REDWOOD CITY, Calif., Oct. 30, 2019 /PRNewswire/ --

Quarterly revenues increased 9% year-over-year to $1.397 billion, which includes $8 million of negative foreign currency impact when compared to prior guidance rates. This reflects an 8% year-over-year increase on a normalized and constant currency basis
Delivered one of the strongest interconnection quarters in the company's history
Recognized by the U.S. Environmental Protection Agency (EPA) for leading green power use, ranking number four on the EPA's National Top 100 Partners list
Delivered record channel bookings, accounting for more than 30% of total bookings

Equinix, Inc. (Nasdaq: EQIX), the global interconnection and data center company, today reported results for the quarter ended September 30, 2019. 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.

Third Quarter 2019 Results Summary

Revenues

$1.397 billion, a 1% increase over the previous quarter
Includes $8 million of negative foreign currency impact when compared to prior guidance rates

Operating Income

$285 million, a 2% decrease from the previous quarter, and an operating margin of 20%

Adjusted EBITDA

$675 million, a 48% adjusted EBITDA margin
Includes $4 million of negative foreign currency impact when compared to prior guidance rates
Includes $2 million of integration costs

Net Income and Net Income per Share attributable to Equinix

$121 million, a 16% decrease from the previous quarter including a $16 million increased income tax expense attributable to FX hedge gains
$1.41 per share, a 17% decrease from the previous quarter including a per share reduction of $0.19 related to increased income tax expense attributable to FX hedge gains, a significant portion of which is expected to reverse in Q4

AFFO and AFFO per Share

$473 million, a 5% decrease from the previous quarter
$5.52 per share including a per share reduction of $0.19 related to increased income tax expense attributable to FX hedge gains, a significant portion of which is expected to reverse in Q4
Includes $2 million of integration costs

2019 Annual Guidance Summary

Revenues

$5.554 - $5.564 billion, a normalized and constant currency increase of approximately 9% over the previous year
Includes a $21 million negative foreign currency impact when compared to prior guidance rates

Adjusted EBITDA

$2.666 - $2.676 billion, a 48% adjusted EBITDA margin
Includes a $10 million negative foreign currency impact when compared to prior guidance rates
Assumes $9 million of integration costs

AFFO and AFFO per Share

$1.913 - $1.923 billion, a normalized and constant currency increase of 13 - 14% over the previous year
$22.56 - $22.68 per share, a normalized and constant currency increase of approximately 8% over the previous year
Includes $10 million of increased income tax expense attributable to FX hedge gains, a per share impact of $0.12
Assumes $9 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.

Quote

Charles Meyers, President and CEO, Equinix:

"We had another great quarter, building on our market leadership and unlocking the power of Platform Equinix by expanding our geographic reach, enhancing our market-leading interconnection portfolio and launching new offerings that respond to the evolving needs of our customers. We have a clear view of our strategy and are actively building new capabilities that will enable us to achieve our vision for the future of Platform Equinix, allowing customers to reach everywhere, interconnect everyone and integrate everything on their digital transformation journey."

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 October 4, Equinix announced a US$175 million definitive agreement to acquire three Axtel data centers that serve two new strategic technology metros in Mexico. This acquisition, when combined with the previous acquisitions of key traffic hubs in Dallas (Infomart) and Miami (NAP of the Americas), will further strengthen Equinix's global platform by increasing interconnection between North, Central and South America.
On October 9, Equinix announced the completion of the formation of the greater than US$1.0 billion joint venture in the form of a limited liability partnership with GIC, Singapore's sovereign wealth fund, to develop and operate xScale™ data centers in Europe. This was a strategic milestone for Equinix, enhancing its ability to respond to the rapidly expanding needs of the world's largest cloud and hyperscale companies while strengthening leadership in the cloud ecosystem.
Equinix continues its investment in organic growth and expansion activities with 28 major expansion projects underway across 21 markets and 16 countries. Among them are four xScale data centers and four newly announced projects, including phased expansions in Chicago and Toronto, and two new builds in Washington, D.C.
Additionally, Equinix completed six new phased expansions or openings this quarter, including two new International Business Exchange^™ (IBX^®) data centers in Helsinki and Seoul.

