Equinix Reports Second Quarter 2020 Results

Interconnection and Data Center Leader Delivers Another Consecutive Quarter of Revenue and Interconnection Growth

REDWOOD CITY, Calif., July 29, 2020 /PRNewswire/ --

  • Quarterly revenues increased 6% over the same quarter last year to $1.470 billion, or 8% on a normalized and constant currency basis, representing the 70th consecutive quarter of revenue growth
  • Delivered one of the strongest quarters of interconnection growth and activity in the company's history
  • Customer deployments across multiple metros comprised 88% of total recurring revenues, demonstrating the value of the Equinix global platform

Equinix, Inc. (Nasdaq: EQIX), the global interconnection and data center company, today reported results for the quarter ended June 30, 2020. 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.

Second Quarter 2020 Results Summary

  • Revenues
    • $1.470 billion, a 2% increase over the previous quarter
    • Includes a $3 million foreign currency benefit when compared to prior guidance rates
  • Operating Income
    • $282 million, an 11% increase over the previous quarter and an operating margin of 19%
  • Adjusted EBITDA
    • $720 million, a 49% adjusted EBITDA margin
    • Includes a $1 million foreign currency benefit when compared to prior guidance rates
    • Includes $2 million of integration costs
  • Net Income and Net Income per Share attributable to Equinix
    • $133 million, a 12% increase over the previous quarter
    • $1.52 per share, a 10% increase over the previous quarter
  • AFFO and AFFO per Share
    • $558 million, a 4% increase over the previous quarter
    • $6.35 per share, a 2% increase over the previous quarter
    • Includes $2 million of integration costs

2020 Annual Guidance Summary

  • Revenues
    • $5.919 - $5.989 billion, a 6 - 8% increase over the previous year, or a normalized and constant currency increase of 8 - 9%
    • An increase of $23 million due to a foreign currency benefit when compared to the prior guidance FX rates
  • Adjusted EBITDA
    • $2.781 - $2.851 billion, a 47% adjusted EBITDA margin
    • An increase of $11 million due to a foreign currency benefit when compared to the prior guidance FX rates
    • Assumes $20 million of integration costs
  • AFFO and AFFO per Share
    • $2.107 - $2.177 billion, an increase of 9 - 13% over the previous year, or a normalized and constant currency increase of 14 - 18%; an increase of $54 million compared to prior guidance, including an $11 million foreign currency benefit
    • $23.87 - $24.67 per share, an increase of 5 - 8% over the previous year, or a normalized and constant currency increase of 8 - 12%; reaffirms prior full-year AFFO per share guidance while fully absorbing the dilution impact from the $1.7 billion public offering of common stock
    • Assumes $20 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:

"Even in the face of an uncertain macro environment created by the global pandemic, the Equinix business continues to perform well. The demand drivers for digital infrastructure have never been stronger, and our relevance in enabling our customers to respond effectively to their digital transformation imperatives continues to increase. The power of our global platform and the resiliency and adaptability of our global teams are helping us create distinct and durable value for our customers, driving strong business results and allowing us to remain focused on delivering a positive impact to our many stakeholders as we build an enduring and sustainable culture and business."

