REDWOOD CITY, Calif., Feb. 10, 2021 /PRNewswire/ --

2020 annual revenues increased 8% year-over-year on both an as-reported and normalized and constant currency basis to approximately $6 billion. This represents the company's 72^nd consecutive quarter of revenue growth
Delivered record channel bookings in Q4, accounting for more than 35% of total bookings
Continues to expand platform, building across 44 projects in 30 markets and 20 countries

Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company, today reported results for the quarter and year ended December 31, 2020. Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements. All per share results are presented on a fully diluted basis.

2020 Results Summary

Revenues

$5.999 billion, an 8% increase over the previous year on both an as-reported and normalized and constant currency basis

Operating Income

$1.053 billion, a 10% decrease from the previous year, and an operating margin of 18%, in part due to increased acquisition costs and the prior year's gain on sale of assets contributed to the EMEA joint venture

Adjusted EBITDA

$2.853 billion, a 48% adjusted EBITDA margin
Includes $17 million of integration costs

Net Income and Net Income per Share attributable to Equinix

$370 million, a 27% decrease from the previous year, primarily due to acquisition costs and losses on debt extinguishment related to balance sheet refinancing initiatives
$4.18 per share, a 30% decrease from the previous year

AFFO and AFFO per Share

$2.189 billion, a 13% increase over the previous year or 18% on a normalized and constant currency basis
$24.76 per share, a 9% increase over the previous year or 12% on a normalized and constant currency basis
Includes $17 million of integration costs

2021 Annual Guidance Summary

Revenues

$6.580 - $6.640 billion, a 10 - 11% increase over the previous year or a normalized and constant currency increase of 7 - 8%

Adjusted EBITDA

$3.067 - $3.127 billion, a 47% adjusted EBITDA margin
Includes operational efficiencies offset by investment in new products and services, including xScale^TM, scaling the business and expansion drag
Assumes $30 million of integration costs

AFFO and AFFO per Share

$2.413 - $2.463 billion, an increase of 10 - 12% over the previous year or a normalized and constant currency increase of 9 - 11%
$26.72 - $27.28 per share, an increase of 8 - 10% over the previous year on both an as-reported and normalized and constant currency basis. This guidance excludes any capital market activities the company may undertake in the future
Assumes $30 million of integration costs

Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income (loss) from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant.

Quote

Charles Meyers, President and CEO, Equinix:

"While 2020 brought about a landscape of challenges and change, Equinix continued to innovate and adapt, serving as a trusted partner to our customers on their digital transformation journey. We continued to extend our market leadership, delivering approximately $6 billion of revenue and driving healthy growth both on the top-line and at the per-share level. As we look ahead, I am as optimistic as ever about our business and the expanding opportunity to serve our customers, partners and shareholders as the world's digital infrastructure company."

Business Highlights

Equinix continues to invest in its platform services, introducing new product capabilities and expanding market availability, helping to lower the barriers to entry and improving the value of digital transformation for new and existing customers:

On October 6, Equinix launched the availability of Equinix Metal™, a fully automated and interconnected Bare Metal as a Service offering. Today, Equinix Metal is available in eight global metros and is expected to be available in 18 global metros in early 2021.
On December 8, Equinix introduced transformative capabilities on Equinix Fabric^TM and Network Edge, which ease the way enterprises connect their digital infrastructure. With these new capabilities, Equinix Fabric now has native integration built into both Network Edge and Equinix Metal over the Equinix platform and is available in 49 strategic metros across five continents.

Equinix continued to expand the reach of its global platform and operates across 63 metros in 26 countries. In 2020, Equinix completed 16 new expansions, its most active build year ever, with a sizeable expansion roadmap planned for 2021 to meet growing customer demand. New expansions planned in 2021 include the Geneva, Genoa, Madrid, Manchester, Muscat, New York and Osaka metros, with 44 large projects underway across 30 markets and 20 countries.
Interconnection revenues grew 14% year-over-year on a normalized and constant currency basis driven by strong customer adoption of Equinix Fabric, good traction in internet exchange markets and solid interconnection net adds. Today, Equinix has the most comprehensive global interconnection platform, now comprising over 392,000 physical and virtual interconnections. In Q4, Equinix added 7,700 interconnections, more interconnections than its next 15 competitors combined, driven by continued strength in network and cloud connectivity. Equinix Internet Exchange^® experienced peak traffic, up 8% quarter-over-quarter and 43% year-over-year, driven by cloud, content and gaming segments.
In Q4, the Network vertical achieved record bookings, driven by telecom carriers upgrading their core and edges to address the shifting traffic patterns resulting from the pandemic, as well as continued strength in enterprise resale. The Financial Services vertical also achieved a record quarter, led by wins and expansions with multinational financial services companies, with particular strength in the Americas region, including the greater New York City metro.
Equinix continues its indirect selling initiatives, as the company pursues high-value strategic channel partnerships. In Q4, channel activity accounted for approximately 35% of bookings. Strength was driven by Equinix's hyperscale and technology alliance partners, with wins across a wide range of industry segments with projects focused on digital transformation efforts, as well as COVID-19 pandemic responses.
Equinix continues to make significant progress with the company's hyperscale strategy with eight projects currently underway across all three regions and a strong pipeline of customer demand. In Q4, Equinix completed the formation of another greater than US$1.0 billion joint venture in the form of a limited liability partnership with GIC, Singapore's sovereign wealth fund, to develop and operate xScale^TM data centers in Japan.