Equinix achieved its best-ever third quarter bookings with strong performance across all three regions (Americas, EMEA and Asia-Pacific) with notable momentum in EMEA. Bookings this quarter spanned across more than 3,100 customers, with the majority of bookings composed of small to mid-sized multi-metro deals. Equinix continues to lead in cloud connectivity, with over three times as many metros with multicloud on-ramps as its nearest competitor.
Equinix continues the growth of its indirect selling initiatives, as the company pursues high-value strategic channel partnerships. In Q3, Equinix delivered record channel bookings, accounting for more than 30% of total bookings, with 60% of this activity going into the enterprise vertical. New channel wins this quarter spanned across all end-user types including insurance, federal government, banking, public utilities and pharmaceutical, with network optimization and hybrid multicloud as key use cases.
Interconnection growth again outpaced colocation revenues, growing 13% year-over-year on a normalized and constant currency basis, driven by solid traction across all interconnection products. Today, Equinix has the most comprehensive global interconnection platform, comprising over 356,000 physical and virtual interconnections. In Q3, Equinix added 8,500 interconnections, more per quarter than our top 10 competitors combined. In the quarter, Equinix surpassed 20,000 virtual connections enabled by Equinix Cloud Exchange Fabric^™(ECX Fabric^™), which accounted for more than 5% of total interconnections and serves more than 1,800 customers.
Equinix is advancing the company's sustainability agenda with meaningful progress across environmental, social and governance initiatives. Equinix is progressing on its commitment to 100% sustainable energy, and over 90% of its energy consumption is now covered by clean and renewable energy sources. In Q3, the U.S. EPA recognized Equinix for leading in green power use, ranking the company number four on the EPA's National Top 100 Partners list, and Equinix received the EPA's Green Power Leadership Award for the 3^rd consecutive year, recognizing the company's contribution to advancing the development of the nation's voluntary green power market.
Equinix added key leadership positions with the appointments of Sandra Rivera to its Board of Directors and Justin Dustzadeh as its Chief Technology Officer.

Business Outlook

For the fourth quarter of 2019, the Company expects revenues to range between $1.409 and $1.419 billion, an increase of 1% quarter-over-quarter, or a normalized and constant currency increase of approximately 2%. This guidance includes a negative foreign currency impact of $7 million when compared to the average FX rates in Q3 2019. Adjusted EBITDA is expected to range between $654 and $664 million, including the impact of timing of spend, a $3 million negative foreign currency impact when compared to the average FX rates in Q3 2019 and $3 million of integration costs from acquisitions. Recurring capital expenditures are expected to range between $65 and $75 million.

For the full year of 2019, total revenues are expected to range between $5.554 and $5.564 billion, a 10% increase over the previous year, or a normalized and constant currency increase of 9% at the mid-point. This updated guidance maintains prior full year revenue guidance, offset by a negative foreign currency impact of $21 million when compared to prior guidance rates. Adjusted EBITDA is expected to range between $2.666 and $2.676 billion, an adjusted EBITDA margin of 48%. This updated guidance raises full year adjusted EBITDA by $6 million, offset by a negative foreign currency impact of $10 million when compared to prior guidance rates, and includes an expected $9 million of integration costs. AFFO is expected to range between $1.913 and $1.923 billion, an approximate 16% increase over the previous year, or a normalized and constant currency increase of 13 - 14%. This updated guidance raises full year underlying AFFO by $8 million due to strong business performance, offset by $10 million of increased income tax expense attributed to FX hedge gains and a negative foreign currency impact. AFFO per share is expected to range between $22.56 - $22.68, an increase of approximately 8% over the previous year, on a normalized and constant currency basis. Non-recurring capital expenditures are expected to range between $1.730 and $1.920 billion, and recurring capital expenditures are expected to range between $170 and $180 million.

The U.S. dollar exchange rates used for 2019 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.15 to the Euro, $1.31 to the Pound, S$1.38 to the U.S. dollar, ¥108 to the U.S. dollar, and R$4.14 to the U.S. dollar. The Q3 2019 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen and Brazilian Real is 20%, 9%, 7%, 6% and 3%, respectively.

