Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Rollforward of Stockholders' Equity

The following tables provide a rollforward of our stockholders' equity for the three months ended September 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

Net income	—	—		—	—		—		—		—		211,807		211,807		(68)		211,739
Other comprehensive loss	—	—		—	—		—		—		(337,161)		—		(337,161)		(28)		(337,189)
Issuance of common stock and release of treasury stock	285,176	1		15,982	5,947		31,719		—		—		—		37,667		—		37,667
Issuance of common stock under ATM Program	1,160,706	1		—	—		796,018		—		—		—		796,019		—		796,019


											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
Dividend distribution on common stock, $3.10 per share	—	—		—	—		—		(286,136)		—		—		(286,136)		—		(286,136)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(327)		—		—		(327)		—		(327)
Accrued dividends on unvested equity awards	—	—		—	—		—		(4,031)		—		—		(4,031)		—		(4,031)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		106,757		—		—		—		106,757		—		106,757

Balance as of September 30, 2022	92,786,363	$	93	(249,384)	$	(92,845)	$	17,193,805	$	(7,026,832)	$	(1,755,917)	$	2,836,075	$	11,154,379	$	(286)	$	11,154,093


							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













Net income	—	—		—	—		—		—		—		152,216		152,216		(190)		152,026
Other comprehensive loss	—	—		—	—		—		—		(100,647)		—		(100,647)		—		(100,647)
Issuance of common stock and release of treasury stock for employee equity awards	278,731	—		12,292	4,574		33,021		—		—		—		37,595		—		37,595

Dividend distribution on common stock, $2.87 per share	—	—		—	—		—		(257,769)		—		—		(257,769)		—		(257,769)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(299)		—		—		(299)		—		(299)
Accrued dividends on unvested equity awards	—	—		—	—		—		(3,906)		—		—		(3,906)		—		(3,906)


							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
Stock-based compensation, net of estimated forfeitures	—	—		—	—		95,101		—		—		—		95,101		—		95,101

Balance as of September 30, 2021	90,343,931	$	90	(302,731)	$	(112,696)	$	15,488,848	$	(5,902,937)	$	(1,041,761)	$	2,137,219	$	10,568,763	$	(190)	$	10,568,573

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 September 30, 2022
Foreign currency translation adjustment ("CTA") loss	$	(1,068,399)	$	(1,566,542)	$	(2,634,941)
Unrealized gain (loss) on cash flow hedges (1)	(6,590)		90,774		84,184
Net investment hedge CTA gain (loss) (1)	(9,952)		805,661		795,709
Net actuarial loss on defined benefit plans (2)	(810)		(59)		(869)
Accumulated other comprehensive loss attributable to Equinix	$	(1,085,751)	$	(670,166)	$	(1,755,917)

(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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenues	$	10,732	$	9,713	$	33,053	$	28,188
Sales and marketing	22,507		20,565		65,862		59,047
General and administrative	68,591		64,432		197,549		180,160
Total	$	101,830	$	94,710	$	296,464	$	267,395