COVID-19 Update

Many of Equinix's International Business Exchange^TM (IBX^®) data centers have been identified as "essential businesses" or "critical infrastructure" by local governments for purposes of remaining open during the COVID-19 pandemic, and all IBX data centers remain operational at the time of filing of this press release. Precautionary measures have been implemented during the COVID-19 pandemic to minimize the risk of operational impact and to protect the health and safety of employees, customers, partners and communities. These include implementing tools such as an appointment-based system to control timing and frequency of visits and encouraging customers to leverage IBX technicians via Smart Hands^® in order to restrict visits and minimize the number of people and the amount of time spent in the IBX data centers. For the health and safety of Equinix employees, the company's corporate offices were closed in March 2020, and non-IBX employees across the globe were instructed to work from home until further notice. A phased plan has been announced for a return-to-office for non-IBX attached sites, and the company has been following this plan to open certain offices with occupancy limits as local conditions allow. Additionally, the company has decided to continue to limit employee travel and has made the decision to either postpone or virtualize global events in response to the COVID-19 pandemic.

Looking ahead, the full impact of the COVID-19 pandemic on the company's financial condition or results of operations remains uncertain and will depend on a number of factors, including its impact on Equinix customers, partners and vendors and the impact on, and functioning of, the global financial markets. The company's past results may not be indicative of future performance, and historical trends may differ materially. Additional information pertaining to the impact of the COVID-19 pandemic on Equinix and the company's response thereto will be provided in the upcoming Form 10-K for the year ended December 31, 2020.

Business Outlook

For the first quarter of 2021, Equinix expects revenues to range between $1.587 and $1.607 billion, an increase of 2% quarter-over-quarter at the midpoint or approximately 1% on a normalized and constant currency basis, including a step-down in non-recurring revenue due to timing of customer installations. This guidance includes a foreign currency benefit of $17 million when compared to the average FX rates in Q4 2020. Adjusted EBITDA is expected to range between $737 and $757 million, which includes a $9 million foreign currency benefit when compared to the average FX rates in Q4 2020, and higher seasonal salary and benefit costs of $14 million attributed to the FICA reset. Adjusted EBITDA includes $9 million of integration costs related to acquisitions. Recurring capital expenditures are expected to range between $17 and $27 million.

For the full year of 2021, total revenues are expected to range between $6.580 and $6.640 billion, a 10 - 11% increase over the previous year, or a normalized and constant currency increase of 7 - 8%. This guidance includes a foreign currency benefit of $106 million when compared to the average FX rates in 2020. Adjusted EBITDA is expected to range between $3.067 and $3.127 billion, an adjusted EBITDA margin of 47%. This adjusted EBITDA includes the impact from strategic investments and a foreign currency benefit of $56 million when compared to the average FX rates in 2020. For the year, the company expects to incur $30 million in integration costs related to acquisitions. AFFO is expected to range between $2.413 and $2.463 billion, an increase of 10 - 12% over the previous year, or a normalized and constant currency increase of 9 - 11%. This AFFO guidance includes $30 million in integration costs related to acquisitions. AFFO per share is expected to range between $26.72 and $27.28, an increase of 8 - 10% over the previous year on both an as-reported and normalized and constant currency basis. This guidance excludes any capital market activities the company may undertake in the future. Non-recurring capital expenditures, excluding xScale-related costs, are expected to range between $2.125 and $2.315 billion and recurring capital expenditures are expected to approximate $180 million. xScale capital expenditures are expected to approximate $250 million.

The U.S. dollar exchange rates used for 2021 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.19 to the Euro, $1.33 to the Pound, S$1.32 to the U.S. dollar, ¥103 to the U.S. dollar and R$5.19 to the U.S. dollar. The Q4 2020 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen and Brazilian Real is 20%, 10%, 7%, 7% and 2%, respectively.

The adjusted EBITDA guidance is based on the revenue guidance less our expectations of cash cost of revenues and cash operating expenses. The AFFO guidance is based on the adjusted EBITDA guidance less our expectations of net interest expense, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, income tax expense, an income tax expense adjustment, recurring capital expenditures, other income (expense), (gains) losses on disposition of real estate property and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.

Q4 2020 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended December 31, 2020, along with its future outlook, in its quarterly conference call on Wednesday, February 10, 2021, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company's Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call, through Wednesday, April 28, 2021, by dialing 1-203-369-1057 and entering passcode (2021). In addition, the webcast will be available on the company's website at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

Equinix has made available on its website a presentation designed to accompany the discussion of Equinix's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.

Additional Resources

Equinix Investor Relations Resources

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today's businesses to access all the right places, partners and possibilities they need to accelerate advantage. With Equinix, they can scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value.

Non-GAAP Financial Measures

Equinix provides all information required in accordance with generally accepted accounting principles ("GAAP"), but it believes that evaluating its ongoing operating results may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix uses non-GAAP financial measures to evaluate its operations.

