REDWOOD
CITY, Calif., Feb. 14, 2024 /PRNewswire/ --
- 2023 annual revenues increased 13% year-over-year on an
as-reported basis and 15% on a normalized and constant currency
basis to $8.2 billion
- Closed nearly 17,000 deals across more than 5,900 customers in
2023
- Record 90 megawatts ("MW") of xScale® leasing, the
result of increased hyperscale demand to support artificial
intelligence (AI) and cloud deployments
Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure
company®, today reported results for the quarter and
year ended December 31, 2023. 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.
2023 Results Summary
- Revenues
- $8.188 billion, a 13% increase
over the previous year on an as-reported basis or 15% on a
normalized and constant currency basis
- Operating Income
- $1.443 billion, a 20% increase
over the previous year, and an operating margin of 18% due to
strong operating performance
- Net Income and Net Income per Share attributable to common
shareholders
- $969 million, a 38% increase over
the previous year, primarily due to operating performance strength
and other income; partially offset by higher income taxes
- $10.31 per share, a 34% increase
over the previous year
- Adjusted EBITDA
- $3.702 billion, a 45% adjusted
EBITDA margin, an increase of 10% compared to last year on an
as-reported basis
- Includes $13 million of
integration costs
- AFFO and AFFO per Share
- $3.019 billion, an 11% increase
over the previous year on an as-reported basis or 13% on a
normalized and constant currency basis
- $32.11 per share, a 9% increase
over the previous year on an as-reported basis or 11% on a
normalized and constant currency basis
2024 Annual Guidance Summary
- Revenues
- $8.793 - $8.893 billion, a 7 - 9% increase over the
previous year on an as-reported basis or a normalized and constant
currency increase of 7 - 8% excluding the year-over-year impact of
the power pass-through
- Adjusted EBITDA
- $4.089 - $4.169 billion, a 47% adjusted EBITDA margin, a
10 - 13% increase over the prior year on an as-reported basis
- Assumes $25 million of
integration costs
- AFFO and AFFO per Share
- $3.306 - $3.376 billion, an increase of 9 - 12% over the
previous year on both an as-reported and normalized and constant
currency basis
- $34.58 - $35.31 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
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.
Equinix Quote
Charles Meyers, CEO and
President, Equinix:
"2023 was another strong year for Equinix—we delivered more
than $8 billion of revenues,
achieving an amazing 21 years of consecutive quarterly revenue
growth, all while driving AFFO per share performance above the top
end of our long-term expectations. We made substantial progress on
our ambitious agenda, positioning the business to capitalize on the
immense opportunities that lie ahead. Digital transformation,
especially in an AI-driven world, is as important as ever to our
customers. In this context, the significance of Platform Equinix
and its strong competitive advantages has never been more crucial.
We plan to continue our focus on creating a platform that allows
our customers to build hybrid and multicloud infrastructure, when
they want, where they want, and with the ecosystem of partners they
need."
Business Highlights
- Given the strong underlying demand for digital infrastructure,
Equinix continues to invest broadly across its global footprint,
which now includes 260 data centers across 71 metropolitan areas in
33 countries. There are 49 major builds underway in 35 markets,
across 21 countries including 11 xScale builds representing nearly
20,000 cabinets of retail and more than 50 megawatts of xScale
capacity through 2024.
- Equinix opened 14 new data centers in 12 metros including
Dublin, Frankfurt, Kuala
Lumpur, Madrid,
Milan, Montreal, Paris, São Paulo, Seattle, Seoul, Tokyo
and Washington, D.C. In addition,
the company added seven new projects in Dallas, Lagos, Madrid, Milan, Warsaw
and Washington, D.C.
- In December, Equinix announced plans to expand support for
advanced liquid cooling technologies—including direct-to-chip—to
more than 100 of its International Business ExchangeTM
(IBX®) data centers in more than 45 metros around the
world. This will enable more businesses to use the most performant
cooling technologies for the powerful, high-density hardware that
supports compute-intensive workloads such as AI.
- The surge in demand for hyperscale infrastructure to support AI
and cloud initiatives is resulting in strong demand and significant
leasing activity for Equinix's global xScale data center portfolio.
Since the last earnings call, the company leased a record 90
megawatts of capacity across six assets in EMEA and APAC, including
approximately 32 megawatts leased at the start of the year. This
brings total xScale leasing to 300 megawatts globally.
- In Q4, Equinix purchased the company's London 8 IBX data center. Revenues from owned
assets increased to 66% of recurring revenues, stepping up 2%, as
the company continues to progress on ownership and long-term
control of assets.
- Last month Equinix launched a fully managed private cloud
service that enables enterprises to easily acquire and manage their
own NVIDIA DGX AI supercomputing infrastructure for building and
running custom generative AI models. The service includes NVIDIA
DGX systems, NVIDIA networking and the NVIDIA AI Enterprise
software platform. Equinix installs and operates each customer's
privately owned NVIDIA infrastructure and can deploy services on
their behalf in key IBX data centers globally.
- Equinix continues to gain traction as a preferred location for
deploying private AI infrastructure with both enterprises and
service providers. In December, the company announced that
customers, including Continental AG, i3D.net and Harrison.ai, are
leveraging the cloud adjacency, global reach, robust ecosystems and
low-latency interconnection of Platform Equinix® to
deploy private AI infrastructure.
- Equinix's industry-leading global interconnection franchise
continues to perform with over 462,000 total interconnections
deployed on its platform. In Q4, interconnection revenues stepped
up 10% year-over-year on an as reported basis or 8% year-over-year
on a normalized and constant currency basis, and the company added
an incremental 4,300 organic interconnections in the quarter.
- In Q4, Equinix added four new native cloud on-ramps in Bogotá,
Calgary and Zurich, further strengthening its cloud
ecosystem. Equinix customers can now enjoy low-latency access to
multiple native cloud on-ramps in 37 metros, including eight out of
the world's 10 largest metros by GDP. Equinix has nearly 40% market
share of the on-ramps to the major cloud service providers—key
players in the AI ecosystem.
- The company recently launched Equinix Fabric Cloud Router, a
virtual routing service designed to simplify networking challenges
for enterprises in cloud-to-cloud and hybrid cloud environments.
This service provides an easy-to-configure, enterprise-grade,
multicloud routing solution that can be deployed within minutes.
Customers can utilize Equinix Fabric Cloud Router in all 58 Equinix
Fabric®-enabled metros globally, ensuring low-latency
connectivity to major cloud providers and a wide range of service
providers.
- Equinix's Channel program continued to see strong momentum,
contributing to 35% of bookings and over 50% of new customers in
Q4. The company saw growth from partners, including Avant, HCL,
HPE, NVIDIA and WWT, with wins across a wide range of industry
verticals and digital-first use cases.
- Equinix remains committed to advancing its Future First
Sustainability strategy and has continued to make significant
progress in this area.
