REDWOOD CITY, Calif.--(BUSINESS WIRE)--April 27, 2011--Equinix, Inc. (Nasdaq:EQIX), a provider of global data center services, today reported quarterly results for the quarter ended March 31, 2011.

Revenues were $363.0 million for the first quarter, a 5% increase over the previous quarter and a 46% increase over the same quarter last year. Recurring revenues, consisting primarily of colocation, interconnection and managed services were $343.9 million for the first quarter, a 5% increase over the previous quarter and a 45% increase over the same quarter last year. Non-recurring revenues were $19.1 million in the quarter.

“We are extremely pleased with our first quarter results and are well positioned to achieve our 2011 financial objectives. Whether it’s cloud computing or mobile and video traffic, Internet growth is propelling demand for Platform Equinix,” said Steve Smith, president and CEO of Equinix. “Due to this momentum, we are increasing our expansion investments to provide the capacity required to support greater than $2 billion in revenues, which we expect to achieve in 2013. We have a great opportunity for disciplined investment to meet our customers’ need for network-dense, global data center capacity while generating strong returns for our shareholders.”

Cost of revenues were $194.6 million for the first quarter, a 1% increase over the previous quarter and a 46% increase over the same quarter last year. Cost of revenues, excluding depreciation, amortization, accretion and stock-based compensation of $72.0 million, were $122.6 million for the first quarter, a 2% decrease from the previous quarter and a 44% increase over the same quarter last year. Cash gross margins, defined as gross profit before depreciation, amortization, accretion and stock-based compensation, divided by revenues, for the quarter were 66%, up from 64% for the previous quarter and unchanged from the same quarter last year.

Selling, general and administrative expenses were $96.2 million for the first quarter, essentially flat over the previous quarter and a 54% increase over the same quarter last year. Selling, general and administrative expenses, excluding depreciation, amortization and stock-based compensation of $23.1 million, were $73.1 million for the first quarter, a 3% increase over the previous quarter and a 58% increase over the same quarter last year.

Restructuring charges were $0.5 million for the first quarter and the previous quarter, which were primarily related to Switch and Data. Acquisition costs were $0.4 million for the first quarter and the previous quarter.

Interest expense was $37.4 million for the first quarter, a 4% decrease from the previous quarter and a 46% increase over the same quarter last year. The Company recorded income tax expense of $11.1 million for the first quarter as compared to an income tax benefit of $2.8 million in the prior quarter and income tax expense of $8.7 million in the same quarter last year.

Net income for the first quarter was $25.1 million. This represents a basic net income per share of $0.54 and diluted net income per share of $0.53 based on a weighted average share count of 46.5 million and 47.2 million, respectively, for the first quarter of 2011.

Adjusted EBITDA, defined as income or loss from operations before depreciation, amortization, accretion, stock-based compensation, restructuring charges and acquisition costs for the first quarter, was $167.3 million, an increase of 12% over the previous quarter and a 43% increase over the same quarter last year.

Capital expenditures, defined as gross capital expenditures less the net change in accrued property, plant and equipment in the first quarter, were $172.5 million, of which $139.8 million was attributed to expansion capital expenditures and $32.7 million was attributed to ongoing capital expenditures. In addition, the Company purchased a building in Paris for cash in March 2011 totaling $15.0 million.

The Company generated cash from operating activities of $115.2 million for the first quarter as compared to $122.9 million in the previous quarter and $99.8 million for the same quarter last year. Cash used in investing activities was $283.8 million in the first quarter as compared to cash provided by investing activities of $17.5 million in the previous quarter and cash used in investing activities of $31.6 million for the same quarter last year. Cash provided by financing activities was $26.1 million for the first quarter, which was primarily related to the proceeds from employee equity awards and draw downs of certain loans payable.

As of March 31, 2011, the Company’s cash, cash equivalents and investments were $456.7 million, as compared to $592.8 million as of December 31, 2010.

