133


288

Net income attributable to Equinix

$     147,453


$     123,274


$     156,362

Net income per share attributable to Equinix:

     Basic net income per share

$           1.62


$            1.37


$           1.75

     Diluted net income per share

$           1.62


$            1.36


$           1.74

     Shares used in computing basic net income per share

90,771


90,240


89,330

     Shares used in computing diluted net income per share

91,162


90,752


89,842

EQUINIX, INC.

Condensed Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)



Three Months Ended


March 31,
2022


December 31,
2021


March 31,
2021

Net income

$     147,693


$     123,141


$     156,074

Other comprehensive income (loss), net of tax:



     Foreign currency translation adjustment ("CTA") loss

(122,534)


(115,278)


(295,146)

     Net investment hedge CTA gain

91,358


62,763


170,175

     Unrealized gain on cash flow hedges

64,037


8,514


29,478

     Net actuarial gain (loss) on defined benefit plans

(21)


16


12

          Total other comprehensive income (loss), net of tax

32,840


(43,985)


(95,481)

Comprehensive income, net of tax

180,533


79,156


60,593

     Net (income) loss attributable to non-controlling interests

(240)


133


288

     Other comprehensive (income) attributable to non-controlling interests

(3)


(5)


1

Comprehensive income attributable to Equinix

$     180,290


$       79,284


$       60,882

EQUINIX, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)



March 31, 2022


December 31, 2021

Assets




Cash and cash equivalents

$                  1,695,305


$              1,536,358

Accounts receivable, net

780,404


681,809

Other current assets

471,894


462,739

Assets held for sale

115,193


276,195

          Total current assets

3,062,796


2,957,101

Property, plant and equipment, net

15,512,991


15,445,775

Operating lease right-of-use assets

1,234,257


1,282,418

Goodwill

5,316,079


5,372,071

Intangible assets, net

1,877,541


1,935,267

Other assets

1,019,569


926,066

          Total assets

$                28,023,233


$            27,918,698

Liabilities and Stockholders' Equity




Accounts payable and accrued expenses

$                     811,157


$                 879,144

Accrued property, plant and equipment

236,608


187,334

Current portion of operating lease liabilities

146,239


144,029

Current portion of finance lease liabilities

148,411


147,841

Current portion of mortgage and loans payable

31,993


33,087

Other current liabilities

232,606


214,519

          Total current liabilities

1,607,014


1,605,954

Operating lease liabilities, less current portion

1,060,078


1,107,180

Finance lease liabilities, less current portion

2,027,228


1,989,668

Mortgage and loans payable, less current portion

691,523


586,577

Senior notes, less current portion

10,953,832


10,984,144

Other liabilities

740,748


763,411

          Total liabilities

17,080,423


17,036,934

Common stock

91


91

Additional paid-in capital

16,145,424


15,984,597

Treasury stock

(107,949)


(112,208)

Accumulated dividends

(6,449,713)


(6,165,140)

Accumulated other comprehensive loss

(1,052,914)


(1,085,751)

Retained earnings

2,407,946


2,260,493

          Total Equinix stockholders' equity

10,942,885


10,882,082

Non-controlling interests

(75)


(318)

          Total stockholders' equity

10,942,810


10,881,764

                Total liabilities and stockholders' equity

$                28,023,233


$            27,918,698





Ending headcount by geographic region is as follows:




          Americas headcount

5,110


5,056

          EMEA headcount

3,684


3,611

          Asia-Pacific headcount

2,330


2,277

                    Total headcount

11,124


10,944

EQUINIX, INC.

