PR Newswire | Jul 29, 2020 04:06PM EDT

07/29 15:05 CDT

Equinix Reports Second Quarter 2020 ResultsInterconnection and Data Center Leader Delivers Another Consecutive Quarter of Revenue and Interconnection Growth REDWOOD CITY, Calif., July 29, 2020

REDWOOD CITY, Calif., July 29, 2020 /PRNewswire/ --

* Quarterly revenues increased 6% over the same quarter last year to $1.470 billion, or 8% on a normalized and constant currency basis, representing the 70th consecutive quarter of revenue growth * Delivered one of the strongest quarters of interconnection growth and activity in the company's history * Customer deployments across multiple metros comprised 88% of total recurring revenues, demonstrating the value of the Equinix global platform

Equinix, Inc. (Nasdaq: EQIX), the global interconnection and data center company, today reported results for the quarter ended June 30, 2020. 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 2020 Results Summary

* Revenues * $1.470 billion, a 2% increase over the previous quarter * Includes a $3 million foreign currency benefit when compared to prior guidance rates

* Operating Income * $282 million, an 11% increase over the previous quarter and an operating margin of 19%

* Adjusted EBITDA * $720 million, a 49% adjusted EBITDA margin * Includes a $1 million foreign currency benefit when compared to prior guidance rates * Includes $2 million of integration costs

* Net Income and Net Income per Share attributable to Equinix * $133 million, a 12% increase over the previous quarter * $1.52 per share, a 10% increase over the previous quarter

* AFFO and AFFO per Share * $558 million, a 4% increase over the previous quarter * $6.35 per share, a 2% increase over the previous quarter * Includes $2 million of integration costs

2020 Annual Guidance Summary

* Revenues * $5.919 - $5.989 billion, a 6 - 8% increase over the previous year, or a normalized and constant currency increase of 8 - 9% * An increase of $23 million due to a foreign currency benefit when compared to the prior guidance FX rates

* Adjusted EBITDA * $2.781 - $2.851 billion, a 47% adjusted EBITDA margin * An increase of $11 million due to a foreign currency benefit when compared to the prior guidance FX rates * Assumes $20 million of integration costs

* AFFO and AFFO per Share * $2.107 - $2.177 billion, an increase of 9 - 13% over the previous year, or a normalized and constant currency increase of 14 - 18%; an increase of $54 million compared to prior guidance, including an $11 million foreign currency benefit * $23.87 - $24.67 per share, an increase of 5 - 8% over the previous year, or a normalized and constant currency increase of 8 - 12%; reaffirms prior full-year AFFO per share guidance while fully absorbing the dilution impact from the $1.7 billion public offering of common stock * Assumes $20 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:

"Even in the face of an uncertain macro environment created by the global pandemic, the Equinix business continues to perform well. The demand drivers for digital infrastructure have never been stronger, and our relevance in enabling our customers to respond effectively to their digital transformation imperatives continues to increase. The power of our global platform and the resiliency and adaptability of our global teams are helping us create distinct and durable value for our customers, driving strong business results and allowing us to remain focused on delivering a positive impact to our many stakeholders as we build an enduring and sustainable culture and business."

Business Highlights

* Equinix continued to invest in building out its global platform in response to strong customer demand and a high level of inventory utilization: * On May 29, Equinix entered into an agreement to purchase a portfolio of 13 data center sites, representing 25 data centers, across Canada from BCE Inc. ("Bell") for approximately $750 million. The addition of these strategic assets, their associated operations and the more than 600 customers operating within the data centers will further strengthen Equinix's global platform. The acquisition will expand Equinix's coverage in Canada coast to coast, making it a market leader in data center and interconnection services. In addition to adding new capacity in Toronto, Ontario, where Equinix currently operates two International Business Exchange(tm) (IBX(r)) data centers, it will extend Equinix's interconnection services to seven new metros. * Equinix continues its investment in organic growth and expansion activities with 29 major expansion projects underway in 20 markets across 14 countries. * Additionally, Equinix completed seven new openings or phased expansions in Q2 in Amsterdam, Chicago, Dallas, Hamburg, Hong Kong, Toronto and Washington, D.C.

