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Equinix Reports Second Quarter 2021 Results

REDWOOD CITY, Calif., July 28, 2021 /PRNewswire/ --  

Equinix's SV5 data center in Silicon Valley

  • Quarterly revenues increased 13% over the same quarter last year to $1.658 billion, or 8% on a normalized and constant currency basis, representing the company's 74th consecutive quarter of revenue growth
  • Record bookings across the company, including in the Americas region and in the enterprise vertical
  • Company exceeds 400,000 interconnections, highlighting its critical role in the digital infrastructure of today's businesses
  • Significant milestones in the quarter included attaining Fortune 500 status, recognition as a leader in IDC's Marketscape report and upgrades from two top credit ratings agencies

Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company, today reported results for the quarter ended June 30, 2021. Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements. All per share results are presented on a fully diluted basis.

Second Quarter 2021 Results Summary

  • Revenues
    • $1.658 billion, a 4% increase over the previous quarter, including a 36% increase in non-recurring revenues from xScaleTM fees and custom installation services
    • Includes an $11 million positive foreign currency benefit when compared to prior guidance foreign currency ("FX") rates
  • Operating Income
    • $279 million, a 6% decrease from the previous quarter and an operating margin of 17% due to increased depreciation and amortization from recently opened IBX data centers and expansions, higher utilities expense and increased repairs and maintenance spend
  • Adjusted EBITDA
    • $797 million, a 48% adjusted EBITDA margin
    • Includes a $6 million positive foreign currency benefit when compared to prior guidance FX rates
    • Includes $4 million of integration costs
  • Net Income and Net Income per Share attributable to Equinix
    • $68 million, a 56% decrease from the previous quarter, largely due to a $101 million debt extinguishment charge, related to the company's $1.25 billion 2027 Notes redemption completed in June
    • $0.76 per share, a 56% decrease from the previous quarter
  • AFFO and AFFO per Share
    • $632 million, a 1% increase over the previous quarter, including a $25 million increase in recurring capital expenditures
    • $7.01 per share, an increase over the previous quarter
    • Includes $4 million of integration costs

2021 Annual Guidance Summary

  • Revenues
    • $6.619 - $6.659 billion, an increase of 10 - 11% over the previous year, or a normalized and constant currency increase of ~8%
    • An increase of $50 million compared to prior guidance, including a $25 million foreign currency benefit when compared to prior guidance FX rates
  • Adjusted EBITDA
    • $3.108 - $3.148 billion, a 47% adjusted EBITDA margin
    • An increase of $27 million compared to prior guidance, including an $11 million foreign currency benefit when compared to prior guidance FX rates
    • Assumes $25 million of integration costs
  • AFFO and AFFO per Share
    • $2.434 - $2.474 billion, an increase of 11 - 13% over the previous year, or a normalized and constant currency increase of 10 - 12%
    • An increase of $15 million compared to prior guidance, including a $6 million foreign currency benefit when compared to prior guidance FX rates
    • $26.92 - $27.36 per share, an increase of 9 - 11% over the previous year on both an as-reported and on a normalized and constant currency basis
    • Assumes $25 million of integration costs

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

Equinix Quote

Charles Meyers, President and CEO, Equinix:

"We have continued to see significant momentum in our business as digital transformation outpaces previous expectations across all industries. Technology spend is accelerating, and we believe Equinix remains uniquely positioned as traditional technology markets continue to shift to as-a-service consumption models and hybrid multicloud is widely adopted as the architecture of choice. The pandemic has highlighted that digital infrastructure is not just a business enabler, but a primary source of competitive advantage for digital leaders across all industries, and we continue to see a multitude of trends driving infrastructure to become more distributed, more on demand, and more ecosystem-connected than ever before."