Summary of Debt Principal Outstanding

(in thousands)

(unaudited)



March 31, 2022


December 31, 2021





Finance lease liabilities

$                 2,175,639


$                 2,137,509





Term loans

655,672


549,343

Mortgage payable and other loans payable

67,844


70,321

Minus: mortgage premium, debt discount and issuance costs, net

(486)


(1,276)

           Total mortgage and loans payable principal

723,030


618,388





Senior notes

10,953,832


10,984,144

Plus: debt discount and issuance costs

113,758


117,986

          Total senior notes principal

11,067,590


11,102,130





Total debt principal outstanding

$              13,966,259


$              13,858,027

EQUINIX, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)




Three Months Ended



March 31,
2022


December 31,
2021


March 31,
2021








Cash flows from operating activities:


Net income

$    147,693


$    123,141


$    156,074


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


     Depreciation, amortization and accretion

436,386


428,764


394,318


     Stock-based compensation

89,952


96,379


78,350


     Amortization of debt issuance costs and debt discounts and premiums

4,204


4,375


3,940


     (Gain) loss on debt extinguishment

(529)


(214)


13,058


     Loss on asset sales

1,818


3,304


1,720


     Other items

6,050


6,089


11,182


     Changes in operating assets and liabilities:


          Accounts receivable

(100,727)


109,440


(17,620)


          Income taxes, net

13,881


27,598


(10,274)


          Accounts payable and accrued expenses

(75,980)


54,628


(76,362)


          Operating lease right-of-use assets

35,400


37,862


40,924


          Operating lease liabilities

(31,740)


(39,782)


(36,563)


          Other assets and liabilities

54,715


40,521


(167,589)

Net cash provided by operating activities

581,123


892,105


391,158

Cash flows from investing activities:


Purchases, sales and maturities of investments, net

(38,558)


(30,394)


(18,349)


Real estate acquisitions

(3,074)


(6,988)


(53,737)


Purchases of other property, plant and equipment

(412,518)


(817,405)


(563,598)


Proceeds from asset sales

195,391


34,091


Net cash used in investing activities

(258,759)


(820,696)


(635,684)

Cash flows from financing activities:


Proceeds from employee equity awards

43,876



40,034


Payment of dividend distributions

(289,669)


(259,455)


(263,039)


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


398,271



Proceeds from mortgage and loans payable

676,850




Proceeds from senior notes, net of debt discounts



1,290,752


Repayment of finance lease liabilities

(40,773)


(35,410)


(32,584)


Repayment of mortgage and loans payable

(551,833)


(10,584)


(20,186)


Repayment of senior notes



(590,650)


Debt extinguishment costs



(8,521)


Debt issuance costs

(7,366)



(3,152)

Net cash provided by (used in) financing activities

(168,915)


92,822


412,654

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

4,593


(6,335)


(22,019)

Net increase in cash, cash equivalents and restricted cash

158,042


157,896


146,109

Cash, cash equivalents and restricted cash at beginning of period

1,549,454


1,391,558


1,625,695

Cash, cash equivalents and restricted cash at end of period

$ 1,707,496


$ 1,549,454


$ 1,771,804

Supplemental cash flow information:

     Cash paid for taxes

$      20,150


$      16,019


$      49,970

     Cash paid for interest

$    104,051


$    110,282


$    101,055








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

$    360,922


$    101,803


$   (226,177)








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

$    363,996


$    108,791


$   (172,440)








(1)

We define free cash flow (negative free cash flow) as net cash provided by operating activities plus net cash
provided by (used in) investing activities (excluding the net purchases, sales and maturities of investments)
as presented below:


Net cash provided by operating activities as presented above

$    581,123


$    892,105


$    391,158


Net cash used in investing activities as presented above

(258,759)


(820,696)


(635,684)


Purchases, sales and maturities of investments, net

38,558


30,394


18,349


     Free cash flow (negative free cash flow)

$    360,922


$    101,803


$   (226,177)








(2)

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


Free cash flow (negative free cash flow) as defined above

$    360,922


$    101,803


$   (226,177)


Less real estate acquisitions

3,074


6,988


53,737


     Adjusted free cash flow (negative adjusted free cash flow)

$    363,996


$    108,791


$   (172,440)

EQUINIX, INC.