- In December, Equinix announced the full allocation of proceeds
from $4.9 billion in investment-grade
green bonds to advance toward its near-term science-based target to
become climate neutral by 2030 and improve the operational
eco-efficiency of its business. As one of the top ten largest green
bond issuers in the U.S., Equinix used the net proceeds to support
172 green building projects across 105 sites, 33 energy-efficiency
projects, and two Power Purchase Agreements ("PPAs").
- Earlier this month Equinix executed a new PPA in Australia, signaling a broader industry goal
of bringing additional clean power to a region where conditions
have traditionally been more challenging for executing renewable
energy projects. To date, Equinix has executed 21 PPAs across
Australia, France, Iberia, the Nordics and the U.S.,
representing more than one gigawatt of clean energy once
operational.
- For the second year in a row, Equinix achieved the
highest-ranking score of the CDP's prestigious 2023 "Climate Change
A List," a leading environmental rating system focused on
climate-related transparency and action. Equinix was also named as
a leader in the IDC MarketScape: Worldwide Datacenter Services 2023
Vendor Assessment, recognized for its sustainability advancements,
innovative platform capabilities, and global expansion and
ecosystem growth.1
__________________________________________
|
|
|
1.
|
IDC, "IDC
MarketScape: Worldwide Datacenter Services 2023 Vendor Assessment,"
Doc # US49435022e, October 2023
|
|
|
Business Outlook
For the first quarter of 2024, Equinix expects revenues to range
between $2.127 and $2.147 billion, an increase of 1 - 2% over the
previous quarter, or flat on a normalized and constant currency
basis. This guidance includes lower non-recurring revenues related
to significant xScale activity in Q4 2023 partly offset by a
foreign currency benefit of $38
million when compared to the average FX rates in Q4 2023.
Adjusted EBITDA is expected to range between $960 and $980
million, which includes a foreign currency benefit of
$18 million when compared to the
average FX rates in Q4 2023. Adjusted EBITDA includes $5 million of integration costs related to
acquisitions. Recurring capital expenditures are expected to range
between $14 and $34 million.
For the full year of 2024, total revenues are expected to range
between $8.793 and $8.893 billion, a 7 - 9% increase over the
previous year on an as-reported basis, or a 7 - 8% increase on a
normalized and constant currency basis excluding the year-over-year
impact of the power pass-through, and includes a foreign currency
benefit of $127 million when compared
to the prior Equinix guidance FX rates. Adjusted EBITDA is expected
to range between $4.089 and
$4.169 billion, an adjusted EBITDA
margin of 47%. This adjusted EBITDA includes approximately 160
basis points of margin benefit from improving operating leverage
and power cost decreases, as well as a foreign currency benefit of
$67 million when compared to the
prior Equinix guidance FX rates. For the year, the company expects
to incur $25 million in integration
costs related to acquisitions. AFFO is expected to range between
$3.306 and $3.376 billion, a 9 - 12% increase over the
previous year on both an as-reported and normalized and constant
currency basis. This AFFO guidance includes $25 million in integration costs related to
acquisitions. AFFO per share is expected to range between
$34.58 and $35.31, an 8 - 10% increase 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, including xScale-related costs, are expected to range
between $2.570 and $2.800 billion, and recurring capital
expenditures are expected to range between $210 and $230
million. xScale-related on-balance sheet capital
expenditures are expected to range between $50 and $90
million, which we anticipate will be reimbursed from both
the current and future xScale JVs.
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 $1.10 to
the Euro, $1.24 to the Pound,
S$1.32 to the U.S. dollar, ¥141 to
the U.S. dollar and A$1.47 to the
U.S. dollar. The Q4 2023 global revenue breakdown by currency for
the Euro, British Pound, Singapore Dollar, Japanese Yen and
Australian Dollar is 21%, 10%, 8%, 5% and 3%, 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 2023 Results Conference Call and Replay
Information
Equinix will discuss its quarterly results for the period ended
December 31, 2023, along with its future outlook, in its
quarterly conference call on Wednesday, February 14, 2024, 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, May 1, 2024, by
dialing 1-800-568-3705 and referencing the passcode 2024. In
addition, the webcast will be available 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®. Digital leaders harness Equinix's trusted
platform to bring together and interconnect foundational
infrastructure at software speed. Equinix enables organizations to
access all the right places, partners and possibilities to scale
with agility, speed the launch of digital services, deliver
world-class experiences and multiply their value, while supporting
their sustainability goals.
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 net income excluding income tax
expense, interest income, interest expense, other income or
expense, gain or loss on debt extinguishment, 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 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 an
IBX data center do not recur with respect to such data center, and
future capital expenditures remain minor relative to our initial
investment throughout its useful life. Construction costs in future
periods are primarily incurred with respect to additional IBX data
centers. This is a trend we expect 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 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 generally 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 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 the 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 deducts 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 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 current inflationary environment; foreign currency
exchange rate fluctuations; increased costs and increased
challenges 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; 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 potential cybersecurity breaches; 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,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
Recurring
revenues
|
$ 1,976,038
|
|
$ 1,961,043
|
|
$ 1,773,380
|
|
$ 7,744,731
|
|
$ 6,871,287
|
Non-recurring
revenues
|
134,451
|
|
99,987
|
|
97,465
|
|
443,405
|
|
391,818
|
Revenues
|
2,110,489
|
|
2,061,030
|
|
1,870,845
|
|
8,188,136
|
|
7,263,105
|
Cost of
revenues
|
1,091,776
|
|
1,068,991
|
|
970,700
|
|
4,227,658
|
|
3,751,501
|
Gross
profit
|
1,018,713
|
|
992,039
|
|
900,145
|
|
3,960,478
|
|
3,511,604
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
217,603
|
|
212,506
|
|
207,233
|
|
855,796
|
|
786,560
|
General and
administrative
|
448,849
|
|
403,890
|
|
400,183
|
|
1,654,042
|
|
1,498,701
|
Transaction
costs
|
5,869
|
|
(775)
|
|
10,529
|
|
12,412
|
|
21,839
|
(Gain) loss on asset
sales
|
(24)
|
|
(3,933)
|
|
—
|
|
(5,046)
|
|
3,976
|
Total operating
expenses
|
672,297
|
|
611,688
|
|
617,945
|
|
2,517,204
|
|
2,311,076
|
Income from
operations
|
346,416
|
|
380,351
|
|
282,200
|
|
1,443,274
|
|
1,200,528
|
Interest and other
expense:
|
|
|
|
|
|
|
|
|
|
Interest
income
|
28,225
|
|
23,111
|
|
18,462
|
|
94,227
|
|
36,268
|
Interest
expense
|
(103,183)
|
|
(101,385)
|
|
(94,200)
|
|
(402,022)
|
|
(356,337)
|
Other
expense
|
(1,227)
|
|
(5,972)
|
|
(28,895)
|
|
(11,214)
|
|
(51,417)
|
Gain (loss) on debt
extinguishment
|
71
|
|
(360)
|
|
143
|
|
(35)
|
|
327
|
Total interest and
other, net
|
(76,114)
|
|
(84,606)
|
|
(104,490)
|
|
(319,044)
|
|
(371,159)
|
Income before income
taxes
|
270,302
|
|
295,745
|
|
177,710
|
|
1,124,230
|
|
829,369
|
Income tax
expense
|
(42,825)
|
|
(19,985)
|
|
(48,807)
|
|
(155,250)
|
|
(124,792)
|
Net
income
|
227,477
|
|
275,760
|
|
128,903
|
|
968,980
|
|
704,577
|
Net (income) loss
attributable to non-controlling interests
|
91
|
|
34
|
|
(140)
|
|
198
|
|
(232)
|
Net income
attributable to common shareholders
|
$
227,568
|
|
$
275,794
|
|
$
128,763
|
|
$
969,178
|
|
$
704,345
|
Net income per share
attributable to common shareholders:
|
|
|
|
|
|
|
Basic net income per
share
|
$
2.41
|
|
$
2.94
|
|
$
1.39
|
|
$
10.35
|
|
$
7.69
|
Diluted net income per
share
|
$
2.40
|
|
$
2.93
|
|
$
1.39
|
|
$
10.31
|
|
$
7.67
|
Shares used in
computing basic net income per share
|
94,268
|
|
93,683
|
|
92,573
|
|
93,615
|
|
91,569
|
Shares used in
computing diluted net income per share
|
94,667
|
|
94,168
|
|
92,752
|
|
94,009
|
|
91,828
|
EQUINIX,
INC.
