Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Rollforward of Stockholders' Equity

The following tables provide a rollforward of our stockholders' equity for the three months ended June 30, 2023 and 2022 (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, 2022	92,813,976	$	93	(193,273)	$	(71,966)	$	17,320,017	$	(7,317,570)	$	(1,389,446)	$	2,964,838	$	11,505,966	$	(134)	$	11,505,832

Net income (loss)	—	—		—	—		—		—		—		258,786		258,786		(56)		258,730
Other comprehensive income	—	—		—	—		—		—		104,258		—		104,258		—		104,258
Issuance of common stock and release of treasury stock for employee equity awards	419,490	—		16,066	5,978		38,565		—		—		—		44,543		1		44,544
Issuance of common stock under ATM Program	458,459	1		—	—		300,774		—		—		—		300,775		—		300,775
Dividend distribution on common stock,$3.41 per share	—	—		—	—		—		(318,736)		—		—		(318,736)		—		(318,736)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(483)		—		—		(483)		—		(483)
Accrued dividends on unvested equity awards	—	—		—	—		—		(2,406)		—		—		(2,406)		—		(2,406)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		136,345		—		—		—		136,345		—		136,345

Balance as of March 31, 2023	93,691,925	$	94	(177,207)	$	(65,988)	$	17,795,701	$	(7,639,195)	$	(1,285,188)	$	3,223,624	$	12,029,048	$	(189)	$	12,028,859

Net income (loss)		—		—	—		—		—		—		207,030		207,030		(17)		207,013
Other comprehensive income (loss)	—	—		—	—		—		—		(3,268)		—		(3,268)		97		(3,171)
Issuance of common stock and release of treasury stock for employee equity awards	44,734	—		5,417	2,015		527		—		—		—		2,542		—		2,542


Dividend distribution on common stock, $3.41 per share	—	—		—	—		—		(318,914)		—		—		(318,914)		—		(318,914)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(86)		—		—		(86)		—		(86)
Accrued dividends on unvested equity awards	—	—		—	—		—		(5,058)		—		—		(5,058)		—		(5,058)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		112,815		—		—		—		112,815		—		112,815

Balance as of June 30, 2023	93,736,659	$	94	(171,790)	$	(63,973)	$	17,909,043	$	(7,963,253)	$	(1,288,456)	$	3,430,654	$	12,024,109	$	(109)	$	12,024,000


							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, 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 for employee equity awards	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

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, 2022		Net Change		Balance as of June 30, 2023
Foreign currency translation adjustment (“CTA”) loss	$	(1,838,237)	$	183,040	$	(1,655,197)
Unrealized gain on cash flow hedges (1)	33,953		(17,673)		16,280
Net investment hedge CTA gain (1)	415,749		(64,146)		351,603
Net actuarial loss on defined benefit plans (2)	(911)		(231)		(1,142)
	$	(1,389,446)	$	100,990	$	(1,288,456)

(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 plans are mandated by law. We do not have any defined benefit plans in any other countries.

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,
	2023		2022		2023		2022
Cost of revenues	$	12,399	$	11,878	$	23,722	$	22,321
Sales and marketing	22,554		23,171		42,059		43,355
General and administrative	69,593		69,633		137,480		128,958
Total	$	104,546	$	104,682	$	203,261	$	194,634