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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 000-31293
  
https://cdn.kscope.io/32a3922aed1c7b25f64c58da15db9eee-eqix-20210930_g1.jpg
 EQUINIX, INC.
(Exact name of registrant as specified in its charter)
  
Delaware 77-0487526
(State of incorporation) (I.R.S. Employer Identification No.)
One Lagoon Drive, Redwood City, California 94065
(Address of principal executive offices, including ZIP code)
(650) 598-6000
(Registrant's telephone number, including area code)
  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.001EQIXThe Nasdaq Stock Market LLC
0.250% Senior Notes due 2027The Nasdaq Stock Market LLC
1.000% Senior Notes due 2033The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes     No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes     No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
The number of shares outstanding of the registrant's Common Stock as of November 3, 2021 was 90,041,200.


Table of Contents
EQUINIX, INC.
INDEX
Page
No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3

Table of Contents

Summary of Risk Factors
Our business is subject to numerous risks and uncertainties that make an investment in our securities speculative or risky, any one of which could materially adversely affect our results of operations, financial condition or business. These risks include, but are not limited to, those listed below. This list is not complete, and should be read together with the section titled “Risk Factors” in this Quarterly Report on Form 10-Q, as well as the other information in this Quarterly Report on Form 10-Q and the other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”).
Risks Related to Our Business and Our Operations

The ongoing COVID-19 pandemic could have a negative effect on our business, results of operations and financial condition.
We experienced an information technology security breach in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.
Terrorist activity, or other acts of violence, including violence stemming from the current climate of political and economic uncertainty, could adversely impact our business.
Our offerings have a long sales cycle that may harm our revenue and results of operations.
Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.
We are currently making significant investments in our back-office information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.
The level of insurance coverage that we purchase may prove to be inadequate.
The use of high power density equipment may limit our ability to fully utilize our older IBX data centers.
If we are unable to implement our evolving organizational structure or if we are unable to recruit or retain key executives and qualified personnel, our business could be harmed.
We may not be able to compete successfully against current and future competitors.
If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer.
Our results of operations may fluctuate.
Our days sales outstanding ("DSO") may be negatively impacted by process and system upgrades and acquisitions.
We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings.
We have incurred substantial losses in the past and may incur additional losses in the future.
The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations.
We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected.
We have government customers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.
Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and results of operations.
Industry consolidation may have a negative impact on our business model.
Our business could be harmed by prolonged power outages, shortages or capacity constraints.
4

Table of Contents

Risks Related to Our Expansion Plans

Our construction of new IBX data centers or IBX data center expansions could involve significant risks to our business.
Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction.
The anticipated benefits of our joint ventures may not be fully realized or take longer to realize than expected.
Joint venture investments could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.
If we cannot effectively manage our international operations, and successfully implement our international expansion plans, or comply with evolving laws and regulations, our revenues may not increase, and our business and results of operations would be harmed.
We are continuing to invest in our expansion efforts but may not have sufficient customer demand in the future to realize expected returns on these investments.

Risks Related to Our Capital Needs and Capital Strategy

Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital.
The phase-out of the London Interbank Offered Rate (“LIBOR”), and uncertainty as to its replacement, may adversely affect our business.
Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.
If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.
Fluctuations in foreign currency exchange rates in the markets in which we operate internationally could harm our results of operations.
Our derivative transactions expose us to counterparty credit risk.

Risks Related to Environmental Laws and Climate Change Impacts

Environmental regulations may impose upon us new or unexpected costs.
Our business may be adversely affected by climate change and responses to it.

Risks Related to Certain Regulations and Laws, Including Tax Laws

Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.
Government regulation or failure to comply with laws and regulations may adversely affect our business.