Business Highlights

  • Equinix continued to invest in building out its global platform in response to strong customer demand and a high level of inventory utilization:
    • On May 29, Equinix entered into an agreement to purchase a portfolio of 13 data center sites, representing 25 data centers, across Canada from BCE Inc. ("Bell") for approximately $750 million. The addition of these strategic assets, their associated operations and the more than 600 customers operating within the data centers will further strengthen Equinix's global platform. The acquisition will expand Equinix's coverage in Canada coast to coast, making it a market leader in data center and interconnection services. In addition to adding new capacity in Toronto, Ontario, where Equinix currently operates two International Business Exchange™ (IBX®) data centers, it will extend Equinix's interconnection services to seven new metros.
    • Equinix continues its investment in organic growth and expansion activities with 29 major expansion projects underway in 20 markets across 14 countries.
    • Additionally, Equinix completed seven new openings or phased expansions in Q2 in Amsterdam, Chicago, Dallas, Hamburg, Hong Kong, Toronto and Washington, D.C.
  • In Q2, Equinix opened the 5G and Edge Proof of Concept Center (POCC) at its Dallas Infomart campus, which provides a 5G and edge "sandbox" environment, enabling Mobile Network Operators (MNOs), cloud platforms, technology vendors and enterprises to directly connect with the largest edge data center platform in order to test, demonstrate and accelerate complex 5G and edge deployment and interoperability scenarios. The POCC will support the growing demand for companies to accelerate their evolution from traditional to digital businesses.
  • Equinix continues to strengthen its leadership position in the cloud ecosystem through the company's hyperscale strategy, expanding its footprint to service both retail and large footprint hyperscale requirements in key markets, while leveraging its joint venture relationship with GIC. Equinix is seeing strong customer demand in its initial European xScale JV™ with GIC, and is expected to expand this JV with its PA9x asset, which is expected to open early next year and is already 100% pre-leased to a major hyperscaler. Equinix is also targeting to close its new xScale JV in Japan with GIC in Q4, adding hyperscale assets in both Osaka and Tokyo.
  • Interconnection revenues in Q2 grew 14% year-over-year, or 16% on a normalized and constant currency basis, steadily rising over the last few quarters, reflecting the demand across the Equinix portfolio for interconnection products. Today, Equinix has the most comprehensive global interconnection platform, comprising over 378,000 physical and virtual interconnections. In Q2, Equinix added an incremental 8,000 interconnections, fueled by streaming, video conferencing, enterprise cloud connectivity and work-from-home local aggregation.
  • Equinix had strong bookings across all three regions (Americas, EMEA and Asia-Pacific) in Q2, with record bookings in the Americas. The network vertical also achieved record bookings, driven by robust network reseller activity and network expansions to support traffic growth. The financial services vertical captured its second-highest bookings, with strength in global financial and insurance firms as they embrace digital transformation.
  • Equinix's financial strength remains a significant and strategic advantage. In May, Equinix raised approximately $1.7 billion in common stock to support the continued organic and inorganic growth of the business and received its third investment grade rating when Moody's upgraded Equinix's corporate debt rating to Baa3 from Ba1. In June, Equinix leveraged the company's investment-grade ratings by refinancing $2.6 billion of high-yield debt at a blended interest rate of 2.07%. The interest savings from the refinancing effectively offset the dilution associated with equity raise.

COVID-19 Update

Many of the Company's IBX data centers have been identified as "essential businesses" or "critical infrastructure" by local governments for purposes of remaining open during the COVID-19 pandemic, and all IBX data centers remain operational at the time of filing of this press release. Precautionary measures have been implemented to minimize the risk of operational impact and to protect the health and safety of employees, customers, partners and communities. These include implementing tools such as an appointment-based system to control timing and frequency of visits, while also encouraging customers to leverage IBX technicians via Smart Hands® in order to restrict visits and minimize the number of people and the amount of time spent in the Company's IBX facilities. For the health and safety of Equinix employees, the Company's corporate offices were closed in March and non-IBX employees across the globe were instructed to work from home until further notice. Recently, a phased plan has been announced for a return-to-office for non-IBX attached sites, and the Company will begin to open certain offices as local conditions allow. Additionally, the Company has decided to continue to limit employee travel and has made the decision to either postpone or virtualize all global events through January 2021.

Looking ahead, the full impact of the COVID-19 pandemic on the Company's financial condition or results of operations remains uncertain and will depend on a number of factors, including its impact on Equinix customers, partners and vendors and the impact on, and functioning of, the global financial markets. The Company's past results may not be indicative of future performance, and historical trends may differ materially. Additional information pertaining to the impact of COVID-19 on Equinix and the Company's response thereto will be provided in the upcoming Form 10-Q for the quarter ended June 30, 2020.

Business Outlook

For the third quarter of 2020, the Company expects revenues to range between $1.493 and $1.513 billion, an increase of 2 - 3% quarter-over-quarter, or a normalized and constant currency increase of approximately 1 - 3%. This guidance includes a $5 million foreign currency benefit when compared to the average foreign currency ("FX") rates in Q2 2020. Adjusted EBITDA is expected to range between $696 and $716 million, including a $3 million foreign currency benefit when compared to the average FX rates in Q2 2020 and $5 million of integration costs from acquisitions. Recurring capital expenditures are expected to range between $36 and $46 million.

For the full year of 2020, total revenues are expected to range between $5.919 and $5.989 billion, a 6 - 8% increase over the previous year, or a normalized and constant currency increase of approximately 8 - 9%. This $23 million guidance raise is due to a foreign currency benefit when compared to the prior guidance FX rates. Adjusted EBITDA is expected to range between $2.781 and $2.851 billion, an adjusted EBITDA margin of 47% at the mid-point. This $11 million guidance raise is due to a foreign currency benefit when compared to the prior guidance FX rates. For the year, the company expects to incur $20 million in integration costs related to acquisitions. AFFO is expected to range between $2.107 and $2.177 billion, an increase of 9 - 13% over the previous year, or a normalized and constant currency increase of 14 - 18% and $20 million of integration costs related to our acquisitions. This $54 million guidance raise includes an $11 million foreign currency benefit when compared to prior guidance rates. AFFO per share is expected to range between $23.87 and $24.67, an increase of 5 - 8% over the previous year, or a normalized and constant currency increase of 8 - 12%. This guidance reaffirms prior full-year underlying AFFO per share guidance while fully absorbing the dilution impact from the $1.7 billion public offering of common stock that the company undertook in the second quarter. This guidance excludes any potential financing or refinancing the Company may undertake in the future. Non-recurring capital expenditures are expected to range between $2.050 and $2.240 billion, including $150 million of incremental xScale capital expenditures which we expect to transfer to the Japan JV in Q4, and recurring capital expenditures are expected to range between $150 and $160 million.