Business Highlights

  • Equinix continued the growth of its indirect selling initiatives, with channel sales delivering a record quarter, contributing more than 35% of the bookings for the quarter. Wins were across a wide range of industry verticals and use cases with continued strength from partners such as AWS, Cisco, Dell, Google, HPE, IBM and Microsoft. Equinix also announced a new structure and leadership team for its growing channel business.
  • Equinix continued to strengthen its leadership position in the cloud ecosystem through the company's hyperscale strategy, expanding its footprint to service both retail and large footprint hyperscale requirements in key markets, while leveraging its joint venture relationship with GIC, Singapore's sovereign wealth fund. On June 14th, Equinix announced agreements with GIC to add $3.9 billion to expand the xScale data center program. When closed and built out, these agreements will bring the xScale portfolio to greater than $6.9 billion across 32 facilities globally and more than 600 megawatts (MW) of power capacity.
  • Advances in the company's sustainability agenda in Q2 resulted in meaningful progress across environmental, social and governance (ESG) initiatives:
    • On June 16th, Equinix became the first in the data center industry to commit to reaching climate-neutral status by 2030, backed by science-based targets and an aggressive sustainability innovation agenda.
    • On May 4th, Equinix announced the pricing of $2.6 billion principal amount of notes, including $1.0 billion of green bonds in its third green bond offering. To date, Equinix has issued $3.7 billion in green bonds to help advance the company's longstanding commitment to sustainability leadership and reducing its environmental impact, including projects aimed at green buildings, renewable energy, energy and water efficiency, waste and clean transportation.
    • As part of its ongoing focus on diversity, inclusion and belonging, and its commitment to well-being, Equinix recently hosted its second annual WeConnect event, a 24-hour virtual gathering that celebrates equality, diversity and connection. The event offers employees an opportunity to listen, learn and engage in courageous conversations as Equinix builds a culture and community that can have a meaningful, sustainable impact on the future of the world.
  • Q2 also marked significant milestones and recognition for Equinix:
    • In June, Equinix was included in the Fortune 500 list of the largest companies in the U.S., debuting at #461.
    • In May, Standard & Poor's and Fitch Ratings both upgraded all of Equinix's credit ratings to BBB, from the previous rating of BBB-. The ratings upgrades from both agencies reflect Equinix's growing portfolio of owned assets, increasing global scale supported by its unique interconnection platform, a disciplined financial policy utilizing broad access to capital, and resilience through the COVID-19 pandemic.
    • In June, for the second consecutive year, IDC recognized Equinix as a leader in its MarketScape Report for Worldwide Datacenter Colocation and Interconnection Services.

COVID-19 Update

Many of Equinix's International Business Exchange (IBX®) and xScale data centers have been identified as "essential businesses" or "critical infrastructure" by local governments for purposes of remaining open during the ongoing COVID-19 pandemic, and all data centers remain operational at the time of filing of this press release. Precautionary measures have been implemented during the COVID-19 pandemic to minimize the risk of operational impact and to protect the health and safety of employees, customers, partners and communities.

Looking ahead, the full impact of the COVID-19 pandemic on the company's financial condition or results of operations remains uncertain and will depend on a number of factors, including its impact on Equinix customers, partners and vendors and the impact on, and functioning of, the global financial markets. The company's past results may not be indicative of future performance, and historical trends may differ materially. Additional information pertaining to the impact of the COVID-19 pandemic on Equinix and the company's response thereto will be provided in the upcoming Form 10-Q to be filed with the Securities and Exchange Commission for the quarter ended June 30, 2021.

Business Outlook

For the third quarter of 2021, the Company expects revenues to range between $1.668 and $1.688 billion, an increase of 1 - 2% compared to the prior quarter on both an as-reported and on a normalized and constant currency basis. This guidance includes a $6 million negative foreign currency impact when compared to the average FX rates in Q2 2021. Adjusted EBITDA is expected to range between $766 and $786 million. Adjusted EBITDA includes a $4 million negative foreign currency impact when compared to the average FX rates in Q2 2021 and $7 million of integration costs from acquisitions. Recurring capital expenditures are expected to range between $50 and $60 million.

For the full year of 2021, total revenues are expected to range between $6.619 and $6.659 billion, a 10 - 11% increase over the previous year, or a normalized and constant currency increase of approximately 8%. This $50 million increase from previously issued guidance is due to $25 million of better-than-expected operating performance and a $25 million positive foreign currency benefit when compared to the prior guidance FX rates. Adjusted EBITDA is expected to range between $3.108 and $3.148 billion, an adjusted EBITDA margin of 47%. This $27 million increase from previously issued guidance is due to $11 million of better-than-expected operating performance, a $5 million reduction of integration costs and an $11 million positive foreign currency benefit when compared to the prior guidance FX rates. AFFO is expected to range between $2.434 and $2.474 billion, an increase of 11 - 13% over the previous year, or a normalized and constant currency increase of 10 - 12%. This $15 million increase over the previously issued guidance is due to $4 million of better-than-expected operating performance, a $5 million reduction of integration costs and a $6 million foreign currency benefit when compared to the prior guidance FX rates. AFFO per share is expected to range between $26.92 and $27.36, an increase of 9 - 11% over the previous year, both as-reported and on a normalized and constant currency basis. Total capital expenditures are expected to range between $2.738 and $2.988 billion. Non-recurring capital expenditures, including xScale-related costs, are expected to range between $2.550 and $2.790 billion, and recurring capital expenditures are expected to range between $188 and $198 million. xScale-related on-balance sheet capital expenditures are expected to range between $425 and $475 million, which we anticipate will be reimbursed from both the current and future xScale JVs.