Equinix provides normalized and constant currency growth rates, which are calculated to adjust for acquisitions, dispositions, integration costs, changes in accounting principles and foreign currency.

Equinix presents adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA represents income from operations excluding depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales.

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

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

In addition, in presenting the non-GAAP financial measures, Equinix also excludes amortization expense related to acquired intangible assets. Amortization expense is significantly affected by the timing and magnitude of acquisitions and these charges may vary in amount from period to period. We exclude amortization expense to facilitate a more meaningful evaluation of our current operating performance and comparisons to our prior periods. Equinix excludes accretion expense, both as it relates to its asset retirement obligations as well as its accrued restructuring charges, as these expenses represent costs which Equinix also believes are not meaningful in evaluating Equinix's current operations. Equinix excludes stock-based compensation expense, as it can vary significantly from period to period based on share price and the timing, size and nature of equity awards. As such, Equinix and many investors and analysts exclude stock-based compensation expense to compare its operating results with those of other companies. Equinix excludes restructuring charges from its non-GAAP financial measures. The restructuring charges relate to Equinix's decision to exit leases for excess space adjacent to several of its IBX data centers, which it did not intend to build out, or its decision to reverse such restructuring charges. Equinix also excludes impairment charges related to certain long-lived assets. The impairment charges are related to expense recognized whenever events or changes in circumstances indicate that the carrying amount of long-lived assets are not recoverable. Equinix also excludes gain or loss on asset sales as it represents profit or loss that is not meaningful in evaluating the current or future operating performance. Finally, Equinix excludes transaction costs from its non-GAAP financial measures to allow more comparable comparisons of the financial results to the historical operations. The transaction costs relate to costs Equinix incurs in connection with business combinations and formation of joint ventures, including advisory, legal, accounting, valuation and other professional or consulting fees. Such charges generally are not relevant to assessing the long-term performance of Equinix. In addition, the frequency and amount of such charges vary significantly based on the size and timing of the transactions. Management believes items such as restructuring charges, impairment charges, transaction costs and gain or loss on asset sales are non-core transactions; however, these types of costs may occur in future periods.

Equinix also presents funds from operations ("FFO") and adjusted funds from operations ("AFFO"), both commonly used in the REIT industry, as supplemental performance measures. 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, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items. Equinix excludes depreciation expense, amortization expense, accretion, stock-based compensation, restructuring charges, impairment charges and transaction costs for the same reasons that they are excluded from the other non-GAAP financial measures mentioned above.

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

Equinix presents constant currency results of operations, which is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, Equinix has presented this non-GAAP financial measure to provide investors with an additional tool to evaluate its operating results without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Equinix's business performance. To present this information, Equinix's current and comparative prior period revenues and certain operating expenses from entities with functional currencies other than the U.S. dollar are converted into U.S. dollars at a consistent exchange rate for purposes of each result being compared.

Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Equinix presents such non-GAAP financial measures to provide investors with an additional tool to evaluate its operating results in a manner that focuses on what management believes to be its core, ongoing business operations. Management believes that the inclusion of these non-GAAP financial measures provides consistency and comparability with past reports and provides a better understanding of the overall performance of the business and its ability to perform in subsequent periods. Equinix believes that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze Equinix effectively.

Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should, therefore, exercise caution when comparing non-GAAP financial measures used by us to similarly titled non-GAAP financial measures of other companies. Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income or loss from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the COVID-19 pandemic; the challenges of acquiring, operating and constructing IBX data centers and developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.


EQUINIX, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

	Three Months Ended						Twelve Months Ended
	December 31, 2020		September 30, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Recurring revenues	$	1,466,126	$	1,432,072	$	1,337,977	$	5,658,030	$	5,238,186
Non-recurring revenues	97,989		87,695		79,158		340,515		323,954
Revenues	1,564,115		1,519,767		1,417,135		5,998,545		5,562,140
Cost of revenues	830,735		767,979		725,636		3,074,340		2,810,184
Gross profit	733,380		751,788		691,499		2,924,205		2,751,956
Operating expenses:
Sales and marketing	187,055		172,727		160,556		718,356		651,046
General and administrative	293,144		279,350		245,504		1,090,981		935,018
Transaction costs	24,948		5,840		16,545		55,935		24,781
Impairment charges	—		7,306		(233)		7,306		15,790
Gain on asset sales	(373)		(1,785)		(43,847)		(1,301)		(44,310)
Total operating expenses	504,774		463,438		378,525		1,871,277		1,582,325
Income from operations	228,606		288,350		312,974		1,052,928		1,169,631
Interest and other income (expense):
Interest income	1,244		1,452		7,532		8,654		27,697
Interest expense	(90,912)		(99,736)		(117,617)		(406,466)		(479,684)
Other income (expense)	(2,697)		162		12,336		6,913		27,778
Loss on debt extinguishment	(44,001)		(93,494)		(52,758)		(145,804)		(52,825)
Total interest and other, net	(136,366)		(191,616)		(150,507)		(536,703)		(477,034)
Income before income taxes	92,240		96,734		162,467		516,225		692,597
Income tax expense	(41,304)		(29,903)		(37,632)		(146,151)		(185,352)
Net income	50,936		66,831		124,835		370,074		507,245
Net (income) loss attributable to non-controlling interests	58		(144)		160		(297)		205
Net income attributable to Equinix	$	50,994	$	66,687	$	124,995	$	369,777	$	507,450
Net income per share attributable to Equinix:
Basic net income per share	$	0.57	$	0.75	$	1.47	$	4.22	$	6.03
Diluted net income per share	$	0.57	$	0.74	$	1.46	$	4.18	$	5.99
Shares used in computing basic net income per share	89,113		88,806		85,289		87,700		84,140
Shares used in computing diluted net income per share	89,726		89,519		85,831		88,410		84,679