The U.S. dollar exchange rates used for 2020 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.13 to the Euro, $1.28 to the Pound, S$1.39 to the U.S. dollar, ¥108 to the U.S. dollar, and R$5.41 to the U.S. dollar. The Q2 2020 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen and Brazilian Real is 20%, 10%, 7%, 7% and 2%, 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.

Q2 2020 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended June 30, 2020, along with its future outlook, in its quarterly conference call on Wednesday, July 29, 2020, 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, November 4, 2020, by dialing 1-203-369-3598 and referencing the passcode 2020. 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

About Equinix

Equinix, Inc. (Nasdaq: EQIX) connects the world's leading businesses to their customers, employees and partners inside the most-interconnected data centers. On this global platform for digital business, companies come together across more than 55 markets on five continents to reach everywhere, interconnect everyone and integrate everything they need to create their digital futures.

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

In addition, in presenting the non-GAAP financial measures, Equinix also excludes amortization expense related to acquired intangible assets. Amortization expense is significantly affected by the timing and magnitude of acquisitions and these charges may vary in amount from period to period. We exclude amortization expense to facilitate a more meaningful evaluation of our current operating performance and comparisons to our prior periods. Equinix excludes accretion expense, both as it relates to its asset retirement obligations as well as its accrued restructuring charges, as these expenses represent costs which Equinix also believes are not meaningful in evaluating Equinix's current operations. Equinix excludes stock-based compensation expense, as it can vary significantly from period to period based on share price and the timing, size and nature of equity awards. As such, Equinix and many investors and analysts exclude stock-based compensation expense to compare its operating results with those of other companies. Equinix excludes restructuring charges from its non-GAAP financial measures. The restructuring charges relate to Equinix's decision to exit leases for excess space adjacent to several of its IBX data centers, which it did not intend to build out, or its decision to reverse such restructuring charges. Equinix also excludes impairment charges related to certain long-lived assets. The impairment charges are related to expense recognized whenever events or changes in circumstances indicate that the carrying amount of long-lived assets are not recoverable. Equinix also excludes gain or loss on asset sales as it represents profit or loss that is not meaningful in evaluating the current or future operating performance. Finally, Equinix excludes 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. 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 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 COVID-19 pandemic; the challenges of acquiring, operating and constructing IBX 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

Six Months Ended

June 30,
2020

March 31,
2020

June 30,
2019

June 30,
2020

June 30,
2019

Recurring revenues

$

1,398,138

$

1,361,694

$

1,306,045

$

2,759,832

$

2,580,873

Non-recurring revenues

71,983

82,848

78,932

154,831

167,322

Revenues

1,470,121

1,444,542

1,384,977

2,914,663

2,748,195

Cost of revenues

739,344

736,282

698,179

1,475,626

1,380,209

Gross profit

730,777

708,260

686,798

1,439,037

1,367,986

Operating expenses:

Sales and marketing

178,124

180,450

159,201

358,574

328,916

General and administrative

256,890

261,597

232,656

518,487

447,702

Transaction costs

13,617

11,530

2,774

25,147

5,245

Impairment charges

386

14,834

(Gain) loss on asset sales

(342)

1,199

857

Total operating expenses

448,289

454,776

395,017

903,065

796,697

Income from operations

282,488

253,484

291,781

535,972

571,289

Interest and other income (expense):

Interest income

1,685

4,273

7,762

5,958

11,964

Interest expense

(108,480)

(107,338)

(120,547)

(215,818)

(243,393)

Other income

4,278

5,170

12,180

9,448

12,014

Loss on debt extinguishment

(1,868)

(6,441)

(8,309)

(382)

Total interest and other, net

(104,385)

(104,336)

(100,605)

(208,721)

(219,797)

Income before income taxes

178,103

149,148

191,176

327,251

351,492

Income tax expense

(44,753)

(30,191)

(47,324)

(74,944)

(89,893)

Net income

133,350

118,957

143,852

252,307

261,599

Net (income) loss attributable to non-controlling interests

(46)

(165)

(325)

(211)

6

Net income attributable to Equinix

$

133,304

$

118,792

$

143,527

$

252,096

$

261,605

Net income per share attributable to Equinix:

Basic net income per share

$

1.53

$

1.39

$

1.70

$

2.92

$

3.15

Diluted net income per share

$

1.52

$

1.38

$

1.69

$

2.90

$

3.13

Shares used in computing basic net income per share

87,303

85,551

84,399

86,427

83,114

Shares used in computing diluted net income per share

87,901

86,144

84,767

87,065

83,471

 

EQUINIX, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
(unaudited)

Three Months Ended

Six Months Ended

June 30,
2020

March 31,
2020

June 30,
2019

June 30,
2020

June 30,
2019

Net income

$

133,350

$

118,957

$

143,852

$

252,307

$

261,599

Other comprehensive loss, net of tax:

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

181,286

(413,792)

25,127

(232,506)

(56,592)

Net investment hedge CTA gain (loss)

(97,058)

144,946

(37,857)

47,888

38,993

Unrealized gain (loss) on cash flow hedges

(17,868)

(3,256)

(3,355)

(21,124)

4,869

Net actuarial gain (loss) on defined benefit plans

20

35

(7)

55

(18)

Total other comprehensive income (loss), net of tax

66,380

(272,067)

(16,092)

(205,687)

(12,748)

Comprehensive income (loss), net of tax

199,730

(153,110)

127,760

46,620

248,851

Net (income) loss attributable to non-controlling interests

(46)

(165)

(325)

(211)

6

Other comprehensive (income) loss attributable to non-controlling interests

(2)

11

14

9

7

Comprehensive income (loss) attributable to Equinix

$

199,682

$

(153,264)

$

127,449

$

46,418

$

248,864

 

EQUINIX, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

June 30, 2020

December 31, 2019

Assets

Cash and cash equivalents

$

4,785,050

$

1,869,577

Short-term investments

22,069

10,362

Accounts receivable, net

691,589

689,134

Other current assets

330,521

302,880

Assets held for sale

152,188

663

          Total current assets

5,981,417

2,872,616

Property, plant and equipment, net

12,663,827

12,152,597

Operating lease right-of-use assets

1,396,101

1,475,367

Goodwill

5,016,350

4,781,858

Intangible assets, net

2,074,689

2,102,389

Other assets

660,246

580,788

          Total assets

$

27,792,630

$

23,965,615

Liabilities and Stockholders' Equity

Accounts payable and accrued expenses

$

745,517

$

760,718

Accrued property, plant and equipment

335,013

301,535

Current portion of operating lease liabilities

139,833

145,606

Current portion of finance lease liabilities

102,416

75,239

Current portion of mortgage and loans payable

75,589

77,603

Current portion of senior notes

2,227,768

643,224

Other current liabilities

229,635

153,938

          Total current liabilities

3,855,771

2,157,863

Operating lease liabilities, less current portion

1,243,362

1,315,656

Finance lease liabilities, less current portion

1,658,432

1,430,882

Mortgage and loans payable, less current portion

1,218,049

1,289,434

Senior notes, less current portion

8,804,633

8,309,673

Other liabilities

624,125

621,725

          Total liabilities

17,404,372

15,125,233

Common stock

89

86

Additional paid-in capital

14,651,944

12,696,433

Treasury stock

(127,042)

(144,256)

Accumulated dividends

(4,639,041)

(4,168,469)

Accumulated other comprehensive loss

(1,140,291)

(934,613)

Retained earnings

1,642,621

1,391,425

          Total Equinix stockholders' equity

10,388,280

8,840,606

Non-controlling interests

(22)

(224)

          Total stockholders' equity

10,388,258

8,840,382

                Total liabilities and stockholders' equity

$

27,792,630

$

23,965,615

Ending headcount by geographic region is as follows:

          Americas headcount

4,103

3,672

          EMEA headcount

3,172

2,941

          Asia-Pacific headcount

1,906

1,765

                    Total headcount

9,181

8,378

 

EQUINIX, INC.
Summary of Debt Principal Outstanding
(in thousands)
(unaudited)

June 30, 2020

December 31, 2019

Finance lease liabilities

$

1,760,848

$

1,506,121

Term loans

1,214,332

1,282,302

Mortgage payable and other loans payable

79,306

84,735

Plus: debt discount and issuance costs, net

2,195

3,081

           Total mortgage and loans payable principal

1,295,833

1,370,118

Senior notes

11,032,401

8,952,897

Plus: debt issuance costs

108,519

78,030

Less: debt premium

(745)

(1,716)

          Total senior notes principal

11,140,175

9,029,211

Total debt principal outstanding

$

14,196,856

$

11,905,450

 

