| | |
Per 2031 Note
|
| |
Total
|
| |
Per 2034 Note
|
| |
Total
|
| ||||||||||||
Public offering price(1)
|
| | | | 99.501% | | | | | € | 646,756,500 | | | | | | 99.654% | | | | | € | 498,270,000 | | |
Underwriting discount
|
| | | | 0.400% | | | | | € | 2,600,000 | | | | | | 0.450% | | | | | € | 2,250,000 | | |
Proceeds, before expenses, to Equinix(1)
|
| | | | 99.101% | | | | | € | 644,156,500 | | | | | | 99.204% | | | | | € | 496,020,000 | | |
|
BofA Securities
|
| |
Deutsche Bank
|
| |
Goldman Sachs & Co. LLC
|
| | MUFG | | |
RBC Capital Markets
|
|
| Barclays | | |
BNP PARIBAS
|
| | Citigroup | | | HSBC | | | ING | | |
J.P. Morgan
|
| | Santander | | | Standard Chartered Bank | |
| Mizuho | | |
Morgan Stanley
|
| |
PNC Capital Markets LLC
|
| | Scotiabank | | | SMBC | | |
TD Securities
|
| |
US Bancorp
|
|
| | |
Page
|
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| | | | S-1 | | | |
| | | | S-4 | | | |
| | | | S-5 | | | |
| | | | S-13 | | | |
| | | | S-22 | | | |
| | | | S-23 | | | |
| | | | S-28 | | | |
| | | | S-31 | | | |
| | | | S-62 | | | |
| | | | S-67 | | | |
| | | | S-73 | | | |
| | | | S-73 | | | |
| | | | S-73 | | |
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| | | | 18 | | | |
| | | | 18 | | |
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Years Ended December 31,
|
| |
Nine Months Ended
September 30, |
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| | |
2021
|
| |
2022
|
| |
2023
|
| |
2023
|
| |
2024
|
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
Consolidated Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 6,635 | | | | | $ | 7,263 | | | | | $ | 8,188 | | | | | $ | 6,078 | | | | | $ | 6,487 | | |
Costs and operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 3,472 | | | | | | 3,751 | | | | | | 4,228 | | | | | | 3,136 | | | | | | 3,271 | | |
Sales and marketing
|
| | | | 741 | | | | | | 787 | | | | | | 855 | | | | | | 638 | | | | | | 682 | | |
General and administrative
|
| | | | 1,302 | | | | | | 1,499 | | | | | | 1,654 | | | | | | 1,205 | | | | | | 1,315 | | |
Transaction costs
|
| | | | 23 | | | | | | 22 | | | | | | 13 | | | | | | 7 | | | | | | 12 | | |
(Gain) loss on asset sales
|
| | | | (11) | | | | | | 4 | | | | | | (5) | | | | | | (5) | | | | | | (18) | | |
Total costs and operating expenses
|
| | | | 5,527 | | | | | | 6,063 | | | | | | 6,745 | | | | | | 4,981 | | | | | | 5,262 | | |
Income from operations
|
| | | | 1,108 | | | | | | 1,200 | | | | | | 1,443 | | | | | | 1,097 | | | | | | 1,225 | | |
Interest income
|
| | | | 3 | | | | | | 36 | | | | | | 94 | | | | | | 66 | | | | | | 88 | | |
Interest expense
|
| | | | (336) | | | | | | (356) | | | | | | (402) | | | | | | (299) | | | | | | (331) | | |
Other expense
|
| | | | (51) | | | | | | (51) | | | | | | (11) | | | | | | (10) | | | | | | (6) | | |
Loss on debt extinguishment
|
| | | | (115) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | |
Income before income taxes
|
| | | | 609 | | | | | | 829 | | | | | | 1,124 | | | | | | 854 | | | | | | 975 | | |
Income tax expense
|
| | | | (109) | | | | | | (124) | | | | | | (155) | | | | | | (112) | | | | | | (147) | | |
Net income
|
| | | $ | 500 | | | | | $ | 705 | | | | | $ | 969 | | | | | $ | 742 | | | | | $ | 828 | | |
Consolidated Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities
|
| | | $ | 2,547 | | | | | $ | 2,963 | | | | | $ | 3,217 | | | | | $ | 2,218 | | | | | $ | 2,268 | | |
Net cash used in investing activities
|
| | | | (3,007) | | | | | | (3,363) | | | | | | (3,224) | | | | | | (1,943) | | | | | | (2,826) | | |
Net cash provided by financing activities
|
| | | | 414 | | | | | | 857 | | | | | | 211 | | | | | | 233 | | | | | | 1,245 | | |
Other Financial Data (non-GAAP)(1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA
|
| | | | 3,144 | | | | | | 3,370 | | | | | | 3,702 | | | | | | 2,782 | | | | | | 3,076 | | |
| | |
As of September 30,
2024 |
| |||
| | |
(in millions)
|
| |||
Consolidated Balance Sheet Data: | | | | | | | |
Cash and cash equivalents
|
| | | $ | 2,776 | | |
Short-term investments
|
| | | | 451 | | |
Accounts receivable, net of allowance of $32
|
| | | | 1,123 | | |
Property, plant and equipment, net
|
| | | | 19,665 | | |
Total assets
|
| | | | 35,438 | | |
Current portion of operating lease liabilities
|
| | | | 149 | | |
Current portion of finance lease liabilities
|
| | | | 202 | | |
Current portion of mortgage and loans payable
|
| | | | 5 | | |
Current portion of senior notes
|
| | | | 2,198 | | |
Operating lease liabilities, less current portion
|
| | | | 1,366 | | |
Finance lease liabilities, less current portion
|
| | | | 2,193 | | |
Mortgage and loans payable, less current portion
|
| | | | 688 | | |
Senior notes, less current portion
|
| | | | 12,387 | | |
Total debt(2)
|
| | | | 17,673 | | |
Total liabilities
|
| | | | 21,826 | | |
Total stockholders’ equity
|
| | | | 13,587 | | |
| | |
Years Ended December 31,
|
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |
2023
|
| |
2024
|
| |||||||||||||||
| | |
(In millions)
|
| |||||||||||||||||||||||||||
Net income
|
| | | $ | 500 | | | | | $ | 705 | | | | | $ | 969 | | | | | $ | 742 | | | | | $ | 828 | | |
Income tax expense
|
| | | | 109 | | | | | | 124 | | | | | | 155 | | | | | | 112 | | | | | | 147 | | |
Interest income
|
| | | | (3) | | | | | | (36) | | | | | | (94) | | | | | | (66) | | | | | | (88) | | |
Interest expense
|
| | | | 336 | | | | | | 356 | | | | | | 402 | | | | | | 299 | | | | | | 331 | | |
Other expense
|
| | | | 51 | | | | | | 51 | | | | | | 11 | | | | | | 10 | | | | | | 6 | | |
Loss on debt extinguishment
|
| | | | 115 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Depreciation, amortization, and accretion expense
|
| | | | 1,660 | | | | | | 1,740 | | | | | | 1,844 | | | | | | 1,382 | | | | | | 1,509 | | |
Stock-based compensation expense
|
| | | | 364 | | | | | | 404 | | | | | | 407 | | | | | | 301 | | | | | | 348 | | |
Transaction costs
|
| | | | 23 | | | | | | 22 | | | | | | 13 | | | | | | 7 | | | | | | 12 | | |
(Gain) loss on asset sales
|
| | | | (11) | | | | | | 4 | | | | | | (5) | | | | | | (5) | | | | | | (18) | | |
Adjusted EBITDA
|
| | | $ | 3,144 | | | | | $ | 3,370 | | | | | $ | 3,702 | | | | | $ | 2,782 | | | | | $ | 3,076 | | |
| | |
As of September 30, 2024
|
| |||||||||
| | |
Actual
|
| |
As
adjusted |
| ||||||
| | |
(dollars in millions)
|
| |||||||||
Cash and cash equivalents(1)
|
| | | $ | 2,776 | | | | | $ | 3,981 | | |
Short-term investments
|
| | | $ | 451 | | | | | $ | 451 | | |
Current portion of finance lease liabilities
|
| | | $ | 202 | | | | | $ | 202 | | |
Current portion of mortgage and loans payable(1)
|
| | | $ | 5 | | | | | $ | 5 | | |
Current portion of senior notes(1)
|
| | | $ | 2,198 | | | | | $ | 2,198 | | |
Long-term debt, net of current portion(1): | | | | | | | | | | | | | |
Finance lease liabilities, less current portion
|
| | | $ | 2,193 | | | | | $ | 2,193 | | |
Mortgage and loans payable, less current portion
|
| | | | 688 | | | | | | 688 | | |
1.450% Senior Notes due 2026
|
| | | | 698 | | | | | | 698 | | |
2.900% Senior Notes due 2026
|
| | | | 598 | | | | | | 598 | | |
0.250% Euro Senior Notes due 2027
|
| | | | 553 | | | | | | 553 | | |
1.800% Senior Notes due 2027
|
| | | | 498 | | | | | | 498 | | |
1.550% Senior Notes due 2028
|
| | | | 647 | | | | | | 647 | | |
2.000% Senior Notes due 2028
|
| | | | 397 | | | | | | 397 | | |
2.875% Swiss Franc Senior Notes due 2028
|
| | | | 352 | | | | | | 352 | | |
1.558% Swiss Franc Senior Notes due 2029
|