|
Condensed
Consolidated Statements of Comprehensive Income
(Loss)
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
Net income
|
$
227,477
|
|
$
275,760
|
|
$
128,903
|
|
$
968,980
|
|
$
704,577
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment ("CTA") gain (loss)
|
479,754
|
|
(412,910)
|
|
796,716
|
|
249,981
|
|
(769,886)
|
Unrealized gain (loss)
on cash flow hedges
|
(26,382)
|
|
25,685
|
|
(50,231)
|
|
(18,370)
|
|
40,543
|
Net investment hedge
CTA gain (loss)
|
(217,345)
|
|
149,608
|
|
(379,960)
|
|
(131,883)
|
|
425,701
|
Net actuarial loss on
defined benefit plans
|
(112)
|
|
(119)
|
|
(42)
|
|
(462)
|
|
(101)
|
Total other
comprehensive income (loss), net of tax
|
235,915
|
|
(237,736)
|
|
366,483
|
|
99,266
|
|
(303,743)
|
Comprehensive
income, net of tax
|
463,392
|
|
38,024
|
|
495,386
|
|
1,068,246
|
|
400,834
|
Net (income) loss
attributable to non-controlling interests
|
91
|
|
34
|
|
(140)
|
|
198
|
|
(232)
|
Other comprehensive
(income) loss attributable to non-controlling interests
|
(22)
|
|
182
|
|
(12)
|
|
63
|
|
48
|
Comprehensive income
attributable to common shareholders
|
$
463,461
|
|
$
38,240
|
|
$
495,234
|
|
$
1,068,507
|
|
$
400,650
|
EQUINIX,
INC.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
December 31,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
2,095,712
|
|
$
1,906,421
|
Accounts receivable,
net
|
1,003,792
|
|
855,380
|
Other current
assets
|
468,193
|
|
459,138
|
Assets held for
sale
|
—
|
|
84,316
|
Total current
assets
|
3,567,697
|
|
3,305,255
|
Property, plant and
equipment, net
|
18,600,833
|
|
16,649,534
|
Operating lease
right-of-use assets
|
1,448,890
|
|
1,427,950
|
Goodwill
|
5,737,122
|
|
5,654,217
|
Intangible assets,
net
|
1,704,870
|
|
1,897,649
|
Other assets
|
1,591,312
|
|
1,376,137
|
Total
assets
|
$
32,650,724
|
|
$
30,310,742
|
Liabilities,
Redeemable Non-Controlling Interest and Stockholders'
Equity
|
|
|
|
Accounts payable and
accrued expenses
|
$
1,186,618
|
|
$
1,004,800
|
Accrued property, plant
and equipment
|
398,216
|
|
281,347
|
Current portion of
operating lease liabilities
|
130,745
|
|
139,538
|
Current portion of
finance lease liabilities
|
138,657
|
|
151,420
|
Current portion of
mortgage and loans payable
|
7,705
|
|
9,847
|
Current portion of
senior notes
|
998,580
|
|
—
|
Other current
liabilities
|
301,729
|
|
251,346
|
Total current
liabilities
|
3,162,250
|
|
1,838,298
|
Operating lease
liabilities, less current portion
|
1,331,333
|
|
1,272,812
|
Finance lease
liabilities, less current portion
|
2,122,484
|
|
2,143,690
|
Mortgage and loans
payable, less current portion
|
663,263
|
|
642,708
|
Senior notes, less
current portion
|
12,062,346
|
|
12,109,539
|
Other
liabilities
|
795,549
|
|
797,863
|
Total
liabilities
|
20,137,225
|
|
18,804,910
|
Redeemable
non-controlling interest
|
25,000
|
|
—
|
Common stockholders'
equity:
|
|
|
|
Common stock
|
95
|
|
93
|
Additional paid-in
capital
|
18,595,664
|
|
17,320,017
|
Treasury
stock
|
(56,117)
|
|
(71,966)
|
Accumulated
dividends
|
(8,694,647)
|
|
(7,317,570)
|
Accumulated other
comprehensive loss
|
(1,290,117)
|
|
(1,389,446)
|
Retained
earnings
|
3,934,016
|
|
2,964,838
|
Total common
stockholders' equity
|
12,488,894
|
|
11,505,966
|
Non-controlling
interests
|
(395)
|
|
(134)
|
Total stockholders'
equity
|
12,488,499
|
|
11,505,832
|
Total liabilities,
redeemable non-controlling interest and stockholders'
equity
|
$
32,650,724
|
|
$
30,310,742
|
|
|
|
|
|
|
|
|
Ending headcount by
geographic region is as follows:
|
|
|
|
Americas
headcount
|
5,953
|
|
5,493
|
EMEA
headcount
|
4,267
|
|
3,936
|
Asia-Pacific
headcount
|
2,931
|
|
2,668
|
Total
headcount
|
13,151
|
|
12,097
|
EQUINIX,
INC.