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

Q3 2019 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended September 30, 2019, along with its future outlook, in its quarterly conference call on Wednesday, October 30, 2019, 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, February 12, 2020, by dialing 1-203-369-2048 and referencing the passcode 2019. 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 50 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 or loss 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, 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 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						Nine Months Ended
	September 30, 2019		June 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Recurring revenues	$	1,319,336	$	1,306,045	$	1,207,806	$	3,900,209	$	3,546,184
Non-recurring revenues	77,474		78,932		75,945		244,796		215,387
Revenues	1,396,810		1,384,977		1,283,751		4,145,005		3,761,571
Cost of revenues	704,339		698,179		660,309		2,084,548		1,934,540
Gross profit	692,471		686,798		623,442		2,060,457		1,827,031
Operating expenses:
Sales and marketing	161,574		159,201		157,920		490,490		471,898
General and administrative	241,812		232,656		206,902		689,514		620,548
Transaction costs	2,991		2,774		(1,120)		8,236		33,932
Impairment charges	1,189		386		—		16,023		—
Gain on asset sales	(463)		—		(6,013)		(463)		(6,013)
Total operating expenses	407,103		395,017		357,689		1,203,800		1,120,365
Income from operations	285,368		291,781		265,753		856,657		706,666
Interest and other income (expense):
Interest income	8,201		7,762		2,912		20,165		11,480
Interest expense	(118,674)		(120,547)		(130,566)		(362,067)		(391,516)
Other income	3,428		12,180		3,744		15,442		9,546
Gain (loss) on debt extinguishment	315		—		1,492		(67)		(39,214)
Total interest and other, net	(106,730)		(100,605)		(122,418)		(326,527)		(409,704)
Income before income taxes	178,638		191,176		143,335		530,130		296,962
Income tax expense	(57,827)		(47,324)		(18,510)		(147,720)		(41,625)
Net income	120,811		143,852		124,825		382,410		255,337
Net (income) loss attributable to non-controlling interests	39		(325)		—		45		—
Net income attributable to Equinix	$	120,850	$	143,527	$	124,825	$	382,455	$	255,337
Net income per share attributable to Equinix:
Basic net income per share	$	1.42	$	1.70	$	1.56	$	4.57	$	3.21
Diluted net income per share	$	1.41	$	1.69	$	1.55	$	4.54	$	3.19
Shares used in computing basic net income per share	85,012		84,399		79,872		83,753		79,533
Shares used in computing diluted net income per share	85,571		84,767		80,283		84,223		79,956

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

	Three Months Ended						Nine Months Ended
	September 30, 2019		June 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Net income	$	120,811	$	143,852	$	124,825	$	382,410	$	255,337
Other comprehensive loss, net of tax:
Foreign currency translation adjustment ("CTA") gain (loss)	(284,927)		25,127		(77,566)		(341,519)		(352,948)
Net investment hedge CTA gain (loss)	188,897		(37,857)		27,214		227,890		180,694
Unrealized gain (loss) on cash flow hedges	14,217		(3,355)		6,184		19,086		37,384
Net actuarial gain (loss) on defined benefit plans	(8)		(7)		14		(26)		35
Total other comprehensive loss, net of tax	(81,821)		(16,092)		(44,154)		(94,569)		(134,835)
Comprehensive income, net of tax	38,990		127,760		80,671		287,841		120,502
Net (income) loss attributable to non-controlling interests	39		(325)		—		45		—
Other comprehensive loss attributable to non-controlling interests	28		14		—		35		—
Comprehensive income attributable to Equinix	$	39,057	$	127,449	$	80,671	$	287,921	$	120,502

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

	September 30, 2019		December 31, 2018
Assets
Cash and cash equivalents	$	1,402,400	$	606,166
Short-term investments	19,567		4,540
Accounts receivable, net	746,571		630,119
Other current assets	305,246		274,857
Assets held for sale	379,473		—
Total current assets	2,853,257		1,515,682
Property, plant and equipment, net	11,229,197		11,026,020
Operating lease right-of-use assets	1,483,491		—
Goodwill	4,648,913		4,836,388
Intangible assets, net	2,127,843		2,333,296
Other assets	499,632		533,252
Total assets	$	22,842,333	$	20,244,638
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses	$	755,150	$	756,692
Accrued property, plant and equipment	335,490		179,412
Current portion of operating lease liabilities	137,002		—
Current portion of finance lease liabilities	65,518		77,844
Current portion of mortgage and loans payable	70,789		73,129
Current portion of senior notes	300,466		300,999
Other current liabilities	119,976		126,995
Liabilities held for sale	52,092		—
Total current liabilities	1,836,483		1,515,071
Operating lease liabilities, less current portion	1,333,901		—
Finance lease liabilities, less current portion	1,301,482		1,441,077
Mortgage and loans payable, less current portion	1,215,207		1,310,663
Senior notes, less current portion	7,835,317		8,128,785
Other liabilities	558,912		629,763
Total liabilities	14,081,302		13,025,359
Common stock	86		81
Additional paid-in capital	12,635,450		10,751,313
Treasury stock	(144,301)		(145,161)
Accumulated dividends	(3,956,318)		(3,331,200)
Accumulated other comprehensive loss	(1,040,236)		(945,702)
Retained earnings	1,266,430		889,948
Total Equinix stockholders' equity	8,761,111		7,219,279
Non-controlling interests	(80)		—
Total stockholders' equity	8,761,031		7,219,279
Total liabilities and stockholders' equity	$	22,842,333	$	20,244,638