EQUINIX, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Three Months Ended

Six Months Ended

June 30,
2020

March 31,
2020

June 30,
2019

June 30,
2020

June 30,
2019

Cash flows from operating activities:

Net income

$

133,350

$

118,957

$

143,852

$

252,307

$

261,599

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

Depreciation, amortization and accretion

348,434

337,431

320,550

685,865

635,255

Stock-based compensation

75,844

64,499

61,519

140,343

110,542

Amortization of debt issuance costs and debt discounts and premiums

4,444

3,460

3,238

7,904

6,233

Loss on debt extinguishment

1,868

6,441

8,309

382

(Gain) loss on asset sales

(342)

1,199

857

Impairment charges

386

14,834

Other items

13,891

6,856

4,745

20,747

12,969

Changes in operating assets and liabilities:

Accounts receivable

(29,539)

15,306

(42,370)

(14,233)

(126,720)

Income taxes, net

8,164

3,697

14,837

11,861

30,662

Accounts payable and accrued expenses

117

(25,681)

7,476

(25,564)

(3,987)

Operating lease right-of-use assets

37,495

38,797

37,219

76,292

78,483

Operating lease liabilities

(36,898)

(35,193)

(34,919)

(72,091)

(73,805)

Other assets and liabilities

17,858

(18,939)

26,390

(1,081)

17,617

Net cash provided by operating activities

574,686

516,830

542,923

1,091,516

964,064

Cash flows from investing activities:

Purchases, sales and maturities of investments, net

(1,341)

(38,940)

(3,063)

(40,281)

(11,842)

Business acquisitions, net of cash and restricted cash acquired

39

(478,287)

(34,143)

(478,248)

(34,143)

Purchases of real estate

(46,194)

(36,373)

(41,715)

(82,567)

(47,436)

Purchases of other property, plant and equipment

(481,948)

(400,941)

(444,171)

(882,889)

(808,138)

Proceeds from asset sales

Net cash used in investing activities

(529,444)

(954,541)

(523,092)

(1,483,985)

(901,559)

Cash flows from financing activities:

Proceeds from employee equity awards

30,391

30,391

27,593

Payment of dividend distributions

(236,008)

(233,479)

(208,449)

(469,487)

(413,052)

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

1,683,106

101,792

348,121

1,784,898

1,561,555

Proceeds from mortgage and loans payable

500,790

250,000

750,790

Proceeds from senior notes, net of debt discounts

2,585,736

2,585,736

Repayment of finance lease liabilities

(23,704)

(18,977)

(11,954)

(42,681)

(43,112)

Repayment of mortgage and loans payable

(770,677)

(18,501)

(17,878)

(789,178)

(36,212)

Repayment of senior notes

(150,000)

(343,711)

(150,000)

(493,711)

(150,000)

Debt extinguishment costs

(4,619)

(4,619)

Debt issuance costs

(26,266)

(26,266)

Net cash provided by (used in) financing activities

3,562,977

(237,104)

(40,160)

3,325,873

946,772

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

12,411

(25,287)

2,106

(12,876)

411

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

3,620,630

(700,102)

(18,223)

2,920,528

1,009,688

Cash, cash equivalents and restricted cash at beginning of period

1,186,511

1,886,613

1,655,515

1,886,613

627,604

Cash, cash equivalents and restricted cash at end of period

$

4,807,141

$

1,186,511

$

1,637,292

$

4,807,141

$

1,637,292

Supplemental cash flow information:

Cash paid for taxes

$

15,752

$

45,324

$

32,669

$

61,076

$

59,693

Cash paid for interest

$

122,669

$

125,924

$

113,266

$

248,593

$

259,410

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

$

46,583

$

(398,771)

$

22,894

$

(352,188)

$

74,347

Adjusted free cash flow (2)

$

92,738

$

115,889

$

98,752

$

208,627

$

155,926

(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

$

574,686

$

516,830

$

542,923

$

1,091,516

$

964,064

Net cash used in investing activities as presented above

(529,444)

(954,541)

(523,092)

(1,483,985)

(901,559)

Purchases, sales and maturities of investments, net

1,341

38,940

3,063

40,281

11,842

Free cash flow (negative free cash flow)

$

46,583

$

(398,771)

$

22,894

$

(352,188)

$

74,347

(2)

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

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

$

46,583

$

(398,771)

$

22,894

$

(352,188)

$

74,347

Less business acquisitions, net of cash and restricted cash acquired

(39)

478,287

34,143

478,248

34,143

Less purchases of real estate

46,194

36,373

41,715

82,567

47,436

Adjusted free cash flow

$

92,738

$

115,889

$

98,752

$

208,627

$

155,926

 

EQUINIX, INC.
Non-GAAP Measures and Other Supplemental Data
(in thousands)
(unaudited)

