10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 001-40205

 EQUINIX, INC.

(Exact name of registrant as specified in its charter)

Delaware	77-0487526
(State of incorporation)	(I.R.S. Employer Identification No.)

One Lagoon Drive, Redwood City, California 94065

(Address of principal executive offices, including ZIP code)

(650) 598-6000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $0.001	EQIX	The Nasdaq Stock Market LLC
0.250% Senior Notes due 2027		The Nasdaq Stock Market LLC
1.000% Senior Notes due 2033		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒

The number of shares outstanding of the registrant's Common Stock as of July 28, 2022 was 91,075,185.

EQUINIX, INC.

INDEX

		Page No.
	Summary of Risk Factors	4
Part I - Financial Information
Item 1.	Condensed Consolidated Financial Statements (unaudited):	6
	Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021	6
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021	7
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021	8
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021	9
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64
Item 4.	Controls and Procedures	66
Part II - Other Information
Item 1.	Legal Proceedings	67
Item 1A.	Risk Factors	67
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	93
Item 3.	Defaults Upon Senior Securities	93
Item 4.	Mine Safety Disclosure	93
Item 5.	Other Information	93
Item 6.	Exhibits	94
Signatures		101
Index to Exhibits		102

3

Summary of Risk Factors

Our business is subject to numerous risks and uncertainties that make an investment in our securities speculative or risky, any one of which could materially adversely affect our results of operations, financial condition or business. These risks include, but are not limited to, those listed below. This list is not complete, and should be read together with the section titled “Risk Factors” in this Quarterly Report on Form 10-Q, as well as the other information in this Quarterly Report on Form 10-Q and the other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”).

Risks Related to Our Business and Our Operations

•Inflation in the global economy and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.

•We are currently operating in a period of economic uncertainty and capital markets disruption, which has been the result of many global macro-economic factors including the ongoing military conflict between Russia and Ukraine. Our business, financial condition, and results of operations may be materially adversely affected by the negative impact on the global economy, supply chain and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.

•The effects of the COVID-19 pandemic could have a negative effect on our business, results of operations and financial condition.

•Our business could be harmed by increased cost to procure power, prolonged power outages, shortages or capacity constraints.

•Fluctuations in foreign currency exchange rates in the markets in which we operate internationally could harm our results of operations.

•We experienced an information technology security breach in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.

•Our offerings have a long sales cycle that may harm our revenue and results of operations.

•Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers, or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.

•We are currently making significant investments in our back-office information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.

•The level of insurance coverage that we purchase may prove to be inadequate.

•If we are unable to implement our evolving organizational structure or if we are unable to recruit or retain key executives and qualified personnel, our business could be harmed.

•We may not be able to compete successfully against current and future competitors.

•If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer.

•Our results of operations may fluctuate.

•We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings.

•We have incurred substantial losses in the past and may incur additional losses in the future.

•The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations.

•We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected.

•We have government customers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.

•Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and results of operations.

•Industry consolidation may have a negative impact on our business model.

•The use of high power density equipment may limit our ability to fully utilize our older IBX data centers.

4

Risks Related to Our Expansion Plans

•Our construction of new IBX data centers or IBX data center expansions could involve significant risks to our business.

•Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction.

•The anticipated benefits of our joint ventures may not be fully realized, or take longer to realize than expected.

•Joint venture investments could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.

•If we cannot effectively manage our international operations, and successfully implement our international expansion plans, or comply with evolving laws and regulations, our revenues may not increase, our costs may increase and our business and results of operations would be harmed.

•We are continuing to invest in our expansion efforts but may not have sufficient customer demand in the future to realize expected returns on these investments.

Risks Related to Our Capital Needs and Capital Strategy

•Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital.

•Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.

•If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.

•Our derivative transactions expose us to counterparty credit risk.

Risks Related to Environmental Laws and Climate Change Impacts

•Environmental regulations may impose upon us new or unexpected costs.

•Our business may be adversely affected by climate change and responses to it.

•We may fail to achieve our environmental goals which may adversely affect public perception of our business and affect our relationship with our customers, our stockholders and/or other stakeholders.

Risks Related to Certain Regulations and Laws, Including Tax Laws

•Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.

•Government regulation or failure to comply with laws and regulations may adversely affect our business.

Risks Related to Our Taxation as a REIT

•We have a number of risks related to our intended qualification as a real estate investment trust for federal income tax purposes ("REIT"), including the risk that we may not be able to maintain our qualification as a REIT which could expose us to substantial corporate income tax and have a materially adverse effect on our business, financial condition, and results of operations.

5

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

EQUINIX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	June 30, 2022		December 31, 2021
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	1,891,311	$	1,536,358
Accounts receivable, net of allowance of $13,914 and $11,635	812,769		681,809
Other current assets	514,313		462,739
Assets held for sale	71,554		276,195
Total current assets	3,289,947		2,957,101
Property, plant and equipment, net	15,455,180		15,445,775
Operating lease right-of-use assets	1,453,233		1,282,418
Goodwill	5,585,330		5,372,071
Intangible assets, net	1,982,434		1,935,267
Other assets	1,272,090		926,066
Total assets	$	29,038,214	$	27,918,698
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses	$	841,473	$	879,144
Accrued property, plant and equipment	244,267		187,334
Current portion of operating lease liabilities	140,667		144,029
Current portion of finance lease liabilities	144,100		147,841
Current portion of mortgage and loans payable	34,086		33,087
Other current liabilities	204,351		214,519
Total current liabilities	1,608,944		1,605,954
Operating lease liabilities, less current portion	1,291,447		1,107,180
Finance lease liabilities, less current portion	1,985,498		1,989,668
Mortgage and loans payable, less current portion	655,331		586,577
Senior notes, less current portion	12,077,756		10,984,144
Other liabilities	789,644		763,411
Total liabilities	18,408,620		17,036,934
Commitments and contingencies (Note 11)
Equinix stockholders' equity
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 91,340,481 issued and 91,075,115 outstanding in 2022 and 90,872,826 issued and 90,571,406 outstanding in 2021	91		91
Additional paid-in capital	16,259,311		15,984,597
Treasury stock, at cost; 265,366 shares in 2022 and 301,420 shares in 2021	(98,792)		(112,208)
Accumulated dividends	(6,736,338)		(6,165,140)
Accumulated other comprehensive loss	(1,418,756)		(1,085,751)
Retained earnings	2,624,268		2,260,493
Total Equinix stockholders' equity	10,629,784		10,882,082
Non-controlling interests	(190)		(318)
Total stockholders' equity	10,629,594		10,881,764
Total liabilities and stockholders' equity	$	29,038,214	$	27,918,698

See accompanying notes to condensed consolidated financial statements.

6

EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(Unaudited)
Revenues	$	1,817,154	$	1,657,919	$	3,551,601	$	3,253,983
Costs and operating expenses:
Cost of revenues	930,257		865,120		1,846,132		1,676,337
Sales and marketing	193,727		185,610		386,238		368,437
General and administrative	370,348		322,005		723,035		623,461
Transaction costs	5,063		6,985		9,303		8,167
(Gain) loss on asset sales	(94)		(455)		1,724		1,265
Total costs and operating expenses	1,499,301		1,379,265		2,966,432		2,677,667
Income from operations	317,853		278,654		585,169		576,316
Interest income	4,508		374		6,614		1,103
Interest expense	(90,826)		(87,231)		(170,791)		(176,912)
Other expense	(6,238)		(39,377)		(15,787)		(46,327)
Gain (loss) on debt extinguishment	(420)		(102,460)		109		(115,518)
Income before income taxes	224,877		49,960		405,314		238,662
Income tax (expense) benefit	(8,635)		18,527		(41,379)		(14,101)
Net income	216,242		68,487		363,935		224,561
Net (income) loss attributable to non-controlling interests	80		(148)		(160)		140
Net income attributable to Equinix	$	216,322	$	68,339	$	363,775	$	224,701
Earnings per share ("EPS") attributable to Equinix:
Basic EPS	$	2.38	$	0.76	$	4.00	$	2.51
Weighted-average shares for basic EPS	91,036		89,648		90,904		89,490
Diluted EPS	$	2.37	$	0.76	$	3.99	$	2.50
Weighted-average shares for diluted EPS	91,262		90,104		91,213		90,024

See accompanying notes to condensed consolidated financial statements.

7

EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(Unaudited)
Net income	$	216,242	$	68,487	$	363,935	$	224,561
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $0, $0, $0 and $0	(740,428)		110,466		(862,962)		(184,680)
Net investment hedge CTA gain (loss), net of tax effect of $0, $0, $0 and $0	353,953		(37,036)		445,311		133,139
Unrealized gain (loss) on cash flow hedges, net of tax effects of $(7,291), $(447), $(12,018) and $(8,339)	20,617		(5,700)		84,654		23,778
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $5, $(3), $9 and $(8)	(19)		15		(40)		27
Total other comprehensive income (loss), net of tax	(365,877)		67,745		(333,037)		(27,736)
Comprehensive income, net of tax	(149,635)		136,232		30,898		196,825
Net (income) loss attributable to non-controlling interests	80		(148)		(160)		140
Other comprehensive (income) loss attributable to non-controlling interests	35		(11)		32		(10)
Comprehensive income attributable to Equinix	$	(149,520)	$	136,073	$	30,770	$	196,955

See accompanying notes to condensed consolidated financial statements.

8

EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Six Months Ended June 30,
	2022		2021
	(Unaudited)
Cash flows from operating activities:
Net income	$	363,935	$	224,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	767,166		706,184
Stock-based compensation	194,634		172,685
Amortization of intangible assets	101,444		105,074
Amortization of debt issuance costs and debt discounts and premiums	8,740		8,370
Provision for credit loss allowance	4,198		5,751
Loss on asset sales	1,724		1,265
(Gain) loss on debt extinguishment	(109)		115,518
Other items	8,288		17,545
Changes in operating assets and liabilities:
Accounts receivable	(127,029)		(57,329)
Income taxes, net	(19,782)		(65,935)
Other assets	10,259		(57,280)
Operating lease right-of-use assets	74,239		61,775
Operating lease liabilities	(66,372)		(100,328)
Accounts payable and accrued expenses	(20,852)		(57,201)
Other liabilities	82,221		(90,300)
Net cash provided by operating activities	1,382,704		990,355
Cash flows from investing activities:
Purchases of investments	(87,022)		(25,001)
Sales of investments	22,073		4,057
Business acquisitions, net of cash and restricted cash acquired	(883,668)		—
Real estate acquisitions	(33,331)		(87,637)
Purchases of other property, plant and equipment	(897,348)		(1,255,830)
Proceeds from sale of assets, net of cash transferred	251,415		—
Net cash used in investing activities	(1,627,881)		(1,364,411)
Cash flows from financing activities:
Proceeds from employee equity awards	43,876		40,034
Payment of dividends	(572,717)		(521,092)
Proceeds from public offering of common stock, net of issuance costs	—		99,599
Proceeds from senior notes, net of debt discounts	1,193,688		3,878,662
Proceeds from mortgage and loans payable	676,850		—
Repayments of finance lease liabilities	(69,556)		(98,877)
Repayments of mortgage and loans payable	(561,032)		(696,059)
Repayment of senior notes	—		(1,990,650)
Debt extinguishment costs	—		(99,185)
Debt issuance costs	(17,731)		(25,102)
Net cash provided by financing activities	693,378		587,330
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(96,536)		(17,054)
Net increase in cash, cash equivalents and restricted cash	351,665		196,220
Cash, cash equivalents and restricted cash at beginning of period	1,549,454		1,625,695
Cash, cash equivalents and restricted cash at end of period	$	1,901,119	$	1,821,915
Cash and cash equivalents	$	1,891,311	$	1,799,727
Current portion of restricted cash included in other current assets	8,943		12,994
Non-current portion of restricted cash included in other assets	865		9,194
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$	1,901,119	$	1,821,915

See accompanying notes to condensed consolidated financial statements.

9

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.    Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented. In the preparation of our condensed consolidated financial statements, we have considered potential impacts of the COVID-19 pandemic on our critical and significant accounting estimates. There was no significant impact to our condensed consolidated financial statements. We will continue to evaluate the nature and extent of the potential impacts to our business and our condensed consolidated financial statements.

Our condensed consolidated balance sheet data as of December 31, 2021 has been derived from audited consolidated financial statements as of that date. Our condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission ("SEC"), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 18, 2022. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.

Consolidation

The accompanying unaudited condensed consolidated financial statements include the acquisitions of:

•Two data centers in Mumbai, India from the India operations of GPX Global Systems, Inc. ("GPX India") from September 1, 2021;

•Four data centers as well as a subsea cable and terrestrial fiber network in West Africa acquired from MainOne Cable Company ("MainOne") from April 1, 2022; and

•Four data centers in Chile acquired from Empresa Nacional De Telecomunicaciones S.A. ("Entel") from May 2, 2022.

All intercompany accounts and transactions have been eliminated in consolidation.

Income Taxes

We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the dividends paid to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.

We accrue for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors such as our operating performance, tax law changes and future business acquisitions.

Our effective tax rates were 10.2% and 5.9% for the six months ended June 30, 2022 and 2021, respectively. The increase in the effective tax rate for the six months ended June 30, 2022 as compared to the same period in 2021 was primarily due to the reversal of uncertain tax positions of approximately $72.0 million in the prior period resulting from the settlement of various tax audits in the EMEA and Asia-Pacific regions. In the current period, we had a favorable resolution from the settlement of tax audits in the EMEA region, resulting in a tax benefit of approximately $41.4 million.

10

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Of the unrecognized tax benefits realized in the prior period, approximately $33.6 million was related to the uncertain tax position inherited from the Metronode Acquisition in 2018. The uncertain tax position was covered by an indemnification agreement with the seller. The realization of the unrecognized tax benefits resulted in an impairment of the indemnification asset for the same amount, which was included in Other Income (Expense) on the Condensed Consolidated Statements of Operations.

Recent Accounting Pronouncements

Accounting Standards Adopted

Income Taxes

In December 2019, FASB issued ASU 2019-12, Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes. The ASU simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application of and simplifies generally accepted accounting principles ("GAAP") for other areas of Topic 740 by clarifying and amending existing guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted including adoption in any interim period for periods for which financial statements have not yet been issued. On January 1, 2021, we adopted this ASU on a prospective basis and the adoption of this standard did not have an impact on our condensed consolidated financial statements.

Debt with Conversion and Other Options

In August 2020, FASB issued ASU 2020-06: Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock and modifies the disclosure requirement for the convertible instruments. Additionally, this ASU improves the consistency of EPS calculations by eliminating the use of the treasury stock method to calculate diluted EPS for convertible instruments and clarifies certain areas under the current EPS guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted at the beginning of the fiscal year after December 15, 2020. On January 1, 2022, we adopted this ASU on a prospective basis and the adoption of this standard did not have a material impact on our condensed consolidated financial statements.

Business Combinations

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08 Business Combinations ("Topic 805"): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. Under the current business combinations guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. On April 1, 2022, we early adopted this ASU and the adoption of this standard did not have a material impact on our condensed consolidated financial statements.

11

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

2. Revenue

Contract Balances

The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in thousands):

	Accounts receivable, net (1)		Contract assets, current		Contract assets, non-current		Deferred revenue, current		Deferred revenue, non-current
Beginning balances as of January 1, 2022	$	681,809	$	65,392	$	55,486	$	109,736	$	87,495
Closing balances as of June 30, 2022	812,769		66,693		61,290		128,461		162,024
Increase	$	130,960	$	1,301	$	5,804	$	18,725	$	74,529

(1) The net change in our allowance for credit losses was insignificant during the three months ended June 30, 2022.

The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth, contract assets and liabilities acquired from the MainOne acquisition and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the six months ended June 30, 2022 from the opening deferred revenue balance as of January 1, 2022 was $51.8 million.

Remaining performance obligations

As of June 30, 2022, approximately $9.5 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one to three years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 70% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contract renewals. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployments dates, contract modifications, renewals and/or terminations.

The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, point-in-time services, service fees from xScaleTM data centers, which are calculated based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties such as the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.

12

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

3.    Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	216,242	$	68,487	$	363,935	$	224,561
Net (income) loss attributable to non-controlling interests	80		(148)		(160)		140
Net income attributable to Equinix	$	216,322	$	68,339	$	363,775	$	224,701
Weighted-average shares used to calculate basic EPS	91,036		89,648		90,904		89,490
Effect of dilutive securities:
Employee equity awards	226		456		309		534
Weighted-average shares used to calculate diluted EPS	91,262		90,104		91,213		90,024
EPS attributable to Equinix:
Basic EPS	$	2.38	$	0.76	$	4.00	$	2.51
Diluted EPS	$	2.37	$	0.76	$	3.99	$	2.50

We have excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 409,000 shares and 248,000 shares for the three months ended June 30, 2022 and 2021, respectively, and approximately 393,000 and 199,000 shares for the six months ended June 30, 2022 and 2021, because their effect would be anti-dilutive.

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(Unaudited)

4.    Acquisitions

Pending Acquisition

Acquisition of Entel Peru Data Center (the "Entel Peru Acquisition")

On April 27, 2022, we signed an agreement with Entel to acquire a data center in Peru for a purchase price of PEN270.8 million, or approximately $70.7 million at the exchange rate in effect on that date. The acquisition of the data center in Peru is expected to close in the third quarter of 2022, pending the achievement of certain closing conditions, and will be accounted for as a separate transaction. After close of the acquisition, the operating results of the acquired data center will be reported in the Americas region. The Entel Peru Acquisition further supports our ongoing expansion to meet customer demand in the Latin American market.

2022 Acquisitions

Acquisition of Entel Chile Data Centers (the "Entel Chile Acquisition")

On May 2, 2022, we further expanded in Latin America through an acquisition of four data centers from Entel, a leading Chilean telecommunications provider, for a total purchase consideration of $638.3 million at the exchange rate in effect on that date. The Entel Chile Acquisition supports our ongoing expansion to meet customer demand in the Latin American market.

Acquisition of MainOne (the "MainOne Acquisition")

On April 1, 2022, we completed the acquisition of all outstanding shares of MainOne, consisting of four data centers as well as a subsea cable and terrestrial fiber network. We acquired MainOne and its assets for a total purchase consideration of $278.4 million. The MainOne Acquisition supports our desire to meet customer demand in the West African market.

2021 Acquisition

Acquisition of GPX India (the "GPX India Acquisition")

On September 1, 2021, we completed the acquisition of GPX India, representing two data centers in Mumbai, India, for a total purchase consideration of approximately INR12.5 billion, or $170.5 million at the exchange rate in effect on that date. The GPX India Acquisition supports our desire to meet customer demand in the Indian market.

Purchase Price Allocation

Each of the acquisitions noted above constitute a business under the accounting standard for business combinations and, therefore, were accounted for as business combinations using the acquisition method of accounting. Under this method, the total purchase price is allocated to the assets acquired and liabilities assumed measured at fair value on the date of acquisition.

As of June 30, 2022, we had not completed the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed from the Entel Chile Acquisition and MainOne Acquisition, including property, plant and equipment, intangible assets and the related tax impacts; therefore, the purchase price allocation is based on provisional estimates and subject to continuing management analysis.

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(Unaudited)

A summary of the allocation of total purchase consideration is presented as follows (in thousands):

	GPX India		Entel Chile		MainOne
	Final		Provisional
Cash and cash equivalents	$	9,406	$	—	$	33,026
Accounts receivable	4,399		—		9,431
Other current assets	8,883		12,424		22,634
Property, plant and equipment	88,130		81,132		237,988
Operating lease right-of-use assets	62		—		—
Intangible assets	15,408		153,489		54,800
Goodwill	77,145		380,867		117,529
Deferred tax and other assets	20		12,090		4,060
Total assets acquired	203,453		640,002		479,468
Accounts payable and accrued liabilities	(1,566)		(195)		(19,790)
Other current liabilities (1)	(478)		—		(13,061)
Operating lease liabilities	(62)		—		—
Finance lease liabilities	(20,565)		—		—
Mortgage and loans payable	—		—		(25,944)
Deferred tax and other liabilities (1)	(10,317)		(1,463)		(142,323)
Net assets acquired	$	170,465	$	638,344	$	278,350

(1)For the MainOne Acquisition, other current liabilities includes $9.9 million of deferred revenue - current and the other liabilities includes $95.4 million of deferred revenue - non-current.

Property, plant and equipment - The fair values of property, plant and equipment acquired from these three acquisitions were estimated by applying the cost approach, with the exception of land, which we estimated by applying the market approach. The key assumptions of the cost approach include replacement cost new, physical deterioration, functional and economic obsolescence, economic useful life, remaining useful life, age and effective age.

Intangible assets - The following table presents certain information on the acquired intangible assets (in thousands):

Intangible Assets	Fair Value		Estimated Useful Lives (Years)	Weighted-average Estimated Useful Lives (Years)	Discount Rate
GPX India:
Customer relationships (1)	$	15,408	15.0	15.0	11.0	%
Entel Chile:
Customer relationships (1)	153,489		12.0 - 15.0	14.0	8.5% - 9.5%
MainOne:
Customer relationships (1)	51,500		10.0 - 15.0	14.0	11.5	%
Trade names (2)	3,300		5.0	5.0	11.5	%

(1)The fair value was estimated by calculating the present value of estimated future operating cash flows generated from existing customers less costs to realize the revenue. The rates reflect the nature of the assets as they relate to the risk and uncertainty of the estimated future operating cash flows, as well as the risk of the country within which the acquired business operates.

(2)The fair value of the MainOne trade name was estimated using the relief from royalty method under the income approach. We applied a relief from royalty rate of 1.0%.

Goodwill

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(Unaudited)

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. Goodwill is attributable to the workforce of the acquired business and the projected revenue increase expected to arise from future customers after the acquisition. Goodwill from the GPX India Acquisition is attributable to the Asia-Pacific region and is not deductible for local tax purposes. Goodwill from the Entel Chile Acquisition is attributable to the Americas region and is not expected to be amortizable for local tax purposes. Goodwill from the MainOne Acquisition is attributable to the EMEA region and is not deductible for local tax purposes except for the portion attributable to Ghana.

Revenues and net income and loss from operations

The operating results of the Entel Chile Acquisition are reported in the Americas region and the operating results of the MainOne Acquisition are reported in the EMEA region following the date of acquisition. During the three and six months ended June 30, 2022, our revenues were $27.0 million and our net income was insignificant from these acquisitions.

Transaction costs

During the three and six months ended June 30, 2022, the transaction costs for the MainOne Acquisition and Entel Chile Acquisition were insignificant.

5.    Assets Held for Sale

In June 2021, we entered into an agreement to form another joint venture in the form of a limited liability partnership with GIC Private Limited, Singapore's sovereign wealth fund ("GIC"), to develop and operate additional xScale data centers in Europe and the Americas (the “EMEA 2 Joint Venture”). The transaction is structured to close in phases over the course of two years, pending regulatory approval and other closing conditions. The assets and liabilities of the Warsaw 4 ("WA4") data center site, which were included within our EMEA region, were classified as held for sale as of June 30, 2021. In June 2022, we sold the WA4 data center in exchange for a total consideration of $61.5 million. During the three months ended June 30, 2022, we recognized an insignificant gain on the sale of the WA4 data center.

In October 2021, we entered into an agreement to form a joint venture in the form of a limited liability partnership with PGIM Real Estate ("PGIM"), to develop and operate xScaleTM data centers in Asia-Pacific (the "Asia-Pacific 2 Joint Venture"). xScale data centers are engineered to meet the technical and operational requirements and price points of core hyperscale workload deployments and also offer access to our comprehensive suite of interconnection and edge services. The assets and liabilities of the Sydney 9 ("SY9") data center site, which were included within our Asia-Pacific region, were classified as held for sale as of September 30, 2021. Upon closing the joint venture in March 2022, we sold the SY9 data center in exchange for a total consideration of $201.3 million, which is comprised of $165.6 million of net cash proceeds, a 20% partnership interest in the Asia-Pacific 2 Joint Venture with a fair value of $29.8 million, and $5.9 million of receivables. During the three months ended March 31, 2022, we recognized an insignificant loss on the sale of the SY9 data center.

In March 2022, we entered into an agreement to sell the Mexico 3 ("MX3") data center site in connection with the formation of a new joint venture with GIC (the "AMER 1 Joint Venture") to develop and operate xScale data centers in the Americas. Given that the key terms of the sale had been substantially agreed upon as of September 30, 2021, the assets and liabilities of the MX3 data center, which are currently included within our Americas region, were classified as held for sale as of September 30, 2021 and remained held for sale as of June 30, 2022.

All assets and liabilities classified as held for sale are reported at the lower of their carrying amounts or fair values less costs to sell. The following table summarizes the assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheet as of June 30, 2022 (in thousands):

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(Unaudited)

	June 30, 2022
Operating lease right-of-use assets	$	1,976
Property, plant and equipment	66,440
Other assets	3,138
Total assets held for sale	$	71,554
Accounts payable and accrued expenses	$	290
Current portion of operating lease liabilities	1,353
Accrued property, plant and equipment	5,877
Total liabilities held for sale (1)	$	7,520

(1)Liabilities held for sale were included within other current liabilities on the condensed consolidated balance sheet.

6.    Equity Method Investments

We hold various equity method investments, primarily joint venture or partnership arrangements, in order to invest in certain entities that are in line with our business development objectives, including the development and operation of xScale data centers. Some of these xScale joint ventures are classified as Variable Interest Entities ("VIEs"), as discussed further below. The Asia-Pacific 1, Asia-Pacific 2, Asia-Pacific 3 and EMEA 2 Joint Ventures (the "VIE Joint Ventures") share a similar purpose, design and nature of assets. The following table summarizes our equity method investments (in thousands), which were included in other assets on the condensed consolidated balance sheets:

Investee	Ownership Percentage	June 30, 2022		December 31, 2021
EMEA 1 Joint Venture with GIC	20%	$	127,008	$	131,516
VIE Joint Ventures	20%	156,307		95,052
Other	Various	18,634		18,481
Total		$	301,949	$	245,049

Non - VIE Joint Venture

EMEA 1 Joint Venture

In 2019, we entered into a joint venture in the form of a limited liability partnership with GIC (the "EMEA 1 Joint Venture"), to develop and operate xScale data centers in Europe. The EMEA 1 Joint Venture is not a VIE given that both equity investors' interests have the characteristics of a controlling financial interest and it is sufficiently capitalized to sustain its operations, requiring additional funding from its partners only when expanding operations. Our share of income and losses of equity method investments from this joint venture was insignificant for the three and six months ended June 30, 2022 and 2021 and was included in other income (expense) on the condensed consolidated statement of operations.

We committed to make future equity contributions to the EMEA 1 Joint Venture for funding its future development. As of June 30, 2022, we had future equity contribution commitments of $33.0 million.

VIE Joint Ventures

In 2020, we entered into a joint venture in the form of a limited liability partnership with GIC (the "Asia-Pacific 1 Joint Venture") to develop and operate xScale data centers in Asia-Pacific.

In 2021, we entered into the EMEA 2 Joint Venture with GIC to develop and operate additional xScale data centers in Europe and the Americas (see Note 5 above).

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(Unaudited)

On March 11, 2022, we entered into the Asia-Pacific 2 Joint Venture with PGIM to develop and operate additional xScale data centers in Asia-Pacific (see Note 5 above).

On April 6, 2022, we entered into a joint venture in the form of a limited liability partnership with GIC (the "Asia-Pacific 3 Joint Venture") to develop and operate additional xScale data centers in Seoul, Korea. Upon closing, we contributed $17.0 million in exchange for a 20% partnership interest in the joint venture.

The VIE Joint Ventures are considered VIEs because they do not have sufficient funds from operations to be self-sustaining. While we provide certain management services to their operations and earn fees for the performance of such services, the power to direct the activities of these joint ventures that most significantly impact economic performance is shared equally between us and either GIC or PGIM, as applicable. These activities include data center construction and operations, sales and marketing, financing, and real estate purchases or sales. Decisions about these activities require the consent of both Equinix and either GIC or PGIM, as applicable. We concluded that neither party is deemed to have predominant control over the VIE Joint Ventures and neither party is considered to be the primary beneficiary. During the three and six months ended June 30, 2022, our share of income and losses of equity method investments from these joint ventures was insignificant both individually and in aggregate, and was included in other income (expense) on the condensed consolidated statement of operations.

The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of June 30, 2022 (in thousands):

	VIE Joint Ventures
Equity Investment	$	156,307
Outstanding Receivables	16,204
Future Equity Contribution Commitments (1)	71,357
Maximum Future Payments under Debt Guarantees (2)	55,433
Total	$	299,301

(1)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete certain construction phases or make interest payments on their outstanding debt.

(2)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under EMEA 2 Joint Venture's credit facility agreements (see Note 11).

Other Related Party Transactions

We have lease arrangements and provide various services to the EMEA 1 Joint Venture and the VIE Joint Ventures (the "Joint Ventures") through multiple agreements, including sales and marketing, development management, facilities management, and asset management. These transactions are generally considered to have been negotiated at arm's length. The following table presents the revenues and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Nature of Transaction	2022		2021		2022		2021
EMEA 1 Joint Venture	Revenues	$	18,880	$	13,230	$	25,182	$	18,849
EMEA 1 Joint Venture	Expenses (1)	(916)		2,101		3,412		4,604
VIE Joint Ventures	Revenues	13,185		12,187		20,187		14,445

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

(1)We have a sub-lease agreement with the EMEA 1 Joint Venture to sub-lease a portion of London ("LD") 10-2 data center or former LD10 data center, for a total of 15 years. Balances primarily consist of rent expenses for the LD10-2 data center.

The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in thousands):

Related Party	Balance Sheet Line Item	June 30, 2022		December 31, 2021
EMEA 1 Joint Venture	Receivables	$	33,399	$	32,077
	Contract Assets (1)	55,795		54,503
	Finance Lease Right of Use Assets	104,842		118,817
	Other Liabilities and Payables	2,277		2,483
	Other Liabilities and Payables - construction obligation (2)	35,936		39,382
	Deferred Revenue	15,563		16,886
	Finance Lease Right of Use Liabilities	110,829		124,918
VIE Joint Ventures	Receivables	16,204		29,077
	Contract Assets	5,050		1,492
	Payables	—		1,876

(1)A portion of the contract asset balance relates to commitments to complete a residual portion of the Paris 9 data center sold to the EMEA 1 Joint Venture, which is reimbursable in full upon completion.

(2)The balance primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction.

We received contingent consideration from separate sales of xScale data centers to the EMEA 1 Joint Venture, which become receivable upon completion of certain performance milestones, primarily contingent on the local regulatory approvals for certain sites. The contingent consideration are considered derivatives and are remeasured at fair value each reporting period using inputs such as probabilities of payment, discount rates, foreign currency forward rates and projected payment dates. The fair value measurements were based on significant inputs that are not observable in the market and thus represent Level 3 measurements. As of June 30, 2022 and December 31, 2021, the total fair value of the remaining contingent consideration which was included in other current assets on the condensed consolidated balance sheets was not significant. Changes in the fair value of the contingent consideration were recorded in gain (loss) on asset sales on the condensed consolidated statement of operations.

7.    Derivatives and Hedging Activities

Derivatives Designated as Hedging Instruments

Net Investment Hedges. We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. Dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which are designated as hedges against our net investments in foreign subsidiaries. As of June 30, 2022 and December 31, 2021, the total principal amounts of foreign currency debt obligations designated as net investment hedges was $1.8 billion and $1.5 billion, respectively.

We also use cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. As of June 30, 2022 and December 31, 2021, we had cross-currency interest rate swaps outstanding with notional amounts of $3.9 billion and $4.0 billion respectively, with maturity dates ranging through 2026.

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(Unaudited)

From time to time, we use foreign currency forward contracts to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. As of June 30, 2022 and December 31, 2021, the total notional amount of foreign currency forward contracts designated as net investment hedges were $373.4 million and $375.7 million, respectively.

Certain of our customer agreements are deemed to have foreign currency forward contracts embedded in them that are priced in currencies different from the functional or local currencies of the parties involved. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. Dollars. We use these forward contracts embedded within our customer agreements to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries.

The effect of net investment hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Foreign currency debt		$	112,530	$	(23,758)	$	157,591	$	44,982
Cross-currency interest rate swaps (included component) (1)		221,292		(23,124)		343,322		118,104
Cross-currency interest rate swaps (excluded component) (2)		3,154		15,112		(68,954)		(25,417)
Foreign currency forward contracts (included component) (1)		18,592		(5,264)		15,643		(4,556)
Foreign currency forward contracts (excluded component) (3)		(1,615)		(2)		(2,291)		26
Total		$	353,953	$	(37,036)	$	445,311	$	133,139
Amount of gain or (loss) recognized in earnings:
	Location of gain or (loss)	Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Cross-currency interest rate swaps (excluded component) (2)	Interest expense	$	12,029	$	10,566	$	24,607	$	20,615
Foreign currency forward contracts (excluded component) (3)	Interest expense	(132)		40		(163)		204
Total		$	11,897	$	10,606	$	24,444	$	20,819

(1)Included component represents foreign exchange spot rates.

(2)Excluded component represents cross-currency basis spread and interest rates.

(3)Excluded component represents foreign currency forward points.

Cash Flow Hedges. We hedge our foreign currency transaction exposure for forecasted revenues and expenses in our EMEA region between the U.S. Dollar and the British Pound, Euro, Swedish Krona and Swiss Franc. The foreign currency forward and option contracts that we use to hedge this exposure are designated as cash flow hedges. As of June 30, 2022 and December 31, 2021, the total notional amounts of these foreign exchange contracts were $631.8 million and $831.2 million, respectively.

As of June 30, 2022, our foreign currency cash flow hedge instruments had maturity dates ranging from July 2022 to December 2023 and we had a net gain of $57.5 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses relating to these cash flow hedges as they mature in the next 12 months. As of December 31, 2021, our foreign currency cash flow hedge instruments had maturity dates ranging from January 2022 to December 2023 and we had a net gain of $13.3 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses relating to these cash flow hedges as they mature in the next 12 months.

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(Unaudited)

We enter into intercompany hedging instruments ("intercompany derivatives") with our wholly-owned subsidiaries in order to hedge certain forecasted revenues and expenses denominated in currencies other than the U.S. Dollar. Simultaneously, we enter into derivative contracts with unrelated third parties to externally hedge the net exposure created by such intercompany derivatives.

We hedge the interest rate exposure created by anticipated fixed rate debt issuances through the use of treasury locks and swap locks (collectively, interest rate locks), which are designated as cash flow hedges. As of June 30, 2022, we had no interest rate locks outstanding. As of December 31, 2021, the total notional amount of interest rate locks outstanding was $800.0 million. During the six months ended June 30, 2022, interest rate locks with a combined aggregate notional amount of $800.0 million were settled related to the issuance of senior notes during the year. When interest rate locks are settled, any gain or loss from the transactions is deferred and included as a component of other comprehensive income (loss) and is amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks. As of June 30, 2022 and December 31, 2021, we had a net gain of $1.4 million and a net loss of $3.9 million, respectively, recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months for interest rate locks.

The effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Foreign currency forward and option contracts (included component) (1)		$	28,258	$	1,833	$	46,580	$	33,207
Foreign currency option contracts (excluded component) (2)		—		(45)		—		151
Interest rate locks		(350)		(7,040)		50,092		(1,239)
Total		$	27,908	$	(5,252)	$	96,672	$	32,119
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain or (loss)	2022		2021		2022		2021
Foreign currency forward contracts	Revenues	$	31,838	$	(16,565)	$	35,401	$	(29,534)
Foreign currency forward contracts	Costs and operating expenses	(15,793)		8,583		(17,105)		15,787
Interest rate locks	Interest Expense	350		(1,049)		(726)		(1,854)
Total		$	16,395	$	(9,031)	$	17,570	$	(15,601)
Amount of gain or (loss) excluded from effectiveness testing included in income:
		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain or (loss)	2022		2021		2022		2021
Foreign currency option contracts (excluded component) (2)	Revenues	$	—	$	(63)	$	—	$	(244)
Total		$	—	$	(63)	$	—	$	(244)

(1)Included component represents foreign exchange spot rates.

(2)Excluded component represents option's time value.

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(Unaudited)

Derivatives Not Designated as Hedging Instruments

Embedded Derivatives. As described above, certain of our customer agreements are deemed to have foreign currency forward contracts embedded in them that are priced in currencies different from the functional or local currencies of the parties involved. 

Economic Hedges of Embedded Derivatives. We use foreign currency forward contracts to manage the foreign exchange risk associated with our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved ("economic hedges of embedded derivatives"). Foreign currency forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date.

Foreign Currency Forward Contracts. We also use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. As a result of foreign currency fluctuations, the U.S. Dollar equivalent values of our foreign currency-denominated monetary assets and liabilities change. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts. As of June 30, 2022 and December 31, 2021, the total notional amounts of these foreign currency contracts were $3.0 billion and $3.3 billion, respectively.

The following table presents the effect of derivatives not designated as hedging instruments in our condensed consolidated statements of operations (in thousands):

Amount of gain or (loss) recognized in earnings:
		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain or (loss)	2022		2021		2022		2021
Embedded derivatives	Revenues	$	—	$	650	$	(568)	$	5,145
Economic hedge of embedded derivatives	Revenues	—		(279)		(983)		(4,492)
Foreign currency forward contracts	Other income (expense)	135,087		7,975		133,617		64,775
Total		$	135,087	$	8,346	$	132,066	$	65,428

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Fair Value of Derivative Instruments

The following table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022				December 31, 2021
	Assets (1)		Liabilities (2)		Assets (1)		Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts	$	61,838	$	—	$	22,866	$	7,618
Interest rate locks	—		—		8,662		—
Net investment hedges
Cross-currency interest rate swaps	307,975		—		56,921		19,441
Foreign currency forward contracts	12,532		143		156		70
Total designated as hedging	382,345		143		88,605		27,129
Not designated as hedging instruments:
Embedded derivatives	—		—		3,247		652
Economic hedges of embedded derivatives	—		—		2,232		637
Foreign currency forward contracts	62,372		4,359		83,265		5,854
Total not designated as hedging	62,372		4,359		88,744		7,143
Total Derivatives	$	444,717	$	4,502	$	177,349	$	34,272

(1)As presented in our condensed consolidated balance sheets within other current assets and other assets.

(2)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.

Offsetting Derivative Assets and Liabilities

We enter into master netting agreements with our counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the condensed consolidated balance sheets, we do not offset fair value amounts recognized for derivative instruments or the accrued interest related to cross-currency interest rate swaps under master netting arrangements. The following table presents information related to these offsetting arrangements as of June 30, 2022 and December 31, 2021 (in thousands):

	Gross Amounts Offset in Consolidated Balance Sheet
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts not Offset in the Balance Sheet		Net
June 30, 2022
Derivative assets	$	472,123	$	—	$	472,123	$	(17,181)	$	454,942
Derivative liabilities	17,324		—		17,324		(17,181)		143
December 31, 2021
Derivative assets	$	207,037	$	—	$	207,037	$	(47,538)	$	159,499
Derivative liabilities	49,326		—		49,326		(47,538)		1,788

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(Unaudited)

8.    Fair Value Measurements

We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:

•Level 1: quoted prices in active markets for identical assets or liabilities.

•Level 2: observable inputs (e.g. spot rates and other data from the third-party pricing vendors for our derivative instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.

•Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.

Our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 were as follows (in thousands):

	As of June 30, 2022						As of December 31, 2021
	Fair Value		Fair Value Measurement Using				Fair Value		Fair Value Measurement Using
			Level 1		Level 2				Level 1		Level 2
Assets:
Money market and deposit accounts	$	865,474	$	865,474	$	—	$	585,681	$	585,681	$	—
Derivative instruments (1)	444,717		—		444,717		177,349		—		177,349
Total	$	1,310,191	$	865,474	$	444,717	$	763,030	$	585,681	$	177,349
Liabilities:
Derivative instruments (1)	$	4,502	$	—	$	4,502	$	34,272	$	—	$	34,272

(1)Amounts are included within other current assets, other assets, others current liabilities and other liabilities in the condensed consolidated balance sheets.

We did not have any nonfinancial assets or liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021.

Other than the contingent consideration related to the EMEA 1 Joint Venture as described in Note 6 above, we did not have any Level 3 financial assets or financial liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021.

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9.    Leases

Significant Lease Transactions

The following table summarizes the significant lease transactions during the six months ended June 30, 2022 (in thousands):

			Renewal/Termination Options excluded		Net Incremental (1)
Lease	Quarter	Transaction		Lease Classification	ROU assets		ROU liabilities
Atlanta 1 ("AT1") data center lease extended & expansion (2)	Q1	Extended lease term by 12 years with additional three 10-year renewal options	Two 10-year renewal options	Finance Lease	$	71,994	$	72,549
				Operating Lease	(1,836)		(2,391)
Hong Kong 6 ("HK6") new land and building construct site	Q2	New lease-15 year term	5-year renewal option	Operating Lease	195,245		195,245
Hong Kong 2 ("HK2") data center lease renewal	Q2	Exercised the 3-year renewal option for Phase 1 & 2 (3)	Two 3-year renewal options	Operating Lease	81,504		81,504

(1) The net incremental amounts represent the adjustments to the right of use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered.

(2) This lease had components previously classified as operating leases.

(3) The incremental balance includes the impact of reassessing lease terms of complementary leases within HK2, resulting in new lease end dates ranging from June 2030 to October 2031 from including renewal options that are reasonably certain to be exercised.

Lease Expenses

The components of lease expenses are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Finance lease cost
Amortization of ROU assets (1)	$	41,105	$	37,110	$	81,228	$	73,238
Interest on lease liabilities	28,357		29,823		57,244		60,016
Total finance lease cost	69,462		66,933		138,472		133,254
Operating lease cost	52,971		57,045		104,601		113,499
Variable lease cost	9,666		7,630		17,282		15,670
Total lease cost	$	132,099	$	131,608	$	260,355	$	262,423

(1) Amortization of ROU assets is included with depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.

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Other Information

Other information related to leases is as follows (in thousands):

	Six Months Ended June 30, 2022			Six Months Ended June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	55,929		$	57,084
Operating cash flows from operating leases	96,734			152,052
Financing cash flows from finance leases	69,556			98,877
ROU assets obtained in exchange for lease obligations: (1)
Finance leases	$	74,954		$	339,486
Operating leases	313,034			50
	As of June 30, 2022			As of December 31, 2021
Weighted-average remaining lease term - finance leases (2)	14 years			14 years
Weighted-average remaining lease term - operating leases (2)	12 years			12 years
Weighted-average discount rate - finance leases	6		%	7		%
Weighted-average discount rate - operating leases	4		%	4		%
Finance lease ROU assets (3)	$	1,868,922		$	1,875,696

(1) Represents all non-cash changes in ROU assets.

(2) Includes lease renewal options that are reasonably certain to be exercised.

(3) As of June 30, 2022 and December 31, 2021, we recorded accumulated amortization of finance lease ROU assets of $776.7 million and $726.4 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the condensed consolidated balance sheets.

Maturities of Lease Liabilities

Maturities of lease liabilities as of June 30, 2022 are as follows (in thousands):

	Operating Leases		Finance Leases		Total
2022 (6 months remaining)	$	84,896	$	126,980	$	211,876
2023	186,550		236,434		422,984
2024	182,667		237,282		419,949
2025	177,235		235,170		412,405
2026	174,781		224,329		399,110
Thereafter	1,128,704		2,099,061		3,227,765
Total lease payments	1,934,833		3,159,256		5,094,089
Plus amount representing residual property value	—		—		—
Less imputed interest	(502,719)		(1,029,658)		(1,532,377)
Total	$	1,432,114	$	2,129,598	$	3,561,712

We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of June 30, 2022. These leases will commence between year 2022 and 2024, with lease terms of 3 to 27 years and total lease commitments of approximately $557.9 million.

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(Unaudited)

10.    Debt Facilities

Mortgage and Loans Payable

As of June 30, 2022 and December 31, 2021, our mortgage and loans payable consisted of the following (in thousands):

	June 30, 2022		December 31, 2021
Term loans	$	627,670	$	549,697
Mortgage payable and loans payable	61,539		68,691
	689,209		618,388
Less amount representing unamortized debt discount and debt issuance cost	(1,253)		(354)
Add amount representing unamortized mortgage premium	1,461		1,630
	689,417		619,664
Less current portion	(34,086)		(33,087)
Total	$	655,331	$	586,577

Senior Credit Facility and Refinancing

In 2017, we entered into a credit agreement ("2017 Credit Agreement") with a group of lenders for a $3.0 billion credit facility ("2017 Credit Facilities"), comprised of a $2.0 billion senior unsecured multicurrency revolving credit facility ("2017 Revolving Facility") and an approximately $1.0 billion senior unsecured multicurrency term loan facility (the "2017 Term Loan Facility"). The credit agreement was subsequently amended to provide an additional senior unsecured term loan in Japanese Yen for approximately $424.7 million at the exchange rate effective on the transaction date.

On May 17, 2021, we repaid our outstanding term loans in Swedish Krona and Japanese Yen under the 2017 Term Loan Facility for $285.4 million and $374.5 million in U.S. Dollars, respectively, at the exchange rates in effect on May 17, 2021 using a portion of the cash proceeds from the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes issuances as described below.

On January 7, 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500.0 million senior unsecured term loan facility (the "2022 Term Loan Facility" and, together with the 2022 Revolving Facility, collectively, the "2022 Credit Facilities"). The total debt issuance costs for the 2022 Revolving Facility and 2022 Term Loan Facility are $6.5 million and $0.8 million, respectively. We borrowed the full £500.0 million available under the 2022 Term Loan Facility, or approximately $676.9 million at the exchange rates in effect on that date. On that same day, using a portion of the proceeds from the 2022 Term Loan Facility, we prepaid in full all of the $549.6 million of indebtedness outstanding under the 2017 Term Loan Facility, at the exchange rates in effect on January 7, 2022 and terminated the 2017 Credit Agreement. In connection with the repayment and termination, we incurred an insignificant amount of loss on debt extinguishment. The remaining unamortized debt issuance costs of the 2017 Credit Facilities will continue to be amortized over the contract terms of the 2022 Credit Facilities.

The 2022 Credit Facilities have a maturity date of January 7, 2027. We may borrow, repay and reborrow amounts under the 2022 Revolving Facility until the Maturity Date, at which time all amounts outstanding under the 2022 Revolving Facility must be repaid in full. The term loan made under the 2022 Term Loan Facility has no scheduled principal amortization and must be repaid in full on the maturity date. The 2022 Revolving Credit Facility provides for extensions of credit in U.S. Dollars as well as certain other foreign currencies. Borrowings under the 2022 Revolving Facility bear interest at a rate based on the daily Secured Overnight Financing Rate ("SOFR"), term SOFR, an alternative currency daily rate, or an alternative currency term rate plus a spread adjustment, plus a margin that can vary from 0.555% to 1.200%. Borrowings under the 2022 Term Loan Facility bear interest at a rate based on the daily Sterling Overnight Index Average ("SONIA"), plus a spread adjustment, plus a margin that can vary from 0.625% to 1.450%. We are also required to pay a quarterly letter of credit fee on the face amount of each letter of credit, which fee is based on the same margin that applies from time to time to SOFR-indexed borrowings

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(Unaudited)

under the revolving credit line. The margin is dependent on either our consolidated net leverage ratio or our credit ratings. We are also required to pay a quarterly facility fee ranging from 0.07% to 0.25% per annum. The 2022 Credit Agreement contains customary covenants, including financial ratio covenants that are required to be maintained as of each quarter end.

As of June 30, 2022 and December 31, 2021, the total amounts outstanding under the 2022 Term Loan Facility and 2017 Term Loan Facility, net of debt issuance costs, were $608.0 million and $549.3 million, respectively. This outstanding amount of $608.0 million as of June 30, 2022 was recorded as non-current liabilities as we do not expect to settle the liabilities within the year.

As of June 30, 2022, we had 43 irrevocable letters of credit totaling $104.7 million issued and outstanding under the 2022 Revolving Facility, with approximately $3.9 billion remaining available to borrow under the 2022 Revolving Facility.

Senior Notes

As of June 30, 2022 and December 31, 2021, our senior notes consisted of the following (in thousands):

	June 30, 2022				December 31, 2021
	Amount		Effective Rate		Amount		Effective Rate
2.625% Senior Notes due 2024	$	1,000,000	2.79	%	$	1,000,000	2.79	%
1.250% Senior Notes due 2025	500,000		1.46	%	500,000		1.46	%
1.000% Senior Notes Due 2025	700,000		1.18	%	700,000		1.18	%
2.900% Senior Notes due 2026	600,000		3.04	%	600,000		3.04	%
1.450% Senior Notes due 2026	700,000		1.64	%	700,000		1.64	%
0.250% Euro Senior Notes due 2027	524,050		0.45	%	569,150		0.45	%
1.800% Senior Notes due 2027	500,000		1.96	%	500,000		1.96	%
1.550% Senior Notes due 2028	650,000		1.67	%	650,000		1.67	%
2.000% Senior Notes due 2028	400,000		2.21	%	400,000		2.21	%
3.200% Senior Notes due 2029	1,200,000		3.30	%	1,200,000		3.30	%
2.150% Senior Notes due 2030	1,100,000		2.27	%	1,100,000		2.27	%
2.500% Senior Notes due 2031	1,000,000		2.65	%	1,000,000		2.65	%
3.900% Senior Notes due 2032	1,200,000		4.07	%	—		—	%
1.000% Euro Senior Notes due 2033	628,860		1.18	%	682,980		1.18	%
3.000% Senior Notes due 2050	500,000		3.09	%	500,000		3.09	%
2.950% Senior Notes due 2051	500,000		3.00	%	500,000		3.00	%
3.400% Senior Notes due 2052	500,000		3.50	%	500,000		3.50	%
	12,202,910				11,102,130
Less amount representing unamortized debt issuance cost	(125,154)				(117,986)
	12,077,756				10,984,144
Less current portion	—				—
Total	$	12,077,756			$	10,984,144

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(Unaudited)

0.250% Euro Senior Notes due 2027 and 1.000% Euro Senior Notes due 2033

On March 10, 2021, we issued €500.0 million, or approximately $594.9 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 0.250% senior notes due March 15, 2027 (the "2027 Euro Notes") and €600.0 million, or approximately $713.8 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 1.000% senior notes due March 15, 2033 (the "2033 Euro Notes").