|
Summary of Debt
Principal Outstanding
|
(in
thousands)
|
(unaudited)
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
|
|
Finance lease
liabilities
|
$
2,261,141
|
|
$
2,295,110
|
|
|
|
|
Term loans
|
641,931
|
|
618,028
|
Mortgage payable and
other loans payable
|
29,037
|
|
34,527
|
Plus: debt discount and
issuance costs, net
|
726
|
|
1,062
|
Total mortgage and
loans payable principal
|
671,694
|
|
653,617
|
|
|
|
|
Senior notes
|
13,060,926
|
|
12,109,539
|
Plus: debt discount and
issuance costs
|
108,026
|
|
117,351
|
Total senior notes
principal
|
13,168,952
|
|
12,226,890
|
|
|
|
|
Total debt principal
outstanding
|
$
16,101,787
|
|
$
15,175,617
|
EQUINIX,
INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
$
227,477
|
|
$
275,760
|
|
$
128,903
|
|
$
968,980
|
|
$
704,577
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
Depreciation,
amortization and accretion
|
462,367
|
|
466,613
|
|
438,492
|
|
1,843,665
|
|
1,739,374
|
|
Stock-based
compensation
|
105,829
|
|
98,446
|
|
107,519
|
|
407,536
|
|
403,983
|
|
Amortization of debt
issuance costs and debt discounts and premiums
|
4,791
|
|
4,684
|
|
4,553
|
|
18,718
|
|
17,826
|
|
(Gain) loss on debt
extinguishment
|
(71)
|
|
360
|
|
(143)
|
|
35
|
|
(327)
|
|
Loss (gain) on asset
sales
|
(24)
|
|
(3,933)
|
|
—
|
|
(5,046)
|
|
3,976
|
|
Other items
|
15,788
|
|
12,776
|
|
44,880
|
|
58,030
|
|
67,298
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
49,358
|
|
(47,147)
|
|
(56,209)
|
|
(150,345)
|
|
(153,415)
|
|
Income taxes,
net
|
10,692
|
|
(14,530)
|
|
(17,701)
|
|
4,107
|
|
(7,827)
|
|
Accounts payable and
accrued expenses
|
76,351
|
|
69,082
|
|
31,511
|
|
161,300
|
|
114,600
|
|
Operating lease
right-of-use assets
|
21,624
|
|
39,977
|
|
36,171
|
|
138,704
|
|
149,094
|
|
Operating lease
liabilities
|
(27,575)
|
|
(33,654)
|
|
(34,586)
|
|
(126,539)
|
|
(132,831)
|
|
Other assets and
liabilities
|
52,107
|
|
(83,259)
|
|
76,799
|
|
(102,550)
|
|
56,854
|
Net cash provided by
operating activities
|
998,714
|
|
785,175
|
|
760,189
|
|
3,216,595
|
|
2,963,182
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchases, sales and
maturities of investments, net
|
(54,534)
|
|
(26,664)
|
|
(35,222)
|
|
(135,881)
|
|
(122,569)
|
|
Business acquisitions,
net of cash and restricted cash acquired
|
—
|
|
—
|
|
—
|
|
—
|
|
(964,010)
|
|
Real estate
acquisitions
|
(231,108)
|
|
(112,896)
|
|
(208,377)
|
|
(384,401)
|
|
(248,276)
|
|
Purchases of other
property, plant and equipment
|
(995,720)
|
|
(617,539)
|
|
(827,927)
|
|
(2,781,018)
|
|
(2,278,004)
|
|
Proceeds from asset
sales
|
—
|
|
4,682
|
|
—
|
|
76,936
|
|
249,906
|
Net cash used in
investing activities
|
(1,281,362)
|
|
(752,417)
|
|
(1,071,526)
|
|
(3,224,364)
|
|
(3,362,953)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from employee
equity awards
|
(115)
|
|
42,420
|
|
—
|
|
86,848
|
|
81,543
|
|
Proceeds from
redeemable non-controlling interest
|
—
|
|
—
|
|
—
|
|
25,000
|
|
—
|
|
Payment of dividend
distributions
|
(403,176)
|
|
(324,587)
|
|
(287,573)
|
|
(1,374,168)
|
|
(1,151,459)
|
|
Proceeds from public
offering of common stock, net of offering costs
|
432,876
|
|
—
|
|
—
|
|
733,651
|
|
796,018
|
|
Proceeds from mortgage
and loans payable
|
—
|
|
—
|
|
—
|
|
—
|
|
676,850
|
|
Proceeds from senior
notes, net of debt discounts
|
—
|
|
336,853
|
|
—
|
|
902,092
|
|
1,193,688
|
|
Repayment of finance
lease liabilities
|
(50,822)
|
|
(31,629)
|
|
(36,394)
|
|
(148,913)
|
|
(134,202)
|
|
Repayment of mortgage
and loans payable
|
(576)
|
|
(2,133)
|
|
(1,714)
|
|
(6,132)
|
|
(587,941)
|
|
Repayment of senior
notes
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Debt extinguishment
costs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Debt issuance
costs
|
307
|
|
(2,982)
|
|
—
|
|
(6,932)
|
|
(17,731)
|
Net cash provided by
(used in) financing activities
|
(21,506)
|
|
17,942
|
|
(325,681)
|
|
211,446
|
|
856,766
|
Effect of foreign
currency exchange rates on cash, cash equivalents and restricted
cash
|
42,209
|
|
(35,027)
|
|
37,398
|
|
(15,616)
|
|
(98,201)
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
(261,945)
|
|
15,673
|
|
(599,620)
|
|
188,061
|
|
358,794
|
Cash, cash equivalents
and restricted cash at beginning of period
|
2,358,254
|
|
2,342,581
|
|
2,507,868
|
|
1,908,248
|
|
1,549,454
|
Cash, cash
equivalents and restricted cash at end of period
|
$
2,096,309
|
|
$
2,358,254
|
|
$
1,908,248
|
|
$
2,096,309
|
|
$
1,908,248
|
Supplemental cash flow
information:
|
|
|
|
|
|
|
Cash paid for
taxes
|
$
26,662
|
|
$
42,021
|
|
$
44,091
|
|
$
152,988
|
|
$
140,312
|
Cash paid for
interest
|
$
136,224
|
|
$
97,152
|
|
$
128,511
|
|
$
471,456
|
|
$
430,217
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
(negative free cash flow)(1)
|
$ (228,114)
|
|
$
59,422
|
|
$ (276,115)
|
|
$
128,112
|
|
$ (277,202)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted free cash
flow (2)
|
$
2,994
|
|
$
172,318
|
|
$
(67,738)
|
|
$
512,513
|
|
$
935,084
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$
998,714
|
|
$
785,175
|
|
$
760,189
|
|
$
3,216,595
|
|
$
2,963,182
|
|
Net cash used in
investing activities as presented above
|
(1,281,362)
|
|
(752,417)
|
|
(1,071,526)
|
|
(3,224,364)
|
|
(3,362,953)
|
|
Purchases, sales and
maturities of investments, net
|
54,534
|
|
26,664
|
|
35,222
|
|
135,881
|
|
122,569
|
|
Free cash flow
(negative free cash flow)
|
$ (228,114)
|
|
$
59,422
|
|
$ (276,115)
|
|
$
128,112
|
|
$ (277,202)
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
We define adjusted
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
|
$ (228,114)
|
|
$
59,422
|
|
$ (276,115)
|
|
$
128,112
|
|
$ (277,202)
|
|
Less business
acquisitions, net of cash and restricted cash acquired
|
—
|
|
—
|
|
—
|
|
—
|
|
964,010
|
|
Less real estate
acquisitions
|
231,108
|
|
112,896
|
|
208,377
|
|
384,401
|
|
248,276
|
|
Adjusted free cash
flow
|
$
2,994
|
|
$
172,318
|
|
$
(67,738)
|
|
$
512,513
|
|
$
935,084
|
EQUINIX,
INC.