* In Q2, Equinix opened the 5G and Edge Proof of Concept Center (POCC) at its Dallas Infomart campus, which provides a 5G and edge "sandbox" environment, enabling Mobile Network Operators (MNOs), cloud platforms, technology vendors and enterprises to directly connect with the largest edge data center platform in order to test, demonstrate and accelerate complex 5G and edge deployment and interoperability scenarios. The POCC will support the growing demand for companies to accelerate their evolution from traditional to digital businesses. * Equinix continues 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. Equinix is seeing strong customer demand in its initial European xScale JV(tm) with GIC, and is expected to expand this JV with its PA9x asset, which is expected to open early next year and is already 100% pre-leased to a major hyperscaler. Equinix is also targeting to close its new xScale JV in Japan with GIC in Q4, adding hyperscale assets in both Osaka and Tokyo. * Interconnection revenues in Q2 grew 14% year-over-year, or 16% on a normalized and constant currency basis, steadily rising over the last few quarters, reflecting the demand across the Equinix portfolio for interconnection products. Today, Equinix has the most comprehensive global interconnection platform, comprising over 378,000 physical and virtual interconnections. In Q2, Equinix added an incremental 8,000 interconnections, fueled by streaming, video conferencing, enterprise cloud connectivity and work-from-home local aggregation. * Equinix had strong bookings across all three regions (Americas, EMEA and Asia-Pacific) in Q2, with record bookings in the Americas. The network vertical also achieved record bookings, driven by robust network reseller activity and network expansions to support traffic growth. The financial services vertical captured its second-highest bookings, with strength in global financial and insurance firms as they embrace digital transformation. * Equinix's financial strength remains a significant and strategic advantage. In May, Equinix raised approximately $1.7 billion in common stock to support the continued organic and inorganic growth of the business and received its third investment grade rating when Moody's upgraded Equinix's corporate debt rating to Baa3 from Ba1. In June, Equinix leveraged the company's investment-grade ratings by refinancing $2.6 billion of high-yield debt at a blended interest rate of 2.07%. The interest savings from the refinancing effectively offset the dilution associated with equity raise.

COVID-19 Update

Many of the Company's IBX data centers have been identified as "essential businesses" or "critical infrastructure" by local governments for purposes of remaining open during the COVID-19 pandemic, and all IBX data centers remain operational at the time of filing of this press release. Precautionary measures have been implemented to minimize the risk of operational impact and to protect the health and safety of employees, customers, partners and communities. These include implementing tools such as an appointment-based system to control timing and frequency of visits, while also encouraging customers to leverage IBX technicians via Smart Hands(r) in order to restrict visits and minimize the number of people and the amount of time spent in the Company's IBX facilities. For the health and safety of Equinix employees, the Company's corporate offices were closed in March and non-IBX employees across the globe were instructed to work from home until further notice. Recently, a phased plan has been announced for a return-to-office for non-IBX attached sites, and the Company will begin to open certain offices as local conditions allow. Additionally, the Company has decided to continue to limit employee travel and has made the decision to either postpone or virtualize all global events through January 2021.

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 COVID-19 on Equinix and the Company's response thereto will be provided in the upcoming Form 10-Q for the quarter ended June 30, 2020.

Business Outlook

For the third quarter of 2020, the Company expects revenues to range between $1.493 and $1.513 billion, an increase of 2 - 3% quarter-over-quarter, or a normalized and constant currency increase of approximately 1 - 3%. This guidance includes a $5 million foreign currency benefit when compared to the average foreign currency ("FX") rates in Q2 2020. Adjusted EBITDA is expected to range between $696 and $716 million, including a $3 million foreign currency benefit when compared to the average FX rates in Q2 2020 and $5 million of integration costs from acquisitions. Recurring capital expenditures are expected to range between $36 and $46 million.

For the full year of 2020, total revenues are expected to range between $5.919 and $5.989 billion, a 6 - 8% increase over the previous year, or a normalized and constant currency increase of approximately 8 - 9%. This $23 million guidance raise is due to a foreign currency benefit when compared to the prior guidance FX rates. Adjusted EBITDA is expected to range between $2.781 and $2.851 billion, an adjusted EBITDA margin of 47% at the mid-point. This $11 million guidance raise is due to a foreign currency benefit when compared to the prior guidance FX rates. For the year, the company expects to incur $20 million in integration costs related to acquisitions. AFFO is expected to range between $2.107 and $2.177 billion, an increase of 9 - 13% over the previous year, or a normalized and constant currency increase of 14 - 18% and $20 million of integration costs related to our acquisitions. This $54 million guidance raise includes an $11 million foreign currency benefit when compared to prior guidance rates. AFFO per share is expected to range between $23.87 and $24.67, an increase of 5 - 8% over the previous year, or a normalized and constant currency increase of 8 - 12%. This guidance reaffirms prior full-year underlying AFFO per share guidance while fully absorbing the dilution impact from the $1.7 billion public offering of common stock that the company undertook in the second quarter. This guidance excludes any potential financing or refinancing the Company may undertake in the future. Non-recurring capital expenditures are expected to range between $2.050 and $2.240 billion, including $150 million of incremental xScale capital expenditures which we expect to transfer to the Japan JV in Q4, and recurring capital expenditures are expected to range between $150 and $160 million.