Ending headcount by geographic region is as follows:
Americas headcount	3,647		3,480
EMEA headcount	2,884		2,751
Asia-Pacific headcount	1,708		1,672
Total headcount	8,239		7,903

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

	September 30, 2019		December 31, 2018

Finance lease liabilities	$	1,367,000	$	1,518,921

Term loans	1,243,999		1,337,868
Mortgage payable and other loans payable	41,997		45,924
Plus: debt discount and issuance costs, net	3,459		4,732
Total mortgage and loans payable principal	1,289,455		1,388,524

Senior notes	8,135,783		8,429,784
Plus: debt issuance costs	64,577		75,372
Less: debt premium	(2,310)		(5,031)
Total senior notes principal	8,198,050		8,500,125

Total debt principal outstanding	$	10,854,505	$	11,407,570

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

		Three Months Ended						Nine Months Ended
		September 30, 2019		June 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018

Cash flows from operating activities:
	Net income	$	120,811	$	143,852	$	124,825	$	382,410	$	255,337
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation, amortization and accretion	321,746		320,550		306,318		957,001		921,611
	Stock-based compensation	63,871		61,519		47,588		174,413		139,849
	Amortization of debt issuance costs and debt discounts and premiums	3,196		3,238		3,148		9,429		10,609
	(Gain) loss on debt extinguishment	(315)		—		(1,492)		67		39,214
	Gain on asset sales	(463)		—		(6,013)		(463)		(6,013)
	Impairment charges	1,189		386		—		16,023		—
	Other items	2,820		4,745		5,730		15,789		16,940
	Changes in operating assets and liabilities:
	Accounts receivable	3,331		(42,370)		(46,685)		(123,389)		(85,126)
	Income taxes, net	42,482		14,837		(10,010)		73,144		(32,876)
	Accounts payable and accrued expenses	10,647		7,476		29,107		6,660		4,782
	Operating lease right-of-use assets	29,743		37,219		—		108,226		—
	Operating lease liabilities	(38,254)		(34,919)		—		(112,059)		—
	Other assets and liabilities	(61,810)		26,390		(35,354)		(44,193)		(7,530)
Net cash provided by operating activities		498,994		542,923		417,162		1,463,058		1,256,797
Cash flows from investing activities:
	Purchases, sales and maturities of investments, net	(2,905)		(3,063)		6,452		(14,747)		19,195
	Business acquisitions, net of cash and restricted cash acquired	—		(34,143)		1,808		(34,143)		(829,185)
	Purchases of real estate	(16,852)		(41,715)		(94,830)		(64,288)		(136,612)
	Purchases of other property, plant and equipment	(556,822)		(444,171)		(545,541)		(1,364,960)		(1,415,509)
	Proceeds from asset sales	117		—		12,154		117		12,154
Net cash used in investing activities		(576,462)		(523,092)		(619,957)		(1,478,021)		(2,349,957)
Cash flows from financing activities:
	Proceeds from employee equity awards	24,425		—		24,243		52,018		50,103
	Payment of dividend distributions	(212,752)		(208,449)		(185,983)		(625,804)		(554,742)
	Proceeds from public offering of common stock, net of offering costs	99,421		348,121		265,671		1,660,976		273,873
	Proceeds from loans payable	—		—		424,650		—		424,650
	Proceeds from senior notes	—		—		—		—		929,850
	Repayment of finance lease liabilities	(19,673)		(11,954)		(19,799)		(62,785)		(89,655)
	Repayment of mortgage and loans payable	(17,584)		(17,878)		(404,083)		(53,796)		(429,498)
	Repayment of senior notes	—		(150,000)		—		(150,000)		—
	Debt extinguishment costs	—		—		—		—		(20,556)
	Debt issuance costs	—		—		(635)		—		(12,218)
Net cash provided by (used in) financing activities		(126,163)		(40,160)		104,064		820,609		571,807
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash		(13,528)		2,106		(5,104)		(13,117)		(30,944)
Net increase (decrease) in cash, cash equivalents and restricted cash		(217,159)		(18,223)		(103,835)		792,529		(552,297)
Cash, cash equivalents and restricted cash at beginning of period		1,637,292		1,655,515		1,002,239		627,604		1,450,701
Cash, cash equivalents and restricted cash at end of period		$	1,420,133	$	1,637,292	$	898,404	$	1,420,133	$	898,404
Supplemental cash flow information:
Cash paid for taxes		$	29,383	$	32,669	$	28,206	$	89,076	$	77,648
Cash paid for interest		$	153,265	$	113,266	$	152,887	$	412,675	$	375,015