Interest on the notes is payable annually in arrears on March 15 of each year, commencing on March 15, 2022. Total debt issuance costs and debt discounts related to the 2027 Euro Notes and the 2033 Euro Notes were $7.0 million and $14.1 million, respectively.

Redemption of 2.875% Euro Senior Notes due 2026

On March 24, 2021, using a portion of the net cash proceeds from the 2027 Euro Senior Notes and 2033 Euro Senior Notes, we redeemed the remaining outstanding 2.875% Euro Senior Notes due 2026 for $590.7 million in U.S. dollars, at the exchange rate in effect on March 24, 2021. In connection with the redemption, we incurred $13.2 million of loss on debt extinguishment, including $8.5 million in redemption premium that was paid in cash and $4.7 million related to the write-off of unamortized debt issuance costs, during the three months ended March 31, 2021.

1.450% Senior Notes due 2026, 2.000% Senior Notes due 2028, 2.500% Senior Notes due 2031 and 3.400% Senior Notes due 2052

On May 17, 2021, we issued $700.0 million aggregate principal amount of 1.450% senior notes due 2026 (the "2026 Notes"), $400.0 million aggregate principal amount of 2.000% senior notes due 2028 (the "2028 Notes"), $1.0 billion aggregate principal amount of 2.500% senior notes due 2031 (the "2031 Notes"), and $500.0 million aggregate principal amount of 3.400% senior notes due 2052 (the "2052 Notes").

Interest on the 2026, 2028 and 2031 notes are payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2021. Interest on the 2052 notes are payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. Total debt issuance costs and debt discounts related to the 2026 Notes, 2028 Notes, 2031 Notes and 2052 Notes were $6.4 million, $5.3 million, $13.0 million and $9.3 million, respectively.

Redemption of 5.375% Senior Notes due 2027

On June 2, 2021, we redeemed all outstanding principal amount under the 5.375% Senior Notes due 2027 with a portion of the net cash proceeds from the issuance of the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes as described above. In connection with the redemption, we incurred $100.6 million of loss on debt extinguishment, including $90.7 million redemption premium that was paid in cash and $9.9 million related to the write-off of unamortized debt issuance costs.

3.900% Senior Notes due 2032

On April 5, 2022, we issued $1.2 billion aggregate principal amount of 3.900% Senior Notes due 2032 (the "2032 Notes"). Interest on the 2032 Notes is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2022. Debt issuance costs and debt discounts related to the 2032 Notes were $16.3 million.

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Maturities of Debt Instruments

The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of June 30, 2022 (in thousands):

Years ending:
2022 (6 months remaining)	$	29,016
2023	10,351
2024	1,009,999
2025	1,208,667
2026	1,308,202
Thereafter	9,327,345
Total	$	12,893,580

Fair Value of Debt Instruments

The following table sets forth the estimated fair values of our mortgage and loans payable and senior notes, including current maturities, as of (in thousands):

	June 30, 2022		December 31, 2021
Mortgage and loans payable	$	696,708	$	621,051
Senior notes	10,380,331		11,049,834

The fair values of the mortgage and loans payable, which are not publicly traded, were estimated by considering our credit rating, current rates available to us for debt of the same remaining maturities and terms of the debt (Level 2). The fair value of the senior notes, which are traded in the public debt market, was based on quoted market prices (Level 1).

Interest Charges

The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest expense	$	90,826	$	87,231	$	170,791	$	176,912
Interest capitalized	4,335		6,684		8,755		12,792
Interest charges incurred	$	95,161	$	93,915	$	179,546	$	189,704

Total interest paid in cash, net of capitalized interest, during the three months ended June 30, 2022 and 2021 was $101.9 million and $122.0 million, respectively. Total interest paid in cash, net of capitalized interest, during the six months ended June 30, 2022 and 2021 was $201.5 million and $216.9 million, respectively.

11. Commitments and Contingencies

Purchase and Other Commitments

As a result of our various IBX data center expansion projects, as of June 30, 2022, we were contractually committed for approximately $1.5 billion of unaccrued capital expenditures, primarily for IBX infrastructure equipment not yet delivered and labor not yet provided, in connection with the work necessary to open these IBX data centers and make them available to our customers for installation. We also had numerous other, non-capital purchase commitments in place as of June 30, 2022, such as commitments to purchase power in select locations through the remainder of 2022 and thereafter, and other open purchase orders for goods or services to be delivered or provided during the remainder of 2022 and thereafter. Such other miscellaneous purchase commitments totaled approximately $1.6 billion as of June 30, 2022. For further information on equity contribution commitments and lease commitments, see Note 6 and Note 9, respectively, above.

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(Unaudited)

Contingent Liabilities

We estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by the assessor's office, current landlord estimates or estimates based on current or changing fixed asset values in each specific municipality, as applicable. However, there are circumstances beyond our control whereby the underlying value of the property or basis for which the tax is calculated on the property may change, such as a landlord selling the underlying property of one of our IBX data center leases or a municipality changing the assessment value in a jurisdiction and, as a result, our property tax obligations may vary from period to period. Based upon the most current facts and circumstances, we make the necessary property tax accruals for each of our reporting periods. However, revisions in our estimates of the potential or actual liability could materially impact our financial position, results of operations or cash flows.

Our indirect and property tax filings in various jurisdictions are subject to examination by local tax authorities. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of further changes to the tax laws and interpretations thereof. For example, we are currently undergoing an audit and appealing the tentative assessment in Brazil. The final settlement of the audit and the outcomes of the appeal are uncertain and may not be resolved in our favor. We regularly assess the likelihood of adverse outcomes resulting from these examinations and appeals that would affect the adequacy of our tax accruals for each of the reporting periods. If any issues arising from the tax examinations and appeals are resolved in a manner inconsistent with our expectations, the revision of the estimates of the potential or actual liabilities could materially impact the financial position, results of operations, or cash flows.

Indemnification and Guarantor Arrangements

As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The term of the indemnification period is for the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have a director and officer insurance policy that could limit our exposure and enable us to recover a portion of any future amounts paid. As a result of our insurance policy that could limit our exposure and enable us to recover some or all of amounts paid, our estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2022.

We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally our business partners or customers, in connection with any U.S. patent, or any copyright or other intellectual property infringement claim by any third party with respect to our offerings. The term of these indemnification agreements is generally perpetual any time after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, our estimated fair value of these agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2022.

We enter into arrangements with our business partners, whereby the business partner agrees to provide services as a subcontractor for our installations. Accordingly, we enter into standard indemnification agreements with our customers, whereby we indemnify them for other acts, such as personal property damage, of our subcontractors. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have general and umbrella insurance policies that could enable us to recover a portion of any amounts paid. We have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of June 30, 2022.

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(Unaudited)

We have service level commitment obligations to certain of our customers. As a result, service interruptions or significant equipment damage in our IBX data centers, whether or not within our control, could result in service level commitments to these customers. Our liability insurance may not be adequate to cover those expenses. In addition, any loss of services, equipment damage or inability to meet our service level commitment obligations could reduce the confidence of our customers and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our operating results. We generally have the ability to determine such service level credits prior to the associated revenue being recognized. We do not have significant liabilities in connection with service level credits as of June 30, 2022.

Concurrent with the closing of the EMEA 2 Joint Venture, the EMEA 2 Joint Venture entered into credit facility agreements with a group of lenders under which it could borrow up to approximately $1.4 billion in total at the exchange rate in effect on June 30, 2022, with such facilities maturing in 2025 and 2026. In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with guarantees covering 20% of all payments of principal and interest due and payable by the EMEA 2 Joint Venture under these credit facilities, up to a limit of $302.2 million in total at the exchange rate in effect on June 30, 2022. As of June 30, 2022, the maximum potential amount of our future payments under these guarantees was approximately $55.4 million, at the exchange rates in effect on that date. Our estimated fair value of these guarantees is minimal as the likelihood of making a payout under the guarantees is low.

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12.    Stockholders' Equity

Stockholders' Equity Rollforward

The following tables provide a rollforward of our stockholders' equity for the three months ended June 30, 2022 and 2021 (in thousands, except share and per share data):

											AOCI (Loss)		Retained Earnings		Equinix Stockholders' Equity		Non-controlling Interests		Total Stockholders' Equity
	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends
	Shares	Amount		Shares	Amount
Balance as of December 31, 2021	90,872,826	$	91	(301,420)	$	(112,208)	$	15,984,597	$	(6,165,140)	$	(1,085,751)	$	2,260,493	$	10,882,082	$	(318)	$	10,881,764
Net income	—	—		—	—		—		—		—		147,453		147,453		240		147,693
Other comprehensive income	—	—		—	—		—		—		32,837		—		32,837		3		32,840
Issuance of common stock and release of treasury stock for employee equity awards	430,973	—		11,445	4,259		39,617		—		—		—		43,876		—		43,876
Dividend distribution on common stock, $3.10 per share	—	—		—	—		—		(282,031)		—		—		(282,031)		—		(282,031)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(497)		—		—		(497)		—		(497)
Accrued dividends on unvested equity awards	—	—		—	—		—		(2,045)		—		—		(2,045)		—		(2,045)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		121,210		—		—		—		121,210		—		121,210
Balance as of March 31, 2022	91,303,799	91		(289,975)	(107,949)		16,145,424		(6,449,713)		(1,052,914)		2,407,946		10,942,885		(75)		10,942,810
Net income (loss)	—	—		—	—		—		—		—		216,322		216,322		(80)		216,242
Other comprehensive loss	—	—		—	—		—		—		(365,842)		—		(365,842)		(35)		(365,877)
Issuance of common stock and release of treasury stock	36,682	—		24,609	9,157		4,882		—		—		—		14,039		—		14,039
Dividend distribution on common stock, $3.10 per share	—	—		—	—		—		(282,168)		—		—		(282,168)		—		(282,168)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(57)		—		—		(57)		—		(57)
Accrued dividends on unvested equity awards	—	—		—	—		—		(4,400)		—		—		(4,400)		—		(4,400)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		109,005		—		—		—		109,005		—		109,005
Balance as of June 30, 2022	91,340,481	$	91	(265,366)	$	(98,792)	$	16,259,311	$	(6,736,338)	$	(1,418,756)	$	2,624,268	$	10,629,784	$	(190)	$	10,629,594

33

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

							Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Equinix Stockholders' Equity		Non-controlling interests		Total Stockholders' Equity
	Common Stock			Treasury Stock
	Shares	Amount		Shares	Amount
Balance as of December 31, 2020	89,462,304	$	89	(328,052)	$	(122,118)	$	15,028,357	$	(5,119,274)	$	(913,368)	$	1,760,302	$	10,633,988	$	130	$	10,634,118
Net income (loss)	—	—		—	—		—		—		—		156,362		156,362		(288)		156,074
Other comprehensive loss	—	—		—	—		—		—		(95,480)		—		(95,480)		(1)		(95,481)
Issuance of common stock and release of treasury stock for employee equity awards	428,618	1		11,640	4,332		35,701		—		—		—		40,034		—		40,034
Dividend distribution on common stock, $2.87 per share	—	—		—	—		—		(256,321)		—		—		(256,321)		—		(256,321)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(437)		—		—		(437)		—		(437)
Accrued dividends on unvested equity awards	—	—		—	—		—		(3,661)		—		—		(3,661)		—		(3,661)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		102,349		—		—		—		102,349		—		102,349
Balance as of March 31, 2021	89,890,922	90		(316,412)	(117,786)		15,166,407		(5,379,693)		(1,008,848)		1,916,664		10,576,834		(159)		10,576,675
Net income	—	—		—	—		—		—		—		68,339		68,339		148		68,487
Other comprehensive income	—	—		—	—		—		—		67,734		—		67,734		11		67,745
Issuance of common stock and release of treasury stock for employee equity awards	36,674	—		1,389	516		(516)		—		—		—		—		—		—
Issuance of common stock under ATM Program	137,604	—		—	—		99,599		—		—		—		99,599		—		99,599
Dividend distribution on common stock, $2.87 per share	—	—		—	—		—		(257,199)		—		—		(257,199)		—		(257,199)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(55)		—		—		(55)		—		(55)
Accrued dividends on unvested equity awards	—	—		—	—		—		(4,016)		—		—		(4,016)		—		(4,016)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		95,236		—		—		—		95,236		—		95,236
Balance as of June 30, 2021	90,065,200	$	90	(315,023)	$	(117,270)	$	15,360,726	$	(5,640,963)	$	(941,114)	$	1,985,003	$	10,646,472	$	—	$	10,646,472

34

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, by components are as follows (in thousands):

	Balance as of December 31, 2021		Net Change		Balance as of June 30, 2022
Foreign currency translation adjustment ("CTA") loss	$	(1,068,399)	$	(862,930)	$	(1,931,329)
Unrealized gain (loss) on cash flow hedges (1)	(6,590)		84,654		78,064
Net investment hedge CTA gain (loss) (1)	(9,952)		445,311		435,359
Net actuarial loss on defined benefit plans (2)	(810)		(40)		(850)
Accumulated other comprehensive loss attributable to Equinix	$	(1,085,751)	$	(333,005)	$	(1,418,756)

(1)Refer to Note 7 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

(2)We have two defined benefit pension plans covering all employees in two countries where such plan is mandated by law.

Changes in foreign currencies can have a significant impact to our condensed consolidated balance sheets (as evidenced above in our foreign currency translation loss), as well as our condensed consolidated results of operations, as amounts in foreign currencies are generally translated into more U.S. Dollars when the U.S. Dollar weakens or fewer U.S. Dollars when the U.S. Dollar strengthens. As of June 30, 2022, the U.S. Dollar was generally stronger relative to certain of the currencies of the foreign countries in which we operate as compared to December 31, 2021. Because of this, the U.S. Dollar had an overall unfavorable impact on our condensed consolidated financial position because the foreign denominations translated into fewer U.S. Dollars as evidenced by an increase in foreign currency translation loss for the six months ended June 30, 2022 as reflected in the condensed consolidated statements of comprehensive income (loss). The volatility of the U.S. Dollar as compared to the other currencies in which we operate could have a significant impact on our condensed consolidated financial position and results of operations including the amount of revenue that we report in future periods.

Common Stock

In October 2020, we established an ATM program, under which we may, from time to time, offer and sell our common stock to or through sales agents in "at the market" transactions (the "2020 ATM Program").

In February 2022, we entered into a forward sale amendment to the 2020 ATM Program, under which we may, from time to time, offer and sell shares under the equity distribution agreement pursuant to forward sale transactions (the "Equity Forward Amendment"). Under the 2020 ATM Program and Equity Forward Amendment we may, from time to time, offer and sell our common stock to or through sales agents up to an aggregate amount of $1.5 billion. The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes. As of June 30, 2022, we executed five forward sale agreements to sell 579,873 shares of our common stock with maturity dates ranging from March 2023 to June 2023. The future gross settlement value for the forward sale agreements is approximately $394.8 million at an aggregate weighted-average forward sale price of $680.77 per share. The weighted-average forward sale price that we expect to receive upon physical settlement will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.

As of June 30, 2022, we had $605.2 million of common stock remaining available for sale under the 2020 ATM Program, which amount gives effect to the unsettled forward sale transactions noted above. For the three and six months ended June 30, 2022 no shares were issued under the 2020 ATM Program. For the three and six months ended June 30, 2021, we issued 137,604 shares under the 2020 ATM Program, for approximately $99.6 million, net of payment of commissions to sales agents and other offering expenses.

Stock-Based Compensation

35

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

For the six months ended June 30, 2022, the Compensation Committee and/or the Stock Award Committee of our Board of Directors, as the case may be, granted an aggregate of 794,013 restricted stock units ("RSUs") to certain employees, including executive officers. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $663.94 per share and a weighted-average requisite service period of 3.51 years. The valuation of RSUs with only a service condition or a service and performance condition require no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of our stock price on the date of grant. We use revenues, adjusted funds from operations ("AFFO") per share and digital services revenues as the performance measurements in the RSUs with both service and performance conditions that were granted in the six months ended June 30, 2022.

We use a Monte Carlo simulation option-pricing model to determine the fair value of RSUs with a service and market condition. We used total shareholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the six months ended June 30, 2022. There were no significant changes in the assumptions used to determine the fair value of RSUs with a service and market condition that were granted in 2022 compared to the prior year.

The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenues	$	11,878	$	10,008	$	22,321	$	18,475
Sales and marketing	23,171		20,779		43,355		38,482
General and administrative	69,633		63,548		128,958		115,728
Total	$	104,682	$	94,335	$	194,634	$	172,685

13.    Segment Information

While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA performance both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.

36

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following tables present revenue information disaggregated by product lines and geographic areas, (in thousands):

	Three Months Ended June 30, 2022								Six Months Ended June 30, 2022
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	541,988	$	433,339	$	281,635	$	1,256,962	$	1,064,159	$	847,908	$	564,250	$	2,476,317
Interconnection	187,491		66,845		60,841		315,177		368,594		134,985		120,828		624,407
Managed infrastructure	55,329		30,447		19,916		105,692		104,551		61,437		40,558		206,546
Other (1)	5,581		22,048		1,991		29,620		10,715		28,462		3,328		42,505
Recurring revenues	790,389		552,679		364,383		1,707,451		1,548,019		1,072,792		728,964		3,349,775
Non-recurring revenues	40,475		46,522		22,706		109,703		83,266		76,889		41,671		201,826
Total	$	830,864	$	599,201	$	387,089	$	1,817,154	$	1,631,285	$	1,149,681	$	770,635	$	3,551,601

(1) Includes some leasing and hedging activities.

	Three Months Ended June 30, 2021								Six Months Ended June 30, 2021
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	497,659	$	398,703	$	259,573	$	1,155,935	$	985,118	$	786,978	$	514,131	$	2,286,227
Interconnection	167,618		65,258		54,898		287,774		332,505		126,908		108,080		567,493
Managed infrastructure	40,734		31,176		22,094		94,004		79,219		63,287		44,843		187,349
Other (1)	451		3,682		616		4,749		2,489		8,728		1,109		12,326
Recurring revenues	706,462		498,819		337,181		1,542,462		1,399,331		985,901		668,163		3,053,395
Non-recurring revenues	44,181		39,110		32,166		115,457		77,252		70,745		52,591		200,588
Total	$	750,643	$	537,929	$	369,347	$	1,657,919	$	1,476,583	$	1,056,646	$	720,754	$	3,253,983

(1) Includes some leasing and hedging activities.

37

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

No single customer accounted for 10% or greater of our accounts receivable or revenues for the three and six months ended June 30, 2022 and 2021. There is no country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues for the three and six months ended June 30, 2022 and 2021.

We define adjusted EBITDA as 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 as presented below (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Adjusted EBITDA:
Americas	$	376,224	$	325,924	$	732,779	$	670,416
EMEA	295,382		262,526		555,727		506,089
Asia-Pacific	188,726		208,827		371,538		394,004
Total adjusted EBITDA	860,332		797,277		1,660,044		1,570,509
Depreciation, amortization and accretion expense	(432,828)		(417,758)		(869,214)		(812,076)
Stock-based compensation expense	(104,682)		(94,335)		(194,634)		(172,685)
Transaction costs	(5,063)		(6,985)		(9,303)		(8,167)
Gain (loss) on asset sales	94		455		(1,724)		(1,265)
Interest income	4,508		374		6,614		1,103
Interest expense	(90,826)		(87,231)		(170,791)		(176,912)
Other expense	(6,238)		(39,377)		(15,787)		(46,327)
Gain (loss) on debt extinguishment	(420)		(102,460)		109		(115,518)
Income before income taxes	$	224,877	$	49,960	$	405,314	$	238,662

 We also provide the following additional segment disclosures (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Depreciation and amortization:
Americas	$	229,223	$	222,134	$	458,932	$	425,567
EMEA	115,619		115,162		230,673		225,941
Asia-Pacific	88,428		78,945		179,005		159,750
Total	$	433,270	$	416,241	$	868,610	$	811,258
Capital expenditures:
Americas	$	225,102	$	250,342	$	410,148	$	455,516
EMEA	197,824		252,802		360,327		488,218
Asia-Pacific	61,904		189,088		126,873		312,096
Total	$	484,830	$	692,232	$	897,348	$	1,255,830

38

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, located in the following geographic areas as of (in thousands):

	June 30, 2022		December 31, 2021
Americas	$	7,012,690	$	6,777,174
EMEA	5,114,182		5,125,341
Asia-Pacific	3,328,308		3,543,260
Total property, plant and equipment, net	$	15,455,180	$	15,445,775
Americas	$	281,443	$	297,300
EMEA	438,353		470,330
Asia-Pacific	733,437		514,788
Total operating lease right-of-use assets	$	1,453,233	$	1,282,418

14.    Subsequent Events

Declaration of dividends

On July 27, 2022, we declared a quarterly cash dividend of $3.10 per share, which is payable on September 21, 2022 to our common stockholders of record as of the close of business on August 17, 2022.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The information in this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a discrepancy include, but are not limited to, those discussed in "Liquidity and Capital Resources" below and "Risk Factors" in Item 1A of Part II of this Quarterly Report on Form 10-Q. All forward-looking statements in this document are based on information available to us as of the date of this Report and we assume no obligation to update any such forward-looking statements.

Our management's discussion and analysis of financial condition and results of operations is intended to assist readers in understanding our financial information from our management's perspective and is presented as follows: 

•Overview

•Results of Operations

•Non-GAAP Financial Measures

•Liquidity and Capital Resources

•Contractual Obligations and Off-Balance-Sheet Arrangements

•Critical Accounting Policies and Estimates

•Recent Accounting Pronouncements

Overview

We provide a global, vendor-neutral data center, interconnection and edge services platform with offerings that aim to enable our customers to reach everywhere, interconnect everyone and integrate everything. Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the world's most valued information assets. They also look to Platform Equinix® for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScaleTM data center investments, have expanded our total global footprint to 248 IBXs, including 10 xScale data centers and the MC1 data center that are held in unconsolidated joint ventures, across 70 markets around the world. We offer the following solutions:

40

•premium data center colocation;

•interconnection and data exchange solutions;

•edge services for deploying networking, security and hardware; and

•remote expert support and professional services.

Our interconnected data centers around the world allow our customers to increase information and application delivery performance to users, and quickly access distributed IT infrastructures and business and digital ecosystems, while significantly reducing costs. Our global platform and the quality of our IBX data centers, interconnection offerings and edge services have enabled us to establish a critical mass of customers. As more customers choose Platform Equinix for bandwidth cost and performance reasons, it benefits their suppliers and business partners to colocate in the same data centers. This adjacency creates a “network effect” that enables our customers to capture the full economic and performance benefits of our offerings. These partners, in turn, pull in their business partners, creating a "marketplace" for their services. Our global platform enables scalable, reliable and cost-effective interconnection that increases data traffic exchange while lowering overall cost and increasing flexibility. Our focused business model is built on our critical mass of enterprise and service provider customers and the resulting "marketplace" effect. This global platform, combined with our strong financial position, has continued to drive new customer growth and bookings.

Historically, our market was served by large telecommunications carriers who bundled their products and services with their colocation offerings. The data center market landscape has evolved to include private and vendor-neutral multi-tenant data center ("MTDC") providers, hyperscale cloud providers, managed infrastructure and application hosting providers, and systems integrators. It is estimated that Equinix is one of more than 2,200 companies that provide MTDC offerings around the world. Each of these data center solutions providers can bundle various colocation, interconnection and network offerings and outsourced IT infrastructure solutions. We are able to offer our customers a global platform that reaches 31 countries with the industry’s largest and most active ecosystem of partners in our sites, proven operational reliability, improved application performance and a highly scalable set of offerings.

The cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, which is used to measure how efficiently we are managing our cabinet capacity. Our cabinet utilization rate varies from market to market among our IBX data centers across our Americas, EMEA and Asia-Pacific regions. Our cabinet utilization rates were approximately 80% and 79% as of June 30, 2022 and 2021, respectively. Excluding the impact of our IBX data center expansion projects that have opened during the last 12 months, our cabinet utilization rate would have increased to approximately 81% as of June 30, 2022. We continue to monitor the available capacity in each of our selected markets. To the extent we have limited capacity available in a given market, it may limit our ability for growth in that market. We perform demand studies on an ongoing basis to determine if future expansion is warranted in a market. In addition, power and cooling requirements for most customers are growing on a per unit basis. As a result, customers are consuming an increasing amount of power per cabinet. Although we generally do not control the amount of power our customers draw from installed circuits, we have negotiated power consumption limitations with certain high power-demand customers. This increased power consumption has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers. We could face power limitations in our IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data center. This could have a negative impact on the available utilization capacity of a given IBX data center, which could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows.

To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers, we have entered into joint ventures to develop and operate xScale data centers. In the past two years, we closed multiple joint ventures in the form of limited liability partnerships with GIC Private Limited, Singapore's sovereign wealth fund ("GIC") and an additional joint venture in the form of a limited liability partnership with PGIM Real Estate, ("PGIM").

41

Strategically, we will continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings. As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, quality of the design, power capacity, access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers. Like our recent expansions and acquisitions, the right combination of these factors may be attractive to us. Depending on the circumstances, these transactions may require additional capital expenditures funded by upfront cash payments or through long-term financing arrangements in order to bring these properties up to our standards. Property expansion may be in the form of purchases of real property, long-term leasing arrangements or acquisitions. Future purchases, construction or acquisitions may be completed by us or with partners or potential customers to minimize the outlay of cash, which can be significant.

Revenue:

Our business is based on a recurring revenue model comprised of colocation and related interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract, which is generally one to three years in length and thereafter, automatically renews in one-year increments. Our recurring revenues have comprised more than 90% of our total revenues during the past three years. In addition, during the past three years, more than 80% of our monthly recurring revenue bookings came from existing customers, contributing to our revenue growth. Our largest customer accounted for approximately 3% of our recurring revenues for both the three and six months ended June 30, 2022 and 2021. Our 50 largest customers accounted for approximately 36% and 37%, respectively, of our recurring revenues for the three and six months ended June 30, 2022 and 40% of our recurring revenues for the three and six months ended June 30, 2021.

Our non-recurring revenues are primarily comprised of installation services related to a customer's initial deployment and professional services we perform. These services are considered to be non-recurring because they are billed typically once, upon completion of the installation or the professional services work performed. The majority of these non-recurring revenues are typically billed on the first invoice distributed to the customer in connection with their initial installation. However, revenues from installation services are deferred and recognized ratably over the period of the contract term. Additionally, revenue from contract settlements, when a customer wishes to terminate their contract early, is generally treated as a contract modification and recognized ratably over the remaining term of the contract, if any. As a percentage of total revenues, we expect non-recurring revenues to represent less than 10% of total revenues for the foreseeable future.

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Operating Expenses:

Cost of Revenues. The largest components of our cost of revenues are depreciation, rental payments related to our leased IBX data centers, utility costs, including electricity, bandwidth access, IBX data center employees' salaries and benefits, including stock-based compensation, repairs and maintenance, supplies and equipment and security. A majority of our cost of revenues is fixed in nature and should not vary significantly from period to period, unless we expand our existing IBX data centers or open or acquire new IBX data centers. However, there are certain costs that are considered more variable in nature, including utilities and supplies that are directly related to growth in our existing and new customer base. In addition, the cost of electricity is generally higher in the summer months, as compared to other times of the year. Our costs of electricity may also increase as a result of the physical effects of climate change, global energy supply constraints, increased regulations driving alternative electricity generation due to environmental considerations or as a result of our election to use renewable energy sources. To the extent we incur increased utility costs, such increased costs could materially impact our financial condition, results of operations and cash flows. 

Sales and Marketing. Our sales and marketing expenses consist primarily of compensation and related costs for sales and marketing personnel, including stock-based compensation, amortization of contract costs, marketing programs, public relations, promotional materials and travel, as well as bad debt expense and amortization of customer relationship intangible assets.

General and Administrative. Our general and administrative expenses consist primarily of salaries and related expenses, including stock-based compensation, accounting, legal and other professional service fees, and other general corporate expenses, such as our corporate regional headquarters office leases and some depreciation expense on back office systems.

Taxation as a REIT

We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As of June 30, 2022, our REIT structure included all of our data center operations in the U.S., Canada (with the exception of one data center in Montreal), Mexico, Chile, Japan, Singapore and the majority of our data centers in EMEA. Our data center operations in other jurisdictions are operated as taxable REIT subsidiaries ("TRSs"). We included our share of the assets in xScale joint ventures (with the exception of Korea) in our REIT structure.

As a REIT, we generally are permitted to deduct from our U.S. federal taxable income the dividends we pay to our stockholders. The income represented by such dividends is not subject to U.S. federal income taxes at the entity level but is taxed, if at all, at the stockholder level. Nevertheless, the income of our TRSs which hold our U.S. operations that may not be REIT compliant is subject to U.S. federal and state corporate income taxes, as applicable. Likewise, our foreign subsidiaries continue to be subject to local income taxes in jurisdictions in which they hold assets or conduct operations, regardless of whether held or conducted through TRSs or through qualified REIT subsidiaries ("QRSs"). We are also subject to a separate U.S. federal corporate income tax on any gain recognized from a sale of a REIT asset where our basis in the asset is determined by reference to the basis of the asset in the hands of a C corporation (such as an asset held by us or a QRS following the liquidation or other conversion of a former TRS). This built-in-gains tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset to the extent of the built-in-gain based on the fair market value of such asset on the date we first held the asset as a REIT asset. In addition, should we recognize any gain from "prohibited transactions," we will be subject to tax on this gain at a 100% rate. "Prohibited transactions," for this purpose, are defined as dispositions, at a gain, of inventory or property held primarily for sale to customers in the ordinary course of a trade or business other than dispositions of foreclosure property and other than dispositions excepted by statutory safe harbors. If we fail to remain qualified for U.S. federal income taxation as a REIT, we will be subject to U.S. federal income taxes at regular corporate income tax rates. Even if we remain qualified for U.S. federal income taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRSs' operations. In particular, while state income tax regimes often parallel the U.S. federal income tax regime for REITs, many states do not completely follow federal rules, and some may not follow them at all.

We continue to monitor our REIT compliance in order to maintain our qualification for U.S. federal income taxation as a REIT. For this and other reasons, as necessary, we may convert some of our data center operations in other countries into the REIT structure in future periods.

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On each of March 23, 2022 and June 15, 2022 we paid a quarterly cash dividend of $3.10 per share. On July 27, 2022, we declared a quarterly cash dividend of $3.10 per share, payable on September 21, 2022, to our common stockholders of record as of the close of business on August 17, 2022. We expect the amount of all of our 2022 quarterly distributions and other applicable distributions to equal or exceed our REIT taxable income to be recognized in 2022.

The Impact of the Ongoing COVID-19 Pandemic on Our Results and Operations

We have continued to closely monitor the impact of the COVID-19 pandemic on our people and business. As of the time of this filing, our offices are open to employees on a voluntary basis in accordance with guidelines provided by government agencies. While non-essential business travel remains limited, we have resumed many in-person events as local travel restrictions allow.

For additional details regarding the impacts and risks to our results of operations from the ongoing COVID-19 pandemic, refer to “Results of Operations” section below and Part II, Item 1A. Risk Factors included elsewhere in this Quarterly Report on Form 10-Q. Please also refer to “The Impact of the Ongoing COVID-19 Pandemic on Our Results and Operations” included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2021 Form 10-K as filed on February 18, 2022.

2022 Highlights:

•In February, we entered into an Equity Forward amendment to the 2020 ATM Program, under which we may, from time to time, offer and sell shares under the equity distribution agreement pursuant to forward sale transactions. We have executed five forward sale agreements to sell 579,873 shares of our common stock with maturity dates ranging from March 2023 to June 2023. The future gross settlement value for the forward sale agreements is approximately $394.8 million at an aggregate weighted-average forward sale price of $680.77 per share. See Note 12 within the Condensed Consolidated Financial Statements.

•In March, we entered into a joint venture in the form of a limited liability partnership with PGIM to develop and operate additional xScale data centers in Asia-Pacific (the "Asia-Pacific 2 Joint Venture"). See Note 6 within the Condensed Consolidated Financial Statements.

•In March, we entered into an agreement to sell the Mexico 3 ("MX3") data center site in connection with the formation of a new joint venture with GIC, to develop and operate xScale data centers in the Americas (the "AMER 1 Joint Venture"). See Note 5 within the Condensed Consolidated Financial Statements.

•In April, we completed the acquisition of MainOne Cable Company Ltd. ("MainOne"), consisting of four data centers as well as a subsea cable and terrestrial fiber network. We acquired MainOne and its assets for a total purchase consideration of $278.4 million. See Note 4 within the Condensed Consolidated Financial Statements.

•In April, we issued $1.2 billion aggregate principal amount of 3.900% Senior Notes due 2032 (the "2032 Notes"). See Note 10 within the Condensed Consolidated Financial Statements.

•In April, we closed on a joint venture in the form of a limited liability partnership with GIC, to develop and operate two xScale data centers in Seoul, Korea (the "Asia-Pacific 3 Joint Venture"). Upon closing, we contributed $17.0 million in exchange for a 20% partnership interest in the joint venture. See Note 6 within the Condensed Consolidated Financial Statements.

•In April, we signed an agreement with Empresa Nacional De Telecomunicaciones S.A. ("Entel") to acquire a data center in Peru for a purchase price of PEN270.8 million, or approximately $70.7 million at the exchange rate in effect on April 27, 2022. The acquisition of the data center in Peru is expected to close in the third quarter of 2022, pending the achievement of certain closing conditions. See Note 4 within the Condensed Consolidated Financial Statements.

•In May, we completed the acquisition of four data centers in Chile from Entel for a total purchase consideration of $638.3 million at the exchange rate in effect on May 2, 2022. See Note 4 within the Condensed Consolidated Financial Statements.

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Results of Operations

Our results of operations for the six months ended June 30, 2022 include the results of operations from four data centers in Chile acquired from Entel from May 2, 2022, the acquisition of MainOne from April 1, 2022 and two data centers acquired from GPX India from September 1, 2021.

In order to provide a framework for assessing our performance excluding the impact of foreign currency fluctuations, we supplement the year-over-year actual change in results of operations with comparative changes on a constant currency basis. Presenting constant currency results of operations is a non-GAAP financial measure. See “Non-GAAP Financial Measures” below for further discussion.

Three Months Ended June 30, 2022 and 2021

Revenues. Our revenues for the three months ended June 30, 2022 and 2021 were generated from the following revenue classifications and geographic regions (dollars in thousands):

	Three Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas:
Recurring revenues	$	790,389	44	%	$	706,462	43	%	$	83,927	12	%	12	%
Non-recurring revenues	40,475		2	%	44,181		3	%	(3,706)		(8)	%	(8)	%
	830,864		46	%	750,643		46	%	80,221		11	%	11	%
EMEA:
Recurring revenues	552,679		30	%	498,819		30	%	53,860		11	%	13	%
Non-recurring revenues	46,522		3	%	39,110		2	%	7,412		19	%	34	%
	599,201		33	%	537,929		32	%	61,272		11	%	14	%
Asia-Pacific:
Recurring revenues	364,383		20	%	337,181		20	%	27,202		8	%	16	%
Non-recurring revenues	22,706		1	%	32,166		2	%	(9,460)		(29)	%	(23)	%
	387,089		21	%	369,347		22	%	17,742		5	%	13	%
Total:
Recurring revenues	1,707,451		94	%	1,542,462		93	%	164,989		11	%	13	%
Non-recurring revenues	109,703		6	%	115,457		7	%	(5,754)		(5)	%	2	%
	$	1,817,154	100	%	$	1,657,919	100	%	$	159,235	10	%	12	%

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Revenues

(dollars in thousands)

Americas Revenues. During the three months ended June 30, 2022, Americas revenue increased by $80.2 million or 11% (and also 11% on a constant currency basis). Growth in Americas revenues was primarily due to:

•$11.1 million of incremental revenues generated from our IBX data center expansions;

•$7.0 million of incremental revenues from the Entel Chile Acquisition; and

•an increase in orders from both our existing customers and new customers during the period.

EMEA Revenues. During the three months ended June 30, 2022, EMEA revenue increased by $61.3 million or 11% (14% on a constant currency basis). Growth in EMEA revenues was primarily due to:

•net increase of $48.5 million of realized cash flow hedge gains from foreign currency forward contracts;

•$20.1 million of incremental revenues from the MainOne Acquisition;

•$12.7 million of incremental revenues from support provided to our joint ventures; and

•$10.3 million of incremental revenues generated from our IBX data center expansions.

The increase was partially offset by an unfavorable foreign currency impact during the three months ended June 30, 2022 as compared to the same period in 2021.

Asia-Pacific Revenues. During the three months ended June 30, 2022, Asia-Pacific revenue increased by $17.7 million or 5% (13% on a constant currency basis). Growth in Asia-Pacific revenue was primarily due to:

•approximately $21.0 million of incremental revenues generated from our IBX data center expansions; and

•$5.0 million of incremental revenues from the GPX India Acquisition.

The increase was partially offset by an unfavorable foreign currency impact during the three months ended June 30, 2022 as compared to the same period in 2021.

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Cost of Revenues. Our cost of revenues for the three months ended June 30, 2022 and 2021 by geographic regions was as follows (dollars in thousands):

	Three Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	386,566	42	%	$	376,962	44	%	$	9,604	3	%	3	%
EMEA	320,499		34	%	299,739		35	%	20,760		7	%	12	%
Asia-Pacific	223,192		24	%	188,419		21	%	34,773		18	%	27	%
Total	$	930,257	100	%	$	865,120	100	%	$	65,137	8	%	11	%

Cost of Revenues

(dollars in thousands; percentages indicate expenses as a percentage of revenues)

Americas Cost of Revenues. During the three months ended June 30, 2022, Americas cost of revenues increased by $9.6 million or 3% (and also 3% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to $10.4 million of higher utilities costs, primarily driven by increases in prices, higher utility usage and IBX data center expansions.

EMEA Cost of Revenues. During the three months ended June 30, 2022, EMEA cost of revenues increased by $20.8 million or 7% (12% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to:

•net increase of $18.2 million net increase of realized cash flow hedge losses from foreign currency forward contracts; and

•$12.5 million of incremental cost of revenues from the MainOne Acquisition.

This increase was partially offset by lower depreciation and rent and facility costs, primarily in the United Kingdom ("UK") and the Netherlands.

Asia-Pacific Cost of Revenues. During the three months ended June 30, 2022, Asia-Pacific cost of revenues increased by $34.8 million or 18% (27% on a constant currency basis). The increase in our Asia-Pacific cost of revenues was primarily due to:

•$25.5 million of higher utilities costs, primarily driven by increases in power cost and higher utility usage in Singapore; and

•$9.9 million of higher depreciation expense, primarily from IBX data center expansions in Singapore and Japan.

We expect cost of revenues to increase across all three regions in line with the growth of our business, including from the impact of acquisitions.

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Sales and Marketing Expenses. Our sales and marketing expenses for the three months ended June 30, 2022 and 2021 by geographic regions were as follows (dollars in thousands):

	Three Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	122,782	63	%	$	115,558	62	%	$	7,224	6	%	6	%
EMEA	46,492		24	%	46,320		25	%	172		—	%	5	%
Asia-Pacific	24,453		13	%	23,732		13	%	721		3	%	10	%
Total	$	193,727	100	%	$	185,610	100	%	$	8,117	4	%	6	%

Sales and Marketing Expenses

(dollars in thousands; percentages indicate expenses as a percentage of revenues)

Americas Sales and Marketing Expenses. During the three months ended June 30, 2022, Americas sales and marketing expenses increased by $7.2 million or 6% (and also 6% on a constant currency basis). The increase was primarily due to higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to additional compensation expenses incurred related to headcount growth.

EMEA Sales and Marketing Expenses. Our EMEA sales and marketing expense did not materially change during the three months ended June 30, 2022 as compared to the three months ended June 30, 2021.

Asia-Pacific Sales and Marketing Expenses. Our Asia-Pacific sales and marketing expense did not materially change during the three months ended June 30, 2022 as compared to the three months ended June 30, 2021.

We anticipate that we will continue to invest in sales and marketing initiatives across our three regions in line with the growth of our business. We also expect travel and entertainment expenses to increase as travel restrictions that were imposed in response to the COVID-19 pandemic are eased. We expect our Americas sales and marketing expenses as a percentage of revenues to continue to be higher than those of our other regions since certain global sales and marketing functions are located within the U.S.

General and Administrative Expenses. Our general and administrative expenses for the three months ended June 30, 2022 and 2021 by geographic regions were as follows (dollars in thousands):

	Three Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	249,068	68	%	$	224,594	70	%	$	24,474	11	%	11	%
EMEA	72,066		19	%	60,160		19	%	11,906		20	%	24	%
Asia-Pacific	49,214		13	%	37,251		11	%	11,963		32	%	39	%
Total	$	370,348	100	%	$	322,005	100	%	$	48,343	15	%	17	%

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 General and Administrative Expenses

(dollars in thousands; percentages indicate expenses as a percentage of revenues)

Americas General and Administrative Expenses. During the three months ended June 30, 2022, Americas general and administrative expenses increased by $24.5 million or 11% (and also 11% on a constant currency basis). The increase in our Americas general and administrative expenses was primarily due to:

•$21.1 million of higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to additional compensation expenses incurred related to headcount growth; and

•$6.9 million of higher depreciation expenses associated with systems to support the growth of our business.

The increase was partially offset by $11.3 million of lower consulting costs driven by an increase in the conversion of contingent workers to full time employees.

EMEA General and Administrative Expenses. During the three months ended June 30, 2022, EMEA general and administrative expenses increased by $11.9 million or 20% (24% on a constant currency basis). The increase in our EMEA general and administrative expenses was primarily due to $6.4 million of higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to headcount growth.

Asia-Pacific General and Administrative Expenses. During the three months ended June 30, 2022, Asia-Pacific general and administrative expenses increased by $12.0 million or 32% (39% on a constant currency basis). The increase in our Asia-Pacific general and administrative expenses was primarily due to:

•$8.3 million of higher consulting costs in support of our business growth and location strategy; and

•$6.3 million of higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to headcount growth.

Going forward, although we are carefully monitoring our spending, we expect our general and administrative expenses to increase across all three regions as we continue to invest in our operations to support our growth, including investments to enhance our technology platform, to maintain our qualification for taxation as a REIT and to integrate recent acquisitions. We also expect travel and entertainment expenses to increase as travel restrictions that were imposed in response to the COVID-19 pandemic are eased. Additionally, since our corporate headquarters is located in the U.S., we expect the Americas general and administrative expenses as a percentage of revenues to continue to be higher than other regions.

Transaction Costs. During the three months ended June 30, 2022, we did not record a significant amount of transaction costs. During the three months ended June 30, 2021, we recorded transaction costs of $7.0 million, primarily related to costs incurred in connection with the formation of the EMEA 2 Joint Venture.

Gain on Asset Sales. During the three months ended June 30, 2022 and 2021, we did not record a significant amount of gain on asset sales.

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Income from Operations. Our income from operations for the three months ended June 30, 2022 and 2021 by geographic regions was as follows (dollars in thousands):

	Three Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	69,588	22	%	$	27,745	10	%	$	41,843	151	%	147	%
EMEA	158,289		51	%	131,158		47	%	27,131		21	%	16	%
Asia-Pacific	89,976		27	%	119,751		43	%	(29,775)		(25)	%	(18)	%
Total	$	317,853	100	%	$	278,654	100	%	$	39,199	14	%	14	%

Americas Income from Operations. During the three months ended June 30, 2022, Americas income from operations increased by $41.8 million or 151% (147% on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity, the recent acquisition and organic growth, as described above.

EMEA Income from Operations. During the three months ended June 30, 2022, EMEA income from operations increased by $27.1 million or 21% (16% on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity, the recent acquisition and organic growth, as described above.

Asia-Pacific Income from Operations. During the three months ended June 30, 2022, Asia-Pacific income from operations decreased by $29.8 million or 25% (18% on a constant currency basis), primarily due to higher operating expenses as a percentage of revenues, which included higher utility costs, primarily driven by increases in prices and higher utility usage, as described above.

Interest Income. During the three months ended June 30, 2022 and 2021, we did not record a significant amount of interest income.

Interest Expense. Interest expense increased to $90.8 million for the three months ended June 30, 2022 from $87.2 million for the three months ended June 30, 2021, primarily due to the issuance of the 3.900% Senior Notes due 2032. During the three months ended June 30, 2022 and 2021, we capitalized $4.3 million and $6.7 million, respectively, of interest expense to construction in progress. See Note 10 within the Condensed Consolidated Financial Statements.

Other Expense. We recorded net other expense of $6.2 million during the three months ended June 30, 2022, including a $14.0 million stock-based charitable contribution and foreign currency exchange gains and losses. During the three months ended June 30, 2021, we recorded net other expense of $39.4 million, primarily due to a $33.6 million impairment charge resulting from the settlement of a pre-acquisition uncertain tax position, as well as foreign currency exchange gains and losses.

Loss on Debt Extinguishment. We did not record a significant amount of loss on debt extinguishment during the three months ended June 30, 2022. We recorded a loss on debt extinguishment of $102.5 million during the three months ended June 30, 2021 due to the redemption of the 5.375% Senior Notes due 2027.

Income Taxes. We operate as a REIT for U.S. federal income tax purposes. As a REIT, we are generally not subject to U.S. federal income taxes on our taxable income distributed to stockholders. We intend to distribute or have distributed the entire taxable income generated by the operations of our REIT and QRSs for the tax years ending December 31, 2022 and 2021, respectively. As such, other than state income taxes and foreign income and withholding taxes, no provision for income taxes has been included for our REIT and QRSs in the accompanying condensed consolidated financial statements for the three months ended June 30, 2022 and 2021.

We have made TRS elections for some of our subsidiaries in and outside the U.S. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that may not be REIT compliant.

U.S. income taxes for the TRS entities located in the U.S. and foreign income taxes for our foreign operations regardless of whether the foreign operations are operated as QRSs or TRSs have been accrued, as necessary, for the three months ended June 30, 2022 and 2021.

For the three months ended June 30, 2022 and 2021, we recorded $8.6 million of income tax expense and $18.5 million of income tax benefit, respectively. Our effective tax rates were 3.8% and (37.1)% for the three months

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ended June 30, 2022 and 2021, respectively. The increase in the effective tax rate for the three months ended June 30, 2022 as compared to the same period in 2021 was primarily due to the reversal of uncertain tax positions of approximately $71.0 million in the prior period resulting from the settlement of various tax audits in the EMEA and Asia-Pacific regions. In the current period, we had a favorable resolution from the settlement of tax audits in the EMEA region, resulting in a tax benefit of approximately $41.4 million.

Of the unrecognized tax benefits realized in the prior period, approximately $33.6 million was related to the uncertain tax position inherited from the Metronode Acquisition in 2018. The uncertain tax position was covered by an indemnification agreement with the seller. The realization of the unrecognized tax benefits resulted in an impairment of the indemnification asset for the same amount, which was included in Other Income (Expense) on the Condensed Consolidated Statements of Operations.

Adjusted EBITDA. Adjusted EBITDA is a key factor in how we assess the operating performance of our segments and develop regional growth strategies such as IBX data center expansion decisions. We define adjusted EBITDA as 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. See "Non-GAAP Financial Measures" below for more information about adjusted EBITDA and a reconciliation of adjusted EBITDA to net income. Our adjusted EBITDA for the three months ended June 30, 2022 and 2021 by geographic regions was as follows (dollars in thousands):

	Three Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	376,224	44	%	$	325,924	41	%	$	50,300	15	%	15	%
EMEA	295,382		34	%	262,526		33	%	32,856		13	%	16	%
Asia-Pacific	188,726		22	%	208,827		26	%	(20,101)		(10)	%	(2)	%
Total	$	860,332	100	%	$	797,277	100	%	$	63,055	8	%	11	%

Americas Adjusted EBITDA. During the three months ended June 30, 2022, Americas adjusted EBITDA increased by $50.3 million or 15% (and also 15% on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity, the recent acquisition and organic growth, as described above.

EMEA Adjusted EBITDA. During the three months ended June 30, 2022, EMEA adjusted EBITDA increased by $32.9 million or 13% (16% on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity, the recent acquisition, and organic growth as described above.