The U.S. dollar exchange rates used for 2020 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.13 to the Euro, $1.28 to the Pound, S$1.39 to the U.S. dollar, 108 to the U.S. dollar, and R$5.41 to the U.S. dollar. The Q2 2020 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen and Brazilian Real is 20%, 10%, 7%, 7% and 2%, 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 2020 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended June 30, 2020, along with its future outlook, in its quarterly conference call on Wednesday, July 29, 2020, 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 4, 2020, by dialing 1-203-369-3598 and referencing the passcode 2020. 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

* Equinix Investor Relations Resources

About Equinix

Equinix, Inc. (Nasdaq: EQIX) connects the world's leading businesses to their customers, employees and partners inside the most-interconnected data centers. On this global platform for digital business, companies come together across more than 55 markets on five continents to reach everywhere, interconnect everyone and integrate everything they need to create their digital futures.

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 an IBX data center, and do not reflect its current or future cash spending levels to support its business. Its IBX data centers are long-lived assets, and have an economic life greater than 10 years. The construction costs of an IBX data center do not recur with respect to such data center, although Equinix may incur initial construction costs in future periods with respect to additional IBX 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 IBX data centers. These estimates could vary from actual performance of the asset, are based on historic costs incurred to build out our IBX 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 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 long-lived 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. 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 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 COVID-19 pandemic; the challenges of acquiring, operating and constructing IBX 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, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019

Recurring $ 1,398,138 $ 1,361,694 $ 1,306,045 $ 2,759,832 $ 2,580,873revenues

Non-recurring 71,983 82,848 78,932 154,831 167,322revenues

Revenues 1,470,121 1,444,542 1,384,977 2,914,663 2,748,195

Cost of 739,344 736,282 698,179 1,475,626 1,380,209revenues

Gross profit 730,777 708,260 686,798 1,439,037 1,367,986

Operatingexpenses:

Sales and 178,124 180,450 159,201 358,574 328,916marketing

General and 256,890 261,597 232,656 518,487 447,702administrative

Transaction 13,617 11,530 2,774 25,147 5,245costs

Impairment - - 386 - 14,834charges

(Gain) loss on (342) 1,199 - 857 -asset sales

Total operating 448,289 454,776 395,017 903,065 796,697expenses

Income from 282,488 253,484 291,781 535,972 571,289operations

Interest and other income(expense):

Interest income 1,685 4,273 7,762 5,958 11,964

Interest (108,480) (107,338) (120,547) (215,818) (243,393)expense

Other income 4,278 5,170 12,180 9,448 12,014

Loss on debt (1,868) (6,441) - (8,309) (382)extinguishment

Total interest (104,385) (104,336) (100,605) (208,721) (219,797)and other, net

Income before 178,103 149,148 191,176 327,251 351,492income taxes

Income tax (44,753) (30,191) (47,324) (74,944) (89,893)expense

Net income 133,350 118,957 143,852 252,307 261,599

Net (income)lossattributable to (46) (165) (325) (211) 6non-controllinginterests

Net incomeattributable to $ 133,304 $ 118,792 $ 143,527 $ 252,096 $ 261,605Equinix

Net income per share attributable to Equinix:

Basic netincome per $ 1.53 $ 1.39 $ 1.70 $ 2.92 $ 3.15share

Diluted netincome per $ 1.52 $ 1.38 $ 1.69 $ 2.90 $ 3.13share

Shares used incomputing basic 87,303 85,551 84,399 86,427 83,114net income pershare

Shares used incomputingdiluted net 87,901 86,144 84,767 87,065 83,471income pershare

EQUINIX, INC.Condensed Consolidated Statements of Comprehensive Income (Loss)(in thousands)(unaudited)

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019

Net income $ 133,350 $ 118,957 $ 143,852 $ 252,307 $ 261,599

Other comprehensive loss, net of tax:

Foreign currencytranslation 181,286 (413,792) 25,127 (232,506) (56,592)adjustment ("CTA")gain (loss)

Net investmenthedge CTA gain (97,058) 144,946 (37,857) 47,888 38,993(loss)

Unrealized gain(loss) on cash (17,868) (3,256) (3,355) (21,124) 4,869flow hedges

Net actuarial gain(loss) on defined 20 35 (7) 55 (18)benefit plans

Total othercomprehensive 66,380 (272,067) (16,092) (205,687) (12,748)income (loss), netof tax

Comprehensiveincome (loss), net 199,730 (153,110) 127,760 46,620 248,851of tax

Net (income) lossattributable to (46) (165) (325) (211) 6non-controllinginterests

Othercomprehensive(income) loss (2) 11 14 9 7attributable tonon-controllinginterests