Free cash flow (negative free cash flow) ⁽¹⁾		$	(74,563)	$	22,894	$	(209,247)	$	(216)	$	(1,112,355)

Adjusted free cash flow (adjusted negative free cash flow) ⁽²⁾		$	(57,711)	$	98,752	$	(116,225)	$	98,215	$	(146,558)

(1)	We define free cash flow (negative free cash flow) as net cash provided by operating activities plus net cash provided by (used in) investing activities (excluding the net purchases, sales and maturities of investments) as presented below:
	Net cash provided by operating activities as presented above	$	498,994	$	542,923	$	417,162	$	1,463,058	$	1,256,797
	Net cash used in investing activities as presented above	(576,462)		(523,092)		(619,957)		(1,478,021)		(2,349,957)
	Purchases, sales and maturities of investments, net	2,905		3,063		(6,452)		14,747		(19,195)
	Free cash flow (negative free cash flow)	$	(74,563)	$	22,894	$	(209,247)	$	(216)	$	(1,112,355)

(2)	We define adjusted free cash flow (adjusted negative free cash flow) as free cash flow (negative free cash flow) as defined above, excluding any purchases of real estate and business acquisitions, net of cash and restricted cash acquired as presented below:
	Free cash flow (negative free cash flow) as defined above	$	(74,563)	$	22,894	$	(209,247)	$	(216)	$	(1,112,355)
	Less business acquisitions, net of cash and restricted cash acquired	—		34,143		(1,808)		34,143		829,185
	Less purchases of real estate	16,852		41,715		94,830		64,288		136,612
	Adjusted free cash flow (adjusted negative free cash flow)	$	(57,711)	$	98,752	$	(116,225)	$	98,215	$	(146,558)

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

		Three Months Ended									Nine Months Ended
		September 30, 2019			June 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
	Recurring revenues	$	1,319,336		$	1,306,045		$	1,207,806		$	3,900,209		$	3,546,184
	Non-recurring revenues	77,474			78,932			75,945			244,796			215,387
	Revenues ⁽¹⁾	1,396,810			1,384,977			1,283,751			4,145,005			3,761,571

	Cash cost of revenues ⁽²⁾	464,950			460,983			433,186			1,374,314			1,250,441
	Cash gross profit ⁽³⁾	931,860			923,994			850,565			2,770,691			2,511,130

	Cash operating expenses ⁽⁴⁾⁽⁷⁾:
	Cash sales and marketing expenses⁽⁵⁾	98,117			95,114			93,339			301,447			282,876
	Cash general and administrative expenses ⁽⁶⁾	159,041			151,870			144,700			457,377			432,209
	Total cash operating expenses ⁽⁴⁾⁽⁷⁾	257,158			246,984			238,039			758,824			715,085

	Adjusted EBITDA ⁽⁸⁾	$	674,702		$	677,010		$	612,526		$	2,011,867		$	1,796,045

	Cash gross margins ⁽⁹⁾	67		%	67		%	66		%	67		%	67		%

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

	Adjusted EBITDA flow-through rate ⁽¹¹⁾	(20)		%	77		%	39		%	62		%	50		%

	FFO ⁽¹²⁾	$	331,485		$	352,973		$	340,030		$	1,010,531		$	920,310

	AFFO ^(13)(14)	$	472,744		$	497,647		$	402,250		$	1,458,511		$	1,244,952

	Basic FFO per share ⁽¹⁵⁾	$	3.90		$	4.18		$	4.26		$	12.07		$	11.57

	Diluted FFO per share⁽¹⁵⁾	$	3.87		$	4.16		$	4.24		$	12.00		$	11.51

	Basic AFFO per share ⁽¹⁵⁾	$	5.56		$	5.90		$	5.04		$	17.41		$	15.65

	Diluted AFFO per share⁽¹⁵⁾	$	5.52		$	5.87		$	5.01		$	17.32		$	15.57


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

	Americas Revenues:

	Colocation	$	441,596		$	444,086		$	433,828		$	1,325,663		$	1,294,848
	Interconnection	146,212			142,460			134,159			427,235			395,132
	Managed infrastructure	24,082			22,908			18,698			68,777			55,525
	Other	3,392			5,352			5,161			14,723			11,220
	Recurring revenues	615,282			614,806			591,846			1,836,398			1,756,725
	Non-recurring revenues	29,993			29,614			33,838			97,663			89,861
	Revenues	$	645,275		$	644,420		$	625,684		$	1,934,061		$	1,846,586

	EMEA Revenues:

	Colocation	$	357,201		$	347,795		$	305,072		$	1,036,121		$	886,651
	Interconnection	41,063			38,614			34,640			117,202			103,586
	Managed infrastructure	27,651			28,397			28,387			85,136			88,804
	Other	1,787			2,275			2,552			6,561			6,682
	Recurring revenues	427,702			417,081			370,651			1,245,020			1,085,723
	Non-recurring revenues	30,438			32,774			26,104			97,635			73,830
	Revenues	$	458,140		$	449,855		$	396,755		$	1,342,655		$	1,159,553

	Asia-Pacific Revenues:

	Colocation	$	214,304		$	213,734		$	191,143		$	637,703		$	543,513
	Interconnection	39,495			37,957			33,318			114,148			96,011
	Managed infrastructure	22,553			22,467			20,848			66,940			64,212
	Recurring revenues	276,352			274,158			245,309			818,791			703,736
	Non-recurring revenues	17,043			16,544			16,003			49,498			51,696
	Revenues	$	293,395		$	290,702		$	261,312		$	868,289		$	755,432

	Worldwide Revenues:

	Colocation	$	1,013,101		$	1,005,615		$	930,043		$	2,999,487		$	2,725,012
	Interconnection	226,770			219,031			202,117			658,585			594,729
	Managed infrastructure	74,286			73,772			67,933			220,853			208,541
	Other	5,179			7,627			7,713			21,284			17,902
	Recurring revenues	1,319,336			1,306,045			1,207,806			3,900,209			3,546,184
	Non-recurring revenues	77,474			78,932			75,945			244,796			215,387
	Revenues	$	1,396,810		$	1,384,977		$	1,283,751		$	4,145,005		$	3,761,571


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

	Cost of revenues	$	704,339		$	698,179		$	660,309		$	2,084,548		$	1,934,540
	Depreciation, amortization and accretion expense	(232,285)			(230,696)			(222,523)			(691,618)			(670,993)
	Stock-based compensation expense	(7,104)			(6,500)			(4,600)			(18,616)			(13,106)
	Cash cost of revenues	$	464,950		$	460,983		$	433,186		$	1,374,314		$	1,250,441

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

	Americas cash cost of revenues	$	182,516		$	182,920		$	181,826		$	545,071		$	526,138
	EMEA cash cost of revenues	180,370			179,347			160,173			532,918			468,072
	Asia-Pacific cash cost of revenues	102,064			98,716			91,187			296,325			256,231
	Cash cost of revenues	$	464,950		$	460,983		$	433,186		$	1,374,314		$	1,250,441

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

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

	Selling, general, and administrative expense	$	403,386		$	391,857		$	364,822		$	1,180,004		$	1,092,446
	Depreciation and amortization expense	(89,461)			(89,854)			(83,795)			(265,383)			(250,618)
	Stock-based compensation expense	(56,767)			(55,019)			(42,988)			(155,797)			(126,743)
	Cash operating expense	$	257,158		$	246,984		$	238,039		$	758,824		$	715,085

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

	Sales and marketing expense	$	161,574		$	159,201		$	157,920		$	490,490		$	471,898
	Depreciation and amortization expense	(47,663)			(48,930)			(50,415)			(144,791)			(149,042)
	Stock-based compensation expense	(15,794)			(15,157)			(14,166)			(44,252)			(39,980)
	Cash sales and marketing expense	$	98,117		$	95,114		$	93,339		$	301,447		$	282,876

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

	General and administrative expense	$	241,812		$	232,656		$	206,902		$	689,514		$	620,548
	Depreciation and amortization expense	(41,798)			(40,924)			(33,380)			(120,592)			(101,576)
	Stock-based compensation expense	(40,973)			(39,862)			(28,822)			(111,545)			(86,763)
	Cash general and administrative expense	$	159,041		$	151,870		$	144,700		$	457,377		$	432,209