For the second quarter of 2011, the Company expects revenues to be in the range of $376.0 to $378.0 million. Cash gross margins are expected to be approximately 65%. Cash selling, general and administrative expenses are expected to be approximately $76.0 million. Adjusted EBITDA is expected to be between $166.0 and $170.0 million. Capital expenditures are expected to be in the range of $220.0 and $240.0 million, comprised of approximately $40.0 million of ongoing capital expenditures and between $180.0 and $200.0 million of expansion capital expenditures. The anticipated results of ALOG are not included in the Company’s business outlook at this time.

For the full year of 2011, total revenues are expected to be greater than $1,525.0 million. Total year cash gross margins are expected to range between 65% and 66%. Cash selling, general and administrative expenses are expected to approximate $315.0 million. Adjusted EBITDA for the year is expected to be greater than $685.0 million. Capital expenditures for 2011 are expected to be in the range of $615.0 to $665.0 million, comprised of approximately $115.0 million of ongoing capital expenditures and $500.0 to $550.0 million for expansion capital expenditures. The anticipated results of ALOG are not included in the Company’s business outlook at this time.

The Company will discuss its results and guidance on its quarterly conference call on Wednesday, April 27, 2011, at 5:30 p.m. ET (2:30 p.m. PT). A presentation to accompany the call will be available on the Company’s website at www.equinix.com/investors. To hear the conference call live, please dial 210-234-8004 (domestic and international) and reference the passcode (EQIX). A simultaneous live Webcast of the call will also be available at www.equinix.com/investors.

A replay of the call will be available beginning on Wednesday, April 27, 2011, at 7:30 p.m. (ET) through May 28, 2011, by dialing 402-998-1022. In addition, the webcast will be available on the company's web site at www.equinix.com/investors over the same time period. No password is required for the replay or the webcast.

Equinix, Inc. (Nasdaq:EQIX) connects businesses with partners and customers around the world through a global platform of high performance data centers, containing dynamic ecosystems and the broadest choice of networks. More than 3,350 enterprises, cloud, digital content and financial companies connect to more than 650 network service providers and rely on Platform Equinix to grow their business, improve application performance and protect their vital digital assets. Equinix operates in 37 strategic markets across the Americas, EMEA and Asia-Pacific and continually invests in expanding its platform to power customer growth.

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, 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 to evaluate its operations. In presenting these non-GAAP financial measures, Equinix excludes certain items that it believes are not good indicators of the Company'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 and acquisition costs. Legislative and regulatory requirements encourage use of and emphasis on GAAP financial metrics and require companies to explain why non-GAAP financial metrics are relevant to management and investors. Equinix excludes these items in order for Equinix's lenders, investors, and industry analysts who review and report on the Company, to better evaluate the Company'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 our IBX centers and do not reflect our current or future cash spending levels to support our business. Our IBX centers are long-lived assets, and have an economic life greater than 10 years. The construction costs of our IBX centers do not recur and future capital expenditures remain minor relative to our initial investment. This is a trend we expect to continue. In addition, depreciation is also based on the estimated useful lives of our IBX centers. These estimates could vary from actual performance of the asset, are based on historic costs incurred to build out our IBX 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 excludes amortization expense related to certain intangible assets, as it represents a cost that may not recur and is not a good indicator of the Company's current or future operating performance. 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 believes are not meaningful in evaluating the Company's current operations. Equinix excludes non-cash stock-based compensation expense as it represents expense attributed to equity awards that have no current or future cash obligations. As such, we, and many investors and analysts, exclude this stock-based compensation expense when assessing the cash generating performance of our operations. Equinix excludes restructuring charges from its non-GAAP financial measures. The restructuring charges relate to the Company's decision to exit leases for excess space adjacent to several of our IBX centers, which we did not intend to build out, or our decision to reverse such restructuring charges or severance charges related to the Switch and Data acquisition. Equinix excludes acquisition costs from its non-GAAP financial measures. The acquisition costs relate to costs the Company incurs in connection with business combinations. Management believes such items as restructuring charges and acquisition costs are non-core transactions; however, these types of costs will or may occur in future periods.