Asia-Pacific Adjusted EBITDA. During the three months ended June 30, 2022, Asia-Pacific adjusted EBITDA decreased by $20.1 million or 10% (2% on a constant currency basis), primarily due to higher utility costs, as described above.

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Six Months Ended June 30, 2022 and 2021

Revenues. Our revenues for the six months ended June 30, 2022 and 2021 were generated from the following revenue classifications and geographic regions (dollars in thousands):

	Six Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency (1)
Americas:
Recurring revenues	$	1,548,019	44	%	$	1,399,331	43	%	$	148,688	11	%	10	%
Non-recurring revenues	83,266		2	%	77,252		2	%	6,014		8	%	8	%
	1,631,285		46	%	1,476,583		45	%	154,702		10	%	10	%
EMEA:
Recurring revenues	1,072,792		30	%	985,901		30	%	86,891		9	%	11	%
Non-recurring revenues	76,889		2	%	70,745		2	%	6,144		9	%	20	%
	1,149,681		32	%	1,056,646		32	%	93,035		9	%	12	%
Asia-Pacific:
Recurring revenues	728,964		21	%	668,163		21	%	60,801		9	%	16	%
Non-recurring revenues	41,671		1	%	52,591		2	%	(10,920)		(21)	%	(15)	%
	770,635		22	%	720,754		23	%	49,881		7	%	13	%
Total:
Recurring revenues	3,349,775		95	%	3,053,395		94	%	296,380		10	%	12	%
Non-recurring revenues	201,826		5	%	200,588		6	%	1,238		1	%	6	%
	$	3,551,601	100	%	$	3,253,983	100	%	$	297,618	9	%	11	%

(1)As defined in the "Non-GAAP Financial Measures" section in Item 2 of this Quarterly Report on Form 10-Q.

Revenues

(dollars in thousands)

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Americas Revenues. During the six months ended June 30, 2022, Americas revenue increased by $154.7 million or 10% (and also 10% on a constant currency basis). Growth in Americas revenues was primarily due to:

•$24.5 million of incremental revenues generated from our IBX data center expansions;

•approximately $7.0 million of incremental revenues from the Entel Chile Acquisition; and

•an increase in orders from both our existing customers and new customers during the period.

EMEA Revenues. During the six months ended June 30, 2022, EMEA revenue increased by $93.0 million or 9% (12% on a constant currency basis). Growth in EMEA revenues was primarily due to:

•net increase of $65.2 million of realized cash flow hedge gains from foreign currency forward contracts;

•$20.1 million of incremental revenues generated from the MainOne Acquisition;

•$17.5 million of incremental revenues from services provided to our joint ventures; and

•approximately $16.0 million of incremental revenues generated from our IBX data center expansions.

The increase was partially offset by an unfavorable foreign currency impact during the six months ended June 30, 2022 as compared to the same period in 2021.

Asia-Pacific Revenues. During the six months ended June 30, 2022, Asia-Pacific revenue increased by $49.9 million or 7% (13% on a constant currency basis). Growth in Asia-Pacific revenue was primarily due to:

•approximately $39.6 million of incremental revenues generated from our IBX data center expansions; and

•$10.2 million incremental revenues from the GPX India acquisition.

The increase was partially offset by an unfavorable foreign currency impact during the six months ended June 30, 2022 as compared to the same period in 2021.

Cost of Revenues. Our cost of revenues for the six months ended June 30, 2022 and 2021 by geographic regions was as follows (dollars in thousands):

	Six Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	767,086	42	%	$	696,904	42	%	$	70,182	10	%	10	%
EMEA	626,840		34	%	596,832		36	%	30,008		5	%	10	%
Asia-Pacific	452,206		24	%	382,601		22	%	69,605		18	%	25	%
Total	$	1,846,132	100	%	$	1,676,337	100	%	$	169,795	10	%	13	%

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Cost of Revenues

(dollars in thousands; percentages indicate expenses as a percentage of revenues)

Americas Cost of Revenues. During the six months ended June 30, 2022, Americas cost of revenues increased by $70.2 million or 10% (and also 10% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:

•$43.3 million of higher utilities, primarily driven by the gains received in 2021 from wind farm settlements in Texas and Oklahoma due to extreme weather conditions, increases in power cost, higher utility usage and IBX data center expansions;

•$10.7 million of higher depreciation driven by IBX data center expansions; and

•$9.5 million of higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to headcount growth, including that from our recent acquisition.

EMEA Cost of Revenues. During the six months ended June 30, 2022, EMEA cost of revenues increased by $30.0 million or 5% (10% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to:

•net increase of $24.5 million of realized cash flow hedge losses from foreign currency forward contracts; and

•$12.5 million of incremental cost of revenues from the MainOne Acquisition.

This increase was partially offset by a decrease of $8.8 million of lower rent and facilities costs and repairs and maintenance expense, primarily in the UK, the Netherlands and France.

Asia-Pacific Cost of Revenues. During the six months ended June 30, 2022, Asia-Pacific cost of revenues increased by $69.6 million or 18% (25% on a constant currency basis). The increase in our Asia-Pacific cost of revenues was primarily due to:

•$57.2 million of higher utilities primarily driven by increases in power cost and higher utility usage in Singapore;

•$16.2 million of higher depreciation expense, primarily from IBX data center expansions in Japan and Singapore; and

•$7.6 million of incremental cost of revenues from the GPX India acquisition.

This increase was partially offset by $13.1 million of lower other cost of revenue, primarily due to decreased customer installations.

We expect cost of revenues to increase across all three regions in line with the growth of our business, including from the impact of acquisitions.

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Sales and Marketing Expenses. Our sales and marketing expenses for the six months ended June 30, 2022 and 2021 by geographic regions were as follows (dollars in thousands):

	Six Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	245,013	63	%	$	231,837	63	%	$	13,176	6	%	6	%
EMEA	91,390		24	%	88,743		24	%	2,647		3	%	7	%
Asia-Pacific	49,835		13	%	47,857		13	%	1,978		4	%	10	%
Total	$	386,238	100	%	$	368,437	100	%	$	17,801	5	%	7	%

Sales and Marketing Expenses

(dollars in thousands; percentages indicate expenses as a percentage of revenues)

Americas Sales and Marketing Expenses. During the six months ended June 30, 2022, Americas sales and marketing expenses increased by $13.2 million or 6% (and also 6% on a constant currency basis). The increase in our Americas sales and marketing expenses was primarily due to $10.8 million of higher compensation costs, including sales compensation, salaries and stock-based compensation, partially due to additional compensation expenses incurred related to headcount growth.

EMEA Sales and Marketing Expenses. Our EMEA sales and marketing expense did not materially change during the six months ended June 30, 2022 as compared to the six months ended June 30, 2021.

Asia-Pacific Sales and Marketing Expenses. Our Asia-Pacific sales and marketing expense did not materially change during the six months ended June 30, 2022 as compared to the six months ended June 30, 2021.

We anticipate that we will continue to invest in sales and marketing initiatives across our three regions in line with the growth of our business. We also expect travel and entertainment expenses to increase as travel restrictions that were imposed in response to the COVID-19 pandemic are eased. We expect our Americas sales and marketing expenses as a percentage of revenues to be higher than those of our other regions since certain global sales and marketing functions are located within the U.S.

General and Administrative Expenses. Our general and administrative expenses for the six months ended June 30, 2022 and 2021 by geographic regions were as follows (dollars in thousands):

	Six Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	484,186	67	%	$	430,789	69	%	$	53,397	12	%	12	%
EMEA	141,940		20	%	119,141		19	%	22,799		19	%	23	%
Asia-Pacific	96,909		13	%	73,531		12	%	23,378		32	%	37	%
Total	$	723,035	100	%	$	623,461	100	%	$	99,574	16	%	17	%

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 General and Administrative Expenses

(dollars in thousands; percentages indicate expenses as a percentage of revenues)

Americas General and Administrative Expenses. During the six months ended June 30, 2022, Americas general and administrative expenses increased by $53.4 million or 12% (and also 12% on a constant currency basis). The increase in our Americas general and administrative expenses was primarily due to:

•$40.2 million of higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to additional compensation expenses incurred related to headcount growth, including the conversion of contingent workers to full time employees;

•$23.9 million of higher depreciation expense associated with systems to support the growth of our business; and

•$9.6 million of higher office expenses primarily due to additional software and support services.

This increase was partially offset by $23.9 million of lower consulting costs driven by an increase in the conversion of contingent workers to full time employees.

EMEA General and Administrative Expenses. During the six months ended June 30, 2022, EMEA general and administrative expenses increased by $22.8 million or 19% (23% on a constant currency basis). The increase in our EMEA general and administrative expenses was primarily due to:

•$14.8 million of higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to headcount growth; and

•net increase of realized cash flow hedge losses from foreign currency forward contracts.

Asia-Pacific General and Administrative Expenses. During the six months ended June 30, 2022, Asia-Pacific general and administrative expenses increased by $23.4 million or 32% (37% on a constant currency basis). The increase in our Asia-Pacific general and administrative expense was primarily due to:

•$17.0 million of higher consulting costs in support of our business growth and location strategy; and

•$10.1 million of higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to headcount growth.

Going forward, although we are carefully monitoring our spending, we expect our general and administrative expenses to increase across all three regions as we continue to invest in our operations to support our growth, including investments to enhance our technology platform, to maintain our qualification for taxation as a REIT and to integrate recent acquisitions. We also expect travel and entertainment expenses to increase as travel restrictions that were imposed in response to the COVID-19 pandemic are eased. Additionally, given that our corporate

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headquarters is located in the U.S., we expect the Americas general and administrative expenses as a percentage of revenues to be higher than those of other regions.

Transaction costs. During the six months ended June 30, 2022, we recorded transaction costs totaling $9.3 million, primarily related to costs incurred in connection with the recent acquisitions and formation of the new joint ventures, see Notes 4, 5 and 6 within the Condensed Consolidated Financial Statements. During the six months ended June 30, 2021, we recorded transaction costs totaling $8.2 million, primarily related to costs incurred in connection with the recent acquisitions and the formation of the EMEA 2 Joint Venture.

Loss on Asset Sales. During the six months ended June 30, 2022 and 2021, we did not record a significant amount of loss on asset sales.

Income from Operations. Our income from operations for the six months ended June 30, 2022 and 2021 by geographic regions was as follows (dollars in thousands):

	Six Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	128,111	22	%	$	109,310	19	%	$	18,801	17	%	16	%
EMEA	286,497		49	%	250,943		44	%	35,554		14	%	12	%
Asia-Pacific	170,561		29	%	216,063		37	%	(45,502)		(21)	%	(16)	%
Total	$	585,169	100	%	$	576,316	100	%	$	8,853	2	%	2	%

Americas Income from Operations. During the six months ended June 30, 2022, Americas income from operations increased by $18.8 million or 17% (16% on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity, the recent acquisition and organic growth, as described above.

EMEA Income from Operations. During the six months ended June 30, 2022, EMEA income from operations increased by $35.6 million or 14% (12% on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity, the recent acquisition and organic growth, as described above.

Asia-Pacific Income from Operations. During the six months ended June 30, 2022, Asia-Pacific income from operations decreased by $45.5 million or 21% (16% on a constant currency basis), primarily due to higher operating expenses as a percentage of revenues, which included higher utility costs, primarily driven by increases in prices and higher utility usage, as described above.

Interest Income. Interest income was $6.6 million, with an annualized yield of 0.76%, for the six months ended June 30, 2022. During the six months ended June 30, 2021, we did not record a significant amount of interest income.

Interest Expense. Interest expense decreased to $170.8 million for the six months ended June 30, 2022 from $176.9 million for the six months ended June 30, 2021, primarily due to interest savings as a result of our recent refinancing activities. During the six months ended June 30, 2022 and 2021, we capitalized $8.8 million and $12.8 million, respectively, of interest expense to construction in progress. See Note 10 within the Condensed Consolidated Financial Statements.

Other Expense. We recorded net other expense of $15.8 million for the six months ended June 30, 2022, including a $14.0 million stock-based charitable contribution and foreign currency exchange gains and losses. For the six months ended June 30, 2021, we recorded net other expense of $46.3 million, primarily due to a $33.6 million impairment charge resulting from the settlement of a pre-acquisition uncertain tax position, as well as foreign currency exchange gains and losses.

Gain or Loss on debt extinguishment. We did not record a significant amount of gain on debt extinguishment during the six months ended June 30, 2022. During the six months ended June 30, 2021, we recorded a loss on debt extinguishment of $115.5 million primarily due to the redemption of 2.875% Euro Senior Notes due 2026 and the 5.375% Senior Notes due 2027.

Income Taxes. We operate as a REIT for U.S. federal income tax purposes. As a REIT, we are generally not subject to U.S. federal income taxes on our taxable income distributed to stockholders. We intend to distribute or have distributed the entire taxable income generated by the operations of our REIT and QRSs for the tax years ending December 31, 2022 and 2021, respectively. As such, other than state income taxes and foreign income and

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withholding taxes, no provision for income taxes has been included for our REIT and QRSs in the accompanying condensed consolidated financial statements for the six months ended June 30, 2022 and 2021.

We have made TRS elections for some of our subsidiaries in and outside the U.S. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that may not be REIT compliant.

U.S. income taxes for the TRS entities located in the U.S. and foreign income taxes for our foreign operations regardless of whether the foreign operations are operated as QRSs or TRSs have been accrued, as necessary, for the six months ended June 30, 2022 and 2021.

For the six months ended June 30, 2022 and 2021, we recorded $41.4 million and $14.1 million of income tax expense, respectively. Our effective tax rates were 10.2% and 5.9%, for the six months ended June 30, 2022 and 2021, respectively. The increase in the effective tax rate for the six months ended June 30, 2022 as compared to the same period in 2021 was primarily due to the reversal of uncertain tax positions of approximately $72.0 million in the prior period resulting from the settlement of various tax audits in the EMEA and Asia-Pacific regions. In the current period, we had a favorable resolution from the settlement of tax audits in the EMEA region, resulting in a tax benefit of approximately $41.4 million.

Of the unrecognized tax benefits realized in the prior period, approximately $33.6 million was related to the uncertain tax position inherited from the Metronode Acquisition in 2018. The uncertain tax position was covered by an indemnification agreement with the seller. The realization of the unrecognized tax benefits resulted in an impairment of the indemnification asset for the same amount, which was included in Other Income (Expense) on the Condensed Consolidated Statements of Operations.

Adjusted EBITDA. Adjusted EBITDA is a key factor in how we assess the operating performance of our segments and develop regional growth strategies such as IBX data center expansion decisions. We define adjusted EBITDA as 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. See "Non-GAAP Financial Measures" below for more information about adjusted EBITDA and a reconciliation of adjusted EBITDA to net income. Our adjusted EBITDA for the six months ended June 30, 2022 and 2021 by geographic regions was as follows (dollars in thousands):

	Six Months Ended June 30,								$ Change		% Change
	2022		%		2021		%		Actual		Actual		Constant Currency
Americas	$	732,779	45	%	$	670,416	43	%	$	62,363	9	%	9	%
EMEA	555,727		33	%	506,089		32	%	49,638		10	%	13	%
Asia-Pacific	371,538		22	%	394,004		25	%	(22,466)		(6)	%	1	%
Total	$	1,660,044	100	%	$	1,570,509	100	%	$	89,535	6	%	8	%

Americas Adjusted EBITDA. During the six months ended June 30, 2022, Americas adjusted EBITDA increased by $62.4 million or 9% (and also 9% on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity, the recent acquisition and organic growth, as described above.

EMEA Adjusted EBITDA. During the six months ended June 30, 2022, EMEA adjusted EBITDA increased by $49.6 million or 10% (13% on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity, the recent acquisition, and organic growth as described above.

Asia-Pacific Adjusted EBITDA. During the six months ended June 30, 2022, Asia-Pacific adjusted EBITDA decreased by $22.5 million or 6% (1% on a constant currency basis), primarily due to the higher utility costs, as described above.

Non-GAAP Financial Measures

We provide all information required in accordance with GAAP, but we believe that evaluating our ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly, we use non-GAAP financial measures to evaluate our operations.

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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. We have presented such non-GAAP financial measures to provide investors with an additional tool to evaluate our results of operations in a manner that focuses on what management believes to be our core, ongoing business operations. We believe 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 ability to perform in subsequent periods. We believe that if we 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 us 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.

Our primary non-GAAP financial measures, adjusted EBITDA and adjusted funds from operations ("AFFO"), exclude depreciation expense as these charges primarily relate to the initial construction costs of our IBX data centers and do not reflect our current or future cash spending levels to support our business. Our 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 we may incur initial construction costs in future periods with respect to additional IBX data centers, and future capital expenditures remain minor relative to our initial investment. This is a trend we expect to continue. In addition, depreciation is also based on the estimated useful lives of our IBX data centers. These estimates could vary from actual performance of the asset, are based on historical costs incurred to build out our IBX data centers and are not indicative of current or expected future capital expenditures. Therefore, we exclude depreciation from our results of operations when evaluating our operations.

In addition, in presenting adjusted EBITDA and AFFO, we exclude amortization expense related to acquired intangible assets. Amortization expense is significantly affected by the timing and magnitude of our 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. We exclude accretion expense, both as it relates to asset retirement obligations as well as accrued restructuring charge liabilities, as these expenses represent costs which we believe are not meaningful in evaluating our current operations. We exclude stock-based compensation expense, as it can vary significantly from period to period based on share price, the timing, size and nature of equity awards. As such, we, and many investors and analysts, exclude stock-based compensation expense to compare our results of operations with those of other companies. We also exclude restructuring charges. The restructuring charges relate to our decisions to exit leases for excess space adjacent to several of our IBX data centers, which we did not intend to build out, or our decision to reverse such restructuring charges. We also exclude 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. We also exclude 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, we exclude transaction costs from AFFO and adjusted EBITDA to allow more comparable comparisons of our financial results to our historical operations. The transaction costs relate to costs we incur 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 our long-term performance. 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, gain or loss on asset sales and transaction costs are non-core transactions; however, these types of costs may occur in future periods.

Adjusted EBITDA

We define adjusted EBITDA as 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

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compensation expense, restructuring charges, impairment charges, transaction costs, and gain or loss on asset sales as presented below (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	216,242	$	68,487	$	363,935	$	224,561
Income tax expense (benefit)	8,635		(18,527)		41,379		14,101
Interest income	(4,508)		(374)		(6,614)		(1,103)
Interest expense	90,826		87,231		170,791		176,912
Other expense	6,238		39,377		15,787		46,327
(Gain) loss on debt extinguishment	420		102,460		(109)		115,518
Depreciation, amortization, and accretion expense	432,828		417,758		869,214		812,076
Stock-based compensation expense	104,682		94,335		194,634		172,685
Transaction costs	5,063		6,985		9,303		8,167
(Gain) loss on asset sales	(94)		(455)		1,724		1,265
Adjusted EBITDA	$	860,332	$	797,277	$	1,660,044	$	1,570,509

Our adjusted EBITDA results have increased each year in total dollars due to the increase in our operating results, as discussed in "Results of Operations", as well as the nature of our business model consisting of a recurring revenue stream and a cost structure which has a large base that is fixed in nature, as also discussed in "Overview".

Funds from Operations ("FFO") and AFFO

We use FFO and AFFO, which are non-GAAP financial measures commonly used in the REIT industry. FFO is calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. FFO represents net income (loss), excluding gain (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.

In presenting AFFO, we exclude certain items that we believe are not good indicators of our current or future operating performance. 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 (loss) on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income (loss) from discontinued operations, net of tax, and adjustments from FFO to AFFO for unconsolidated joint ventures' and noncontrolling interests' share of these items. The adjustments for installation revenue, straight-line rent expense and contract costs are intended to isolate the cash activity included within the straight-lined or amortized results in the condensed consolidated statement of operations. We exclude the amortization of deferred financing costs and debt discounts and premiums as these expenses relate to the initial costs incurred in connection with debt financings that have no current or future cash obligations. We exclude gain (loss) on debt extinguishment since it generally represents the write-off of initial costs incurred in connection with debt financings or a cost that is incurred to reduce future interest costs and is not a good indicator of our current or future operating performance. We include an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances, uncertain tax positions and deferred taxes that do not relate to current period's operations. We deduct 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. We also exclude net income (loss) from discontinued operations, net of tax, which represents results that may not recur and are not a good indicator of our current future operating performance.

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Our FFO and AFFO were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	216,242	$	68,487	$	363,935	$	224,561
Net (income) loss attributable to non-controlling interests	80		(148)		(160)		140
Net income attributable to Equinix	216,322		68,339		363,775		224,701
Adjustments:
Real estate depreciation	278,046		271,500		558,242		528,144
(Gain) loss on disposition of real estate property	1,850		(518)		4,695		2,612
Adjustments for FFO from unconsolidated joint ventures	2,131		1,552		4,281		2,679
FFO attributable to common shareholders	$	498,349	$	340,873	$	930,993	$	758,136
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
FFO attributable to common shareholders	$	498,349	$	340,873	$	930,993	$	758,136
Adjustments:
Installation revenue adjustment	(34)		4,539		811		8,451
Straight-line rent expense adjustment	4,207		3,381		7,867		7,742
Contract cost adjustment	(7,891)		(13,381)		(22,830)		(27,392)
Amortization of deferred financing costs and debt discounts and premiums	4,536		4,447		8,740		8,370
Stock-based compensation expense	104,682		94,335		194,634		172,685
Stock-based charitable contributions	14,039		—		14,039		—
Non-real estate depreciation expense	103,349		93,062		208,924		178,040
Amortization expense	51,875		51,679		101,444		105,074
Accretion expense adjustment	(442)		1,517		604		818
Recurring capital expenditures	(34,775)		(45,331)		(58,656)		(65,661)
(Gain) loss on debt extinguishment	420		102,460		(109)		115,518
Transaction costs	5,063		6,985		9,303		8,167
Impairment charges (1)	—		33,552		—		33,552
Income tax expense adjustment (1)	(49,683)		(47,440)		(50,006)		(46,675)
Adjustments for AFFO from unconsolidated joint ventures	(2,303)		1,259		(1,734)		1,940
AFFO attributable to common shareholders	$	691,392	$	631,937	$	1,344,024	$	1,258,765

(1)Impairment charges for 2021 relate to the impairment of an indemnification asset in Q2 2021 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.

Our AFFO results have improved due to the improved operating results discussed earlier in "Results of Operations," as well as due to the nature of our business model which consists of a recurring revenue stream and a cost structure which has a large base that is fixed in nature as discussed earlier in "Overview."

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Constant Currency Presentation

Our revenues and certain operating expenses (cost of revenues, sales and marketing and general and administrative expenses) from our international operations have represented and will continue to represent a significant portion of our total revenues and certain operating expenses. As a result, our revenues and certain operating expenses have been and will continue to be affected by changes in the U.S. dollar against major international currencies. During the three and six months ended June 30, 2022 as compared to the same period in 2021 the U.S. dollar was stronger relative to the Australian dollar, Euro, Japanese yen and British Pound, which resulted in an unfavorable foreign currency impact on revenue, operating income and adjusted EBITDA, and a favorable foreign currency impact on operating expenses. In order to provide a framework for assessing how each of our business segments performed excluding the impact of foreign currency fluctuations, we present period-over-period percentage changes in our revenues and certain operating expenses on a constant currency basis in addition to the historical amounts as reported. Our constant currency presentation excludes the impact of our foreign currency cash flow hedging activities. Presenting constant currency results of operations 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, we have presented this non-GAAP financial measure to provide investors with an additional tool to evaluate our results of operations. To present this information, our current period revenues and certain operating expenses from entities reporting in currencies other than the U.S. dollar are converted into U.S. dollars at constant exchange rates rather than the actual exchange rates in effect during the respective periods (i.e. average rates in effect for the six months ended June 30, 2021 are used as exchange rates for the six months ended June 30, 2022 when comparing the six months ended June 30, 2022 with the six months ended June 30, 2021).

Liquidity and Capital Resources

Sources and Uses of Cash

Customer collections are our primary source of cash. We believe we have a stable customer base, and have continued to experience relatively strong collections. As of June 30, 2022, our principle sources of liquidity were $1.9 billion of cash and cash equivalents. In addition, we had $3.9 billion of additional liquidity available to us from our $4.0 billion revolving facility and have general access to both public and private debt and the equity capital markets. We also have additional liquidity available to us from our 2020 ATM program, under which we may offer and sell from time to time our common stock in "at the market" transactions. As of June 30, 2022, we had $605.2 million in common stock available for sale under the 2020 ATM Program, which amount gives effect to $394.8 million of unsettled forward sale transactions.

We believe we have sufficient cash, coupled with anticipated cash generated from operating activities and external financing sources, to meet our operating requirements, including repayment of the current portion of our debt as it becomes due, distribution of dividends and completion of our publicly-announced acquisitions, ordinary costs to operate the business, and expansion projects. We also believe that our financial resources will allow us to manage future possible impacts of the ongoing COVID-19 pandemic on our business operations for the foreseeable future, which could include reductions in revenue and delays in payments from customers and partners.

As we continue to grow, we may pursue additional expansion opportunities, primarily the build out of new IBX data centers, in certain of our existing markets which are at or near capacity within the next year, as well as potential acquisitions and joint ventures. If the opportunity to expand is greater than planned we may further increase the level of capital expenditure to support this growth as well as pursue additional business and real estate acquisitions or joint ventures provided that we have or can access sufficient funding to pursue such expansion opportunities. We may elect to access the equity or debt markets from time to time opportunistically, particularly if financing is available on attractive terms. We will continue to evaluate our operating requirements and financial resources in light of future developments, including those relating to the COVID-19 pandemic.

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Cash Flow

	Six Months Ended June 30,
	2022		2021		Change
	(dollars in thousands)
Net cash provided by operating activities	$	1,382,704	$	990,355	$	392,349
Net cash used in investing activities	(1,627,881)		(1,364,411)		(263,470)
Net cash provided by financing activities	693,378		587,330		106,048

Operating Activities

Our cash provided by our operations is generated by colocation, interconnection, managed infrastructure and other revenues. Our primary use of cash from our operating activities includes compensation and related costs, interest payments, other general corporate expenditures and taxes. Net cash provided by operating activities increased by $392.3 million during the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily driven by improved results of operations offset by increases in cash paid for costs and operating expenses.

Investing Activities

Net cash used in investing activities increased by $263.5 million for the six months ended June 30, 2022 as compared to six months ended June 30, 2021, primarily due to a $883.7 million increase from the acquisitions of MainOne and four data centers in Chile from Entel and a $62.0 million increase in purchases of investments. This increase is partially offset by a $358.5 million decrease in capital expenditures, a $251.4 million increase in the proceeds from the sale of assets to our Joint Ventures, a $54.3 million decrease in real estate acquisitions and a $18.0 million increase in proceeds from the sale of investments.

Financing Activities

Net cash provided by financing activities increased by $106.0 million for the six months ended June 30, 2022 as compared to six months ended June 30, 2021, primarily driven by a $2.0 billion decrease in repayment of senior notes, a $676.9 million increase in proceeds from term loan facilities, a $135.0 million decrease in the repayment of term loan facilities, a $99.2 million decrease in debt extinguishment costs, a $29.3 million decrease in repayments of finance lease liabilities, a $7.4 million decrease in debt issuance costs and a $3.8 million increase in proceeds from employee awards. This increase is partially offset by a $2.7 billion decrease in proceeds from senior notes, a $99.6 million decrease in proceeds from the ATM program and a $51.6 million increase in dividend distributions.

Material Cash Commitments

As of June 30, 2022, our principle commitments were primarily comprised of:

•approximately $12.2 billion of principal from our senior notes (gross of debt issuance cost and debt discount);

•approximately $3.1 billion of interest on mortgage payable, loans payable, senior notes and term loans, based on their respective interest rates and recognized over the life of these instruments, and the credit facility fee for the revolving credit facility;

•$690.7 million of principal from our term loans, mortgage and loans payable (gross of debt issuance cost, debt discount, plus mortgage premium);

•approximately $5.1 billion of total lease payments, which represents lease payments under finance and operating lease arrangements, including renewal options that are reasonably certain to be exercised;

•approximately $1.5 billion of unaccrued capital expenditure contractual commitments, primarily for IBX equipment not yet delivered and labor not yet provided in connection with the work necessary to complete construction and open IBX data center expansion projects prior to making them available to customers for installation, the majority of which is payable within the next 12 months; and

•approximately $1.6 billion of other non-capital purchase commitments, such as commitments to purchase power in select locations and other open purchase orders, which contractually bind us for goods, services or arrangements to be delivered or provided during 2023 and beyond, the majority of which is payable within the next two years.

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We believe that our sources of liquidity, including our expected future operating cash flows, are sized to adequately meet both the near and long term material cash commitments for the foreseeable future. For further information on maturities of lease liabilities and debt instruments, see Notes 9 and 10, respectively, within the Condensed Consolidated Financial Statements.

Other Contractual Obligations

We have additional future equity contributions and commitments to the Joint Ventures with GIC and PGIM. For additional information, see the "Equity Method Investments" footnote within the Condensed Consolidated Financial Statements.

Additionally, we entered into lease agreements with various landlords primarily for data center spaces and ground leases which have not yet commenced as of June 30, 2022. For additional information, see “Maturities of Lease Liabilities” in Note 9 within the Condensed Consolidated Financial Statements.

Critical Accounting Policies and Estimates

Our condensed consolidated financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates the accounting policies, assumptions, estimates and judgments to ensure that our condensed consolidated financial statements are presented fairly and in accordance with U.S. GAAP. Management bases its assumptions, estimates and judgments on historical experience, current trends and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. However, because future events and their effects cannot be determined with certainty, actual results may differ from these assumptions and estimates, and such differences could be material. Critical accounting policies for Equinix that affect our more significant judgment and estimates used in the preparation of our condensed consolidated financial statements include accounting for income taxes, accounting for business combinations, accounting for impairment of goodwill, accounting for property, plant and equipment and accounting for leases, which are discussed in more detail under the caption "Critical Accounting Policies and Estimates" in Management's Discussion and Analysis of Financial Condition and Results of Operations, set forth in Part II Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2021.

Recent Accounting Pronouncements

See Note 1 of Notes to Condensed Consolidated Financial Statements in Part I Item 1 of this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market Risk

There have been no significant changes to our exposure management and procedures in relation to our market risk, investment portfolio risk, interest rate risk, foreign currency risk and commodity price risk exposures and procedures during the six months ended June 30, 2022 as compared to the respective risk exposures and procedures disclosed in Quantitative and Qualitative Disclosures About Market Risk, set forth in Part II Item 7A, of our Annual Report on Form 10-K for the year ended December 31, 2021, other than factors discussed below.

The uncertainty that exists with respect to the economic impact of the COVID-19 pandemic and geopolitical instability due to the ongoing military conflict between Russia and Ukraine has introduced significant volatility in the financial markets. See Part II, Item 1A. Risk Factors for additional information regarding potential risks to our business, financial condition and results of operations related to the COVID-19 pandemic.

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Foreign Currency Risk

To help manage the exposure to foreign currency exchange rate fluctuations, we have implemented a number of hedging programs, in particular (i) a cash flow hedging program to hedge the forecasted revenues and expenses in our EMEA region, (ii) a balance sheet hedging program to hedge the re-measurement of monetary assets and liabilities denominated in foreign currencies, and (iii) a net investment hedging program to hedge the long term investments in our foreign subsidiaries. Our hedging programs reduce, but do not entirely eliminate, the impact of currency exchange rate movements and its impact on the condensed consolidated statements of operations.

We have entered into various foreign currency debt obligations. As of June 30, 2022, the total principal amount of foreign currency debt obligations was $1.8 billion, including $1.2 billion denominated in Euro and $608.9 million denominated in British Pound. As of June 30, 2022, we have designated $1.8 billion of the total principal amount of foreign currency debt obligations as net investment hedges against our net investments in foreign subsidiaries. For a net investment hedge, changes in the fair value of the hedging instrument designated as a net investment hedge are recorded as a component of other comprehensive income (loss) in the condensed consolidated balance sheets. Fluctuations in the exchange rates between these foreign currencies and the U.S. Dollar will impact the amount of U.S. Dollars that we will require to settle the foreign currency debt obligations at maturity. If the U.S. Dollar would have been weaker or stronger by 10% in comparison to these foreign currencies as of June 30, 2022, we estimate our obligation to cash settle the principal of these foreign currency debt obligations in U.S. Dollars would have increased or decreased by approximately $195.8 million and $160.2 million, respectively.

We are also party to cross-currency interest rate swaps. As of June 30, 2022, the total notional amount of cross-currency interest rate swap contracts outstanding was $3.9 billion. The cross-currency interest rate swaps are designated as hedges of our net investment in foreign subsidiaries and changes in the fair value of these swaps are recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets. If the U.S. dollar weakened or strengthened by 10% in comparison to foreign currencies, we estimate our obligation to cash settle these hedges would have increased or decreased by approximately $380.5 million and $311.2 million, respectively.

The U.S. Dollar strengthened relative to certain of the currencies of the foreign countries in which we operate during the six months ended June 30, 2022. This has impacted our condensed consolidated financial position and results of operations during this period, including the amount of revenues that we reported. Continued strengthening or weakening of the U.S. Dollar will continue to impact us in future periods.

With the existing cash flow hedges in place, a hypothetical additional 10% strengthening of the U.S. Dollar for the six months ended June 30, 2022 would have resulted in a reduction of our revenues and a reduction of our operating expenses including depreciation and amortization expense by approximately $112.5 million and $110.3 million, respectively.

With the existing cash flow hedges in place, a hypothetical additional 10% weakening of the U.S. Dollar for the six months ended June 30, 2022 would have resulted in an increase of our revenues and an increase of our operating expenses including depreciation and amortization expense by approximately $140.3 million and $138.0 million, respectively.

Interest Rate Risk

We are exposed to interest rate risk related to our outstanding debt. An immediate increase or decrease in current interest rates from their position as of June 30, 2022 would not have a material impact on our interest expense due to the fixed coupon rate on the majority of our debt obligations. However, the interest expense associated with our senior credit facility and term loans that bear interest at variable rates could be affected. For every 100-basis point increase or decrease in interest rates, our annual interest expense could increase by approximately $6.1 million or decrease by approximately $6.1 million based on the total balance of our term loan borrowings as of June 30, 2022. As of June 30, 2022, we had not employed any interest rate derivative products to hedge our variable rate debt obligations. However, we may enter into interest rate hedging agreements in the future to mitigate our exposure to interest rate risk.

We periodically enter into interest rate locks to hedge the interest rate exposure created by anticipated fixed rate debt issuances, which are designated as cash flow hedges. When interest rate locks are settled, any accumulated gain or loss included as a component of other comprehensive income (loss) will be amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks.

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Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation, pursuant to Rule 13a-15 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), of the effectiveness of our "disclosure controls and procedures" as of the end of the period covered by this quarterly report. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

(b) Changes in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the six months ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

(c) Limitations on the Effectiveness of Controls. Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed and operated to be effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

In addition to the other information contained in this report, the following risk factors should be considered carefully in evaluating our business:

Risks Related to Our Business and Our Operations

Inflation in the global economy and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.

Inflation in the United States, Europe and other geographies has risen to levels not experienced in recent decades. We are also experiencing an increase in our costs to procure power and supply chain issues globally. We are seeing impact from these issues on various aspects of our business. Our efforts to mitigate the risks associated with these global economic conditions may not be successful and our business and growth could be adversely affected. Rising prices for materials related to our IBX data center construction and our data center offerings, energy and gas prices, as well as rising wages and benefits costs negatively impact our business by increasing our operating costs. The levels of inflation we are currently experiencing may cause a decrease in sales of our offerings should customers scale back their operations and could result in churn in our customer base, reductions in revenues from our offerings, adverse effects to our DSO, longer sales cycles, slower adoption of new technologies and increased price competition, which could adversely affect our liquidity. Customers and vendors filing for bankruptcy could also lead to costly and time-intensive actions with adverse effects, including greater difficulty or delay in accounts receivable collection. The uncertain economic environment could also have an impact on our foreign exchange forward contracts if our counterparties' credit deteriorates or if they are otherwise unable to perform their obligations. Adverse global economic conditions like the ones we are currently experiencing because of global inflation, the increased cost of power, and supply chain issues have created, and in the future may increase, risk to our business and financial outlook.

Finally, volatility in the financial markets like we are currently experiencing could affect our ability to access the capital markets at a time when we desire, or need, to do so which could have an impact on our flexibility to pursue additional expansion opportunities and maintain our desired level of revenue growth in the future.

We are currently operating in a period of economic uncertainty and capital markets disruption, which has been the result of many global macro-economic factors including the ongoing military conflict between Russia and Ukraine. Our business, financial condition, and results of operations may be materially adversely affected by the negative impact on the global economy, supply chain and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.

U.S. and global markets have experienced volatility and disruption following the escalation of geopolitical tensions and the ongoing military conflict between Russia and Ukraine. On February 24, 2022, a full-scale military invasion of Ukraine by Russian troops began. Although the length and impact of the ongoing military conflict is highly unpredictable, the conflict in Ukraine has led to market disruptions, including significant volatility in commodity prices, credit and capital markets, an increase in cyber security incidents as well as supply chain disruptions.

Additionally, various of Russia’s actions have led to sanctions and other penalties being levied by the U.S., the European Union, and other countries, as well as other public and private actors and companies, against Russia and certain other geographic areas, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restrictions on imports of Russian oil, liquified natural gas and coal. These disruptions in the oil and gas markets have caused, and could continue to cause, significant increases in energy prices, which could have a material effect on our business. Additional potential sanctions and penalties have also been proposed and/or threatened. Some of our IBX data centers in EMEA partially rely on energy produced in-part from fossil fuels originating from Russia, which Russia has reduced. If Russia further reduces or turns off energy supplies to Europe, our EMEA operations could be

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affected adversely. Russian military actions and the resulting sanctions could further adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional debt or equity financing on attractive terms in the future.

We do not have operations in Russia or Ukraine and historically we have had a limited number of Russian and Ukrainian customers. However, we are committed to doing our part to push for a swift and peaceful resolution of the conflict. Currently, we are limiting the ability of Russian customers to place orders for our offerings unless, after reviewing these orders, we believe they are aligned with our stated objectives in support of Ukraine. We also intend to suspend all activities and purchasing with and through Russian partners and suppliers and to not make any direct or indirect investment in Russia absent an end to this conflict. In addition, for our customers located in Ukraine, we are currently providing offerings free of charge and may continue to do so in the future.

Prolonged unfavorable economic conditions or uncertainty as a result of the military conflict between Russia and Ukraine may adversely affect our business, financial condition, and results of operations. Any of the foregoing may also magnify the impact of other risks described in this Quarterly Report on Form 10-Q.

The effects of the COVID-19 pandemic could have a negative effect on our business, results of operations and financial condition.

We have continuously monitored our global operations in light of the COVID-19 pandemic. We have implemented procedures focusing on the health and safety of our employees, customers, partners and communities, the continuity of our business offerings and compliance with governmental regulations and local public health guidance and ordinances. While our business operations have continued without interruption and our IBX data centers have remained fully operational to date, we cannot guarantee our business operations or our IBX data centers will not be negatively impacted in the future. Our IBX data centers were designated “essential businesses” or “critical infrastructure” for purposes of remaining open during the COVID-19 pandemic in all of the jurisdictions that published these exemptions but any change in these classifications could cause operational disruptions or closures of the affected IBX data centers should such restrictions be restored.

We have continued to track infections and adapt our policies and procedures based on a number of factors including the COVID-19 pandemic severity in each office and IBX location. These proactive actions we have taken or may take in the future and any restrictions imposed by the government could result in business delays, operational disruption and customer dissatisfaction. Employee illnesses resulting from the pandemic could result in further inefficiencies or delays and suspected or confirmed cases in an IBX data center could require temporary closure of the affected IBX data center for cleaning or until local regulatory requirements are fulfilled. Any closure of an IBX data center or limitation of customer access could cause customer dissatisfaction if customers are unable to access their equipment within the IBX data center. We also have service level agreements which could be affected if we are required to close an IBX data center for any reason.

Although currently stayed while being litigated in U.S. courts, U.S. Presidential Executive Order (EO 14042) requires companies that do business with the U.S. Federal government (“Government Contractors”) to implement a mandate for all their U.S. employees to be fully vaccinated against COVID-19 (the “US Vaccine Mandate”). As a Government Contractor, we will be required to comply with the US Vaccine Mandate if it or a similar vaccine mandate for Government Contractors goes into effect. We do not anticipate the US Vaccine Mandate to have a material negative effect on our business even if it goes into effect, but if we experience more employee turnover than we expect or if similar mandates are required in other regions, we could experience disruptions to certain functions and employee satisfaction could be affected. Additionally, our non-IBX staff worked primarily remotely during the COVID-19 pandemic and we have announced a hybrid working model, blending time onsite, time at home and business travel, for when we return to the office. Certain employees may prefer remote work. If employees are unhappy with the hybrid model, we may see employee dissatisfaction and employee attrition as a result.

The extent to which the ongoing COVID-19 pandemic will impact our financial condition or results of operations will depend on many factors and future developments, including new information about the ongoing COVID-19 pandemic and its variants, additional surges in infection rates, vaccine efforts, and any new government regulations in the jurisdictions in which we operate which may emerge to contain the virus, among others.

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Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints.

Any power outages, shortages, capacity constraints or significant increases in the cost of power may have an adverse effect on our business and our results of operations.

In each of our markets, we rely on third parties, third party infrastructure, governments, and global suppliers to provide a sufficient amount of power to maintain our IBX data centers and meet the needs of our current and future customers. Any limitation on the delivered energy supply could limit our ability to operate our IBX data centers. These limitations could have a negative impact on a given IBX data center(s) or limit our ability to grow our business which could negatively affect our financial performance and results of operations.

Our IBX data centers are affected by problems accessing electricity sources, such as planned or unplanned power outages and limitations on transmission or distribution. Unplanned power outages, including, but not limited to those relating to large storms, earthquakes, fires, tsunamis, cyberattacks, war, and any failures of electrical power grids more generally, and planned power outages by public utilities, such as those related to Pacific Gas and Electric Company's planned outages in California to minimize fire risks, could harm our customers and our business. Employees working from home could be subjected to planned power outages at home which could be difficult to track and could affect the day to day operations of our non-IBX data center employees. Our international operations are sometimes located outside of developed, reliable electricity markets, where we are exposed to some insecurity in supply associated with technical and regulatory problems, as well as transmission constraints. Some of our IBX data centers are located in leased buildings where, depending upon the lease requirements and number of tenants involved, we may or may not control some or all of the infrastructure including generators and fuel tanks. As a result, in the event of a power outage, we could be dependent upon the landlord, as well as the utility company, to restore the power. We attempt to limit our exposure to system downtime by using backup generators, onsite fuel storage and through contracts with fuel suppliers, but these measures may not always prevent downtime or solve for long-term or large-scale outages. Any outage or supply disruption could adversely affect our business, customer experience and revenues.

We are currently experiencing inflation and volatility pressures in the energy market globally. In particular, current dislocation in the Singapore power market has resulted in Equinix having to buy power at extremely elevated spot and future rates and this ongoing price volatility impacted elements of our 2022 financial projections and long-term models. Various macroeconomic factors are contributing to the instability and global power shortage including the Russian and Ukraine war, the COVID-19 pandemic, severe weather events, governmental regulations, government relations and inflation. The price for power in many of the countries in which we operate has seen significant increases in recent months, and it is unclear when the markets will stabilize. While we have aimed to minimize our risk exposure related to power procurement in Singapore and globally via hedging, conservation, and other efficiencies, we expect the cost for power to continue to be volatile and unpredictable and subject to inflationary pressures. We believe we have made appropriate estimates for these costs in our forecasting but the current unpredictable energy market could materially affect our financial forecasting, results of operations and financial condition.

Each new facility requires access to significant quantities of electricity. Limitations on generation, transmission and distribution may limit our ability to obtain sufficient power capacity for potential expansion sites in new or existing markets. We may experience significant delays and substantial increased costs demanded by the utilities to provide the level of electrical service required by our current IBX data center designs.

Fluctuations in foreign currency exchange rates in the markets in which we operate internationally could harm our results of operations.

We have experienced and may continue to experience gains and losses resulting from fluctuations in foreign currency exchange rates. To date, the majority of revenues and costs in our international operations are denominated in foreign currencies. As we have experienced in Q2 2022, where our prices are denominated in U.S. Dollars, our sales and revenues could be adversely affected by declines in foreign currencies relative to the U.S. Dollar, thereby making our offerings more expensive in local currencies. We are also exposed to risks resulting from fluctuations in foreign currency exchange rates in connection with our international operations. To the extent we are paying contractors in foreign currencies, our operations could cost more than anticipated as a result of declines in

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the U.S. Dollar relative to foreign currencies. In addition, fluctuating foreign currency exchange rates have a direct impact on how our international results of operations translate into U.S. Dollars.

Although we currently undertake, and may decide in the future to further undertake, foreign exchange hedging transactions to reduce foreign currency transaction exposure, we do not currently intend to eliminate all foreign currency transaction exposure. In addition, REIT compliance rules may restrict our ability to enter into hedging transactions. Therefore, any weakness of the U.S. Dollar may have a positive impact on our consolidated results of operations because the currencies in the foreign countries in which we operate may translate into more U.S. Dollars. However, as we have experienced more recently, if the U.S. Dollar strengthens relative to the currencies of the foreign countries in which we operate, our consolidated financial position and results of operations may be negatively impacted as amounts in foreign currencies will generally translate into fewer U.S. Dollars. For additional information on foreign currency risks, refer to our discussion of foreign currency risk in "Quantitative and Qualitative Disclosures About Market Risk" included in Item 2 of this Quarterly Report on Form 10-Q.

We experienced an information technology security breach in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.

Despite our efforts to protect against cyber-attacks, we are not fully insulated from these types of security breaches, and such an attack could adversely impact our competitiveness and results of operations. For example, in September 2020, we discovered ransomware on certain of our internal systems. While the incident was resolved and did not cause a material disruption to our systems nor result in any material costs to us, we expect we will continue to face risks associated with unauthorized access to our computer systems, loss or destruction of data, computer viruses, ransomware, malware, distributed denial-of-service attacks or other malicious activities. These threats may result from human error, equipment failure, fraud or malice on the part of employees, vendors or third parties. As techniques used to breach security change frequently and are generally not recognized until launched against a target, we may not be able to promptly detect that a cyber breach has occurred, or implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented. Our adaptation to a hybrid working model that includes both work from home and in an office could continue to expose us to new security risks. A party who is able to compromise the security measures on our networks or the security of our infrastructure could misappropriate either our proprietary information or the personal information of our customers or our employees, or cause interruptions or malfunctions in our operations or our customers' operations. As we provide assurances to our customers that we provide a high level of security, such a compromise could be particularly harmful to our brand and reputation. We may be required to expend significant capital and resources to protect against such threats or to alleviate problems caused by breaches in security. Any breaches that may occur in the future could expose us to increased risk of lawsuits, regulatory penalties, loss of existing or potential customers, damage relating to loss of proprietary information, harm to our reputation and increases in our security costs, which could have a material adverse effect on our financial performance and results of operations. We maintain insurance coverage for cyber risks, but such coverage may be unavailable or insufficient to cover our losses.

We offer professional services to our customers where we consult on data center solutions and assist with implementations. We also offer managed services in certain of our foreign jurisdictions outside of the U.S. where we manage the data center infrastructure for our customers. The access to our clients' networks and data, which is gained from these services, creates some risk that our clients' networks or data will be improperly accessed. We may also design our clients' cloud storage systems in such a way that exposes our clients to increased risk of data breach. If we were held responsible for any such breach, it could result in a significant loss to us, including damage to our client relationships, harm to our brand and reputation, and legal liability.

Our offerings have a long sales cycle that may harm our revenue and results of operations.

A customer's decision to purchase our offerings typically involves a significant commitment of resources. In addition, some customers will be reluctant to commit to locating in our IBX data centers until they are confident that the IBX data center has adequate carrier connections. As a result, we have a long sales cycle. Furthermore, we may devote significant time and resources to pursuing a particular sale or customer that does not result in revenues.

Delays due to the length of our sales cycle may materially and adversely affect our revenues and results of operations, which could harm our ability to meet our forecasts and cause volatility in our stock price.

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Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers, or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.

Our business depends on providing customers with highly reliable solutions. We must safeguard our customers' infrastructure and equipment located in our IBX data centers and ensure our IBX data centers and non-IBX offices remain operational at all times. We own certain of our IBX data centers, but others are leased by us, and we rely on the landlord for basic maintenance of our leased IBX data centers and office buildings. If such landlord has not maintained a leased property sufficiently, we may be forced into an early exit from the center which could be disruptive to our business. Furthermore, we continue to acquire IBX data centers not built by us. If we discover that these buildings and their infrastructure assets are not in the condition we expected when they were acquired, we may be required to incur substantial additional costs to repair or upgrade the IBX data centers. Newly acquired data centers also may not have the same power infrastructure and design in place as our own IBX data centers. These legacy designs could require upgrades in order to meet our standards and our customers’ expectations. Until the legacy systems are brought up to our standards, customers in these legacy IBX data centers could be exposed to higher risks of unexpected power outages. We have experienced power outages because of these legacy design issues in the past and our customers could experience these in the future.