|
Non-GAAP Measures
and Other Supplemental Data
|
(in
thousands)
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Recurring
revenues
|
$ 1,976,038
|
|
$ 1,961,043
|
|
$ 1,773,380
|
|
$ 7,744,731
|
|
$ 6,871,287
|
|
Non-recurring
revenues
|
134,451
|
|
99,987
|
|
97,465
|
|
443,405
|
|
391,818
|
|
Revenues
(1)
|
2,110,489
|
|
2,061,030
|
|
1,870,845
|
|
8,188,136
|
|
7,263,105
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash cost of revenues
(2)
|
756,510
|
|
725,750
|
|
642,176
|
|
2,869,034
|
|
2,436,074
|
|
Cash gross profit
(3)
|
1,353,979
|
|
1,335,280
|
|
1,228,669
|
|
5,319,102
|
|
4,827,031
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash operating expenses
(4)(7):
|
|
|
|
|
|
|
|
|
|
Cash sales and
marketing expenses (5)
|
147,084
|
|
138,879
|
|
140,697
|
|
567,514
|
|
506,609
|
|
Cash general and
administrative
expenses (6)
|
286,438
|
|
260,470
|
|
249,232
|
|
1,049,747
|
|
950,722
|
|
Total cash
operating expenses (4)(7)
|
433,522
|
|
399,349
|
|
389,929
|
|
1,617,261
|
|
1,457,331
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(8)
|
$
920,457
|
|
$
935,931
|
|
$
838,740
|
|
$
3,701,841
|
|
$
3,369,700
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash gross margins
(9)
|
64 %
|
|
65 %
|
|
66 %
|
|
65 %
|
|
66 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
margins (10)
|
44 %
|
|
45 %
|
|
45 %
|
|
45 %
|
|
46 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
flow-through rate (11)
|
(31) %
|
|
82 %
|
|
(107) %
|
|
36 %
|
|
36 %
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
(12)
|
$
524,505
|
|
$
562,080
|
|
$
406,945
|
|
$
2,129,977
|
|
$
1,826,334
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO (13)
(14)
|
$
690,846
|
|
$
771,617
|
|
$
657,818
|
|
$
3,018,518
|
|
$
2,713,878
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic FFO per share
(15)
|
$
5.56
|
|
$
6.00
|
|
$
4.40
|
|
$
22.75
|
|
$
19.94
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted FFO per
share (15)
|
$
5.54
|
|
$
5.97
|
|
$
4.39
|
|
$
22.66
|
|
$
19.89
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic AFFO per share
(15)
|
$
7.33
|
|
$
8.24
|
|
$
7.11
|
|
$
32.24
|
|
$
29.64
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted AFFO per
share(15)
|
$
7.30
|
|
$
8.19
|
|
$
7.09
|
|
$
32.11
|
|
$
29.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The geographic split of
our revenues on a services basis is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colocation
|
$
610,512
|
|
$
596,871
|
|
$
568,240
|
|
$ 2,365,049
|
|
$ 2,187,751
|
|
Interconnection
|
210,550
|
|
206,552
|
|
197,337
|
|
820,007
|
|
756,214
|
|
Managed
infrastructure
|
65,024
|
|
63,356
|
|
59,244
|
|
249,779
|
|
218,499
|
|
Other
|
6,657
|
|
5,503
|
|
4,885
|
|
22,118
|
|
20,727
|
|
Recurring
revenues
|
892,743
|
|
872,282
|
|
829,706
|
|
3,456,953
|
|
3,183,191
|
|
Non-recurring
revenues
|
38,968
|
|
41,411
|
|
42,065
|
|
160,539
|
|
166,026
|
|
Revenues
|
$
931,711
|
|
$
913,693
|
|
$
871,771
|
|
$ 3,617,492
|
|
$ 3,349,217
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colocation
|
$
540,935
|
|
$
538,256
|
|
$
450,480
|
|
$ 2,112,168
|
|
$ 1,744,121
|
|
Interconnection
|
79,619
|
|
78,795
|
|
66,710
|
|
307,337
|
|
268,398
|
|
Managed
infrastructure
|
32,956
|
|
32,790
|
|
29,431
|
|
130,061
|
|
119,361
|
|
Other
|
23,816
|
|
23,283
|
|
23,882
|
|
98,591
|
|
75,449
|
|
Recurring
revenues
|
677,326
|
|
673,124
|
|
570,503
|
|
2,648,157
|
|
2,207,329
|
|
Non-recurring
revenues
|
73,840
|
|
35,590
|
|
31,208
|
|
189,697
|
|
135,875
|
|
Revenues
|
$
751,166
|
|
$
708,714
|
|
$
601,711
|
|
$ 2,837,854
|
|
$ 2,343,204
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colocation
|
$
317,969
|
|
$
329,054
|
|
$
291,480
|
|
$ 1,288,844
|
|
$ 1,150,738
|
|
Interconnection
|
67,538
|
|
67,411
|
|
61,572
|
|
266,966
|
|
243,664
|
|
Managed
infrastructure
|
17,191
|
|
17,484
|
|
17,819
|
|
71,833
|
|
77,646
|
|
Other
|
3,271
|
|
1,688
|
|
2,300
|
|
11,978
|
|
8,719
|
|
Recurring
revenues
|
405,969
|
|
415,637
|
|
373,171
|
|
1,639,621
|
|
1,480,767
|
|
Non-recurring
revenues
|
21,643
|
|
22,986
|
|
24,192
|
|
93,169
|
|
89,917
|
|
Revenues
|
$
427,612
|
|
$
438,623
|
|
$
397,363
|
|
$ 1,732,790
|
|
$ 1,570,684
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colocation
|
$ 1,469,416
|
|
$ 1,464,181
|
|
$ 1,310,200
|
|
$ 5,766,061
|
|
$ 5,082,610
|
|
Interconnection
|
357,707
|
|
352,758
|
|
325,619
|
|
1,394,310
|
|
1,268,276
|
|
Managed
infrastructure
|
115,171
|
|
113,630
|
|
106,494
|
|
451,673
|
|
415,506
|
|
Other
|
33,744
|
|
30,474
|
|
31,067
|
|
132,687
|
|
104,895
|
|
Recurring
revenues
|
1,976,038
|
|
1,961,043
|
|
1,773,380
|
|
7,744,731
|
|
6,871,287
|
|
Non-recurring
revenues
|
134,451
|
|
99,987
|
|
97,465
|
|
443,405
|
|
391,818
|
|
Revenues
|
$ 2,110,489
|
|
$ 2,061,030
|
|
$ 1,870,845
|
|
$ 8,188,136
|
|
$ 7,263,105
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$ 1,091,776