Comprehensiveincome (loss) $ 199,682 $ (153,264) $ 127,449 $ 46,418 $ 248,864attributable toEquinix

EQUINIX, INC.Condensed Consolidated Balance Sheets(in thousands)(unaudited)

June 30, 2020 December 31, 2019

Assets

Cash and cash equivalents $ 4,785,050 $ 1,869,577

Short-term investments 22,069 10,362

Accounts receivable, net 691,589 689,134

Other current assets 330,521 302,880

Assets held for sale 152,188 663

Total current assets 5,981,417 2,872,616

Property, plant and equipment, net 12,663,827 12,152,597

Operating lease right-of-use assets 1,396,101 1,475,367

Goodwill 5,016,350 4,781,858

Intangible assets, net 2,074,689 2,102,389

Other assets 660,246 580,788

Total assets $ 27,792,630 $ 23,965,615

Liabilities and Stockholders' Equity

Accounts payable and accrued expenses $ 745,517 $ 760,718

Accrued property, plant and equipment 335,013 301,535

Current portion of operating lease liabilities 139,833 145,606

Current portion of finance lease liabilities 102,416 75,239

Current portion of mortgage and loans payable 75,589 77,603

Current portion of senior notes 2,227,768 643,224

Other current liabilities 229,635 153,938

Total current liabilities 3,855,771 2,157,863

Operating lease liabilities, less current portion 1,243,362 1,315,656

Finance lease liabilities, less current portion 1,658,432 1,430,882

Mortgage and loans payable, less current portion 1,218,049 1,289,434

Senior notes, less current portion 8,804,633 8,309,673

Other liabilities 624,125 621,725

Total liabilities 17,404,372 15,125,233

Common stock 89 86

Additional paid-in capital 14,651,944 12,696,433

Treasury stock (127,042) (144,256)

Accumulated dividends (4,639,041) (4,168,469)

Accumulated other comprehensive loss (1,140,291) (934,613)

Retained earnings 1,642,621 1,391,425

Total Equinix stockholders' equity 10,388,280 8,840,606

Non-controlling interests (22) (224)

Total stockholders' equity 10,388,258 8,840,382

Total liabilities and $ 27,792,630 $ 23,965,615stockholders' equity

Ending headcount by geographic region is asfollows:

Americas headcount 4,103 3,672

EMEA headcount 3,172 2,941

Asia-Pacific headcount 1,906 1,765

Total headcount 9,181 8,378

EQUINIX, INC.Summary of Debt Principal Outstanding(in thousands)(unaudited)

June 30, 2020 December 31, 2019

Finance lease liabilities $ 1,760,848 $ 1,506,121

Term loans 1,214,332 1,282,302

Mortgage payable and other loans payable 79,306 84,735

Plus: debt discount and issuance costs, net 2,195 3,081

Total mortgage and loans payable 1,295,833 1,370,118principal

Senior notes 11,032,401 8,952,897

Plus: debt issuance costs 108,519 78,030

Less: debt premium (745) (1,716)

Total senior notes principal 11,140,175 9,029,211

Total debt principal outstanding $ 14,196,856 $ 11,905,450

EQUINIX, INC.Condensed Consolidated Statements of Cash Flows(in thousands)(unaudited)

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019

Cash flows from operating activities:

Net income $ 133,350 $ 118,957 $ 143,852 $ 252,307 $ 261,599

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

Depreciation, amortization 348,434 337,431 320,550 685,865 635,255 and accretion

Stock-based 75,844 64,499 61,519 140,343 110,542 compensation

Amortization of debt issuance costs 4,444 3,460 3,238 7,904 6,233 and debt discounts and premiums

Loss on debt 1,868 6,441 - 8,309 382 extinguishment

(Gain) loss on (342) 1,199 - 857 - asset sales

Impairment - - 386 - 14,834 charges

Other items 13,891 6,856 4,745 20,747 12,969

Changes in operating assets and liabilities:

Accounts (29,539) 15,306 (42,370) (14,233) (126,720) receivable

Income taxes, 8,164 3,697 14,837 11,861 30,662 net

Accounts payable and 117 (25,681) 7,476 (25,564) (3,987) accrued expenses

Operating lease 37,495 38,797 37,219 76,292 78,483 right-of-use assets

Operating lease (36,898) (35,193) (34,919) (72,091) (73,805) liabilities

Other assets and 17,858 (18,939) 26,390 (1,081) 17,617 liabilities

Net cash providedby operating 574,686 516,830 542,923 1,091,516 964,064activities

Cash flows from investing activities:

Purchases, sales and maturities of (1,341) (38,940) (3,063) (40,281) (11,842) investments, net

Business acquisitions, net of cash 39 (478,287) (34,143) (478,248) (34,143) and restricted cash acquired