Problems at one or more of our IBX data centers or corporate offices, whether or not within our control, could result in service interruptions or significant infrastructure or equipment damage. These could result from numerous factors, including but not limited to:

•human error;

•equipment failure;

•physical, electronic and cyber security breaches;

•fire, earthquake, hurricane, flood, tornado and other natural disasters;

•extreme temperatures;

•water damage;

•fiber cuts;

•power loss;

•terrorist acts;

•sabotage and vandalism;

•global pandemics such as the COVID-19 pandemic;

•inability of our operations employees to access our IBX data centers for any reason; and

•failure of business partners who provide our resale products.

We have service level commitment obligations to certain customers. As a result, service interruptions or significant equipment damage in our IBX data centers could result in difficulty maintaining service level commitments to these customers and potential claims related to such failures. Because our IBX data centers are critical to many of our customers' businesses, service interruptions or significant equipment damage in our IBX data centers could also result in lost profits or other indirect or consequential damages to our customers. We cannot guarantee that a court would enforce any contractual limitations on our liability in the event that one of our customers brings a lawsuit against us as a result of a problem at one of our IBX data centers and we may decide to reach settlements with affected customers irrespective of any such contractual limitations. Any such settlement may result in a reduction of revenue under U.S. generally accepted accounting principles ("GAAP"). In addition, any loss of service, equipment damage or inability to meet our service level commitment obligations could reduce the confidence of our customers and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our results of operations.

Furthermore, we are dependent upon internet service providers, telecommunications carriers and other website operators in the Americas, Asia-Pacific and EMEA regions and elsewhere, some of which have experienced significant system failures and electrical outages in the past. Our customers may in the future experience difficulties due to system failures unrelated to our systems and offerings. If, for any reason, these providers fail to provide the required services, our business, financial condition and results of operations could be materially and adversely impacted.

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Our IBX data center employees are critical to our ability to maintain our business operations and reach our service level commitments. Although we have redundancies built into our network, if our IBX employees are unable to access our IBX data centers for any reason, we could experience operational issues at the affected site. Pandemics, weather and climate related crises or any other social, political, or economic disruption in the U.S. or abroad could prevent sufficient staffing at our IBX data centers and have a material adverse impact on our operations.

We are currently making significant investments in our back-office information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.

We have been investing heavily in our back-office information technology systems and processes for a number of years and expect such investment to continue for the foreseeable future in support of our pursuit of global, scalable solutions across all geographies and functions that we operate in. These continuing investments include: 1) ongoing improvements to the customer experience from initial quote to customer billing and our revenue recognition process; 2) integration of recently-acquired operations onto our various information technology systems; and 3) implementation of new tools and technologies to either further streamline and automate processes, or to support our compliance with evolving U.S. GAAP. Our finance team is also working on a multi-year project to move the backbone of our finance systems to the cloud. As a result of our continued work on these projects, we may experience difficulties with our systems, management distraction and significant business disruptions. For example, difficulties with our systems may interrupt our ability to accept and deliver customer orders and may adversely impact our overall financial operations, including our accounts payable, accounts receivables, general ledger, fixed assets, revenue recognition, close processes, internal financial controls and our ability to otherwise run and track our business. We may need to expend significant attention, time and resources to correct problems or find alternative sources for performing these functions. All of these changes to our financial systems also create an increased risk of deficiencies in our internal controls over financial reporting until such systems are stabilized. Such significant investments in our back-office systems may take longer to complete and cost more than originally planned. In addition, we may not realize the full benefits we hoped to achieve and there is a risk of an impairment charge if we decide that portions of these projects will not ultimately benefit us or are de-scoped. Finally, the collective impact of these changes to our business has placed significant demands on impacted employees across multiple functions, increasing the risk of errors and control deficiencies in our financial statements, distraction from the effective operation of our business and difficulty in attracting and retaining employees. Any such difficulties or disruptions may adversely affect our business and results of operations.

The level of insurance coverage that we purchase may prove to be inadequate.

We carry liability, property, business interruption and other insurance policies to cover insurable risks to our company. We select the types of insurance, the limits and the deductibles based on our specific risk profile, the cost of the insurance coverage versus its perceived benefit and general industry standards. Our insurance policies contain industry standard exclusions for events such as war and nuclear reaction. We purchase earthquake insurance for certain of our IBX data centers, but for our IBX data centers in high-risk zones, including those in California and Japan, we have elected to self-insure. The earthquake and flood insurance that we do purchase would be subject to high deductibles. Any of the limits of insurance that we purchase, including those for flood or cyber risks, could prove to be inadequate, which could materially and adversely impact our business, financial condition and results of operations.

If we are unable to implement our evolving organizational structure or if we are unable to recruit or retain key executives and qualified personnel, our business could be harmed.

In connection with the evolving needs of our customers and our business, we continue to review our organizational architecture and have made, and will continue to make, changes as appropriate. There can be no assurances that any of these changes will not result in attrition, that the significant amount of management and other employees' time and focus to implement the changes will not divert attention from operating and growing the business, or that any changes will result in increased organizational effectiveness. We must also continue to identify, hire, train and retain key personnel who maintain relationships with our customers and who can provide the technical, strategic and marketing skills required for our company's growth. There is a shortage of qualified

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personnel in these fields, made more acute in the current tight labor market, and we compete with other companies for the limited pool of talent.

The failure to recruit and retain necessary key executives and personnel could cause disruption, harm our business and hamper our ability to grow our company.

We may not be able to compete successfully against current and future competitors.

The global multi-tenant data center market is highly fragmented. It is estimated that we are one of more than 1,200 companies that provide these offerings around the world. We compete with these firms which vary in terms of their data center offerings and the geographies in which they operate. We must continue to evolve our product strategy and be able to differentiate our IBX data centers and product offerings from those of our competitors.

Some of our competitors may adopt aggressive pricing policies, especially if they are not highly leveraged or have lower return thresholds than we do. As a result, we may suffer from pricing pressure that would adversely affect our ability to generate revenues. Some of these competitors may also provide our target customers with additional benefits, including bundled communication services or cloud services, and may do so in a manner that is more attractive to our potential customers than obtaining space in our IBX data centers. Similarly, with growing acceptance of cloud-based technologies, we are at risk of losing customers that may decide to fully leverage cloud infrastructure offerings instead of managing their own. Competitors could also operate more successfully or form alliances to acquire significant market share.

Failure to compete successfully may materially adversely affect our financial condition, cash flows and results of operations.

If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer.

As our customers evolve their IT strategies, we must remain flexible and evolve along with new technologies and industry and market shifts. Ineffective planning and execution in our cloud and product development strategies may cause difficulty in sustaining our competitive advantages.

The process of developing and acquiring new offerings and enhancing existing offerings is complex. If we fail to anticipate customers’ evolving needs and expectations or do not adapt to technological and IT trends, our results of operations could suffer. In order to adapt effectively, we sometimes must make long-term investments, develop, acquire or obtain certain intellectual property and commit significant resources before knowing whether our predictions will accurately reflect customer demand for the new offerings. Additionally, any delay in the development, acquisition, marketing or launch of a new offering could result in customer dissatisfaction or attrition. If we cannot continue adapting our products, or if our competitors can adapt their products more quickly than us, our business could be harmed.

We have recently invested in joint ventures in order to develop capacity to serve the large footprint needs of a targeted set of hyperscale customers by leveraging existing capacity and dedicated hyperscale builds. We have announced our intention to seek additional joint venture partners for certain of our hyperscale builds. There can be no assurances that our joint ventures will be successful or that we find additional partners or that we are able to successfully meet the needs of these customers.

In 2020, we also acquired Packet Host, Inc. ("Packet"), a bare metal automation company to facilitate a new hardware product offering for us. We expect to continue to consider other new product offerings for our customers. Hardware solutions are a new market area for us which can bring challenges and could harm our business if not executed in the time or manner that we expect. While we believe this new product offering and others we may implement in the future will be desirable to our customers and will complement our other offerings on Platform Equinix, we cannot guarantee the success of this product or any other new product offering.

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Our results of operations may fluctuate.

We have experienced fluctuations in our results of operations on a quarterly and annual basis. The fluctuations in our results of operations may cause the market price of our common stock to be volatile. We may experience significant fluctuations in our results of operations in the foreseeable future due to a variety of factors, including, but not limited to:

•fluctuations of foreign currencies in the markets in which we operate similar to the ones we have experienced recently;

•the timing and magnitude of depreciation and interest expense or other expenses related to the acquisition, purchase or construction of additional IBX data centers or the upgrade of existing IBX data centers;

•demand for space, power and solutions at our IBX data centers;

•increases in our cost of power;

•changes in general economic conditions, such as those stemming from pandemics or other economic downturns, or specific market conditions in the telecommunications and internet industries, any of which could have a material impact on us or on our customer base;

•charges to earnings resulting from past acquisitions due to, among other things, impairment of goodwill or intangible assets, reduction in the useful lives of intangible assets acquired, identification of additional assumed contingent liabilities or revised estimates to restructure an acquired company's operations;

•the duration of the sales cycle for our offerings and our ability to ramp our newly-hired sales persons to full productivity within the time period we have forecasted;

•additions and changes in product offerings and our ability to ramp up and integrate new products within the time period we have forecasted;

•restructuring charges or reversals of restructuring charges, which may be necessary due to revised sublease assumptions, changes in strategy or otherwise;

•acquisitions or dispositions we may make;

•the financial condition and credit risk of our customers;

•the provision of customer discounts and credits;

•the mix of current and proposed products and offerings and the gross margins associated with our products and offerings;

•the timing required for new and future IBX data centers to open or become fully utilized;

•competition in the markets in which we operate;

•conditions related to international operations;

•increasing repair and maintenance expenses in connection with aging IBX data centers;

•lack of available capacity in our existing IBX data centers to generate new revenue or delays in opening new or acquired IBX data centers that delay our ability to generate new revenue in markets which have otherwise reached capacity;

•changes in rent expense as we amend our IBX data center leases in connection with extending their lease terms when their initial lease term expiration dates approach or changes in shared operating costs in connection with our leases, which are commonly referred to as common area maintenance expenses;

•the timing and magnitude of other operating expenses, including taxes, expenses related to the expansion of sales, marketing, operations and acquisitions, if any, of complementary businesses and assets;

•the cost and availability of adequate public utilities, including electricity;

•changes in employee stock-based compensation;

•overall inflation;

•increasing interest expense due to any increases in interest rates and/or potential additional debt financings;

•changes in tax laws affecting our tax liability;

•changes in our tax planning strategies or failure to realize anticipated benefits from such strategies;

•changes in income tax benefit or expense; and

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•changes in or new GAAP as periodically released by the Financial Accounting Standards Board ("FASB").

Any of the foregoing factors, or other factors discussed elsewhere in this report, could have a material adverse effect on our business, results of operations and financial condition. Although we have experienced growth in revenues in recent quarters, this growth rate is not necessarily indicative of future results of operations. Prior to 2008, we had generated net losses every fiscal year since inception. It is possible that we may not be able to generate net income on a quarterly or annual basis in the future. In addition, a relatively large portion of our expenses are fixed in the short-term, particularly with respect to lease and personnel expenses, depreciation and amortization and interest expenses. Therefore, our results of operations are particularly sensitive to fluctuations in revenues. As such, comparisons to prior reporting periods should not be relied upon as indications of our future performance. In addition, our results of operations in one or more future quarters may fail to meet the expectations of securities analysts or investors.

We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings.

In accordance with U.S. GAAP, we are required to assess our goodwill and other intangible assets annually, or more frequently whenever events or changes in circumstances indicate potential impairment, such as changing market conditions or any changes in key assumptions. If the testing performed indicates that an asset may not be recoverable, we are required to record a non-cash impairment charge for the difference between the carrying value of the goodwill or other intangible assets and the implied fair value of the goodwill or other intangible assets in the period the determination is made.

We also periodically monitor the remaining net book values of our property, plant and equipment, including at the individual IBX data center level. Although each individual IBX data center is currently performing in accordance with our expectations, the possibility that one or more IBX data centers could begin to under-perform relative to our expectations is possible and may also result in non-cash impairment charges.

These charges could be significant, which could have a material adverse effect on our business, results of operations or financial condition.

We have incurred substantial losses in the past and may incur additional losses in the future.

As of June 30, 2022, our retained earnings were $2.6 billion. Although we have generated net income for each fiscal year since 2008, except for the year ended December 31, 2014, we are currently investing heavily in our future growth through the build out of multiple additional IBX data centers, expansions of IBX data centers and acquisitions of complementary businesses. As a result, we will incur higher depreciation and other operating expenses, as well as transaction costs and interest expense, that may negatively impact our ability to sustain profitability in future periods unless and until these new IBX data centers generate enough revenue to exceed their operating costs and cover the additional overhead needed to scale our business for this anticipated growth. The current global financial uncertainty may also impact our ability to sustain profitability if we cannot generate sufficient revenue to offset the increased costs of our recently-opened IBX data centers or IBX data centers currently under construction. In addition, costs associated with the acquisition and integration of any acquired companies, as well as the additional interest expense associated with debt financing, we have undertaken to fund our growth initiatives, may also negatively impact our ability to sustain profitability. Finally, given the competitive and evolving nature of the industry in which we operate, we may not be able to sustain or increase profitability on a quarterly or annual basis.

The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations.

While we own certain of our IBX data centers, others are leased under long-term arrangements. These leased IBX data centers have all been subject to significant development by us in order to convert them from, in most cases, vacant buildings or warehouses into IBX data centers. Most of our IBX data center leases have renewal options available to us. However, many of these renewal options provide for the rent to be set at then-prevailing market rates. To the extent that then-prevailing market rates or negotiated rates are higher than present rates, these higher costs may adversely impact our business and results of operations, or we may decide against renewing the lease. In the event that an IBX data center lease does not have a renewal option, or we fail to exercise a renewal option in a timely fashion and lose our right to renew the lease, we may not be successful in negotiating a renewal of the lease with the landlord. A failure to renew a lease or termination by a landlord of any lease could force us to

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exit a building prematurely, which could disrupt our business, harm our customer relationships, impact and harm our joint venture relationships, expose us to liability under our customer contracts or joint venture agreements, cause us to take impairment charges and affect our results of operations negatively.

We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected.

The presence of diverse telecommunications carriers' fiber networks in our IBX data centers is critical to our ability to retain and attract new customers. We are not a telecommunications carrier, and as such, we rely on third parties to provide our customers with carrier services. We believe that the availability of carrier capacity will directly affect our ability to achieve our projected results. We rely primarily on revenue opportunities from the telecommunications carriers' customers to encourage them to invest the capital and operating resources required to connect from their data centers to our IBX data centers. Carriers will likely evaluate the revenue opportunity of an IBX data center based on the assumption that the environment will be highly competitive. We cannot provide assurance that each and every carrier will elect to offer its services within our IBX data centers or that once a carrier has decided to provide internet connectivity to our IBX data centers that it will continue to do so for any period of time.

Our new IBX data centers require construction and operation of a sophisticated redundant fiber network. The construction required to connect multiple carrier facilities to our IBX data centers is complex and involves factors outside of our control, including regulatory processes and the availability of construction resources. Any hardware or fiber failures on this network may result in significant loss of connectivity to our new IBX data center expansions. This could affect our ability to attract new customers to these IBX data centers or retain existing customers.

To date, the network neutrality of our IBX data centers and the variety of networks available to our customers has often been a competitive advantage for us. In certain of our acquired IBX data centers in the Asia-Pacific region, the limited number of carriers available reduces that advantage. As a result, we may need to adapt our key revenue-generating offerings and pricing to be competitive in those markets.

If the establishment of highly diverse internet connectivity to our IBX data centers does not occur, is materially delayed or is discontinued, or is subject to failure, our results of operations and financial condition will be adversely affected.

We have government customers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.

We derive revenues from contracts with the U.S. government, state and local governments and foreign governments. Some of these customers may terminate all or part of their contracts at any time, without cause. There is increased pressure for governments and their agencies, both domestically and internationally, to reduce spending. Some of our federal government contracts are subject to the approval of appropriations being made by the U.S. Congress to fund the expenditures under these contracts. Similarly, some of our contracts at the state and local levels are subject to government funding authorizations.

Government contracts often have unique terms and conditions, such as most favored customer obligations, and are generally subject to audits and investigations which could result in various civil and criminal penalties and administrative sanctions, including termination of contracts, refund of a portion of fees received, forfeiture of profits, suspension of payments, fines and suspensions or debarment from future government business.

Additionally, as a Government Contractor, we could be subject to additional orders and laws such as the US Vaccine Mandate which could have a material adverse effect on our employee satisfaction and our business.

Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and results of operations.

Our ability to maximize revenues depends on our ability to develop and grow a balanced customer base, consisting of a variety of companies, including enterprises, cloud, digital content and financial companies, and

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network service providers. We consider certain of these customers to be key magnets in that they draw in other customers. The more balanced the customer base within each IBX data center, the better we will be able to generate significant interconnection revenues, which in turn increases our overall revenues. Our ability to attract customers to our IBX data centers will depend on a variety of factors, including the presence of multiple carriers, the mix of our offerings, the overall mix of customers, the presence of key customers attracting business through vertical market ecosystems, the IBX data center's operating reliability and security and our ability to effectively market our offerings. However, some of our customers may face competitive pressures and may ultimately not be successful or may be consolidated through merger or acquisition. If these customers do not continue to use our IBX data centers it may be disruptive to our business. Finally, any uncertain global economic climate, including the one we are currently experiencing, could harm our ability to attract and retain customers if customers slow spending, or delay decision-making on our offerings, or if customers begin to have difficulty paying us or seek bankruptcy protection and we experience increased churn in our customer base. Any of these factors may hinder the development, growth and retention of a balanced customer base and adversely affect our business, financial condition and results of operations.

Industry consolidation may have a negative impact on our business model.

If customers combine businesses, they may require less colocation space, which could lead to churn in our customer base. Regional competitors may also consolidate to become a global competitor. Consolidation of our customers and/or our competitors may present a risk to our business model and have a negative impact on our revenues.

The use of high power density equipment may limit our ability to fully utilize our older IBX data centers.

Server technologies continue to evolve and in some instances these changes can result in customers increasing their use of high power density equipment in our IBX data centers which can increase the demand for power on a per cabinet basis. Because many of our IBX data centers were built a number of years ago, the current demand for power may exceed the designed electrical capacity in these IBX data centers. As power, not space, is a limiting factor in many of our IBX data centers, our ability to fully utilize those IBX data centers may be impacted. The ability to increase the power capacity of an IBX data center, should we decide to, is dependent on several factors including, but not limited to, the local utility's ability to provide additional power; the length of time required to provide such power; and/or whether it is feasible to upgrade the electrical infrastructure of an IBX data center to deliver additional power to customers. Although we are currently designing and building to a higher power specification than that of many of our older IBX data centers, there is a risk that demand will continue to increase and our IBX data centers could become underutilized sooner than expected.

Risks Related to Our Expansion Plans

Our construction of new IBX data centers or IBX data center expansions could involve significant risks to our business.

In order to sustain our growth in certain of our existing and new markets, we may have to expand an existing data center, lease a new facility or acquire suitable land, with or without structures, to build new IBX data centers from the ground up. Expansions or new builds are currently underway, or being contemplated, in many of our markets. These construction projects expose us to many risks which could have an adverse effect on our results of operations and financial condition. The current global supply chain and inflation issues have exacerbated many of these construction risks and created additional risks for our business. Some of the risks associated with construction projects include:

•construction delays;

•lack of availability and delays for data center equipment, including items such as generators and switchgear;

•unexpected budget changes;

•increased prices for and delays in obtaining building supplies, raw materials and data center equipment;

•labor availability, labor disputes and work stoppages with contractors, subcontractors and other third parties, including interruptions in work due to the ongoing COVID-19 pandemic;

•unanticipated environmental issues and geological problems;

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•delays related to permitting and approvals to open from public agencies and utility companies;

•delays in site readiness leading to our failure to meet commitments made to customers planning to expand into a new build; and

•unanticipated customer requirements that would necessitate alternative data center design, making our sites less desirable or leading to increased costs in order to make necessary modifications or retrofits.

We are currently experiencing rising construction costs which reflect the increase in cost of labor and raw materials, supply chain and logistic challenges, and high demand in our sector. While we have invested in creating a reserve of materials to mitigate supply chain issues and inflation, it may not be sufficient and ongoing delays, difficulty finding replacement products and continued high inflation could affect our business and growth and could have a material effect on our business. Additional or unexpected disruptions to our supply chain or inflationary pressures could significantly affect the cost of our planned expansion projects and interfere with our ability to meet commitments to customers who have contracted for space in new IBX data centers under construction.

Construction projects are dependent on permitting from public agencies and utility companies. Any delay in permitting could affect our growth. We are currently experiencing permitting delays in most metros due to reduced production from labor availability and from other COVID-19 pandemic related permitting restrictions or stoppages. While we don't currently anticipate any material long-term negative impact to our business because of these construction delays, these types of delays and stoppages related to permitting from public agencies and utility companies could worsen and have an adverse effect on our bookings, revenue or growth.

Additionally, all construction related projects require us to carefully select and rely on the experience of one or more designers, general contractors, and associated subcontractors during the design and construction process. Should a designer, general contractor, significant subcontractor or key supplier experience financial problems or other problems during the design or construction process, we could experience significant delays, increased costs to complete the project and/or other negative impacts to our expected returns.

Site selection is also a critical factor in our expansion plans. There may not be suitable properties available in our markets with the necessary combination of high-power capacity and fiber connectivity, or selection may be limited. Thus, while we may prefer to locate new IBX data centers adjacent to our existing locations, it may not always be possible. In the event we decide to build new IBX data centers separate from our existing IBX data centers, we may provide metro connect solutions to connect these two IBX data centers. Should these solutions not provide the necessary reliability to sustain connection, this could result in lower interconnection revenue and lower margins and could have a negative impact on customer retention over time.

Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction.

Over the last several years, we have completed numerous acquisitions, including most recently that of four data centers in Chile from Entel, a leading Chilean telecommunications provider in 2022, MainOne in West Africa in April 2022, and GPX Global System's, Inc.'s India operations in September 2021. We expect to make additional acquisitions in the future, which may include (i) acquisitions of businesses, products, solutions or technologies that we believe to be complementary, (ii) acquisitions of new IBX data centers or real estate for development of new IBX data centers; (iii) acquisitions through investments in local data center operators; or (iv) acquisitions in new markets with higher risk profiles. We may pay for future acquisitions by using our existing cash resources (which may limit other potential uses of our cash), incurring additional debt (which may increase our interest expense, leverage and debt service requirements) and/or issuing shares (which may dilute our existing stockholders and have a negative effect on our earnings per share). Acquisitions expose us to potential risks, including:

•the possible disruption of our ongoing business and diversion of management's attention by acquisition, transition and integration activities, particularly when multiple acquisitions and integrations are occurring at the same time or when we are entering an emerging market with a higher risk profile;

•our potential inability to successfully pursue or realize some or all of the anticipated revenue opportunities associated with an acquisition or investment;

•the possibility that we may not be able to successfully integrate acquired businesses, or businesses in which we invest, or achieve anticipated operating efficiencies or cost savings;

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•the possibility that announced acquisitions may not be completed, due to failure to satisfy the conditions to closing as a result of:

•an injunction, law or order that makes unlawful the consummation of the acquisition;

•inaccuracy or breach of the representations and warranties of, or the non-compliance with covenants by, either party;

•the nonreceipt of closing documents; or

•for other reasons;

•the possibility that there could be a delay in the completion of an acquisition, which could, among other things, result in additional transaction costs, loss of revenue or other adverse effects resulting from such uncertainty;

•the possibility that our projections about the success of an acquisition could be inaccurate and any such inaccuracies could have a material adverse effect on our financial projections;

•the dilution of our existing stockholders as a result of our issuing stock as consideration in a transaction or selling stock in order to fund the transaction;

•the possibility of customer dissatisfaction if we are unable to achieve levels of quality and stability on par with past practices;

•the possibility that we will be unable to retain relationships with key customers, landlords and/or suppliers of the acquired businesses, some of which may terminate their contracts with the acquired business as a result of the acquisition or which may attempt to negotiate changes in their current or future business relationships with us;

•the possibility that we could lose key employees from the acquired businesses;

•the possibility that we may be unable to integrate certain IT systems that do not meet Equinix's standard requirements with respect to security, privacy or any other standard;

•the potential deterioration in our ability to access credit markets due to increased leverage;

•the possibility that our customers may not accept either the existing equipment infrastructure or the "look-and-feel" of a new or different IBX data center;

•the possibility that additional capital expenditures may be required or that transaction expenses associated with acquisitions may be higher than anticipated;

•the possibility that required financing to fund an acquisition may not be available on acceptable terms or at all;

•the possibility that we may be unable to obtain required approvals from governmental authorities under antitrust and competition laws on a timely basis or at all, which could, among other things, delay or prevent us from completing an acquisition, limit our ability to realize the expected financial or strategic benefits of an acquisition or have other adverse effects on our current business and operations;

•the possible loss or reduction in value of acquired businesses;

•the possibility that future acquisitions may present new complexities in deal structure, related complex accounting and coordination with new partners, particularly in light of our desire to maintain our qualification for taxation as a REIT;

•the possibility that we may not be able to prepare and issue our financial statements and other public filings in a timely and accurate manner, and/or maintain an effective control environment, due to the strain on the finance organization when multiple acquisitions and integrations are occurring at the same time;

•the possibility that future acquisitions may trigger property tax reassessments resulting in a substantial increase to our property taxes beyond that which we anticipated;

•the possibility that future acquisitions may be in geographies and regulatory environments to which we are unaccustomed and we may become subject to complex requirements and risks with which we have limited experience;

•the possibility that future acquisitions may appear less attractive due to fluctuations in foreign currency rates;

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•the possibility that carriers may find it cost-prohibitive or impractical to bring fiber and networks into a new IBX data center;

•the possibility of litigation or other claims in connection with, or as a result of, an acquisition, including claims from terminated employees, customers, former stockholders or other third parties;

•the possibility that asset divestments may be required in order to obtain regulatory clearance for a transaction;

•the possibility of pre-existing undisclosed liabilities, including, but not limited to, lease or landlord related liability, tax liability, environmental liability or asbestos liability, for which insurance coverage may be insufficient or unavailable, or other issues not discovered in the diligence process;

•the possibility that we receive limited or incorrect information about the acquired business in the diligence process, particularly in light of the travel bans and other restrictions imposed due to the COVID-19 pandemic; and

•the possibility that we do not have full visibility into customer agreements and customer termination rights during the diligence process which could expose us to additional liabilities after completing the acquisition.

The occurrence of any of these risks could have a material adverse effect on our business, results of operations, financial condition or cash flows. If an acquisition does not proceed or is materially delayed for any reason, the price of our common stock may be adversely impacted, and we will not recognize the anticipated benefits of the acquisition.

We cannot assure that the price of any future acquisitions of IBX data centers will be similar to prior IBX data center acquisitions. In fact, we expect costs required to build or render new IBX data centers operational to increase in the future. If our revenue does not keep pace with these potential acquisition and expansion costs, we may not be able to maintain our current or expected margins as we absorb these additional expenses. There is no assurance we would successfully overcome these risks, or any other problems encountered with these acquisitions.

The anticipated benefits of our joint ventures may not be fully realized, or take longer to realize than expected.

We have entered into joint ventures to develop and operate xScale™ data centers (together, the “Joint Ventures”). Equinix owns a 20% interest and our JV partners own an 80% interest in each joint venture, and Equinix operates all facilities.

Certain sites that are intended to be utilized in Joint Ventures require investment for development. The success of these Joint Ventures will depend, in part, on the successful development of the data center sites, and we may not realize all of the anticipated benefits. Such development may be more difficult, time-consuming or costly than expected and could result in increased costs, decreases in the amount of expected revenues and diversion of management's time and energy, which could materially impact our business, financial condition and results of operations. Additionally, if it is determined these sites are no longer desirable for the Joint Ventures, we would need to adapt such sites for other purposes.

We may not realize all of the anticipated benefits from our Joint Ventures. The success of these Joint Ventures will depend, in part, on the successful partnership between Equinix and our JV partners. Such a partnership is subject to risks as outlined below in our risk factor related to Joint Ventures, and more generally, to the same types of business risks as would impact our IBX data center business. A failure to successfully partner, or a failure to realize our expectations for the Joint Ventures, including any contemplated exit strategy from a Joint Venture, could materially impact our business, financial condition and results of operations. These Joint Ventures could also be negatively impacted by inflation, supply chain issues, an inability to obtain financing on favorable terms or at all, and development and construction delays, including those we are currently experiencing in many markets globally.

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Joint venture investments could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.

In addition to our current and proposed Joint Ventures, we may co-invest with other third parties through partnerships, joint ventures or other entities in the future. These joint ventures could result in our acquisition of non-controlling interests in, or shared responsibility for, managing the affairs of a property or portfolio of properties, partnership, joint venture or other entity. We may be subject to additional risks, including:

•we may not have the right to exercise sole decision-making authority regarding the properties, partnership, joint venture or other entity;

•if our partners become bankrupt or fail to fund their share of required capital contributions, we may choose to or be required to contribute such capital;

•our partners may have economic, tax or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives;

•our joint venture partners may take actions that are not within our control, which could require us to dispose of the joint venture asset, transfer it to a TRS in order to maintain our qualification for taxation as a REIT, or purchase the partner's interests or assets at an above-market price;

•our joint venture partners may take actions unrelated to our business agreement but which reflect poorly on us because of our joint venture;

•disputes between us and our partners may result in litigation or arbitration that would increase our expenses and prevent our management from focusing their time and effort on our day-to-day business;

•we may in certain circumstances be liable for the actions of our third-party partners or guarantee all or a portion of the joint venture's liabilities, which may require us to pay an amount greater than its investment in the joint venture; and

•a joint venture partner's decision to exit the joint venture may not be at an opportune time for us or in our business interests.

Each of these factors may result in returns on these investments being less than we expect or in losses, and our financial and results of operations may be adversely affected.

If we cannot effectively manage our international operations, and successfully implement our international expansion plans, or comply with evolving laws and regulations, our revenues may not increase, our costs may increase and our business and results of operations would be harmed.

For the years ended December 31, 2021, 2020 and 2019, we recognized approximately 61%, 59% and 58%, respectively, of our revenues outside the U.S. We currently operate outside of the U.S. in Canada, Mexico, Asia-Pacific, EMEA, and South America.

In addition, we are currently undergoing expansions or evaluating expansion opportunities outside of the U.S. Undertaking and managing expansions in foreign jurisdictions may present unanticipated challenges to us.

Our international operations are generally subject to a number of additional risks, including:

•the costs of customizing IBX data centers for foreign countries;

•protectionist laws and business practices favoring local competition;

•greater difficulty or delay in accounts receivable collection;

•difficulties in staffing and managing foreign operations, including negotiating with foreign labor unions or workers' councils;

•difficulties in managing across cultures and in foreign languages;

•political and economic instability;

•fluctuations in currency exchange rates;

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•difficulties in repatriating funds from certain countries;

•our ability to obtain, transfer or maintain licenses required by governmental entities with respect to our business;

•unexpected changes in regulatory, tax and political environments such as the United Kingdom's withdrawal from the European Union ("Brexit"), the recent Hong Kong national security law, and the current trade war between the U.S. and China;

•our ability to secure and maintain the necessary physical and telecommunications infrastructure;

•compliance with anti-bribery and corruption laws;

•compliance with economic and trade sanctions enforced by the Office of Foreign Assets Control of the U.S. Department of Treasury, especially given the evolving sanctions landscape related to the Russian and Ukrainian war;

•compliance with changing laws, policies and requirements related to sustainability;

•compliance with evolving governmental regulation with which we have little experience; and

•compliance with evolving and varied regulations related to the ongoing COVID-19 pandemic and related vaccine mandates.

Geo-political events, such as the ongoing COVID-19 pandemic, Brexit, the Hong Kong national security law, the trade war between the U.S. and China and the war between Russia and Ukraine, may increase the likelihood of the listed risks to occur and could have a negative effect on our business domestically or internationally. With respect to Brexit, it is possible that the level of economic activity in the United Kingdom and the rest of Europe will be adversely impacted and that we will face increased regulatory and legal complexities in these regions which could have an adverse impact on our business and employees in EMEA and could adversely affect our financial condition and results of operations. In addition, compliance with international and U.S. laws and regulations that apply to our international operations increases our cost of doing business in foreign jurisdictions. These laws and regulations include the General Data Protection Regulation ("GDPR") and other data privacy laws and requirements, labor relations laws, tax laws, anti-competition regulations, import and trade restrictions, export requirements, economic and trade sanctions, U.S. laws such as the Foreign Corrupt Practices Act and local laws which also prohibit corrupt payments to governmental officials. With respect to the current trade war between the U.S. and China, we have several customers in China named in restrictive executive orders by the previous U.S. administration that are currently covered by a freeze issued by the current U.S. administration or currently enjoined from enforcement subject to pending litigation. If Equinix is required to cease business with these companies, or additional companies in the future, our revenues could be adversely affected. Violations of any of these domestic or international laws and regulations could result in fines, criminal sanctions against us, our officers or our employees, and prohibitions on the conduct of our business. Any such violations could include prohibitions on our ability to offer our offerings in one or more countries, could delay or prevent potential acquisitions, and could also materially damage our reputation, our brand, our international expansion efforts, our ability to attract and retain employees, our business and results of operations. Our success depends, in part, on our ability to anticipate and address these risks and manage these difficulties.

We are continuing to invest in our expansion efforts but may not have sufficient customer demand in the future to realize expected returns on these investments.

We are considering the acquisition or lease of additional properties and the construction of new IBX data centers beyond those expansion projects already announced. We will be required to commit substantial operational and financial resources to these IBX data centers, generally 12 to 18 months in advance of securing customer contracts, and we may not have sufficient customer demand in those markets to support these IBX data centers once they are built. In addition, unanticipated technological changes could affect customer requirements for data centers, and we may not have built such requirements into our new IBX data centers. Either of these contingencies, if they were to occur, could make it difficult for us to realize expected or reasonable returns on these investments.

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Risks Related to Our Capital Needs and Capital Strategy

Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital.

We have a significant amount of debt and may need to incur additional debt to support our growth. Additional debt may also be incurred to fund future acquisitions, any future special distributions, regular distributions or the other cash outlays associated with maintaining our qualification for taxation as a REIT. As of June 30, 2022, our total indebtedness (gross of debt issuance cost, debt discount, and debt premium) was approximately $15.0 billion, our stockholders' equity was $10.6 billion and our cash and cash equivalents totaled $1.9 billion. In addition, as of June 30, 2022, we had approximately $3.9 billion of additional liquidity available to us from our $4.0 billion revolving credit facility. In addition to our substantial debt, we lease many of our IBX data centers and certain equipment under lease agreements, some of which are accounted for as operating leases. As of June 30, 2022, we recorded operating lease liabilities of $1.4 billion, which represents our obligation to make lease payments under those lease arrangements.

Our substantial amount of debt and related covenants, and our off-balance sheet commitments, could have important consequences. For example, they could:

•require us to dedicate a substantial portion of our cash flow from operations to make interest and principal payments on our debt and in respect of other off-balance sheet arrangements, reducing the availability of our cash flow to fund future capital expenditures, working capital, execution of our expansion strategy and other general corporate requirements;

•increase the likelihood of negative outlook from our credit rating agencies, or of a downgrade to our current rating;

•make it more difficult for us to satisfy our obligations under our various debt instruments;

•increase our cost of borrowing and even limit our ability to access additional debt to fund future growth;

•increase our vulnerability to general adverse economic and industry conditions and adverse changes in governmental regulations;

•limit our flexibility in planning for, or reacting to, changes in our business and industry, which may place us at a competitive disadvantage compared with our competitors;

•limit our operating flexibility through covenants with which we must comply;

•limit our ability to borrow additional funds, even when necessary to maintain adequate liquidity, which would also limit our ability to further expand our business; and

•make us more vulnerable to increases in interest rates because of the variable interest rates on some of our borrowings to the extent we have not entirely hedged such variable rate debt.

The occurrence of any of the foregoing factors could have a material adverse effect on our business, results of operations and financial condition.

We may also need to refinance a portion of our outstanding debt as it matures. There is a risk that we may not be able to refinance existing debt or that the terms of any refinancing may not be as favorable as the terms of our existing debt. Furthermore, if prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest expense relating to that refinanced indebtedness would increase. These risks could materially adversely affect our financial condition, cash flows and results of operations.

Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.

Future sales or issuances of common stock or other equity related securities may adversely affect the market price of our common stock, including any shares of our common stock issued to finance capital expenditures, finance acquisitions or repay debt. In October 2020, we established an "at the market" equity offering program (the "2020 ATM Program") in the amount of $1.5 billion under which we may, from time to time, issue and sell shares of our common stock to or through sales agents up to established limits. As of June 30, 2022, we had $605.2 million available for sale under the 2020 ATM Program, which amount gives effect to $394.8 million of unsettled forward sale transactions. We expect to refresh our ATM program periodically, which could lead to additional dilution for our

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stockholders in the future. We may also seek authorization to sell additional shares of common stock through other means which could lead to additional dilution for our stockholders. Please see Note 12 within the Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q for sales of our common stock under our ATM program.

If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.

Our capital expenditures, together with ongoing operating expenses, obligations to service our debt and the cash outlays associated with our REIT distribution requirements, are, and will continue to be, a substantial burden on our cash flow and may decrease our cash balances. Additional debt or equity financing may not be available when needed or, if available, may not be available on satisfactory terms. Our inability to obtain additional debt and/or equity financing or to generate sufficient cash from operations may require us to prioritize projects or curtail capital expenditures which could adversely affect our results of operations.

Our derivative transactions expose us to counterparty credit risk.

Our derivative transactions expose us to risk of financial loss if a counterparty fails to perform under a derivative contract. Disruptions in the financial markets could lead to sudden decreases in a counterparty's liquidity, which could make them unable to perform under the terms of their derivative contract and we may not be able to realize the benefit of the derivative contract.

Risks Related to Environmental Laws and Climate Change Impacts

Environmental regulations may impose upon us new or unexpected costs.

We are subject to various federal, state and local environmental and health and safety laws and regulations in the United States and at our non-U.S. locations, including those relating to the generation, storage, handling and disposal of hazardous substances and wastes. Certain of these laws and regulations also impose joint and several liability, without regard to fault, for investigation and cleanup costs on current and former owners and operators of real property and persons who have disposed of or released hazardous substances into the environment. Our operations involve the use of hazardous substances and materials such as petroleum fuel for emergency generators, as well as batteries, cleaning solutions and other materials. At some of our locations, hazardous substances or regulated materials are known to be present in soil or groundwater, and there may be additional unknown hazardous substances or regulated materials present at sites we own, operate or lease. At some of our locations, there are land use restrictions in place relating to earlier environmental cleanups that do not materially limit our use of the sites. To the extent any hazardous substances or any other substance or material must be cleaned up or removed from our property, we may be responsible under applicable laws, permits or leases for the removal or cleanup of such substances or materials, the cost of which could be substantial.

We purchase significant amounts of electricity from generating facilities and utility companies that are subject to environmental laws, regulations and permit requirements. These environmental requirements are subject to material change, which could result in increases in our electricity suppliers' compliance costs that may be passed through to us. Regulations promulgated by the U.S. EPA or state agencies, or by regulators in other countries, could limit air emissions from fossil fuel-fired power plants, restrict discharges of cooling water, and otherwise impose new operational restraints on power plants that could increase costs of electricity. Regulatory programs intended to promote increased generation of electricity from renewable sources may also increase our costs of procuring electricity. In addition, we are directly subject to environmental, health and safety laws regulating air emissions, storm water management and other issues arising in our business. For example, our emergency generators are subject to state and federal regulations governing air pollutants, which could limit the operation of those generators or require the installation of new pollution control technologies. While environmental regulations do not normally impose material costs upon our operations, unexpected events, equipment malfunctions, human error and changes in law or regulations, among other factors, can lead to additional capital requirements, limitations upon our operations and unexpected increased costs.

Regulation of greenhouse gas ("GHG") emissions could increase the cost of electricity by reducing amounts of electricity generated from fossil fuels, by requiring the use of more expensive generating methods, by requiring capture, management or reduction of GHG emissions, or by imposing taxes or fees upon electricity or GHG

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emissions. There has been interest in the U.S. Congress and in countries where we operate abroad in addressing climate change. In the U.S., there is a possibility that new regulations or legislation will be proposed and potentially enacted that would seek to limit carbon dioxide emissions and the use of fossil fuels. Past legislative proposals to address climate change have included measures ranging from "carbon taxes," to tax credits, to federally imposed limitations on GHG emissions. The course of future legislation and regulation in the U.S. and abroad remains difficult to predict and the potential increased costs associated with GHG regulation or taxes cannot be estimated at this time.

State regulations also have the potential to increase our costs of obtaining electricity. Certain U.S. states in which we operate have issued or are considering and may enact environmental regulations that could materially affect our facilities and electricity costs. For example, California has limited GHG emissions from new and existing conventional power plants by imposing regulatory caps and by auctioning the rights to emission allowances. Washington, Oregon and Massachusetts have issued regulations to implement similar carbon cap and trade programs, and other states are considering proposals to limit carbon emissions through cap and trade programs, carbon pricing programs and other mechanisms. Some northeastern states adopted a multi-state program for limiting carbon emissions through the Regional Greenhouse Gas Initiative ("RGGI") cap and trade program. Other countries in which we operate may impose requirements and restrictions similar to those imposed in the U.S. Environmental regulations have not had a material adverse effect on our electricity costs to date, but due to costs of changing pollution control technologies, potential new regulatory requirements and the market-driven nature of some of the programs, such regulations could have a material adverse effect on electricity costs in the future.

Aside from regulatory requirements, we have separately undertaken efforts to procure energy from renewable energy projects in order to support new renewables development. These efforts to support and enhance renewable electricity generation may increase our costs of electricity above those that would be incurred through procurement of conventional electricity from existing sources or through conventional grids.

Our business may be adversely affected by climate change and responses to it.

Severe weather events, such as droughts, fires, flooding, heat waves, hurricanes, typhoons and other winter storms, pose a threat to our IBX data centers and our customers' IT infrastructure through physical damage to facilities or equipment, power supply disruption, and long-term effects on the cost of electricity. The frequency and intensity of severe weather events are reportedly increasing as part of broader climate changes. Changes in global weather patterns may also pose long-term risks of physical impacts to our business.

We maintain disaster recovery and business continuity plans that would be implemented in the event of severe weather events that interrupt our business or affect our customers' IT infrastructure housed in our IBX data centers. While these plans are designed to allow us to recover from natural disasters or other events that can interrupt our business, we cannot be certain that our plans will work as intended, to mitigate the impacts of such disasters or events. Failure to prevent impact to customers from such events could adversely affect our business.

U.S. and global environmental regulations are expected to continue to change and evolve and may impose upon us new or unexpected costs. Concern about climate change in various jurisdictions may result in more stringent laws and regulatory requirements regarding emissions of carbon dioxide or other GHGs. Restrictions on carbon dioxide or other GHG emissions could result in significant increases in operating or capital costs, including higher energy costs generally, and increased costs from carbon taxes, emission cap and trade programs and renewable portfolio standards that are imposed upon our electricity suppliers. These higher energy costs, and the cost of complying across our global platform or of failing to comply with these and any other climate change regulations, may have an adverse effect on our business and our results of operations.

We may fail to achieve our environmental goals which may adversely affect public perception of our business and affect our relationship with our customers, our stockholders and/or other stakeholders.

We have prioritized sustainability and have established long term goals of using 100% clean and renewable energy and reducing our GHG emissions from our operations and supply chain. We also face pressure from our customers, stockholders and other stakeholders, such as the communities in which we operate, who are increasingly focused on climate change, to prioritize renewable energy procurement, reduce our carbon footprint and promote sustainable practices. To address these goals and concerns, where possible, we plan to continue to scale our renewable energy strategy, seek low-carbon alternatives for traditional fuel sources, use refrigerants that pose fewer risks of environmental impact, and pursue opportunities to improve energy and water efficiency. As a

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result of these and other initiatives, we intend to make progress towards reducing our environmental impact and global carbon footprint, as well as ensuring that our business remains viable in a low-carbon economy. It is possible, however, that we may fail to reach our stated environmental goals in a timely manner or that our customers, stockholders or members of our communities might not be satisfied with our sustainability efforts or the speed of their adoption. A failure to meet our environmental goals could adversely affect public perception of our business, employee morale or customer, stockholder or community support. If we do not meet our customers' or stockholders' expectations regarding those initiatives, or lose support in our communities, our business and/or our share price could be harmed.

Risks Related to Certain Regulations and Laws, Including Tax Laws

Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.

We are a U.S. company with global subsidiaries and are subject to income and other taxes in the U.S. (although currently limited due to our taxation as a REIT) and many foreign jurisdictions. Significant judgment is required in determining our worldwide provision for income and other taxes. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of changes to the tax laws and interpretations thereof. For example, we are currently undergoing audits in a number of jurisdictions where we operate. The final results of these audits are uncertain and may not be resolved in our favor. Additionally, the Inflation Reduction Act of 2022, recently introduced by the U.S. Senate, proposes a new 15% book minimum tax on large corporations. It is unclear to what extent REITs might be exempt from any enacted legislation. Changes in tax laws, including the passage of a 15% minimum tax in the U.S., could have a material adverse effect on our tax liability and impact our REIT dividend distribution meaningfully.

The Organisation for Economic Co-operation and Development ("OECD") is an international association made up of over 30 countries including the U.S. The OECD has proposed and made numerous changes to long-standing tax principles, which, if adopted by the member countries, could have a materially adverse effect on our tax liabilities. For example, various foreign jurisdictions are starting to explore the taxation of digital service and the mechanism of levying top-up tax through the adoption of OECD tax principles which could have a negative effect on our tax liability.

The ongoing COVID-19 pandemic has led to increased spending by many governments. Because of this, there could be pressure to increase taxes in the future to pay back debts and generate revenues. The nature and timing of any future changes to each jurisdiction's tax laws and the impact on our future tax liabilities because of the COVID-19 pandemic or for any other reason cannot be predicted with any accuracy but could materially and adversely impact our results of operations and financial position or cash flows.

Government regulation or failure to comply with laws and regulations may adversely affect our business.

Various laws and governmental regulations, both in the U.S. and abroad, governing internet-related services, related communications services and information technologies remain largely unsettled, even in areas where there has been some legislative action. For example, the Federal Communications Commission ("FCC") recently overturned network neutrality rules, which may result in material changes in the regulations and contribution regime affecting us and our customers. Furthermore, the U.S. Congress and state legislatures are reviewing and considering changes to the new FCC rules making the future of network neutrality uncertain. Changes to these laws and regulations could have a material adverse effect on us and our customers. There may also be forthcoming regulation in the U.S. on a federal or state level in the areas of cybersecurity, data privacy, sustainability, taxation and data security, any of which could impact us and our customers. Similarly, data privacy regulations continue to evolve and must be addressed by Equinix as a global company.

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We remain focused on whether and how existing and changing laws, such as those governing intellectual property, privacy, libel, telecommunications services, data flows/data localization, carbon emissions impact, competition and antitrust, and taxation apply to our business and those which might have a material effect on our customers’ decisions to purchase our services and solutions. Substantial resources may be required to comply with regulations or bring any non-compliant business practices into compliance with such regulations. In addition, the continuing development of the market for online commerce and the displacement of traditional telephony service by the internet and related communications services may prompt an increased call for more stringent consumer protection laws or other regulation both in the U.S. and abroad that may impose additional burdens on companies conducting business online and their service providers.

While our business and IBX data centers are currently all operational and have been designated "critical infrastructure" or "essential services" in order to remain open in many jurisdictions during the ongoing COVID-19 pandemic, any regulations restricting our ability to operate our business due to the COVID-19 pandemic could have a material adverse effect on our business. Additionally, the "essential services" and "critical infrastructure" designations we have experienced could lead countries or local regulators to impose additional regulations on the data center industry due to the COVID-19 pandemic in order to have better visibility and control over our industry for future events.

We strive to comply with all laws and regulations that apply to our business. However, as these laws evolve, they can be subject to varying interpretations and regulatory discretion. To the extent a regulator or court disagrees with our interpretation of these laws and determines that our practices are not in compliance with applicable laws and regulations, we could be subject to civil and criminal penalties that could adversely affect our business operations. The adoption, or modification of laws or regulations relating to the internet and our business, or interpretations of existing laws, could have a material adverse effect on our business, financial condition and results of operations.

Risks Related to Our Taxation as a REIT

We may not remain qualified for taxation as a REIT.

We elected to be taxed as a REIT for U.S. federal income tax purposes beginning with our 2015 taxable year. We believe that our organization and method of operation comply with the rules and regulations promulgated under the Internal Revenue Code of 1986, as amended (the "Code"), such that we will continue to qualify for taxation as a REIT. However, we cannot assure you that we have qualified for taxation as a REIT or that we will remain so qualified. Qualification for taxation as a REIT involves the application of highly technical and complex provisions of the Code to our operations as well as various factual determinations concerning matters and circumstances not entirely within our control. There are limited judicial or administrative interpretations of applicable REIT provisions of the Code.