The U.S. dollar exchange rates used for 2021 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.17 to the Euro, $1.33 to the Pound, S$1.35 to the U.S. dollar, ¥111 to the U.S. dollar, and R$4.99 to the U.S. dollar. The Q2 2021 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen and Brazilian Real is 20%, 10%, 7%, 7% and 3%, respectively.

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

Q2 2021 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended June 30, 2021, along with its future outlook, in its quarterly conference call on Wednesday, July 28, 2021, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company's Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call through Wednesday, November 3, 2021, by dialing 1-203-369-0161 and referencing the passcode 2021. In addition, the webcast will be available at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

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

Additional Resources

About Equinix

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

Non-GAAP Financial Measures

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

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

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

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

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

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

Equinix also presents funds from operations ("FFO") and adjusted funds from operations ("AFFO"), both commonly used in the REIT industry, as supplemental performance measures. Additionally, Equinix presents AFFO per share, which is also commonly used in the REIT industry. AFFO per share offers investors and industry analysts a perspective of Equinix's underlying operating performance when compared to other REIT companies. FFO is calculated in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items. AFFO represents FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items. Equinix excludes depreciation expense, amortization expense, accretion, stock-based compensation, restructuring charges, impairment charges and transaction costs for the same reasons that they are excluded from the other non-GAAP financial measures mentioned above.

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

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

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

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

Forward-Looking Statements

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

 

EQUINIX, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)



Three Months Ended


Six Months Ended


June 30,
2021


March 31,
2021


June 30,
2020


June 30,
2021


June 30,
2020

Recurring revenues

$

1,542,462



$

1,510,933



$

1,398,138



$

3,053,395



$

2,759,832


Non-recurring revenues

115,457



85,131



71,983



200,588



154,831


Revenues

1,657,919



1,596,064



1,470,121



3,253,983



2,914,663


Cost of revenues

865,120



811,217



739,344



1,676,337



1,475,626


Gross profit

792,799



784,847



730,777



1,577,646



1,439,037


Operating expenses:










Sales and marketing

185,610



182,827



178,124



368,437



358,574


General and administrative

322,005



301,456



256,890



623,461



518,487


Transaction costs

6,985



1,182



13,617



8,167



25,147


(Gain) loss on asset sales

(455)



1,720



(342)



1,265



857


Total operating expenses

514,145



487,185



448,289



1,001,330



903,065


Income from operations

278,654



297,662



282,488



576,316



535,972


Interest and other income (expense):









Interest income

374



729



1,685



1,103



5,958


Interest expense

(87,231)



(89,681)



(108,480)



(176,912)



(215,818)


Other income (expense)

(39,377)



(6,950)



4,278



(46,327)



9,448


Loss on debt extinguishment

(102,460)



(13,058)



(1,868)



(115,518)



(8,309)


Total interest and other, net

(228,694)



(108,960)



(104,385)



(337,654)



(208,721)


Income before income taxes

49,960



188,702



178,103



238,662



327,251


Income tax (expense) benefit

18,527



(32,628)



(44,753)



(14,101)



(74,944)


Net income

68,487



156,074



133,350



224,561



252,307


Net (income) loss attributable to non-controlling interests

(148)



288



(46)



140



(211)


Net income attributable to Equinix

$

68,339



$

156,362



$

133,304



$

224,701



$

252,096


Net income per share attributable to Equinix:

Basic net income per share

$

0.76



$

1.75



$

1.53



$

2.51



$

2.92


Diluted net income per share

$

0.76



$

1.74



$

1.52



$

2.50



$

2.90


Shares used in computing basic net income per share

89,648



89,330



87,303



89,490



86,427


Shares used in computing diluted net income per share

90,104



89,842



87,901



90,024



87,065


 

 

EQUINIX, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(unaudited)



Three Months Ended


Six Months Ended


June 30,
2021


March 31,
2021


June 30,
2020


June 30,
2021


June 30,
2020

Net income

$

68,487



$

156,074



$

133,350



$

224,561



$

252,307


Other comprehensive income (loss), net of tax:







Foreign currency translation adjustment ("CTA") gain (loss)

110,466



(295,146)



181,286



(184,680)



(232,506)


Net investment hedge CTA gain (loss)

(37,036)



170,175



(97,058)



133,139



47,888


Unrealized gain (loss) on cash flow hedges

(5,700)



29,478



(17,868)



23,778



(21,124)


Net actuarial gain on defined benefit plans

15



12



20



27



55


Total other comprehensive income (loss), net of tax

67,745



(95,481)



66,380



(27,736)



(205,687)


Comprehensive income, net of tax

136,232



60,593



199,730



196,825



46,620


Net (income) loss attributable to non-controlling interests

(148)



288



(46)



140



(211)


Other comprehensive (income) loss attributable to non-controlling interests

(11)



1



(2)



(10)



9


Comprehensive income attributable to Equinix

$

136,073



$

60,882



$

199,682



$

196,955



$

46,418



 