Non-GAAP Measures and Other Supplemental Data

(in thousands)

(unaudited)




Three Months Ended



March 31,
2022


December 31,
2021


March 31,
2021


Recurring revenues

$  1,642,324


$  1,603,474


$  1,510,933


Non-recurring revenues

92,123


102,904


85,131


     Revenues (1)

1,734,447


1,706,378


1,596,064









Cash cost of revenues (2)

583,703


577,991


510,810


     Cash gross profit (3)

1,150,744


1,128,387


1,085,254









Cash operating expenses (4)(7):






     Cash sales and marketing expenses (5)

124,706


121,637


113,053


     Cash general and administrative expenses (6)

226,326


219,173


198,969


     Total cash operating expenses (4)(7)

351,032


340,810


312,022









Adjusted EBITDA (8)

$     799,712


$     787,577


$     773,232









Cash gross margins (9)

66 %


66 %


68 %









Adjusted EBITDA margins(10)

46 %


46 %


48 %









Adjusted EBITDA flow-through rate (11)

43 %


4 %


194 %









FFO (12)

$     432,644


$     406,880


$     417,263









AFFO (13)(14)

$     652,632


$     564,194


$     626,828









Basic FFO per share (15)

$           4.77


$           4.51


$           4.67









Diluted FFO per share (15)

$           4.75


$           4.48


$           4.64









Basic AFFO per share (15)

$           7.19


$           6.25


$           7.02









Diluted AFFO per share (15)

$           7.16


$           6.22


$           6.98











































(1)

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









Americas Revenues:














Colocation

$     522,171


$     512,424


$     487,459


Interconnection

181,103


177,661


164,887


Managed infrastructure

49,222


46,045


38,485


Other

5,134


5,184


2,038


     Recurring revenues

757,630


741,314


692,869


     Non-recurring revenues

42,791


40,801


33,071


          Revenues

$     800,421


$     782,115


$     725,940









EMEA Revenues:














Colocation

$     414,569


$     410,457


$     388,275


Interconnection

68,140


66,821


61,650


Managed infrastructure

30,990


30,205


32,111


Other

6,414


5,259


5,046


     Recurring revenues

520,113


512,742


487,082


     Non-recurring revenues

30,367


40,601


31,635


          Revenues

$     550,480


$     553,343


$     518,717









Asia-Pacific Revenues:














Colocation

$     282,615


$     268,908


$     254,558


Interconnection

59,987


58,418


53,182


Managed infrastructure

20,642


20,928


22,749


Other

1,337


1,164


493


     Recurring revenues

364,581


349,418


330,982


     Non-recurring revenues

18,965


21,502


20,425


          Revenues

$     383,546


$     370,920


$     351,407









Worldwide Revenues:














Colocation

$  1,219,355


$  1,191,789


$  1,130,292


Interconnection

309,230


302,900


279,719


Managed infrastructure

100,854


97,178


93,345


Other

12,885


11,607


7,577


     Recurring revenues

1,642,324


1,603,474


1,510,933


     Non-recurring revenues

92,123


102,904


85,131


          Revenues

$  1,734,447


$  1,706,378


$  1,596,064






















(2)

We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-based compensation as presented below:



Cost of revenues

$     915,875


$     910,435


$     811,217


Depreciation, amortization and accretion expense

(321,729)


(322,194)


(291,940)


Stock-based compensation expense

(10,443)


(10,250)


(8,467)


     Cash cost of revenues

$     583,703


$     577,991


$     510,810









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









Americas cash cost of revenues

$     239,403


$     244,245


$     193,460


EMEA cash cost of revenues

202,848


208,569


199,183


Asia-Pacific cash cost of revenues

141,452


125,177


118,167


     Cash cost of revenues

$     583,703


$     577,991


$     510,810


(3)

We define cash gross profit as revenues less cash cost of revenues (as defined above).








(4)

We define cash operating expense as selling, general, and administrative expense less depreciation, amortization, and stock-based compensation. We also refer to cash operating expense as cash selling, general and administrative expense or "cash SG&A".