If, in any taxable year, we fail to remain qualified for taxation as a REIT and are not entitled to relief under the Code:

•we will not be allowed a deduction for distributions to stockholders in computing our taxable income;

•we will be subject to U.S. federal and state income tax on our taxable income at regular corporate income tax rates; and

•we would not be eligible to elect REIT status again until the fifth taxable year that begins after the first year for which we failed to qualify for taxation as a REIT.

Any such corporate tax liability could be substantial and would reduce the amount of cash available for other purposes. If we fail to remain qualified for taxation as a REIT, we may need to borrow additional funds or liquidate some investments to pay any additional tax liability. Accordingly, funds available for investment and distributions to stockholders could be reduced.

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As a REIT, failure to make required distributions would subject us to federal corporate income tax.

We paid a quarterly distribution in March of 2022 and have declared a quarterly distribution to be paid on September 21, 2022. The amount, timing and form of any future distributions will be determined, and will be subject to adjustment, by our Board of Directors. To remain qualified for taxation as a REIT, we are generally required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gain) each year, or in limited circumstances, the following year, to our stockholders. Generally, we expect to distribute all or substantially all of our REIT taxable income. If our cash available for distribution falls short of our estimates, we may be unable to maintain distributions that approximate our REIT taxable income and may fail to remain qualified for taxation as a REIT. In addition, our cash flows from operations may be insufficient to fund required distributions as a result of differences in timing between the actual receipt of income and the payment of expenses and the recognition of income and expenses for federal income tax purposes, or the effect of nondeductible expenditures, such as capital expenditures, payments of compensation for which Section 162(m) of the Code denies a deduction, interest expense deductions limited by Section 163(j) of the Code, the creation of reserves or required debt service or amortization payments.

To the extent that we satisfy the 90% distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to federal corporate income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax on our undistributed taxable income if the actual amount that we distribute to our stockholders for a calendar year is less than the minimum amount specified under the Code.

Complying with REIT requirements may limit our flexibility or cause us to forgo otherwise attractive opportunities.

To remain qualified for taxation as a REIT for U.S. federal income tax purposes, we must satisfy tests concerning, among other things, the sources of our income, the nature and diversification of our assets and the amounts we distribute to our stockholders. For example, under the Code, no more than 20% of the value of the assets of a REIT may be represented by securities of one or more TRSs. Similar rules apply to other nonqualifying assets. These limitations may affect our ability to make large investments in other non-REIT qualifying operations or assets. In addition, in order to maintain our qualification for taxation as a REIT, we must distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. Even if we maintain our qualification for taxation as a REIT, we will be subject to U.S. federal income tax at regular corporate income tax rates for our undistributed REIT taxable income, as well as U.S. federal income tax at regular corporate income tax rates for income recognized by our TRSs; we also pay taxes in the foreign jurisdictions in which our international assets and operations are held and conducted regardless of our qualification for taxation as a REIT. Because of these distribution requirements, we will likely not be able to fund future capital needs and investments from operating cash flow. As such, compliance with REIT tests may hinder our ability to make certain attractive investments, including the purchase of significant nonqualifying assets and the material expansion of non-real estate activities.

Our extensive use of TRSs, including for certain of our international operations, may cause us to fail to remain qualified for taxation as a REIT.

Our operations include an extensive use of TRSs. The net income of our TRSs is not required to be distributed to our QRSs, and income that is not distributed to our QRSs generally is not subject to the REIT income distribution requirement. Our ability to receive distributions from our TRSs is limited by the rules with which we must comply to maintain our qualification for taxation as a REIT. In particular, at least 75% of our gross income for each taxable year as a REIT must be derived from real estate. Consequently, no more than 25% of our gross income may consist of dividend income from our TRSs and other nonqualifying types of income. Thus, our ability to receive distributions from our TRSs may be limited and may impact our ability to fund distributions to our stockholders using cash flows from our TRSs.

Further, there may be limitations on our ability to accumulate earnings in our TRSs and the accumulation or reinvestment of significant earnings in our TRSs could result in adverse tax treatment. In particular, if the accumulation of cash in our TRSs causes (1) the fair market value of our securities in our TRSs to exceed 20% of the fair market value of our assets or (2) the fair market value of our securities in our TRSs and other nonqualifying assets to exceed 25% of the fair market value of our assets, then we will fail to remain qualified for taxation as a REIT. Further, a substantial portion of our TRSs are overseas, and a material change in foreign currency rates could also negatively impact our ability to remain qualified for taxation as a REIT.

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The Code imposes limitations on the ability of our TRSs to utilize specified income tax deductions, including limits on the use of net operating losses and limits on the deductibility of interest expense.

Even if we remain qualified for taxation as a REIT, some of our business activities are subject to corporate level income tax and foreign taxes, which will continue to reduce our cash flows, and we will have potential deferred and contingent tax liabilities.

Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes, including taxes on any undistributed income, and state, local or foreign income, franchise, property and transfer taxes. In addition, we could in certain circumstances be required to pay an excise or penalty tax, which could be significant in amount, in respect of dealer property income or in order to utilize one or more relief provisions under the Code to maintain our qualification for taxation as a REIT.

A portion of our business is conducted through wholly-owned TRSs because certain of our business activities could generate nonqualifying REIT income as currently structured and operated. The income of our U.S. TRSs will continue to be subject to federal and state corporate income taxes. In addition, our international assets and operations will continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. Any of these taxes would decrease our earnings and our available cash.

We will also be subject to a U.S. federal corporate level income tax at the highest regular corporate income tax rate on gain recognized from a sale of a REIT asset where our basis in the asset is determined by reference to the basis of the asset in the hands of a C corporation (such as an asset that we or our QRSs hold following the liquidation or other conversion of a former TRS). This tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset, to the extent of the built-in-gain based on the fair market value of such asset on the date we first held the asset as a REIT asset.

Our certificate of incorporation contains restrictions on the ownership and transfer of our stock, though they may not be successful in preserving our qualification for taxation as a REIT.

In order for us to remain qualified for taxation as a REIT, no more than 50% of the value of outstanding shares of our stock may be owned, beneficially or constructively, by five or fewer individuals at any time during the last half of each taxable year. In addition, rents from "affiliated tenants" will not qualify as qualifying REIT income if we own 10% or more by vote or value of the customer, whether directly or after application of attribution rules under the Code. Subject to certain exceptions, our certificate of incorporation prohibits any stockholder from owning, beneficially or constructively, more than (i) 9.8% in value of the outstanding shares of all classes or series of our capital stock or (ii) 9.8% in value or number, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock. We refer to these restrictions collectively as the "ownership limits" and we included them in our certificate of incorporation to facilitate our compliance with REIT tax rules. The constructive ownership rules under the Code are complex and may cause the outstanding stock owned by a group of related individuals or entities to be deemed to be constructively owned by one individual or entity. As a result, the acquisition of less than 9.8% of our outstanding common stock (or the outstanding shares of any class or series of our stock) by an individual or entity could cause that individual or entity or another individual or entity to own constructively in excess of the relevant ownership limits. Any attempt to own or transfer shares of our common stock or of any of our other capital stock in violation of these restrictions may result in the shares being automatically transferred to a charitable trust or may be void. Even though our certificate of incorporation contains the ownership limits, there can be no assurance that these provisions will be effective to prevent our qualification for taxation as a REIT from being jeopardized, including under the affiliated tenant rule. Furthermore, there can be no assurance that we will be able to monitor and enforce the ownership limits. If the restrictions in our certificate of incorporation are not effective and, as a result, we fail to satisfy the REIT tax rules described above, then absent an applicable relief provision, we will fail to remain qualified for taxation as a REIT.

In addition, the ownership and transfer restrictions could delay, defer or prevent a transaction or a change in control that might involve a premium price for our stock or otherwise be in the best interest of our stockholders. As a result, the overall effect of the ownership and transfer restrictions may be to render more difficult or discourage any attempt to acquire us, even if such acquisition may be favorable to the interests of our stockholders.

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General Risk Factors

The market price of our stock may continue to be highly volatile, and the value of an investment in our common stock may decline.

The market price of the shares of our common stock has recently been and may continue to be highly volatile. General economic and market conditions, like the ones we are currently experiencing, and market conditions for telecommunications and REIT stocks in general, may affect the market price of our common stock.

Announcements by us or others, or speculations about our future plans, may also have a significant impact on the market price of our common stock. These may relate to:

•news or regulations regarding the ongoing COVID-19 pandemic;

•our results of operations or forecasts;

•new issuances of equity, debt or convertible debt by us, including issuances through our 2020 ATM Program;

•increases in market interest rates and changes in other general market and economic conditions, including inflationary concerns;

•changes to our capital allocation, tax planning or business strategy;

•our qualification for taxation as a REIT and our declaration of distributions to our stockholders;

•changes in U.S. or foreign tax laws;

•changes in management or key personnel;

•developments in our relationships with customers;

•announcements by our customers or competitors;

•changes in regulatory policy or interpretation;

•governmental investigations;

•changes in the ratings of our debt or stock by rating agencies or securities analysts;

•our purchase or development of real estate and/or additional IBX data centers;

•our acquisitions of complementary businesses; or

•the operational performance of our IBX data centers.

The stock market has from time to time experienced extreme price and volume fluctuations, which have particularly affected the market prices for telecommunications companies, and which have often been unrelated to their operating performance. These broad market fluctuations may adversely affect the market price of our common stock. One of the factors that investors may consider in deciding whether to buy or sell our common stock is our distribution rate as a percentage of our stock price relative to market interest rates. If market interest rates increase, prospective investors may demand a higher distribution rate or seek alternative investments paying higher dividends or interest. As a result, interest rate fluctuations and conditions in the capital markets may affect the market value of our common stock. Furthermore, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and/or damages, and divert management's attention from other business concerns, which could seriously harm our business.

Inadequate or inaccurate external and internal information, including budget and planning data, could lead to inaccurate financial forecasts and inappropriate financial decisions.

Our financial forecasts are dependent on estimates and assumptions regarding budget and planning data, market growth, foreign exchange rates, our ability to remain qualified for taxation as a REIT, and our ability to generate sufficient cash flow to reinvest in the business, fund internal growth, make acquisitions, pay dividends and meet our debt obligations. Our financial projections are based on historical experience and on various other assumptions that our management believes to be reasonable under the circumstances and at the time they are made.

90

We continue to evolve our forecasting models as necessary and appropriate but if our predictions are inaccurate and our results differ materially from our forecasts, we could make inappropriate financial decisions. Additionally, inaccuracies in our models could adversely impact our compliance with REIT asset tests, future profitability, stock price and/or stockholder confidence.

If our internal controls are found to be ineffective, our financial results or our stock price may be adversely affected.

Our most recent evaluation of our controls resulted in our conclusion that, as of December 31, 2021, in compliance with Section 404 of the Sarbanes-Oxley Act of 2002, our internal controls over financial reporting were effective. Our ability to manage our operations and growth through, for example, the integration of recently acquired businesses, the adoption of new accounting principles and tax laws, and our overhaul of our back office systems that, for example, support the customer experience from initial quote to customer billing and our revenue recognition process, will require us to further develop our controls and reporting systems and implement or amend new or existing controls and reporting systems in those areas where the implementation and integration is still ongoing. All of these changes to our financial systems and the implementation and integration of acquisitions create an increased risk of deficiencies in our internal controls over financial reporting. If, in the future, our internal control over financial reporting is found to be ineffective, or if a material weakness is identified in our controls over financial reporting, our financial results may be adversely affected. Investors may also lose confidence in the reliability of our financial statements which could adversely affect our stock price.

Terrorist activity, or other acts of violence, including violence stemming from the current climate of political and economic uncertainty, could adversely impact our business.

The continued threat of terrorist activity and other acts of war or hostility both domestically and abroad by terrorist organizations, organized crime organizations, or other criminals along with violence stemming from political unrest, contribute to a climate of political and economic uncertainty in many of the regions in which we operate. Due to existing or developing circumstances, we may need to incur additional costs in the future to provide enhanced security, including cyber security and physical security, which could have a material adverse effect on our business and results of operations. These circumstances may also adversely affect our ability to attract and retain customers and employees, our ability to raise capital and the operation and maintenance of our IBX data centers.

We may be subject to securities class action and other litigation, which may harm our business and results of operations.

We may be subject to securities class action or other litigation. For example, securities class action litigation has often been brought against a company following periods of volatility in the market price of its securities. Litigation can be lengthy, expensive, and divert management's attention and resources. Results cannot be predicted with certainty and an adverse outcome in litigation could result in monetary damages or injunctive relief. Further, any payments made in settlement may directly reduce our revenue under U.S. GAAP and could negatively impact our results of operations for the period. For all of these reasons, litigation could seriously harm our business, results of operations, financial condition or cash flows.

We may not be able to protect our intellectual property rights.

We cannot make assurances that the steps taken by us to protect our intellectual property rights will be adequate to deter misappropriation of proprietary information or that we will be able to detect unauthorized use and take appropriate steps to enforce our intellectual property rights. We also are subject to the risk of litigation alleging infringement of third-party intellectual property rights. Any such claims could require us to spend significant sums in litigation, pay damages, develop non-infringing intellectual property or acquire licenses to the intellectual property that is the subject of the alleged infringement.

We have various mechanisms in place that may discourage takeover attempts.

Certain provisions of our certificate of incorporation and bylaws may discourage, delay or prevent a third party from acquiring control of us in a merger, acquisition or similar transaction that a stockholder may consider favorable. Such provisions include:

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•ownership limitations and transfer restrictions relating to our stock that are intended to facilitate our compliance with certain REIT rules relating to share ownership;

•authorization for the issuance of "blank check" preferred stock;

•the prohibition of cumulative voting in the election of directors;

•limits on the persons who may call special meetings of stockholders;

•limits on stockholder action by written consent; and

•advance notice requirements for nominations to the Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.

In addition, Section 203 of the Delaware General Corporation Law, which restricts certain business combinations with interested stockholders in certain situations, may also discourage, delay or prevent someone from acquiring or merging with us.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Not applicable.

Item 5. Other Information

None.

93

Item 6. Exhibits

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	Filing Date/ Period End Date	Exhibit	Filed Herewith
2.1	Rule 2.7 Announcement, dated as of May 29, 2015. Recommended Cash and Share Offer for Telecity Group plc by Equinix, Inc.	8-K	5/29/2015	2.1
2.2	Cooperation Agreement, dated as of May 29, 2015, by and between Equinix, Inc. and Telecity Group plc.	8-K	5/29/2015	2.2
2.3	Amendment to Cooperation Agreement, dated as of November 24, 2015, by and between Equinix, Inc. and Telecity Group plc.	10-K	12/31/2015	2.3
2.4	Transaction Agreement, dated as of December 6, 2016, by and between Verizon Communications Inc. and Equinix, Inc.	8-K	12/6/2016	2.1
2.5	Amendment No. 1 to the Transaction Agreement, dated February 23, 2017, by and between Verizon Communications Inc. and Equinix, Inc.	10-K	12/31/2016	2.5
2.6	Amendment No. 2 to the Transaction Agreement, dated April 30, 2017, by and between Verizon Communications Inc. and Equinix, Inc.	8-K	5/1/2017	2.1
2.7	Amendment No. 3 to the Transaction Agreement, dated June 29, 2018, by and between Verizon Communications Inc. and Equinix, Inc.	10-Q	8/8/2018	2.7
3.1	Amended and Restated Certificate of Incorporation of the Registrant, as amended to date.	10-K/A	12/31/2002	3.1
3.2	Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.	8-K	6/14/2011	3.1
3.3	Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.	8-K	6/11/2013	3.1
3.4	Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.	10-Q	6/30/2014	3.4
3.5	Certificate of Designation of Series A and Series A-1 Convertible Preferred Stock.	10-K/A	12/31/2002	3.3
3.6	Amended and Restated Bylaws of the Registrant.	8-K	4/13/2022	3.1
4.1	Reference is made to Exhibits 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6.
4.2	Indenture, dated as of November 20, 2014, between Equinix, Inc. and U.S. Bank National Association as trustee.	8-K	11/20/2014	4.1

94

4.3	Fourth Supplemental Indenture, dated as of March 22, 2017 between Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	3/22/2017	4.2
4.4	Form of 5.375% Senior Notes due 2027 (see Exhibit 4.3)
4.5	Fifth Supplemental Indenture, dated as of September 20, 2017 among Equinix, Inc. and U.S. Bank National Association, as trustee, and Elavon Financial Services DAC, UK Branch, as paying agent.	8-K	9/20/2017	4.2
4.6	Indenture, dated as of December 12, 2017, between Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	12/5/2017	4.1
4.7	Third Supplemental Indenture, dated as of April 2, 2018, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	4/3/2018	4.2
4.8	Form of 5.00% Senior Notes due October 2020 (see Exhibit 4.7)
4.9	Form of 5.00% Senior Notes due April 2021 (see Exhibit 4.7)
4.10	Fourth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	11/18/2019	4.2
4.11	Form of 2.625% Senior Notes due 2024 (See Exhibit 4.10)
4.12	Fifth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	11/18/2019	4.4
4.13	Form of 2.900% Senior Notes due 2026 (See Exhibit 4.12)
4.14	Sixth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	11/18/2019	4.6
4.15	Form of 3.200% Senior Notes due 2029 (See Exhibit 4.14)	8-K	6/22/2020
4.16	Seventh Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	6/22/2020	4.2
4.17	Form of 1.250% Senior Notes due 2025 (See Exhibit 4.16)	8-K	6/22/2020	4.3
4.18	Eighth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	6/22/2020	4.4
4.19	Form of 1.800% Senior Notes due 2027 (See Exhibit 4.18)	8-K	6/22/2020	4.5
4.20	Ninth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	6/22/2020	4.6
4.21	Form of 2.150% Senior Notes due 2030 (see Exhibit 4.20)	8-K	6/22/2020	4.7
4.22	Tenth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	6/22/2020	4.8

95

4.23	Form of 3.000% Senior Notes due 2050 (See Exhibit 4.22)	8-K	6/22/2020	4.9
4.24	Eleventh Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	10/7/2020	4.2
4.25	Form of 1.000% Senior Notes due 2025 (included in Exhibit 4.24)	8-K	10/7/2020	4.3
4.26	Twelfth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	10/7/2020	4.4
4.27	Form of 1.550% Senior Notes due 2028 (included in Exhibit 4.26)	8-K	10/7/2020	4.5
4.28	Thirteenth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	10/7/2020	4.6
4.29	Form of 2.950% Senior Notes due 2051 (included in Exhibit 4.28)	8-K	10/7/2020	4.7
4.30	Fourteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	3/11/2021	4.2
4.31	Form of 0.250% Senior Notes due 2027 (included in Exhibit 4.30)	8-K	3/11/2021	4.3
4.32	Fifteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	3/11/2021	4.4
4.33	Form of 1.000% Senior Notes due 2033 (included in Exhibit 4.32)	8-K	3/11/2021	4.5
4.34	Sixteenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank.	8-K	5/17/2021	4.2
4.35	Form of 1.450% Senior Notes due 2026 (included in Exhibit 4.34)	8-K	5/17/2021	4.3
4.36	Seventeenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.	8-K	5/17/2021	4.4
4.37	Form of 2.000% Senior Notes due 2028 (included in Exhibit 4.36)	8-K	5/17/2021	4.5
4.38	Eighteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.	8-K	5/17/2021	4.6
4.39	Form of 2.500% Senior Notes due 2031 (included in Exhibit 4.38)	8-K	5/17/2021	4.7
4.40	Nineteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.	8-K	5/17/2021	4.8
4.41	Form of 3.400% Senior Notes due 2052 (included in Exhibit 4.40)	8-K	5/17/2021	4.9
4.42	Twentieth Supplemental Indenture, dated as of April 5, 2022, between Equinix, Inc. and U.S. Bank Trust Company National Association, as trustee.	8-K	4/5/2022	4.2

96

4.43	Form of 3.900% Senior Notes due 2032 (included in Exhibit 4.42)	8-K	4/5/2022	4.3
4.44	Form of Registrant's Common Stock Certificate.	10-K	12/31/2014	4.13
4.45	Description of Securities	10-K	12/31/2022	4.43
10.1**	Form of Indemnification Agreement between the Registrant and each of its officers and directors.	S-4 (File No. 333-93749)	12/29/1999	10.5
10.2**	2000 Equity Incentive Plan, as amended.	10-K	12/31/2016	10.2
10.3**	2020 Equity Incentive Plan	DEF14A	4/27/2020	Appendix A
10.4**	Equinix, Inc. 2004 Employee Stock Purchase Plan, as amended.	10-Q	6/30/2014	10.5
10.5**	2020 Form of Revenue/AFFO per Share Restricted Stock Unit Agreement for Executives.	10-Q	3/31/2020	10.19
10.6**	2020 Form of TSR Restricted Stock Unit Agreement for Executives.	10-Q	3/31/2020	10.20
10.7**	2020 Form of Time-Based Restricted Stock Agreement for Executives.	10-Q	3/31/2020	10.21
10.8**	2021 Form of Revenue/AFFO per Share Restricted Stock Unit Agreement for Executives.	10-Q	3/31/2021	10.11
10.9**	2021 Form of TSR Restricted Stock Unit Agreement for Executives.	10-Q	3/31/2021	10.12
10.10**	2021 Form of Time-Based Restricted Stock Unit Agreement for Executives.	10-Q	3/31/2021	10.13
10.11**	2022 Form of Revenue/AFFO per Share/Digital Services Performance Restricted Stock Unit Agreement for Executives.	10-Q	3/31/2022	10.11
10.12**	2022 Form of TSR Restricted Stock Unit Agreement for Executives.	10-Q	3/31/2022	10.12
10.13**	2022 Form of Time-Based Restricted Stock Unit Agreement for Executives.	10-Q	3/31/2022	10.13
10.14**	2022 Equinix, Inc. Annual Incentive Plan.	10-Q	3/31/2022	10.14
10.15	Agreement for Purchase and Sale of Shares Among RW Brasil Fundo de Investimentos em Participação, Antônio Eduardo Zago De Carvalho and Sidney Victor da Costa Breyer, as Sellers, and Equinix Brasil Participaçãoes Ltda., as Purchaser, and Equinix South America Holdings LLC., as a Party for Limited Purposes and ALOG Soluções de Tecnologia em Informática S.A. as Intervening Consenting Party dated July 18, 2014.	10-Q	9/30/2014	10.67
10.16	Share Purchase Agreement with Digital Realty Trust, L.P., relating to the sale and purchase of shares in TelecityGroup UK LON Limited, Telecity Netherlands AMS01 AMS04 BV, Equinix Real Estate (TCY AMS04) B.V. and TelecityGroup Germany Fra2 GmbH, dated May 14, 2016.	10-Q	6/30/2016	10.55

97

10.17	Credit Agreement dated as of December 12, 2017 among Equinix, Inc. as Borrower, The Guarantors Parties (defined therein), Bank of America, N.A., as Administrative Agent, Lender and L/C issuer, Barclays Bank PLS, Goldman Sachs Bank USA, HSBC Securities (USA) Inc. ING Capital LLC, TD Securities (USA) LLC, and Wells Fargo Bank, National Association as Co-Documentation Agents, the Other Lenders Party (defined therein) and Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG, and RBC Capital Markets as Joint Lead Arrangers and Joint Book Runners.	10-K	12/31/2017	10.40
10.18	Consent and First Amendment to Credit Agreement, dated as of June 28, 2018 by and among Equinix, Inc. as Borrower, the Guarantors (defined therein), the Lenders (as such term is defined in the Credit Agreement referred to therein), and BANK OF AMERICA, N.A., as Administrative Agent.	10-Q	8/8/2018	10.35
10.19	Second Amendment to Credit Agreement, dated as of July 26, 2018, by and between Equinix, Inc. as Borrower, the financial institutions defined therein, MUFG Bank, Ltd., as Technical Agent and Bank of America, N.A. as Administrative Agent, under that certain Credit Agreement dated December 12, 2017.	10-Q	8/8/2018	10.36
10.20	Third Amendment to Credit Agreement, dated as of April 26, 2019, by and among Equinix, Inc., Delaware corporation ("Equinix" or the "Borrower"), each "Lender" (as such term is defined in the Credit Agreement referred to therein) party hereto, and BANK OF AMERICA, N.A., as Administrative Agent, under that certain Credit Agreement dated December 12, 2017.	10-Q	6/30/2019	10.34
10.21	Credit Agreement dated April 15, 2020, by and among Equinix, as borrower, a syndicate of financial institutions, as lenders, MUFG Bank, Ltd.as administrative agent, and MUFG Union Bank, N.A., Sumitomo, Mitsui Banking Corporation, TD Securities (USA) LLC and Mizuho Bank, Ltd., as joint lead arrangers.	10-Q	6/30/2020	10.25

98

10.22	Credit Agreement dated January 7, 2022 by and among Equinix, as borrower, a syndicate of financial institutions, as lenders, Bank of America, N.A., as administrative agent, Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., RBC Capital Markets, Goldman Sachs Bank USA and HSBC Securities (USA) Inc., as co-syndication agents, Barclays Bank PLC, BNP Paribas, Deutsche Bank AG New York Branch, ING Bank N.V., Dublin Branch, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia and TD Securities (USA) LLC, as co-documentation agents, and BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., RBC Capital Markets, Goldman Sachs Bank USA and HSBC Securities (USA) Inc., as joint lead arrangers and book runners.	10-K	12/31/2021	10.22
10.23**	Relocation Letter Agreement by and between Equinix, Inc. and Charles Meyers dated October 12, 2018.	10-K	2/22/2019	10.37
10.24**	Change in Control Severance Agreement between Equinix, Inc. and Mike Campbell dated October 3, 2019.	10-Q	9/30/2019	10.25
10.25**	Change in Control Severance Agreement between Equinix, Inc. and Brandi Galvin Morandi dated October 3, 2019.	10-Q	9/30/2019	10.26
10.26**	Change in Control Severance Agreement between Equinix, Inc. and Karl Strohmeyer dated October 3, 2019.	10-Q	9/30/2019	10.27
10.27**	Change in Control Severance Agreement between Equinix, Inc. and Peter Van Camp dated October 3, 2019.	10-Q	9/30/2019	10.28
10.28**	Change in Control Severance Agreement between Equinix, Inc. and Charles Meyers dated October 4, 2019.	10-Q	9/30/2019	10.29
10.29**	Change in Control Severance Agreement between Equinix, Inc. and Keith Taylor dated October 3, 2019.	10-Q	9/30/2019	10.31
10.30**	Change in Control Severance Agreement between Equinix, Inc. and Sara Baack dated October 3, 2019.	10-Q	9/30/2019	10.32
10.31**	Side Letter Agreement Regarding RSUs between Equinix, Inc. and Sara Baack dated October 3, 2019.	10-Q	9/30/2019	10.33
10.32**	Side Letter Agreement Regarding RSUs between Equinix, Inc. and Charles Meyers dated October 4, 2019.	10-Q	9/30/2019	10.34
10.33**	Side Letter Agreement Regarding RSUs between Equinix, Inc. and Keith Taylor dated October 3, 2019.	10-Q	9/30/2019	10.36
10.34**	Side Letter Agreement Regarding RSUs between Equinix, Inc. and Mike Campbell dated October 3, 2019.	10-Q	9/30/2019	10.37

99

10.35**	Side Letter Agreement Regarding RSUs between Equinix, Inc. and Brandi Galvin Morandi dated October 3, 2019.	10-Q	9/30/2019	10.38
10.36**	Side Letter Agreement Regarding RSUs between Equinix, Inc. and Karl Strohmeyer dated October 3, 2019.	10-Q	9/30/2019	10.39
10.37**	Side Letter Agreement Regarding RSUs between Equinix, Inc. and Peter Van Camp dated October 3, 2019.	10-Q	9/30/2019	10.40
10.38**	Separation Agreement and General Release of Claims between Equinix, Inc. and Sara Baack dated September 20, 2021.	10-Q	9/30/2021	10.37
21.1	Subsidiaries of Equinix, Inc.				X
23.1	Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.	10-K	12/31/21	23.1
31.1	Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
31.2	Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
32.1	Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.				X
32.2	Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.				X
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.				X
101.SCH	Inline XBRL Taxonomy Extension Schema Document.				X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.				X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.				X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.				X
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.				X
104	Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.				X

** Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate.

100

EQUINIX, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	EQUINIX, INC.
Date: July 29, 2022
	By:	/s/    KEITH D. TAYLOR
		Chief Financial Officer
		(Principal Financial Officer)

101

INDEX TO EXHIBITS

Exhibit Number	Description of Document
21.1	Subsidiaries of Equinix, Inc.
31.1	Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Document.
101.LAB	Inline XBRL Taxonomy Extension Labels Document.
101. PRE	Inline XBRL Taxonomy Extension Presentation Document.
104	Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

102

EX-21.1

Exhibit 21.1

Subsidiaries of Equinix, Inc.

Entity	Jurisdiction
Equinix Canada Holdings Limited	Canada
Equinix (Australia) Enterprises Pty Limited	Australia
Equinix Australia Pty Limited	Australia
McLaren Pty Limited	Australia
Metronode (ACT) Pty Limited	Australia
Metronode (NSW) Pty Limited	Australia
Metronode C1 Pty Limited	Australia
Metronode Group Pty Limited	Australia
Metronode Investments Pty Limited	Australia
Metronode M2 Pty Ltd	Australia
Metronode P2 Pty Limited	Australia
MGH Pegasus Pty Ltd	Australia
Equinix Australia National Pty Ltd	Australia
Metronode S2 Pty Ltd	Australia
Metronode New Zealand Limited	New Zealand
MGH Bidco Pty Limited	Australia
MGH Finco Pty Limited	Australia
MGH Holdco Pty Ltd	Australia
McLaren Unit Trust	Australia
Equinix South America Holdings, LLC	Delaware, U.S.
Equinix do Brasil Soluções de Tecnologia em Informática Ltda.	Brazil
Equinix do Brasil Telecomunicações Ltda.	Brazil
Equinix Colombia, Inc. Pte. Ltd.	Singapore
Equinix (Bulgaria) Data Centers EOOD	Bulgaria
Equinix (Canada) Enterprises Ltd.	Canada
Equinix Canada Ltd.	Canada
CHI 3, LLC	Delaware, U.S.
Equinix (EMEA) Management, Inc.	Delaware, U.S.
Equinix (US) Enterprises, Inc.	Delaware, U.S.
Equinix LLC	Delaware, U.S.
Equinix Pacific LLC	Delaware, U.S.
Equinix Professional Services, Inc	Delaware, U.S.
Equinix Government Solutions LLC	Delaware, U.S.
Equinix RP II LLC	Delaware, U.S.
Infomart Dallas GP, LLC	Delaware, U.S.
Infomart Dallas, LP	Delaware, U.S.
LA4, LLC	Delaware, U.S.

Moran Road Partners, LLC	Delaware, U.S.
NY2 Hartz Way, LLC	Delaware, U.S.
Equinix (Velocity) Holding Company	Delaware, U.S.
SV1, LLC	Delaware, U.S.
Switch & Data Facilities Company LLC	Delaware, U.S.
Switch & Data LLC	Delaware, U.S.
Switch & Data MA One LLC	Delaware, U.S.
Switch & Data WA One LLC	Delaware, U.S.
Switch and Data NJ Two LLC	Delaware, U.S.
Switch and Data Operating Company LLC	Delaware, U.S.
CHI 3 Procurement, LLC	Illinois, U.S.
VDC I, LLC	Delaware, U.S.
VDC V, LLC	Delaware, U.S.
CHI 8, LLC	Delaware, U.S.
Equinix Hyperscale (LP) LLC	Delaware, U.S.
Equinix Hyperscale (GP) LLC	Delaware, U.S.
Equinix Services, Inc.	Delaware, U.S.
PacketHost, Inc.,	Philippines
Equinix Montreal Ltd.	Canada
Equinix (Finland) Enterprises Oy	Finland
Equinix (Finland) Oy	Finland
Equinix (France) Enterprises SAS	France
Equinix (Real Estate) Holdings SC	France
Equinix (Real Estate) SCI	France
Equinix France SAS	France
Equinix (Germany) Enterprises GmbH	Germany
Equinix (Germany) GmbH	Germany
Equinix (Real Estate) GmbH	Germany
Upminster GmbH	Germany
Equinix Hyperscale 1 (FR9) GmbH	Germany
Equinix Hyperscale 1 (FR11) GmbH	Germany
Equinix Hyperscale 1 (FR9) Enterprises GmbH	Germany
Equinix Hyperscale 1 (FR11) Enterprises GmbH	Germany
Equinix (Hong Kong) Enterprises Limited	Hong Kong
Equinix Hong Kong Limited	Hong Kong
Equinix (Ireland) Enterprises Limited	Ireland
Equinix (Ireland) Limited	Ireland
Equinix (Italia) Enterprises S.r.l.	Italy
Equinix Italia S.r.l.	Italy
Equinix (Japan) Enterprises K.K.	Japan
Equinix (Japan) Technology Services K.K.	Japan

Equinix Japan K.K (in Kanji)	Japan
Equinix Muscat LLC	Oman
Equinix Middle East Services LLC	Oman
Equinix (China) Investment Holding Co., Ltd (亿利互连(中国)投资有限公司)	People’s Republic of China
Equinix (China) Investment Holding Co., Ltd (亿利互连(中国)投资有限公司)	People’s Republic of China
Equinix WGQ Information Technology (Shanghai) Co., Ltd. (亿利互连(上海)通讯科技有限公司)	People’s Republic of China
Equinix YP Information Technology (Shanghai) Co., Ltd. (亿利互连数据系统(上海)有限公司)	People’s Republic of China
Gaohong Equinix (Shanghai) Information Technology Co., Ltd (高鸿亿利(上海)信息技术有限公司)	People’s Republic of China
Equinix India Private Limited	India
GPX India Private Limited	India
GPX India II Private Limited	India
GPX India Services Private Limited	India
Equinix (Poland) Technology Services sp. z o.o.	Poland
Equinix (Poland) Enterprises sp. z o.o.	Poland
Equinix (Poland) sp. z o.o.	Poland
Equinix (EMEA) Services B.V.	The Netherlands
Equinix (Portugal) Data Centers, S.A.	Portugal
Equinix II (Portugal) Enterprises Data Centers, Unipessoal Lda	Portugal
Equinix Korea LLC	Republic of Korea
Equinix (Singapore) Enterprises Pte. Ltd.	Singapore
Equinix Asia Pacific Holdings Pte. Ltd.	Singapore
Equinix Asia Pacific Pte. Ltd.	Singapore
Equinix Singapore Holdings Pte. Ltd.	Singapore
Equinix Singapore Pte. Ltd.	Singapore
Equinix (Spain) Enterprises, S.L.U.	Spain
Equinix (Spain), S.A.U.	Spain
Equinix (Sweden) AB	Sweden
Equinix (Sweden) Enterprises AB	Sweden
Equinix (Switzerland) Enterprises GmbH	Switzerland
Equinix (Switzerland) GmbH	Switzerland
EMEA Hyperscale 1 C.V.	The Netherlands
Equinix Hyperscale 1 Holdings B.V.	The Netherlands
Equinix (EMEA) Acquisition Enterprises B.V.	The Netherlands
Equinix (EMEA) B.V.	The Netherlands
Equinix (Netherlands) B.V.	The Netherlands

Equinix (Netherlands) Enterprises B.V.	The Netherlands
Equinix (Netherlands) Holdings B.V.	The Netherlands
Virtu Secure Webservices B.V.	The Netherlands
Tussenlanen B.V.	The Netherlands
Equinix (EMEA) Hyperscale Services B.V.	The Netherlands
Equinix Turkey Data Merkezi Üretim Inşaat Sanayi ve Ticaret Anonim Şirketi	Turkey
Equinix Turkey Enterprises Data Merkezi Üretim Inşaat Sanayi ve Ticaret Anonim Şirketi	Turkey
Equinix Middle East FZ-LLC	United Arab Emirates
Equinix Hyperscale 1 (LD11) Ltd	United Kingdom
Equinix (Services) Limited	United Kingdom
Equinix (UK) Enterprises Ltd	United Kingdom
Equinix (UK) Limited	United Kingdom
Equinix Hyperscale 1 (France) Holdings SAS	France
Equinix Hyperscale 1 (PA9) SAS	France
Equinix Hyperscale 1 (PA8) SAS	France
Equinix Hyperscale 1 (UK) Financing Limited	United Kingdom
Equinix Hyperscale 1 (LD13) Limited	United Kingdom
Equinix Hyperscale 1 (DB5) Limited	Ireland
Equinix Hyperscale 1 (DB5) Enterprises Limited	Ireland
Equinix Hyperscale 2 (ML7) S.r.l	Italy
Equinix (MA5) Limited	United Kingdom
Equinix (Poland) Services sp. z o.o	Poland
Equinix (PA-C) SAS	France
Equinix Mexico Holdings, S. de R.L. de C.V.	Mexico
Equinix MX Sales, S. de R.L. de C.V.	Mexico
Equinix Queretaro, S. de R.L. de C.V.	Mexico
Equinix MX Services, S.A. de C.V.	Mexico
Contrato de Fideicomiso Revocable de Administración de Bienes Inmuebles número “CIB/3714”	Mexico
Equinix APAC 1 Hyperscale Holdings 1 Pte. Ltd.	Singapore
Equinix APAC 1 Hyperscale Holdings 2 Pte. Ltd.	Singapore
Equinix Hyperscale 1 GK	Japan
Equinix Hyperscale 1 (TY12) GK	Japan
Equinix Hyperscale 1 (TY12) Enterprises GK	Japan
Equinix Hyperscale 1 (TY14) GK	Japan
Equinix Hyperscale 1 (OS2) GK	Japan
Equinix Hyperscale 1 (OS2) Enterprises GK	Japan
Equinix Hyperscale 2 (FR10) GmbH	Germany
Equinix Hyperscale 2 (SK5) AB	Sweden
Equinix Hyperscale 1 (Japan) TMK	Japan

Equinix Hyperscale 2 (FR16) GmbH	Germany
Equinix Hyperscale 2 (PA12) SAS	France
Equinix Hyperscale 2 (PA13) SAS	France
Equinix Hyperscale (GP) Pte. Ltd.	Singapore
Equinix APAC Hyperscale 1 (LP) LLC	Delaware, U.S.
Equinix (APAC) Hyperscale Services Pte. Ltd.	Singapore
APAC 1 Hyperscale LP	Singapore
Equinix APAC 1 Hyperscale Holdings Pte. Ltd.	Singapore
Equinix APAC Hyperscale 2 (LP), LLC	Delaware, U.S.
Equinix Hyperscale 2 (GP) LLC	Delaware, U.S.
Equinix Hyperscale 2 (LP) LLC	Delaware, U.S.
Equinix Australia Real Estate Pty Ltd	Australia
Equinix APAC Hyperscale 2 (GP) Pte. Ltd.	Singapore
APAC Hyperscale 2 LP	Singapore
Equinix APAC Hyperscale 2 Holdings 1 Pte. Ltd.	Singapore
Equinix APAC Hyperscale 2 Holdings 2 Pte. Ltd.	Singapore
Equinix Hyperscale 2 (SY9) Pty Limited	Australia
Equinix Hyperscale 2 (SY10) Pty Limited	Australia
Equinix Hyperscale 2 (Australia) Enterprises 1 Pty Limited	Australia
Equinix Hyperscale 2 (Australia) Enterprises 2 Pty Limited	Australia
Equinix Saudi for Information Technology LLC	Saudi Arabia
Equinix Hyperscale 2 (WA4) sp. z o.o.	Poland
Equinix Hyperscale 2 IL5 Data Merkezi Uretim Insaat Sanayi Ve Ticaret Limited Sirketi	Turkey
Equinix Hyperscale 1 (Turkey) Holdings B.V.	Netherlands
EMEA Hyperscale 2 C.V.	Netherlands
Equinix Hyperscale 1 IL2 Data Merkezi Üretim İnşaat Sanayi ve Ticaret Limited Şirketi	Turkey
Equinix Hyperscale 2 (MD3) S.L.	Spain
Equinix Hyperscale 1 (LD11) Enterprises Limited	United Kingdom
Equinix Hyperscale 2 (LDx) Limited	United Kingdom
Equinix Hyperscale 2 Finco A B.V.	Netherlands
Equinix Hyperscale 2 Finco B B.V.	Netherlands
Equinix Hyperscale 2 (SP5) LTDA	Brazil
Equinix Hyperscale 2 (SP7) LTDA	Brazil
Equinix Hyperscale 2 (SP5) Enterprises LTDA	Brazil
Equinix Hyperscale 2 (France) Holdings B.V	Netherlands

PT Equinix Indonesia JKT	Indonesia
Equinix Hyperscale 2 Holdings B.V.	Netherlands
Equinix Hyperscale 2 Holdings 2 B.V.	Netherlands
Equinix Hyperscale 2 Holdings A B.V.	Netherlands
Equinix Hyperscale 2 Holdings B B.V.	Netherlands
Equinix Hyperscale 2 Holdings C B.V.	Netherlands
Equinix Hyperscale 2 Holdings D B.V.	Netherlands
Equinix Colombia, Inc. Sucursal Colombia	Colombia
Equinix (APAC) Services Pte. Ltd.	Singapore
Equinix Africa Investment LLC	Delaware, U.S.
Equinix (West Africa) Acquisition Holdings B.V,	The Netherlands
Equinix (West Africa) Acquisition Enterprises B.V.	The Netherlands
Equinix Colombia (BG3) S.A.S	Colombia
Equinix Security LLC	Delaware, U.S.
Equinix India Professional Services Private Limited	India
Equinix Hyperscale 2 (AM12) B.V.	Netherlands
Equinix Chile SpA	Chile
Equinix Chile Enterprises SpA	Chile
Equinix Peru S.R.L.	Peru
Equinix APAC Hyperscale 3 (GP) Pte. Ltd.	Singapore
Equinix Hyperscale 2 (MD3) Enterprises SLU	Spain
Equinix Hyperscale 2 (ML9) S.r.l.	Italy
Equinix Hyperscale 2 (HE10) Oy	Finland
Equinix Hyperscale 2 (HE10) Enterprises Oy	Finland
MainOne Cable Company Ltd.	Mauritius
MainOne Cable Company Nigeria Limited	Nigeria
Infraco Nigeria Limited	Nigeria
MainData Nigeria Limited	Nigeria
MainOne Cable Company Ghana Ltd	Ghana
MainData Ghana Ltd	Ghana
MainOne Cote D’Ivoire	Ivory Coast
MainOne Cable Company Portugal, S.A.	Portugal
FibreAcess Nigeria Limited	Nigeria
MainOne Company Nigeria LFZ Enterprise	Nigeria
Maintecknosoft Ltd	Ghana
Equinix Hyperscale 2 (FR10) Enterprises GmbH	Germany
Equinix Hyperscale 2 (FR16) Enterprises GmbH	Germany
APAC Hyperscale 3 Private Limited	Singapore
Capitaland Korea No.8 Qualified Private Real Estate Investment Company	Republic of Korea
Capitaland Korea No.9 Qualified Private Real Estate Investment Company	Republic of Korea
Equinix APAC Hyperscale 3 LP	Singapore
Equinix Hyperscale 3 (SL2) LLC	Republic of Korea

Equinix Hyperscale 3 (SL3) LLC	Republic of Korea
Equinix Korea Holdings LLC	Republic of Korea

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Charles Meyers, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Equinix, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Charles Meyers

Charles Meyers

Chief Executive Officer and President

Dated: July 29, 2022

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Keith D. Taylor, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Equinix, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Keith D. Taylor

Keith D. Taylor

Chief Financial Officer

Dated: July 29, 2022

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Equinix, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Charles Meyers, Chief Executive Officer and President of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Charles Meyers

Charles Meyers

Chief Executive Officer and President

July 29, 2022

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Equinix, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Keith D. Taylor, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Keith D. Taylor

Keith D. Taylor

Chief Financial Officer

July 29, 2022

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40205
Entity Registrant Name	EQUINIX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0487526
Entity Address, Address Line One	One Lagoon Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	598-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		91,075,185
Entity Central Index Key	0001101239
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, $0.001
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001
Trading Symbol	EQIX
Security Exchange Name	NASDAQ
0.250% Senior Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	0.250% Senior Notes due 2027
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
1.000% Senior Notes due 2033
Document Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2033
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,891,311	$ 1,536,358
Accounts receivable, net of allowance of $13,914 and $11,635	812,769	681,809
Other current assets	514,313	462,739
Assets held for sale	71,554	276,195
Total current assets	3,289,947	2,957,101
Property, plant and equipment, net	15,455,180	15,445,775
Operating lease right-of-use assets	1,453,233	1,282,418
Goodwill	5,585,330	5,372,071
Intangible assets, net	1,982,434	1,935,267
Other assets	1,272,090	926,066
Total assets	29,038,214	27,918,698
Current liabilities:
Accounts payable and accrued expenses	841,473	879,144
Accrued property, plant and equipment	244,267	187,334
Current portion of operating lease liabilities	140,667	144,029
Current portion of finance lease liabilities	144,100	147,841
Current portion of mortgage and loans payable	34,086	33,087
Other current liabilities	204,351	214,519
Total current liabilities	1,608,944	1,605,954
Operating lease liabilities, less current portion	1,291,447	1,107,180
Finance lease liabilities, less current portion	1,985,498	1,989,668
Mortgage and loans payable, less current portion	655,331	586,577
Senior notes, less current portion	12,077,756	10,984,144
Other liabilities	789,644	763,411
Total liabilities	18,408,620	17,036,934
Commitments and contingencies (Note 11)
Equinix stockholders' equity
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 91,340,481 issued and 91,075,115 outstanding in 2022 and 90,872,826 issued and 90,571,406 outstanding in 2021	91	91
Additional paid-in capital	16,259,311	15,984,597
Treasury stock, at cost; 265,366 shares in 2022 and 301,420 shares in 2021	(98,792)	(112,208)
Accumulated dividends	(6,736,338)	(6,165,140)
Accumulated other comprehensive loss	(1,418,756)	(1,085,751)
Retained earnings	2,624,268	2,260,493
Total Equinix stockholders' equity	10,629,784	10,882,082
Non-controlling interests	(190)	(318)
Total stockholders' equity	10,629,594	10,881,764
Total liabilities and stockholders' equity	$ 29,038,214	$ 27,918,698

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 13,914	$ 11,635
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common sock, shares authorized (shares)	300,000,000	300,000,000
Common stock, shares issued (shares)	91,340,481	90,872,826
Common stock, shares outstanding (shares)	91,075,115	90,571,406
Treasury stock (shares)	265,366	301,420

XML

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues	$ 1,817,154	$ 1,657,919	$ 3,551,601	$ 3,253,983
Costs and operating expenses:
Cost of revenues	930,257	865,120	1,846,132	1,676,337
Sales and marketing	193,727	185,610	386,238	368,437
General and administrative	370,348	322,005	723,035	623,461
Transaction costs	5,063	6,985	9,303	8,167
(Gain) loss on asset sales	(94)	(455)	1,724	1,265
Total costs and operating expenses	1,499,301	1,379,265	2,966,432	2,677,667
Income from operations	317,853	278,654	585,169	576,316
Interest income	4,508	374	6,614	1,103
Interest expense	(90,826)	(87,231)	(170,791)	(176,912)
Other expense	(6,238)	(39,377)	(15,787)	(46,327)
Gain (loss) on debt extinguishment	(420)	(102,460)	109	(115,518)
Income before income taxes	224,877	49,960	405,314	238,662
Income tax (expense) benefit	(8,635)	18,527	(41,379)	(14,101)
Net income	216,242	68,487	363,935	224,561
Net (income) loss attributable to non-controlling interests	80	(148)	(160)	140
Net income attributable to Equinix	$ 216,322	$ 68,339	$ 363,775	$ 224,701
Earnings per share ("EPS") attributable to Equinix:
Basic EPS (in dollars per share)	$ 2.38	$ 0.76	$ 4.00	$ 2.51
Weighted-average shares for basic EPS (in shares)	91,036	89,648	90,904	89,490
Diluted EPS (in dollars per share)	$ 2.37	$ 0.76	$ 3.99	$ 2.50
Weighted-average shares for diluted EPS (in shares)	91,262	90,104	91,213	90,024

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 216,242	$ 68,487	$ 363,935	$ 224,561
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $0, $0, $0 and $0	(740,428)	110,466	(862,962)	(184,680)
Net investment hedge CTA gain (loss), net of tax effect of $0, $0, $0 and $0	353,953	(37,036)	445,311	133,139
Unrealized gain (loss) on cash flow hedges, net of tax effects of $(7,291), $(447), $(12,018) and $(8,339)	20,617	(5,700)	84,654	23,778
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $5, $(3), $9 and $(8)	(19)	15	(40)	27
Total other comprehensive income (loss), net of tax	(365,877)	67,745	(333,037)	(27,736)
Comprehensive income, net of tax	(149,635)	136,232	30,898	196,825
Net (income) loss attributable to non-controlling interests	80	(148)	(160)	140
Other comprehensive (income) loss attributable to non-controlling interests	35	(11)	32	(10)
Comprehensive income attributable to Equinix	$ (149,520)	$ 136,073	$ 30,770	$ 196,955

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment ("CTA") gain (loss), net of tax	$ 0	$ 0	$ 0	$ 0
Net investment hedge CTA gain (loss), net of tax	0	0	0	0
Unrealized gain (loss) on cash flow hedges, net of tax	(7,291)	(447)	(12,018)	(8,339)
Net actuarial gain (loss) on defined benefit plans, net of tax	$ 5	$ (3)	$ 9	$ (8)

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 363,935	$ 224,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	767,166	706,184
Stock-based compensation	194,634	172,685
Amortization of intangible assets	101,444	105,074
Amortization of debt issuance costs and debt discounts and premiums	8,740	8,370
Provision for credit loss allowance	4,198	5,751
Loss on asset sales	1,724	1,265
(Gain) loss on debt extinguishment	(109)	115,518
Other items	8,288	17,545
Changes in operating assets and liabilities:
Accounts receivable	(127,029)	(57,329)
Income taxes, net	(19,782)	(65,935)
Other assets	10,259	(57,280)
Operating lease right-of-use assets	74,239	61,775
Operating lease liabilities	(66,372)	(100,328)
Accounts payable and accrued expenses	(20,852)	(57,201)
Other liabilities	82,221	(90,300)
Net cash provided by operating activities	1,382,704	990,355
Cash flows from investing activities:
Purchases of investments	(87,022)	(25,001)
Sales of investments	22,073	4,057
Business acquisitions, net of cash and restricted cash acquired	(883,668)	0
Real estate acquisitions	(33,331)	(87,637)
Purchases of other property, plant and equipment	(897,348)	(1,255,830)
Proceeds from sale of assets, net of cash transferred	251,415	0
Net cash used in investing activities	(1,627,881)	(1,364,411)
Cash flows from financing activities:
Proceeds from employee equity awards	43,876	40,034
Payment of dividends	(572,717)	(521,092)
Proceeds from public offering of common stock, net of issuance costs	0	99,599
Proceeds from senior notes, net of debt discounts	1,193,688	3,878,662
Proceeds from mortgage and loans payable	676,850	0
Repayments of finance lease liabilities	(69,556)	(98,877)
Repayments of mortgage and loans payable	(561,032)	(696,059)
Repayment of senior notes	0	(1,990,650)
Debt extinguishment costs	0	(99,185)
Debt issuance costs	(17,731)	(25,102)
Net cash provided by financing activities	693,378	587,330
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(96,536)	(17,054)
Net increase in cash, cash equivalents and restricted cash	351,665	196,220
Cash, cash equivalents and restricted cash at beginning of period	1,549,454	1,625,695
Cash, cash equivalents and restricted cash at end of period	1,901,119	1,821,915
Cash and cash equivalents	1,891,311	1,799,727
Current portion of restricted cash included in other current assets	8,943	12,994
Non-current portion of restricted cash included in other assets	865	9,194
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$ 1,901,119	$ 1,821,915

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Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented. In the preparation of our condensed consolidated financial statements, we have considered potential impacts of the COVID-19 pandemic on our critical and significant accounting estimates. There was no significant impact to our condensed consolidated financial statements. We will continue to evaluate the nature and extent of the potential impacts to our business and our condensed consolidated financial statements.