Our management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. However, we have presented such non-GAAP financial measures to provide investors with an additional tool to evaluate our operating results in a manner that focuses on what management believes to be our 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, however, 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 that of other companies. In addition, whenever Equinix uses such non-GAAP financial measures, it provides a reconciliation of non-GAAP financial measures to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure.

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. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how it was calculated for the periods presented within this press release.

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, the challenges of acquiring, operating and constructing IBX centers and developing, deploying and delivering Equinix services; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenue 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; and other risks described from time to time in Equinix's filings with the Securities and Exchange Commission. In particular, see Equinix's recent 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 and IBX are registered trademarks of Equinix, Inc. International Business Exchange is a trademark of Equinix, Inc.


EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP PRESENTATION
(in thousands, except per share data)
(unaudited)


			Three Months Ended
			March 31,			December 31,			March 31,
				2011			2010			2010

Recurring revenues			$	343,909		$	326,338		$	237,236
Non-recurring revenues				19,120			18,906			11,413
	Revenues			363,029			345,244			248,649

Cost of revenues				194,576			193,559			133,050
		Gross profit		168,453			151,685			115,599

Operating expenses:
	Sales and marketing			33,636			31,518			19,468
	General and administrative			62,601			64,820			43,155
	Restructuring charges			496			491			-
	Acquisition costs			415			380			4,994
		Total operating expenses		97,148			97,209			67,617

Income from operations				71,305			54,476			47,982

Interest and other income (expense):
	Interest income			215			208			506
	Interest expense			(37,361	)		(38,822	)		(25,675	)
	Other-than-temporary impairment recovery on investments			-			-			3,420
	Loss on debt extinguishment and interest rate swaps, net			-			(5,356	)		(3,377	)
	Other income			2,111			497			20
		Total interest and other, net		(35,035	)		(43,473	)		(25,106	)

Income before income taxes				36,270			11,003			22,876

	Income tax benefit (expense)			(11,125	)		2,757			(8,677	)

Net income			$	25,145		$	13,760		$	14,199

Net income per share:

	Basic net income per share		$	0.54		$	0.30		$	0.36

	Diluted net income per share		$	0.53		$	0.29		$	0.35

	Shares used in computing basic net
		income per share		46,451			46,059			39,562

	Shares used in computing diluted net
		income per share		47,219			46,871			40,791


EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP PRESENTATION
(in thousands)
(unaudited)


				Three Months Ended
				March 31,			December 31,			March 31,
					2011			2010			2010

Recurring revenues				$	343,909		$	326,338		$	237,236
Non-recurring revenues					19,120			18,906			11,413
	Revenues (1)				363,029			345,244			248,649

Cash cost of revenues (2)					122,631			125,456			85,084
			Cash gross profit (3)		240,398			219,788			163,565

Cash operating expenses (4):
	Cash sales and marketing expenses (5)				27,104			25,523			15,185
	Cash general and administrative expenses (6)				46,018			45,318			31,108
			Total cash operating expenses (7)		73,122			70,841			46,293

Adjusted EBITDA (8)				$	167,276		$	148,947		$	117,272

Cash gross margins (9)					66	%		64	%		66	%

Adjusted EBITDA margins (10)					46	%		43	%		47	%

Adjusted EBITDA flow-through rate (11)					103	%		17	%		92	%


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

	Americas Revenues:

	Colocation			$	176,196		$	166,477		$	118,932
	Interconnection				45,922			44,443			23,764
	Managed infrastructure				767			779			539
	Rental				504			642			182
		Recurring revenues			223,389			212,341			143,417
	Non-recurring revenues				9,138			8,307			5,139
		Revenues			232,527			220,648			148,556

	EMEA Revenues:

	Colocation				68,200			64,439			54,442
	Interconnection				2,812			2,607			1,939
	Managed infrastructure				3,198			3,002			2,901
	Rental				118			134			163
		Recurring revenues			74,328			70,182			59,445
	Non-recurring revenues				7,711			8,569			4,719
		Revenues			82,039			78,751			64,164