Risks Related to Our Taxation as a REIT

We have a number of risks related to our taxation as a REIT, including the risk that we may not be able to maintain our qualification as a REIT which could expose us to substantial corporate income tax and have a materially adverse effect on our business, financial condition, and results of operations.
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PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
EQUINIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
September 30,
2021
December 31,
2020
 (Unaudited)
Assets
Current assets:
Cash and cash equivalents$1,379,100 $1,604,869 
Short-term investments 4,532 
Accounts receivable, net of allowance of $11,581 and $10,677
792,101 676,738 
Other current assets492,832 323,016 
Assets held for sale235,330  
Total current assets2,899,363 2,609,155 
Property, plant and equipment, net15,307,049 14,503,084 
Operating lease right-of-use assets1,325,872 1,475,057 
Goodwill5,401,744 5,472,553 
Intangible assets, net1,994,023 2,170,945 
Other assets846,080 776,047 
Total assets$27,774,131 $27,006,841 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses$844,056 $844,862 
Accrued property, plant and equipment347,003 301,155 
Current portion of operating lease liabilities150,490 154,207 
Current portion of finance lease liabilities148,522 137,683 
Current portion of mortgage and loans payable67,571 82,289 
Current portion of senior notes 150,186 
Other current liabilities223,494 354,368 
Total current liabilities1,781,136 2,024,750 
Operating lease liabilities, less current portion1,147,490 1,308,627 
Finance lease liabilities, less current portion1,986,266 1,784,816 
Mortgage and loans payable, less current portion560,733 1,287,254 
Senior notes, less current portion11,000,669 9,018,277 
Other liabilities729,264 948,999 
Total liabilities17,205,558 16,372,723 
Commitments and contingencies (Note 11)
Equinix stockholders' equity
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 90,343,931 issued and 90,041,200 outstanding in 2021 and 89,462,304 issued and 89,134,252 outstanding in 2020
90 89 
Additional paid-in capital15,488,848 15,028,357 
Treasury stock, at cost; 302,731 shares in 2021 and 328,052 shares in 2020
(112,696)(122,118)
Accumulated dividends(5,902,937)(5,119,274)
Accumulated other comprehensive loss(1,041,761)(913,368)
Retained earnings2,137,219 1,760,302 
Total Equinix stockholders' equity10,568,763 10,633,988 
Non-controlling interests
(190)130 
Total stockholders' equity 10,568,573 10,634,118 
Total liabilities and stockholders' equity$27,774,131 $27,006,841 
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
 (Unaudited)
Revenues$1,675,176 $1,519,767 $4,929,159 $4,434,430 
Costs and operating expenses:
Cost of revenues885,650 767,979 2,561,987 2,243,605 
Sales and marketing182,997 172,727 551,434 531,301 
General and administrative334,625 279,350 958,086 797,837 
Transaction costs5,197 5,840 13,364 30,987 
Impairment charges 7,306  7,306 
Gain on asset sales(15,414)(1,785)(14,149)(928)
Total costs and operating expenses1,393,055 1,231,417 4,070,722 3,610,108 
Income from operations282,121 288,350 858,437 824,322 
Interest income411 1,452 1,514 7,410 
Interest expense(78,943)(99,736)(255,855)(315,554)
Other income (expense)1,482 162 (44,845)9,610 
Gain (loss) on debt extinguishment179 (93,494)(115,339)(101,803)
Income before income taxes
205,250 96,734 443,912 423,985 
Income tax expense(53,224)(29,903)(67,325)(104,847)
Net income152,026 66,831 376,587 319,138 
Net (income) loss attributable to non-controlling interests
190 (144)330 (355)
Net income attributable to Equinix$152,216 $66,687 $376,917 $318,783 
Earnings per share ("EPS") attributable to Equinix:
Basic EPS$1.69 $0.75 $4.21 $3.65 
Weighted-average shares for basic EPS89,858 88,806 89,614 87,226 