|
|
$ 1,068,991
|
|
$
970,700
|
|
$ 4,227,658
|
|
$ 3,751,501
|
|
Depreciation,
amortization and accretion expense
|
(322,366)
|
|
(330,852)
|
|
(316,549)
|
|
(1,309,613)
|
|
(1,270,399)
|
|
Stock-based
compensation expense
|
(12,900)
|
|
(12,389)
|
|
(11,975)
|
|
(49,011)
|
|
(45,028)
|
|
Cash cost of
revenues
|
$
756,510
|
|
$
725,750
|
|
$
642,176
|
|
$ 2,869,034
|
|
$ 2,436,074
|
|
|
|
|
|
|
|
|
|
|
|
|
The geographic split of
our cash cost of revenues is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas cash cost of
revenues
|
$
263,165
|
|
$
270,272
|
|
$
263,374
|
|
$ 1,045,526
|
|
$
994,389
|
|
EMEA cash cost of
revenues
|
326,137
|
|
304,345
|
|
226,574
|
|
1,199,345
|
|
866,292
|
|
Asia-Pacific cash cost
of revenues
|
167,208
|
|
151,133
|
|
152,228
|
|
624,163
|
|
575,393
|
|
Cash cost of
revenues
|
$
756,510
|
|
$
725,750
|
|
$
642,176
|
|
$ 2,869,034
|
|
$ 2,436,074
|
|
|
|
|
|
(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
|
$
666,452
|
|
$
616,396
|
|
$
607,416
|
|
$ 2,509,838
|
|
$ 2,285,261
|
|
Depreciation and
amortization expense
|
(140,001)
|
|
(130,990)
|
|
(121,943)
|
|
(534,052)
|
|
(468,975)
|
|
Stock-based
compensation expense
|
(92,929)
|
|
(86,057)
|
|
(95,544)
|
|
(358,525)
|
|
(358,955)
|
|
Cash operating
expense
|
$
433,522
|
|
$
399,349
|
|
$
389,929
|
|
$ 1,617,261
|
|
$ 1,457,331
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$
217,603
|
|
$
212,506
|
|
$
207,233
|
|
$
855,796
|
|
$
786,560
|
|
Depreciation and
amortization expense
|
(50,632)
|
|
(50,989)
|
|
(49,604)
|
|
(203,698)
|
|
(197,157)
|
|
Stock-based
compensation expense
|
(19,887)
|
|
(22,638)
|
|
(16,932)
|
|
(84,584)
|
|
(82,794)
|
|
Cash sales and
marketing expense
|
$
147,084
|
|
$
138,879
|
|
$
140,697
|
|
$
567,514
|
|
$
506,609
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$
448,849
|
|
$
403,890
|
|
$
400,183
|
|
$ 1,654,042
|
|
$ 1,498,701
|
|
Depreciation and
amortization expense
|
(89,369)
|
|
(80,001)
|
|
(72,339)
|
|
(330,354)
|
|
(271,818)
|
|
Stock-based
compensation expense
|
(73,042)
|
|
(63,419)
|
|
(78,612)
|
|
(273,941)
|
|
(276,161)
|
|
Cash general and
administrative expense
|
$
286,438
|
|
$
260,470
|
|
$
249,232
|
|
$ 1,049,747
|
|
$
950,722
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
The geographic split of
our cash operating expense, or cash SG&A, as defined above, is
presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas cash
SG&A
|
$
257,581
|
|
$
238,524
|
|
$
214,560
|
|
$
958,270
|
|
$
833,053
|
|
EMEA cash
SG&A
|
105,253
|
|
94,197
|
|
104,648
|
|
387,233
|
|
367,410
|
|
Asia-Pacific cash
SG&A
|
70,688
|
|
66,628
|
|
70,721
|
|
271,758
|
|
256,868
|
|
Cash
SG&A
|
$
433,522
|
|
$
399,349
|
|
$
389,929
|
|
$ 1,617,261
|
|
$ 1,457,331
|
|
|
|
|
|
|
|
|
|
|
|
(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:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
227,477
|
|
$
275,760
|
|
$
128,903
|
|
$
968,980
|
|
$
704,577
|
|
Income tax
expense
|
42,825
|
|
19,985
|
|
48,807
|
|
155,250
|
|
124,792
|
|
Interest
income
|
(28,225)
|
|
(23,111)
|
|
(18,462)
|
|
(94,227)
|
|
(36,268)
|
|
Interest
expense
|
103,183
|
|
101,385
|
|
94,200
|
|
402,022
|
|
356,337
|
|
Other
expense
|
1,227
|
|
5,972
|
|
28,895
|
|
11,214
|
|
51,417
|
|
(Gain) loss on debt
extinguishment
|
(71)
|
|
360
|
|
(143)
|
|
35
|
|
(327)
|
|
Depreciation,
amortization and accretion expense
|
462,367
|
|
461,842
|
|
438,492
|
|
1,843,665
|
|
1,739,374
|
|
Stock-based
compensation expense
|
105,829
|
|
98,446
|
|
107,519
|
|
407,536
|
|
403,983
|
|
Transaction
costs
|
5,869
|
|
(775)
|
|
10,529
|
|
12,412
|
|
21,839
|
|
(Gain) loss on asset
sales
|
(24)
|
|
(3,933)
|
|
—
|
|
(5,046)
|
|
3,976
|
|
Adjusted
EBITDA
|
$
920,457
|
|
$
935,931
|
|
$
838,740
|
|
$ 3,701,841
|
|
$ 3,369,700
|
|
|
|
|
|
|
|
|
|
|
|
|
The geographic split of
our adjusted EBITDA is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas net income
(loss)
|
$
57,548
|
|
$
37,911
|
|
$
(67,580)
|
|
$
12,703
|
|
$
(584)
|
|
Americas income tax
expense (benefit)
|
(89,606)
|
|
19,897
|
|
(33,279)
|
|
22,818
|
|
42,587
|
|
Americas interest
income
|
(20,633)
|
|
(17,506)
|
|
(16,259)
|
|
(71,945)
|
|
(32,265)
|
|
Americas interest
expense
|
87,827
|
|
86,691
|
|
83,363
|
|
342,690
|
|
316,934
|
|
Americas other (income)
expense
|
50,797
|
|
(39,137)
|
|
104,539
|
|
24,752
|
|
(42,895)
|
|
Americas loss on debt
extinguishment
|
—
|
|
—
|
|
—
|
|
—
|
|
198
|
|
Americas depreciation,
amortization and accretion expense
|
251,276
|
|
251,855
|
|
237,919
|
|
999,832
|
|
932,892
|
|
Americas stock-based
compensation expense
|
70,914
|
|
64,067
|
|
76,131
|
|
272,259
|
|
282,997
|
|
Americas transaction
costs
|
2,923
|
|
1,054
|
|
9,003
|
|
7,064
|
|
17,950
|
|
Americas (gain) loss on
asset sales
|
(82)
|
|
65
|
|
—
|
|
3,523
|
|
3,961
|
|
Americas adjusted
EBITDA
|
$
410,964
|
|
$
404,897
|
|
$
393,837
|
|
$ 1,613,696