EQUINIX, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)



June 30, 2021


December 31, 2020

Assets




Cash and cash equivalents

$

1,799,727



$

1,604,869


Short-term investments



4,532


Accounts receivable, net

726,382



676,738


Other current assets

394,880



323,016


Assets held for sale

227,073




          Total current assets

3,148,062



2,609,155


Property, plant and equipment, net

15,143,898



14,503,084


Operating lease right-of-use assets

1,371,794



1,475,057


Goodwill

5,411,123



5,472,553


Intangible assets, net

2,047,515



2,170,945


Other assets

807,970



776,047


          Total assets

$

27,930,362



$

27,006,841


Liabilities and Stockholders' Equity




Accounts payable and accrued expenses

$

767,963



$

844,862


Accrued property, plant and equipment

304,333



301,155


Current portion of operating lease liabilities

149,103



154,207


Current portion of finance lease liabilities

148,320



137,683


Current portion of mortgage and loans payable

42,580



82,289


Current portion of senior notes



150,186


Other current liabilities

271,072



354,368


          Total current liabilities

1,683,371



2,024,750


Operating lease liabilities, less current portion

1,191,676



1,308,627


Finance lease liabilities, less current portion

2,000,006



1,784,816


Mortgage and loans payable, less current portion

611,441



1,287,254


Senior notes, less current portion

11,027,243



9,018,277


Other liabilities

770,153



948,999


          Total liabilities

17,283,890



16,372,723


Common stock

90



89


Additional paid-in capital

15,360,726



15,028,357


Treasury stock

(117,270)



(122,118)


Accumulated dividends

(5,640,963)



(5,119,274)


Accumulated other comprehensive loss

(941,114)



(913,368)


Retained earnings

1,985,003



1,760,302


          Total Equinix stockholders' equity

10,646,472



10,633,988


Non-controlling interests



130


          Total stockholders' equity

10,646,472



10,634,118


                Total liabilities and stockholders' equity

$

27,930,362



$

27,006,841






Ending headcount by geographic region is as follows:




          Americas headcount

4,835



4,599


          EMEA headcount

3,526



3,405


          Asia-Pacific headcount

2,123



2,009


                    Total headcount

10,484



10,013


 

 

EQUINIX, INC.

Summary of Debt Principal Outstanding

(in thousands)

(unaudited)



June 30, 2021


December 31, 2020





Finance lease liabilities

$

2,148,326



$

1,922,499






Term loans

577,519



1,288,779


Mortgage payable and other loans payable

76,502



80,764


Plus: mortgage premium, debt discount and issuance costs, net

(1,176)



1,427


           Total mortgage and loans payable principal

652,845



1,370,970






Senior notes

11,027,243



9,168,463


Plus: debt discount and  issuance costs

126,257



92,773


Less: debt premium



(186)


          Total senior notes principal

11,153,500



9,261,050






Total debt principal outstanding

$

13,954,671



$

12,554,519


 

 

EQUINIX, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)




Three Months Ended


Six Months Ended



June 30,
2021


March 31,
2021


June 30,
2020


June 30,
2021


June 30,
2020












Cash flows from operating activities:


Net income

$

68,487



$

156,074



$

133,350



$

224,561



$

252,307



Adjustments to reconcile net income to net cash provided by operating activities:


Depreciation, amortization and accretion

417,758



394,318



348,434



812,076



685,865



Stock-based compensation

94,335



78,350



75,844



172,685



140,343



Amortization of debt issuance costs and debt discounts and premiums

4,430



3,940



4,444



8,370



7,904



Loss on debt extinguishment

102,460



13,058



1,868



115,518



8,309



(Gain) loss on asset sales

(455)



1,720



(342)



1,265



857



Other items

11,296



11,182



13,891



22,478



20,747



Changes in operating assets and liabilities:


Accounts receivable

(39,709)



(17,620)



(29,539)



(57,329)



(14,233)



Income taxes, net

(55,661)



(10,274)



8,164



(65,935)



11,861



Accounts payable and accrued expenses

19,161



(76,362)



117



(57,201)



(25,564)



Operating lease right-of-use assets

20,851



40,924



37,495



61,775



76,292



Operating lease liabilities

(63,765)



(36,563)



(36,898)



(100,328)



(72,091)



Other assets and liabilities

20,009



(167,589)



17,858



(147,580)



(1,081)


Net cash provided by operating activities

599,197



391,158



574,686



990,355



1,091,516


Cash flows from investing activities:


Purchases, sales and maturities of investments, net

(2,595)



(18,349)



(1,341)



(20,944)



(40,281)



Business acquisitions, net of cash and restricted cash acquired





39





(478,248)



Purchases of real estate

(33,900)



(53,737)



(46,194)