Purchases of (46,194) (36,373) (41,715) (82,567) (47,436) real estate

Purchases of other property, (481,948) (400,941) (444,171) (882,889) (808,138) plant and equipment

Proceeds from - - - - - asset sales

Net cash used ininvesting (529,444) (954,541) (523,092) (1,483,985) (901,559)activities

Cash flows from financing activities:

Proceeds from employee - 30,391 - 30,391 27,593 equity awards

Payment of dividend (236,008) (233,479) (208,449) (469,487) (413,052) distributions

Proceeds from public offering of 1,683,106 101,792 348,121 1,784,898 1,561,555 common stock, net of offering costs

Proceeds from mortgage and 500,790 250,000 - 750,790 - loans payable

Proceeds from senior notes, 2,585,736 - - 2,585,736 - net of debt discounts

Repayment of finance lease (23,704) (18,977) (11,954) (42,681) (43,112) liabilities

Repayment of mortgage and (770,677) (18,501) (17,878) (789,178) (36,212) loans payable

Repayment of (150,000) (343,711) (150,000) (493,711) (150,000) senior notes

Debt extinguishment - (4,619) - (4,619) - costs

Debt issuance (26,266) - - (26,266) - costs

Net cash providedby (used in) 3,562,977 (237,104) (40,160) 3,325,873 946,772financingactivities

Effect of foreigncurrency exchangerates on cash, 12,411 (25,287) 2,106 (12,876) 411cash equivalentsand restrictedcash

Net increase(decrease) incash, cash 3,620,630 (700,102) (18,223) 2,920,528 1,009,688equivalents andrestricted cash

Cash, cashequivalents andrestricted cash at 1,186,511 1,886,613 1,655,515 1,886,613 627,604beginning ofperiod

Cash, cashequivalents and $ 4,807,141 $ 1,186,511 $ 1,637,292 $ 4,807,141 $ 1,637,292restricted cash atend of period

Supplemental cash flow information:

Cash paid for $ 15,752 $ 45,324 $ 32,669 $ 61,076 $ 59,693taxes

Cash paid for $ 122,669 $ 125,924 $ 113,266 $ 248,593 $ 259,410interest

Free cash flow(negative free $ 46,583 $ (398,771) $ 22,894 $ (352,188) $ 74,347cash flow)^(1)

Adjusted free cash $ 92,738 $ 115,889 $ 98,752 $ 208,627 $ 155,926flow ^(2)

We define free cash flow (negative free cash flow) as net cash provided by(1) 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 $ 574,686 $ 516,830 $ 542,923 $ 1,091,516 $ 964,064 activities as presented above

Net cash used in investing activities as (529,444) (954,541) (523,092) (1,483,985) (901,559) presented above

Purchases, sales and maturities of 1,341 38,940 3,063 40,281 11,842 investments, net

Free cash flow (negative free $ 46,583 $ (398,771) $ 22,894 $ (352,188) $ 74,347 cash flow)

We define adjusted free cash flow as free cash flow (negative free cash flow)(2) 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 $ 46,583 $ (398,771) $ 22,894 $ (352,188) $ 74,347 cash flow) as defined above

Less business acquisitions, net of cash (39) 478,287 34,143 478,248 34,143 and restricted cash acquired

Less purchases 46,194 36,373 41,715 82,567 47,436 of real estate

Adjusted free $ 92,738 $ 115,889 $ 98,752 $ 208,627 $ 155,926 cash flow

EQUINIX, INC.Non-GAAP Measures and Other Supplemental Data(in thousands)(unaudited)

Three Months Ended Six Months Ended

June 30, 2020 March 31, June 30, 2019 June 30, 2020 June 30, 2019 2020

Recurring $ 1,398,138 $ 1,361,694 $ 1,306,045 $ 2,759,832 $ 2,580,873 revenues

Non-recurring 71,983 82,848 78,932 154,831 167,322 revenues

Revenues ^(1) 1,470,121 1,444,542 1,384,977 2,914,663 2,748,195

Cash cost of 480,946 476,541 460,983 957,487 909,364 revenues ^(2)

Cash gross 989,175 968,001 923,994 1,957,176 1,838,831 profit ^(3)

Cash operating expenses ^(4) (7):

Cash sales and marketing 111,007 115,671 95,114 226,678 203,330 expenses ^(5)

Cash general and 158,127 168,120 151,870 326,247 298,336 administrative expenses ^(6)

Total cash operating 269,134 283,791 246,984 552,925 501,666 expenses ^(4) (7)

Adjusted EBITDA $ 720,041 $ 684,210 $ 677,010 $ 1,404,251 $ 1,337,165 ^(8)

Cash gross 67 % 67 % 67 % 67 % 67 % margins ^(9)