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

	Three Months Ended						Twelve Months Ended
	December 31, 2020		September 30, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Net income	$	50,936	$	66,831	$	124,835	$	370,074	$	507,245
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment ("CTA") gain (loss)	481,625		299,441		283,185		548,560		(58,334)
Unrealized loss on cash flow hedges	(27,824)		(33,842)		(22,928)		(82,790)		(3,842)
Net investment hedge CTA gain (loss)	(265,340)		(227,101)		(154,596)		(444,553)		73,294
Net actuarial gain (loss) on defined benefit plans	8		22		(22)		85		(48)
Total other comprehensive income, net of tax	188,469		38,520		105,639		21,302		11,070
Comprehensive income, net of tax	239,405		105,351		230,474		391,376		518,315
Net (income) loss attributable to non-controlling interests	58		(144)		160		(297)		205
Other comprehensive (income) loss attributable to non-controlling interests	(36)		(30)		(16)		(57)		19
Comprehensive income attributable to Equinix	$	239,427	$	105,177	$	230,618	$	391,022	$	518,539




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

	December 31, 2020		December 31, 2019
Assets
Cash and cash equivalents	$	1,604,869	$	1,869,577
Short-term investments	4,532		10,362
Accounts receivable, net	676,738		689,134
Other current assets	355,016		303,543
Total current assets	2,641,155		2,872,616
Property, plant and equipment, net	14,503,084		12,152,597
Operating lease right-of-use assets	1,475,057		1,475,367
Goodwill	5,472,553		4,781,858
Intangible assets, net	2,170,945		2,102,389
Other assets	776,047		580,788
Total assets	$	27,038,841	$	23,965,615
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses	$	876,862	$	760,718
Accrued property, plant and equipment	301,155		301,535
Current portion of operating lease liabilities	154,207		145,606
Current portion of finance lease liabilities	137,683		75,239
Current portion of mortgage and loans payable	82,289		77,603
Current portion of senior notes	150,186		643,224
Other current liabilities	354,368		153,938
Total current liabilities	2,056,750		2,157,863
Operating lease liabilities, less current portion	1,308,627		1,315,656
Finance lease liabilities, less current portion	1,784,816		1,430,882
Mortgage and loans payable, less current portion	1,287,254		1,289,434
Senior notes, less current portion	9,018,277		8,309,673
Other liabilities	948,999		621,725
Total liabilities	16,404,723		15,125,233
Common stock	89		86
Additional paid-in capital	15,028,357		12,696,433
Treasury stock	(122,118)		(144,256)
Accumulated dividends	(5,119,274)		(4,168,469)
Accumulated other comprehensive loss	(913,368)		(934,613)
Retained earnings	1,760,302		1,391,425
Total Equinix stockholders' equity	10,633,988		8,840,606
Non-controlling interests	130		(224)
Total stockholders' equity	10,634,118		8,840,382
Total liabilities and stockholders' equity	$	27,038,841	$	23,965,615


Ending headcount by geographic region is as follows:
Americas headcount	4,599		3,672
EMEA headcount	3,405		2,941
Asia-Pacific headcount	2,009		1,765
Total headcount	10,013		8,378




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

	December 31, 2020		December 31, 2019

Finance lease liabilities	$	1,922,499	$	1,506,121

Term loans	1,288,779		1,282,302
Mortgage payable and other loans payable	80,764		84,735
Plus: debt discount and issuance costs, net	1,427		3,081
Total mortgage and loans payable principal	1,370,970		1,370,118

Senior notes	9,168,463		8,952,897
Plus: debt issuance costs	92,773		78,030
Less: debt premium	(186)		(1,716)
Total senior notes principal	9,261,050		9,029,211

Total debt principal outstanding	$	12,554,519	$	11,905,450




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

		Three Months Ended						Twelve Months Ended
		December 31, 2020		September 30, 2020		December 31, 2019		December 31, 2020		December 31, 2019

