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Equinix is not reasonably able to 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.

“Our 87th consecutive quarter of revenue growth was also a record-breaking one for gross bookings, with strong results across our three regions. This performance is a testament to the trust our customers place in Equinix and the value they realize partnering strategically with us. We see continued robust demand for AI-enabling digital infrastructure from a highly diverse set of customers of varying sizes, industries, and regions. This, coupled with significant expansion of our xScale capability, further strengthens our value proposition with customers and our leading position in the market.”

◦Earlier this month, Equinix announced plans to nearly triple the capital invested in its xScale data center portfolio with the agreement to form a greater than $15 billion joint venture, subject to closing conditions, with Canada Pension Plan Investment Board (CPP Investments) and GIC, with whom Equinix has previously partnered on xScale projects in Asia, the Americas and Europe. Through this joint venture, Equinix expects to build new state-of-the-art xScale facilities on multiple campuses across the U.S., each with multi-hundred megawatts of capacity. As previously announced, Equinix recently acquired a greater-than-200-acre land parcel as it develops its first multi-hundred-megawatt xScale campus in the Atlanta metro area to support the pursuit of larger AI and hyperscale workloads.

•Digital infrastructure, serving as the backbone of today’s economy, encompasses connectivity that touches lives daily, enabling everything from online shopping to the lifesaving operations of hospitals, to supporting the data needs of AI training and inferencing. Equinix's industry-leading global interconnection franchise continues to perform with 478,000 total interconnections deployed on its platform. In the third quarter of 2024, net interconnection adds improved to 5,700 due to strong hyperscaler cross connect additions and continued diversification of Equinix’s ecosystems.

•Equinix’s Channel program delivered another solid quarter, accounting for approximately 50% of company new logos. It continued to see growth from partners like Avant, Dell, Orange Business and WWT, with wins across a wide range of industry segments and use cases, including AI. Key wins this quarter include a data center modernization project with AT&T. Through this project, Equinix is helping a customer-experience technology company blend cloud and private infrastructure resources, enable multicloud networking and accelerate AI and automation enhancements for customer interactions.

For the fourth quarter of 2024, the company expects revenues to range between $2.262 and $2.302 billion, an as-reported increase of 3 - 5% over the previous quarter, or a normalized and constant currency increase of 2 - 4% excluding the quarter-over-quarter impact of the power pass-through. This guidance includes a $26 million foreign currency benefit when compared to the average FX rates in Q3 2024. Adjusted EBITDA is expected to range between $1.010 and $1.050 billion. This guidance includes a $12 million foreign currency benefit when compared to the average FX rates in Q3 2024, $8 million of integration costs related to acquisitions and higher seasonal spending. Recurring capital expenditures are expected to range between $94 and $114 million, consistent with our typical seasonal investments in Q4.

For the full year of 2024, total revenues are expected to range between $8.748 and $8.788 billion, an as-reported increase of approximately 7% over the previous year, or a normalized and constant currency increase of approximately 7 - 8% excluding the year-over-year impact of the power pass-through. This $36 million increase from previously issued guidance is due to $12 million of better-than-expected operating performance and a $24 million positive foreign currency benefit when compared to the prior guidance rates. Adjusted EBITDA is expected to range between $4.086 and $4.126 billion, an adjusted EBITDA margin of 47%. This $10 million increase over previously issued guidance is due to a positive foreign currency benefit when compared to prior guidance rates. AFFO is expected to range between $3.338 and $3.378 billion, an as-reported increase of 11 - 12% over the previous year, or a normalized and constant currency increase of 11 - 13%. This $18 million increase over the previously issued guidance is due to $15 million from better-than-expected operating performance and a $3 million positive foreign currency benefit when compared to prior guidance rates. AFFO per share is expected to range between $34.81 and $35.22, an as-reported increase of 8 - 10% over the previous year, or a normalized and constant currency increase of 9 - 10%. Total capital expenditures are expected to range between $2.850 and $3.100 billion. Non-recurring capital expenditures, including xScale-related capital expenditures, are expected to range between $2.620 and $2.850 billion, and recurring capital expenditures are expected to range between $230 and $250 million.