|
|
$ 1,521,775
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA net
income
|
$
174,108
|
|
$
125,992
|
|
$
195,224
|
|
$
651,057
|
|
$
477,808
|
|
EMEA income tax
expense
|
49,560
|
|
—
|
|
16,531
|
|
49,560
|
|
16,650
|
|
EMEA interest
income
|
(3,903)
|
|
(2,730)
|
|
(1,251)
|
|
(12,045)
|
|
(2,530)
|
|
EMEA interest
expense
|
4,530
|
|
3,931
|
|
2,675
|
|
17,167
|
|
5,698
|
|
EMEA other (income)
expense
|
(53,621)
|
|
42,284
|
|
(77,880)
|
|
(30,679)
|
|
77,705
|
|
EMEA depreciation,
amortization and accretion expense
|
124,536
|
|
125,613
|
|
116,097
|
|
497,924
|
|
459,098
|
|
EMEA stock-based
compensation expense
|
21,271
|
|
20,958
|
|
18,840
|
|
82,575
|
|
73,294
|
|
EMEA transaction
costs
|
3,238
|
|
(1,878)
|
|
253
|
|
4,286
|
|
2,016
|
|
EMEA (gain) loss on
asset sales
|
58
|
|
(3,998)
|
|
—
|
|
(8,569)
|
|
(237)
|
|
EMEA adjusted
EBITDA
|
$
319,777
|
|
$
310,172
|
|
$
270,489
|
|
$ 1,251,276
|
|
$ 1,109,502
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific net income
(loss)
|
$ (4,179)
|
|
$
111,857
|
|
$
1,259
|
|
$
305,220
|
|
$
227,353
|
|
Asia-Pacific income tax
expense
|
82,871
|
|
88
|
|
65,555
|
|
82,872
|
|
65,555
|
|
Asia-Pacific interest
income
|
(3,689)
|
|
(2,875)
|
|
(952)
|
|
(10,237)
|
|
(1,473)
|
|
Asia-Pacific interest
expense
|
10,826
|
|
10,763
|
|
8,162
|
|
42,165
|
|
33,705
|
|
Asia-Pacific other
expense
|
4,051
|
|
2,825
|
|
2,236
|
|
17,141
|
|
16,607
|
|
Asia-Pacific (gain)
loss on debt extinguishment
|
(71)
|
|
360
|
|
(143)
|
|
35
|
|
(525)
|
|
Asia-Pacific
depreciation, amortization and accretion expense
|
86,555
|
|
84,374
|
|
84,476
|
|
345,909
|
|
347,384
|
|
Asia-Pacific
stock-based compensation expense
|
13,644
|
|
13,421
|
|
12,548
|
|
52,702
|
|
47,692
|
|
Asia-Pacific
transaction costs
|
(292)
|
|
49
|
|
1,273
|
|
1,062
|
|
1,873
|
|
Asia-Pacific loss on
asset sales
|
—
|
|
—
|
|
—
|
|
—
|
|
252
|
|
Asia-Pacific adjusted
EBITDA
|
$
189,716
|
|
$
220,862
|
|
$
174,414
|
|
$
836,869
|
|
$
738,423
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
72 %
|
|
70 %
|
|
70 %
|
|
71 %
|
|
70 %
|
|
EMEA cash gross
margins
|
57 %
|
|
57 %
|
|
62 %
|
|
58 %
|
|
63 %
|
|
Asia-Pacific cash gross
margins
|
61 %
|
|
66 %
|
|
62 %
|
|
64 %
|
|
63 %
|
|
|
|
|
|
|
|
|
|
|
|
(10)
|
We define adjusted
EBITDA margins as adjusted EBITDA divided by revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas adjusted
EBITDA margins
|
44 %
|
|
44 %
|
|
45 %
|
|
45 %
|
|
45 %
|
|
EMEA adjusted EBITDA
margins
|
43 %
|
|
44 %
|
|
45 %
|
|
44 %
|
|
47 %
|
|
Asia-Pacific adjusted
EBITDA margins
|
44 %
|
|
50 %
|
|
44 %
|
|
48 %
|
|
47 %
|
|
|
(11)
|
We define adjusted
EBITDA flow-through rate as incremental adjusted EBITDA growth
divided by incremental revenue growth as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
current period
|
$
920,457
|
|
$
935,931
|
|
$
838,740
|
|
$ 3,701,841
|
|
$ 3,369,700
|
|
Less adjusted EBITDA -
prior period
|
(935,931)
|
|
(901,170)
|
|
(870,916)
|
|
(3,369,700)
|
|
(3,144,384)
|
|
Adjusted EBITDA
growth
|
$
(15,474)
|
|
$
34,761
|
|
$
(32,176)
|
|
$
332,141
|
|
$
225,316
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues - current
period
|
$ 2,110,489
|
|
$ 2,061,030
|
|
$ 1,870,845
|
|
$ 8,188,136
|
|
$ 7,263,105
|
|
Less revenues - prior
period
|
(2,061,030)
|
|
(2,018,408)
|
|
(1,840,659)
|
|
(7,263,105)
|
|
(6,635,537)
|
|
Revenue
growth
|
$
49,459
|
|
$
42,622
|
|
$
30,186
|
|
$
925,031
|
|
$
627,568
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
flow-through rate
|
(31) %
|
|
82 %
|
|
(107) %
|
|
36 %
|
|
36 %
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$
227,477
|
|
$
275,760
|
|
$
128,903
|
|
$
968,980
|
|
$
704,577
|
|
Net (income) loss
attributable to non-controlling interests
|
91
|
|
34
|
|
(140)
|
|
198
|
|
(232)
|
|
Net income attributable
to common shareholders
|
227,568
|
|
275,794
|
|
128,763
|
|
969,178
|
|
704,345
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Real estate
depreciation
|
289,747
|
|
284,760
|
|
274,625
|
|
1,141,861
|
|
1,104,787
|
|
(Gain) loss on
disposition of real estate property
|
1,642
|
|
(3,480)
|
|
437
|
|
1,898
|
|
7,134
|
|
Adjustments for FFO
from unconsolidated joint ventures
|
5,548
|
|
5,006
|
|
3,120
|
|
17,040
|
|
10,068
|
|
FFO attributable to
common shareholders
|
$
524,505
|
|
$
562,080
|
|
$
406,945
|
|
$ 2,129,977
|
|
$ 1,826,334
|
|
|
|
|
|
|
|
|
|
|
|
(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 shareholders
|
$
524,505
|
|
$
562,080
|
|
$
406,945
|
|
$ 2,129,977
|
|
$ 1,826,334
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Installation revenue
adjustment
|
507
|
|
(481)
|
|
6,975
|
|
3,910
|
|
17,745
|
|
Straight-line rent
expense adjustment
|
(5,952)
|
|
6,323
|
|
1,585
|
|
12,164
|
|
16,263
|
|
Amortization of
deferred financing costs and debt discounts
|
4,792
|
|
4,684
|
|
4,553
|
|
18,719
|
|
17,826
|
|
Contract cost
adjustment
|
(16,349)
|