Three Months Ended

Six Months Ended

June 30, 2020

March 31, 2020

June 30, 2019

June 30, 2020

June 30, 2019

Recurring revenues

$

1,398,138

$

1,361,694

$

1,306,045

$

2,759,832

$

2,580,873

Non-recurring revenues

71,983

82,848

78,932

154,831

167,322

Revenues (1)

1,470,121

1,444,542

1,384,977

2,914,663

2,748,195

Cash cost of revenues (2)

480,946

476,541

460,983

957,487

909,364

Cash gross profit (3)

989,175

968,001

923,994

1,957,176

1,838,831

Cash operating expenses (4)(7):

Cash sales and marketing expenses (5)

111,007

115,671

95,114

226,678

203,330

Cash general and administrative expenses (6)

158,127

168,120

151,870

326,247

298,336

Total cash operating expenses (4)(7)

269,134

283,791

246,984

552,925

501,666

Adjusted EBITDA (8)

$

720,041

$

684,210

$

677,010

$

1,404,251

$

1,337,165

Cash gross margins (9)

67

%

67

%

67

%

67

%

67

%

Adjusted EBITDA margins(10)

49

%

47

%

49

%

48

%

49

%

Adjusted EBITDA flow-through rate (11)

140

%

30

%

77

%

53

%

70

%

FFO (12)

$

356,946

$

343,754

$

352,973

$

700,700

$

679,046

AFFO (13)(14)

$

557,793

$

534,705

$

497,647

$

1,092,498

$

985,767

Basic FFO per share (15)

$

4.09

$

4.02

$

4.18

$

8.11

$

8.17

Diluted FFO per share (15)

$

4.06

$

3.99

$

4.16

$

8.05

$

8.14

Basic AFFO per share (15)

$

6.39

$

6.25

$

5.90

$

12.64

$

11.86

Diluted AFFO per share (15)

$

6.35

$

6.21

$

5.87

$

12.55

$

11.81

(1)

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

Americas Revenues:

Colocation

$

447,498

$

450,954

$

444,086

$

898,452

$

884,067

Interconnection

153,387

150,929

142,460

304,316

281,023

Managed infrastructure

28,889

25,529

22,908

54,418

44,695

Other

5,081

5,220

5,352

10,301

11,331

Recurring revenues

634,855

632,632

614,806

1,267,487

1,221,116

Non-recurring revenues

26,564

29,273

29,614

55,837

67,670

Revenues

$

661,419

$

661,905

$

644,420

$

1,323,324

$

1,288,786

EMEA Revenues:

Colocation

$

381,144

$

362,330

$

347,795

$

743,474

$

678,920

Interconnection

50,904

48,541

38,614

99,445

76,139

Managed infrastructure

29,012

30,137

28,397

59,149

57,485

Other

6,130

2,466

2,275

8,596

4,774

Recurring revenues

467,190

443,474

417,081

910,664

817,318

Non-recurring revenues

20,900

35,435

32,774

56,335

67,197

Revenues

$

488,090

$

478,909

$

449,855

$

966,999

$

884,515

Asia-Pacific Revenues:

Colocation

$

228,803

$

221,093

$

213,734

$

449,896

$

423,399

Interconnection

45,140

42,671

37,957

87,811

74,653

Managed infrastructure

22,150

21,824

22,467

43,974

44,387

Recurring revenues

296,093

285,588

274,158

581,681

542,439

Non-recurring revenues

24,519

18,140

16,544

42,659

32,455

Revenues

$

320,612

$

303,728

$

290,702

$

624,340

$

574,894

Worldwide Revenues:

Colocation

$

1,057,445

$

1,034,377

$

1,005,615

$

2,091,822

$

1,986,386

Interconnection

249,431

242,141

219,031

491,572

431,815

Managed infrastructure

80,051

77,490

73,772

157,541

146,567

Other

11,211

7,686

7,627

18,897

16,105

Recurring revenues

1,398,138

1,361,694

1,306,045

2,759,832

2,580,873

Non-recurring revenues

71,983

82,848

78,932

154,831

167,322

Revenues

$

1,470,121

$

1,444,542

$

1,384,977

$

2,914,663

$

2,748,195

(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

$

739,344

$

736,282

$

698,179

$

1,475,626

$

1,380,209

Depreciation, amortization and accretion expense

(250,743)

(250,398)

(230,696)

(501,141)

(459,333)

Stock-based compensation expense

(7,655)

(9,343)

(6,500)

(16,998)

(11,512)