The U.S. dollar exchange rates used for 2024 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.11 to the Euro, $1.28 to the Pound, S$1.29 to the U.S. Dollar, ¥144 to the U.S. Dollar, A$1.45 to the U.S. Dollar, HK$7.77 to the U.S. Dollar, R$5.46 to the U.S. Dollar and C$1.35 to the U.S. Dollar. The Q3 2024 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen, Australian Dollar, Hong Kong Dollar, Brazilian Real and Canadian Dollar is 20%, 10%, 9%, 5%, 5%, 3%, 3% 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.

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

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

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 also excludes restructuring charges. Such charges include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products. Equinix also excludes impairment charges related to goodwill or long-lived assets. Equinix also excludes gain or loss on asset sales as it represents profit or loss that is not meaningful in evaluating the current or future operating performance. Finally, Equinix excludes transaction costs from its non-GAAP financial measures to allow more comparable comparisons of the financial results to the historical operations. The transaction costs relate to costs Equinix incurs in connection with business combinations and formation of joint ventures, including advisory, legal, accounting, valuation and other professional or consulting fees. Such charges generally are not relevant to assessing the long-term performance of Equinix. In addition, the frequency and amount of such charges vary significantly based on the size and timing of the transactions. Management believes items such as restructuring charges, impairment charges, transaction costs and gain or loss on asset sales are non-core transactions; however, these types of costs may occur in future periods.

Equinix also presents funds from operations (“FFO”) and adjusted funds from operations (“AFFO”), both commonly used in the REIT industry, as supplemental performance measures. Additionally, Equinix presents AFFO per share, which is also commonly used in the REIT industry. AFFO per share offers investors and industry analysts a perspective of Equinix’s underlying operating performance when compared to other REIT companies. FFO is calculated in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures’ and non-controlling interests’ share of these items. AFFO represents FFO, excluding depreciation and amortization expense on non-real estate

assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax and adjustments from FFO to AFFO for unconsolidated joint ventures’ and non-controlling interests’ share of these items. Equinix excludes depreciation expense, amortization expense, accretion, stock-based compensation, restructuring charges, impairment charges and transaction costs for the same reasons that they are excluded from the other non-GAAP financial measures mentioned above.

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

Equinix presents constant currency results of operations, which is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, Equinix has presented this non-GAAP financial measure to provide investors with an additional tool to evaluate its operating results without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Equinix’s business performance. To present this

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.

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 current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; availability of power, increased costs to procure power and the general volatility in the global energy market; the challenges of acquiring, operating and constructing IBX and xScale data centers and developing, deploying and delivering Equinix products and solutions; delays related to the closing of any planned acquisitions subject to closing conditions; 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; risks related to regulatory inquiries or litigation; 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.


	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Recurring revenues	$	2,059	$	2,024	$	1,961	$	6,093	$	5,769
Non-recurring revenues	142		135		100		394		309
Revenues	2,201		2,159		2,061		6,487		6,078
Cost of revenues	1,098		1,082		1,069		3,271		3,136
Gross profit	1,103		1,077		992		3,216		2,942
Operating expenses:
Sales and marketing	237		219		212		682		638
General and administrative	434		437		404		1,315		1,205

Transaction costs	7		3		(1)		12		7

Gain on asset sales	—		(18)		(4)		(18)		(5)
Total operating expenses	678		641		611		1,991		1,845
Income from operations	425		436		381		1,225		1,097
Interest and other income (expense):
Interest income	35		29		23		88		66
Interest expense	(117)		(110)		(102)		(331)		(299)
Other income (expense)	7		(7)		(6)		(6)		(10)
Loss on debt extinguishment	—		—		—		(1)		—
Total interest and other, net	(75)		(88)		(85)		(250)		(243)
Income before income taxes	350		348		296		975		854
Income tax expense	(54)		(47)		(20)		(147)		(112)


Net income	296		301		276		828		742
Net loss attributable to non-controlling interests	1		—		—		1		—
Net income attributable to common stockholders	$	297	$	301	$	276	$	829	$	742
Earnings per share (“EPS”) attributable to common stockholders:
Basic EPS	$	3.11	$	3.17	$	2.94	$	8.73	$	7.94
Diluted EPS	$	3.10	$	3.16	$	2.93	$	8.69	$	7.91
Weighted-average shares for basic EPS (in thousands)	95,394		94,919		93,683		94,992		93,396
Weighted-average shares for diluted EPS (in thousands)	95,731		95,166		94,168		95,350		93,788