Our condensed consolidated balance sheet data as of December 31, 2021 has been derived from audited consolidated financial statements as of that date. Our condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission ("SEC"), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 18, 2022. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.

Consolidation

The accompanying unaudited condensed consolidated financial statements include the acquisitions of:

•Two data centers in Mumbai, India from the India operations of GPX Global Systems, Inc. ("GPX India") from September 1, 2021;

•Four data centers as well as a subsea cable and terrestrial fiber network in West Africa acquired from MainOne Cable Company ("MainOne") from April 1, 2022; and

•Four data centers in Chile acquired from Empresa Nacional De Telecomunicaciones S.A. ("Entel") from May 2, 2022.

All intercompany accounts and transactions have been eliminated in consolidation.

Income Taxes

We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the dividends paid to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.

We accrue for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors such as our operating performance, tax law changes and future business acquisitions.

Our effective tax rates were 10.2% and 5.9% for the six months ended June 30, 2022 and 2021, respectively. The increase in the effective tax rate for the six months ended June 30, 2022 as compared to the same period in 2021 was primarily due to the reversal of uncertain tax positions of approximately $72.0 million in the prior period resulting from the settlement of various tax audits in the EMEA and Asia-Pacific regions. In the current period, we had a favorable resolution from the settlement of tax audits in the EMEA region, resulting in a tax benefit of approximately $41.4 million.

Of the unrecognized tax benefits realized in the prior period, approximately $33.6 million was related to the uncertain tax position inherited from the Metronode Acquisition in 2018. The uncertain tax position was covered by an indemnification agreement with the seller. The realization of the unrecognized tax benefits resulted in an impairment of the indemnification asset for the same amount, which was included in Other Income (Expense) on the Condensed Consolidated Statements of Operations.

Recent Accounting Pronouncements

Accounting Standards Adopted

Income Taxes

In December 2019, FASB issued ASU 2019-12, Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes. The ASU simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application of and simplifies generally accepted accounting principles ("GAAP") for other areas of Topic 740 by clarifying and amending existing guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted including adoption in any interim period for periods for which financial statements have not yet been issued. On January 1, 2021, we adopted this ASU on a prospective basis and the adoption of this standard did not have an impact on our condensed consolidated financial statements.

Debt with Conversion and Other Options

In August 2020, FASB issued ASU 2020-06: Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock and modifies the disclosure requirement for the convertible instruments. Additionally, this ASU improves the consistency of EPS calculations by eliminating the use of the treasury stock method to calculate diluted EPS for convertible instruments and clarifies certain areas under the current EPS guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted at the beginning of the fiscal year after December 15, 2020. On January 1, 2022, we adopted this ASU on a prospective basis and the adoption of this standard did not have a material impact on our condensed consolidated financial statements.

Business Combinations

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08 Business Combinations ("Topic 805"): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. Under the current business combinations guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. On April 1, 2022, we early adopted this ASU and the adoption of this standard did not have a material impact on our condensed consolidated financial statements.

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Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Contract Balances

The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in thousands):

	Accounts receivable, net (1)		Contract assets, current		Contract assets, non-current		Deferred revenue, current		Deferred revenue, non-current
Beginning balances as of January 1, 2022	$	681,809	$	65,392	$	55,486	$	109,736	$	87,495
Closing balances as of June 30, 2022	812,769		66,693		61,290		128,461		162,024
Increase	$	130,960	$	1,301	$	5,804	$	18,725	$	74,529

(1) The net change in our allowance for credit losses was insignificant during the three months ended June 30, 2022.

The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth, contract assets and liabilities acquired from the MainOne acquisition and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the six months ended June 30, 2022 from the opening deferred revenue balance as of January 1, 2022 was $51.8 million.

Remaining performance obligations

As of June 30, 2022, approximately $9.5 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one to three years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 70% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contract renewals. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployments dates, contract modifications, renewals and/or terminations.

The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, point-in-time services, service fees from xScaleTM data centers, which are calculated based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties such as the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.

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Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	216,242	$	68,487	$	363,935	$	224,561
Net (income) loss attributable to non-controlling interests	80		(148)		(160)		140
Net income attributable to Equinix	$	216,322	$	68,339	$	363,775	$	224,701
Weighted-average shares used to calculate basic EPS	91,036		89,648		90,904		89,490
Effect of dilutive securities:
Employee equity awards	226		456		309		534
Weighted-average shares used to calculate diluted EPS	91,262		90,104		91,213		90,024
EPS attributable to Equinix:
Basic EPS	$	2.38	$	0.76	$	4.00	$	2.51
Diluted EPS	$	2.37	$	0.76	$	3.99	$	2.50

We have excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 409,000 shares and 248,000 shares for the three months ended June 30, 2022 and 2021, respectively, and approximately 393,000 and 199,000 shares for the six months ended June 30, 2022 and 2021, because their effect would be anti-dilutive.

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Acquisitions

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

Pending Acquisition

Acquisition of Entel Peru Data Center (the "Entel Peru Acquisition")

On April 27, 2022, we signed an agreement with Entel to acquire a data center in Peru for a purchase price of PEN270.8 million, or approximately $70.7 million at the exchange rate in effect on that date. The acquisition of the data center in Peru is expected to close in the third quarter of 2022, pending the achievement of certain closing conditions, and will be accounted for as a separate transaction. After close of the acquisition, the operating results of the acquired data center will be reported in the Americas region. The Entel Peru Acquisition further supports our ongoing expansion to meet customer demand in the Latin American market.

2022 Acquisitions

Acquisition of Entel Chile Data Centers (the "Entel Chile Acquisition")

On May 2, 2022, we further expanded in Latin America through an acquisition of four data centers from Entel, a leading Chilean telecommunications provider, for a total purchase consideration of $638.3 million at the exchange rate in effect on that date. The Entel Chile Acquisition supports our ongoing expansion to meet customer demand in the Latin American market.

Acquisition of MainOne (the "MainOne Acquisition")

On April 1, 2022, we completed the acquisition of all outstanding shares of MainOne, consisting of four data centers as well as a subsea cable and terrestrial fiber network. We acquired MainOne and its assets for a total purchase consideration of $278.4 million. The MainOne Acquisition supports our desire to meet customer demand in the West African market.

2021 Acquisition

Acquisition of GPX India (the "GPX India Acquisition")

On September 1, 2021, we completed the acquisition of GPX India, representing two data centers in Mumbai, India, for a total purchase consideration of approximately INR12.5 billion, or $170.5 million at the exchange rate in effect on that date. The GPX India Acquisition supports our desire to meet customer demand in the Indian market.

Purchase Price Allocation

Each of the acquisitions noted above constitute a business under the accounting standard for business combinations and, therefore, were accounted for as business combinations using the acquisition method of accounting. Under this method, the total purchase price is allocated to the assets acquired and liabilities assumed measured at fair value on the date of acquisition.

As of June 30, 2022, we had not completed the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed from the Entel Chile Acquisition and MainOne Acquisition, including property, plant and equipment, intangible assets and the related tax impacts; therefore, the purchase price allocation is based on provisional estimates and subject to continuing management analysis.

A summary of the allocation of total purchase consideration is presented as follows (in thousands):

	GPX India		Entel Chile		MainOne
	Final		Provisional
Cash and cash equivalents	$	9,406	$	—	$	33,026
Accounts receivable	4,399		—		9,431
Other current assets	8,883		12,424		22,634
Property, plant and equipment	88,130		81,132		237,988
Operating lease right-of-use assets	62		—		—
Intangible assets	15,408		153,489		54,800
Goodwill	77,145		380,867		117,529
Deferred tax and other assets	20		12,090		4,060
Total assets acquired	203,453		640,002		479,468
Accounts payable and accrued liabilities	(1,566)		(195)		(19,790)
Other current liabilities (1)	(478)		—		(13,061)
Operating lease liabilities	(62)		—		—
Finance lease liabilities	(20,565)		—		—
Mortgage and loans payable	—		—		(25,944)
Deferred tax and other liabilities (1)	(10,317)		(1,463)		(142,323)
Net assets acquired	$	170,465	$	638,344	$	278,350

(1)For the MainOne Acquisition, other current liabilities includes $9.9 million of deferred revenue - current and the other liabilities includes $95.4 million of deferred revenue - non-current.

Property, plant and equipment - The fair values of property, plant and equipment acquired from these three acquisitions were estimated by applying the cost approach, with the exception of land, which we estimated by applying the market approach. The key assumptions of the cost approach include replacement cost new, physical deterioration, functional and economic obsolescence, economic useful life, remaining useful life, age and effective age.

Intangible assets - The following table presents certain information on the acquired intangible assets (in thousands):

Intangible Assets	Fair Value		Estimated Useful Lives (Years)	Weighted-average Estimated Useful Lives (Years)	Discount Rate
GPX India:
Customer relationships (1)	$	15,408	15.0	15.0	11.0	%
Entel Chile:
Customer relationships (1)	153,489		12.0 - 15.0	14.0	8.5% - 9.5%
MainOne:
Customer relationships (1)	51,500		10.0 - 15.0	14.0	11.5	%
Trade names (2)	3,300		5.0	5.0	11.5	%

(1)The fair value was estimated by calculating the present value of estimated future operating cash flows generated from existing customers less costs to realize the revenue. The rates reflect the nature of the assets as they relate to the risk and uncertainty of the estimated future operating cash flows, as well as the risk of the country within which the acquired business operates.

(2)The fair value of the MainOne trade name was estimated using the relief from royalty method under the income approach. We applied a relief from royalty rate of 1.0%.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. Goodwill is attributable to the workforce of the acquired business and the projected revenue increase expected to arise from future customers after the acquisition. Goodwill from the GPX India Acquisition is attributable to the Asia-Pacific region and is not deductible for local tax purposes. Goodwill from the Entel Chile Acquisition is attributable to the Americas region and is not expected to be amortizable for local tax purposes. Goodwill from the MainOne Acquisition is attributable to the EMEA region and is not deductible for local tax purposes except for the portion attributable to Ghana.

Revenues and net income and loss from operations

The operating results of the Entel Chile Acquisition are reported in the Americas region and the operating results of the MainOne Acquisition are reported in the EMEA region following the date of acquisition. During the three and six months ended June 30, 2022, our revenues were $27.0 million and our net income was insignificant from these acquisitions.

Transaction costs

During the three and six months ended June 30, 2022, the transaction costs for the MainOne Acquisition and Entel Chile Acquisition were insignificant.

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Assets Held for Sale

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Assets Held for Sale

Assets Held for Sale

In June 2021, we entered into an agreement to form another joint venture in the form of a limited liability partnership with GIC Private Limited, Singapore's sovereign wealth fund ("GIC"), to develop and operate additional xScale data centers in Europe and the Americas (the “EMEA 2 Joint Venture”). The transaction is structured to close in phases over the course of two years, pending regulatory approval and other closing conditions. The assets and liabilities of the Warsaw 4 ("WA4") data center site, which were included within our EMEA region, were classified as held for sale as of June 30, 2021. In June 2022, we sold the WA4 data center in exchange for a total consideration of $61.5 million. During the three months ended June 30, 2022, we recognized an insignificant gain on the sale of the WA4 data center.

In October 2021, we entered into an agreement to form a joint venture in the form of a limited liability partnership with PGIM Real Estate ("PGIM"), to develop and operate xScaleTM data centers in Asia-Pacific (the "Asia-Pacific 2 Joint Venture"). xScale data centers are engineered to meet the technical and operational requirements and price points of core hyperscale workload deployments and also offer access to our comprehensive suite of interconnection and edge services. The assets and liabilities of the Sydney 9 ("SY9") data center site, which were included within our Asia-Pacific region, were classified as held for sale as of September 30, 2021. Upon closing the joint venture in March 2022, we sold the SY9 data center in exchange for a total consideration of $201.3 million, which is comprised of $165.6 million of net cash proceeds, a 20% partnership interest in the Asia-Pacific 2 Joint Venture with a fair value of $29.8 million, and $5.9 million of receivables. During the three months ended March 31, 2022, we recognized an insignificant loss on the sale of the SY9 data center.

In March 2022, we entered into an agreement to sell the Mexico 3 ("MX3") data center site in connection with the formation of a new joint venture with GIC (the "AMER 1 Joint Venture") to develop and operate xScale data centers in the Americas. Given that the key terms of the sale had been substantially agreed upon as of September 30, 2021, the assets and liabilities of the MX3 data center, which are currently included within our Americas region, were classified as held for sale as of September 30, 2021 and remained held for sale as of June 30, 2022.

All assets and liabilities classified as held for sale are reported at the lower of their carrying amounts or fair values less costs to sell. The following table summarizes the assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheet as of June 30, 2022 (in thousands):

	June 30, 2022
Operating lease right-of-use assets	$	1,976
Property, plant and equipment	66,440
Other assets	3,138
Total assets held for sale	$	71,554
Accounts payable and accrued expenses	$	290
Current portion of operating lease liabilities	1,353
Accrued property, plant and equipment	5,877
Total liabilities held for sale (1)	$	7,520

(1)Liabilities held for sale were included within other current liabilities on the condensed consolidated balance sheet.

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Equity Method Investments

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity Method Investments

We hold various equity method investments, primarily joint venture or partnership arrangements, in order to invest in certain entities that are in line with our business development objectives, including the development and operation of xScale data centers. Some of these xScale joint ventures are classified as Variable Interest Entities ("VIEs"), as discussed further below. The Asia-Pacific 1, Asia-Pacific 2, Asia-Pacific 3 and EMEA 2 Joint Ventures (the "VIE Joint Ventures") share a similar purpose, design and nature of assets. The following table summarizes our equity method investments (in thousands), which were included in other assets on the condensed consolidated balance sheets:

Investee	Ownership Percentage	June 30, 2022		December 31, 2021
EMEA 1 Joint Venture with GIC	20%	$	127,008	$	131,516
VIE Joint Ventures	20%	156,307		95,052
Other	Various	18,634		18,481
Total		$	301,949	$	245,049

Non - VIE Joint Venture

EMEA 1 Joint Venture

In 2019, we entered into a joint venture in the form of a limited liability partnership with GIC (the "EMEA 1 Joint Venture"), to develop and operate xScale data centers in Europe. The EMEA 1 Joint Venture is not a VIE given that both equity investors' interests have the characteristics of a controlling financial interest and it is sufficiently capitalized to sustain its operations, requiring additional funding from its partners only when expanding operations. Our share of income and losses of equity method investments from this joint venture was insignificant for the three and six months ended June 30, 2022 and 2021 and was included in other income (expense) on the condensed consolidated statement of operations.

We committed to make future equity contributions to the EMEA 1 Joint Venture for funding its future development. As of June 30, 2022, we had future equity contribution commitments of $33.0 million.

VIE Joint Ventures

In 2020, we entered into a joint venture in the form of a limited liability partnership with GIC (the "Asia-Pacific 1 Joint Venture") to develop and operate xScale data centers in Asia-Pacific.

In 2021, we entered into the EMEA 2 Joint Venture with GIC to develop and operate additional xScale data centers in Europe and the Americas (see Note 5 above).

On March 11, 2022, we entered into the Asia-Pacific 2 Joint Venture with PGIM to develop and operate additional xScale data centers in Asia-Pacific (see Note 5 above).

On April 6, 2022, we entered into a joint venture in the form of a limited liability partnership with GIC (the "Asia-Pacific 3 Joint Venture") to develop and operate additional xScale data centers in Seoul, Korea. Upon closing, we contributed $17.0 million in exchange for a 20% partnership interest in the joint venture.

The VIE Joint Ventures are considered VIEs because they do not have sufficient funds from operations to be self-sustaining. While we provide certain management services to their operations and earn fees for the performance of such services, the power to direct the activities of these joint ventures that most significantly impact economic performance is shared equally between us and either GIC or PGIM, as applicable. These activities include data center construction and operations, sales and marketing, financing, and real estate purchases or sales. Decisions about these activities require the consent of both Equinix and either GIC or PGIM, as applicable. We concluded that neither party is deemed to have predominant control over the VIE Joint Ventures and neither party is considered to be the primary beneficiary. During the three and six months ended June 30, 2022, our share of income and losses of equity method investments from these joint ventures was insignificant both individually and in aggregate, and was included in other income (expense) on the condensed consolidated statement of operations.

The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of June 30, 2022 (in thousands):

	VIE Joint Ventures
Equity Investment	$	156,307
Outstanding Receivables	16,204
Future Equity Contribution Commitments (1)	71,357
Maximum Future Payments under Debt Guarantees (2)	55,433
Total	$	299,301

(1)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete certain construction phases or make interest payments on their outstanding debt.

(2)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under EMEA 2 Joint Venture's credit facility agreements (see Note 11).

Other Related Party Transactions

We have lease arrangements and provide various services to the EMEA 1 Joint Venture and the VIE Joint Ventures (the "Joint Ventures") through multiple agreements, including sales and marketing, development management, facilities management, and asset management. These transactions are generally considered to have been negotiated at arm's length. The following table presents the revenues and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Nature of Transaction	2022		2021		2022		2021
EMEA 1 Joint Venture	Revenues	$	18,880	$	13,230	$	25,182	$	18,849
EMEA 1 Joint Venture	Expenses (1)	(916)		2,101		3,412		4,604
VIE Joint Ventures	Revenues	13,185		12,187		20,187		14,445

(1)We have a sub-lease agreement with the EMEA 1 Joint Venture to sub-lease a portion of London ("LD") 10-2 data center or former LD10 data center, for a total of 15 years. Balances primarily consist of rent expenses for the LD10-2 data center.

The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in thousands):

Related Party	Balance Sheet Line Item	June 30, 2022		December 31, 2021
EMEA 1 Joint Venture	Receivables	$	33,399	$	32,077
	Contract Assets (1)	55,795		54,503
	Finance Lease Right of Use Assets	104,842		118,817
	Other Liabilities and Payables	2,277		2,483
	Other Liabilities and Payables - construction obligation (2)	35,936		39,382
	Deferred Revenue	15,563		16,886
	Finance Lease Right of Use Liabilities	110,829		124,918
VIE Joint Ventures	Receivables	16,204		29,077
	Contract Assets	5,050		1,492
	Payables	—		1,876

(1)A portion of the contract asset balance relates to commitments to complete a residual portion of the Paris 9 data center sold to the EMEA 1 Joint Venture, which is reimbursable in full upon completion.

(2)The balance primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction.

We received contingent consideration from separate sales of xScale data centers to the EMEA 1 Joint Venture, which become receivable upon completion of certain performance milestones, primarily contingent on the local regulatory approvals for certain sites. The contingent consideration are considered derivatives and are remeasured at fair value each reporting period using inputs such as probabilities of payment, discount rates, foreign currency forward rates and projected payment dates. The fair value measurements were based on significant inputs that are not observable in the market and thus represent Level 3 measurements. As of June 30, 2022 and December 31, 2021, the total fair value of the remaining contingent consideration which was included in other current assets on the condensed consolidated balance sheets was not significant. Changes in the fair value of the contingent consideration were recorded in gain (loss) on asset sales on the condensed consolidated statement of operations.

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Derivatives and Hedging Activities

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

Derivatives and Hedging Activities

Derivatives Designated as Hedging Instruments

Net Investment Hedges. We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. Dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which are designated as hedges against our net investments in foreign subsidiaries. As of June 30, 2022 and December 31, 2021, the total principal amounts of foreign currency debt obligations designated as net investment hedges was $1.8 billion and $1.5 billion, respectively.

We also use cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. As of June 30, 2022 and December 31, 2021, we had cross-currency interest rate swaps outstanding with notional amounts of $3.9 billion and $4.0 billion respectively, with maturity dates ranging through 2026.

From time to time, we use foreign currency forward contracts to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. As of June 30, 2022 and December 31, 2021, the total notional amount of foreign currency forward contracts designated as net investment hedges were $373.4 million and $375.7 million, respectively.

Certain of our customer agreements are deemed to have foreign currency forward contracts embedded in them that are priced in currencies different from the functional or local currencies of the parties involved. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. Dollars. We use these forward contracts embedded within our customer agreements to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries.

The effect of net investment hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Foreign currency debt		$	112,530	$	(23,758)	$	157,591	$	44,982
Cross-currency interest rate swaps (included component) (1)		221,292		(23,124)		343,322		118,104
Cross-currency interest rate swaps (excluded component) (2)		3,154		15,112		(68,954)		(25,417)
Foreign currency forward contracts (included component) (1)		18,592		(5,264)		15,643		(4,556)
Foreign currency forward contracts (excluded component) (3)		(1,615)		(2)		(2,291)		26
Total		$	353,953	$	(37,036)	$	445,311	$	133,139
Amount of gain or (loss) recognized in earnings:
	Location of gain or (loss)	Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Cross-currency interest rate swaps (excluded component) (2)	Interest expense	$	12,029	$	10,566	$	24,607	$	20,615
Foreign currency forward contracts (excluded component) (3)	Interest expense	(132)		40		(163)		204
Total		$	11,897	$	10,606	$	24,444	$	20,819

(1)Included component represents foreign exchange spot rates.

(2)Excluded component represents cross-currency basis spread and interest rates.

(3)Excluded component represents foreign currency forward points.

Cash Flow Hedges. We hedge our foreign currency transaction exposure for forecasted revenues and expenses in our EMEA region between the U.S. Dollar and the British Pound, Euro, Swedish Krona and Swiss Franc. The foreign currency forward and option contracts that we use to hedge this exposure are designated as cash flow hedges. As of June 30, 2022 and December 31, 2021, the total notional amounts of these foreign exchange contracts were $631.8 million and $831.2 million, respectively.

As of June 30, 2022, our foreign currency cash flow hedge instruments had maturity dates ranging from July 2022 to December 2023 and we had a net gain of $57.5 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses relating to these cash flow hedges as they mature in the next 12 months. As of December 31, 2021, our foreign currency cash flow hedge instruments had maturity dates ranging from January 2022 to December 2023 and we had a net gain of $13.3 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses relating to these cash flow hedges as they mature in the next 12 months.

We enter into intercompany hedging instruments ("intercompany derivatives") with our wholly-owned subsidiaries in order to hedge certain forecasted revenues and expenses denominated in currencies other than the U.S. Dollar. Simultaneously, we enter into derivative contracts with unrelated third parties to externally hedge the net exposure created by such intercompany derivatives.

We hedge the interest rate exposure created by anticipated fixed rate debt issuances through the use of treasury locks and swap locks (collectively, interest rate locks), which are designated as cash flow hedges. As of June 30, 2022, we had no interest rate locks outstanding. As of December 31, 2021, the total notional amount of interest rate locks outstanding was $800.0 million. During the six months ended June 30, 2022, interest rate locks with a combined aggregate notional amount of $800.0 million were settled related to the issuance of senior notes during the year. When interest rate locks are settled, any gain or loss from the transactions is deferred and included as a component of other comprehensive income (loss) and is amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks. As of June 30, 2022 and December 31, 2021, we had a net gain of $1.4 million and a net loss of $3.9 million, respectively, recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months for interest rate locks.

The effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Foreign currency forward and option contracts (included component) (1)		$	28,258	$	1,833	$	46,580	$	33,207
Foreign currency option contracts (excluded component) (2)		—		(45)		—		151
Interest rate locks		(350)		(7,040)		50,092		(1,239)
Total		$	27,908	$	(5,252)	$	96,672	$	32,119
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain or (loss)	2022		2021		2022		2021
Foreign currency forward contracts	Revenues	$	31,838	$	(16,565)	$	35,401	$	(29,534)
Foreign currency forward contracts	Costs and operating expenses	(15,793)		8,583		(17,105)		15,787
Interest rate locks	Interest Expense	350		(1,049)		(726)		(1,854)
Total		$	16,395	$	(9,031)	$	17,570	$	(15,601)
Amount of gain or (loss) excluded from effectiveness testing included in income:
		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain or (loss)	2022		2021		2022		2021
Foreign currency option contracts (excluded component) (2)	Revenues	$	—	$	(63)	$	—	$	(244)
Total		$	—	$	(63)	$	—	$	(244)

(1)Included component represents foreign exchange spot rates.

(2)Excluded component represents option's time value.

Derivatives Not Designated as Hedging Instruments

Embedded Derivatives. As described above, certain of our customer agreements are deemed to have foreign currency forward contracts embedded in them that are priced in currencies different from the functional or local currencies of the parties involved. 

Economic Hedges of Embedded Derivatives. We use foreign currency forward contracts to manage the foreign exchange risk associated with our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved ("economic hedges of embedded derivatives"). Foreign currency forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date.

Foreign Currency Forward Contracts. We also use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. As a result of foreign currency fluctuations, the U.S. Dollar equivalent values of our foreign currency-denominated monetary assets and liabilities change. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts. As of June 30, 2022 and December 31, 2021, the total notional amounts of these foreign currency contracts were $3.0 billion and $3.3 billion, respectively.

The following table presents the effect of derivatives not designated as hedging instruments in our condensed consolidated statements of operations (in thousands):

Amount of gain or (loss) recognized in earnings:
		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain or (loss)	2022		2021		2022		2021
Embedded derivatives	Revenues	$	—	$	650	$	(568)	$	5,145
Economic hedge of embedded derivatives	Revenues	—		(279)		(983)		(4,492)
Foreign currency forward contracts	Other income (expense)	135,087		7,975		133,617		64,775
Total		$	135,087	$	8,346	$	132,066	$	65,428

Fair Value of Derivative Instruments

The following table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022				December 31, 2021
	Assets (1)		Liabilities (2)		Assets (1)		Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts	$	61,838	$	—	$	22,866	$	7,618
Interest rate locks	—		—		8,662		—
Net investment hedges
Cross-currency interest rate swaps	307,975		—		56,921		19,441
Foreign currency forward contracts	12,532		143		156		70
Total designated as hedging	382,345		143		88,605		27,129
Not designated as hedging instruments:
Embedded derivatives	—		—		3,247		652
Economic hedges of embedded derivatives	—		—		2,232		637
Foreign currency forward contracts	62,372		4,359		83,265		5,854
Total not designated as hedging	62,372		4,359		88,744		7,143
Total Derivatives	$	444,717	$	4,502	$	177,349	$	34,272

(1)As presented in our condensed consolidated balance sheets within other current assets and other assets.

(2)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.

Offsetting Derivative Assets and Liabilities

We enter into master netting agreements with our counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the condensed consolidated balance sheets, we do not offset fair value amounts recognized for derivative instruments or the accrued interest related to cross-currency interest rate swaps under master netting arrangements. The following table presents information related to these offsetting arrangements as of June 30, 2022 and December 31, 2021 (in thousands):

	Gross Amounts Offset in Consolidated Balance Sheet
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts not Offset in the Balance Sheet		Net
June 30, 2022
Derivative assets	$	472,123	$	—	$	472,123	$	(17,181)	$	454,942
Derivative liabilities	17,324		—		17,324		(17,181)		143
December 31, 2021
Derivative assets	$	207,037	$	—	$	207,037	$	(47,538)	$	159,499
Derivative liabilities	49,326		—		49,326		(47,538)		1,788

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Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:

•Level 1: quoted prices in active markets for identical assets or liabilities.

•Level 2: observable inputs (e.g. spot rates and other data from the third-party pricing vendors for our derivative instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.

•Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.

Our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 were as follows (in thousands):

	As of June 30, 2022						As of December 31, 2021
	Fair Value		Fair Value Measurement Using				Fair Value		Fair Value Measurement Using
			Level 1		Level 2				Level 1		Level 2
Assets:
Money market and deposit accounts	$	865,474	$	865,474	$	—	$	585,681	$	585,681	$	—
Derivative instruments (1)	444,717		—		444,717		177,349		—		177,349
Total	$	1,310,191	$	865,474	$	444,717	$	763,030	$	585,681	$	177,349
Liabilities:
Derivative instruments (1)	$	4,502	$	—	$	4,502	$	34,272	$	—	$	34,272

(1)Amounts are included within other current assets, other assets, others current liabilities and other liabilities in the condensed consolidated balance sheets.

We did not have any nonfinancial assets or liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021.

Other than the contingent consideration related to the EMEA 1 Joint Venture as described in Note 6 above, we did not have any Level 3 financial assets or financial liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021.

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Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Leases

Significant Lease Transactions

The following table summarizes the significant lease transactions during the six months ended June 30, 2022 (in thousands):

			Renewal/Termination Options excluded		Net Incremental (1)
Lease	Quarter	Transaction		Lease Classification	ROU assets		ROU liabilities
Atlanta 1 ("AT1") data center lease extended & expansion (2)	Q1	Extended lease term by 12 years with additional three 10-year renewal options	Two 10-year renewal options	Finance Lease	$	71,994	$	72,549
				Operating Lease	(1,836)		(2,391)
Hong Kong 6 ("HK6") new land and building construct site	Q2	New lease-15 year term	5-year renewal option	Operating Lease	195,245		195,245
Hong Kong 2 ("HK2") data center lease renewal	Q2	Exercised the 3-year renewal option for Phase 1 & 2 (3)	Two 3-year renewal options	Operating Lease	81,504		81,504

(1) The net incremental amounts represent the adjustments to the right of use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered.

(2) This lease had components previously classified as operating leases.

(3) The incremental balance includes the impact of reassessing lease terms of complementary leases within HK2, resulting in new lease end dates ranging from June 2030 to October 2031 from including renewal options that are reasonably certain to be exercised.

Lease Expenses

The components of lease expenses are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Finance lease cost
Amortization of ROU assets (1)	$	41,105	$	37,110	$	81,228	$	73,238
Interest on lease liabilities	28,357		29,823		57,244		60,016
Total finance lease cost	69,462		66,933		138,472		133,254
Operating lease cost	52,971		57,045		104,601		113,499
Variable lease cost	9,666		7,630		17,282		15,670
Total lease cost	$	132,099	$	131,608	$	260,355	$	262,423

(1) Amortization of ROU assets is included with depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.

Other Information

Other information related to leases is as follows (in thousands):

	Six Months Ended June 30, 2022			Six Months Ended June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	55,929		$	57,084
Operating cash flows from operating leases	96,734			152,052
Financing cash flows from finance leases	69,556			98,877
ROU assets obtained in exchange for lease obligations: (1)
Finance leases	$	74,954		$	339,486
Operating leases	313,034			50
	As of June 30, 2022			As of December 31, 2021
Weighted-average remaining lease term - finance leases (2)	14 years			14 years
Weighted-average remaining lease term - operating leases (2)	12 years			12 years
Weighted-average discount rate - finance leases	6		%	7		%
Weighted-average discount rate - operating leases	4		%	4		%
Finance lease ROU assets (3)	$	1,868,922		$	1,875,696

(1) Represents all non-cash changes in ROU assets.

(2) Includes lease renewal options that are reasonably certain to be exercised.

(3) As of June 30, 2022 and December 31, 2021, we recorded accumulated amortization of finance lease ROU assets of $776.7 million and $726.4 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the condensed consolidated balance sheets.

Maturities of Lease Liabilities

Maturities of lease liabilities as of June 30, 2022 are as follows (in thousands):

	Operating Leases		Finance Leases		Total
2022 (6 months remaining)	$	84,896	$	126,980	$	211,876
2023	186,550		236,434		422,984
2024	182,667		237,282		419,949
2025	177,235		235,170		412,405
2026	174,781		224,329		399,110
Thereafter	1,128,704		2,099,061		3,227,765
Total lease payments	1,934,833		3,159,256		5,094,089
Plus amount representing residual property value	—		—		—
Less imputed interest	(502,719)		(1,029,658)		(1,532,377)
Total	$	1,432,114	$	2,129,598	$	3,561,712

We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of June 30, 2022. These leases will commence between year 2022 and 2024, with lease terms of 3 to 27 years and total lease commitments of approximately $557.9 million.

Leases

Leases

Significant Lease Transactions

The following table summarizes the significant lease transactions during the six months ended June 30, 2022 (in thousands):

			Renewal/Termination Options excluded		Net Incremental (1)
Lease	Quarter	Transaction		Lease Classification	ROU assets		ROU liabilities
Atlanta 1 ("AT1") data center lease extended & expansion (2)	Q1	Extended lease term by 12 years with additional three 10-year renewal options	Two 10-year renewal options	Finance Lease	$	71,994	$	72,549
				Operating Lease	(1,836)		(2,391)
Hong Kong 6 ("HK6") new land and building construct site	Q2	New lease-15 year term	5-year renewal option	Operating Lease	195,245		195,245
Hong Kong 2 ("HK2") data center lease renewal	Q2	Exercised the 3-year renewal option for Phase 1 & 2 (3)	Two 3-year renewal options	Operating Lease	81,504		81,504

(1) The net incremental amounts represent the adjustments to the right of use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered.

(2) This lease had components previously classified as operating leases.

(3) The incremental balance includes the impact of reassessing lease terms of complementary leases within HK2, resulting in new lease end dates ranging from June 2030 to October 2031 from including renewal options that are reasonably certain to be exercised.

Lease Expenses

The components of lease expenses are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Finance lease cost
Amortization of ROU assets (1)	$	41,105	$	37,110	$	81,228	$	73,238
Interest on lease liabilities	28,357		29,823		57,244		60,016
Total finance lease cost	69,462		66,933		138,472		133,254
Operating lease cost	52,971		57,045		104,601		113,499
Variable lease cost	9,666		7,630		17,282		15,670
Total lease cost	$	132,099	$	131,608	$	260,355	$	262,423

(1) Amortization of ROU assets is included with depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.

Other Information

Other information related to leases is as follows (in thousands):

	Six Months Ended June 30, 2022			Six Months Ended June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	55,929		$	57,084
Operating cash flows from operating leases	96,734			152,052
Financing cash flows from finance leases	69,556			98,877
ROU assets obtained in exchange for lease obligations: (1)
Finance leases	$	74,954		$	339,486
Operating leases	313,034			50
	As of June 30, 2022			As of December 31, 2021
Weighted-average remaining lease term - finance leases (2)	14 years			14 years
Weighted-average remaining lease term - operating leases (2)	12 years			12 years
Weighted-average discount rate - finance leases	6		%	7		%
Weighted-average discount rate - operating leases	4		%	4		%
Finance lease ROU assets (3)	$	1,868,922		$	1,875,696

(1) Represents all non-cash changes in ROU assets.

(2) Includes lease renewal options that are reasonably certain to be exercised.

(3) As of June 30, 2022 and December 31, 2021, we recorded accumulated amortization of finance lease ROU assets of $776.7 million and $726.4 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the condensed consolidated balance sheets.

Maturities of Lease Liabilities

Maturities of lease liabilities as of June 30, 2022 are as follows (in thousands):

	Operating Leases		Finance Leases		Total
2022 (6 months remaining)	$	84,896	$	126,980	$	211,876
2023	186,550		236,434		422,984
2024	182,667		237,282		419,949
2025	177,235		235,170		412,405
2026	174,781		224,329		399,110
Thereafter	1,128,704		2,099,061		3,227,765
Total lease payments	1,934,833		3,159,256		5,094,089
Plus amount representing residual property value	—		—		—
Less imputed interest	(502,719)		(1,029,658)		(1,532,377)
Total	$	1,432,114	$	2,129,598	$	3,561,712

We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of June 30, 2022. These leases will commence between year 2022 and 2024, with lease terms of 3 to 27 years and total lease commitments of approximately $557.9 million.

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Debt Facilities

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt Facilities

Debt Facilities

Mortgage and Loans Payable

As of June 30, 2022 and December 31, 2021, our mortgage and loans payable consisted of the following (in thousands):

	June 30, 2022		December 31, 2021
Term loans	$	627,670	$	549,697
Mortgage payable and loans payable	61,539		68,691
	689,209		618,388
Less amount representing unamortized debt discount and debt issuance cost	(1,253)		(354)
Add amount representing unamortized mortgage premium	1,461		1,630
	689,417		619,664
Less current portion	(34,086)		(33,087)
Total	$	655,331	$	586,577

Senior Credit Facility and Refinancing

In 2017, we entered into a credit agreement ("2017 Credit Agreement") with a group of lenders for a $3.0 billion credit facility ("2017 Credit Facilities"), comprised of a $2.0 billion senior unsecured multicurrency revolving credit facility ("2017 Revolving Facility") and an approximately $1.0 billion senior unsecured multicurrency term loan facility (the "2017 Term Loan Facility"). The credit agreement was subsequently amended to provide an additional senior unsecured term loan in Japanese Yen for approximately $424.7 million at the exchange rate effective on the transaction date.

On May 17, 2021, we repaid our outstanding term loans in Swedish Krona and Japanese Yen under the 2017 Term Loan Facility for $285.4 million and $374.5 million in U.S. Dollars, respectively, at the exchange rates in effect on May 17, 2021 using a portion of the cash proceeds from the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes issuances as described below.

On January 7, 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500.0 million senior unsecured term loan facility (the "2022 Term Loan Facility" and, together with the 2022 Revolving Facility, collectively, the "2022 Credit Facilities"). The total debt issuance costs for the 2022 Revolving Facility and 2022 Term Loan Facility are $6.5 million and $0.8 million, respectively. We borrowed the full £500.0 million available under the 2022 Term Loan Facility, or approximately $676.9 million at the exchange rates in effect on that date. On that same day, using a portion of the proceeds from the 2022 Term Loan Facility, we prepaid in full all of the $549.6 million of indebtedness outstanding under the 2017 Term Loan Facility, at the exchange rates in effect on January 7, 2022 and terminated the 2017 Credit Agreement. In connection with the repayment and termination, we incurred an insignificant amount of loss on debt extinguishment. The remaining unamortized debt issuance costs of the 2017 Credit Facilities will continue to be amortized over the contract terms of the 2022 Credit Facilities.

The 2022 Credit Facilities have a maturity date of January 7, 2027. We may borrow, repay and reborrow amounts under the 2022 Revolving Facility until the Maturity Date, at which time all amounts outstanding under the 2022 Revolving Facility must be repaid in full. The term loan made under the 2022 Term Loan Facility has no scheduled principal amortization and must be repaid in full on the maturity date. The 2022 Revolving Credit Facility provides for extensions of credit in U.S. Dollars as well as certain other foreign currencies. Borrowings under the 2022 Revolving Facility bear interest at a rate based on the daily Secured Overnight Financing Rate ("SOFR"), term SOFR, an alternative currency daily rate, or an alternative currency term rate plus a spread adjustment, plus a margin that can vary from 0.555% to 1.200%. Borrowings under the 2022 Term Loan Facility bear interest at a rate based on the daily Sterling Overnight Index Average ("SONIA"), plus a spread adjustment, plus a margin that can vary from 0.625% to 1.450%. We are also required to pay a quarterly letter of credit fee on the face amount of each letter of credit, which fee is based on the same margin that applies from time to time to SOFR-indexed borrowings

under the revolving credit line. The margin is dependent on either our consolidated net leverage ratio or our credit ratings. We are also required to pay a quarterly facility fee ranging from 0.07% to 0.25% per annum. The 2022 Credit Agreement contains customary covenants, including financial ratio covenants that are required to be maintained as of each quarter end.

As of June 30, 2022 and December 31, 2021, the total amounts outstanding under the 2022 Term Loan Facility and 2017 Term Loan Facility, net of debt issuance costs, were $608.0 million and $549.3 million, respectively. This outstanding amount of $608.0 million as of June 30, 2022 was recorded as non-current liabilities as we do not expect to settle the liabilities within the year.

As of June 30, 2022, we had 43 irrevocable letters of credit totaling $104.7 million issued and outstanding under the 2022 Revolving Facility, with approximately $3.9 billion remaining available to borrow under the 2022 Revolving Facility.

Senior Notes

As of June 30, 2022 and December 31, 2021, our senior notes consisted of the following (in thousands):

	June 30, 2022				December 31, 2021
	Amount		Effective Rate		Amount		Effective Rate
2.625% Senior Notes due 2024	$	1,000,000	2.79	%	$	1,000,000	2.79	%
1.250% Senior Notes due 2025	500,000		1.46	%	500,000		1.46	%
1.000% Senior Notes Due 2025	700,000		1.18	%	700,000		1.18	%
2.900% Senior Notes due 2026	600,000		3.04	%	600,000		3.04	%
1.450% Senior Notes due 2026	700,000		1.64	%	700,000		1.64	%
0.250% Euro Senior Notes due 2027	524,050		0.45	%	569,150		0.45	%
1.800% Senior Notes due 2027	500,000		1.96	%	500,000		1.96	%
1.550% Senior Notes due 2028	650,000		1.67	%	650,000		1.67	%
2.000% Senior Notes due 2028	400,000		2.21	%	400,000		2.21	%
3.200% Senior Notes due 2029	1,200,000		3.30	%	1,200,000		3.30	%
2.150% Senior Notes due 2030	1,100,000		2.27	%	1,100,000		2.27	%
2.500% Senior Notes due 2031	1,000,000		2.65	%	1,000,000		2.65	%
3.900% Senior Notes due 2032	1,200,000		4.07	%	—		—	%
1.000% Euro Senior Notes due 2033	628,860		1.18	%	682,980		1.18	%
3.000% Senior Notes due 2050	500,000		3.09	%	500,000		3.09	%
2.950% Senior Notes due 2051	500,000		3.00	%	500,000		3.00	%
3.400% Senior Notes due 2052	500,000		3.50	%	500,000		3.50	%
	12,202,910				11,102,130
Less amount representing unamortized debt issuance cost	(125,154)				(117,986)
	12,077,756				10,984,144
Less current portion	—				—
Total	$	12,077,756			$	10,984,144

0.250% Euro Senior Notes due 2027 and 1.000% Euro Senior Notes due 2033

On March 10, 2021, we issued €500.0 million, or approximately $594.9 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 0.250% senior notes due March 15, 2027 (the "2027 Euro Notes") and €600.0 million, or approximately $713.8 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 1.000% senior notes due March 15, 2033 (the "2033 Euro Notes").

Interest on the notes is payable annually in arrears on March 15 of each year, commencing on March 15, 2022. Total debt issuance costs and debt discounts related to the 2027 Euro Notes and the 2033 Euro Notes were $7.0 million and $14.1 million, respectively.

Redemption of 2.875% Euro Senior Notes due 2026

On March 24, 2021, using a portion of the net cash proceeds from the 2027 Euro Senior Notes and 2033 Euro Senior Notes, we redeemed the remaining outstanding 2.875% Euro Senior Notes due 2026 for $590.7 million in U.S. dollars, at the exchange rate in effect on March 24, 2021. In connection with the redemption, we incurred $13.2 million of loss on debt extinguishment, including $8.5 million in redemption premium that was paid in cash and $4.7 million related to the write-off of unamortized debt issuance costs, during the three months ended March 31, 2021.

1.450% Senior Notes due 2026, 2.000% Senior Notes due 2028, 2.500% Senior Notes due 2031 and 3.400% Senior Notes due 2052

On May 17, 2021, we issued $700.0 million aggregate principal amount of 1.450% senior notes due 2026 (the "2026 Notes"), $400.0 million aggregate principal amount of 2.000% senior notes due 2028 (the "2028 Notes"), $1.0 billion aggregate principal amount of 2.500% senior notes due 2031 (the "2031 Notes"), and $500.0 million aggregate principal amount of 3.400% senior notes due 2052 (the "2052 Notes").

Interest on the 2026, 2028 and 2031 notes are payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2021. Interest on the 2052 notes are payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. Total debt issuance costs and debt discounts related to the 2026 Notes, 2028 Notes, 2031 Notes and 2052 Notes were $6.4 million, $5.3 million, $13.0 million and $9.3 million, respectively.

Redemption of 5.375% Senior Notes due 2027

On June 2, 2021, we redeemed all outstanding principal amount under the 5.375% Senior Notes due 2027 with a portion of the net cash proceeds from the issuance of the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes as described above. In connection with the redemption, we incurred $100.6 million of loss on debt extinguishment, including $90.7 million redemption premium that was paid in cash and $9.9 million related to the write-off of unamortized debt issuance costs.

3.900% Senior Notes due 2032

On April 5, 2022, we issued $1.2 billion aggregate principal amount of 3.900% Senior Notes due 2032 (the "2032 Notes"). Interest on the 2032 Notes is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2022. Debt issuance costs and debt discounts related to the 2032 Notes were $16.3 million.

Maturities of Debt Instruments

The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of June 30, 2022 (in thousands):

Years ending:
2022 (6 months remaining)	$	29,016
2023	10,351
2024	1,009,999
2025	1,208,667
2026	1,308,202
Thereafter	9,327,345
Total	$	12,893,580

Fair Value of Debt Instruments

The following table sets forth the estimated fair values of our mortgage and loans payable and senior notes, including current maturities, as of (in thousands):

	June 30, 2022		December 31, 2021
Mortgage and loans payable	$	696,708	$	621,051
Senior notes	10,380,331		11,049,834

The fair values of the mortgage and loans payable, which are not publicly traded, were estimated by considering our credit rating, current rates available to us for debt of the same remaining maturities and terms of the debt (Level 2). The fair value of the senior notes, which are traded in the public debt market, was based on quoted market prices (Level 1).

Interest Charges

The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest expense	$	90,826	$	87,231	$	170,791	$	176,912
Interest capitalized	4,335		6,684		8,755		12,792
Interest charges incurred	$	95,161	$	93,915	$	179,546	$	189,704

Total interest paid in cash, net of capitalized interest, during the three months ended June 30, 2022 and 2021 was $101.9 million and $122.0 million, respectively. Total interest paid in cash, net of capitalized interest, during the six months ended June 30, 2022 and 2021 was $201.5 million and $216.9 million, respectively.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Purchase and Other Commitments

As a result of our various IBX data center expansion projects, as of June 30, 2022, we were contractually committed for approximately $1.5 billion of unaccrued capital expenditures, primarily for IBX infrastructure equipment not yet delivered and labor not yet provided, in connection with the work necessary to open these IBX data centers and make them available to our customers for installation. We also had numerous other, non-capital purchase commitments in place as of June 30, 2022, such as commitments to purchase power in select locations through the remainder of 2022 and thereafter, and other open purchase orders for goods or services to be delivered or provided during the remainder of 2022 and thereafter. Such other miscellaneous purchase commitments totaled approximately $1.6 billion as of June 30, 2022. For further information on equity contribution commitments and lease commitments, see Note 6 and Note 9, respectively, above.

Contingent Liabilities

We estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by the assessor's office, current landlord estimates or estimates based on current or changing fixed asset values in each specific municipality, as applicable. However, there are circumstances beyond our control whereby the underlying value of the property or basis for which the tax is calculated on the property may change, such as a landlord selling the underlying property of one of our IBX data center leases or a municipality changing the assessment value in a jurisdiction and, as a result, our property tax obligations may vary from period to period. Based upon the most current facts and circumstances, we make the necessary property tax accruals for each of our reporting periods. However, revisions in our estimates of the potential or actual liability could materially impact our financial position, results of operations or cash flows.