Diluted EPS$1.68 $0.74 $4.18 $3.63 
Weighted-average shares for diluted EPS90,467 89,519 90,202 87,925 
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
 (Unaudited)
Net income$152,026 $66,831 $376,587 $319,138 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $0, $0, $0 and $0
(260,011)299,441 (444,691)66,935 
Net investment hedge CTA gain (loss), net of tax effect of $0, $0, $0 and $0
131,080 (227,101)264,219 (179,213)
Unrealized gain (loss) on cash flow hedges, net of tax effects of $(6,965), $8,708, $(15,304) and $7,113
28,270 (33,842)52,048 (54,966)
Net actuarial gain on defined benefit plans, net of tax effects of $(4), $(6), $(12) and $(3)
14 22 41 77 
Total other comprehensive income (loss), net of tax(100,647)38,520 (128,383)(167,167)
Comprehensive income, net of tax51,379 105,351 248,204 151,971 
Net (income) loss attributable to non-controlling interests190 (144)330 (355)
Other comprehensive income attributable to non-controlling interests (30)(10)(21)
Comprehensive income attributable to Equinix$51,569 $105,177 $248,524 $151,595 
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
September 30,
20212020
 (Unaudited)
Cash flows from operating activities:
Net income$376,587 $319,138 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation1,074,761 897,075 
Stock-based compensation267,395 215,591 
Amortization of intangible assets155,428 148,075 
Amortization of debt issuance costs and debt discounts and premiums12,760 11,788 
Provision for credit loss allowance7,604 6,466 
Impairment charges 7,306 
Gain on asset sales(14,149)(928)
Loss on debt extinguishment115,339 101,803 
Other items22,377 14,764 
Changes in operating assets and liabilities:
Accounts receivable(111,313)(38,104)
Income taxes, net(44,200)(20,193)
Other assets(124,573)(127,535)
Operating lease right-of-use assets102,728 114,611 
Operating lease liabilities(137,751)(107,391)
Accounts payable and accrued expenses9,968 35,846 
Other liabilities(57,860)45,366 
Net cash provided by operating activities1,655,101 1,623,678 
Cash flows from investing activities:
Purchases of investments(77,139)(55,993)
Sales of investments4,057 19,681 
Business acquisitions, net of cash and restricted cash acquired(158,498)(478,248)
Real estate acquisitions(194,849)(124,462)
Purchases of other property, plant and equipment(1,934,107)(1,448,174)
Proceeds from sale of assets, net of cash transferred174,494  
Net cash used in investing activities(2,186,042)(2,087,196)
Cash flows from financing activities:
Proceeds from employee equity awards77,628 62,118 
Payment of dividends(783,454)(710,177)
Proceeds from public offering of common stock, net of issuance costs99,599 1,981,375 
Proceeds from senior notes, net of debt discounts3,878,662 2,585,736 
Proceeds from mortgage and loans payable 750,790 
Repayments of finance lease liabilities(130,129)(74,446)
Repayments of mortgage and loans payable(706,426)(808,609)
Repayment of senior notes(1,990,650)(2,440,761)
Debt extinguishment costs(99,185)(82,404)
Debt issuance costs(25,102)(26,266)
Net cash provided by financing activities320,943 1,237,356 
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
(24,139)5,637 
Net increase (decrease) in cash, cash equivalents and restricted cash(234,137)779,475 
Cash, cash equivalents and restricted cash at beginning of period 1,625,695 1,886,613 
Cash, cash equivalents and restricted cash at end of period$1,391,558 $2,666,088 
Cash and cash equivalents$1,379,100 $2,645,045 
Current portion of restricted cash included in other current assets11,567 11,375 
Non-current portion of restricted cash included in other assets891 9,668 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows
$1,391,558 $2,666,088 
See accompanying notes to condensed consolidated financial statements.