Selling, general, and administrative expense

$     545,198


$     533,509


$     484,283


Depreciation and amortization expense

(114,657)


(106,570)


(102,378)


Stock-based compensation expense

(79,509)


(86,129)


(69,883)


     Cash operating expense

$     351,032


$     340,810


$     312,022








(5)

We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization and
stock-based compensation as presented below:









Sales and marketing expense

$     192,511


$     189,798


$     182,827


Depreciation and amortization expense

(47,621)


(48,064)


(52,071)


Stock-based compensation expense

(20,184)


(20,097)


(17,703)


     Cash sales and marketing expense

$     124,706


$     121,637


$     113,053








(6)

We define cash general and administrative expense as general and administrative expense less depreciation, amortization and
stock-based compensation as presented below:









General and administrative expense

$     352,687


$     343,711


$     301,456


Depreciation and amortization expense

(67,036)


(58,506)


(50,307)


Stock-based compensation expense

(59,325)


(66,032)


(52,180)


     Cash general and administrative expense

$     226,326


$     219,173


$     198,969








(7)

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









Americas cash SG&A

$     204,463


$     203,594


$     187,988


EMEA cash SG&A

87,287


85,083


75,971


Asia-Pacific cash SG&A

59,282


52,133


48,063


     Cash SG&A

$     351,032


$     340,810


$     312,022








(8)

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









Income from operations

$     267,316


$     249,725


$     297,662


Depreciation, amortization and accretion expense

436,386


428,764


394,318


Stock-based compensation expense

89,952


96,379


78,350


Transaction costs

4,240


9,405


1,182


Loss on asset sales

1,818


3,304


1,720


     Adjusted EBITDA

$     799,712


$     787,577


$     773,232









The geographic split of our adjusted EBITDA is presented below:









Americas income from operations

$       58,523


$        29,550


$        81,565


Americas depreciation, amortization and accretion expense

230,086


221,814


202,706


Americas stock-based compensation expense

63,917


71,652


58,262


Americas transaction costs

2,991


6,372


239


Americas loss on asset sales

1,038


4,888


1,720


     Americas adjusted EBITDA

$     356,555


$     334,276


$     344,492









EMEA income from operations

$     128,208


$     126,521


$     119,785


EMEA depreciation, amortization and accretion expense

114,866


116,813


111,213


EMEA stock-based compensation expense

16,112


15,312


12,130


EMEA transaction costs

1,157


2,629


435


EMEA (gain) loss on asset sales

2


(1,584)



     EMEA adjusted EBITDA

$     260,345


$     259,691


$     243,563









Asia-Pacific income from operations

$       80,585


$       93,654


$       96,312


Asia-Pacific depreciation, amortization and accretion expense

91,434


90,137


80,399


Asia-Pacific stock-based compensation expense

9,923


9,415


7,958


Asia-Pacific transaction costs

92


404


508


Asia-Pacific loss on asset sales

778




     Asia-Pacific adjusted EBITDA

$     182,812


$     193,610


$     185,177








(9)

We define cash gross margins as cash gross profit divided by revenues.









Our cash gross margins by geographic region is presented below:









Americas cash gross margins

70  %


69  %


73  %


EMEA cash gross margins

63  %


62  %


62  %


Asia-Pacific cash gross margins

63  %


66  %


66  %








(10)

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









Americas adjusted EBITDA margins

45  %


43  %


47  %


EMEA adjusted EBITDA margins

47  %


47  %


47  %


Asia-Pacific adjusted EBITDA margins

48  %


52  %


53  %


(11)

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









Adjusted EBITDA - current period

$     799,712


$     787,577


$     773,232


Less adjusted EBITDA - prior period

(787,577)


(786,298)


(711,402)


     Adjusted EBITDA growth

$       12,135


$         1,279


$       61,830









Revenues - current period

$  1,734,447


$  1,706,378


$  1,596,064


Less revenues - prior period

(1,706,378)


(1,675,176)


(1,564,115)


     Revenue growth

$       28,069


$       31,202


$       31,949









Adjusted EBITDA flow-through rate

43  %


4  %


194  %








(12)

FFO is defined as net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.