(87,637)



(82,567)



Purchases of other property, plant and equipment

(692,232)



(563,598)



(481,948)



(1,255,830)



(882,889)


Net cash used in investing activities

(728,727)



(635,684)



(529,444)



(1,364,411)



(1,483,985)


Cash flows from financing activities:


Proceeds from employee equity awards



40,034





40,034



30,391



Payment of dividend distributions

(258,053)



(263,039)



(236,008)



(521,092)



(469,487)



Proceeds from public offering of common stock, net of offering costs

99,599





1,683,106



99,599



1,784,898



Proceeds from revolving credit facility





500,790





 

750,790



Proceeds from senior notes, net of debt discounts

2,587,910



1,290,752



2,585,736



3,878,662



2,585,736



Repayment of finance lease liabilities

(66,293)



(32,584)



(23,704)



(98,877)



(42,681)



Repayment of mortgage and loans payable

(675,873)



(20,186)



(770,677)



(696,059)



(789,178)



Repayment of senior notes

(1,400,000)



(590,650)



(150,000)



(1,990,650)



(493,711)



Debt extinguishment costs

(90,664)



(8,521)





(99,185)



(4,619)



Debt issuance costs

(21,950)



(3,152)



(26,266)



(25,102)



(26,266)


Net cash provided by financing activities

174,676



412,654



3,562,977



587,330



3,325,873


Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash

4,965



(22,019)



12,411



(17,054)



(12,876)


Net increase in cash, cash equivalents and restricted cash

50,111



146,109



3,620,630



196,220



2,920,528


Cash, cash equivalents and restricted cash at beginning of period

1,771,804



1,625,695



1,186,511



1,625,695



1,886,613


Cash, cash equivalents and restricted cash at end of period

$

1,821,915



$

1,771,804



$

4,807,141



$

1,821,915



$

4,807,141


Supplemental cash flow information:

Cash paid for taxes

$

32,667



$

49,970



$

15,752



$

82,637



$

61,076


Cash paid for interest

$

128,636



$

101,055



$

122,380



$

229,691



$

248,304













Free cash flow (negative free cash flow)(1)

$

(126,935)



$

(226,177)



$

46,583



$

(353,112)



$

(352,188)













Adjusted free cash flow (negative adjusted free cash flow) (2)

$

(93,035)



$

(172,440)



$

92,738



$

(265,475)



$

208,627













(1)

We define free cash flow (negative free cash flow) as net cash provided by operating activities plus net cash provided by (used in) investing activities (excluding the net purchases, sales and maturities of investments) as presented below:


Net cash provided by operating activities as presented above

$

599,197



$

391,158



$

574,686



$

990,355



$

1,091,516



Net cash used in investing activities as presented above

(728,727)



(635,684)



(529,444)



(1,364,411)



(1,483,985)



Purchases, sales and maturities of investments, net

2,595



18,349



1,341



20,944



40,281



Free cash flow (negative free cash flow)

$

(126,935)



$

(226,177)



$

46,583



$

(353,112)



$

(352,188)













(2)

We define adjusted free cash flow (negative adjusted free cash flow) as free cash flow (negative free cash flow) as defined above, excluding any purchases of real estate and business acquisitions, net of cash and restricted cash acquired as presented below:


Free cash flow (negative free cash flow) as defined above

$

(126,935)



$

(226,177)



$

46,583



$

(353,112)



$

(352,188)



Less business acquisitions, net of cash and restricted cash acquired





(39)





478,248



Less purchases of real estate

33,900



53,737



46,194



87,637



82,567



Adjusted free cash flow (negative adjusted free cash flow)

$

(93,035)



$

(172,440)



$

92,738



$

(265,475)



$

208,627


 

 

EQUINIX, INC.

Non-GAAP Measures and Other Supplemental Data

(in thousands)

(unaudited)




Three Months Ended


Six Months Ended



June 30, 2021


March 31, 2021


June 30, 2020


June 30, 2021


June 30, 2020


Recurring revenues

$

1,542,462


$

1,510,933


$

1,398,138


$

3,053,395


$

2,759,832


Non-recurring revenues

115,457


85,131


71,983


200,588


154,831


Revenues (1)

1,657,919


1,596,064


1,470,121


3,253,983


2,914,663













Cash cost of revenues (2)

544,196


510,810


480,946


1,055,006


957,487


Cash gross profit (3)

1,113,723


1,085,254


989,175


2,198,977


1,957,176













Cash operating expenses (4)(7):










Cash sales and marketing expenses (5)

115,282


113,053


111,007


228,335


226,678


Cash general and administrative expenses (6)

201,164


198,969


158,127


400,133


326,247


Total cash operating expenses (4)(7)

316,446


312,022


269,134


628,468


552,925













Adjusted EBITDA (8)