	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income	$	296	$	301	$	276	$	828	$	742
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment (“CTA”) gain (loss)	421		(78)		(413)		(15)		(230)
Net investment hedge CTA gain (loss)	(138)		24		149		16		85

Unrealized gain (loss) on cash flow hedges	(25)		11		26		6		8

Total other comprehensive income (loss), net of tax	258		(43)		(238)		7		(137)
Comprehensive income, net of tax	554		258		38		835		605
Net loss attributable to non-controlling interests	1		—		—		1		—

Comprehensive income attributable to Equinix	$	555	$	258	$	38	$	836	$	605


	September 30, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	2,776	$	2,096
Short-term investments	451		—
Accounts receivable, net	1,123		1,004
Other current assets	705		468

Total current assets	5,055		3,568

Property, plant and equipment, net	19,665		18,601
Operating lease right-of-use assets	1,487		1,449
Goodwill	5,768		5,737
Intangible assets, net	1,544		1,705
Other assets	1,919		1,591
Total assets	$	35,438	$	32,651
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity
Accounts payable and accrued expenses	$	1,125	$	1,187
Accrued property, plant and equipment	394		398
Current portion of operating lease liabilities	149		131
Current portion of finance lease liabilities	202		138
Current portion of mortgage and loans payable	5		8
Current portion of senior notes	2,198		998
Other current liabilities	297		302

Total current liabilities	4,370		3,162
Operating lease liabilities, less current portion	1,366		1,331
Finance lease liabilities, less current portion	2,193		2,123
Mortgage and loans payable, less current portion	688		663
Senior notes, less current portion	12,387		12,062
Other liabilities	822		796
Total liabilities	21,826		20,137
Redeemable non-controlling interest	25		25
Common stockholders' equity:
Common stock	—		—
Additional paid-in capital	20,069		18,596
Treasury stock	(40)		(56)
Accumulated dividends	(9,921)		(8,695)
Accumulated other comprehensive loss	(1,283)		(1,290)
Retained earnings	4,763		3,934
Total common stockholders' equity	13,588		12,489
Non-controlling interests	(1)		—
Total stockholders' equity	13,587		12,489
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$	35,438	$	32,651

Ending headcount by geographic region is as follows:
Americas headcount	6,220		5,953
EMEA headcount	4,315		4,267
Asia-Pacific headcount	3,104		2,931
Total headcount	13,639		13,151


		Three Months Ended						Nine Months Ended
		September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023

Cash flows from operating activities:
	Net income	$	296	$	301	$	276	$	828	$	742
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation, amortization and accretion	494		490		462		1,509		1,382
	Stock-based compensation	122		125		98		348		301
	Amortization of debt issuance costs and debt discounts	5		5		5		15		15
	Loss on debt extinguishment	—		—		—		1		—
	Gain on asset sales	—		(18)		(4)		(18)		(5)


	Other items	23		25		18		54		43
	Changes in operating assets and liabilities:
	Accounts receivable	(12)		(56)		(47)		(153)		(200)
	Income taxes, net	(17)		12		(15)		(14)		(7)
	Accounts payable and accrued expenses	(102)		60		70		(98)		85
	Operating lease right-of-use assets	41		38		40		117		117
	Operating lease liabilities	(37)		(33)		(34)		(102)		(100)
	Other assets and liabilities	(55)		(37)		(84)		(219)		(155)


Net cash provided by operating activities		758		912		785		2,268		2,218
Cash flows from investing activities:
	Purchases, sales and maturities of investments, net	(29)		(33)		(27)		(65)		(82)
	Purchases of short-term investments	(450)		—		—		(450)		—

	Real estate acquisitions	(162)		(108)		(113)		(287)		(153)
	Purchases of other property, plant and equipment	(724)		(648)		(617)		(2,079)		(1,785)
	Proceeds from asset sales	—		247		5		247		77
	Investment in loan receivable	—		(196)		—		(196)		—
	Loan receivable upfront fee	—		4		—		4		—