Net income

$   147,693


$     123,141


$     156,074


     Net (income) loss attributable to non-controlling interests

(240)


133


288


Net income attributable to Equinix

147,453


123,274


156,362


Adjustments:







     Real estate depreciation

280,196


277,031


256,644


     Loss on disposition of real estate property

2,845


4,693


3,130


     Adjustments for FFO from unconsolidated joint ventures

2,150


1,882


1,127


          FFO attributable to common shareholders

$    432,644


$     406,880


$     417,263















(13)

AFFO is defined as FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, net income or loss from discontinued operations, net of tax, recurring capital expenditures and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items.









FFO attributable to common shareholders

$     432,644


$     406,880


$     417,263


Adjustments:







     Installation revenue adjustment

845


5,767


3,912


     Straight-line rent expense adjustment

3,660


(1,920)


4,361


     Amortization of deferred financing costs and debt discounts and premiums

4,204


4,375


3,923


     Contract cost adjustment

(14,939)


(19,753)


(14,011)


     Stock-based compensation expense

89,952


96,379


78,350


     Non-real estate depreciation expense

105,575


99,014


84,978


     Amortization expense

49,569


50,056


53,395


     Accretion expense (adjustment)

1,046


2,663


(699)


     Recurring capital expenditures

(23,881)


(85,693)


(20,330)


     (Gain) loss on debt extinguishment

(529)


(214)


13,058


     Transaction costs

4,240


9,405


1,182


     Impairment charges (1)


(465)



     Income tax expense (benefit) adjustment (1)

(323)


(3,086)


765


     Adjustments for AFFO from unconsolidated joint ventures

569


786


681


AFFO attributable to common shareholders

$     652,632


$     564,194


$     626,828









 

1. Impairment charges for 2021 relate to the impairment of an indemnification asset in Q2 2021 resulting from the
    settlement of a pre-acquisition uncertain tax position, which was recorded as Other Income (Expense) on the
    Condensed Consolidated Statements of Operations. This impairment charge was offset by the recognition of tax
    benefits in the same amount, which was included within the Income tax expense adjustment line on the table above.

 








(14)

 Following is how we reconcile from adjusted EBITDA to AFFO:



Adjusted EBITDA

$     799,712


$     787,577


$     773,232


Adjustments:







     Interest expense, net of interest income

(77,859)


(79,097)


(88,952)


     Amortization of deferred financing costs and debt discounts and premiums

4,204


4,375


3,923


     Income tax expense

(32,744)


(41,899)


(32,628)


     Income tax expense (benefit) adjustment (1)

(323)


(3,086)


765


     Straight-line rent expense adjustment

3,660


(1,920)


4,361


     Contract cost adjustment

(14,939)


(19,753)


(14,011)


     Installation revenue adjustment

845


5,767


3,912


     Recurring capital expenditures

(23,881)


(85,693)


(20,330)


     Other expense

(9,549)


(5,802)


(6,950)


     Loss on disposition of real estate property

2,845


4,693


3,130


     Adjustments for unconsolidated JVs' and non-controlling interests

2,479


2,801


2,096


     Adjustments for impairment charges (1)


(465)



     Adjustment for loss on sale of assets

(1,818)


(3,304)


(1,720)


AFFO attributable to common shareholders

$     652,632


$     564,194


$     626,828









1. Impairment charges for 2021 relate to the impairment of an indemnification asset in Q2 2021 resulting from the
    settlement of a pre-acquisition uncertain tax position, which was recorded as Other Income (Expense) on the
    Condensed Consolidated Statements of Operations. This impairment charge was offset by the recognition of tax
    benefits in the same amount, which was included within the Income tax expense adjustment line on the table above.