$

797,277


$

773,232


$

720,041


$

1,570,509


$

1,404,251













Cash gross margins (9)

67%


68%


67%


68%


67%













Adjusted EBITDA margins(10)

48%


48%


49%


48%


48%













Adjusted EBITDA flow-through rate (11)

39%


194%


140%


72%


53%













FFO (12)

$

340,873


$

417,263


$

356,946


$

758,136


$

700,700













AFFO (13)(14)

$

631,937


$

626,828


$

557,793


$

1,258,765


$

1,092,498













Basic FFO per share (15)

$

3.80


$

4.67


$

4.09


$

8.47


$

8.11













Diluted FFO per share (15)

$

3.78


$

4.64


$

4.06


$

8.42


$

8.05













Basic AFFO per share (15)

$

7.05


$

7.02


$

6.39


$

14.07


$

12.64













Diluted AFFO per share (15)

$

7.01


$

6.98


$

6.35


$

13.98


$

12.55













































(1)

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

















Americas Revenues:






















Colocation

$

497,659


$

487,459


$

447,498


$

985,118


$

898,452


Interconnection

167,618


164,887


153,387


332,505


304,316


Managed infrastructure

40,734


38,485


28,889


79,219


54,418


Other

451


2,038


5,081


2,489


10,301


Recurring revenues

706,462


692,869


634,855


1,399,331


1,267,487


Non-recurring revenues

44,181


33,071


26,564


77,252


55,837


Revenues

$

750,643


$

725,940


$

661,419


$

1,476,583


$

1,323,324













EMEA Revenues:






















Colocation

$

398,703


$

388,275


$

381,144


$

786,978


$

743,474


Interconnection

65,258


61,650


50,904


126,908


99,445


Managed infrastructure

31,176


32,111


29,012


63,287


59,149


Other

3,682


5,046


6,130


8,728


8,596


Recurring revenues

498,819


487,082


467,190


985,901


910,664


Non-recurring revenues

39,110


31,635


20,900


70,745


56,335


Revenues

$

537,929


$

518,717


$

488,090


$

1,056,646


$

966,999













Asia-Pacific Revenues:






















Colocation

$

259,573


$

254,558


$

228,803


$

514,131


$

449,896


Interconnection

54,898


53,182


45,140


108,080


87,811


Managed infrastructure

22,094


22,749


22,150


44,843


43,974


Other

616


493



1,109



Recurring revenues

337,181


330,982


296,093


668,163


581,681


Non-recurring revenues

32,166


20,425


24,519


52,591


42,659


Revenues

$

369,347


$

351,407


$

320,612


$

720,754


$

624,340













Worldwide Revenues:






















Colocation

$

1,155,935


$

1,130,292


$

1,057,445


$

2,286,227


$

2,091,822


Interconnection

287,774


279,719


249,431


567,493


491,572


Managed infrastructure

94,004


93,345


80,051


187,349


157,541


Other

4,749


7,577


11,211


12,326


18,897


Recurring revenues

1,542,462


1,510,933


1,398,138


3,053,395


2,759,832


Non-recurring revenues

115,457


85,131


71,983


200,588


154,831


Revenues

$

1,657,919


$

1,596,064


$

1,470,121


$

3,253,983


$

2,914,663













































(2)

We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-based compensation as presented below:







Cost of revenues

$

865,120


$

811,217


$

739,344


$

1,676,337


$

1,475,626


Depreciation, amortization and accretion expense

(310,916)


(291,940)


(250,743)


(602,856)


(501,141)


Stock-based compensation expense

(10,008)


(8,467)


(7,655)


(18,475)


(16,998)


Cash cost of revenues

$

544,196


$

510,810


$

480,946


$

1,055,006


$

957,487













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

















Americas cash cost of revenues

$

234,679


$

193,460


$

194,467


$

428,139


$

379,700


EMEA cash cost of revenues

196,661


199,183


177,558


395,844


364,806


Asia-Pacific cash cost of revenues

112,856


118,167


108,921


231,023


212,981


Cash cost of revenues

$

544,196


$

510,810


$

480,946


$

1,055,006


$

957,487






(3)

We define cash gross profit as revenues less cash cost of revenues (as defined above).












(4)

We define cash operating expense as selling, general, and administrative expense less depreciation, amortization, and stock-based compensation. We also refer to cash operating expense as cash selling, general and administrative expense or "cash SG&A".