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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented. In the preparation of our condensed consolidated financial statements, we have considered potential impacts of the COVID-19 pandemic on our critical and significant accounting estimates. There was no significant impact to our condensed consolidated financial statements. We will continue to evaluate the nature and extent of the potential impacts to our business and our condensed consolidated financial statements.
Our condensed consolidated balance sheet data as of December 31, 2020 has been derived from audited consolidated financial statements as of that date. Our condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission ("SEC"), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 19, 2021. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.
Consolidation
The accompanying unaudited condensed consolidated financial statements include our acquisitions of two data centers in Mumbai, India from India operations of GPX Global Systems, Inc. ("GPX India") from September 1, 2021, 12 data center sites across Canada from BCE Inc. ("Bell") from October 1, 2020 and one additional data center site from November 2, 2020, Packet Host, Inc. (“Packet”) from March 2, 2020, and three data centers in Mexico acquired from Axtel S.A.B. de C.V ("Axtel") from January 8, 2020. All intercompany accounts and transactions have been eliminated in consolidation.
Income Taxes
We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the distributions made to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.
We accrue for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors such as our operating performance, tax law changes and future business acquisitions.
Our effective tax rates were 15.2% and 24.7% for the nine months ended September 30, 2021 and 2020, respectively. The decrease in the effective tax rate for the nine months ended September 30, 2021 as compared to the same period in 2020 is primarily due to the favorable resolution of uncertain tax positions of approximately $70.0 million resulting from the settlement of various tax audits in the United Kingdom ("UK"), Germany, and Australia, partially offset by $10.9 million resulting from the revaluation of our deferred tax liabilities due to the UK corporate tax rate increase from 19% to 25% enacted in the current period.
Of the unrecognized tax benefits being realized in the nine months ended September 30, 2021, $32.3 million is related to the uncertain tax position inherited from the Metronode acquisition closed in 2018. The uncertain tax position was covered by an indemnification agreement with the Seller. The realization of the unrecognized tax benefits resulted in an impairment of the indemnification asset for the same amount, which has been included in
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Other Income (Expense) on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2021.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08 Business Combinations ("Topic 805"): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. Under the current business combinations guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. We are currently evaluating the extent of the impact of this ASU, but do not expect the adoption of this standard to have a significant impact on our condensed consolidated financial statements.
In August 2020, FASB issued ASU 2020-06: Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock and modifies the disclosure requirement for the convertible instruments. Additionally, this ASU improves the consistency of EPS calculations by eliminating the use of the treasury stock method to calculate diluted EPS for convertible instruments and clarifies certain areas under the current EPS guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted at the beginning of the fiscal year after December 15, 2020. We are currently evaluating the extent of the impact of this ASU, but do not expect the adoption of this standard to have a significant impact on our condensed consolidated financial statements.
Accounting Standards Adopted
In December 2019, FASB issued ASU 2019-12, Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes. The ASU simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application of and simplifies generally accepted accounting principles ("GAAP") for other areas of Topic 740 by clarifying and amending existing guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted including adoption in any interim period for periods for which financial statements have not yet been issued. On January 1, 2021, we adopted this ASU on a prospective basis and the adoption of this standard did not have an impact on our condensed consolidated financial statements.
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform ("Topic 848"): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In addition, FASB issued ASU 2021-01, Reference Rate Reform ("Topic 848"), which clarifies the scope of Topic 848. Collectively, the guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 was effective for all entities as of March 12, 2020 through December 31, 2022 and ASU 2021-01 is effective upon issuance. We adopted these ASUs upon their respective issuances and there was no impact on our condensed consolidated financial statements as a result of adopting the guidance. We will evaluate our debt, derivative and lease contracts that may become eligible for modification relief and may apply the elections prospectively as needed.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
2. Revenue
Contract Balances
The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in thousands):
Accounts receivable, net (1)
Contract assets, currentContract assets, non-currentDeferred revenue, currentDeferred revenue, non-current
Beginning balances as of January 1, 2021
$676,738 $13,534 $54,050 $101,258 $71,242 
Closing balances as of September 30, 2021
792,101 49,793 51,452 112,952 66,318 
Increase (Decrease)$115,363 $36,259 $(2,598)$11,694 $(4,924)
(1) The net change in our allowance for credit losses was insignificant during the nine months ended September 30, 2021.
The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the nine months ended September 30, 2021 from the opening deferred revenue balance as of January 1, 2021 was $72.0 million.
