10-Q 1 eqix-20220930.htm 10-Q eqix-20220930
000110123912/312022Q3FALSETRUETRUEP1Y30300011012392022-01-012022-09-300001101239us-gaap:CommonClassAMember2022-01-012022-09-300001101239eqix:ZeroPointTwoFiveZeroSeniorNotesDueTwoThousandTwentySevenMember2022-01-012022-09-300001101239eqix:OnePointZeroZeroZeroSeniorNotesDueTwoThousandThirtyThreeMember2022-01-012022-09-3000011012392022-11-03xbrli:shares00011012392022-09-30iso4217:USD00011012392021-12-31iso4217:USDxbrli:shares00011012392022-07-012022-09-3000011012392021-07-012021-09-3000011012392021-01-012021-09-3000011012392020-12-3100011012392021-09-300001101239eqix:GPXMember2021-09-01eqix:center0001101239eqix:MainOneCableCompanyLtdMember2022-04-010001101239eqix:EmpresaNacionalDeTelecomunicacionesSAMember2022-05-02xbrli:pure0001101239us-gaap:EMEAMember2022-01-012022-09-300001101239eqix:EMEAAndAsiaPacificMember2021-01-012021-09-300001101239eqix:MetronodeMember2021-09-300001101239srt:MinimumMember2022-09-300001101239srt:MaximumMember2022-09-3000011012392022-10-012022-09-3000011012392024-10-012022-09-300001101239eqix:EntelChileMember2022-05-020001101239eqix:EntelChileMember2022-05-022022-05-020001101239eqix:EntelPeruMember2022-08-012022-08-010001101239eqix:MainOneCableCompanyLtdMember2022-04-012022-04-010001101239eqix:GPXMember2021-09-012021-09-01iso4217:INR0001101239eqix:EmpresaNacionalDeTelecomunicacionesPeruMember2022-08-01eqix:acquisition0001101239eqix:GPXMemberus-gaap:CustomerRelationshipsMember2021-09-012021-09-010001101239eqix:GPXMemberus-gaap:CustomerRelationshipsMemberus-gaap:MeasurementInputDiscountRateMember2021-09-010001101239eqix:EntelPeruMemberus-gaap:CustomerRelationshipsMember2022-08-012022-08-010001101239eqix:EntelPeruMemberus-gaap:CustomerRelationshipsMemberus-gaap:MeasurementInputDiscountRateMember2022-08-010001101239us-gaap:CustomerRelationshipsMembereqix:EntelChileMember2022-05-022022-05-020001101239srt:MinimumMemberus-gaap:CustomerRelationshipsMembereqix:EntelChileMember2022-05-022022-05-020001101239us-gaap:CustomerRelationshipsMembereqix:EntelChileMembersrt:MaximumMember2022-05-022022-05-020001101239srt:MinimumMemberus-gaap:CustomerRelationshipsMemberus-gaap:MeasurementInputDiscountRateMembereqix:EntelChileMember2022-05-020001101239us-gaap:CustomerRelationshipsMemberus-gaap:MeasurementInputDiscountRateMembereqix:EntelChileMembersrt:MaximumMember2022-05-020001101239eqix:MainOneCableCompanyLtdMemberus-gaap:CustomerRelationshipsMember2022-04-012022-04-010001101239eqix:MainOneCableCompanyLtdMembersrt:MinimumMemberus-gaap:CustomerRelationshipsMember2022-04-012022-04-010001101239eqix:MainOneCableCompanyLtdMemberus-gaap:CustomerRelationshipsMembersrt:MaximumMember2022-04-012022-04-010001101239eqix:MainOneCableCompanyLtdMemberus-gaap:CustomerRelationshipsMemberus-gaap:MeasurementInputDiscountRateMember2022-04-010001101239eqix:MainOneCableCompanyLtdMemberus-gaap:TradeNamesMember2022-04-012022-04-010001101239eqix:MainOneCableCompanyLtdMemberus-gaap:TradeNamesMemberus-gaap:MeasurementInputDiscountRateMember2022-04-010001101239eqix:MainOneCableCompanyLtdMemberus-gaap:TradeNamesMembereqix:MeasurementInputRoyaltyRateMember2022-04-010001101239eqix:EntelChileEntelPeruAndMainOneMember2022-07-012022-09-300001101239eqix:EntelChileEntelPeruAndMainOneMember2022-01-012022-09-300001101239us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembereqix:EMEA2JointVentureMembereqix:Warsaw4WA4DataCenterSiteMember2021-06-012021-06-300001101239us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembereqix:EMEA2JointVentureMembereqix:Warsaw4WA4DataCenterSiteMember2022-06-012022-06-300001101239eqix:Sydney9SY9DataCenterSiteMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembereqix:AsiaPacific2JointVentureMember2022-03-012022-03-310001101239eqix:AsiaPacific2JointVentureMember2022-03-310001101239eqix:MX3DataCentersToBeSoldMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2022-09-300001101239eqix:EMEA1JointVentureMember2022-09-300001101239eqix:EMEA1JointVentureMember2021-12-310001101239eqix:VariableInterestEntityVIEJointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-09-300001101239eqix:VariableInterestEntityVIEJointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310001101239eqix:JointVentureMember2022-09-300001101239eqix:JointVentureMember2021-12-310001101239eqix:EquityContributionCommitmentMembereqix:EMEA1JointVentureMember2022-09-300001101239eqix:AsiaPacific3JointVentureMember2022-04-060001101239eqix:VariableInterestEntityVIEJointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembereqix:EMEA2JointVentureCreditFacilityMember2022-09-300001101239eqix:EMEA2JointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-09-300001101239eqix:EMEA2JointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMembereqix:EMEA2JointVentureCreditFacilityMember2022-09-300001101239eqix:EMEA1JointVentureMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300001101239eqix:EMEA1JointVentureMemberus-gaap:CorporateJointVentureMember2021-07-012021-09-300001101239eqix:EMEA1JointVentureMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300001101239eqix:EMEA1JointVentureMemberus-gaap:CorporateJointVentureMember2021-01-012021-09-300001101239eqix:VariableInterestEntityVIEJointVentureMemberus-gaap:CorporateJointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-07-012022-09-300001101239eqix:VariableInterestEntityVIEJointVentureMemberus-gaap:CorporateJointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-07-012021-09-300001101239eqix:VariableInterestEntityVIEJointVentureMemberus-gaap:CorporateJointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-01-012022-09-300001101239eqix:VariableInterestEntityVIEJointVentureMemberus-gaap:CorporateJointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-01-012021-09-300001101239eqix:SubleaseEquinixsLondon102DataCenterMembereqix:EMEA1JointVentureMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300001101239eqix:EMEA1JointVentureMemberus-gaap:CorporateJointVentureMember2022-09-300001101239eqix:EMEA1JointVentureMemberus-gaap:CorporateJointVentureMember2021-12-310001101239us-gaap:CorporateJointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-09-300001101239us-gaap:CorporateJointVentureMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-12-310001101239us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-09-300001101239us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310001101239us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-09-300001101239us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001101239us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-09-300001101239us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2021-12-310001101239us-gaap:NetInvestmentHedgingMembereqix:ForeignCurrencyDebtMember2022-07-012022-09-300001101239us-gaap:NetInvestmentHedgingMembereqix:ForeignCurrencyDebtMember2021-07-012021-09-300001101239us-gaap:NetInvestmentHedgingMembereqix:ForeignCurrencyDebtMember2022-01-012022-09-300001101239us-gaap:NetInvestmentHedgingMembereqix:ForeignCurrencyDebtMember2021-01-012021-09-300001101239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2022-07-012022-09-300001101239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2021-07-012021-09-300001101239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2022-01-012022-09-300001101239us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2021-01-012021-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:NetInvestmentHedgingMember2022-07-012022-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:NetInvestmentHedgingMember2021-07-012021-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:NetInvestmentHedgingMember2022-01-012022-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:NetInvestmentHedgingMember2021-01-012021-09-300001101239us-gaap:NetInvestmentHedgingMember2022-07-012022-09-300001101239us-gaap:NetInvestmentHedgingMember2021-07-012021-09-300001101239us-gaap:NetInvestmentHedgingMember2022-01-012022-09-300001101239us-gaap:NetInvestmentHedgingMember2021-01-012021-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-12-310001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMember2022-09-300001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMember2021-12-310001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-07-012022-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2022-01-012022-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeOptionMember2022-07-012022-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeOptionMember2021-07-012021-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeOptionMember2022-01-012022-09-300001101239us-gaap:CashFlowHedgingMemberus-gaap:ForeignExchangeOptionMember2021-01-012021-09-300001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001101239us-gaap:CashFlowHedgingMember2022-07-012022-09-300001101239us-gaap:CashFlowHedgingMember2021-07-012021-09-300001101239us-gaap:CashFlowHedgingMember2022-01-012022-09-300001101239us-gaap:CashFlowHedgingMember2021-01-012021-09-300001101239us-gaap:ForeignExchangeForwardMemberus-gaap:SalesMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300001101239us-gaap:ForeignExchangeForwardMemberus-gaap:SalesMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001101239us-gaap:ForeignExchangeForwardMemberus-gaap:SalesMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300001101239us-gaap:ForeignExchangeForwardMemberus-gaap:SalesMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001101239us-gaap:ForeignExchangeForwardMembereqix:CostOfSalesAndOperatingExpensesMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300001101239us-gaap:ForeignExchangeForwardMembereqix:CostOfSalesAndOperatingExpensesMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001101239us-gaap:ForeignExchangeForwardMembereqix:CostOfSalesAndOperatingExpensesMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300001101239us-gaap:ForeignExchangeForwardMembereqix:CostOfSalesAndOperatingExpensesMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2022-07-012022-09-300001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2021-07-012021-09-300001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2022-01-012022-09-300001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMember2021-01-012021-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:NondesignatedMember2022-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:NondesignatedMember2021-12-310001101239us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:SalesMember2022-07-012022-09-300001101239us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:SalesMember2021-07-012021-09-300001101239us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:SalesMember2022-01-012022-09-300001101239us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:SalesMember2021-01-012021-09-300001101239us-gaap:SalesMembereqix:EmbeddedDerivativeEconomicHedgeMember2022-07-012022-09-300001101239us-gaap:SalesMembereqix:EmbeddedDerivativeEconomicHedgeMember2021-07-012021-09-300001101239us-gaap:SalesMembereqix:EmbeddedDerivativeEconomicHedgeMember2022-01-012022-09-300001101239us-gaap:SalesMembereqix:EmbeddedDerivativeEconomicHedgeMember2021-01-012021-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:OtherOperatingIncomeExpenseMember2022-07-012022-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:OtherOperatingIncomeExpenseMember2021-07-012021-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:OtherOperatingIncomeExpenseMember2022-01-012022-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:OtherOperatingIncomeExpenseMember2021-01-012021-09-300001101239us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001101239us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001101239us-gaap:InterestRateLockCommitmentsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001101239us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001101239us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001101239us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-09-300001101239us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001101239us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-09-300001101239us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-12-310001101239eqix:EmbeddedDerivativeEconomicHedgeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-09-300001101239eqix:EmbeddedDerivativeEconomicHedgeMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-12-310001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-09-300001101239eqix:ForeignCurrencyForwardContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-12-310001101239us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2022-09-300001101239us-gaap:FairValueMeasurementsRecurringMemberus-gaap:NondesignatedMember2021-12-310001101239us-gaap:FairValueMeasurementsRecurringMember2022-09-300001101239us-gaap:FairValueMeasurementsRecurringMember2021-12-310001101239us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-09-300001101239us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-09-300001101239us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-09-300001101239us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-12-310001101239us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-12-310001101239us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-12-310001101239us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001101239us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001101239us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001101239us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001101239eqix:Atlanta1AT1DataCenterMember2022