Selling, general, and administrative expense

$

507,615


$

484,283


$

435,014


$

991,898


$

877,061


Depreciation and amortization expense

(106,842)


(102,378)


(97,691)


(209,220)


(184,724)


Stock-based compensation expense

(84,327)


(69,883)


(68,189)


(154,210)


(139,412)


Cash operating expense

$

316,446


$

312,022


$

269,134


$

628,468


$

552,925












(5)

We define cash sales and marketing expense as sales and marketing expense less depreciation, amortization and stock-based compensation as presented below:













Sales and marketing expense

$

185,610


$

182,827


$

178,124


$

368,437


$

358,574


Depreciation and amortization expense

(49,549)


(52,071)


(48,902)


(101,620)


(95,136)


Stock-based compensation expense

(20,779)


(17,703)


(18,215)


(38,482)


(36,760)


Cash sales and marketing expense

$

115,282


$

113,053


$

111,007


$

228,335


$

226,678












(6)

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













General and administrative expense

$

322,005


$

301,456


$

256,890


$

623,461


$

518,487


Depreciation and amortization expense

(57,293)


(50,307)


(48,789)


(107,600)


(89,588)


Stock-based compensation expense

(63,548)


(52,180)


(49,974)


(115,728)


(102,652)


Cash general and administrative expense

$

201,164


$

198,969


$

158,127


$

400,133


$

326,247












(7)

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













Americas cash SG&A

$

190,040


$

187,988


$

164,845


$

378,028


$

347,904


EMEA cash SG&A

78,742


75,971


66,935


154,713


128,438


Asia-Pacific cash SG&A

47,664


48,063


37,354


95,727


76,583


Cash SG&A

$

316,446


$

312,022


$

269,134


$

628,468


$

552,925












(8)

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













Income from operations

$

278,654


$

297,662


$

282,488


$

576,316


$

535,972


Depreciation, amortization and accretion expense

417,758


394,318


348,434


812,076


685,865


Stock-based compensation expense

94,335


78,350


75,844


172,685


156,410


Transaction costs

6,985


1,182


13,617


8,167


25,147


(Gain) loss on asset sales

(455)


1,720


(342)


1,265


857


Adjusted EBITDA

$

797,277


$

773,232


$

720,041


$

1,570,509


$

1,404,251













The geographic split of our adjusted EBITDA is presented below:

















Americas income from operations

$

27,745


$

81,565


$

58,423


$

109,310


$

105,731


Americas depreciation, amortization and accretion expense

222,413


202,706


182,204


425,119


353,643


Americas stock-based compensation expense

69,982


58,262


56,326


128,244


119,015


Americas transaction costs

6,239


239


5,575


6,478


16,553


Americas (gain) loss on asset sales

(455)


1,720


(421)


1,265


778


Americas adjusted EBITDA

$

325,924


$

344,492


$

302,107


$

670,416


$

595,720













EMEA income from operations

$

131,158


$

119,785


$

138,154


$

250,943


$

264,158


EMEA depreciation, amortization and accretion expense

115,702


111,213


92,953


226,915


185,693


EMEA stock-based compensation expense

15,114


12,130


12,240


27,244


23,242


EMEA transaction costs

552


435


171


987


583


EMEA loss on asset sales



79



79


EMEA adjusted EBITDA

$

262,526


$

243,563


$

243,597


$

506,089


$

473,755













Asia-Pacific income from operations

$

119,751


$

96,312


$

85,911


$

216,063


$

166,083


Asia-Pacific depreciation, amortization and accretion expense

79,643


80,399


73,277


160,042


146,529


Asia-Pacific stock-based compensation expense

9,239


7,958


7,278


17,197


14,153


Asia-Pacific transaction costs

194


508


7,871


702


8,011


Asia-Pacific adjusted EBITDA

$

208,827


$

185,177


$

174,337


$

394,004


$

334,776












(9)

We define cash gross margins as cash gross profit divided by revenues.

















Our cash gross margins by geographic region is presented below:

















Americas cash gross margins

69%


73%


71%


71%


71%


EMEA cash gross margins

63%


62%


64%


63%


62%


Asia-Pacific cash gross margins

69%


66%


66%


68%


66%












(10)

We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.













Americas adjusted EBITDA margins

43%


47%


46%


45%


45%


EMEA adjusted EBITDA margins

49%


47%


50%


48%


49%


Asia-Pacific adjusted EBITDA margins

57%


53%


54%


55%


54%






(11)

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













Adjusted EBITDA - current period

$

797,277


$

773,232


$

720,041


$

1,570,509


$

1,404,251


Less adjusted EBITDA - prior period

(773,232)


(711,402)


(684,210)


(1,448,647)


(1,350,562)


Adjusted EBITDA growth

$

24,045


$

61,830


$

35,831


$

121,862


$

53,689













Revenues - current period

$

1,657,919


$

1,596,064


$

1,470,121


$

3,253,983


$

2,914,663


Less revenues - prior period

(1,596,064)


(1,564,115)


(1,444,542)


(3,083,882)


(2,813,945)


Revenue growth

$

61,855


$

31,949


$

25,579


$

170,101


$

100,718













Adjusted EBITDA flow-through rate

39%


194%


140%


72%


53%












(12)

FFO is defined as net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.