Cash flows from operating activities:
	Net income	$	50,936	$	66,831	$	124,835	$	370,074	$	507,245
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation, amortization and accretion	378,859		362,286		328,295		1,427,010		1,285,296
	Stock-based compensation	79,361		75,248		62,126		294,952		236,539
	Amortization of debt issuance costs and debt discounts and premiums	3,951		3,884		3,613		15,739		13,042
	Loss on debt extinguishment	44,001		93,494		52,758		145,804		52,825
	Gain on asset sales	(373)		(1,785)		(43,847)		(1,301)		(44,310)
	Impairment charges	—		7,306		(233)		7,306		15,790
	Other items	(158)		(2,518)		3,831		18,071		19,620
	Changes in operating assets and liabilities:
	Accounts receivable	63,516		(23,871)		96,480		25,412		(26,909)
	Income taxes, net	(2,448)		(32,054)		(40,649)		(22,641)		32,495
	Accounts payable and accrued expenses	21,955		61,410		(34,588)		57,801		(27,928)
	Operating lease right-of-use assets	39,039		38,319		40,805		153,650		149,031
	Operating lease liabilities	(35,472)		(35,300)		(40,032)		(142,863)		(152,091)
	Other assets and liabilities	42,981		(81,088)		(23,724)		(39,188)		(67,917)
Net cash provided by operating activities		686,148		532,162		529,670		2,309,826		1,992,728
Cash flows from investing activities:
	Purchases, sales and maturities of investments, net	(62,099)		3,969		(5,776)		(98,411)		(20,523)
	Business acquisitions, net of cash and restricted cash acquired	(702,024)		—		—		(1,180,272)		(34,143)
	Purchases of real estate	(75,720)		(41,895)		(104,865)		(200,182)		(169,153)
	Purchases of other property, plant and equipment	(834,330)		(565,285)		(714,561)		(2,282,504)		(2,079,521)
	Proceeds from asset sales	334,397		—		358,656		334,397		358,773
Net cash used in investing activities		(1,339,776)		(603,211)		(466,546)		(3,426,972)		(1,944,567)

Cash flows from financing activities:
	Proceeds from employee equity awards	—		31,727		—		62,118		52,018
	Payment of dividend distributions	(237,756)		(240,690)		(210,360)		(947,933)		(836,164)
	Proceeds from public offering of common stock, net of offering costs	—		196,477		—		1,981,375		1,660,976
	Proceeds from loans payable	—		—		—		750,790		—
	Proceeds from senior notes, net of debt discounts	1,845,891		—		2,797,906		4,431,627		2,797,906
	Repayment of finance lease liabilities	(40,842)		(31,765)		(63,701)		(115,288)		(126,486)
	Repayment of mortgage and loans payable	(20,857)		(19,431)		(19,431)		(829,466)		(73,227)
	Repayment of senior notes	(1,923,000)		(1,947,050)		(2,056,289)		(4,363,761)		(2,206,289)
	Debt extinguishment costs	(29,296)		(77,785)		(43,311)		(111,700)		(43,311)
	Debt issuance costs	(15,970)		—		(23,341)		(42,236)		(23,341)
	Other financing activities	—		—		—		—		—
Net cash provided by (used in) financing activities		(421,830)		(2,088,517)		381,473		815,526		1,202,082
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash		35,065		18,513		21,883		40,702		8,766
Net increase (decrease) in cash, cash equivalents and restricted cash		(1,040,393)		(2,141,053)		466,480		(260,918)		1,259,009
Cash, cash equivalents and restricted cash at beginning of period		2,666,088		4,807,141		1,420,133		1,886,613		627,604
Cash, cash equivalents and restricted cash at end of period		$	1,625,695	$	2,666,088	$	1,886,613	$	1,625,695	$	1,886,613
Supplemental cash flow information:
Cash paid for taxes		$	27,385	$	55,473	$	47,507	$	143,934	$	136,583
Cash paid for interest		$	132,034	$	115,174	$	141,140	$	498,408	$	553,815

Free cash flow (negative free cash flow) ⁽¹⁾		$	(591,529)	$	(75,018)	$	68,900	$	(1,018,735)	$	68,684

Adjusted free cash flow (adjusted negative free cash flow) ⁽²⁾		$	186,215	$	(33,123)	$	173,765	$	361,719	$	271,980


(1)	We define free cash flow (negative free cash flow) as net cash provided by operating activities plus net cash provided by (used in) investing activities (excluding the net purchases, sales and maturities of investments) as presented below:
	Net cash provided by operating activities as presented above	$	686,148	$	532,162	$	529,670	$	2,309,826	$	1,992,728
	Net cash used in investing activities as presented above	(1,339,776)		(603,211)		(466,546)		(3,426,972)		(1,944,567)
	Purchases, sales and maturities of investments, net	62,099		(3,969)		5,776		98,411		20,523
	Free cash flow (negative free cash flow)	$	(591,529)	$	(75,018)	$	68,900	$	(1,018,735)	$	68,684

(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 purchases of real estate and business acquisitions, net of cash and restricted cash acquired as presented below:
	Free cash flow (negative free cash flow) as defined above)	$	(591,529)	$	(75,018)	$	68,900	$	(1,018,735)	$	68,684
	Less business acquisitions, net of cash and restricted cash acquired	702,024		—		—		1,180,272		34,143
	Less purchases of real estate	75,720		41,895		104,865		200,182		169,153
	Adjusted free cash flow (adjusted negative free cash flow)	$	186,215	$	(33,123)	$	173,765	$	361,719	$	271,980