Net cash used in investing activities		(1,365)		(734)		(752)		(2,826)		(1,943)
Cash flows from financing activities:

	Proceeds from employee equity awards	44		—		42		92		87
	Contribution from non-controlling interest	4		—		—		4		25
	Payment of dividend distributions	(413)		(405)		(325)		(1,230)		(972)

	Proceeds from public offering of common stock, net of offering costs	976		—		—		976		301

	Proceeds from senior notes, net of debt discounts	780		744		338		1,524		902
	Repayment of finance lease liabilities	(35)		(35)		(32)		(101)		(98)


		Three Months Ended						Nine Months Ended
		September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	Repayment of mortgage and loans payable	(2)		(2)		(2)		(6)		(5)



	Debt issuance costs	(6)		(8)		(3)		(14)		(7)


Net cash provided by financing activities		1,348		294		18		1,245		233
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash		39		(6)		(35)		(7)		(58)

Net increase in cash, cash equivalents, and restricted cash		780		466		16		680		450
Cash, cash equivalents and restricted cash at beginning of period		1,996		1,530		2,342		2,096		1,908
Cash, cash equivalents and restricted cash at end of period		$	2,776	$	1,996	$	2,358	$	2,776	$	2,358
Supplemental cash flow information:
Cash paid for taxes		$	63	$	37	$	42	$	164	$	126
Cash paid for interest		$	111	$	126	$	97	$	338	$	335

Free cash flow (negative free cash flow) (1)		$	(578)	$	211	$	60	$	(493)	$	357

Adjusted free cash flow (adjusted negative free cash flow) (2)		$	(416)	$	319	$	173	$	(206)	$	510

(1)	We define free cash flow (negative free cash flow) as net cash provided by operating activities plus net cash 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	$	758	$	912	$	785	$	2,268	$	2,218
	Net cash used in investing activities as presented above	(1,365)		(734)		(752)		(2,826)		(1,943)
	Purchases, sales and maturities of investments, net	29		33		27		65		82
	Free cash flow (negative free cash flow)	$	(578)	$	211	$	60	$	(493)	$	357

(2)	We define adjusted free cash flow (adjusted negative free cash flow) as free cash flow (negative free cash flow) as defined above, excluding any real estate and business acquisitions, net of cash and restricted cash acquired as presented below:
	Free cash flow (negative free cash flow) as defined above	$	(578)	$	211	$	60	$	(493)	$	357

	Less real estate acquisitions	162		108		113		287		153


	Adjusted free cash flow (adjusted negative free cash flow)	$	(416)	$	319	$	173	$	(206)	$	510


	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Recurring revenues	$	2,059		$	2,024		$	1,961		$	6,093		$	5,769
Non-recurring revenues	142			135			100			394			309
Revenues (1)	2,201			2,159			2,061			6,487			6,078

Cash cost of revenues (2)	732			716			726			2,162			2,113
Cash gross profit (3)	1,469			1,443			1,335			4,325			3,965

Cash operating expenses (4)(7):
Cash sales and marketing expenses (5)	162			144			138			460			419
Cash general and administrative expenses (6)	259			263			261			789			764
Total cash operating expenses (4)(7)	421			407			399			1,249			1,183

Adjusted EBITDA (8)	$	1,048		$	1,036		$	936		$	3,076		$	2,782

Cash gross margins (9)	67		%	67		%	65		%	67		%	65		%

Adjusted EBITDA margins(10)	48		%	48		%	45		%	47		%	46		%

Adjusted EBITDA flow-through rate (11)	29		%	138		%	82		%	107		%	39		%

FFO (12)	$	609		$	597		$	562		$	1,759		$	1,605

AFFO (13)(14)	$	866		$	877		$	772		$	2,586		$	2,328

Basic FFO per share (15)	$	6.38		$	6.29		$	6.00		$	18.52		$	17.19

Diluted FFO per share (15)	$	6.36		$	6.27		$	5.97		$	18.45		$	17.12

Basic AFFO per share (15)	$	9.08		$	9.24		$	8.24		$	27.22		$	24.92

Diluted AFFO per share (15)	$	9.05		$	9.22		$	8.19		$	27.12		$	24.82


		Three Months Ended						Nine Months Ended
		September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023