Adjusted EBITDA 49 % 47 % 49 % 48 % 49 % margins^(10)

Adjusted EBITDA flow-through 140 % 30 % 77 % 53 % 70 % rate ^(11)

FFO ^(12) $ 356,946 $ 343,754 $ 352,973 $ 700,700 $ 679,046

AFFO ^(13)(14) $ 557,793 $ 534,705 $ 497,647 $ 1,092,498 $ 985,767

Basic FFO per $ 4.09 $ 4.02 $ 4.18 $ 8.11 $ 8.17 share ^(15)

Diluted FFO per $ 4.06 $ 3.99 $ 4.16 $ 8.05 $ 8.14 share ^(15)

Basic AFFO per $ 6.39 $ 6.25 $ 5.90 $ 12.64 $ 11.86 share ^(15)

Diluted AFFO $ 6.35 $ 6.21 $ 5.87 $ 12.55 $ 11.81 per share ^(15)

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

Americas Revenues:

Colocation $ 447,498 $ 450,954 $ 444,086 $ 898,452 $ 884,067

Interconnection 153,387 150,929 142,460 304,316 281,023

Managed 28,889 25,529 22,908 54,418 44,695 infrastructure

Other 5,081 5,220 5,352 10,301 11,331

Recurring 634,855 632,632 614,806 1,267,487 1,221,116 revenues

Non-recurring 26,564 29,273 29,614 55,837 67,670 revenues

Revenues $ 661,419 $ 661,905 $ 644,420 $ 1,323,324 $ 1,288,786

EMEA Revenues:

Colocation $ 381,144 $ 362,330 $ 347,795 $ 743,474 $ 678,920

Interconnection 50,904 48,541 38,614 99,445 76,139

Managed 29,012 30,137 28,397 59,149 57,485 infrastructure

Other 6,130 2,466 2,275 8,596 4,774

Recurring 467,190 443,474 417,081 910,664 817,318 revenues

Non-recurring 20,900 35,435 32,774 56,335 67,197 revenues

Revenues $ 488,090 $ 478,909 $ 449,855 $ 966,999 $ 884,515

Asia-Pacific Revenues:

Colocation $ 228,803 $ 221,093 $ 213,734 $ 449,896 $ 423,399

Interconnection 45,140 42,671 37,957 87,811 74,653

Managed 22,150 21,824 22,467 43,974 44,387 infrastructure

Recurring 296,093 285,588 274,158 581,681 542,439 revenues

Non-recurring 24,519 18,140 16,544 42,659 32,455 revenues

Revenues $ 320,612 $ 303,728 $ 290,702 $ 624,340 $ 574,894

Worldwide Revenues:

Colocation $ 1,057,445 $ 1,034,377 $ 1,005,615 $ 2,091,822 $ 1,986,386

Interconnection 249,431 242,141 219,031 491,572 431,815

Managed 80,051 77,490 73,772 157,541 146,567 infrastructure

Other 11,211 7,686 7,627 18,897 16,105

Recurring 1,398,138 1,361,694 1,306,045 2,759,832 2,580,873 revenues

Non-recurring 71,983 82,848 78,932 154,831 167,322 revenues

Revenues $ 1,470,121 $ 1,444,542 $ 1,384,977 $ 2,914,663 $ 2,748,195

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

Cost of $ 739,344 $ 736,282 $ 698,179 $ 1,475,626 $ 1,380,209 revenues

Depreciation, amortization (250,743) (250,398) (230,696) (501,141) (459,333) and accretion expense

Stock-based compensation (7,655) (9,343) (6,500) (16,998) (11,512) expense

Cash cost of $ 480,946 $ 476,541 $ 460,983 $ 957,487 $ 909,364 revenues

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

Americas cash cost of $ 194,467 $ 185,233 $ 182,920 $ 379,700 $ 362,555 revenues

EMEA cash cost 177,558 187,248 179,347 364,806 352,548 of revenues

Asia-Pacific cash cost of 108,921 104,060 98,716 212,981 194,261 revenues

Cash cost of $ 480,946 $ 476,541 $ 460,983 $ 957,487 $ 909,364 revenues

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

We define cash operating expense as selling, general, and administrative(4) 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 $ 435,014 $ 442,047 $ 391,857 $ 877,061 $ 776,618 administrative expense

Depreciation and (97,691) (87,033) (89,854) (184,724) (175,922) amortization expense

Stock-based compensation (68,189) (71,223) (55,019) (139,412) (99,030) expense

Cash operating $ 269,134 $ 283,791 $ 246,984 $ 552,925 $ 501,666 expense

(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 $ 178,124 $ 180,450 $ 159,201 $ 358,574 $ 328,916 expense