Our indirect and property tax filings in various jurisdictions are subject to examination by local tax authorities. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of further changes to the tax laws and interpretations thereof. For example, we are currently undergoing an audit and appealing the tentative assessment in Brazil. The final settlement of the audit and the outcomes of the appeal are uncertain and may not be resolved in our favor. We regularly assess the likelihood of adverse outcomes resulting from these examinations and appeals that would affect the adequacy of our tax accruals for each of the reporting periods. If any issues arising from the tax examinations and appeals are resolved in a manner inconsistent with our expectations, the revision of the estimates of the potential or actual liabilities could materially impact the financial position, results of operations, or cash flows.

Indemnification and Guarantor Arrangements

As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The term of the indemnification period is for the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have a director and officer insurance policy that could limit our exposure and enable us to recover a portion of any future amounts paid. As a result of our insurance policy that could limit our exposure and enable us to recover some or all of amounts paid, our estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2022.

We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally our business partners or customers, in connection with any U.S. patent, or any copyright or other intellectual property infringement claim by any third party with respect to our offerings. The term of these indemnification agreements is generally perpetual any time after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, our estimated fair value of these agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2022.

We enter into arrangements with our business partners, whereby the business partner agrees to provide services as a subcontractor for our installations. Accordingly, we enter into standard indemnification agreements with our customers, whereby we indemnify them for other acts, such as personal property damage, of our subcontractors. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have general and umbrella insurance policies that could enable us to recover a portion of any amounts paid. We have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of June 30, 2022.

We have service level commitment obligations to certain of our customers. As a result, service interruptions or significant equipment damage in our IBX data centers, whether or not within our control, could result in service level commitments to these customers. Our liability insurance may not be adequate to cover those expenses. In addition, any loss of services, equipment damage or inability to meet our service level commitment obligations could reduce the confidence of our customers and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our operating results. We generally have the ability to determine such service level credits prior to the associated revenue being recognized. We do not have significant liabilities in connection with service level credits as of June 30, 2022.Concurrent with the closing of the EMEA 2 Joint Venture, the EMEA 2 Joint Venture entered into credit facility agreements with a group of lenders under which it could borrow up to approximately $1.4 billion in total at the exchange rate in effect on June 30, 2022, with such facilities maturing in 2025 and 2026. In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with guarantees covering 20% of all payments of principal and interest due and payable by the EMEA 2 Joint Venture under these credit facilities, up to a limit of $302.2 million in total at the exchange rate in effect on June 30, 2022. As of June 30, 2022, the maximum potential amount of our future payments under these guarantees was approximately $55.4 million, at the exchange rates in effect on that date. Our estimated fair value of these guarantees is minimal as the likelihood of making a payout under the guarantees is low.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

Stockholders' Equity Rollforward

The following tables provide a rollforward of our stockholders' equity for the three months ended June 30, 2022 and 2021 (in thousands, except share and per share data):

											AOCI (Loss)		Retained Earnings		Equinix Stockholders' Equity		Non-controlling Interests		Total Stockholders' Equity
	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends
	Shares	Amount		Shares	Amount
Balance as of December 31, 2021	90,872,826	$	91	(301,420)	$	(112,208)	$	15,984,597	$	(6,165,140)	$	(1,085,751)	$	2,260,493	$	10,882,082	$	(318)	$	10,881,764
Net income	—	—		—	—		—		—		—		147,453		147,453		240		147,693
Other comprehensive income	—	—		—	—		—		—		32,837		—		32,837		3		32,840
Issuance of common stock and release of treasury stock for employee equity awards	430,973	—		11,445	4,259		39,617		—		—		—		43,876		—		43,876
Dividend distribution on common stock, $3.10 per share	—	—		—	—		—		(282,031)		—		—		(282,031)		—		(282,031)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(497)		—		—		(497)		—		(497)
Accrued dividends on unvested equity awards	—	—		—	—		—		(2,045)		—		—		(2,045)		—		(2,045)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		121,210		—		—		—		121,210		—		121,210
Balance as of March 31, 2022	91,303,799	91		(289,975)	(107,949)		16,145,424		(6,449,713)		(1,052,914)		2,407,946		10,942,885		(75)		10,942,810
Net income (loss)	—	—		—	—		—		—		—		216,322		216,322		(80)		216,242
Other comprehensive loss	—	—		—	—		—		—		(365,842)		—		(365,842)		(35)		(365,877)
Issuance of common stock and release of treasury stock	36,682	—		24,609	9,157		4,882		—		—		—		14,039		—		14,039
Dividend distribution on common stock, $3.10 per share	—	—		—	—		—		(282,168)		—		—		(282,168)		—		(282,168)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(57)		—		—		(57)		—		(57)
Accrued dividends on unvested equity awards	—	—		—	—		—		(4,400)		—		—		(4,400)		—		(4,400)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		109,005		—		—		—		109,005		—		109,005
Balance as of June 30, 2022	91,340,481	$	91	(265,366)	$	(98,792)	$	16,259,311	$	(6,736,338)	$	(1,418,756)	$	2,624,268	$	10,629,784	$	(190)	$	10,629,594

							Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Equinix Stockholders' Equity		Non-controlling interests		Total Stockholders' Equity
	Common Stock			Treasury Stock
	Shares	Amount		Shares	Amount
Balance as of December 31, 2020	89,462,304	$	89	(328,052)	$	(122,118)	$	15,028,357	$	(5,119,274)	$	(913,368)	$	1,760,302	$	10,633,988	$	130	$	10,634,118
Net income (loss)	—	—		—	—		—		—		—		156,362		156,362		(288)		156,074
Other comprehensive loss	—	—		—	—		—		—		(95,480)		—		(95,480)		(1)		(95,481)
Issuance of common stock and release of treasury stock for employee equity awards	428,618	1		11,640	4,332		35,701		—		—		—		40,034		—		40,034
Dividend distribution on common stock, $2.87 per share	—	—		—	—		—		(256,321)		—		—		(256,321)		—		(256,321)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(437)		—		—		(437)		—		(437)
Accrued dividends on unvested equity awards	—	—		—	—		—		(3,661)		—		—		(3,661)		—		(3,661)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		102,349		—		—		—		102,349		—		102,349
Balance as of March 31, 2021	89,890,922	90		(316,412)	(117,786)		15,166,407		(5,379,693)		(1,008,848)		1,916,664		10,576,834		(159)		10,576,675
Net income	—	—		—	—		—		—		—		68,339		68,339		148		68,487
Other comprehensive income	—	—		—	—		—		—		67,734		—		67,734		11		67,745
Issuance of common stock and release of treasury stock for employee equity awards	36,674	—		1,389	516		(516)		—		—		—		—		—		—
Issuance of common stock under ATM Program	137,604	—		—	—		99,599		—		—		—		99,599		—		99,599
Dividend distribution on common stock, $2.87 per share	—	—		—	—		—		(257,199)		—		—		(257,199)		—		(257,199)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(55)		—		—		(55)		—		(55)
Accrued dividends on unvested equity awards	—	—		—	—		—		(4,016)		—		—		(4,016)		—		(4,016)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		95,236		—		—		—		95,236		—		95,236
Balance as of June 30, 2021	90,065,200	$	90	(315,023)	$	(117,270)	$	15,360,726	$	(5,640,963)	$	(941,114)	$	1,985,003	$	10,646,472	$	—	$	10,646,472

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, by components are as follows (in thousands):

	Balance as of December 31, 2021		Net Change		Balance as of June 30, 2022
Foreign currency translation adjustment ("CTA") loss	$	(1,068,399)	$	(862,930)	$	(1,931,329)
Unrealized gain (loss) on cash flow hedges (1)	(6,590)		84,654		78,064
Net investment hedge CTA gain (loss) (1)	(9,952)		445,311		435,359
Net actuarial loss on defined benefit plans (2)	(810)		(40)		(850)
Accumulated other comprehensive loss attributable to Equinix	$	(1,085,751)	$	(333,005)	$	(1,418,756)

(1)Refer to Note 7 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

(2)We have two defined benefit pension plans covering all employees in two countries where such plan is mandated by law.

Changes in foreign currencies can have a significant impact to our condensed consolidated balance sheets (as evidenced above in our foreign currency translation loss), as well as our condensed consolidated results of operations, as amounts in foreign currencies are generally translated into more U.S. Dollars when the U.S. Dollar weakens or fewer U.S. Dollars when the U.S. Dollar strengthens. As of June 30, 2022, the U.S. Dollar was generally stronger relative to certain of the currencies of the foreign countries in which we operate as compared to December 31, 2021. Because of this, the U.S. Dollar had an overall unfavorable impact on our condensed consolidated financial position because the foreign denominations translated into fewer U.S. Dollars as evidenced by an increase in foreign currency translation loss for the six months ended June 30, 2022 as reflected in the condensed consolidated statements of comprehensive income (loss). The volatility of the U.S. Dollar as compared to the other currencies in which we operate could have a significant impact on our condensed consolidated financial position and results of operations including the amount of revenue that we report in future periods.

Common Stock

In October 2020, we established an ATM program, under which we may, from time to time, offer and sell our common stock to or through sales agents in "at the market" transactions (the "2020 ATM Program").

In February 2022, we entered into a forward sale amendment to the 2020 ATM Program, under which we may, from time to time, offer and sell shares under the equity distribution agreement pursuant to forward sale transactions (the "Equity Forward Amendment"). Under the 2020 ATM Program and Equity Forward Amendment we may, from time to time, offer and sell our common stock to or through sales agents up to an aggregate amount of $1.5 billion. The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes. As of June 30, 2022, we executed five forward sale agreements to sell 579,873 shares of our common stock with maturity dates ranging from March 2023 to June 2023. The future gross settlement value for the forward sale agreements is approximately $394.8 million at an aggregate weighted-average forward sale price of $680.77 per share. The weighted-average forward sale price that we expect to receive upon physical settlement will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.

As of June 30, 2022, we had $605.2 million of common stock remaining available for sale under the 2020 ATM Program, which amount gives effect to the unsettled forward sale transactions noted above. For the three and six months ended June 30, 2022 no shares were issued under the 2020 ATM Program. For the three and six months ended June 30, 2021, we issued 137,604 shares under the 2020 ATM Program, for approximately $99.6 million, net of payment of commissions to sales agents and other offering expenses.

Stock-Based Compensation

For the six months ended June 30, 2022, the Compensation Committee and/or the Stock Award Committee of our Board of Directors, as the case may be, granted an aggregate of 794,013 restricted stock units ("RSUs") to certain employees, including executive officers. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $663.94 per share and a weighted-average requisite service period of 3.51 years. The valuation of RSUs with only a service condition or a service and performance condition require no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of our stock price on the date of grant. We use revenues, adjusted funds from operations ("AFFO") per share and digital services revenues as the performance measurements in the RSUs with both service and performance conditions that were granted in the six months ended June 30, 2022.

We use a Monte Carlo simulation option-pricing model to determine the fair value of RSUs with a service and market condition. We used total shareholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the six months ended June 30, 2022. There were no significant changes in the assumptions used to determine the fair value of RSUs with a service and market condition that were granted in 2022 compared to the prior year.

The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenues	$	11,878	$	10,008	$	22,321	$	18,475
Sales and marketing	23,171		20,779		43,355		38,482
General and administrative	69,633		63,548		128,958		115,728
Total	$	104,682	$	94,335	$	194,634	$	172,685

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Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segment InformationWhile we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA performance both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.

The following tables present revenue information disaggregated by product lines and geographic areas, (in thousands):

	Three Months Ended June 30, 2022								Six Months Ended June 30, 2022
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	541,988	$	433,339	$	281,635	$	1,256,962	$	1,064,159	$	847,908	$	564,250	$	2,476,317
Interconnection	187,491		66,845		60,841		315,177		368,594		134,985		120,828		624,407
Managed infrastructure	55,329		30,447		19,916		105,692		104,551		61,437		40,558		206,546
Other (1)	5,581		22,048		1,991		29,620		10,715		28,462		3,328		42,505
Recurring revenues	790,389		552,679		364,383		1,707,451		1,548,019		1,072,792		728,964		3,349,775
Non-recurring revenues	40,475		46,522		22,706		109,703		83,266		76,889		41,671		201,826
Total	$	830,864	$	599,201	$	387,089	$	1,817,154	$	1,631,285	$	1,149,681	$	770,635	$	3,551,601

(1) Includes some leasing and hedging activities.

	Three Months Ended June 30, 2021								Six Months Ended June 30, 2021
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	497,659	$	398,703	$	259,573	$	1,155,935	$	985,118	$	786,978	$	514,131	$	2,286,227
Interconnection	167,618		65,258		54,898		287,774		332,505		126,908		108,080		567,493
Managed infrastructure	40,734		31,176		22,094		94,004		79,219		63,287		44,843		187,349
Other (1)	451		3,682		616		4,749		2,489		8,728		1,109		12,326
Recurring revenues	706,462		498,819		337,181		1,542,462		1,399,331		985,901		668,163		3,053,395
Non-recurring revenues	44,181		39,110		32,166		115,457		77,252		70,745		52,591		200,588
Total	$	750,643	$	537,929	$	369,347	$	1,657,919	$	1,476,583	$	1,056,646	$	720,754	$	3,253,983

(1) Includes some leasing and hedging activities.

No single customer accounted for 10% or greater of our accounts receivable or revenues for the three and six months ended June 30, 2022 and 2021. There is no country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues for the three and six months ended June 30, 2022 and 2021.

We define adjusted EBITDA as 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 as presented below (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Adjusted EBITDA:
Americas	$	376,224	$	325,924	$	732,779	$	670,416
EMEA	295,382		262,526		555,727		506,089
Asia-Pacific	188,726		208,827		371,538		394,004
Total adjusted EBITDA	860,332		797,277		1,660,044		1,570,509
Depreciation, amortization and accretion expense	(432,828)		(417,758)		(869,214)		(812,076)
Stock-based compensation expense	(104,682)		(94,335)		(194,634)		(172,685)
Transaction costs	(5,063)		(6,985)		(9,303)		(8,167)
Gain (loss) on asset sales	94		455		(1,724)		(1,265)
Interest income	4,508		374		6,614		1,103
Interest expense	(90,826)		(87,231)		(170,791)		(176,912)
Other expense	(6,238)		(39,377)		(15,787)		(46,327)
Gain (loss) on debt extinguishment	(420)		(102,460)		109		(115,518)
Income before income taxes	$	224,877	$	49,960	$	405,314	$	238,662

 We also provide the following additional segment disclosures (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Depreciation and amortization:
Americas	$	229,223	$	222,134	$	458,932	$	425,567
EMEA	115,619		115,162		230,673		225,941
Asia-Pacific	88,428		78,945		179,005		159,750
Total	$	433,270	$	416,241	$	868,610	$	811,258
Capital expenditures:
Americas	$	225,102	$	250,342	$	410,148	$	455,516
EMEA	197,824		252,802		360,327		488,218
Asia-Pacific	61,904		189,088		126,873		312,096
Total	$	484,830	$	692,232	$	897,348	$	1,255,830

Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, located in the following geographic areas as of (in thousands):

	June 30, 2022		December 31, 2021
Americas	$	7,012,690	$	6,777,174
EMEA	5,114,182		5,125,341
Asia-Pacific	3,328,308		3,543,260
Total property, plant and equipment, net	$	15,455,180	$	15,445,775
Americas	$	281,443	$	297,300
EMEA	438,353		470,330
Asia-Pacific	733,437		514,788
Total operating lease right-of-use assets	$	1,453,233	$	1,282,418

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Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Declaration of dividends

On July 27, 2022, we declared a quarterly cash dividend of $3.10 per share, which is payable on September 21, 2022 to our common stockholders of record as of the close of business on August 17, 2022.

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Basis of Presentation and Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented. In the preparation of our condensed consolidated financial statements, we have considered potential impacts of the COVID-19 pandemic on our critical and significant accounting estimates. There was no significant impact to our condensed consolidated financial statements. We will continue to evaluate the nature and extent of the potential impacts to our business and our condensed consolidated financial statements.

Our condensed consolidated balance sheet data as of December 31, 2021 has been derived from audited consolidated financial statements as of that date. Our condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission ("SEC"), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 18, 2022. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.

Consolidation

Consolidation

The accompanying unaudited condensed consolidated financial statements include the acquisitions of:

•Two data centers in Mumbai, India from the India operations of GPX Global Systems, Inc. ("GPX India") from September 1, 2021;

•Four data centers as well as a subsea cable and terrestrial fiber network in West Africa acquired from MainOne Cable Company ("MainOne") from April 1, 2022; and

•Four data centers in Chile acquired from Empresa Nacional De Telecomunicaciones S.A. ("Entel") from May 2, 2022.

All intercompany accounts and transactions have been eliminated in consolidation.

Income Taxes

Income Taxes

We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the dividends paid to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.

We accrue for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors such as our operating performance, tax law changes and future business acquisitions.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Accounting Standards Adopted

Income Taxes

In December 2019, FASB issued ASU 2019-12, Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes. The ASU simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application of and simplifies generally accepted accounting principles ("GAAP") for other areas of Topic 740 by clarifying and amending existing guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted including adoption in any interim period for periods for which financial statements have not yet been issued. On January 1, 2021, we adopted this ASU on a prospective basis and the adoption of this standard did not have an impact on our condensed consolidated financial statements.

Debt with Conversion and Other Options

In August 2020, FASB issued ASU 2020-06: Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock and modifies the disclosure requirement for the convertible instruments. Additionally, this ASU improves the consistency of EPS calculations by eliminating the use of the treasury stock method to calculate diluted EPS for convertible instruments and clarifies certain areas under the current EPS guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted at the beginning of the fiscal year after December 15, 2020. On January 1, 2022, we adopted this ASU on a prospective basis and the adoption of this standard did not have a material impact on our condensed consolidated financial statements.

Business Combinations

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08 Business Combinations ("Topic 805"): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. Under the current business combinations guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. On April 1, 2022, we early adopted this ASU and the adoption of this standard did not have a material impact on our condensed consolidated financial statements.

Remaining performance obligations

Remaining performance obligations

As of June 30, 2022, approximately $9.5 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one to three years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 70% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contract renewals. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployments dates, contract modifications, renewals and/or terminations.

The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, point-in-time services, service fees from xScaleTM data centers, which are calculated based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties such as the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.

Derivatives Designated as Hedging Instruments

Derivatives Designated as Hedging Instruments

Net Investment Hedges. We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. Dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which are designated as hedges against our net investments in foreign subsidiaries. As of June 30, 2022 and December 31, 2021, the total principal amounts of foreign currency debt obligations designated as net investment hedges was $1.8 billion and $1.5 billion, respectively.

We also use cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. As of June 30, 2022 and December 31, 2021, we had cross-currency interest rate swaps outstanding with notional amounts of $3.9 billion and $4.0 billion respectively, with maturity dates ranging through 2026.

From time to time, we use foreign currency forward contracts to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. As of June 30, 2022 and December 31, 2021, the total notional amount of foreign currency forward contracts designated as net investment hedges were $373.4 million and $375.7 million, respectively.

Certain of our customer agreements are deemed to have foreign currency forward contracts embedded in them that are priced in currencies different from the functional or local currencies of the parties involved. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. Dollars. We use these forward contracts embedded within our customer agreements to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries.

Cash Flow Hedges. We hedge our foreign currency transaction exposure for forecasted revenues and expenses in our EMEA region between the U.S. Dollar and the British Pound, Euro, Swedish Krona and Swiss Franc. The foreign currency forward and option contracts that we use to hedge this exposure are designated as cash flow hedges.

Derivatives Not Designated as Hedging Instruments

Derivatives Not Designated as Hedging Instruments

Embedded Derivatives. As described above, certain of our customer agreements are deemed to have foreign currency forward contracts embedded in them that are priced in currencies different from the functional or local currencies of the parties involved. 

Economic Hedges of Embedded Derivatives. We use foreign currency forward contracts to manage the foreign exchange risk associated with our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved ("economic hedges of embedded derivatives"). Foreign currency forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date.

Foreign Currency Forward Contracts. We also use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. As a result of foreign currency fluctuations, the U.S. Dollar equivalent values of our foreign currency-denominated monetary assets and liabilities change. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts.

Fair Value Measurements

We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:

•Level 1: quoted prices in active markets for identical assets or liabilities.

•Level 2: observable inputs (e.g. spot rates and other data from the third-party pricing vendors for our derivative instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.

•Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.

Segment Information

While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA performance both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.

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Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of opening and closing balances

The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in thousands):

	Accounts receivable, net (1)		Contract assets, current		Contract assets, non-current		Deferred revenue, current		Deferred revenue, non-current
Beginning balances as of January 1, 2022	$	681,809	$	65,392	$	55,486	$	109,736	$	87,495
Closing balances as of June 30, 2022	812,769		66,693		61,290		128,461		162,024
Increase	$	130,960	$	1,301	$	5,804	$	18,725	$	74,529

(1) The net change in our allowance for credit losses was insignificant during the three months ended June 30, 2022.

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	216,242	$	68,487	$	363,935	$	224,561
Net (income) loss attributable to non-controlling interests	80		(148)		(160)		140
Net income attributable to Equinix	$	216,322	$	68,339	$	363,775	$	224,701
Weighted-average shares used to calculate basic EPS	91,036		89,648		90,904		89,490
Effect of dilutive securities:
Employee equity awards	226		456		309		534
Weighted-average shares used to calculate diluted EPS	91,262		90,104		91,213		90,024
EPS attributable to Equinix:
Basic EPS	$	2.38	$	0.76	$	4.00	$	2.51
Diluted EPS	$	2.37	$	0.76	$	3.99	$	2.50

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of allocation of total purchase consideration

A summary of the allocation of total purchase consideration is presented as follows (in thousands):

	GPX India		Entel Chile		MainOne
	Final		Provisional
Cash and cash equivalents	$	9,406	$	—	$	33,026
Accounts receivable	4,399		—		9,431
Other current assets	8,883		12,424		22,634
Property, plant and equipment	88,130		81,132		237,988
Operating lease right-of-use assets	62		—		—
Intangible assets	15,408		153,489		54,800
Goodwill	77,145		380,867		117,529
Deferred tax and other assets	20		12,090		4,060
Total assets acquired	203,453		640,002		479,468
Accounts payable and accrued liabilities	(1,566)		(195)		(19,790)
Other current liabilities (1)	(478)		—		(13,061)
Operating lease liabilities	(62)		—		—
Finance lease liabilities	(20,565)		—		—
Mortgage and loans payable	—		—		(25,944)
Deferred tax and other liabilities (1)	(10,317)		(1,463)		(142,323)
Net assets acquired	$	170,465	$	638,344	$	278,350

(1)For the MainOne Acquisition, other current liabilities includes $9.9 million of deferred revenue - current and the other liabilities includes $95.4 million of deferred revenue - non-current.

Schedule of acquired intangible assets

The following table presents certain information on the acquired intangible assets (in thousands):

Intangible Assets	Fair Value		Estimated Useful Lives (Years)	Weighted-average Estimated Useful Lives (Years)	Discount Rate
GPX India:
Customer relationships (1)	$	15,408	15.0	15.0	11.0	%
Entel Chile:
Customer relationships (1)	153,489		12.0 - 15.0	14.0	8.5% - 9.5%
MainOne:
Customer relationships (1)	51,500		10.0 - 15.0	14.0	11.5	%
Trade names (2)	3,300		5.0	5.0	11.5	%

(1)The fair value was estimated by calculating the present value of estimated future operating cash flows generated from existing customers less costs to realize the revenue. The rates reflect the nature of the assets as they relate to the risk and uncertainty of the estimated future operating cash flows, as well as the risk of the country within which the acquired business operates.

(2)The fair value of the MainOne trade name was estimated using the relief from royalty method under the income approach. We applied a relief from royalty rate of 1.0%.

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Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of classified as assets and liabilities held for sale

The following table summarizes the assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheet as of June 30, 2022 (in thousands):

	June 30, 2022
Operating lease right-of-use assets	$	1,976
Property, plant and equipment	66,440
Other assets	3,138
Total assets held for sale	$	71,554
Accounts payable and accrued expenses	$	290
Current portion of operating lease liabilities	1,353
Accrued property, plant and equipment	5,877
Total liabilities held for sale (1)	$	7,520

(1)Liabilities held for sale were included within other current liabilities on the condensed consolidated balance sheet.

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Equity Method Investments (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of equity method investments

The following table summarizes our equity method investments (in thousands), which were included in other assets on the condensed consolidated balance sheets:

Investee	Ownership Percentage	June 30, 2022		December 31, 2021
EMEA 1 Joint Venture with GIC	20%	$	127,008	$	131,516
VIE Joint Ventures	20%	156,307		95,052
Other	Various	18,634		18,481
Total		$	301,949	$	245,049

Summary of the maximum exposure losses of VIE Joint Ventures

The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of June 30, 2022 (in thousands):

	VIE Joint Ventures
Equity Investment	$	156,307
Outstanding Receivables	16,204
Future Equity Contribution Commitments (1)	71,357
Maximum Future Payments under Debt Guarantees (2)	55,433
Total	$	299,301

(1)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete certain construction phases or make interest payments on their outstanding debt.

(2)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under EMEA 2 Joint Venture's credit facility agreements (see Note 11).

Summary of other related party transactions

The following table presents the revenues and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
Related Party	Nature of Transaction	2022		2021		2022		2021
EMEA 1 Joint Venture	Revenues	$	18,880	$	13,230	$	25,182	$	18,849
EMEA 1 Joint Venture	Expenses (1)	(916)		2,101		3,412		4,604
VIE Joint Ventures	Revenues	13,185		12,187		20,187		14,445

(1)We have a sub-lease agreement with the EMEA 1 Joint Venture to sub-lease a portion of London ("LD") 10-2 data center or former LD10 data center, for a total of 15 years. Balances primarily consist of rent expenses for the LD10-2 data center.

The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in thousands):

Related Party	Balance Sheet Line Item	June 30, 2022		December 31, 2021
EMEA 1 Joint Venture	Receivables	$	33,399	$	32,077
	Contract Assets (1)	55,795		54,503
	Finance Lease Right of Use Assets	104,842		118,817
	Other Liabilities and Payables	2,277		2,483
	Other Liabilities and Payables - construction obligation (2)	35,936		39,382
	Deferred Revenue	15,563		16,886
	Finance Lease Right of Use Liabilities	110,829		124,918
VIE Joint Ventures	Receivables	16,204		29,077
	Contract Assets	5,050		1,492
	Payables	—		1,876

(1)A portion of the contract asset balance relates to commitments to complete a residual portion of the Paris 9 data center sold to the EMEA 1 Joint Venture, which is reimbursable in full upon completion.

(2)The balance primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction.

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Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of net investment hedges

The effect of net investment hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Foreign currency debt		$	112,530	$	(23,758)	$	157,591	$	44,982
Cross-currency interest rate swaps (included component) (1)		221,292		(23,124)		343,322		118,104
Cross-currency interest rate swaps (excluded component) (2)		3,154		15,112		(68,954)		(25,417)
Foreign currency forward contracts (included component) (1)		18,592		(5,264)		15,643		(4,556)
Foreign currency forward contracts (excluded component) (3)		(1,615)		(2)		(2,291)		26
Total		$	353,953	$	(37,036)	$	445,311	$	133,139
Amount of gain or (loss) recognized in earnings:
	Location of gain or (loss)	Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Cross-currency interest rate swaps (excluded component) (2)	Interest expense	$	12,029	$	10,566	$	24,607	$	20,615
Foreign currency forward contracts (excluded component) (3)	Interest expense	(132)		40		(163)		204
Total		$	11,897	$	10,606	$	24,444	$	20,819

(1)Included component represents foreign exchange spot rates.

(2)Excluded component represents cross-currency basis spread and interest rates.

(3)Excluded component represents foreign currency forward points.

Summary of cash flow hedges

The effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
		Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Foreign currency forward and option contracts (included component) (1)		$	28,258	$	1,833	$	46,580	$	33,207
Foreign currency option contracts (excluded component) (2)		—		(45)		—		151
Interest rate locks		(350)		(7,040)		50,092		(1,239)
Total		$	27,908	$	(5,252)	$	96,672	$	32,119
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain or (loss)	2022		2021		2022		2021
Foreign currency forward contracts	Revenues	$	31,838	$	(16,565)	$	35,401	$	(29,534)
Foreign currency forward contracts	Costs and operating expenses	(15,793)		8,583		(17,105)		15,787
Interest rate locks	Interest Expense	350		(1,049)		(726)		(1,854)
Total		$	16,395	$	(9,031)	$	17,570	$	(15,601)
Amount of gain or (loss) excluded from effectiveness testing included in income:
		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain or (loss)	2022		2021		2022		2021
Foreign currency option contracts (excluded component) (2)	Revenues	$	—	$	(63)	$	—	$	(244)
Total		$	—	$	(63)	$	—	$	(244)

(1)Included component represents foreign exchange spot rates.

(2)Excluded component represents option's time value.

Schedule of derivatives not designated as hedging instruments in the Company's condensed consolidated statements of operations

The following table presents the effect of derivatives not designated as hedging instruments in our condensed consolidated statements of operations (in thousands):

Amount of gain or (loss) recognized in earnings:
		Three Months Ended June 30,				Six Months Ended June 30,
	Location of gain or (loss)	2022		2021		2022		2021
Embedded derivatives	Revenues	$	—	$	650	$	(568)	$	5,145
Economic hedge of embedded derivatives	Revenues	—		(279)		(983)		(4,492)
Foreign currency forward contracts	Other income (expense)	135,087		7,975		133,617		64,775
Total		$	135,087	$	8,346	$	132,066	$	65,428

Schedule of derivative instruments recognized in the Company's condensed consolidated balance sheets

The following table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022				December 31, 2021
	Assets (1)		Liabilities (2)		Assets (1)		Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts	$	61,838	$	—	$	22,866	$	7,618
Interest rate locks	—		—		8,662		—
Net investment hedges
Cross-currency interest rate swaps	307,975		—		56,921		19,441
Foreign currency forward contracts	12,532		143		156		70
Total designated as hedging	382,345		143		88,605		27,129
Not designated as hedging instruments:
Embedded derivatives	—		—		3,247		652
Economic hedges of embedded derivatives	—		—		2,232		637
Foreign currency forward contracts	62,372		4,359		83,265		5,854
Total not designated as hedging	62,372		4,359		88,744		7,143
Total Derivatives	$	444,717	$	4,502	$	177,349	$	34,272

(1)As presented in our condensed consolidated balance sheets within other current assets and other assets.

(2)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.

Schedule of offsetting derivative assets and liabilities

The following table presents information related to these offsetting arrangements as of June 30, 2022 and December 31, 2021 (in thousands):

	Gross Amounts Offset in Consolidated Balance Sheet
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts not Offset in the Balance Sheet		Net
June 30, 2022
Derivative assets	$	472,123	$	—	$	472,123	$	(17,181)	$	454,942
Derivative liabilities	17,324		—		17,324		(17,181)		143
December 31, 2021
Derivative assets	$	207,037	$	—	$	207,037	$	(47,538)	$	159,499
Derivative liabilities	49,326		—		49,326		(47,538)		1,788

Schedule of offsetting derivative assets and liabilities

The following table presents information related to these offsetting arrangements as of June 30, 2022 and December 31, 2021 (in thousands):

	Gross Amounts Offset in Consolidated Balance Sheet
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts not Offset in the Balance Sheet		Net
June 30, 2022
Derivative assets	$	472,123	$	—	$	472,123	$	(17,181)	$	454,942
Derivative liabilities	17,324		—		17,324		(17,181)		143
December 31, 2021
Derivative assets	$	207,037	$	—	$	207,037	$	(47,538)	$	159,499
Derivative liabilities	49,326		—		49,326		(47,538)		1,788

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

Our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 were as follows (in thousands):

	As of June 30, 2022						As of December 31, 2021
	Fair Value		Fair Value Measurement Using				Fair Value		Fair Value Measurement Using
			Level 1		Level 2				Level 1		Level 2
Assets:
Money market and deposit accounts	$	865,474	$	865,474	$	—	$	585,681	$	585,681	$	—
Derivative instruments (1)	444,717		—		444,717		177,349		—		177,349
Total	$	1,310,191	$	865,474	$	444,717	$	763,030	$	585,681	$	177,349
Liabilities:
Derivative instruments (1)	$	4,502	$	—	$	4,502	$	34,272	$	—	$	34,272

(1)Amounts are included within other current assets, other assets, others current liabilities and other liabilities in the condensed consolidated balance sheets.

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Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of leases entered into during the period

The following table summarizes the significant lease transactions during the six months ended June 30, 2022 (in thousands):

			Renewal/Termination Options excluded		Net Incremental (1)
Lease	Quarter	Transaction		Lease Classification	ROU assets		ROU liabilities
Atlanta 1 ("AT1") data center lease extended & expansion (2)	Q1	Extended lease term by 12 years with additional three 10-year renewal options	Two 10-year renewal options	Finance Lease	$	71,994	$	72,549
				Operating Lease	(1,836)		(2,391)
Hong Kong 6 ("HK6") new land and building construct site	Q2	New lease-15 year term	5-year renewal option	Operating Lease	195,245		195,245
Hong Kong 2 ("HK2") data center lease renewal	Q2	Exercised the 3-year renewal option for Phase 1 & 2 (3)	Two 3-year renewal options	Operating Lease	81,504		81,504

(1) The net incremental amounts represent the adjustments to the right of use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered.

(2) This lease had components previously classified as operating leases.

(3) The incremental balance includes the impact of reassessing lease terms of complementary leases within HK2, resulting in new lease end dates ranging from June 2030 to October 2031 from including renewal options that are reasonably certain to be exercised.

Components of lease expenses

The components of lease expenses are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Finance lease cost
Amortization of ROU assets (1)	$	41,105	$	37,110	$	81,228	$	73,238
Interest on lease liabilities	28,357		29,823		57,244		60,016
Total finance lease cost	69,462		66,933		138,472		133,254
Operating lease cost	52,971		57,045		104,601		113,499
Variable lease cost	9,666		7,630		17,282		15,670
Total lease cost	$	132,099	$	131,608	$	260,355	$	262,423

(1) Amortization of ROU assets is included with depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.

Other information related to leases

Other information related to leases is as follows (in thousands):

	Six Months Ended June 30, 2022			Six Months Ended June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	55,929		$	57,084
Operating cash flows from operating leases	96,734			152,052
Financing cash flows from finance leases	69,556			98,877
ROU assets obtained in exchange for lease obligations: (1)
Finance leases	$	74,954		$	339,486
Operating leases	313,034			50
	As of June 30, 2022			As of December 31, 2021
Weighted-average remaining lease term - finance leases (2)	14 years			14 years
Weighted-average remaining lease term - operating leases (2)	12 years			12 years
Weighted-average discount rate - finance leases	6		%	7		%
Weighted-average discount rate - operating leases	4		%	4		%
Finance lease ROU assets (3)	$	1,868,922		$	1,875,696

(1) Represents all non-cash changes in ROU assets.

(2) Includes lease renewal options that are reasonably certain to be exercised.

(3) As of June 30, 2022 and December 31, 2021, we recorded accumulated amortization of finance lease ROU assets of $776.7 million and $726.4 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the condensed consolidated balance sheets.

Maturities of lease liabilities

Maturities of lease liabilities as of June 30, 2022 are as follows (in thousands):

	Operating Leases		Finance Leases		Total
2022 (6 months remaining)	$	84,896	$	126,980	$	211,876
2023	186,550		236,434		422,984
2024	182,667		237,282		419,949
2025	177,235		235,170		412,405
2026	174,781		224,329		399,110
Thereafter	1,128,704		2,099,061		3,227,765
Total lease payments	1,934,833		3,159,256		5,094,089
Plus amount representing residual property value	—		—		—
Less imputed interest	(502,719)		(1,029,658)		(1,532,377)
Total	$	1,432,114	$	2,129,598	$	3,561,712

Maturities of lease liabilities

Maturities of lease liabilities as of June 30, 2022 are as follows (in thousands):

	Operating Leases		Finance Leases		Total
2022 (6 months remaining)	$	84,896	$	126,980	$	211,876
2023	186,550		236,434		422,984
2024	182,667		237,282		419,949
2025	177,235		235,170		412,405
2026	174,781		224,329		399,110
Thereafter	1,128,704		2,099,061		3,227,765
Total lease payments	1,934,833		3,159,256		5,094,089
Plus amount representing residual property value	—		—		—
Less imputed interest	(502,719)		(1,029,658)		(1,532,377)
Total	$	1,432,114	$	2,129,598	$	3,561,712

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Debt Facilities (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of debt

As of June 30, 2022 and December 31, 2021, our mortgage and loans payable consisted of the following (in thousands):

	June 30, 2022		December 31, 2021
Term loans	$	627,670	$	549,697
Mortgage payable and loans payable	61,539		68,691
	689,209		618,388
Less amount representing unamortized debt discount and debt issuance cost	(1,253)		(354)
Add amount representing unamortized mortgage premium	1,461		1,630
	689,417		619,664
Less current portion	(34,086)		(33,087)
Total	$	655,331	$	586,577

As of June 30, 2022 and December 31, 2021, our senior notes consisted of the following (in thousands):

	June 30, 2022				December 31, 2021
	Amount		Effective Rate		Amount		Effective Rate
2.625% Senior Notes due 2024	$	1,000,000	2.79	%	$	1,000,000	2.79	%
1.250% Senior Notes due 2025	500,000		1.46	%	500,000		1.46	%
1.000% Senior Notes Due 2025	700,000		1.18	%	700,000		1.18	%
2.900% Senior Notes due 2026	600,000		3.04	%	600,000		3.04	%
1.450% Senior Notes due 2026	700,000		1.64	%	700,000		1.64	%
0.250% Euro Senior Notes due 2027	524,050		0.45	%	569,150		0.45	%
1.800% Senior Notes due 2027	500,000		1.96	%	500,000		1.96	%
1.550% Senior Notes due 2028	650,000		1.67	%	650,000		1.67	%
2.000% Senior Notes due 2028	400,000		2.21	%	400,000		2.21	%
3.200% Senior Notes due 2029	1,200,000		3.30	%	1,200,000		3.30	%
2.150% Senior Notes due 2030	1,100,000		2.27	%	1,100,000		2.27	%
2.500% Senior Notes due 2031	1,000,000		2.65	%	1,000,000		2.65	%
3.900% Senior Notes due 2032	1,200,000		4.07	%	—		—	%
1.000% Euro Senior Notes due 2033	628,860		1.18	%	682,980		1.18	%
3.000% Senior Notes due 2050	500,000		3.09	%	500,000		3.09	%
2.950% Senior Notes due 2051	500,000		3.00	%	500,000		3.00	%
3.400% Senior Notes due 2052	500,000		3.50	%	500,000		3.50	%
	12,202,910				11,102,130
Less amount representing unamortized debt issuance cost	(125,154)				(117,986)
	12,077,756				10,984,144
Less current portion	—				—
Total	$	12,077,756			$	10,984,144

Summary of maturities of debt instruments

The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of June 30, 2022 (in thousands):

Years ending:
2022 (6 months remaining)	$	29,016
2023	10,351
2024	1,009,999
2025	1,208,667
2026	1,308,202
Thereafter	9,327,345
Total	$	12,893,580

Fair value of debt instruments

The following table sets forth the estimated fair values of our mortgage and loans payable and senior notes, including current maturities, as of (in thousands):

	June 30, 2022		December 31, 2021
Mortgage and loans payable	$	696,708	$	621,051
Senior notes	10,380,331		11,049,834

Schedule of interest charges incurred

The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest expense	$	90,826	$	87,231	$	170,791	$	176,912
Interest capitalized	4,335		6,684		8,755		12,792
Interest charges incurred	$	95,161	$	93,915	$	179,546	$	189,704

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of rollforward of stockholders' equity

The following tables provide a rollforward of our stockholders' equity for the three months ended June 30, 2022 and 2021 (in thousands, except share and per share data):

											AOCI (Loss)		Retained Earnings		Equinix Stockholders' Equity		Non-controlling Interests		Total Stockholders' Equity
	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends
	Shares	Amount		Shares	Amount
Balance as of December 31, 2021	90,872,826	$	91	(301,420)	$	(112,208)	$	15,984,597	$	(6,165,140)	$	(1,085,751)	$	2,260,493	$	10,882,082	$	(318)	$	10,881,764
Net income	—	—		—	—		—		—		—		147,453		147,453		240		147,693
Other comprehensive income	—	—		—	—		—		—		32,837		—		32,837		3		32,840
Issuance of common stock and release of treasury stock for employee equity awards	430,973	—		11,445	4,259		39,617		—		—		—		43,876		—		43,876
Dividend distribution on common stock, $3.10 per share	—	—		—	—		—		(282,031)		—		—		(282,031)		—		(282,031)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(497)		—		—		(497)		—		(497)
Accrued dividends on unvested equity awards	—	—		—	—		—		(2,045)		—		—		(2,045)		—		(2,045)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		121,210		—		—		—		121,210		—		121,210
Balance as of March 31, 2022	91,303,799	91		(289,975)	(107,949)		16,145,424		(6,449,713)		(1,052,914)		2,407,946		10,942,885		(75)		10,942,810
Net income (loss)	—	—		—	—		—		—		—		216,322		216,322		(80)		216,242
Other comprehensive loss	—	—		—	—		—		—		(365,842)		—		(365,842)		(35)		(365,877)
Issuance of common stock and release of treasury stock	36,682	—		24,609	9,157		4,882		—		—		—		14,039		—		14,039
Dividend distribution on common stock, $3.10 per share	—	—		—	—		—		(282,168)		—		—		(282,168)		—		(282,168)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(57)		—		—		(57)		—		(57)
Accrued dividends on unvested equity awards	—	—		—	—		—		(4,400)		—		—		(4,400)		—		(4,400)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		109,005		—		—		—		109,005		—		109,005
Balance as of June 30, 2022	91,340,481	$	91	(265,366)	$	(98,792)	$	16,259,311	$	(6,736,338)	$	(1,418,756)	$	2,624,268	$	10,629,784	$	(190)	$	10,629,594

							Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Equinix Stockholders' Equity		Non-controlling interests		Total Stockholders' Equity
	Common Stock			Treasury Stock
	Shares	Amount		Shares	Amount
Balance as of December 31, 2020	89,462,304	$	89	(328,052)	$	(122,118)	$	15,028,357	$	(5,119,274)	$	(913,368)	$	1,760,302	$	10,633,988	$	130	$	10,634,118
Net income (loss)	—	—		—	—		—		—		—		156,362		156,362		(288)		156,074
Other comprehensive loss	—	—		—	—		—		—		(95,480)		—		(95,480)		(1)		(95,481)
Issuance of common stock and release of treasury stock for employee equity awards	428,618	1		11,640	4,332		35,701		—		—		—		40,034		—		40,034
Dividend distribution on common stock, $2.87 per share	—	—		—	—		—		(256,321)		—		—		(256,321)		—		(256,321)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(437)		—		—		(437)		—		(437)
Accrued dividends on unvested equity awards	—	—		—	—		—		(3,661)		—		—		(3,661)		—		(3,661)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		102,349		—		—		—		102,349		—		102,349
Balance as of March 31, 2021	89,890,922	90		(316,412)	(117,786)		15,166,407		(5,379,693)		(1,008,848)		1,916,664		10,576,834		(159)		10,576,675
Net income	—	—		—	—		—		—		—		68,339		68,339		148		68,487
Other comprehensive income	—	—		—	—		—		—		67,734		—		67,734		11		67,745
Issuance of common stock and release of treasury stock for employee equity awards	36,674	—		1,389	516		(516)		—		—		—		—		—		—
Issuance of common stock under ATM Program	137,604	—		—	—		99,599		—		—		—		99,599		—		99,599
Dividend distribution on common stock, $2.87 per share	—	—		—	—		—		(257,199)		—		—		(257,199)		—		(257,199)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(55)		—		—		(55)		—		(55)
Accrued dividends on unvested equity awards	—	—		—	—		—		(4,016)		—		—		(4,016)		—		(4,016)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		95,236		—		—		—		95,236		—		95,236
Balance as of June 30, 2021	90,065,200	$	90	(315,023)	$	(117,270)	$	15,360,726	$	(5,640,963)	$	(941,114)	$	1,985,003	$	10,646,472	$	—	$	10,646,472

Schedule of changes in accumulated other comprehensive loss

The changes in accumulated other comprehensive loss, net of tax, by components are as follows (in thousands):

	Balance as of December 31, 2021		Net Change		Balance as of June 30, 2022
Foreign currency translation adjustment ("CTA") loss	$	(1,068,399)	$	(862,930)	$	(1,931,329)
Unrealized gain (loss) on cash flow hedges (1)	(6,590)		84,654		78,064
Net investment hedge CTA gain (loss) (1)	(9,952)		445,311		435,359
Net actuarial loss on defined benefit plans (2)	(810)		(40)		(850)
Accumulated other comprehensive loss attributable to Equinix	$	(1,085,751)	$	(333,005)	$	(1,418,756)

(1)Refer to Note 7 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

(2)We have two defined benefit pension plans covering all employees in two countries where such plan is mandated by law.

Schedule of stock-based compensation expense by operating expense category

The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Cost of revenues	$	11,878	$	10,008	$	22,321	$	18,475
Sales and marketing	23,171		20,779		43,355		38,482
General and administrative	69,633		63,548		128,958		115,728
Total	$	104,682	$	94,335	$	194,634	$	172,685

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of revenue information disaggregated by service lines and geographic areas

The following tables present revenue information disaggregated by product lines and geographic areas, (in thousands):

	Three Months Ended June 30, 2022								Six Months Ended June 30, 2022
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	541,988	$	433,339	$	281,635	$	1,256,962	$	1,064,159	$	847,908	$	564,250	$	2,476,317
Interconnection	187,491		66,845		60,841		315,177		368,594		134,985		120,828		624,407
Managed infrastructure	55,329		30,447		19,916		105,692		104,551		61,437		40,558		206,546
Other (1)	5,581		22,048		1,991		29,620		10,715		28,462		3,328		42,505
Recurring revenues	790,389		552,679		364,383		1,707,451		1,548,019		1,072,792		728,964		3,349,775
Non-recurring revenues	40,475		46,522		22,706		109,703		83,266		76,889		41,671		201,826
Total	$	830,864	$	599,201	$	387,089	$	1,817,154	$	1,631,285	$	1,149,681	$	770,635	$	3,551,601

(1) Includes some leasing and hedging activities.

	Three Months Ended June 30, 2021								Six Months Ended June 30, 2021
	Americas		EMEA		Asia-Pacific		Total		Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	497,659	$	398,703	$	259,573	$	1,155,935	$	985,118	$	786,978	$	514,131	$	2,286,227
Interconnection	167,618		65,258		54,898		287,774		332,505		126,908		108,080		567,493
Managed infrastructure	40,734		31,176		22,094		94,004		79,219		63,287		44,843		187,349
Other (1)	451		3,682		616		4,749		2,489		8,728		1,109		12,326
Recurring revenues	706,462		498,819		337,181		1,542,462		1,399,331		985,901		668,163		3,053,395
Non-recurring revenues	44,181		39,110		32,166		115,457		77,252		70,745		52,591		200,588
Total	$	750,643	$	537,929	$	369,347	$	1,657,919	$	1,476,583	$	1,056,646	$	720,754	$	3,253,983

(1) Includes some leasing and hedging activities.