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

	Americas Revenues:

	Colocation	$	617	$	624	$	597	$	1,848	$	1,754
	Interconnection	224		219		207		658		610
	Managed infrastructure	66		66		63		198		185
	Other	7		7		5		20		15
	Recurring revenues	914		916		872		2,724		2,564
	Non-recurring revenues	44		50		41		139		121
	Revenues	$	958	$	966	$	913	$	2,863	$	2,685

	EMEA Revenues:

	Colocation	$	566	$	543	$	538	$	1,658	$	1,571
	Interconnection	86		84		79		253		229
	Managed infrastructure	35		34		33		104		97
	Other	26		24		23		74		74
	Recurring revenues	713		685		673		2,089		1,971
	Non-recurring revenues	30		36		36		102		116
	Revenues	$	743	$	721	$	709	$	2,191	$	2,087

	Asia-Pacific Revenues:

	Colocation	$	337	$	333	$	329	$	1,004	$	971
	Interconnection	74		71		67		215		198
	Managed infrastructure	17		16		18		50		55
	Other	4		3		2		11		10
	Recurring revenues	432		423		416		1,280		1,234
	Non-recurring revenues	68		49		23		153		72
	Revenues	$	500	$	472	$	439	$	1,433	$	1,306

	Worldwide Revenues:

	Colocation	$	1,520	$	1,500	$	1,464	$	4,510	$	4,296
	Interconnection	384		374		353		1,126		1,037
	Managed infrastructure	118		116		114		352		337
	Other	37		34		30		105		99
	Recurring revenues	2,059		2,024		1,961		6,093		5,769
	Non-recurring revenues	142		135		100		394		309


		Three Months Ended						Nine Months Ended
		September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	Revenues	$	2,201	$	2,159	$	2,061	$	6,487	$	6,078



(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	$	1,098	$	1,082	$	1,069	$	3,271	$	3,136
	Depreciation, amortization and accretion expense	(351)		(351)		(331)		(1,066)		(988)
	Stock-based compensation expense	(15)		(15)		(12)		(43)		(35)
	Cash cost of revenues	$	732	$	716	$	726	$	2,162	$	2,113

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

	Americas cash cost of revenues	$	289	$	273	$	270	$	832	$	784
	EMEA cash cost of revenues	270		299		305		874		873
	Asia-Pacific cash cost of revenues	173		144		151		456		456
	Cash cost of revenues	$	732	$	716	$	726	$	2,162	$	2,113

(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	$	671	$	656	$	616	$	1,997	$	1,843
	Depreciation and amortization expense	(143)		(139)		(131)		(443)		(394)
	Stock-based compensation expense	(107)		(110)		(86)		(305)		(266)
	Cash operating expense	$	421	$	407	$	399	$	1,249	$	1,183

(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	$	237	$	219	$	212	$	682	$	638
	Depreciation and amortization expense	(50)		(50)		(51)		(151)		(153)
	Stock-based compensation expense	(25)		(25)		(23)		(71)		(66)
	Cash sales and marketing expense	$	162	$	144	$	138	$	460	$	419

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


		Three Months Ended						Nine Months Ended
		September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023

	General and administrative expense	$	434	$	437	$	404	$	1,315	$	1,205
	Depreciation and amortization expense	(93)		(89)		(80)		(292)		(241)
	Stock-based compensation expense	(82)		(85)		(63)		(234)		(200)
	Cash general and administrative expenses	$	259	$	263	$	261	$	789	$	764

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

	Americas cash SG&A	$	242	$	242	$	238	$	743	$	697
	EMEA cash SG&A	101		98		94		294		283
	Asia-Pacific cash SG&A	78		67		67		212		203
	Cash SG&A	$	421	$	407	$	399	$	1,249	$	1,183

(8)	We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, loss on debt extinguishment , depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs, and gain on asset sales as presented below:

	Net income	$	296	$	301	$	276	$	828	$	742
	Income tax expense	54		47		20		147		112
	Interest income	(35)		(29)		(23)		(88)		(66)
	Interest expense	117		110		102		331		299
	Other expense (income)	(7)		7		6		6		10
	Loss on debt extinguishment	—		—		—		1		—
	Depreciation, amortization and accretion expense	494		490		462		1,509		1,382
	Stock-based compensation expense	122		125		98		348		301