	Asia-Pacific Revenues:

	Colocation				36,339			34,546			26,985
	Interconnection				5,341			4,948			3,529
	Managed infrastructure				4,512			4,321			3,860
		Recurring revenues			46,192			43,815			34,374
	Non-recurring revenues				2,271			2,030			1,555
		Revenues			48,463			45,845			35,929

	Worldwide Revenues:

	Colocation				280,735			265,462			200,359
	Interconnection				54,075			51,998			29,232
	Managed infrastructure				8,477			8,102			7,300
	Rental				622			776			345
		Recurring revenues			343,909			326,338			237,236
	Non-recurring revenues				19,120			18,906			11,413
		Revenues		$	363,029		$	345,244		$	248,649

(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			$	194,576		$	193,559		$	133,050
	Depreciation, amortization and accretion expense				(70,600	)		(66,978	)		(46,372	)
	Stock-based compensation expense				(1,345	)		(1,125	)		(1,594	)
		Cash cost of revenues		$	122,631		$	125,456		$	85,084

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

	Americas cash cost of revenues			$	70,210		$	72,651		$	44,148
	EMEA cash cost of revenues				34,491			34,808			28,536
	Asia-Pacific cash cost of revenues				17,930			17,997			12,400
		Cash cost of revenues		$	122,631		$	125,456		$	85,084

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

(4)	We define cash operating expenses as operating expenses less depreciation, amortization, stock-based compensation, restructuring charges and acquisition costs. We also refer to cash operating expenses as cash selling, general and administrative expenses or "cash SG&A".

(5)	We define cash sales and marketing expenses as sales and marketing expenses less depreciation, amortization and stock-based compensation as presented below:

	Sales and marketing expenses			$	33,636		$	31,518		$	19,468
	Depreciation and amortization expense				(3,666	)		(3,645	)		(1,352	)
	Stock-based compensation expense				(2,866	)		(2,350	)		(2,931	)
		Cash sales and marketing expenses		$	27,104		$	25,523		$	15,185

(6)	We define cash general and administrative expenses as general and administrative expenses less depreciation, amortization and stock-based compensation as presented below:

	General and administrative expenses			$	62,601		$	64,820		$	43,155
	Depreciation and amortization expense				(5,259	)		(5,508	)		(1,598	)
	Stock-based compensation expense				(11,324	)		(13,994	)		(10,449	)
		Cash general and administrative expenses		$	46,018		$	45,318		$	31,108

(7)	Our cash operating expenses, or cash SG&A, as defined above, is presented below:

	Cash sales and marketing expenses			$	27,104		$	25,523		$	15,185
	Cash general and administrative expenses				46,018			45,318			31,108
		Cash SG&A		$	73,122		$	70,841		$	46,293

	The geographic split of our cash operating expenses, or cash SG&A, is presented below:

	Americas cash SG&A			$	48,812		$	45,469		$	30,626
	EMEA cash SG&A				16,936			16,212			10,673
	Asia-Pacific cash SG&A				7,374			9,160			4,994
		Cash SG&A		$	73,122		$	70,841		$	46,293

(8)	We define adjusted EBITDA as income from operations plus depreciation, amortization, accretion, stock-based compensation expense, restructuring charges and acquisition costs as presented below:

	Income from operations			$	71,305		$	54,476		$	47,982
	Depreciation, amortization and accretion expense				79,525			76,131			49,322
	Stock-based compensation expense				15,535			17,469			14,974
	Restructuring charges				496			491			-
	Acquisition costs				415			380			4,994
		Adjusted EBITDA		$	167,276		$	148,947		$	117,272

	The geographic split of our adjusted EBITDA is presented below:

	Americas income from operations			$	47,319		$	37,067		$	29,601
	Americas depreciation, amortization and accretion expense				53,482			51,448			28,174
	Americas stock-based compensation expense				11,842			13,620			11,013
	Americas restructuring charges				496			491			-
	Americas acquisition costs				366			(98	)		4,994
		Americas adjusted EBITDA			113,505			102,528			73,782