-03-31eqix:option0001101239eqix:HK6NewLandAndBuildingConstructSiteMember2022-06-300001101239eqix:HK2DataCenterPhase1Member2022-06-300001101239srt:MinimumMember2022-01-012022-09-300001101239srt:MaximumMember2022-01-012022-09-300001101239us-gaap:UnsecuredDebtMember2022-09-300001101239us-gaap:UnsecuredDebtMember2021-12-310001101239eqix:MortgagePayableAndOtherLoansPayableMember2022-09-300001101239eqix:MortgagePayableAndOtherLoansPayableMember2021-12-310001101239us-gaap:MortgagesMember2022-09-300001101239us-gaap:MortgagesMember2021-12-310001101239eqix:A2017SeniorCreditFacilityMemberus-gaap:LineOfCreditMember2017-12-310001101239eqix:A2017SeniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2017-12-310001101239eqix:A2017SeniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2017-12-310001101239us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMembereqix:JPYUnsecuredTermLoanMember2017-12-310001101239us-gaap:UnsecuredDebtMembereqix:SEKUnsecuredTermLoanMember2021-05-172021-05-170001101239us-gaap:UnsecuredDebtMembereqix:JPYUnsecuredTermLoanMember2021-05-172021-05-170001101239us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembereqix:A2022SeniorCreditFacilityMember2022-01-070001101239us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMembereqix:A2022SeniorCreditFacilityMember2022-01-07iso4217:GBP0001101239us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMembereqix:A2022SeniorCreditFacilityMember2022-01-072022-01-070001101239eqix:A2017SeniorCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2022-01-072022-01-070001101239srt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMembereqix:A2022SeniorCreditFacilityMember2022-01-012022-09-300001101239us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:LineOfCreditMembereqix:A2022SeniorCreditFacilityMembersrt:MaximumMember2022-01-012022-09-300001101239srt:MinimumMembereqix:SterlingOvernightIndexAverageRateMemberus-gaap:LineOfCreditMembereqix:A2022SeniorCreditFacilityMember2022-01-012022-09-300001101239eqix:SterlingOvernightIndexAverageRateMemberus-gaap:LineOfCreditMembereqix:A2022SeniorCreditFacilityMembersrt:MaximumMember2022-01-012022-09-300001101239srt:MinimumMemberus-gaap:LineOfCreditMembereqix:A2022SeniorCreditFacilityMember2022-01-012022-09-300001101239us-gaap:LineOfCreditMembereqix:A2022SeniorCreditFacilityMembersrt:MaximumMember2022-01-012022-09-300001101239us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2022-09-300001101239us-gaap:LineOfCreditMemberus-gaap:UnsecuredDebtMember2021-12-310001101239us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2022-09-30eqix:credit0001101239us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001101239eqix:TwoPointSixTwoFiveSeniorNotesDueInTwoThousandTwentyFourMemberus-gaap:SeniorNotesMember2022-09-300001101239eqix:TwoPointSixTwoFiveSeniorNotesDueInTwoThousandTwentyFourMemberus-gaap:SeniorNotesMember2021-12-310001101239eqix:OnePointTwoFiveZeroPercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMember2022-09-300001101239eqix:OnePointTwoFiveZeroPercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:OnePointZeroZeroZeroPercentSeniorNotesDueTwentyTwentyFiveMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:OnePointZeroZeroZeroPercentSeniorNotesDueTwentyTwentyFiveMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:TwoPointNineZeroZeroSeniorNotesDueTwoThousandTwentySixMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:TwoPointNineZeroZeroSeniorNotesDueTwoThousandTwentySixMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:OnePointFourFiveZeroPercentSeniorNotesDueTwoThousandTwentySixMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:OnePointFourFiveZeroPercentSeniorNotesDueTwoThousandTwentySixMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:ZeroPointTwoFiveZeroPercentEuroSeniorNotesDueTwoThousandTwentySevenMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:ZeroPointTwoFiveZeroPercentEuroSeniorNotesDueTwoThousandTwentySevenMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:OnePointEightPercentSeniorNotesDueTwoThousandTwentySevenMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:OnePointEightPercentSeniorNotesDueTwoThousandTwentySevenMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:OnePointFiveFiveZeroPercentNotesDueTwoThousandTwentyEightMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:OnePointFiveFiveZeroPercentNotesDueTwoThousandTwentyEightMember2021-12-310001101239eqix:TwoPointZeroZeroZeroPercentSeniorNotesDueTwoThousandTwentyEightMemberus-gaap:SeniorNotesMember2022-09-300001101239eqix:TwoPointZeroZeroZeroPercentSeniorNotesDueTwoThousandTwentyEightMemberus-gaap:SeniorNotesMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:ThreePointTwoZeroZeroPercentSeniorNotesDueInTwoThousandTwentyNineMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:ThreePointTwoZeroZeroPercentSeniorNotesDueInTwoThousandTwentyNineMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:TwoPointOneFiveZeroPercentSeniorNotesDueTwoThousandThirtyMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:TwoPointOneFiveZeroPercentSeniorNotesDueTwoThousandThirtyMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:TwoPointFiveZeroZeroPercentSeniorNotesDueTwoThousandThirtyOneMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:TwoPointFiveZeroZeroPercentSeniorNotesDueTwoThousandThirtyOneMember2021-12-310001101239eqix:ThreePointNineZeroZeroPercentSeniorNotesDueTwoThousandThirtyTwoMemberus-gaap:SeniorNotesMember2022-09-300001101239eqix:ThreePointNineZeroZeroPercentSeniorNotesDueTwoThousandThirtyTwoMemberus-gaap:SeniorNotesMember2021-12-310001101239eqix:OnePointZeroZeroZeroPercentEuroSeniorNotesDueTwoThousandThirtyThreeMemberus-gaap:SeniorNotesMember2022-09-300001101239eqix:OnePointZeroZeroZeroPercentEuroSeniorNotesDueTwoThousandThirtyThreeMemberus-gaap:SeniorNotesMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:ThreePointZeroPercentSeniorNotesDueTwoThousandFiftyMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:ThreePointZeroPercentSeniorNotesDueTwoThousandFiftyMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:TwoPointNineFiveZeroPercentSeniorNotesDueTwoThousandFiftyOneMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:TwoPointNineFiveZeroPercentSeniorNotesDueTwoThousandFiftyOneMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:ThreePointFourZeroZeroPercentSeniorNotesDueTwoThousandFiftyTwoMember2022-09-300001101239us-gaap:SeniorNotesMembereqix:ThreePointFourZeroZeroPercentSeniorNotesDueTwoThousandFiftyTwoMember2021-12-310001101239us-gaap:SeniorNotesMember2022-09-300001101239us-gaap:SeniorNotesMember2021-12-310001101239us-gaap:SeniorNotesMembereqix:ZeroPointTwoFiveZeroPercentEuroSeniorNotesDueTwoThousandTwentySevenMember2021-03-100001101239eqix:OnePointZeroZeroZeroPercentEuroSeniorNotesDueTwoThousandThirtyThreeMemberus-gaap:SeniorNotesMember2021-03-10iso4217:EUR0001101239us-gaap:SeniorNotesMembereqix:ZeroPointTwoFiveZeroPercentEuroSeniorNotesDueTwoThousandTwentySevenMember2022-03-150001101239eqix:OnePointZeroZeroZeroPercentEuroSeniorNotesDueTwoThousandThirtyThreeMemberus-gaap:SeniorNotesMember2022-03-150001101239eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentySixMemberus-gaap:SeniorNotesMember2021-03-240001101239eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentySixMemberus-gaap:SeniorNotesMember2021-03-242021-03-240001101239eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentySixMemberus-gaap:SeniorNotesMember2021-01-012021-03-310001101239us-gaap:SeniorNotesMembereqix:OnePointFourFiveZeroPercentSeniorNotesDueTwoThousandTwentySixMember2021-05-170001101239eqix:TwoPointZeroZeroZeroPercentSeniorNotesDueTwoThousandTwentyEightMemberus-gaap:SeniorNotesMember2021-05-170001101239us-gaap:SeniorNotesMembereqix:TwoPointFiveZeroZeroPercentSeniorNotesDueTwoThousandThirtyOneMember2021-05-170001101239us-gaap:SeniorNotesMembereqix:ThreePointFourZeroZeroPercentSeniorNotesDueTwoThousandFiftyTwoMember2021-05-170001101239us-gaap:SeniorNotesMembereqix:OnePointFourFiveZeroPercentSeniorNotesDueTwoThousandTwentySixMember2021-05-150001101239eqix:TwoPointZeroZeroZeroPercentSeniorNotesDueTwoThousandTwentyEightMemberus-gaap:SeniorNotesMember2021-05-150001101239us-gaap:SeniorNotesMembereqix:TwoPointFiveZeroZeroPercentSeniorNotesDueTwoThousandThirtyOneMember2021-05-150001101239us-gaap:SeniorNotesMembereqix:ThreePointFourZeroZeroPercentSeniorNotesDueTwoThousandFiftyTwoMember2021-05-150001101239us-gaap:SeniorNotesMembereqix:FivePointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentySevenMember2021-06-020001101239us-gaap:SeniorNotesMembereqix:FivePointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentySevenMember2021-06-022021-06-020001101239eqix:ThreePointNineZeroZeroPercentSeniorNotesDueTwoThousandThirtyTwoMemberus-gaap:SeniorNotesMember2022-04-050001101239us-gaap:CapitalAdditionsMember2022-09-300001101239eqix:MiscellaneousPurchaseCommitmentsMember2022-09-300001101239us-gaap:IndemnificationGuaranteeMember2022-09-300001101239eqix:IndemnificationAgreementTwoMember2022-09-300001101239eqix:IndemnificationAgreementThreeMember2022-09-300001101239eqix:ServiceLevelCreditsAgreementMember2022-09-300001101239us-gaap:CommonStockMember2021-12-310001101239us-gaap:TreasuryStockCommonMember2021-12-310001101239us-gaap:AdditionalPaidInCapitalMember2021-12-310001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-12-310001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001101239us-gaap:RetainedEarningsMember2021-12-310001101239us-gaap:ParentMember2021-12-310001101239us-gaap:NoncontrollingInterestMember2021-12-310001101239us-gaap:RetainedEarningsMember2022-01-012022-03-310001101239us-gaap:ParentMember2022-01-012022-03-310001101239us-gaap:NoncontrollingInterestMember2022-01-012022-03-3100011012392022-01-012022-03-310001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001101239us-gaap:CommonStockMember2022-01-012022-03-310001101239us-gaap:TreasuryStockCommonMember2022-01-012022-03-310001101239us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-01-012022-03-310001101239us-gaap:CommonStockMember2022-03-310001101239us-gaap:TreasuryStockCommonMember2022-03-310001101239us-gaap:AdditionalPaidInCapitalMember2022-03-310001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-03-310001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001101239us-gaap:RetainedEarningsMember2022-03-310001101239us-gaap:ParentMember2022-03-310001101239us-gaap:NoncontrollingInterestMember2022-03-3100011012392022-03-310001101239us-gaap:RetainedEarningsMember2022-04-012022-06-300001101239us-gaap:ParentMember2022-04-012022-06-300001101239us-gaap:NoncontrollingInterestMember2022-04-012022-06-3000011012392022-04-012022-06-300001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001101239us-gaap:CommonStockMember2022-04-012022-06-300001101239us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001101239us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-04-012022-06-300001101239us-gaap:CommonStockMember2022-06-300001101239us-gaap:TreasuryStockCommonMember2022-06-300001101239us-gaap:AdditionalPaidInCapitalMember2022-06-300001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-06-300001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001101239us-gaap:RetainedEarningsMember2022-06-300001101239us-gaap:ParentMember2022-06-300001101239us-gaap:NoncontrollingInterestMember2022-06-3000011012392022-06-300001101239us-gaap:RetainedEarningsMember2022-07-012022-09-300001101239us-gaap:ParentMember2022-07-012022-09-300001101239us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001101239us-gaap:CommonStockMember2022-07-012022-09-300001101239us-gaap:TreasuryStockCommonMember2022-07-012022-09-300001101239us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001101239us-gaap:CommonStockMembereqix:ATMProgramMember2022-07-012022-09-300001101239eqix:ATMProgramMemberus-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001101239us-gaap:ParentMembereqix:ATMProgramMember2022-07-012022-09-300001101239eqix:ATMProgramMember2022-07-012022-09-300001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-07-012022-09-300001101239us-gaap:CommonStockMember2022-09-300001101239us-gaap:TreasuryStockCommonMember2022-09-300001101239us-gaap:AdditionalPaidInCapitalMember2022-09-300001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-09-300001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001101239us-gaap:RetainedEarningsMember2022-09-300001101239us-gaap:ParentMember2022-09-300001101239us-gaap:NoncontrollingInterestMember2022-09-300001101239us-gaap:CommonStockMember2020-12-310001101239us-gaap:TreasuryStockCommonMember2020-12-310001101239us-gaap:AdditionalPaidInCapitalMember2020-12-310001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-12-310001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001101239us-gaap:RetainedEarningsMember2020-12-310001101239us-gaap:ParentMember2020-12-310001101239us-gaap:NoncontrollingInterestMember2020-12-310001101239us-gaap:RetainedEarningsMember2021-01-012021-03-310001101239us-gaap:ParentMember2021-01-012021-03-310001101239us-gaap:NoncontrollingInterestMember2021-01-012021-03-3100011012392021-01-012021-03-310001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001101239us-gaap:CommonStockMember2021-01-012021-03-310001101239us-gaap:TreasuryStockCommonMember2021-01-012021-03-310001101239us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-01-012021-03-310001101239us-gaap:CommonStockMember2021-03-310001101239us-gaap:TreasuryStockCommonMember2021-03-310001101239us-gaap:AdditionalPaidInCapitalMember2021-03-310001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-03-