Schedule of adjusted EBITDA

We define adjusted EBITDA as 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 as presented below (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Adjusted EBITDA:
Americas	$	376,224	$	325,924	$	732,779	$	670,416
EMEA	295,382		262,526		555,727		506,089
Asia-Pacific	188,726		208,827		371,538		394,004
Total adjusted EBITDA	860,332		797,277		1,660,044		1,570,509
Depreciation, amortization and accretion expense	(432,828)		(417,758)		(869,214)		(812,076)
Stock-based compensation expense	(104,682)		(94,335)		(194,634)		(172,685)
Transaction costs	(5,063)		(6,985)		(9,303)		(8,167)
Gain (loss) on asset sales	94		455		(1,724)		(1,265)
Interest income	4,508		374		6,614		1,103
Interest expense	(90,826)		(87,231)		(170,791)		(176,912)
Other expense	(6,238)		(39,377)		(15,787)		(46,327)
Gain (loss) on debt extinguishment	(420)		(102,460)		109		(115,518)
Income before income taxes	$	224,877	$	49,960	$	405,314	$	238,662

Segment disclosures

We also provide the following additional segment disclosures (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Depreciation and amortization:
Americas	$	229,223	$	222,134	$	458,932	$	425,567
EMEA	115,619		115,162		230,673		225,941
Asia-Pacific	88,428		78,945		179,005		159,750
Total	$	433,270	$	416,241	$	868,610	$	811,258
Capital expenditures:
Americas	$	225,102	$	250,342	$	410,148	$	455,516
EMEA	197,824		252,802		360,327		488,218
Asia-Pacific	61,904		189,088		126,873		312,096
Total	$	484,830	$	692,232	$	897,348	$	1,255,830

Segment long-lived assets

Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, located in the following geographic areas as of (in thousands):

	June 30, 2022		December 31, 2021
Americas	$	7,012,690	$	6,777,174
EMEA	5,114,182		5,125,341
Asia-Pacific	3,328,308		3,543,260
Total property, plant and equipment, net	$	15,455,180	$	15,445,775
Americas	$	281,443	$	297,300
EMEA	438,353		470,330
Asia-Pacific	733,437		514,788
Total operating lease right-of-use assets	$	1,453,233	$	1,282,418

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Basis of Presentation and Significant Accounting Policies - Narrative (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	May 02, 2022 center	Apr. 01, 2022 center	Sep. 01, 2021 center
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effective income tax rate, continuing operations	10.20%	5.90%
EMEA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unrecognized tax benefits | $	$ 41.4
EMEA and Asia-Pacific
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unrecognized tax benefits, reversal | $		$ 72.0
GPX India
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Data centers purchased | center					2
MainOne
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Data centers purchased | center				4
Entel
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Data centers purchased | center			4
Metronode
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unrecognized tax benefits, resulting from pre-acquisition uncertain tax position | $	$ 33.6

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Revenue - Opening and Closing Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 812,769	$ 681,809
Increase in accounts receivables	130,960
Contract assets, current	66,693	65,392
Increase in contract asset, current	1,301
Contract assets, non-current	61,290	55,486
Increase in contract asset, non-current	5,804
Deferred revenue, current	128,461	109,736
Increase in deferred revenue, current	18,725
Deferred revenue, non-current	162,024	$ 87,495
Increase in deferred revenue, non-current	$ 74,529

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Revenue - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, revenue recognized	$ 51.8
Revenue, remaining performance obligation	$ 9,500.0
Renewal term	1 year
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	2 years
Revenue, remaining performance obligation, percentage	70.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	3 years
Revenue, remaining performance obligation, percentage	30.00%

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Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 216,242	$ 147,693	$ 68,487	$ 156,074	$ 363,935	$ 224,561
Net (income) loss attributable to non-controlling interests	80		(148)		(160)	140
Net income attributable to Equinix	$ 216,322		$ 68,339		$ 363,775	$ 224,701
Weighted-average shares used to calculate basic EPS (in shares)	91,036		89,648		90,904	89,490
Effect of dilutive securities:
Employee equity awards (in shares)	226		456		309	534
Weighted-average shares used to calculate diluted EPS (in shares)	91,262		90,104		91,213	90,024
Basic EPS (in dollars per share)	$ 2.38		$ 0.76		$ 4.00	$ 2.51
Diluted EPS (in dollars per share)	$ 2.37		$ 0.76		$ 3.99	$ 2.50

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Earnings Per Share - Anti-dilutive Potential Shares of Common Stock Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Anti-dilutive potential shares of common stock excluded from computation of earnings per share (in shares)	409	248	393	199

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Acquisitions - Narrative (Detail) S/ in Millions, $ in Millions, ₨ in Billions							3 Months Ended	6 Months Ended	18 Months Ended
	May 02, 2022 USD ($) center	Apr. 29, 2022 PEN (S/)	Apr. 29, 2022 USD ($)	Apr. 01, 2022 USD ($) center	Sep. 01, 2021 USD ($) center	Sep. 01, 2021 INR (₨) center	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 acquisition
Business Acquisition [Line Items]
Number of acquisitions | acquisition									3
Entel Peru
Business Acquisition [Line Items]
Consideration transferred		S/ 270.8	$ 70.7
Entel Chile
Business Acquisition [Line Items]
Consideration transferred | $	$ 638.3
Data centers purchased | center	4
MainOne
Business Acquisition [Line Items]
Data centers purchased | center				4
Cash consideration for acquisition | $				$ 278.4
GPX India
Business Acquisition [Line Items]
Data centers purchased | center					2	2
Cash consideration for acquisition					$ 170.5	₨ 12.5
Entel Chile and MainOne Acquisitions
Business Acquisition [Line Items]
Revenues | $							$ 27.0	$ 27.0

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Acquisitions - Preliminary Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	May 02, 2022	Apr. 01, 2022	Dec. 31, 2021	Sep. 01, 2021
Allocation of purchase price consideration
Goodwill	$ 5,585,330			$ 5,372,071
GPX India
Allocation of purchase price consideration
Cash and cash equivalents					$ 9,406
Accounts receivable					4,399
Other current assets					8,883
Property, plant and equipment					88,130
Operating lease right-of-use assets					62
Intangible assets					15,408
Goodwill					77,145
Deferred tax and other assets					20
Total assets acquired					203,453
Accounts payable and accrued liabilities					(1,566)
Other current liabilities					(478)
Operating lease liabilities					(62)
Finance lease liabilities					(20,565)
Mortgage and loans payable					0
Deferred tax and other liabilities					(10,317)
Net assets acquired					$ 170,465
Entel Chile
Allocation of purchase price consideration
Cash and cash equivalents		$ 0
Accounts receivable		0
Other current assets		12,424
Property, plant and equipment		81,132
Operating lease right-of-use assets		0
Intangible assets		153,489
Goodwill		380,867
Deferred tax and other assets		12,090
Total assets acquired		640,002
Accounts payable and accrued liabilities		(195)
Other current liabilities		0
Operating lease liabilities		0
Finance lease liabilities		0
Mortgage and loans payable		0
Deferred tax and other liabilities		(1,463)
Net assets acquired		$ 638,344
MainOne
Allocation of purchase price consideration
Cash and cash equivalents			$ 33,026
Accounts receivable			9,431
Other current assets			22,634
Property, plant and equipment			237,988
Operating lease right-of-use assets			0
Intangible assets			54,800
Goodwill			117,529
Deferred tax and other assets			4,060
Total assets acquired			479,468
Accounts payable and accrued liabilities			(19,790)
Other current liabilities			(13,061)
Operating lease liabilities			0
Finance lease liabilities			0
Mortgage and loans payable			(25,944)
Deferred tax and other liabilities			(142,323)
Net assets acquired			278,350
Deferred revenue, current			9,900
Deferred revenue, noncurrent			$ 95,400

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Acquisitions - Intangible Assets (Details) $ in Thousands	May 02, 2022 USD ($)	Apr. 01, 2022 USD ($)	Sep. 01, 2021 USD ($)
Customer relationships | GPX India
Business Acquisition [Line Items]
Fair Value			$ 15,408
Estimated Useful Lives (Years)			15 years
Weighted-average Estimated Useful Lives (Years)			15 years
Customer relationships | GPX India | Discount Rate
Business Acquisition [Line Items]
Measurement input			0.110
Customer relationships | Entel Chile
Business Acquisition [Line Items]
Fair Value	$ 153,489
Weighted-average Estimated Useful Lives (Years)	14 years
Customer relationships | Entel Chile | Minimum
Business Acquisition [Line Items]
Estimated Useful Lives (Years)	12 years
Customer relationships | Entel Chile | Maximum
Business Acquisition [Line Items]
Estimated Useful Lives (Years)	15 years
Customer relationships | Entel Chile | Discount Rate | Minimum
Business Acquisition [Line Items]
Measurement input	0.085
Customer relationships | Entel Chile | Discount Rate | Maximum
Business Acquisition [Line Items]
Measurement input	0.095
Customer relationships | MainOne
Business Acquisition [Line Items]
Fair Value		$ 51,500
Weighted-average Estimated Useful Lives (Years)		14 years
Customer relationships | MainOne | Minimum
Business Acquisition [Line Items]
Estimated Useful Lives (Years)		10 years
Customer relationships | MainOne | Maximum
Business Acquisition [Line Items]
Estimated Useful Lives (Years)		15 years
Customer relationships | MainOne | Discount Rate
Business Acquisition [Line Items]
Measurement input		0.115
Trade names | MainOne
Business Acquisition [Line Items]
Fair Value		$ 3,300
Estimated Useful Lives (Years)		5 years
Weighted-average Estimated Useful Lives (Years)		5 years
Trade names | MainOne | Discount Rate
Business Acquisition [Line Items]
Measurement input		0.115
Trade names | MainOne | Measurement Input, Royalty Rate
Business Acquisition [Line Items]
Measurement input		0.010

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Assets Held for Sale - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Long Lived Assets Held-for-sale [Line Items]
Equity method investments	$ 301,949		$ 245,049
EMEA 2 Joint Venture | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Warsaw 4 ("WA4") Data Center Site
Long Lived Assets Held-for-sale [Line Items]
Term of transaction (in years)	2 years
Consideration	$ 61,500
Asia-Pacific 2 Joint Venture
Long Lived Assets Held-for-sale [Line Items]
Ownership percentage		20.00%
Equity method investments		$ 29,800
Asia-Pacific 2 Joint Venture | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sydney 9 ("SY9") Data Center Site
Long Lived Assets Held-for-sale [Line Items]
Consideration		201,300
Proceeds from sale of data centers		165,600
Receivables acquired in sale of asset		$ 5,900

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Assets Held for Sale - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Long Lived Assets Held-for-sale [Line Items]
Operating lease right-of-use assets	$ 1,453,233	$ 1,282,418
Property, plant and equipment	15,455,180	15,445,775
Other assets	1,272,090	926,066
Total assets	29,038,214	27,918,698
Accounts payable and accrued expenses	841,473	879,144
Current portion of operating lease liabilities	140,667	144,029
Accrued property, plant and equipment	244,267	187,334
Total liabilities	18,408,620	$ 17,036,934
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | MX3 Data Centers to be Sold
Long Lived Assets Held-for-sale [Line Items]
Operating lease right-of-use assets	1,976
Property, plant and equipment	66,440
Other assets	3,138
Total assets	71,554
Accounts payable and accrued expenses	290
Current portion of operating lease liabilities	1,353
Accrued property, plant and equipment	5,877
Total liabilities	$ 7,520

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Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 301,949	$ 245,049
EMEA 1 Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	20.00%
Equity method investments	$ 127,008	131,516
VIE Joint Ventures | Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	20.00%
Equity method investments	$ 156,307	95,052
Other
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 18,634	$ 18,481

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Equity Method Investments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Apr. 06, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 301,949		$ 245,049
EMEA 1 Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 127,008		$ 131,516
Ownership Percentage	20.00%
EMEA 1 Joint Venture | Equity Contribution Commitment
Schedule of Equity Method Investments [Line Items]
Equity contribution commitment	$ 33,000
Asia-Pacific 3 Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 17,000
Ownership Percentage		20.00%

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Equity Method Investments - Schedule of Maximum Exposure Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Equity investment	$ 301,949	$ 245,049
VIE Joint Ventures | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Equity investment	156,307	$ 95,052
Outstanding receivables	16,204
Future equity contribution commitments	71,357
Total	$ 299,301
Ownership Percentage	20.00%
VIE Joint Ventures | Variable Interest Entity, Not Primary Beneficiary | EMEA 2 Joint Venture Credit Facility
Variable Interest Entity [Line Items]
Maximum future payments under debt guarantees	$ 55,433
EMEA 2 Joint Venture | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership Percentage	20.00%
EMEA 2 Joint Venture | Variable Interest Entity, Not Primary Beneficiary | EMEA 2 Joint Venture Credit Facility
Variable Interest Entity [Line Items]
Maximum future payments under debt guarantees	$ 55,400
Percentage guarantee on debt payments	0.20

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Equity Method Investments - Summary of Gains (Losses) of Joint Venture Arrangements (Details) - Joint Venture - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
EMEA 1 Joint Venture
Related Party Transaction [Line Items]
Revenues	$ 18,880	$ 13,230	$ 25,182	$ 18,849
Expenses	(916)	2,101	$ 3,412	4,604
EMEA 1 Joint Venture | Sublease, Equinix's London 10-2 Data Center
Related Party Transaction [Line Items]
Sublease, lease term (in years)			15 years
VIE Joint Ventures | Variable Interest Entity, Not Primary Beneficiary
Related Party Transaction [Line Items]
Revenues	$ 13,185	$ 12,187	$ 20,187	$ 14,445

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Equity Method Investments - Summary of Assets and Liabilities from Related Party Transactions with the Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Finance Lease Right of Use Assets	$ 1,868,922	$ 1,875,696
Finance Lease Right of Use Liabilities	2,129,598
Joint Venture | Variable Interest Entity, Not Primary Beneficiary
Related Party Transaction [Line Items]
Receivables	16,204	29,077
Contract Assets	5,050	1,492
Payables	0	1,876
EMEA 1 Joint Venture | Joint Venture
Related Party Transaction [Line Items]
Receivables	33,399	32,077
Contract Assets	55,795	54,503
Finance Lease Right of Use Assets	104,842	118,817
Other Liabilities and Payables	2,277	2,483
Other liabilities and payables - construction obligation	35,936	39,382
Deferred Revenue	15,563	16,886
Finance Lease Right of Use Liabilities	$ 110,829	$ 124,918

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Derivatives and Hedging Activities - Narrative (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Designated as hedging instruments: | Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative, notional amount	$ 3,900,000,000	$ 4,000,000,000
Not designated as hedging instruments | Foreign currency forward contracts
Derivative [Line Items]
Derivative, notional amount	3,000,000,000	3,300,000,000
Net investment hedges | Designated as hedging instruments:
Derivative [Line Items]
Derivative, notional amount	1,800,000,000	1,500,000,000
Net investment hedges | Designated as hedging instruments: | Foreign Exchange Forward
Derivative [Line Items]
Derivative, notional amount	373,400,000	375,700,000
Cash flow hedges | Foreign currency forward and option contracts
Derivative [Line Items]
Derivative, notional amount	631,800,000	831,200,000
Net gain (loss) to be reclassified within the next 12 months, Foreign Currency Cash Flow Hedge	57,500,000	13,300,000
Cash flow hedges | Interest rate locks
Derivative [Line Items]
Derivative, notional amount	0	800,000,000
Derivative, notional aggregate amount settled	800,000,000
Net gain (loss) to be reclassified within the next 12 months, Interest Rate Cash Flow Hedge	$ 1,400,000	$ (3,900,000)

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Derivatives and Hedging Activities - Net investment Hedges (Details) - Net investment hedges - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Total	$ 353,953	$ (37,036)	$ 445,311	$ 133,139
Amount of gain or (loss) recognized in earnings:
Amount of gain or (loss) excluded from effectiveness testing included in income:	11,897	10,606	24,444	20,819
Foreign currency debt
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Gain (loss) recognized in accumulated other comprehensive income (included component)	112,530	(23,758)	157,591	44,982
Cross-currency interest rate swap
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Gain (loss) recognized in accumulated other comprehensive income (included component)	221,292	(23,124)	343,322	118,104
Gain (loss) recognized in accumulated other comprehensive income (excluded component)	3,154	15,112	(68,954)	(25,417)
Cross-currency interest rate swap | Interest Expense
Amount of gain or (loss) recognized in earnings:
Amount of gain or (loss) excluded from effectiveness testing included in income:	12,029	10,566	24,607	20,615
Foreign currency forward contracts
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Gain (loss) recognized in accumulated other comprehensive income (included component)	18,592	(5,264)	15,643	(4,556)
Gain (loss) recognized in accumulated other comprehensive income (excluded component)	(1,615)	(2)	(2,291)	26
Foreign currency forward contracts | Interest Expense
Amount of gain or (loss) recognized in earnings:
Amount of gain or (loss) excluded from effectiveness testing included in income:	$ (132)	$ 40	$ (163)	$ 204

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Derivatives and Hedging Activities - Cash Flow Hedges (Details) - Cash flow hedges - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in accumulated other comprehensive income:	$ 27,908	$ (5,252)	$ 96,672	$ 32,119
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:	16,395	(9,031)	17,570	(15,601)
Amount of gain or (loss) excluded from effectiveness testing included in income:	0	(63)	0	(244)
Foreign currency forward and option contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in accumulated other comprehensive income:	28,258	1,833	46,580	33,207
Foreign currency option
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency option contracts (excluded component)	0	(45)	0	151
Foreign currency option | Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) excluded from effectiveness testing included in income:	0	(63)	0	(244)
Interest rate locks
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in accumulated other comprehensive income:	(350)	(7,040)	50,092	(1,239)
Interest rate locks | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:	350	(1,049)	(726)	(1,854)
Foreign Exchange Forward | Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:	31,838	(16,565)	35,401	(29,534)
Foreign Exchange Forward | Costs and operating expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:	$ (15,793)	$ 8,583	$ (17,105)	$ 15,787

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Derivatives and Hedging Activities - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments, gain (loss)	$ 135,087	$ 8,346	$ 132,066	$ 65,428
Embedded derivatives | Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments, gain (loss)	0	650	(568)	5,145
Economic hedge of embedded derivatives | Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments, gain (loss)	0	(279)	(983)	(4,492)
Foreign currency forward contracts | Other income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments, gain (loss)	$ 135,087	$ 7,975	$ 133,617	$ 64,775

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Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	$ 444,717	$ 177,349
Liabilities	4,502	34,272
Designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	382,345	88,605
Liabilities	143	27,129
Designated as hedging instruments: | Foreign currency forward and option contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	61,838	22,866
Liabilities	0	7,618
Designated as hedging instruments: | Interest rate locks
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	0	8,662
Liabilities	0	0
Designated as hedging instruments: | Cross-currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	307,975	56,921
Liabilities	0	19,441
Designated as hedging instruments: | Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	12,532	156
Liabilities	143	70
Not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	62,372	88,744
Liabilities	4,359	7,143
Not designated as hedging instruments: | Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	62,372	83,265
Liabilities	4,359	5,854
Not designated as hedging instruments: | Embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	0	3,247
Liabilities	0	652
Not designated as hedging instruments: | Economic hedge of embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	0	2,232
Liabilities	$ 0	$ 637

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Derivatives and Hedging Activities - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative assets
Gross Amounts	$ 472,123	$ 207,037
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts	472,123	207,037
Gross Amounts not Offset in the Balance Sheet	(17,181)	(47,538)
Net	454,942	159,499
Derivative liabilities
Gross Amounts	17,324	49,326
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts	17,324	49,326
Gross Amounts not Offset in the Balance Sheet	(17,181)	(47,538)
Net	$ 143	$ 1,788

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Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Derivative instruments	$ 444,717	$ 177,349
Total financial assets	1,310,191	763,030
Liabilities:
Derivative instruments	4,502	34,272
Money market and deposit accounts
Assets:
Cash and cash equivalents	865,474	585,681
Level 1
Assets:
Derivative instruments	0	0
Total financial assets	865,474	585,681
Liabilities:
Derivative instruments	0	0
Level 1 | Money market and deposit accounts
Assets:
Cash and cash equivalents	865,474	585,681
Level 2
Assets:
Derivative instruments	444,717	177,349
Total financial assets	444,717	177,349
Liabilities:
Derivative instruments	4,502	34,272
Level 2 | Money market and deposit accounts
Assets:
Cash and cash equivalents	$ 0	$ 0

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Leases - Significant Lease Transactions (Detail) $ in Thousands	Jun. 30, 2022 USD ($) option	Mar. 31, 2022 USD ($) option	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Finance lease ROU assets	$ 1,868,922		$ 1,875,696
Finance lease ROU liabilities	2,129,598
Operating lease ROU assets	1,453,233		$ 1,282,418
Operating lease ROU liabilities	1,432,114
Atlanta 1 ("AT1") data center lease extended & expansion
Lessee, Lease, Description [Line Items]
Finance lease ROU assets		$ 71,994
Finance lease ROU liabilities		72,549
Operating lease ROU assets		(1,836)
Operating lease ROU liabilities		$ (2,391)
Operating and finance lease term (in years)		12 years
Operating and finance lease, number of additional renewal options | option		3
Operating and finance lease renewal term (in years)		10 years
Operating and finance lease, number of renewal options | option		2
Hong Kong 6 ("HK6") new land and building construct site
Lessee, Lease, Description [Line Items]
Operating lease ROU assets	195,245
Operating lease ROU liabilities	$ 195,245
Operating lease, term of contract (in years)	15 years
Operating lease, renewal term (in years)	5 years
Hong Kong 2 ("HK2") data center lease renewal
Lessee, Lease, Description [Line Items]
Operating lease ROU assets	$ 81,504
Operating lease ROU liabilities	$ 81,504
Operating lease, renewal term (in years)	3 years
Operating lease, number of renewal options | option	2

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Leases - Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finance lease cost
Amortization of ROU assets	$ 41,105	$ 37,110	$ 81,228	$ 73,238
Interest on lease liabilities	28,357	29,823	57,244	60,016
Total finance lease cost	69,462	66,933	138,472	133,254
Operating lease cost	52,971	57,045	104,601	113,499
Variable lease cost	9,666	7,630	17,282	15,670
Total lease cost	$ 132,099	$ 131,608	$ 260,355	$ 262,423

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Leases - Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 55,929	$ 57,084
Operating cash flows from operating leases	96,734	152,052
Financing cash flows from finance leases	69,556	98,877
Right-of-use assets obtained in exchange for lease obligations
Finance leases	74,954	339,486
Operating leases	$ 313,034	$ 50
Weighted-average remaining lease term - finance leases	14 years		14 years
Weighted-average remaining lease term - operating leases	12 years		12 years
Weighted-average discount rate - finance leases	6.00%		7.00%
Weighted-average discount rate - operating leases	4.00%		4.00%
Finance Lease Right of Use Assets	$ 1,868,922		$ 1,875,696
Accumulated amortization, finance lease, right-of-use asset	$ 776,700		$ 726,400

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Leases - Maturities of Lease Liabilities (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Operating Leases
2022 (6 months remaining)	$ 84,896
2023	186,550
2024	182,667
2025	177,235
2026	174,781
Thereafter	1,128,704
Total lease payments	1,934,833
Plus amount representing residual property value	0
Less imputed interest	(502,719)
Total	1,432,114
Finance Leases
2022 (6 months remaining)	126,980
2023	236,434
2024	237,282
2025	235,170
2026	224,329
Thereafter	2,099,061
Total lease payments	3,159,256
Plus amount representing residual property value	0
Less imputed interest	(1,029,658)
Total	2,129,598
Total
2022 (6 months remaining)	211,876
2023	422,984
2024	419,949
2025	412,405
2026	399,110
Thereafter	3,227,765
Total lease payments	5,094,089
Plus amount representing residual property value	0
Less imputed interest	(1,532,377)
Total	3,561,712
Lessee, Lease, Description [Line Items]
Operating and finance leases not yet commenced, liability	$ 557,900
Minimum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	27 years

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Debt Facilities - Mortgage and Loans Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Loans payable, gross	$ 689,209	$ 618,388
Less amount representing unamortized debt discount and debt issuance cost	(1,253)	(354)
Loans payable current and non current	689,417	619,664
Less current portion	(34,086)	(33,087)
Loans payable, noncurrent	655,331	586,577
Term loans
Debt Instrument [Line Items]
Loans payable, gross	627,670	549,697
Mortgage payable and other loans payable
Debt Instrument [Line Items]
Loans payable, gross	61,539	68,691
Mortgage
Debt Instrument [Line Items]
Add amount representing unamortized mortgage premium	$ 1,461	$ 1,630

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Debt Facilities - Additional Information (Details) € in Millions, £ in Millions						3 Months Ended			6 Months Ended
	Jan. 07, 2022 USD ($)	Jan. 07, 2022 GBP (£)	Jun. 02, 2021 USD ($)	May 17, 2021 USD ($)	Mar. 24, 2021 USD ($)	Jun. 30, 2022 USD ($) credit	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) credit	Jun. 30, 2021 USD ($)	Apr. 05, 2022 USD ($)	Jan. 07, 2022 GBP (£)	Dec. 31, 2021 USD ($)	May 15, 2021 USD ($)	Mar. 15, 2021 USD ($)	Mar. 10, 2021 USD ($)	Mar. 10, 2021 EUR (€)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Amount outstanding under the Term Loan Facility, net						$ 12,893,580,000			$ 12,893,580,000
Gain (loss) on debt extinguishment						(420,000)	$ (102,460,000)		109,000	$ (115,518,000)
Amount of debt discounts and debt issuance costs						1,253,000			1,253,000				$ 354,000
Interest paid, net of capitalized interest						101,900,000	$ 122,000,000		$ 201,500,000	$ 216,900,000
Line of Credit | 2017 Senior Credit Facility
Debt Instrument [Line Items]
Borrowing capacity																		$ 3,000,000,000
Line of Credit | 2022 Senior Credit Facility | Minimum
Debt Instrument [Line Items]
Quarterly facility fee percentage									0.07%
Line of Credit | 2022 Senior Credit Facility | Maximum
Debt Instrument [Line Items]
Quarterly facility fee percentage									0.25%
Line of Credit | 2022 Senior Credit Facility | SOFR | Minimum
Debt Instrument [Line Items]
Variable rate (percent)									0.555%
Line of Credit | 2022 Senior Credit Facility | SOFR | Maximum
Debt Instrument [Line Items]
Variable rate (percent)									1.20%
Line of Credit | 2022 Senior Credit Facility | SONIA | Minimum
Debt Instrument [Line Items]
Variable rate (percent)									0.625%
Line of Credit | 2022 Senior Credit Facility | SONIA | Maximum
Debt Instrument [Line Items]
Variable rate (percent)									1.45%
Senior Notes
Debt Instrument [Line Items]
Debt issuance cost, net						125,154,000			$ 125,154,000				117,986,000
Amount outstanding under the Term Loan Facility, net						$ 12,077,756,000			$ 12,077,756,000				10,984,144,000
Senior Notes | 0.250% Euro Senior Notes due 2027
Debt Instrument [Line Items]
Aggregate principal debt amount issued																$ 594,900,000	€ 500.0
Interest rate (percent)						0.25%			0.25%							0.25%	0.25%
Amount of debt discounts and debt issuance costs															$ 7,000,000
Senior Notes | 1.000% Euro Senior Notes due 2033
Debt Instrument [Line Items]
Aggregate principal debt amount issued																$ 713,800,000	€ 600.0
Interest rate (percent)						1.00%			1.00%							1.00%	1.00%
Amount of debt discounts and debt issuance costs															$ 14,100,000
Senior Notes | 2.875% Euro Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate (percent)					2.875%
Redemption of senior debt					$ 590,700,000
Gain (loss) on debt extinguishment								$ (13,200,000)
Redemption premium								8,500,000
Write off of unamortized debt issuance								$ 4,700,000
Senior Notes | 1.450% Senior Notes due 2026
Debt Instrument [Line Items]
Aggregate principal debt amount issued				$ 700,000,000
Interest rate (percent)				1.45%		1.45%			1.45%
Amount of debt discounts and debt issuance costs														$ 6,400,000
Senior Notes | 2.000% Senior Notes due 2028
Debt Instrument [Line Items]
Aggregate principal debt amount issued				$ 400,000,000
Interest rate (percent)				2.00%		2.00%			2.00%
Amount of debt discounts and debt issuance costs														5,300,000
Senior Notes | 2.500% Senior Notes due 2031
Debt Instrument [Line Items]
Aggregate principal debt amount issued				$ 1,000,000,000
Interest rate (percent)				2.50%		2.50%			2.50%
Amount of debt discounts and debt issuance costs														13,000,000
Senior Notes | 3.400% Senior Notes due 2052
Debt Instrument [Line Items]
Aggregate principal debt amount issued				$ 500,000,000
Interest rate (percent)				3.40%		3.40%			3.40%
Amount of debt discounts and debt issuance costs														$ 9,300,000
Senior Notes | 5.375% Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate (percent)			5.375%
Gain (loss) on debt extinguishment			$ (100,600,000)
Redemption premium			90,700,000
Write off of unamortized debt issuance			$ 9,900,000
Senior Notes | 3.900% Senior Notes due 2032
Debt Instrument [Line Items]
Aggregate principal debt amount issued											$ 1,200,000,000
Interest rate (percent)						3.90%			3.90%		3.90%
Amount of debt discounts and debt issuance costs											$ 16,300,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Amount available to borrow						$ 3,900,000,000			$ 3,900,000,000
Revolving Credit Facility | Line of Credit | 2017 Senior Credit Facility
Debt Instrument [Line Items]
Borrowing capacity																		2,000,000,000
Revolving Credit Facility | Line of Credit | 2022 Senior Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 4,000,000,000
Debt issuance cost, net	6,500,000
Term Loan Facility | JPY Term Loan
Debt Instrument [Line Items]
Repayments of debt				$ 374,500,000
Term Loan Facility | SEK Term Loan
Debt Instrument [Line Items]
Repayments of debt				$ 285,400,000
Term Loan Facility | Line of Credit
Debt Instrument [Line Items]
Amount outstanding under the Term Loan Facility, net						$ 608,000,000			$ 608,000,000				$ 549,300,000
Term Loan Facility | Line of Credit | 2017 Senior Credit Facility
Debt Instrument [Line Items]
Borrowing capacity																		1,000,000,000
Repayments of debt	549,600,000
Term Loan Facility | Line of Credit | JPY Term Loan
Debt Instrument [Line Items]
Aggregate principal debt amount issued																		$ 424,700,000
Term Loan Facility | Line of Credit | 2022 Senior Credit Facility
Debt Instrument [Line Items]
Borrowing capacity | £												£ 500.0
Debt issuance cost, net	800,000
Proceeds from lines of credit	$ 676,900,000	£ 500.0
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Numbers of letters of credit outstanding | credit						43			43
Letters of credit outstanding, amount						$ 104,700,000			$ 104,700,000

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Debt Facilities - Senior Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Apr. 05, 2022	Dec. 31, 2021	May 17, 2021	Mar. 10, 2021
Debt Instrument [Line Items]
Total long term debt	$ 12,893,580
Senior Notes
Debt Instrument [Line Items]
Long term debt, gross	12,202,910		$ 11,102,130
Less amount representing unamortized debt issuance cost	(125,154)		(117,986)
Total long term debt	12,077,756		10,984,144
Less current portion	0		0
Total	12,077,756		10,984,144
Senior Notes | 2.625% Senior Notes due 2024
Debt Instrument [Line Items]
Long term debt, gross	$ 1,000,000		$ 1,000,000
Effective interest rate	2.79%		2.79%
Interest rate (percent)	2.625%
Senior Notes | 1.250% Senior Notes due 2025
Debt Instrument [Line Items]
Long term debt, gross	$ 500,000		$ 500,000
Effective interest rate	1.46%		1.46%
Interest rate (percent)	1.25%
Senior Notes | 1.000% Senior Notes Due 2025
Debt Instrument [Line Items]
Long term debt, gross	$ 700,000		$ 700,000
Effective interest rate	1.18%		1.18%
Interest rate (percent)	1.00%
Senior Notes | 2.900% Senior Notes due 2026
Debt Instrument [Line Items]
Long term debt, gross	$ 600,000		$ 600,000
Effective interest rate	3.04%		3.04%
Interest rate (percent)	2.90%
Senior Notes | 1.450% Senior Notes due 2026
Debt Instrument [Line Items]
Long term debt, gross	$ 700,000		$ 700,000
Effective interest rate	1.64%		1.64%
Interest rate (percent)	1.45%			1.45%
Senior Notes | 0.250% Euro Senior Notes due 2027
Debt Instrument [Line Items]
Long term debt, gross	$ 524,050		$ 569,150
Effective interest rate	0.45%		0.45%
Interest rate (percent)	0.25%				0.25%
Senior Notes | 1.800% Senior Notes due 2027
Debt Instrument [Line Items]
Long term debt, gross	$ 500,000		$ 500,000
Effective interest rate	1.96%		1.96%
Interest rate (percent)	1.80%
Senior Notes | 1.550% Senior Notes due 2028
Debt Instrument [Line Items]
Long term debt, gross	$ 650,000		$ 650,000
Effective interest rate	1.67%		1.67%
Interest rate (percent)	1.55%
Senior Notes | 2.000% Senior Notes due 2028
Debt Instrument [Line Items]
Long term debt, gross	$ 400,000		$ 400,000
Effective interest rate	2.21%		2.21%
Interest rate (percent)	2.00%			2.00%
Senior Notes | 3.200% Senior Notes due 2029
Debt Instrument [Line Items]
Long term debt, gross	$ 1,200,000		$ 1,200,000
Effective interest rate	3.30%		3.30%
Interest rate (percent)	3.20%
Senior Notes | 2.150% Senior Notes due 2030
Debt Instrument [Line Items]
Long term debt, gross	$ 1,100,000		$ 1,100,000
Effective interest rate	2.27%		2.27%
Interest rate (percent)	2.15%
Senior Notes | 2.500% Senior Notes due 2031
Debt Instrument [Line Items]
Long term debt, gross	$ 1,000,000		$ 1,000,000
Effective interest rate	2.65%		2.65%
Interest rate (percent)	2.50%			2.50%
Senior Notes | 3.900% Senior Notes due 2032
Debt Instrument [Line Items]
Long term debt, gross	$ 1,200,000
Effective interest rate	4.07%		0.00%
Interest rate (percent)	3.90%	3.90%
Senior Notes | 1.000% Euro Senior Notes due 2033
Debt Instrument [Line Items]
Long term debt, gross	$ 628,860		$ 682,980
Effective interest rate	1.18%		1.18%
Interest rate (percent)	1.00%				1.00%
Senior Notes | 3.000% Senior Notes due 2050
Debt Instrument [Line Items]
Long term debt, gross	$ 500,000		$ 500,000
Effective interest rate	3.09%		3.09%
Interest rate (percent)	3.00%
Senior Notes | 2.950% Senior Notes due 2051
Debt Instrument [Line Items]
Long term debt, gross	$ 500,000		$ 500,000
Effective interest rate	3.00%		3.00%
Interest rate (percent)	2.95%
Senior Notes | 3.400% Senior Notes due 2052
Debt Instrument [Line Items]
Long term debt, gross	$ 500,000		$ 500,000
Effective interest rate	3.50%		3.50%
Interest rate (percent)	3.40%			3.40%

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Debt Facilities - Summary of Maturities of Debt Instruments (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2022 (6 months remaining)	$ 29,016
2023	10,351
2024	1,009,999
2025	1,208,667
2026	1,308,202
Thereafter	9,327,345
Total long term debt	$ 12,893,580

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Debt Facilities - Fair Value of Debt Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Mortgage and loans payable	$ 696,708	$ 621,051
Senior notes	$ 10,380,331	$ 11,049,834

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Debt Facilities - Interest Charges (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Disclosure [Abstract]
Interest expense	$ 90,826	$ 87,231	$ 170,791	$ 176,912
Interest capitalized	4,335	6,684	8,755	12,792
Interest charges incurred	$ 95,161	$ 93,915	$ 179,546	$ 189,704

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Commitments and Contingencies (Detail)	Jun. 30, 2022 USD ($)
EMEA 2 Joint Venture | Variable Interest Entity, Not Primary Beneficiary
Other Commitments [Line Items]
Ownership percentage	20.00%
EMEA 2 Joint Venture | EMEA 2 Joint Venture Credit Facility | Variable Interest Entity, Not Primary Beneficiary
Other Commitments [Line Items]
Borrowing capacity	$ 1,400,000,000
Percentage guarantee on debt payments	0.20
Maximum guarantee under credit facility arrangement	$ 302,200,000
Maximum future payments under debt guarantees	55,400,000
Indemnification Agreement
Other Commitments [Line Items]
Liabilities under guarantor agreements	0
Indemnification Agreement Two
Other Commitments [Line Items]
Liabilities under guarantor agreements	0
Indemnification Agreement Three
Other Commitments [Line Items]
Liabilities under guarantor agreements	0
Service Level Credits Agreement
Other Commitments [Line Items]
Liabilities under guarantor agreements	0
Capital expenditures
Other Commitments [Line Items]
Purchase commitments	1,500,000,000
Miscellaneous purchase commitments
Other Commitments [Line Items]
Purchase commitments	$ 1,600,000,000

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Stockholders' Equity - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		90,571,406			90,571,406
Beginning balance	$ 10,942,810	$ 10,881,764	$ 10,576,675	$ 10,634,118	$ 10,881,764	$ 10,634,118
Beginning balance (in shares)		(301,420)			(301,420)
Net income (loss)	216,242	$ 147,693	68,487	156,074	$ 363,935	224,561
Other comprehensive income (loss)	(365,877)	32,840	67,745	(95,481)	$ (333,037)	(27,736)
Issuance of common stock and release of treasury stock	14,039
Issuance of common stock and release of treasury stock for employee equity awards		43,876	0	40,034
Dividend distribution on common stock	(282,168)	(282,031)	(257,199)	(256,321)
Settlement of accrued dividends on vested equity awards	(57)	(497)	(55)	(437)
Accrued dividends on unvested equity awards	(4,400)	(2,045)	(4,016)	(3,661)
Stock-based compensation, net of estimated forfeitures	$ 109,005	121,210	95,236	102,349
Ending balance (in shares)	91,075,115				91,075,115
Ending balance	$ 10,629,594	10,942,810	10,646,472	10,576,675	$ 10,629,594	10,646,472
Ending balance (in shares)	(265,366)				(265,366)
ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock			99,599
Equinix Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 10,942,885	10,882,082	10,576,834	10,633,988	$ 10,882,082	10,633,988
Net income (loss)	216,322	147,453	68,339	156,362
Other comprehensive income (loss)	(365,842)	32,837	67,734	(95,480)
Issuance of common stock and release of treasury stock	14,039
Issuance of common stock and release of treasury stock for employee equity awards		43,876		40,034
Dividend distribution on common stock	(282,168)	(282,031)	(257,199)	(256,321)
Settlement of accrued dividends on vested equity awards	(57)	(497)	(55)	(437)
Accrued dividends on unvested equity awards	(4,400)	(2,045)	(4,016)	(3,661)
Stock-based compensation, net of estimated forfeitures	109,005	121,210	95,236	102,349
Ending balance	$ 10,629,784	$ 10,942,885	10,646,472	$ 10,576,834	$ 10,629,784	$ 10,646,472
Equinix Stockholders' Equity | ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock			$ 99,599
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	91,303,799	90,872,826	89,890,922	89,462,304	90,872,826	89,462,304
Beginning balance	$ 91	$ 91	$ 90	$ 89	$ 91	$ 89
Issuance of common stock and release of treasury stock (in shares)	36,682
Issuance of common stock and release of treasury stock for employee equity awards (in shares)		430,973	36,674	428,618
Issuance of common stock and release of treasury stock for employee equity awards				$ 1
Ending balance (in shares)	91,340,481	91,303,799	90,065,200	89,890,922	91,340,481	90,065,200
Ending balance	$ 91	$ 91	$ 90	$ 90	$ 91	$ 90
Common Stock | ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			137,604
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (107,949)	$ (112,208)	$ (117,786)	$ (122,118)	$ (112,208)	$ (122,118)
Beginning balance (in shares)	(289,975)	(301,420)	(316,412)	(328,052)	(301,420)	(328,052)
Issuance of common stock and release of treasury stock (in shares)	24,609
Issuance of common stock and release of treasury stock	$ 9,157
Issuance of common stock and release of treasury stock for employee equity awards (in shares)		11,445	1,389	11,640
Issuance of common stock and release of treasury stock for employee equity awards		$ 4,259	$ 516	$ 4,332
Ending balance	$ (98,792)	$ (107,949)	$ (117,270)	$ (117,786)	$ (98,792)	$ (117,270)
Ending balance (in shares)	(265,366)	(289,975)	(315,023)	(316,412)	(265,366)	(315,023)
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 16,145,424	$ 15,984,597	$ 15,166,407	$ 15,028,357	$ 15,984,597	$ 15,028,357
Issuance of common stock and release of treasury stock	4,882
Issuance of common stock and release of treasury stock for employee equity awards		39,617	(516)	35,701
Stock-based compensation, net of estimated forfeitures	109,005	121,210	95,236	102,349
Ending balance	16,259,311	16,145,424	15,360,726	15,166,407	16,259,311	15,360,726
Additional Paid-in Capital | ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock			99,599
Accumulated Dividends
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(6,449,713)	(6,165,140)	(5,379,693)	(5,119,274)	(6,165,140)	(5,119,274)
Dividend distribution on common stock	(282,168)	(282,031)	(257,199)	(256,321)
Settlement of accrued dividends on vested equity awards	(57)	(497)	(55)	(437)
Accrued dividends on unvested equity awards	(4,400)	(2,045)	(4,016)	(3,661)
Ending balance	(6,736,338)	(6,449,713)	(5,640,963)	(5,379,693)	(6,736,338)	(5,640,963)
AOCI (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,052,914)	(1,085,751)	(1,008,848)	(913,368)	(1,085,751)	(913,368)
Other comprehensive income (loss)	(365,842)	32,837	67,734	(95,480)	(333,005)
Ending balance	(1,418,756)	(1,052,914)	(941,114)	(1,008,848)	(1,418,756)	(941,114)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,407,946	2,260,493	1,916,664	1,760,302	2,260,493	1,760,302
Net income (loss)	216,322	147,453	68,339	156,362
Ending balance	2,624,268	2,407,946	1,985,003	1,916,664	2,624,268	1,985,003
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(75)	(318)	(159)	130	(318)	130
Net income (loss)	(80)	240	148	(288)
Other comprehensive income (loss)	(35)	3	11	(1)
Ending balance	$ (190)	$ (75)	$ 0	$ (159)	$ (190)	$ 0

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Stockholders' Equity - Rollforward - Additional (Details) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Equity [Abstract]
Dividend distribution on common stock (in dollars per share)	$ 3.10	$ 3.10	$ 2.87	$ 2.87

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Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Detail) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022 USD ($) plan country	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) plan country	Jun. 30, 2021 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 10,942,810	$ 10,881,764	$ 10,576,675	$ 10,634,118	$ 10,881,764	$ 10,634,118
Net Change	(365,877)	32,840	67,745	(95,481)	(333,037)	(27,736)
Ending balance	$ 10,629,594	10,942,810	10,646,472	10,576,675	$ 10,629,594	10,646,472
Number of defined benefit pension plans | plan	2				2
Number of countries with a defined benefit pension plan | country	2				2
Accumulated other comprehensive loss attributable to Equinix
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (1,052,914)	(1,085,751)	(1,008,848)	(913,368)	$ (1,085,751)	(913,368)
Net Change	(365,842)	32,837	67,734	(95,480)	(333,005)
Ending balance	(1,418,756)	(1,052,914)	$ (941,114)	$ (1,008,848)	(1,418,756)	$ (941,114)
Foreign currency translation adjustment ("CTA") loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(1,068,399)			(1,068,399)
Net Change					(862,930)
Ending balance	(1,931,329)				(1,931,329)
Unrealized gain (loss) on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(6,590)			(6,590)
Net Change					84,654
Ending balance	78,064				78,064
Net investment hedge CTA gain (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(9,952)			(9,952)
Net Change					445,311
Ending balance	435,359				435,359
Net actuarial loss on defined benefit plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ (810)			(810)
Net Change					(40)
Ending balance	$ (850)				$ (850)

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Stockholders' Equity - Narrative (Detail) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2022 USD ($) alternative	Jun. 30, 2022 USD ($) agreement $ / shares shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) agreement $ / shares shares	Jun. 30, 2021 USD ($) shares
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, approved (in shares) | shares				794,013
Weighted-average grant date fair value (in dollars per share) | $ / shares				$ 663.94
Requisite service period (in years)				3 years 6 months 3 days
2020 ATM Program and Equity Forward Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, equity offering agreement, authorized	$ 1,500.0
Number of settlement alternatives | alternative	3
Equity Forward Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of forward sale agreements | agreement		5		5
Sale of stock, number of shares authorized (in shares) | shares		579,873		579,873
Expected proceeds from sale of stock				$ 394.8
Expected issuance of common stock, weighted average price (in dollars per share) | $ / shares		$ 680.77		$ 680.77
2020 ATM Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, equity offering agreement, available for sale		$ 605.2		$ 605.2
Issuance of common stock in offering (in shares) | shares		0	137,604	0	137,604
Gross proceeds from sale of stock			$ 99.6		$ 99.6

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Stockholders' Equity - Stock-Based Compensation Expense Recognized in Company's Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 104,682	$ 94,335	$ 194,634	$ 172,685
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	11,878	10,008	22,321	18,475
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	23,171	20,779	43,355	38,482
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 69,633	$ 63,548	$ 128,958	$ 115,728

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Segment Information - Narrative (Detail)	6 Months Ended
	Jun. 30, 2022 line segment
Segment Reporting [Abstract]
Number of primary lines of business | line	1
Number of reportable segments | segment	3

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Segment Information - Revenue Information on Services Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from External Customer [Line Items]
Revenues	$ 1,817,154	$ 1,657,919	$ 3,551,601	$ 3,253,983
Recurring Revenues
Revenue from External Customer [Line Items]
Revenues	1,707,451	1,542,462	3,349,775	3,053,395
Colocation
Revenue from External Customer [Line Items]
Revenues	1,256,962	1,155,935	2,476,317	2,286,227
Interconnection
Revenue from External Customer [Line Items]
Revenues	315,177	287,774	624,407	567,493
Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	105,692	94,004	206,546	187,349
Other
Revenue from External Customer [Line Items]
Revenues	29,620	4,749	42,505	12,326
Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	109,703	115,457	201,826	200,588
Americas
Revenue from External Customer [Line Items]
Revenues	830,864	750,643	1,631,285	1,476,583
Americas | Recurring Revenues
Revenue from External Customer [Line Items]
Revenues	790,389	706,462	1,548,019	1,399,331
Americas | Colocation
Revenue from External Customer [Line Items]
Revenues	541,988	497,659	1,064,159	985,118
Americas | Interconnection
Revenue from External Customer [Line Items]
Revenues	187,491	167,618	368,594	332,505
Americas | Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	55,329	40,734	104,551	79,219
Americas | Other
Revenue from External Customer [Line Items]
Revenues	5,581	451	10,715	2,489
Americas | Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	40,475	44,181	83,266	77,252
EMEA
Revenue from External Customer [Line Items]
Revenues	599,201	537,929	1,149,681	1,056,646
EMEA | Recurring Revenues
Revenue from External Customer [Line Items]
Revenues	552,679	498,819	1,072,792	985,901
EMEA | Colocation
Revenue from External Customer [Line Items]
Revenues	433,339	398,703	847,908	786,978
EMEA | Interconnection
Revenue from External Customer [Line Items]
Revenues	66,845	65,258	134,985	126,908
EMEA | Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	30,447	31,176	61,437	63,287
EMEA | Other
Revenue from External Customer [Line Items]
Revenues	22,048	3,682	28,462	8,728
EMEA | Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	46,522	39,110	76,889	70,745
Asia-Pacific
Revenue from External Customer [Line Items]
Revenues	387,089	369,347	770,635	720,754
Asia-Pacific | Recurring Revenues
Revenue from External Customer [Line Items]
Revenues	364,383	337,181	728,964	668,163
Asia-Pacific | Colocation
Revenue from External Customer [Line Items]
Revenues	281,635	259,573	564,250	514,131
Asia-Pacific | Interconnection
Revenue from External Customer [Line Items]
Revenues	60,841	54,898	120,828	108,080
Asia-Pacific | Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	19,916	22,094	40,558	44,843
Asia-Pacific | Other
Revenue from External Customer [Line Items]
Revenues	1,991	616	3,328	1,109
Asia-Pacific | Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	$ 22,706	$ 32,166	$ 41,671	$ 52,591

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Segment Information - Schedule of Adjusted EBITDA (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 860,332	$ 797,277	$ 1,660,044	$ 1,570,509
Depreciation, amortization and accretion expense	(432,828)	(417,758)	(869,214)	(812,076)
Stock-based compensation expense	(104,682)	(94,335)	(194,634)	(172,685)
Transaction costs	(5,063)	(6,985)	(9,303)	(8,167)
Gain (loss) on asset sales	94	455	(1,724)	(1,265)
Interest income	4,508	374	6,614	1,103
Interest expense	(90,826)	(87,231)	(170,791)	(176,912)
Other expense	(6,238)	(39,377)	(15,787)	(46,327)
Gain (loss) on debt extinguishment	(420)	(102,460)	109	(115,518)
Income before income taxes	224,877	49,960	405,314	238,662
Americas
Segment Reporting Information [Line Items]
Total adjusted EBITDA	376,224	325,924	732,779	670,416
EMEA
Segment Reporting Information [Line Items]
Total adjusted EBITDA	295,382	262,526	555,727	506,089
Asia-Pacific
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 188,726	$ 208,827	$ 371,538	$ 394,004

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Segment Information - Segment Disclosures (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 433,270	$ 416,241	$ 868,610	$ 811,258
Capital expenditures	484,830	692,232	897,348	1,255,830
Americas
Segment Reporting Information [Line Items]
Total depreciation and amortization	229,223	222,134	458,932	425,567
Capital expenditures	225,102	250,342	410,148	455,516
EMEA
Segment Reporting Information [Line Items]
Total depreciation and amortization	115,619	115,162	230,673	225,941
Capital expenditures	197,824	252,802	360,327	488,218
Asia-Pacific
Segment Reporting Information [Line Items]
Total depreciation and amortization	88,428	78,945	179,005	159,750
Capital expenditures	$ 61,904	$ 189,088	$ 126,873	$ 312,096

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Segment Information - Long-Lived Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Company's long-lived assets	$ 15,455,180	$ 15,445,775
Operating lease right-of-use assets	1,453,233	1,282,418
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Company's long-lived assets	7,012,690	6,777,174
Operating lease right-of-use assets	281,443	297,300
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Company's long-lived assets	5,114,182	5,125,341
Operating lease right-of-use assets	438,353	470,330
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Company's long-lived assets	3,328,308	3,543,260
Operating lease right-of-use assets	$ 733,437	$ 514,788

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Subsequent Events (Details)	Jul. 27, 2022 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)	$ 3.10