	EMEA income from operations				11,471			8,678			8,321
	EMEA depreciation, amortization and accretion expense				16,844			16,539			14,484
	EMEA stock-based compensation expense				2,295			2,214			2,150
	EMEA acquisition costs				2			300			-
		EMEA adjusted EBITDA			30,612			27,731			24,955

	Asia-Pacific income from operations				12,515			8,731			10,060
	Asia-Pacific depreciation, amortization and accretion expense				9,199			8,144			6,664
	Asia-Pacific stock-based compensation expense				1,398			1,635			1,811
	Asia-Pacific acquisition costs				47			178			-
		Asia-Pacific adjusted EBITDA			23,159			18,688			18,535

			Adjusted EBITDA	$	167,276		$	148,947		$	117,272

(9)	We define cash gross margins as cash gross profit divided by revenues.

	Our cash gross margins by geographic region is presented below:

	Americas cash gross margins				70	%		67	%		70	%

	EMEA cash gross margins				58	%		56	%		56	%

	Asia-Pacific cash gross margins				63	%		61	%		65	%

(10)	We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.

	Americas adjusted EBITDA margins				49	%		46	%		50	%

	EMEA adjusted EBITDA margins				37	%		35	%		39	%

	Asia-Pacific adjusted EBITDA margins				48	%		41	%		52	%

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

	Adjusted EBITDA - current period			$	167,276		$	148,947		$	117,272
	Less adjusted EBITDA - prior period				(148,947	)		(146,461	)		(111,660	)
		Adjusted EBITDA growth		$	18,329		$	2,486		$	5,612

	Revenues - current period			$	363,029		$	345,244		$	248,649
	Less revenues - prior period				(345,244	)		(330,347	)		(242,552	)
		Revenue growth		$	17,785		$	14,897		$	6,097

	Adjusted EBITDA flow-through rate				103	%		17	%		92	%


EQUINIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

Assets			March 31,			December 31,
				2011			2010

Cash and cash equivalents			$	304,466		$	442,841
Short-term investments				150,040			147,192
Accounts receivable, net				114,207			116,358
Other current assets				126,277			71,657
	Total current assets			694,990			778,048
Long-term investments				2,145			2,806
Property, plant and equipment, net				2,881,126			2,650,953
Goodwill				789,876			774,365
Intangible assets, net				148,874			150,945
Other assets				135,502			90,892
	Total assets		$	4,652,513		$	4,448,009

Liabilities and Stockholders' Equity

Accounts payable and accrued expenses			$	133,536		$	145,854
Accrued property and equipment				125,579			91,667
Current portion of capital lease and other financing obligations				8,381			7,988
Current portion of loans payable				20,204			19,978
Other current liabilities				55,574			52,628
	Total current liabilities			343,274			318,115
Capital lease and other financing obligations, less current portion				296,913			253,945
Loans payable, less current portion				126,617			100,337
Senior notes				750,000			750,000
Convertible debt				922,325			916,337
Other liabilities				225,987			228,760
	Total liabilities			2,665,116			2,567,494

Common stock				47			46
Additional paid-in capital				2,372,660			2,341,586
Accumulated other comprehensive loss				(61,356	)		(112,018	)
Accumulated deficit				(323,954	)		(349,099	)
	Total stockholders' equity			1,987,397			1,880,515

	Total liabilities and stockholders' equity		$	4,652,513		$	4,448,009



Ending headcount by geographic region is as follows:

	Americas headcount			1,169			1,156
	EMEA headcount			498			482
	Asia-Pacific headcount			297			283
		Total headcount		1,964			1,921


EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)


					Three Months Ended
					March 31,			December 31,			March 31,
					2011			2010			2010