310001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001101239us-gaap:RetainedEarningsMember2021-03-310001101239us-gaap:ParentMember2021-03-310001101239us-gaap:NoncontrollingInterestMember2021-03-3100011012392021-03-310001101239us-gaap:RetainedEarningsMember2021-04-012021-06-300001101239us-gaap:ParentMember2021-04-012021-06-300001101239us-gaap:NoncontrollingInterestMember2021-04-012021-06-3000011012392021-04-012021-06-300001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001101239us-gaap:CommonStockMember2021-04-012021-06-300001101239us-gaap:TreasuryStockCommonMember2021-04-012021-06-300001101239us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001101239us-gaap:CommonStockMembereqix:ATMProgramMember2021-04-012021-06-300001101239eqix:ATMProgramMemberus-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001101239us-gaap:ParentMembereqix:ATMProgramMember2021-04-012021-06-300001101239eqix:ATMProgramMember2021-04-012021-06-300001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-04-012021-06-300001101239us-gaap:CommonStockMember2021-06-300001101239us-gaap:TreasuryStockCommonMember2021-06-300001101239us-gaap:AdditionalPaidInCapitalMember2021-06-300001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-06-300001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001101239us-gaap:RetainedEarningsMember2021-06-300001101239us-gaap:ParentMember2021-06-300001101239us-gaap:NoncontrollingInterestMember2021-06-3000011012392021-06-300001101239us-gaap:RetainedEarningsMember2021-07-012021-09-300001101239us-gaap:ParentMember2021-07-012021-09-300001101239us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001101239us-gaap:CommonStockMember2021-07-012021-09-300001101239us-gaap:TreasuryStockCommonMember2021-07-012021-09-300001101239us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-07-012021-09-300001101239us-gaap:CommonStockMember2021-09-300001101239us-gaap:TreasuryStockCommonMember2021-09-300001101239us-gaap:AdditionalPaidInCapitalMember2021-09-300001101239us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-09-300001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001101239us-gaap:RetainedEarningsMember2021-09-300001101239us-gaap:ParentMember2021-09-300001101239us-gaap:NoncontrollingInterestMember2021-09-300001101239us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001101239us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-09-300001101239us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300001101239us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001101239us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300001101239us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300001101239eqix:AccumulatedForeignCurrencyGainLossNetInvestmentHedgesAttributabletoParentMember2021-12-310001101239eqix:AccumulatedForeignCurrencyGainLossNetInvestmentHedgesAttributabletoParentMember2022-01-012022-09-300001101239eqix:AccumulatedForeignCurrencyGainLossNetInvestmentHedgesAttributabletoParentMember2022-09-300001101239us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-12-310001101239us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-09-300001101239us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-09-300001101239us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-30eqix:planeqix:country0001101239eqix:A2020ATMProgramAndEquityForwardAmendmentMember2022-02-280001101239eqix:A2020ATMProgramAndEquityForwardAmendmentMember2022-02-012022-02-28eqix:alternative0001101239eqix:EquityForwardAmendmentUnderThe2020ATMProgramMember2022-09-30eqix:agreement0001101239eqix:EquityForwardAmendmentUnderThe2020ATMProgramMember2022-01-012022-09-300001101239eqix:A2020ATMProgramMember2022-07-012022-09-300001101239eqix:A2020ATMProgramMember2022-01-012022-09-300001101239eqix:A2020ATMProgramMember2021-01-012021-09-300001101239eqix:A2020ATMProgramMember2021-07-012021-09-300001101239eqix:A2020ATMProgramMember2022-09-300001101239us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001101239us-gaap:CostOfSalesMember2022-07-012022-09-300001101239us-gaap:CostOfSalesMember2021-07-012021-09-300001101239us-gaap:CostOfSalesMember2022-01-012022-09-300001101239us-gaap:CostOfSalesMember2021-01-012021-09-300001101239us-gaap:SellingAndMarketingExpenseMember2022-07-012022-09-300001101239us-gaap:SellingAndMarketingExpenseMember2021-07-012021-09-300001101239us-gaap:SellingAndMarketingExpenseMember2022-01-012022-09-300001101239us-gaap:SellingAndMarketingExpenseMember2021-01-012021-09-300001101239us-gaap:GeneralAndAdministrativeExpenseMember2022-07-012022-09-300001101239us-gaap:GeneralAndAdministrativeExpenseMember2021-07-012021-09-300001101239us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-09-300001101239us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-09-30eqix:lineeqix:segment0001101239srt:AmericasMembereqix:ColocationMember2022-07-012022-09-300001101239us-gaap:EMEAMembereqix:ColocationMember2022-07-012022-09-300001101239eqix:ColocationMembersrt:AsiaPacificMember2022-07-012022-09-300001101239eqix:ColocationMember2022-07-012022-09-300001101239srt:AmericasMembereqix:ColocationMember2022-01-012022-09-300001101239us-gaap:EMEAMembereqix:ColocationMember2022-01-012022-09-300001101239eqix:ColocationMembersrt:AsiaPacificMember2022-01-012022-09-300001101239eqix:ColocationMember2022-01-012022-09-300001101239eqix:InterconnectionMembersrt:AmericasMember2022-07-012022-09-300001101239eqix:InterconnectionMemberus-gaap:EMEAMember2022-07-012022-09-300001101239eqix:InterconnectionMembersrt:AsiaPacificMember2022-07-012022-09-300001101239eqix:InterconnectionMember2022-07-012022-09-300001101239eqix:InterconnectionMembersrt:AmericasMember2022-01-012022-09-300001101239eqix:InterconnectionMemberus-gaap:EMEAMember2022-01-012022-09-300001101239eqix:InterconnectionMembersrt:AsiaPacificMember2022-01-012022-09-300001101239eqix:InterconnectionMember2022-01-012022-09-300001101239srt:AmericasMembereqix:ManagedInfrastructureMember2022-07-012022-09-300001101239us-gaap:EMEAMembereqix:ManagedInfrastructureMember2022-07-012022-09-300001101239srt:AsiaPacificMembereqix:ManagedInfrastructureMember2022-07-012022-09-300001101239eqix:ManagedInfrastructureMember2022-07-012022-09-300001101239srt:AmericasMembereqix:ManagedInfrastructureMember2022-01-012022-09-300001101239us-gaap:EMEAMembereqix:ManagedInfrastructureMember2022-01-012022-09-300001101239srt:AsiaPacificMembereqix:ManagedInfrastructureMember2022-01-012022-09-300001101239eqix:ManagedInfrastructureMember2022-01-012022-09-300001101239srt:AmericasMemberus-gaap:ServiceOtherMember2022-07-012022-09-300001101239us-gaap:EMEAMemberus-gaap:ServiceOtherMember2022-07-012022-09-300001101239us-gaap:ServiceOtherMembersrt:AsiaPacificMember2022-07-012022-09-300001101239us-gaap:ServiceOtherMember2022-07-012022-09-300001101239srt:AmericasMemberus-gaap