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

		Three Months Ended									Twelve Months Ended
		December 31, 2020			September 30, 2020			December 31, 2019			December 31, 2020			December 31, 2019
	Recurring revenues	$	1,466,126		$	1,432,072		$	1,337,977		$	5,658,030		$	5,238,186
	Non-recurring revenues	97,989			87,695			79,158			340,515			323,954
	Revenues ⁽¹⁾	1,564,115			1,519,767			1,417,135			5,998,545			5,562,140

	Cash cost of revenues ⁽²⁾	539,667			494,187			477,144			1,991,341			1,851,458
	Cash gross profit ⁽³⁾	1,024,448			1,025,580			939,991			4,007,204			3,710,682

	Cash operating expenses ⁽⁴⁾⁽⁷⁾:
	Cash sales and marketing expenses ⁽⁵⁾	119,805			106,317			100,430			452,800			401,877
	Cash general and administrative expenses ⁽⁶⁾	193,241			182,018			163,701			701,506			621,078
	Total cash operating expenses ⁽⁴⁾⁽⁷⁾	313,046			288,335			264,131			1,154,306			1,022,955

	Adjusted EBITDA ⁽⁸⁾	$	711,402		$	737,245		$	675,860		$	2,852,898		$	2,687,727

	Cash gross margins ⁽⁹⁾	65%			67%			66%			67%			67%

	Adjusted EBITDA margins ⁽¹⁰⁾	45%			49%			48%			48%			48%

	Adjusted EBITDA flow-through rate ⁽¹¹⁾	(58)%			35%			6%			38%			56%

	FFO ⁽¹²⁾	$	301,747		$	298,183		$	304,025		$	1,300,630		$	1,314,556

	AFFO ^{(13) (14)}	$	516,965		$	579,682		$	472,611		$	2,189,145		$	1,931,122

	Basic FFO per share ⁽¹⁵⁾	$	3.39		$	3.36		$	3.56		$	14.83		$	15.62

	Diluted FFO per share ⁽¹⁵⁾	$	3.36		$	3.33		$	3.54		$	14.71		$	15.52

	Basic AFFO per share ⁽¹⁵⁾	$	5.80		$	6.53		$	5.54		$	24.96		$	22.95

	Diluted AFFO per share⁽¹⁵⁾	$	5.76		$	6.48		$	5.51		$	24.76		$	22.81


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

	Americas Revenues:

	Colocation	$	472,227		$	450,030		$	443,991		$	1,820,709		$	1,769,654
	Interconnection	161,334			156,677			149,474			622,327			576,709
	Managed infrastructure	36,787			28,954			21,485			120,159			90,262
	Other	5,393			3,911			5,020			19,605			19,743
	Recurring revenues	675,741			639,572			619,970			2,582,800			2,456,368
	Non-recurring revenues	36,361			32,760			33,696			124,958			131,359
	Revenues	$	712,102		$	672,332		$	653,666		$	2,707,758		$	2,587,727


	EMEA Revenues:

	Colocation	$	369,523		$	391,773		$	359,423		$	1,504,770		$	1,395,544
	Interconnection	58,345			55,700			44,350			213,490			161,552
	Managed infrastructure	37,883			30,690			28,495			127,722			113,631
	Other	4,561			5,581			3,458			18,738			10,019
	Recurring revenues	470,312			483,744			435,726			1,864,720			1,680,746
	Non-recurring revenues	40,995			34,339			28,063			131,669			125,698
	Revenues	$	511,307		$	518,083		$	463,789		$	1,996,389		$	1,806,444

	Asia-Pacific Revenues:

	Colocation	$	246,864		$	236,762		$	219,306		$	933,522		$	857,009
	Interconnection	51,065			48,565			41,180			187,441			155,328
	Managed infrastructure	22,876			22,614			21,795			89,464			88,735
	Other	(732)			815			—			83			—
	Recurring revenues	320,073			308,756			282,281			1,210,510			1,101,072
	Non-recurring revenues	20,633			20,596			17,399			83,888			66,897
	Revenues	$	340,706		$	329,352		$	299,680		$	1,294,398		$	1,167,969

	Worldwide Revenues:

	Colocation	$	1,088,614		$	1,078,565		$	1,022,720		$	4,259,001		$	4,022,207
	Interconnection	270,744			260,942			235,004			1,023,258			893,589
	Managed infrastructure	97,546			82,258			71,775			337,345			292,628
	Other	9,222			10,307			8,478			38,426			29,762
	Recurring revenues	1,466,126			1,432,072			1,337,977			5,658,030			5,238,186
	Non-recurring revenues	97,989			87,695			79,158			340,515			323,954
	Revenues	$	1,564,115		$	1,519,767		$	1,417,135		$	5,998,545		$	5,562,140


(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	$	830,735		$	767,979		$	725,636		$	3,074,340		$	2,810,184
	Depreciation, amortization and accretion expense	(283,029)			(265,936)			(241,753)			(1,050,106)			(933,371)
	Stock-based compensation expense	(8,039)			(7,856)			(6,739)			(32,893)			(25,355)
	Cash cost of revenues	$	539,667		$	494,187		$	477,144		$	1,991,341		$	1,851,458