Cash flows from operating activities:
	Net income				$	25,145		$	13,760		$	14,199
	Adjustments to reconcile net income to
	net cash provided by operating activities:
		Depreciation, amortization and accretion				79,525			76,131			49,322
		Stock-based compensation				15,535			17,469			14,974
		Debt issuance costs and debt discount				7,284			8,512			5,554
		Loss on debt extinguishment and interest rate swaps				-			5,356			3,377
		Restructuring charges				496			491			-
		Other reconciling items				1,563			1,888			434
		Changes in operating assets and liabilities:
			Accounts receivable			3,099			(1,400	)		(6,086	)
			Deferred tax assets, net			5,640			(1,611	)		5,002
			Accounts payable and accrued expenses			(13,606	)		14,316			15,886
			Other assets and liabilities			(9,510	)		(12,021	)		(2,850	)
				Net cash provided by operating activities		115,171			122,891			99,812
Cash flows from investing activities:
	Purchases, sales and maturities of investments, net					(2,185	)		176,172			112,285
	Purchase of Amsterdam IBX property					-			(14,861	)		-
	Purchase of Paris IBX property					(14,951	)		-			-
	Purchases of property and equipment					(172,516	)		(143,351	)		(143,400	)
	Other investing activities					(94,138	)		(422	)		(442	)
				Net cash provided by (used in) investing activities		(283,790	)		17,538			(31,557	)
Cash flows from financing activities:
	Proceeds from employee equity awards					15,668			3,638			10,883
	Proceeds from loans payable					22,653			5,770			-
	Proceeds from senior notes					-			-			750,000
	Repayment of capital lease and other financing obligations					(1,968	)		(2,019	)		(1,554	)
	Repayment of mortgage and loans payable					(10,102	)		(88,930	)		(114,340	)
	Debt issuance costs					(125	)		-			(15,193	)
	Debt extinguishment costs					-			(4,448	)		-
				Net cash provided by (used in) financing activities		26,126			(85,989	)		629,796
Effect of foreign currency exchange rates on cash and cash equivalents						4,118			(748	)		(4,805	)
Net increase (decrease) in cash and cash equivalents						(138,375	)		53,692			693,246
Cash and cash equivalents at beginning of period						442,841			389,149			346,056
Cash and cash equivalents at end of period					$	304,466		$	442,841		$	1,039,302


Free cash flow (1)					$	(166,434	)	$	(35,743	)	$	(44,030	)

Adjusted free cash flow (2)					$	(151,483	)	$	(20,882	)	$	(44,030	)


(1)	We define 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				$	115,171		$	122,891		$	99,812
	Net cash provided by (used in) investing activities as presented above					(283,790	)		17,538			(31,557	)
	Purchases, sales and maturities of investments, net					2,185			(176,172	)		(112,285	)
		Free cash flow (negative free cash flow)			$	(166,434	)	$	(35,743	)	$	(44,030	)

(2)	We define adjusted free cash flow as free cash flow (as defined above) excluding any purchases or sales of real estate and acquisitions as presented below:

	Free cash flow (as defined above)				$	(166,434	)	$	(35,743	)	$	(44,030	)
	Less purchase of Amsterdam IBX property					-			14,861			-
	Less purchase of Paris IBX property					14,951			-			-
		Adjusted free cash flow (negative adjusted free cash flow)			$	(151,483	)	$	(20,882	)	$	(44,030	)

CONTACT:
Equinix Investor Relations Contacts:
Equinix, Inc.
Katrina Rymill, (650) 598-6583
krymill@equinix.com
Jason Starr, (650) 598-6020
jstarr@equinix.com
or
Equinix Media Contact:
LEWIS PR
Scott Blevins, (415) 992-4400
equinixlewisus@equinix.com


EQUINIX, INC.
SUMMARY OF DEBT OUTSTANDING
(in thousands)
(unaudited)

		March 31,		December 31,
			2011		2010

Capital lease and other financing obligations		$	305,294	$	261,933

Paris IBX financing			12,101		-
New Asia-Pacific financing			134,720		120,315
	Total loans payable		146,821		120,315

Senior notes			750,000		750,000

Convertible debt, net of debt discount			922,325		916,337
Plus debt discount			97,411		103,399
	Total convertible debt principal		1,019,736		1,019,736

Total debt outstanding		$	2,221,851	$	2,151,984