:ServiceOtherMember2022-01-012022-09-300001101239us-gaap:EMEAMemberus-gaap:ServiceOtherMember2022-01-012022-09-300001101239us-gaap:ServiceOtherMembersrt:AsiaPacificMember2022-01-012022-09-300001101239us-gaap:ServiceOtherMember2022-01-012022-09-300001101239srt:AmericasMembereqix:RecurringRevenuesMember2022-07-012022-09-300001101239us-gaap:EMEAMembereqix:RecurringRevenuesMember2022-07-012022-09-300001101239srt:AsiaPacificMembereqix:RecurringRevenuesMember2022-07-012022-09-300001101239eqix:RecurringRevenuesMember2022-07-012022-09-300001101239srt:AmericasMembereqix:RecurringRevenuesMember2022-01-012022-09-300001101239us-gaap:EMEAMembereqix:RecurringRevenuesMember2022-01-012022-09-300001101239srt:AsiaPacificMembereqix:RecurringRevenuesMember2022-01-012022-09-300001101239eqix:RecurringRevenuesMember2022-01-012022-09-300001101239srt:AmericasMembereqix:NonRecurringRevenuesMember2022-07-012022-09-300001101239us-gaap:EMEAMembereqix:NonRecurringRevenuesMember2022-07-012022-09-300001101239eqix:NonRecurringRevenuesMembersrt:AsiaPacificMember2022-07-012022-09-300001101239eqix:NonRecurringRevenuesMember2022-07-012022-09-300001101239srt:AmericasMembereqix:NonRecurringRevenuesMember2022-01-012022-09-300001101239us-gaap:EMEAMembereqix:NonRecurringRevenuesMember2022-01-012022-09-300001101239eqix:NonRecurringRevenuesMembersrt:AsiaPacificMember2022-01-012022-09-300001101239eqix:NonRecurringRevenuesMember2022-01-012022-09-300001101239srt:AmericasMember2022-07-012022-09-300001101239us-gaap:EMEAMember2022-07-012022-09-300001101239srt:AsiaPacificMember2022-07-012022-09-300001101239srt:AmericasMember2022-01-012022-09-300001101239srt:AsiaPacificMember2022-01-012022-09-300001101239srt:AmericasMembereqix:ColocationMember2021-07-012021-09-300001101239us-gaap:EMEAMembereqix:ColocationMember2021-07-012021-09-300001101239eqix:ColocationMembersrt:AsiaPacificMember2021-07-012021-09-300001101239eqix:ColocationMember2021-07-012021-09-300001101239srt:AmericasMembereqix:ColocationMember2021-01-012021-09-300001101239us-gaap:EMEAMembereqix:ColocationMember2021-01-012021-09-300001101239eqix:ColocationMembersrt:AsiaPacificMember2021-01-012021-09-300001101239eqix:ColocationMember2021-01-012021-09-300001101239eqix:InterconnectionMembersrt:AmericasMember2021-07-012021-09-300001101239eqix:InterconnectionMemberus-gaap:EMEAMember2021-07-012021-09-300001101239eqix:InterconnectionMembersrt:AsiaPacificMember2021-07-012021-09-300001101239eqix:InterconnectionMember2021-07-012021-09-300001101239eqix:InterconnectionMembersrt:AmericasMember2021-01-012021-09-300001101239eqix:InterconnectionMemberus-gaap:EMEAMember2021-01-012021-09-300001101239eqix:InterconnectionMembersrt:AsiaPacificMember2021-01-012021-09-300001101239eqix:InterconnectionMember2021-01-012021-09-300001101239srt:AmericasMembereqix:ManagedInfrastructureMember2021-07-012021-09-300001101239us-gaap:EMEAMembereqix:ManagedInfrastructureMember2021-07-012021-09-300001101239srt:AsiaPacificMembereqix:ManagedInfrastructureMember2021-07-012021-09-300001101239eqix:ManagedInfrastructureMember2021-07-012021-09-300001101239srt:AmericasMembereqix:ManagedInfrastructureMember2021-01-012021-09-300001101239us-gaap:EMEAMembereqix:ManagedInfrastructureMember2021-01-012021-09-300001101239srt:AsiaPacificMembereqix:ManagedInfrastructureMember2021-01-012021-09-300001101239eqix:ManagedInfrastructureMember2021-01-012021-09-300001101239srt:AmericasMemberus-gaap:ServiceOtherMember2021-07-012021-09-300001101239us-gaap:EMEAMemberus-gaap:ServiceOtherMember2021-07-012021-09-300001101239us-gaap:ServiceOtherMembersrt:AsiaPacificMember2021-07-012021-09-300001101239us-gaap:ServiceOtherMember2021-07-012021-09-300001101239srt:AmericasMemberus-gaap:ServiceOtherMember2021-01-012021-09-300001101239us-gaap:EMEAMemberus-gaap:ServiceOtherMember2021-01-012021-09-300001101239us-gaap:ServiceOtherMembersrt:AsiaPacificMember2021-01-012021-09-300001101239us-gaap:ServiceOtherMember2021-01-012021-09-300001101239srt:AmericasMembereqix:RecurringRevenuesMember2021-07-012021-09-300001101239us-gaap:EMEAMembereqix:RecurringRevenuesMember2021-07-012021-09-300001101239srt:AsiaPacificMembereqix:RecurringRevenuesMember2021-07-012021-09-300001101239eqix:RecurringRevenuesMember2021-07-012021-09-300001101239srt:AmericasMembereqix:RecurringRevenuesMember2021-01-012021-09-300001101239us-gaap:EMEAMembereqix:RecurringRevenuesMember2021-01-012021-09-300001101239srt:AsiaPacificMembereqix:RecurringRevenuesMember2021-01-012021-09-300001101239eqix:RecurringRevenuesMember2021-01-012021-09-300001101239srt:AmericasMembereqix:NonRecurringRevenuesMember2021-07-012021-09-300001101239us-gaap:EMEAMembereqix:NonRecurringRevenuesMember2021-07-012021-09-300001101239eqix:NonRecurringRevenuesMembersrt:AsiaPacificMember2021-07-012021-09-300001101239eqix:NonRecurringRevenuesMember2021-07-012021-09-300001101239srt:AmericasMembereqix:NonRecurringRevenuesMember2021-01-012021-09-300001101239us-gaap:EMEAMembereqix:NonRecurringRevenuesMember2021-01-012021-09-300001101239eqix:NonRecurringRevenuesMembersrt:AsiaPacificMember2021-01-012021-09-300001101239eqix:NonRecurringRevenuesMember2021-01-012021-09-300001101239srt:AmericasMember2021-07-012021-09-300001101239us-gaap:EMEAMember2021-07-012021-09-300001101239srt:AsiaPacificMember2021-07-012021-09-300001101239srt:AmericasMember2021-01-012021-09-300001101239us-gaap:EMEAMember2021-01-012021-09-300001101239srt:AsiaPacificMember2021-01-012021-09-300001101239srt:AmericasMember2022-09-300001101239srt:AmericasMember2021-12-310001101239us-gaap:EMEAMember2022-09-300001101239us-gaap:EMEAMember2021-12-310001101239srt:AsiaPacificMember2022-09-300001101239srt:AsiaPacificMember2021-12-310001101239us-gaap:SubsequentEventMember2022-11-022022-11-02

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 September 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
  
eqix-20220930_g1.jpg
 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 classTrading symbolName of each exchange on which registered
Common Stock, $0.001EQIXThe Nasdaq Stock Market LLC
0.250% Senior Notes due 2027The Nasdaq Stock Market LLC
1.000% Senior Notes due 2033The 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 filerAccelerated filer
Non-accelerated filerSmaller 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 November 3, 2022 was 92,538,115.


EQUINIX, INC.
INDEX
Page
No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
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, increased interest rates 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. These macro-economic and other factors could negatively affect our business and financial condition.
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 costs to procure power, prolonged power outages, shortages or capacity constraints as well as restrictions on access to power.