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

	Americas cash SG&A	$	156,103		$	152,448		$	147,855		$	465,444		$	438,941
	EMEA cash SG&A	65,252			60,863			56,785			188,502			174,691
	Asia-Pacific cash SG&A	35,803			33,673			33,399			104,878			101,453
	Cash SG&A	$	257,158		$	246,984		$	238,039		$	758,824		$	715,085

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

	Income from operations	$	285,368		$	291,781		$	265,753		$	856,657		$	706,666
	Depreciation, amortization and accretion expense	321,746			320,550			306,318			957,001			921,611
	Stock-based compensation expense	63,871			61,519			47,588			174,413			139,849
	Impairment charges	1,189			386			—			16,023			—
	Transaction costs	2,991			2,774			(1,120)			8,236			33,932
	Gain on asset sales	(463)			—			(6,013)			(463)			(6,013)
	Adjusted EBITDA	$	674,702		$	677,010		$	612,526		$	2,011,867		$	1,796,045

	The geographic split of our adjusted EBITDA is presented below:

	Americas income from operations	$	88,494		$	99,195		$	106,536		$	277,700		$	295,983
	Americas depreciation, amortization and accretion expense	168,397			167,614			156,920			503,147			475,283
	Americas stock-based compensation expense	48,377			42,676			32,818			125,224			97,799
	Americas impairment charges	1,189			386			—			16,023			—
	Americas transaction costs	199			(819)			(271)			1,452			12,442
	Americas adjusted EBITDA	$	306,656		$	309,052		$	296,003		$	923,546		$	881,507

	EMEA income from operations	$	113,771		$	106,555		$	88,830		$	325,333		$	225,979
	EMEA depreciation, amortization and accretion expense	87,010			88,109			89,190			259,666			270,510
	EMEA stock-based compensation expense	9,792			11,353			8,532			30,008			24,074
	EMEA transaction costs	2,408			3,628			(742)			6,691			2,240
	EMEA gain on asset sales	(463)			—			(6,013)			(463)			(6,013)
	EMEA adjusted EBITDA	$	212,518		$	209,645		$	179,797		$	621,235		$	516,790

	Asia-Pacific income from operations	$	83,103		$	86,031		$	70,387		$	253,624		$	184,704
	Asia-Pacific depreciation, amortization and accretion expense	66,339			64,827			60,208			194,188			175,818
	Asia-Pacific stock-based compensation expense	5,702			7,490			6,238			19,181			17,976
	Asia-Pacific transaction costs	384			(35)			(107)			93			19,250
	Asia-Pacific adjusted EBITDA	$	155,528		$	158,313		$	136,726		$	467,086		$	397,748

(9)	We define cash gross margins as cash gross profit divided by revenues.

	Our cash gross margins by geographic region is presented below:

	Americas cash gross margins	72		%	72		%	71		%	72		%	72		%
	EMEA cash gross margins	61		%	60		%	60		%	60		%	60		%
	Asia-Pacific cash gross margins	65		%	66		%	65		%	66		%	66		%

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

	Americas adjusted EBITDA margins	48		%	48		%	47		%	48		%	48		%
	EMEA adjusted EBITDA margins	46		%	47		%	45		%	46		%	45		%
	Asia-Pacific adjusted EBITDA margins	53		%	54		%	52		%	54		%	53		%

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

	Adjusted EBITDA - current period	$	674,702		$	677,010		$	612,526		$	2,011,867		$	1,796,045
	Less adjusted EBITDA - prior period	(677,010)			(660,155)			(604,004)			(1,833,725)			(1,624,467)
	Adjusted EBITDA growth	$	(2,308)		$	16,855		$	8,522		$	178,142		$	171,578

	Revenues - current period	$	1,396,810		$	1,384,977		$	1,283,751		$	4,145,005		$	3,761,571
	Less revenues - prior period	(1,384,977)			(1,363,218)			(1,261,943)			(3,855,777)			(3,418,903)
	Revenue growth	$	11,833		$	21,759		$	21,808		$	289,228		$	342,668

	Adjusted EBITDA flow-through rate	(20)		%	77		%	39		%	62		%	50		%

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

	Net income	$	120,811		$	143,852		$	124,825		$	382,410		$	255,337
	Net (income) loss attributable to non-controlling interests	39			(325)			—			45			—
	Net income attributable to Equinix	120,850			143,527			124,825			382,455			255,337
	Adjustments:
	Real estate depreciation	209,903			209,103			220,017			624,655			663,901
	(Gain) loss on disposition of real estate property	732			343			(4,812)			3,421			1,072
	FFO attributable to common shareholders	$	331,485		$	352,973		$	340,030		$	1,010,531		$	920,310