Cash cost of revenues

$

480,946

$

476,541

$

460,983

$

957,487

$

909,364

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

Americas cash cost of revenues

$

194,467

$

185,233

$

182,920

$

379,700

$

362,555

EMEA cash cost of revenues

177,558

187,248

179,347

364,806

352,548

Asia-Pacific cash cost of revenues

108,921

104,060

98,716

212,981

194,261

Cash cost of revenues

$

480,946

$

476,541

$

460,983

$

957,487

$

909,364

(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

$

435,014

$

442,047

$

391,857

$

877,061

$

776,618

Depreciation and amortization expense

(97,691)

(87,033)

(89,854)

(184,724)

(175,922)

Stock-based compensation expense

(68,189)

(71,223)

(55,019)

(139,412)

(99,030)

Cash operating expense

$

269,134

$

283,791

$

246,984

$

552,925

$

501,666

(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

$

178,124

$

180,450

$

159,201

$

358,574

$

328,916

Depreciation and amortization expense

(48,902)

(46,234)

(48,930)

(95,136)

(97,128)

Stock-based compensation expense

(18,215)

(18,545)

(15,157)

(36,760)

(28,458)

Cash sales and marketing expense

$

111,007

$

115,671

$

95,114

$

226,678

$

203,330

(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

$

256,890

$

261,597

$

232,656

$

518,487

$

447,702

Depreciation and amortization expense

(48,789)

(40,799)

(40,924)

(89,588)

(78,794)

Stock-based compensation expense

(49,974)

(52,678)

(39,862)

(102,652)

(70,572)

Cash general and administrative expense

$

158,127

$

168,120

$

151,870

$

326,247

$

298,336

(7)

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

Americas cash SG&A

$

164,845

$

183,059

$

152,448

$

347,904

$

309,341

EMEA cash SG&A

66,935

61,503

60,863

128,438

123,250

Asia-Pacific cash SG&A

37,354

39,229

33,673

76,583

69,075

Cash SG&A

$

269,134

$

283,791

$

246,984

$

552,925

$

501,666

(8)

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

Income from operations

$

282,488

$

253,484

$

291,781

$

535,972

$

571,289

Depreciation, amortization and accretion expense

348,434

337,431

320,550

685,865

635,255

Stock-based compensation expense

75,844

80,566

61,519

156,410

110,542

Impairment charges

386

14,834

Transaction costs

13,617

11,530

2,774

25,147

5,245

(Gain) loss on asset sales

(342)

1,199

857

Adjusted EBITDA

$

720,041

$

684,210

$

677,010

$

1,404,251

$

1,337,165

The geographic split of our adjusted EBITDA is presented below:

Americas income from operations

$

58,423

$

47,308

$

99,195

$

105,731

$

189,206

Americas depreciation, amortization and accretion expense

182,204

171,439

167,614

353,643

334,750

Americas stock-based compensation expense

56,326

62,689

42,676

119,015

76,847

Americas impairment charges

386

14,834

Americas transaction costs

5,575

10,978

(819)

16,553

1,253

Americas (gain) loss on asset sales

(421)

1,199

778

Americas adjusted EBITDA

$

302,107

$

293,613

$

309,052

$

595,720

$

616,890

EMEA income from operations

$

138,154

$

126,004

$

106,555

$

264,158

$

211,562

EMEA depreciation, amortization and accretion expense

92,953

92,740

88,109

185,693

172,656

EMEA stock-based compensation expense

12,240

11,002

11,353

23,242

20,216

EMEA transaction costs

171

412

3,628

583

4,283

EMEA loss on asset sales

79

79

EMEA adjusted EBITDA

$

243,597

$

230,158

$

209,645

$

473,755

$

408,717

Asia-Pacific income from operations

$

85,911

$

80,172

$

86,031

$

166,083

$

170,521

Asia-Pacific depreciation, amortization and accretion expense

73,277

73,252

64,827

146,529

127,849

Asia-Pacific stock-based compensation expense

7,278

6,875

7,490

14,153

13,479

Asia-Pacific transaction costs

7,871

140

(35)

8,011

(291)

Asia-Pacific adjusted EBITDA

$

174,337

$

160,439

$

158,313

$

334,776

$

311,558

(9)

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

Our cash gross margins by geographic region is presented below:

Americas cash gross margins

71

%

72

%

72

%

71

%

72

%

EMEA cash gross margins

64

%

61

%

60

%

62

%

60

%

Asia-Pacific cash gross margins

66

%

66

%

66

%

66

%

66

%

(10)

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

Americas adjusted EBITDA margins

46

%

44

%

48

%

45

%

48

%

EMEA adjusted EBITDA margins

50

%

48

%

47

%

49

%

46

%

Asia-Pacific adjusted EBITDA margins

54

%

53

%

54

%

54

%

54

%

(11)