| | | | 117 | | | | | | 117 | | |
3.200% Senior Notes due 2029
|
| | | | 1,194 | | | | | | 1,194 | | |
2.150% Senior Notes due 2030
|
| | | | 1,093 | | | | | | 1,093 | | |
2.500% Senior Notes due 2031
|
| | | | 991 | | | | | | 991 | | |
3.900% Senior Notes due 2032
|
| | | | 1,187 | | | | | | 1,187 | | |
1.000% Euro Senior Notes due 2033
|
| | | | 658 | | | | | | 658 | | |
3.650% Euro Senior Notes due 2033
|
| | | | 661 | | | | | | 661 | | |
5.500% USD Senior Notes due 2034
|
| | | | 737 | | | | | | 737 | | |
2.000% Japanese Yen Series A Notes due 2035
|
| | | | 260 | | | | | | 260 | | |
2.130% Japanese Yen Series C Notes due 2035
|
| | | | 102 | | | | | | 102 | | |
2.370% Japanese Yen Series B Notes due 2043
|
| | | | 71 | | | | | | 71 | | |
2.570% Japanese Yen Series D Notes due 2043
|
| | | | 32 | | | | | | 32 | | |
2.570% Japanese Yen Series E Notes due 2043
|
| | | | 69 | | | | | | 69 | | |
3.000% Senior Notes due 2050
|
| | | | 488 | | | | | | 488 | | |
2.950% Senior Notes due 2051
|
| | | | 493 | | | | | | 493 | | |
3.400% Senior Notes due 2052
|
| | | | 491 | | | | | | 491 | | |
3.250% Senior Notes due 2031 offered hereby(2)
|
| | | | — | | | | | | 681 | | |
3.625% Senior Notes due 2034 offered hereby(2)
|
| | | | — | | | | | | 524 | | |
Total long-term debt(1)
|
| | | $ | 15,268 | | | | | $ | 16,473 | | |
Stockholders’ equity (shares in thousands): | | | | | | | | | | | | | |
Common stock, $0.001 par value per share: 300,000 shares authorized; 96,594 issued
and 96,488 outstanding |
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 20,069 | | | | | | 20,069 | | |
Treasury stock, at cost; 106 shares, actual and as adjusted
|
| | | | (40) | | | | | | (40) | | |
Accumulated dividends(1)
|
| | | | (9,921) | | | | | | (9,921) | | |
Accumulated other comprehensive loss
|
| | | | (1,283) | | | | | | (1,283) | | |
Retained earnings
|
| | | | 4,763 | | | | | | 4,763 | | |
Total stockholders’ equity(1)
|
| | | | 13,587 | | | | | | 13,587 | | |
Total capitalization(1)
|
| | | $ | 28,855 | | | | | $ | 30,060 | | |
Underwriters
|
| |
Principal amount
of 2031 notes |
| |
Principal amount
of 2034 notes |
| ||||||
Deutsche Bank AG, London Branch
|
| | | € | 78,000,000 | | | | | € | 60,000,000 | | |
Goldman Sachs & Co. LLC
|
| | | | 78,000,000 | | | | | | 60,000,000 | | |
Merrill Lynch International
|
| | | | 78,000,000 | | | | | | 60,000,000 | | |
MUFG Securities EMEA plc
|
| | | | 78,000,000 | | | | | | 60,000,000 | | |
RBC Europe Limited
|
| | | | 78,000,000 | | | | | | 60,000,000 | | |
Banco Santander, S.A.
|
| | | | 21,125,000 | | | | | | 16,250,000 | | |
Barclays Bank PLC
|
| | | | 21,125,000 | | | | | | 16,250,000 | | |
BNP PARIBAS
|
| | | | 21,125,000 | | | | | | 16,250,000 | | |
Citigroup Global Markets Limited
|
| | | | 21,125,000 | | | | | | 16,250,000 | | |
HSBC Bank plc
|
| | | | 21,125,000 | | | | | | 16,250,000 | | |
ING Bank N.V.
|
| | | | 21,125,000 | | | | | | 16,250,000 | | |
J.P. Morgan Securities plc
|
| | | | 21,125,000 | | | | | | 16,250,000 | | |
Standard Chartered Bank
|
| | | | 21,125,000 | | | | | | 16,250,000 | | |
Mizuho International plc
|
| | | | 13,000,000 | | | | | | 10,000,000 | | |
Morgan Stanley & Co. International plc
|
| | | | 13,000,000 | | | | | | 10,000,000 | | |
PNC Capital Markets LLC
|
| | | | 13,000,000 | | | | | | 10,000,000 | | |
Scotiabank (Ireland) Designated Activity Company
|
| | | | 13,000,000 | | | | | | 10,000,000 | | |
SMBC Bank International plc
|
| | | | 13,000,000 | | | | | | 10,000,000 | | |
The Toronto-Dominion Bank
|
| | | | 13,000,000 | | | | | | 10,000,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 13,000,000 | | | | | | 10,000,000 | | |
Total
|
| | | € | 650,000,000 | | | | | € | 500,000,000 | | |
| | |
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