|
(9,835)
|
|
(17,380)
|
|
(46,601)
|
|
(52,888)
|
|
Stock-based
compensation expense
|
105,829
|
|
98,446
|
|
107,519
|
|
407,536
|
|
403,983
|
|
Stock-based charitable
contributions
|
—
|
|
—
|
|
34,974
|
|
2,543
|
|
49,013
|
|
Non-real estate
depreciation expense
|
121,852
|
|
125,882
|
|
111,342
|
|
494,214
|
|
426,666
|
|
Amortization
expense
|
51,864
|
|
52,297
|
|
51,438
|
|
209,063
|
|
204,755
|
|
Accretion
expense
|
(1,096)
|
|
(1,097)
|
|
1,086
|
|
(1,473)
|
|
3,166
|
|
Recurring capital
expenditures
|
(105,150)
|
|
(51,736)
|
|
(80,047)
|
|
(218,287)
|
|
(188,885)
|
|
(Gain) loss on debt
extinguishment
|
(71)
|
|
360
|
|
(143)
|
|
35
|
|
(327)
|
|
Transaction
costs
|
5,869
|
|
(775)
|
|
10,529
|
|
12,412
|
|
21,839
|
|
Impairment charges
(1)
|
—
|
|
1,518
|
|
—
|
|
1,518
|
|
1,815
|
|
Income tax expense
(benefit) adjustment (1)
|
1,462
|
|
(16,719)
|
|
19,806
|
|
(12,133)
|
|
(31,165)
|
|
Adjustments for AFFO
from unconsolidated joint ventures
|
2,784
|
|
670
|
|
(1,364)
|
|
4,921
|
|
(2,262)
|
|
AFFO attributable to
common shareholders
|
$
690,846
|
|
$
771,617
|
|
$
657,818
|
|
$ 3,018,518
|
|
$ 2,713,878
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Impairment charges relate to the impairment of an indemnification
asset resulting from the settlement of a pre-acquisition uncertain
tax position, which was recorded as Other Income (Expense) on the
Condensed Consolidated Statements of Operations. This impairment
charge was offset by the recognition of tax benefits in the same
amount, which was included within the Income tax expense adjustment
line on the table above.
|
(14)
|
Below is how we
reconcile from adjusted EBITDA to AFFO:
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
920,457
|
|
$
935,931
|
|
$
838,740
|
|
$ 3,701,841
|
|
$ 3,369,700
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
(74,958)
|
|
(78,274)
|
|
(75,738)
|
|
(307,795)
|
|
(320,069)
|
|
Amortization of
deferred financing costs and debt discounts
|
4,792
|
|
4,684
|
|
4,553
|
|
18,719
|
|
17,826
|
|
Income tax
expense
|
(42,825)
|
|
(19,985)
|
|
(48,807)
|
|
(155,250)
|
|
(124,792)
|
|
Income tax expense
(benefit) adjustment (1)
|
1,462
|
|
(16,719)
|
|
19,806
|
|
(12,133)
|
|
(31,165)
|
|
Straight-line rent
expense adjustment
|
(5,952)
|
|
6,323
|
|
1,585
|
|
12,164
|
|
16,263
|
|
Stock-based charitable
contributions
|
—
|
|
—
|
|
34,974
|
|
2,543
|
|
49,013
|
|
Contract cost
adjustment
|
(16,349)
|
|
(9,835)
|
|
(17,380)
|
|
(46,601)
|
|
(52,888)
|
|
Installation revenue
adjustment
|
507
|
|
(481)
|
|
6,975
|
|
3,910
|
|
17,745
|
|
Recurring capital
expenditures
|
(105,150)
|
|
(51,736)
|
|
(80,047)
|
|
(218,287)
|
|
(188,885)
|
|
Other
expense
|
(1,227)
|
|
(5,972)
|
|
(28,895)
|
|
(11,214)
|
|
(51,417)
|
|
(Gain) loss on
disposition of real estate property
|
1,642
|
|
(3,480)
|
|
437
|
|
1,898
|
|
7,134
|
|
Adjustments for
unconsolidated JVs' and non-controlling interests
|
8,423
|
|
5,710
|
|
1,615
|
|
22,159
|
|
7,574
|
|
Adjustments for
impairment charges (1)
|
—
|
|
1,518
|
|
—
|
|
1,518
|
|
1,815
|
|
Adjustment for gain
(loss) on sale of assets
|
24
|
|
3,933
|
|
—
|
|
5,046
|
|
(3,976)
|
|
AFFO attributable to
common shareholders
|
$
690,846
|
|
$
771,617
|
|
$
657,818
|
|
$ 3,018,518
|
|
$ 2,713,878
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Impairment charges relate to the impairment of an indemnification
asset resulting from the settlement of a pre-acquisition uncertain
tax position, which was recorded as Other Income (Expense) on the
Condensed Consolidated Statements of Operations. This impairment
charge was offset by the recognition of tax benefits in the same
amount, which was included within the Income tax expense adjustment
line on the table above.
|
(15)
|
The shares used in the
computation of basic and diluted FFO and AFFO per share
attributable to common shareholders is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing basic net income per share, FFO per share and AFFO per
share
|
94,268
|
|
93,683
|
|
92,573
|
|
93,615
|
|
91,569
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
Employee equity
awards
|
399
|
|
485
|
|
179
|
|
394
|
|
259
|
|
Shares used in
computing diluted net income per share, FFO per share and AFFO per
share
|
94,667
|
|
94,168
|
|
92,752
|
|
94,009
|
|
91,828
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic FFO per
share
|
$
5.56
|
|
$
6.00
|
|
$
4.40
|
|
$
22.75
|
|
$
19.94
|
|
Diluted FFO per
share
|
$
5.54
|
|
$
5.97
|
|
$
4.39
|
|
$
22.66
|
|
$
19.89
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic AFFO per
share
|
$
7.33
|
|
$
8.24
|
|
$
7.11
|
|
$
32.24
|
|
$
29.64
|
|
Diluted AFFO per
share
|
$
7.30
|
|
$
8.19
|
|
$
7.09
|
|
$
32.11
|
|
$
29.55
|
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multimedia:https://www.prnewswire.com/news-releases/equinix-reports-fourth-quarter-and-full-year-2023-results-302062112.html
SOURCE Equinix, Inc.