	Transaction costs	7		3		(1)		12		7
	Gain on asset sales	—		(18)		(4)		(18)		(5)
	Adjusted EBITDA	$	1,048	$	1,036	$	936	$	3,076	$	2,782

	The geographic split of our adjusted EBITDA is presented below:

	Americas net income (loss)	$	(126)	$	—	$	38	$	(172)	$	(44)
	Americas income tax expense	55		46		20		147		112
	Americas interest income	(28)		(19)		(18)		(62)		(52)
	Americas interest expense	89		91		87		269		255
	Americas other expense (income)	77		(5)		(39)		35		(27)

	Americas depreciation, amortization and accretion expense	273		269		252		847		749
	Americas stock-based compensation expense	82		84		64		232		201

	Americas transaction costs	5		3		1		9		5


		Three Months Ended									Nine Months Ended
		September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	Americas (gain) loss on asset sales	—			(18)			—			(18)			4
	Americas adjusted EBITDA	$	427		$	451		$	405		$	1,287		$	1,203

	EMEA net income	$	288		$	156		$	126		$	579		$	477
	EMEA income tax expense (benefit)	(1)			1			—			—			—
	EMEA interest income	(4)			(6)			(3)			(15)			(9)
	EMEA interest expense	17			9			4			30			13
	EMEA other expense (income)	(81)			7			42			(35)			23

	EMEA depreciation, amortization and accretion expense	128			133			126			394			374
	EMEA stock-based compensation expense	23			24			21			68			62

	EMEA transaction costs	2			—			(2)			3			1
	EMEA gain on asset sales	—			—			(4)			—			(9)
	EMEA adjusted EBITDA	$	372		$	324		$	310		$	1,024		$	932

	Asia-Pacific net income	$	134		$	145		$	112		$	421		$	309
	Asia-Pacific income tax expense	—			—			—			—			—
	Asia-Pacific interest income	(3)			(4)			(2)			(11)			(5)
	Asia-Pacific interest expense	11			10			11			32			31
	Asia-Pacific other expense (income)	(3)			5			3			6			14
	Asia-Pacific loss on debt extinguishment	—			—			—			1			—
	Asia-Pacific depreciation, amortization and accretion expense	93			88			84			268			259
	Asia-Pacific stock-based compensation expense	17			17			13			48			38

	Asia-Pacific transaction costs	—			—			—			—			1

	Asia-Pacific adjusted EBITDA	$	249		$	261		$	221		$	765		$	647

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

	Our cash gross margins by geographic region are presented below:

	Americas cash gross margins	70		%	72		%	70		%	71		%	71		%
	EMEA cash gross margins	64		%	59		%	57		%	60		%	58		%
	Asia-Pacific cash gross margins	65		%	69		%	66		%	68		%	65		%

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

	Americas adjusted EBITDA margins	45		%	47		%	44		%	45		%	45		%
	EMEA adjusted EBITDA margins	50		%	45		%	44		%	47		%	45		%
	Asia-Pacific adjusted EBITDA margins	50		%	55		%	50		%	53		%	50		%


		Three Months Ended									Nine Months Ended
		September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

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

	Adjusted EBITDA - current period	$	1,048		$	1,036		$	936		$	3,076		$	2,782
	Less adjusted EBITDA - prior period	(1,036)			(992)			(901)			(2,757)			(2,570)
	Adjusted EBITDA growth	$	12		$	44		$	35		$	319		$	212

	Revenues - current period	$	2,201		$	2,159		$	2,061		$	6,487		$	6,078
	Less revenues - prior period	(2,159)			(2,127)			(2,019)			(6,190)			(5,529)
	Revenue growth	$	42		$	32		$	42		$	297		$	549

	Adjusted EBITDA flow-through rate	29		%	138		%	82		%	107		%	39		%

(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	$	296		$	301		$	276		$	828		$	742
	Net loss attributable to non-controlling interests	1			—			—			1			—
	Net income attributable to common stockholders	297			301			276			829			742
	Adjustments:
	Real estate depreciation	308			306			285			930			853
	Gain on disposition of real estate property	(3)			(16)			(4)			(19)			(1)
	Adjustments for FFO from unconsolidated joint ventures	7			6			5			19			11
	FFO attributable to common stockholders	$	609		$	597		$	562		$	1,759		$	1,605