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

	Americas cash cost of revenues	$	217,170		$	196,731		$	184,029		$	793,601		$	729,100
	EMEA cash cost of revenues	199,827			189,423			187,972			754,056			720,890
	Asia-Pacific cash cost of revenues	122,670			108,033			105,143			443,684			401,468
	Cash cost of revenues	$	539,667		$	494,187		$	477,144		$	1,991,341		$	1,851,458

(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	$	480,199		$	452,077		$	406,060		$	1,809,337		$	1,586,064
	Depreciation and amortization expense	(95,830)			(96,350)			(86,542)			(376,904)			(351,925)
	Stock-based compensation expense	(71,323)			(67,392)			(55,387)			(278,127)			(211,184)
	Cash operating expense	$	313,046		$	288,335		$	264,131		$	1,154,306		$	1,022,955

(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	$	187,055		$	172,727		$	160,556		$	718,356		$	651,046
	Depreciation and amortization expense	(48,745)			(48,780)			(47,659)			(192,661)			(192,450)
	Stock-based compensation expense	(18,505)			(17,630)			(12,467)			(72,895)			(56,719)
	Cash sales and marketing expense	$	119,805		$	106,317		$	100,430		$	452,800		$	401,877



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

	General and administrative expense	$	293,144		$	279,350		$	245,504		$	1,090,981		$	935,018
	Depreciation and amortization expense	(47,085)			(47,570)			(38,883)			(184,243)			(159,475)
	Stock-based compensation expense	(52,818)			(49,762)			(42,920)			(205,232)			(154,465)
	Cash general and administrative expense	$	193,241		$	182,018		$	163,701		$	701,506		$	621,078

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

	Americas cash SG&A	$	195,180		$	185,051		$	155,561		$	728,135		$	621,005
	EMEA cash SG&A	74,205			65,444			69,072			268,087			257,574
	Asia-Pacific cash SG&A	43,661			37,840			39,498			158,084			144,376
	Cash SG&A	$	313,046		$	288,335		$	264,131		$	1,154,306		$	1,022,955

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

	Income from operations	$	228,606		$	288,350		$	312,974		$	1,052,928		$	1,169,631
	Depreciation, amortization and accretion expense	378,859			362,286			328,295			1,427,010			1,285,296
	Stock-based compensation expense	79,362			75,248			62,126			311,020			236,539
	Impairment charges	—			7,306			(233)			7,306			15,790
	Transaction costs	24,948			5,840			16,545			55,935			24,781
	Gain on asset sales	(373)			(1,785)			(43,847)			(1,301)			(44,310)
	Adjusted EBITDA	$	711,402		$	737,245		$	675,860		$	2,852,898		$	2,687,727

	The geographic split of our adjusted EBITDA is presented below:

	Americas income from operations	$	22,066		$	50,657		$	136,236		$	178,454		$	413,936
	Americas depreciation, amortization and accretion expense	195,437			182,899			165,580			731,979			668,727
	Americas stock-based compensation expense	59,956			55,044			44,878			234,015			170,102
	Americas impairment charges	—			—			(233)			—			15,790
	Americas transaction costs	23,634			3,735			13,378			43,922			14,830
	Americas gain on asset sales	(1,341)			(1,785)			(45,763)			(2,348)			(45,763)
	Americas adjusted EBITDA	$	299,752		$	290,550		$	314,076		$	1,186,022		$	1,237,622

	EMEA income from operations	$	118,380		$	148,992		$	96,453		$	531,530		$	421,786
	EMEA depreciation, amortization and accretion expense	103,067			101,265			95,264			390,025			354,930
	EMEA stock-based compensation expense	12,139			12,770			10,788			48,151			40,796
	EMEA transaction costs	718			189			2,324			1,490			9,015
	EMEA loss on asset sales	2,971			—			1,916			3,050			1,453
	EMEA adjusted EBITDA	$	237,275		$	263,216		$	206,745		$	974,246		$	827,980

	Asia-Pacific income from operations	$	88,160		$	88,701		$	80,285		$	342,944		$	333,909
	Asia-Pacific depreciation, amortization and accretion expense	80,355			78,122			67,451			305,006			261,639
	Asia-Pacific stock-based compensation expense	7,267			7,434			6,460			28,854			25,641
	Asia-Pacific impairment charges	—			7,306			—			7,306			—
	Asia-Pacific transaction costs	596			1,916			843			10,523			936
	Asia-Pacific gain on asset sales	(2,003)			—			—			(2,003)			—
	Asia-Pacific adjusted EBITDA	$	174,375		$	183,479		$	155,039		$	692,630		$	622,125

(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		%	71		%	72		%	71		%	72		%
	EMEA cash gross margins	61		%	63		%	59		%	62		%	60		%
	Asia-Pacific cash gross margins	64		%	67		%	65		%	66		%	66		%

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

	Americas adjusted EBITDA margins	42		%	43		%	48		%	44		%	48		%
	EMEA adjusted EBITDA margins	46		%	51		%	45		%	49		%	46		%
	Asia-Pacific adjusted EBITDA margins	51		%	56		%	52		%	54		%	53		%