Net income

$

68,487


$

156,074


$

133,350


$

224,561


$

252,307


Net (income) loss attributable to non-controlling interests

(148)


288


(46)


140


(211)


Net income attributable to Equinix

68,339


156,362


133,304


224,701


252,096


Adjustments:











Real estate depreciation

271,500


256,644


222,613


528,144


444,400


(Gain) loss on disposition of real estate property

(518)


3,130


376


2,612


2,882


Adjustments for FFO from unconsolidated joint ventures

1,552


1,127


653


2,679


1,322


FFO attributable to common shareholders

$

340,873


$

417,263


$

356,946


$

758,136


$

700,700























(13)

AFFO is defined as FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, net income or loss from discontinued operations, net of tax, recurring capital expenditures and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items.













FFO attributable to common shareholders

$

340,873


$

417,263


$

356,946


$

758,136


$

700,700


Adjustments:











Installation revenue adjustment

4,539


3,912


3,649


8,451


168


Straight-line rent expense adjustment

3,381


4,361


2,395


7,742


4,201


Amortization of deferred financing costs and debt discounts and premiums

4,447


3,923


4,444


8,370


7,904


Contract cost adjustment

(13,381)


(14,011)


(5,307)


(27,392)


(15,741)


Stock-based compensation expense

94,335


78,350


75,844


172,685


156,410


Non-real estate depreciation expense

93,062


84,978


76,618


178,040


142,209


Amortization expense

51,679


53,395


49,362


105,074


97,853


Accretion expense (adjustment)

1,517


(699)


(159)


818


1,403


Recurring capital expenditures

(45,331)


(20,330)


(29,996)


(65,661)


(47,864)


Loss on debt extinguishment

102,460


13,058


1,868


115,518


8,309


Transaction costs

6,985


1,182


13,617


8,167


25,147


Impairment charges

33,552




33,552



Income tax expense adjustment

(47,440)


765


8,070


(46,675)


10,903


Adjustments for AFFO from unconsolidated joint ventures

1,259


681


442


1,940


896


AFFO attributable to common shareholders

$

631,937


$

626,828


$

557,793


$

1,258,765


$

1,092,498












(14)

 Following is how we reconcile from adjusted EBITDA to AFFO:











Adjusted EBITDA

$

797,277


$

773,232


$

720,041


$

1,570,509


$

1,404,251


Adjustments:











Interest expense, net of interest income

(86,857)


(88,952)


(106,795)


(175,809)


(209,860)


Amortization of deferred financing costs and debt discounts and premiums

4,447


3,923


4,444


8,370


7,904


Income tax (expense) benefit

18,527


(32,628)


(44,753)


(14,101)


(74,944)


Income tax expense adjustment

(47,440)


765


8,070


(46,675)


10,903


Straight-line rent expense adjustment

3,381


4,361


2,395


7,742


4,201


Contract cost adjustment

(13,381)


(14,011)


(5,307)


(27,392)


(15,741)


Installation revenue adjustment

4,539


3,912


3,649


8,451


168


Recurring capital expenditures

(45,331)


(20,330)


(29,996)


(65,661)


(47,864)


Other income (expense)

(39,377)


(6,950)


4,278


(46,327)


9,448


(Gain) loss on disposition of real estate property

(518)


3,130


376


2,612


2,882


Adjustments for unconsolidated JVs' and non-controlling interests

2,663


2,096


1,049


4,759


2,007


Adjustments for impairment charges

33,552




33,552



Adjustment for gain (loss) on sale of assets

455


(1,720)


342


(1,265)


(857)


AFFO attributable to common shareholders

$

631,937


$

626,828


$

557,793


$

1,258,765


$

1,092,498












(15)

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













Shares used in computing basic net income per share, FFO per share and AFFO per share

89,648


89,330


87,303


89,490


86,427


Effect of dilutive securities:










Employee equity awards

456


512


598


534


638


Shares used in computing diluted net income per share, FFO per share and AFFO per share

90,104


89,842


87,901


90,024


87,065













Basic FFO per share

$

3.80


$

4.67


$

4.09


$

8.47


$

8.11


Diluted FFO per share

$

3.78


$

4.64


$

4.06


$

8.42


$

8.05













Basic AFFO per share

$

7.05


$

7.02


$

6.39


$

14.07


$

12.64


Diluted AFFO per share

$

7.01


$

6.98


$

6.35


$

13.98


$

12.55






















 

 

Equinix.  (PRNewsFoto/Equinix) (PRNewsfoto/Equinix, Inc.)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/equinix-reports-second-quarter-2021-results-301343531.html

SOURCE Equinix, Inc.

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