(13)	AFFO is defined as FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, 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 stockholders	$	609		$	597		$	562		$	1,759		$	1,605
	Adjustments:
	Installation revenue adjustment	(1)			—			(1)			(3)			3
	Straight-line rent expense adjustment	4			5			6			15			18


		Three Months Ended						Nine Months Ended
		September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	Contract cost adjustment	(6)		(2)		(10)		(16)		(31)
	Amortization of deferred financing costs and debt discounts	5		5		5		15		15
	Stock-based compensation expense	122		125		98		348		301
	Stock-based charitable contributions	—		3		—		3		3
	Non-real estate depreciation expense	136		132		126		426		373
	Amortization expense	52		51		52		155		156
	Accretion expense adjustment	(2)		1		(1)		(2)		—
	Recurring capital expenditures	(69)		(45)		(51)		(135)		(114)
	Loss on debt extinguishment	—		—		—		1		—

	Transaction costs	7		3		(1)		12		7
	Impairment charges	—		—		2		—		2
	Income tax expense adjustment	10		4		(16)		14		(13)

	Adjustments for AFFO from unconsolidated joint ventures	(1)		(2)		1		(6)		3

	AFFO attributable to common stockholders	$	866	$	877	$	772	$	2,586	$	2,328



(14)	Following is how we reconcile from adjusted EBITDA to AFFO:

	Adjusted EBITDA	$	1,048	$	1,036	$	936	$	3,076	$	2,782
	Adjustments:
	Interest expense, net of interest income	(82)		(81)		(79)		(243)		(233)
	Amortization of deferred financing costs and debt discounts	5		5		5		15		15
	Income tax expense	(54)		(47)		(20)		(147)		(112)
	Income tax expense adjustment	10		4		(16)		14		(13)
	Straight-line rent expense adjustment	4		5		6		15		18
	Stock-based charitable contributions	—		3		—		3		3
	Contract cost adjustment	(6)		(2)		(10)		(16)		(31)
	Installation revenue adjustment	(1)		—		(1)		(3)		3
	Recurring capital expenditures	(69)		(45)		(51)		(135)		(114)
	Other income (expense)	7		(7)		(6)		(6)		(10)
	Gain on disposition of real estate property	(3)		(16)		(4)		(19)		(1)
	Adjustments for unconsolidated JVs' and non-controlling interests	7		4		6		14		14


		Three Months Ended						Nine Months Ended
		September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	Adjustments for impairment charges	—		—		2		—		2
	Adjustment for gain on asset sales	—		18		4		18		5
	AFFO attributable to common stockholders	$	866	$	877	$	772	$	2,586	$	2,328



(15)	The shares used in the computation of basic and diluted FFO and AFFO per share attributable to common stockholders is presented below:

	Shares used in computing basic net income per share, FFO per share and AFFO per share (in thousands)	95,394		94,919		93,683		94,992		93,396
	Effect of dilutive securities:
	Employee equity awards (in thousands)	337		247		485		358		392
	Shares used in computing diluted net income per share, FFO per share and AFFO per share (in thousands)	95,731		95,166		94,168		95,350		93,788

	Basic FFO per share	$	6.38	$	6.29	$	6.00	$	18.52	$	17.19
	Diluted FFO per share	$	6.36	$	6.27	$	5.97	$	18.45	$	17.12

	Basic AFFO per share	$	9.08	$	9.24	$	8.24	$	27.22	$	24.92
	Diluted AFFO per share	$	9.05	$	9.22	$	8.19	$	27.12	$	24.82


	September 30, 2024		December 31, 2023

Finance lease liabilities	$	2,395	$	2,261

Term loans	669		642

Mortgage payable and other loans payable	24		29
Plus: debt issuance costs and debt discounts	1		1
Total mortgage and loans payable principal	694		672

Senior notes	14,585		13,060
Plus: debt issuance costs and debt discounts	116		108

Total senior notes principal	14,701		13,168

Total debt principal outstanding	$	17,790	$	16,101