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

Adjusted EBITDA - current period

$

720,041

$

684,210

$

677,010

$

1,404,251

$

1,337,165

Less adjusted EBITDA - prior period

(684,210)

(675,860)

(660,155)

(1,350,562)

(1,229,721)

Adjusted EBITDA growth

$

35,831

$

8,350

$

16,855

$

53,689

$

107,444

Revenues - current period

$

1,470,121

$

1,444,542

$

1,384,977

$

2,914,663

$

2,748,195

Less revenues - prior period

(1,444,542)

(1,417,135)

(1,363,218)

(2,813,945)

(2,593,834)

Revenue growth

$

25,579

$

27,407

$

21,759

$

100,718

$

154,361

Adjusted EBITDA flow-through rate

140

%

30

%

77

%

53

%

70

%

(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

$

133,350

$

118,957

$

143,852

$

252,307

$

261,599

Net (income) loss attributable to non-controlling interests

(46)

(165)

(325)

(211)

6

Net income attributable to Equinix

133,304

118,792

143,527

252,096

261,605

Adjustments:

Real estate depreciation

222,613

221,787

209,103

444,400

414,752

(Gain) loss on disposition of real estate property

376

2,506

343

2,882

2,689

Adjustments for FFO from unconsolidated joint ventures

653

669

1,322

FFO attributable to common shareholders

$

356,946

$

343,754

$

352,973

$

700,700

$

679,046

(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

$

356,946

$

343,754

$

352,973

$

700,700

$

679,046

Adjustments:

Installation revenue adjustment

3,649

(3,481)

1,492

168

2,521

Straight-line rent expense adjustment

2,395

1,806

2,300

4,201

4,678

Amortization of deferred financing costs and debt discounts and premiums

4,444

3,460

3,238

7,904

6,233

Contract cost adjustment

(5,307)

(10,434)

(12,348)

(15,741)

(19,126)

Stock-based compensation expense

75,844

80,566

61,519

156,410

110,542

Non-real estate depreciation expense

76,618

65,591

60,904

142,209

118,898

Amortization expense

49,362

48,491

49,217

97,853

98,752

Accretion expense (adjustment)

(159)

1,562

1,326

1,403

2,853

Recurring capital expenditures

(29,996)

(17,868)

(36,726)

(47,864)

(57,673)

Loss on debt extinguishment

1,868

6,441

8,309

382

Transaction costs

13,617

11,530

2,774

25,147

5,245

Impairment charges

386

14,834

Income tax expense adjustment

8,070

2,833

10,592

10,903

18,582

Adjustments for AFFO from unconsolidated joint ventures

442

454

896

AFFO attributable to common shareholders

$

557,793

$

534,705

$

497,647

$

1,092,498

$

985,767

(14)

 Following is how we reconcile from adjusted EBITDA to AFFO:

Adjusted EBITDA

$

720,041

$

684,210

$

677,010

$

1,404,251

$

1,337,165

Adjustments:

Interest expense, net of interest income

(106,795)

(103,065)

(112,785)

(209,860)

(231,429)

Amortization of deferred financing costs and debt discounts and premiums

4,444

3,460

3,238

7,904

6,233

Income tax expense

(44,753)

(30,191)

(47,324)

(74,944)

(89,893)

Income tax expense adjustment

8,070

2,833

10,592

10,903

18,582

Straight-line rent expense adjustment

2,395

1,806

2,300

4,201

4,678

Contract cost adjustment

(5,307)

(10,434)

(12,348)

(15,741)

(19,126)

Installation revenue adjustment

3,649

(3,481)

1,492

168

2,521

Recurring capital expenditures

(29,996)

(17,868)

(36,726)

(47,864)

(57,673)

Other income (expense)

4,278

5,170

12,180

9,448

12,014

(Gain) loss on disposition of real estate property

376

2,506

343

2,882

2,689

Adjustments for unconsolidated JVs' and non-controlling interests

1,049

958

(325)

2,007

6

Adjustment for gain (loss) on asset sales

342

(1,199)

(857)

AFFO attributable to common shareholders

$

557,793

$

534,705

$

497,647

$

1,092,498

$

985,767

(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

87,303

85,551

84,399

86,427

83,114

Effect of dilutive securities:

Employee equity awards

598

593

368

638

357

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

87,901

86,144

84,767

87,065

83,471

Basic FFO per share

$

4.09

$

4.02

$

4.18

$

8.11

$

8.17

Diluted FFO per share

$

4.06

$

3.99

$

4.16

$

8.05

$

8.14

Basic AFFO per share

$

6.39

$

6.25

$

5.90

$

12.64

$

11.86

Diluted AFFO per share

$

6.35

$

6.21

$

5.87

$

12.55

$

11.81

 

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

 

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SOURCE Equinix, Inc.