Fluctuations in foreign currency exchange rates, especially the strength of the U.S. dollar, 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 continue 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)
September 30,
2022
December 31,
2021
 (Unaudited)
Assets
Current assets:
Cash and cash equivalents$2,500,816 $1,536,358 
Accounts receivable, net of allowance of $12,725 and $11,635
778,858 681,809 
Other current assets656,865 462,739 
Assets held for sale80,516 276,195 
Total current assets4,017,055 2,957,101 
Property, plant and equipment, net15,140,597 15,445,775 
Operating lease right-of-use assets1,377,195 1,282,418 
Goodwill5,393,708 5,372,071 
Intangible assets, net1,892,781 1,935,267 
Other assets1,504,530 926,066 
Total assets$29,325,866 $27,918,698 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses$922,545 $879,144 
Accrued property, plant and equipment275,348 187,334 
Current portion of operating lease liabilities136,848 144,029 
Current portion of finance lease liabilities140,010 147,841 
Current portion of mortgage and loans payable9,810 33,087 
Other current liabilities211,428 214,519 
Total current liabilities1,695,989 1,605,954 
Operating lease liabilities, less current portion1,227,543 1,107,180 
Finance lease liabilities, less current portion1,902,060 1,989,668 
Mortgage and loans payable, less current portion599,132 586,577 
Senior notes, less current portion12,008,125 10,984,144 
Other liabilities738,924 763,411 
Total liabilities18,171,773 17,036,934 
Commitments and contingencies (Note 11)
Equinix stockholders' equity
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 92,786,363 issued and 92,536,979 outstanding in 2022 and 90,872,826 issued and 90,571,406 outstanding in 2021
93 91 
Additional paid-in capital17,193,805 15,984,597 
Treasury stock, at cost; 249,384 shares in 2022 and 301,420 shares in 2021
(92,845)(112,208)
Accumulated dividends(7,026,832)(6,165,140)
Accumulated other comprehensive loss(1,755,917)(1,085,751)
Retained earnings2,836,075 2,260,493 
Total Equinix stockholders' equity11,154,379 10,882,082 
Non-controlling interests
(286)(318)
Total stockholders' equity 11,154,093 10,881,764 
Total liabilities and stockholders' equity$29,325,866 $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
September 30,
Nine Months Ended
September 30,
 2022202120222021
 (Unaudited)
Revenues$1,840,659 $1,675,176 $5,392,260 $4,929,159 
Costs and operating expenses:
Cost of revenues934,669 885,650 2,780,801 2,561,987 
Sales and marketing193,089 182,997 579,327 551,434 
General and administrative375,483 334,625 1,098,518 958,086 
Transaction costs2,007 5,197 11,310 13,364 
(Gain) loss on asset sales2,252 (15,414)3,976 (14,149)
Total costs and operating expenses1,507,500 1,393,055 4,473,932 4,070,722 
Income from operations333,159 282,121 918,328 858,437 
Interest income11,192 411 17,806 1,514 
Interest expense(91,346)(78,943)(262,137)(255,855)
Other income (expense)(6,735)1,482 (22,522)(44,845)
Gain (loss) on debt extinguishment75 179 184 (115,339)
Income before income taxes
246,345 205,250 651,659 443,912 
Income tax expense(34,606)(53,224)(75,985)(67,325)
Net income211,739 152,026 575,674 376,587 
Net (income) loss attributable to non-controlling interests
68 190 (92)330 
Net income attributable to Equinix$211,807 $152,216 $575,582 $376,917 
Earnings per share ("EPS") attributable to Equinix:
Basic EPS$2.30 $1.69 $6.31 $4.21 
Weighted-average shares for basic EPS91,896 89,858 91,234 89,614 
Diluted EPS$2.30 $1.68 $6.29 $4.18 
Weighted-average shares for diluted EPS92,135 90,467 91,519 90,202 
See accompanying notes to condensed consolidated financial statements.
7

EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
 (Unaudited)
Net income$211,739 $152,026 $575,674 $376,587 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment ("CTA") loss, net of tax effects of $0, $0, $0 and $0
(703,640)(260,011)(1,566,602)(444,691)
Net investment hedge CTA gain, net of tax effect of $0, $0, $0 and $0
360,350 131,080 805,661 264,219 
Unrealized gain on cash flow hedges, net of tax effects of $(2,250), $(6,965), $(14,268) and $(15,304)
6,120 28,270 90,774 52,048 
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $5, $(4), $14 and $(12)
(19)14 (59)41 
Total other comprehensive loss, net of tax(337,189)(100,647)(670,226)(128,383)
Comprehensive income (loss), net of tax(125,450)51,379 (94,552)248,204 
Net (income) loss attributable to non-controlling interests68 190 (92)330 
Other comprehensive (income) loss attributable to non-controlling interests28  60 (10)
Comprehensive income (loss) attributable to Equinix$(125,354)$51,569 $(94,584)$248,524 
See accompanying notes to condensed consolidated financial statements.
8

EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
September 30,
20222021
 (Unaudited)
Cash flows from operating activities:
Net income$575,674 $376,587 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation1,145,485 1,074,761 
Stock-based compensation296,464 267,395 
Amortization of intangible assets153,317 155,428 
Amortization of debt issuance costs and debt discounts and premiums13,273 12,760 
Provision for credit loss allowance5,534 7,604 
Loss on asset sales3,976 (14,149)
(Gain) loss on debt extinguishment(184)115,339 
Other items18,964 22,377 
Changes in operating assets and liabilities:
Accounts receivable(97,206)(111,313)
Income taxes, net9,874 (44,200)
Other assets(145,376)(124,573)
Operating lease right-of-use assets112,923 102,728 
Operating lease liabilities(98,245)(137,751)
Accounts payable and accrued expenses83,089 9,968 
Other liabilities125,431 (57,860)
Net cash provided by operating activities2,202,993 1,655,101 
Cash flows from investing activities:
Purchases of investments(109,420)(77,139)
Sales of investments22,073 4,057 
Business acquisitions, net of cash and restricted cash acquired(964,010)(158,498)
Real estate acquisitions(39,899)(194,849)
Purchases of other property, plant and equipment(1,450,077)(1,934,107)
Proceeds from sale of assets, net of cash transferred249,906 174,494 
Net cash used in investing activities(2,291,427)(2,186,042)
Cash flows from financing activities:
Proceeds from employee equity awards81,543 77,628 
Payment of dividends(863,886)(783,454)
Proceeds from public offering of common stock, net of issuance costs796,018 99,599 
Proceeds from senior notes, net of debt discounts1,193,688 3,878,662 
Proceeds from mortgage and loans payable676,850  
Repayments of finance lease liabilities(97,808)(130,129)
Repayments of mortgage and loans payable(586,227)(706,426)
Repayment of senior notes (1,990,650)
Debt extinguishment costs (99,185)
Debt issuance costs(17,731)(25,102)
Net cash provided by financing activities1,182,447 320,943 
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
(135,599)(24,139)
Net increase in cash, cash equivalents and restricted cash958,414 (234,137)
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$2,507,868 $1,391,558 
Cash and cash equivalents$2,500,816 $1,379,100 
Current portion of restricted cash included in other current assets2,529 11,567 
Non-current portion of restricted cash included in other assets4,523 891 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows
$2,507,868 $1,391,558 
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" or "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 and a data center in Peru acquired from Empresa Nacional De Telecomunicaciones S.A. ("Entel") from May 2, 2022 and August 1, 2022, respectively.