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

	Adjusted EBITDA - current period	$	711,402		$	737,245		$	675,860		$	2,852,898		$	2,687,727
	Less adjusted EBITDA - prior period	(737,245)			(720,041)			(674,702)			(2,687,727)			(2,413,240)
	Adjusted EBITDA growth	$	(25,843)		$	17,204		$	1,158		$	165,171		$	274,487

	Revenues - current period	$	1,564,115		$	1,519,767		$	1,417,135		$	5,998,545		$	5,562,140
	Less revenues - prior period	(1,519,767)			(1,470,121)			(1,396,810)			(5,562,140)			(5,071,654)
	Revenue growth	$	44,348		$	49,646		$	20,325		$	436,405		$	490,486

	Adjusted EBITDA flow-through rate	(58)		%	35		%	6		%	38		%	56		%

(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	$	50,936		$	66,831		$	124,835		$	370,074		$	507,245
	Net loss attributable to non-controlling interests	58			(144)			160			(297)			205
	Net income attributable to Equinix	50,994			66,687			124,995			369,777			507,450
	Adjustments:
	Real estate depreciation	247,554			232,110			221,143			924,064			845,798
	(Gain) loss on disposition of real estate property	2,494			(1,313)			(42,758)			4,063			(39,337)
	Adjustments for FFO from unconsolidated joint ventures	705			699			645			2,726			645
	FFO attributable to common shareholders	$	301,747		$	298,183		$	304,025		$	1,300,630		$	1,314,556

(13)	AFFO is defined as FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, net income or loss from discontinued operations, net of tax, recurring capital expenditures and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items.
	FFO attributable to common shareholders	$	301,747		$	298,183		$	304,025		$	1,300,630		$	1,314,556
	Adjustments:
	Installation revenue adjustment	3,504			(3,797)			2,751			(125)			11,031
	Straight-line rent expense adjustment	3,567			3,019			773			10,787			8,167
	Amortization of deferred financing costs and debt discounts and premiums	3,951			3,884			3,613			15,739			13,042
	Contract cost adjustment	(12,823)			(7,111)			(11,556)			(35,675)			(40,861)
	Stock-based compensation expense	79,362			75,248			62,126			311,020			236,539
	Non-real estate depreciation expense	79,693			78,356			60,712			300,258			242,761
	Amortization expense	50,972			50,222			48,689			199,047			196,278
	Accretion expense (adjustment)	640			1,598			(2,249)			3,641			459
	Recurring capital expenditures	(74,446)			(38,327)			(80,925)			(160,637)			(186,002)
	Loss on debt extinguishment	44,001			93,494			52,758			145,804			52,825
	Transaction costs	24,948			5,840			16,545			55,935			24,781
	Impairment charges	—			7,306			(233)			7,306			15,790
	Income tax expense adjustment	10,837			11,480			13,502			33,220			39,676
	Adjustments for AFFO from unconsolidated joint ventures	1,012			287			2,080			2,195			2,080
	AFFO attributable to common shareholders	$	516,965		$	579,682		$	472,611		$	2,189,145		$	1,931,122

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

	Adjusted EBITDA	$	711,402		$	737,245		$	675,860		$	2,852,898		$	2,687,727
	Adjustments:
	Interest expense, net of interest income	(89,668)			(98,284)			(110,085)			(397,812)			(451,987)
	Amortization of deferred financing costs and debt discounts and premiums	3,951			3,884			3,613			15,739			13,042
	Income tax expense	(41,304)			(29,903)			(37,632)			(146,151)			(185,352)
	Income tax expense adjustment	10,837			11,480			13,502			33,220			39,676
	Straight-line rent expense adjustment	3,567			3,019			773			10,787			8,167
	Contract cost adjustment	(12,823)			(7,111)			(11,556)			(35,675)			(40,861)
	Installation revenue adjustment	3,504			(3,797)			2,751			(125)			11,031
	Recurring capital expenditures	(74,446)			(38,327)			(80,925)			(160,637)			(186,002)
	Other income	(2,697)			162			12,336			6,913			27,778
	(Gain) loss on disposition of real estate property	2,494			(1,313)			(42,758)			4,063			(39,337)
	Adjustments for unconsolidated JVs' and non-controlling interests	1,775			842			2,885			4,624			2,930
	Adjustment for gain on sale of asset	373			1,785			43,847			1,301			44,310
	AFFO attributable to common shareholders	$	516,965		$	579,682		$	472,611		$	2,189,145		$	1,931,122

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

	Shares used in computing basic net income per share, FFO per share and AFFO per share	89,113			88,806			85,289			87,700			84,140
	Effect of dilutive securities:
	Employee equity awards	613			713			542			710			539
	Shares used in computing diluted net income per share, FFO per share and AFFO per share	89,726			89,519			85,831			88,410			84,679

	Basic FFO per share	$	3.39		$	3.36		$	3.56		$	14.83		$	15.62
	Diluted FFO per share	$	3.36		$	3.33		$	3.54		$	14.71		$	15.52

	Basic AFFO per share	$	5.80		$	6.53		$	5.54		$	24.96		$	22.95
	Diluted AFFO per share	$	5.76		$	6.48		$	5.51		$	24.76		$	22.81

SOURCE Equinix, Inc.

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