Depreciation and (48,902) (46,234) (48,930) (95,136) (97,128) amortization expense

Stock-based compensation (18,215) (18,545) (15,157) (36,760) (28,458) expense

Cash sales and marketing $ 111,007 $ 115,671 $ 95,114 $ 226,678 $ 203,330 expense

We define cash general and administrative expense as general and administrative(6) expense less depreciation, amortization and stock-based compensation as presented below:

General and administrative $ 256,890 $ 261,597 $ 232,656 $ 518,487 $ 447,702 expense

Depreciation and (48,789) (40,799) (40,924) (89,588) (78,794) amortization expense

Stock-based compensation (49,974) (52,678) (39,862) (102,652) (70,572) expense

Cash general and $ 158,127 $ 168,120 $ 151,870 $ 326,247 $ 298,336 administrative expense

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

Americas cash $ 164,845 $ 183,059 $ 152,448 $ 347,904 $ 309,341 SG&A

EMEA cash SG&A 66,935 61,503 60,863 128,438 123,250

Asia-Pacific 37,354 39,229 33,673 76,583 69,075 cash SG&A

Cash SG&A $ 269,134 $ 283,791 $ 246,984 $ 552,925 $ 501,666

We define adjusted EBITDA as income from operations excluding depreciation,(8) amortization, accretion, stock-based compensation, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales as presented below:

Income from $ 282,488 $ 253,484 $ 291,781 $ 535,972 $ 571,289 operations

Depreciation, amortization 348,434 337,431 320,550 685,865 635,255 and accretion expense

Stock-based compensation 75,844 80,566 61,519 156,410 110,542 expense

Impairment - - 386 - 14,834 charges

Transaction 13,617 11,530 2,774 25,147 5,245 costs

(Gain) loss on (342) 1,199 - 857 - asset sales

Adjusted EBITDA $ 720,041 $ 684,210 $ 677,010 $ 1,404,251 $ 1,337,165

The geographic split of our adjusted EBITDA is presented below:

Americas income $ 58,423 $ 47,308 $ 99,195 $ 105,731 $ 189,206 from operations

Americas depreciation, amortization 182,204 171,439 167,614 353,643 334,750 and accretion expense

Americas stock-based 56,326 62,689 42,676 119,015 76,847 compensation expense

Americas impairment - - 386 - 14,834 charges

Americas transaction 5,575 10,978 (819) 16,553 1,253 costs

Americas (gain) loss on asset (421) 1,199 - 778 - sales

Americas $ 302,107 $ 293,613 $ 309,052 $ 595,720 $ 616,890 adjusted EBITDA

EMEA income $ 138,154 $ 126,004 $ 106,555 $ 264,158 $ 211,562 from operations

EMEA depreciation, amortization 92,953 92,740 88,109 185,693 172,656 and accretion expense

EMEA stock-based 12,240 11,002 11,353 23,242 20,216 compensation expense

EMEA transaction 171 412 3,628 583 4,283 costs

EMEA loss on 79 - - 79 - asset sales

EMEA adjusted $ 243,597 $ 230,158 $ 209,645 $ 473,755 $ 408,717 EBITDA

Asia-Pacific income from $ 85,911 $ 80,172 $ 86,031 $ 166,083 $ 170,521 operations

Asia-Pacific depreciation, amortization 73,277 73,252 64,827 146,529 127,849 and accretion expense

Asia-Pacific stock-based 7,278 6,875 7,490 14,153 13,479 compensation expense

Asia-Pacific transaction 7,871 140 (35) 8,011 (291) costs

Asia-Pacific $ 174,337 $ 160,439 $ 158,313 $ 334,776 $ 311,558 adjusted EBITDA

(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 71 % 72 % 72 % 71 % 72 % gross margins

EMEA cash gross 64 % 61 % 60 % 62 % 60 % margins

Asia-Pacific cash gross 66 % 66 % 66 % 66 % 66 % margins

(10) We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.

Americas adjusted EBITDA 46 % 44 % 48 % 45 % 48 % margins

EMEA adjusted 50 % 48 % 47 % 49 % 46 % EBITDA margins

Asia-Pacific adjusted EBITDA 54 % 53 % 54 % 54 % 54 % margins

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

Adjusted EBITDA - current $ 720,041 $ 684,210 $ 677,010 $ 1,404,251 $ 1,337,165 period

Less adjusted EBITDA - prior (684,210) (675,860) (660,155) (1,350,562) (1,229,721) period

Adjusted EBITDA $ 35,831 $ 8,350 $ 16,855 $ 53,689 $ 107,444 growth

Revenues - $ 1,470,121 $ 1,444,542 $ 1,384,977 $ 2,914,663 $ 2,748,195 current period