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 11.7% and 15.2% for the nine months ended September 30, 2022 and 2021, respectively. The decrease in the effective tax rate for the nine months ended September 30, 2022 as compared to the same period in 2021 was mainly driven by higher U.S. QRS income that is not subject to U.S. corporate income taxes.
In the current period, we had a favorable resolution of uncertain tax positions of approximately $40.0 million resulting from the settlement of tax audits in the EMEA region. In the prior period, we had a favorable resolution of
10

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
uncertain tax positions of approximately $70.0 million resulting from the settlement of various tax audits in the EMEA and Asia-Pacific regions. Of the unrecognized tax benefits realized in the prior period, approximately $32.3 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 Not Yet Adopted
In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04, "Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations". This guidance requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We are currently evaluating the extent of the impact of this ASU, but do not expect the adoption of this standard to have a significant impact on our condensed consolidated financial statements.
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 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, FASB issued 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, currentContract assets, non-currentDeferred revenue, currentDeferred revenue, non-current
Beginning balances as of January 1, 2022
$681,809 $65,392 $55,486 $109,736 $87,495 
Closing balances as of September 30, 2022
778,858 64,046 61,097 118,044 156,018 
Increase (Decrease)$97,049 $(1,346)$5,611 $8,308 $68,523 
(1) The net change in our allowance for credit losses was insignificant during the nine months ended September 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 nine months ended September 30, 2022 from the opening deferred revenue balance as of January 1, 2022 was $67.3 million.
Remaining performance obligations
As of September 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 deployment 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
September 30,
Nine Months Ended
September 30,
 2022202120222021
Net income$211,739 $152,026 $575,674 $376,587 
Net (income) loss attributable to non-controlling interests
68 190 (92)330 
Net income attributable to Equinix$211,807 $152,216 $575,582 $376,917 
Weighted-average shares used to calculate basic EPS91,896 89,858 91,234 89,614 
Effect of dilutive securities:
Employee equity awards239 609 285 588 
Weighted-average shares used to calculate diluted EPS92,135 90,467 91,519 90,202 
EPS attributable to Equinix:
Basic EPS$2.30 $1.69 $6.31 $4.21 
Diluted EPS$2.30 $1.68 $6.29 $4.18 
We have excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 351,000 shares and 17,000 shares for the three months ended September 30, 2022 and 2021, respectively, and approximately 379,000 and 212,000 shares for the nine months ended September 30, 2022 and 2021, because their effect would be anti-dilutive.
13

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
4.    Acquisitions
2022 Acquisitions
Acquisition of Entel Chile Data Centers (the "Entel Chile Acquisition") and Entel Peru Data Center (the "Entel Peru Acquisition")
On May 2, 2022, we further expanded in Latin America through an acquisition of four data centers in Chile 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. On August 1, 2022, we completed the acquisition of a data center in Peru from Entel for a total purchase consideration of $80.3 million at the exchange rate in effect on that date. The Entel Chile Acquisition and Entel Peru Acquisition support 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, except where alternative measurement is required under GAAP.
As of September 30, 2022, we had not completed the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed from the Entel Peru Acquisition, 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.
14

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
A summary of the allocation of total purchase consideration is presented as follows (in thousands):
GPX IndiaEntel PeruEntel ChileMainOne
FinalProvisional
Cash and cash equivalents$9,406 $ $ $33,026 
Accounts receivable4,399   9,431 
Other current assets 8,883  12,424 21,988 
Property, plant and equipment88,130 13,423 81,132 239,583 
Operating lease right-of-use assets62    
Intangible assets15,408 10,000 153,489 54,800 
Goodwill77,145 46,118 380,867 110,648 
Deferred tax and other assets20 10,801 12,090 6,731 
Total assets acquired
203,453 80,342 640,002 476,207 
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)(139,062)
Net assets acquired
$170,465 $80,342 $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 four 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 AssetsFair ValueEstimated Useful Lives (Years)Weighted-average Estimated Useful Lives (Years)Discount Rate
GPX India:
Customer relationships (1)
$15,408 15.015.011.0 %
Entel Peru:
Customer relationships (1)
10,000 15.015.07.0 %
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
14.011.5 %
Trade names (2)
3,300 5.05.011.5 %
15

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
(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 and/or by using benchmarking. 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 Peru and Entel Chile acquisitions are attributable to the Americas region and are 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 Peru and Entel Chile acquisitions 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 nine months ended September 30, 2022, our revenues from these acquisitions were $30.2 million and $57.2 million, respectively. During the three months ended September 30, 2022, our net income was insignificant and during the nine months ended September 30, 2022, our net income was $6.2 million from these acquisitions.
Transaction costs
During the three and nine months ended September 30, 2022, the transaction costs for the MainOne, Entel Chile and Entel Peru acquisitions were insignificant.
16

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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 xScaleTM data centers in Europe and the Americas (the “EMEA 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 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 xScale data centers in Asia-Pacific (the "Asia-Pacific 2 Joint Venture"). 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 September 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 September 30, 2022 (in thousands):

September 30,
2022
Property, plant and equipment$77,568 
Other assets2,948 
Total assets held for sale$80,516 
Accrued property, plant and equipment$9,482 
Total liabilities held for sale (1)
$9,482 
(1)Liabilities held for sale were included within other current liabilities on the condensed consolidated balance sheet.
17

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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:
InvesteeOwnership PercentageSeptember 30, 2022December 31, 2021
EMEA 1 Joint Venture with GIC20%$124,364 $131,516 
VIE Joint Ventures20%158,507 95,052 
OtherVarious18,138 18,481 
Total $301,009 $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 nine months ended September 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 September 30, 2022, we had future equity contribution commitments of $24.3 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.
18

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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 nine months ended September 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 September 30, 2022 (in thousands):
VIE Joint Ventures
Equity Investment$158,507 
Outstanding Receivables22,531 
Future Equity Contribution Commitments (1)
65,310 
Maximum Future Payments under Debt Guarantees (2)
58,333 
Total $304,681 
(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
September 30,
Nine Months Ended
September 30,
Related PartyNature of Transaction2022202120222021
EMEA 1 Joint VentureRevenues$5,957 $