Remaining performance obligations
As of September 30, 2021, approximately $8.5 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one to three years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 70% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contracts renewal. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployments dates, contract modifications, renewals and/or terminations.
The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScaleTM data centers, which are calculated based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties such as the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3.    Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented (in thousands, except per share amounts):
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net income$152,026 $66,831 $376,587 $319,138 
Net (income) loss attributable to non-controlling interests
190 (144)330 (355)
Net income attributable to Equinix$152,216 $66,687 $376,917 $318,783 
Weighted-average shares used to calculate basic EPS89,858 88,806 89,614 87,226 
Effect of dilutive securities:
Employee equity awards609 713 588 699 
Weighted-average shares used to calculate diluted EPS90,467 89,519 90,202 87,925 
EPS attributable to Equinix:
Basic EPS$1.69 $0.75 $4.21 $3.65 
Diluted EPS$1.68 $0.74 $4.18 $3.63 
We have excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 17,000 shares and 16,000 shares for the three months ended September 30, 2021 and 2020, respectively, and approximately 212,000 and 31,000 shares for the nine months ended September 30, 2021 and 2020, because their effect would be anti-dilutive.
4.    Acquisitions
2021 Acquisitions
Acquisition of GPX India (the "GPX India Acquisition")
On September 1, 2021, we completed the acquisition of GPX India, representing two data centers in Mumbai, India, for a total purchase consideration of approximately INR12.5 billion, or $170.5 million at the exchange rate in effect on that date. The GPX India Acquisition supports our ongoing expansion to meet customer demand in the Indian market.
2020 Acquisitions
Acquisition of Bell Data Centers (the "Bell Acquisition")
On October 1, 2020, we completed the acquisition of 12 data center sites across Canada from Bell, with one additional data center in Ottawa Canada acquired on November 2, 2020, for a total combined purchase consideration of approximately C$934.3 million, or $704.0 million at the exchange rates in effect on those dates. The acquisition supports our ongoing expansion to meet customer demand in Canada.
Acquisition of Packet (the "Packet Acquisition")
On March 2, 2020, we acquired all outstanding shares and equity awards of Packet Host, Inc. (“Packet”), a leading bare metal automation platform for a total purchase consideration of approximately $290.3 million in cash. In addition, we paid $16.1 million in cash to accelerate the vesting of unvested Packet equity awards for certain Packet employees, which was recorded as stock-based compensation expense during the three months ended March 31, 2020. In connection with the acquisition, we also issued restricted stock awards with an aggregated fair value of $30.2 million and a three-year vesting period, which will be recognized as stock-based compensation costs over the
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
vesting period. The acquisition, combined with Equinix MetalTM, is expected to accelerate our strategy to help enterprises deploy hybrid multicloud architectures on our data center platform.
Acquisition of data centers from Axtel (the "Axtel Acquisition")
On January 8, 2020, we completed the acquisition of three data centers in Mexico from Axtel S.A.B. de C.V. (“Axtel”) for a total purchase consideration of approximately $189.0 million, including $175.0 million in cash and $14.0 million we paid to the seller for recoverable value-added taxes ("VAT") incurred prior to the acquisition, which related to a corresponding VAT receivable acquired upon acquisition. The acquisition supports our ongoing expansion to meet customer demand in our Americas region.
Purchase Price Allocation
Each of these acquisitions constitute a business under the accounting standard for business combinations and, therefore, were accounted for as business combinations using the acquisition method of accounting. Under this method, the total purchase price is allocated to the assets acquired and liabilities assumed measured at fair value on the date of acquisition.
As of September 30, 2021, we had not completed the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed from the GPX India Acquisition, including property, plant and equipment, intangible assets and the related tax impacts; therefore, the purchase price allocation is based on provisional estimates and subject to continuing management analysis.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
A summary of the allocation of total purchase consideration is presented as follows (in thousands):
GPX IndiaBellPacketAxtel
ProvisionalFinal
Cash and cash equivalents$9,406 $ $1,068 $ 
Accounts receivable4,399  5,098  
Other current assets 8,771 696 299 14,048 
Property, plant and equipment88,108 538,717 27,945 76,407 
Operating lease right-of-use assets62 14,359 1,519 1,646 
Intangible assets15,472 75,857 58,500 22,750 
Goodwill77,296 172,387 230,620 78,902 
Deferred tax and other assets20 722 138  
Total assets acquired
203,534 802,738 325,187 193,753 
Accounts payable and accrued liabilities(1,591)(895)(1,275)(238)
Other current liabilities(478) (860) 
Operating lease liabilities(62)(13,340)(1,519)(1,586)
Finance lease liabilities(20,565)(80,026)(27,945) 
Deferred tax and other liabilities(10,373)(4,495)(3,290)(2,911)
Net assets acquired
$170,465 $703,982 $290,298 $189,018 
Property, plant and equipment - The fair values of property, plant and equipment acquired from these four acquisitions were estimated by applying the cost approach, with the exception of land, which we estimated by applying the market approach. The key assumptions of the cost approach include replacement cost new, physical deterioration, functional and economic obsolescence, economic useful life, remaining useful life, age and effective age.