Less revenues - (1,444,542) (1,417,135) (1,363,218) (2,813,945) (2,593,834) prior period

Revenue growth $ 25,579 $ 27,407 $ 21,759 $ 100,718 $ 154,361

Adjusted EBITDA flow-through 140 % 30 % 77 % 53 % 70 % rate

FFO is defined as net income or loss, excluding gain or loss from the(12) 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 $ 133,350 $ 118,957 $ 143,852 $ 252,307 $ 261,599

Net (income) loss attributable to (46) (165) (325) (211) 6 non-controlling interests

Net income attributable to 133,304 118,792 143,527 252,096 261,605 Equinix

Adjustments:

Real estate 222,613 221,787 209,103 444,400 414,752 depreciation

(Gain) loss on disposition of 376 2,506 343 2,882 2,689 real estate property

Adjustments for FFO from 653 669 - 1,322 - unconsolidated joint ventures

FFO attributable to $ 356,946 $ 343,754 $ 352,973 $ 700,700 $ 679,046 common shareholders

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(13) 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 $ 356,946 $ 343,754 $ 352,973 $ 700,700 $ 679,046 common shareholders

Adjustments:

Installation revenue 3,649 (3,481) 1,492 168 2,521 adjustment

Straight-line rent expense 2,395 1,806 2,300 4,201 4,678 adjustment

Amortization of deferred financing costs 4,444 3,460 3,238 7,904 6,233 and debt discounts and premiums

Contract cost (5,307) (10,434) (12,348) (15,741) (19,126) adjustment

Stock-based compensation 75,844 80,566 61,519 156,410 110,542 expense

Non-real estate depreciation 76,618 65,591 60,904 142,209 118,898 expense

Amortization 49,362 48,491 49,217 97,853 98,752 expense

Accretion expense (159) 1,562 1,326 1,403 2,853 (adjustment)

Recurring capital (29,996) (17,868) (36,726) (47,864) (57,673) expenditures

Loss on debt 1,868 6,441 - 8,309 382 extinguishment

Transaction 13,617 11,530 2,774 25,147 5,245 costs

Impairment - - 386 - 14,834 charges

Income tax expense 8,070 2,833 10,592 10,903 18,582 adjustment

Adjustments for AFFO from 442 454 - 896 - unconsolidated joint ventures

AFFO attributable to $ 557,793 $ 534,705 $ 497,647 $ 1,092,498 $ 985,767 common shareholders

(14) Following is how we reconcile from adjusted EBITDA to AFFO:

Adjusted EBITDA $ 720,041 $ 684,210 $ 677,010 $ 1,404,251 $ 1,337,165

Adjustments:

Interest expense, net of (106,795) (103,065) (112,785) (209,860) (231,429) interest income

Amortization of deferred financing costs 4,444 3,460 3,238 7,904 6,233 and debt discounts and premiums

Income tax (44,753) (30,191) (47,324) (74,944) (89,893) expense

Income tax expense 8,070 2,833 10,592 10,903 18,582 adjustment

Straight-line rent expense 2,395 1,806 2,300 4,201 4,678 adjustment

Contract cost (5,307) (10,434) (12,348) (15,741) (19,126) adjustment

Installation revenue 3,649 (3,481) 1,492 168 2,521 adjustment

Recurring capital (29,996) (17,868) (36,726) (47,864) (57,673) expenditures

Other income 4,278 5,170 12,180 9,448 12,014 (expense)

(Gain) loss on disposition of 376 2,506 343 2,882 2,689 real estate property

Adjustments for unconsolidated JVs' and 1,049 958 (325) 2,007 6 non-controlling interests

Adjustment for gain (loss) on 342 (1,199) - (857) - asset sales

AFFO attributable to $ 557,793 $ 534,705 $ 497,647 $ 1,092,498 $ 985,767 common shareholders

(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 87,303 85,551 84,399 86,427 83,114 share, FFO per share and AFFO per share

Effect of dilutive securities:

Employee equity 598 593 368 638 357 awards

Shares used in computing diluted net income per 87,901 86,144 84,767 87,065 83,471 share, FFO per share and AFFO per share

Basic FFO per $ 4.09 $ 4.02 $ 4.18 $ 8.11 $ 8.17 share

Diluted FFO per $ 4.06 $ 3.99 $ 4.16 $ 8.05 $ 8.14 share

Basic AFFO per $ 6.39 $ 6.25 $ 5.90 $ 12.64 $ 11.86 share

Diluted AFFO $ 6.35 $ 6.21 $ 5.87 $ 12.55 $ 11.81 per share

View original content to download multimedia: http://www.prnewswire.com/news-releases/equinix-reports-second-quarter-2020-results-301102396.html

SOURCE Equinix, Inc.