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

	FFO attributable to common shareholders	$	331,485		$	352,973		$	340,030		$	1,010,531		$	920,310
	Adjustments:
	Installation revenue adjustment	5,759			1,492			3,209			8,280			6,208
	Straight-line rent expense adjustment	2,716			2,300			1,551			7,394			5,516
	Amortization of deferred financing costs and debt discounts and premiums	3,196			3,238			3,148			9,429			10,609
	Contract cost adjustment	(10,179)			(12,348)			(5,271)			(29,305)			(13,010)
	Stock-based compensation expense	63,871			61,519			47,588			174,413			139,849
	Non-real estate depreciation expense	63,151			60,904			33,917			182,049			103,281
	Amortization expense	48,837			49,217			51,792			147,589			153,443
	Accretion expense (adjustment)	(145)			1,326			592			2,708			986
	Recurring capital expenditures	(47,404)			(36,726)			(55,382)			(105,077)			(132,819)
	(Gain) loss on debt extinguishment	(315)			—			(1,492)			67			39,214
	Transaction costs	2,991			2,774			(1,120)			8,236			33,932
	Impairment charges	1,189			386			—			16,023			—
	Income tax expense adjustment	7,592			10,592			(16,312)			26,174			(22,567)
	AFFO attributable to common shareholders	$	472,744		$	497,647		$	402,250		$	1,458,511		$	1,244,952

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

	Adjusted EBITDA	$	674,702		$	677,010		$	612,526		$	2,011,867		$	1,796,045
	Adjustments:
	Interest expense, net of interest income	(110,473)			(112,785)			(127,654)			(341,902)			(380,036)
	Amortization of deferred financing costs and debt discounts and premiums	3,196			3,238			3,148			9,429			10,609
	Income tax expense	(57,827)			(47,324)			(18,510)			(147,720)			(41,625)
	Income tax expense adjustment	7,592			10,592			(16,312)			26,174			(22,567)
	Straight-line rent expense adjustment	2,716			2,300			1,551			7,394			5,516
	Contract cost adjustment	(10,179)			(12,348)			(5,271)			(29,305)			(13,010)
	Installation revenue adjustment	5,759			1,492			3,209			8,280			6,208
	Recurring capital expenditures	(47,404)			(36,726)			(55,382)			(105,077)			(132,819)
	Other income	3,428			12,180			3,744			15,442			9,546
	(Gain) loss on disposition of real estate property	732			343			(4,812)			3,421			1,072
	Adjustments for unconsolidated JVs' and non-controlling interests	39			(325)			—			45			—
	Adjustment for gain on sale of asset	463			—			6,013			463			6,013
	AFFO attributable to common shareholders	$	472,744		$	497,647		$	402,250		$	1,458,511		$	1,244,952

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

	Shares used in computing basic net income per share, FFO per share and AFFO per share	85,012			84,399			79,872			83,753			79,533
	Effect of dilutive securities:
	Employee equity awards	559			368			411			470			423
	Shares used in computing diluted net income per share, FFO per share and AFFO per share	85,571			84,767			80,283			84,223			79,956

	Basic FFO per share	$	3.90		$	4.18		$	4.26		$	12.07		$	11.57
	Diluted FFO per share	$	3.87		$	4.16		$	4.24		$	12.00		$	11.51

	Basic AFFO per share	$	5.56		$	5.90		$	5.04		$	17.41		$	15.65
	Diluted AFFO per share	$	5.52		$	5.87		$	5.01		$	17.32		$	15.57

CONTACT: Equinix Investor Relations Contacts: Katrina Rymill, Equinix, Inc., (650) 598-6583, krymill@equinix.com; Chip Newcom, Equinix, Inc., (650) 598-6262, cnewcom@equinix.com; Equinix Media Contact: Michelle Lindeman, Equinix, Inc., (650) 598-6361, mlindeman@equinix.com

Cover	Oct. 30, 2019
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 30, 2019
Entity File Number	000-31293
Entity Registrant Name	EQUINIX, INC.
Entity Central Index Key	0001101239
Entity Tax Identification Number	77-0487526
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	One Lagoon Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	598-6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001
Trading Symbol	EQIX
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

Cover

Oct. 30, 2019

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Oct. 30, 2019

Entity File Number

000-31293

Entity Registrant Name