(15)

The shares used in the computation of basic and diluted FFO and AFFO per share attributable to Equinix is presented below:









Shares used in computing basic net income per share, FFO per share
     and AFFO per share

90,771


90,240


89,330


Effect of dilutive securities:






     Employee equity awards

391


512


512


Shares used in computing diluted net income per share, FFO per share
     and AFFO per share

91,162


90,752


89,842









Basic FFO per share

$            4.77


$            4.51


$            4.67


Diluted FFO per share

$            4.75


$            4.48


$            4.64









Basic AFFO per share

$            7.19


$            6.25


$            7.02


Diluted AFFO per share

$            7.16


$            6.22


$            6.98



CONTACT: Equinix Investor Relations Contacts: invest@equinix.com; Equinix Media Contacts: press@equinix.com


The following information was filed by Equinix Inc (EQIX) on Wednesday, April 27, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Equinix Inc's 10-Q Quarterly Report:

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Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
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Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
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Acquisitions - Intangible Assets (Details)
Acquisitions - Narrative (Detail)
Acquisitions - Preliminary Purchase Price Allocation (Detail)
Assets Held For Sale
Assets Held For Sale (Tables)
Assets Held For Sale - Assets And Liabilities (Details)
Assets Held For Sale - Narrative (Details)
Basis Of Presentation And Significant Accounting Policies
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Basis Of Presentation And Significant Accounting Policies - Narrative (Detail)
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Commitments And Contingencies (Detail)
Debt Facilities
Debt Facilities (Tables)
Debt Facilities - Additional Information (Details)
Debt Facilities - Fair Value Of Debt Instruments (Detail)
Debt Facilities - Interest Charges (Detail)
Debt Facilities - Mortgage And Loans Payable (Detail)
Debt Facilities - Senior Notes (Details)
Debt Facilities - Summary Of Maturities Of Debt Instruments (Detail)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities - Cash Flow Hedges (Details)
Derivatives And Hedging Activities - Derivatives Not Designated As Hedging Instruments (Details)
Derivatives And Hedging Activities - Fair Value Of Derivative Instruments (Details)
Derivatives And Hedging Activities - Narrative (Detail)
Derivatives And Hedging Activities - Net Investment Hedges (Details)
Derivatives And Hedging Activities - Offsetting Derivative Assets And Liabilities (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Anti-Dilutive Potential Shares Of Common Stock Excluded From Computation Of Earnings Per Share (Detail)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Detail)
Equity Method Investments
Equity Method Investments (Tables)
Equity Method Investments - Narrative (Details)
Equity Method Investments - Schedule Of Equity Method Investments (Details)
Equity Method Investments - Schedule Of Maximum Exposure Loss (Details)
Equity Method Investments - Summary Of Assets And Liabilities From Related Party Transactions With The Joint Ventures (Details)
Equity Method Investments - Summary Of Gains (Losses) Of Joint Venture Arrangements (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Leases
Leases (Tables)
Leases - Lease Expenses (Details)
Leases - Maturities Of Lease Liabilities (Detail)
Leases - Other Information (Details)
Leases - Significant Lease Transactions (Detail)
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Revenue (Tables)
Revenue - Narrative (Details)
Revenue - Opening And Closing Balances (Details)
Segment Information
Segment Information (Tables)
Segment Information - Long-Lived Assets (Detail)
Segment Information - Narrative (Detail)
Segment Information - Revenue Information On Services Basis (Detail)
Segment Information - Schedule Of Adjusted Ebitda (Detail)
Segment Information - Segment Disclosures (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Components Of Accumulated Other Comprehensive Loss (Detail)
Stockholders' Equity - Narrative (Detail)
Stockholders' Equity - Rollforward (Details)
Stockholders' Equity - Rollforward - Additional Information (Details)
Stockholders' Equity - Stock-Based Compensation Expense Recognized In Company's Condensed Consolidated Statement Of Operations (Detail)
Subsequent Events
Subsequent Events (Details)
Ticker: EQIX
CIK: 1101239
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-22-011503
Submitted to the SEC: Fri Apr 29 2022 3:28:17 PM EST
Accepted by the SEC: Fri Apr 29 2022
Period: Thursday, March 31, 2022
Industry: Real Estate Investment Trusts

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