Intangible assets - The following table presents certain information on the acquired intangible assets (in thousands):
Intangible AssetsFair ValueEstimated Useful Lives (Years)Weighted-average Estimated Useful Lives (Years)
GPX India:
Customer relationships$15,472 15.015.0
Bell:
Customer relationships75,857 15.015.0
Packet:
Trade names1,300 3.03.0
Existing technology5,100 3.03.0
Customer relationships 52,100 10.010.0
Axtel:
Customer relationships 22,750 15.015.0
The fair values of customer relationships acquired from these acquisitions were estimated from applying an income approach, by calculating the present value of estimated future operating cash flows generated from existing customers less costs to realize the revenue. We applied a discount rate of 11.0% for GPX India, 8.0% for Bell, 8.0% for Packet and 13.3% for Axtel, which reflects the nature of the assets as they relate to the risk and uncertainty of the estimated future operating cash flows, as well as the risk of the country within which the acquired business operates.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The fair value of the Packet trade name was estimated using the relief from royalty method under the income approach. We applied a relief from royalty rate of 1.0% and a discount rate of 8.0%. The fair value of existing technology was estimated under the cost approach by projecting the cost to recreate a new asset with an equivalent utility of the existing technology. The key assumptions of the cost approach include total cost, time to recreate and functional obsolescence.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. Goodwill is attributable to the workforce of the acquired business and the projected revenue increase expected to arise from future customers after these acquisitions. Goodwill from the Bell, Packet, and Axtel acquisitions is attributable to our Americas region and goodwill from the GPX India Acquisition is attributable to the Asia-Pacific region. Goodwill from the Bell Acquisition is expected to be deductible for local tax purposes while goodwill from the GPX India, Packet and Axtel Acquisitions are not deductible for local tax purposes.
Revenues and net income and loss from operations
The operating results of the GPX India Acquisition are reported in the Asia-Pacific region following the date of acquisition. During the three and nine months ended September 30, 2021, our results of operations from the GPX India Acquisition were insignificant.
Transaction costs
During the nine months ended September 30, 2021, the transaction costs for the GPX India Acquisition were insignificant.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
5.    Assets Held for Sale
In October 2021, we entered into an agreement to form a joint venture in the form of a limited liability partnership with PGIM Real Estate ("PGIM"), to develop and operate xScaleTM data centers in Asia-Pacific (the "Asia-Pacific 2 Joint Venture"). xScale data centers are engineered to meet the technical and operational requirements and price points of core hyperscale workload deployments and also offer access to our comprehensive suite of interconnection and edge services. Upon closing, PGIM will contribute cash in exchange for an 80% partnership interest in the Asia-Pacific 2 Joint Venture. We agreed to sell the Sydney 9 ("SY9") data center site in exchange for a 20% partnership interest in the Asia-Pacific 2 Joint Venture and cash proceeds. The assets and liabilities of the SY9 data center, which are currently included within our Asia-Pacific region, were classified as held for sale as of September 30, 2021.
In June 2021, we entered into an agreement to form another joint venture in the form of a limited liability partnership with GIC, Singapore's sovereign wealth fund ("GIC"), to develop and operate additional xScale data centers in Europe and the Americas (the “EMEA 2 Joint Venture”). The assets and liabilities of the data center sites expected to be sold to the EMEA 2 Joint Venture within a year were classified as held for sale as of June 30, 2021. The transaction is structured to close in phases over the course of two years, pending regulatory approval and other closing conditions. The first phase of the transaction, comprised of data center sites located in Frankfurt, Helsinki, Madrid, Milan and Paris, closed in September 2021. Upon closing, we sold these data center sites in exchange for a total consideration of $144.0 million, which is comprised of $106.4 million of net cash proceeds, a 20% partnership interest in the EMEA 2 Joint Venture with a fair value of $30.4 million, and $7.2 million of receivables. During the three months ended September 30, 2021, we recognized an insignificant gain on the sale of the xScale data center facilities. The assets and liabilities of Warsaw 4 ("WA4") and Sao Paulo 5 ("SP5") data center sites, which are currently included within our EMEA and Americas regions respectively, were expected to be sold to the EMEA 2 Joint Venture in the next phases and remained classified as held for sale as of September 30, 2021. The sale of the SP5 data center closed in October 2021 (see Note 14 below).
Additionally, we entered negotiations to sell the Mexico 3 ("MX3") data center site in connection with the formation of a new joint venture with GIC. Given that the key terms of the sale had been substantially agreed upon as of September 30, 2021, the assets and liabilities of the MX3 data center, which are currently included within our Americas region, were classified as held for sale as of September 30, 2021.
In May 2021, we entered into an agreement to sell the Dublin 5 ("DB5") data center site to the EMEA 1 Joint Venture (as defined in note 6 below). The assets and liabilities of the DB5 data center, which were included within our EMEA region, were classified as held for sale as of June 30, 2021. In July 2021, we sold the DB5 data center in exchange for a total consideration of $77.9 million. During the three months ended September 30, 2021, we recognized a total gain of $15.8 million on the sale of the DB5 data center.
All assets and liabilities classified as held for sale are reported at the lower of their carrying amounts or fair values less costs to sell. The following table summarizes the assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheet as of September 30, 2021 (in thousands):

September 30,
2021
Operating lease right-of-use assets$10,990 
Property, plant and equipment223,318 
Other assets1,022 
Total assets held for sale$235,330 
Accrued property, plant and equipment$24,085 
Total liabilities held for sale (1)
$24,085 
(1)Liabilities held for sale were included within other current liabilities on the condensed consolidated balance sheet.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
6.    Equity Method Investments
The following table summarizes our equity method investments (in thousands), which were included in other assets on the condensed consolidated balance sheets:
InvesteeOwnership PercentageSeptember 30, 2021December 31, 2020
EMEA 1 Joint Venture with GIC20%$114,836 $101,892 
EMEA 2 Joint Venture with GIC20%30,386  
Asia-Pacific 1 Joint Venture with GIC20%56,566 43,432 
OtherVarious18,790 17,747 
Total $220,578 $163,071 
Non - Variable Interest Entity (VIE) Joint Venture
EMEA 1 Joint Venture
In 2019, we entered into a joint venture in the form of a limited liability partnership with GIC (the "EMEA 1 Joint Venture"), to develop and operate xScale data centers in Europe. The EMEA 1 Joint Venture is not a variable interest entity ("VIE") given that both equity investors' interests have the characteristics of a controlling financial interest and it is sufficiently capitalized to sustain its operations, requiring additional funding from its partners only when expanding operations. Our share of income and losses of equity method investments from this joint venture was insignificant for the three and nine months ended September 30, 2021 and 2020 and was included in other income (expense) on the condensed consolidated statement of operations.
We committed to make future equity contributions to the EMEA 1 Joint Venture for funding its future development. As of September 30, 2021, we had future equity contribution commitments of $43.6 million.
VIE Joint Ventures
Asia-Pacific 1 and EMEA 2 Joint Ventures
In 2020, we entered into a second joint venture in the form of a limited liability partnership with GIC (the "Asia-Pacific 1 Joint Venture") to develop and operate xScale data centers in Asia-Pacific.
In 2021, we entered into another joint venture in the form of a limited liability partnership with GIC (the "EMEA 2 Joint Venture") to develop and operate additional xScale data centers in Europe and the Americas (see Note 5 above).
For both the Asia-Pacific 1 Joint Venture and the EMEA 2 Joint Venture, we provide certain management services to their operations and earn fees for the performance of such services. Both joint ventures do not have sufficient funds from operations to be self-sustaining, thus are considered VIEs. The power to direct the activities of these joint ventures that most significantly impact economic performance is shared equally between GIC and us. These activities include data center construction and operations, sales and marketing, financing, and real estate purchases or sales. Decisions about these activities require the consent of both GIC and us. We concluded that neither party is deemed to have predominant control over the Asia-Pacific 1 Joint Venture and EMEA 2 Joint Venture and neither party is considered to be the primary beneficiary. During the three and nine months ended September 30, 2021, our share of income and losses of equity method investments from these joint ventures was insignificant both individually and in aggregate, and was included in other income (expense) on the condensed consolidated statement of operations.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The following table summarizes our maximum exposure to loss related to the Asia-Pacific 1 Joint Venture and EMEA 2 Joint Venture as of September 30, 2021 (in thousands):
Asia-Pacific 1 Joint VentureEMEA 2 Joint Venture
Equity Investment$56,566 $30,386 
Outstanding Receivables3,844 11,451 
Future Equity Contribution Commitments 1
1,098 57,662 
Maximum Future Payments under Debt Guarantees 2
N/A 3