x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 77-0487526 | |
(State of incorporation) | (IRS Employer Identification No.) |
Title of each class | Name of each exchange on which registered | |
Common Stock, $0.001 | The NASDAQ Stock Market LLC |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
Emerging growth company ¨ |
Item | Page No. | Page No. | ||
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ITEM 1. | BUSINESS |
Cloud and IT Services | Content Providers | Enterprise | Network and Mobile Services | |||
Amazon Web Services Box Inc. Cisco Systems Inc. Google Cloud Platform Datapipe IBM Cloud Microsoft Azure NetApp Oracle Cloud Infrastructure Salesforce.com Cloud and SAP Cloud Platform VMware Cloud Workday, Inc. | Netflix Priceline.com | Anheuser-Busch Aetna BMC Software Ericsson CDM Smith Colony Brands Deloitte DocuSign Ford Motors Ingram Micro Mazda Motor Corp. Smithfield Foods Sysco Foods Weyerhaueser Wing On | Allianz Technology of America Aon Bloomberg Chicago Board Options Exchange Lincoln Financial NASDAQ Options Exchange PayPal The Society of Lloyd's TIAA | AT&T British Telecom China Mobile NTT Communications TATA Communications Verizon Vodafone |
ITEM 1A. | RISK FACTORS |
◦ | an injunction, law or order that makes unlawful the consummation of the acquisition; |
◦ | inaccuracy or breach of the representations and warranties of, or the non-compliance with covenants by, either party; |
◦ | the nonreceipt of closing documents; or |
◦ | for other reasons; |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
Leased | Owned (1) | |
Americas | Rio de Janeiro & Sao Paulo, Brazil; Toronto, Canada; Atlanta, Georgia; Boston, Massachusetts; Chicago, Illinois; Dallas, Texas; Washington D.C. & Ashburn, Virginia; Denver, Colorado; Miami, Florida; New York, New York; Philadelphia, Pennsylvania; Seattle, Washington; Silicon Valley & Los Angeles, California | Chicago, Illinois; Washington D.C., Ashburn & Culpeper, Virginia; Silicon Valley & Los Angeles, California; Rio de Janeiro & São Paulo, Brazil; Atlanta, Georgia; Boston, Massachusetts; Dallas & Houston, Texas; Denver, Colorado; Miami, Florida; New York, New York; Seattle, Washington; Bogotá, Columbia |
EMEA | Paris, France; Frankfurt & Munich, Germany; Amsterdam & East Netherlands, the Netherlands; Geneva & Zurich, Switzerland; Dubai & Abu Dhabi, U.A.E.; London & Manchester, United Kingdom; Helsinki, Finland; Dublin, Ireland; Milan, Italy; Stockholm, Sweden; Istanbul, Turkey; Warsaw, Poland; Barcelona, Madrid & Seville, Spain | Paris, France; Frankfurt & Dusseldorf, Germany; London, United Kingdom; Amsterdam, the Netherlands; Dublin, Ireland; Sofia, Bulgaria; Istanbul, Turkey; Milan, Italy; Helsinki, Finland; Lisbon, Portugal; Stockholm, Sweden |
Asia-Pacific | Hong Kong & Shanghai, China; Singapore; Sydney, Australia; Tokyo & Osaka, Japan | Shanghai, China; Tokyo, Japan; Adelaide, Brisbane, Canberra, Melbourne, Perth & Sydney, Australia |
(1) | Owned sites include IBX data centers subject to long-term ground leases. |
# of IBXs | Total cabinet capacity (2) | Cabinets billed | Cabinet utilization % (3) | MRR per cabinet (4) | # of IBXs | Total Cabinet Capacity (2) | Cabinets Billed | Cabinet Utilization % (3) | MRR per Cabinet (4) | |||||||||||||||||||||
Americas | 55 | 62,600 | 50,600 | 81 | % | $ | 2,448 | 87 | 105,900 | 81,800 | 77 | % | $ | 2,389 | ||||||||||||||||
EMEA | 30 | 49,500 | 40,500 | 82 | % | 1,439 | 73 | 113,500 | 94,700 | 83 | % | 1,352 | ||||||||||||||||||
Asia-Pacific | 27 | 27,800 | 22,600 | 81 | % | 1,903 | 40 | 57,300 | 47,500 | 83 | % | 1,762 | ||||||||||||||||||
Total | 112 | 139,900 | 113,700 | 200 | 276,700 | 224,000 |
(1) |
(2) | Cabinets represent a specific amount of space within an IBX data center. Customers can combine and use multiple adjacent cabinets within an IBX data center, depending on their space requirements. |
(3) | The cabinet utilization rate represents the percentage of cabinet space billing versus |
(4) | MRR per cabinet represents average monthly recurring revenue recognized |
Property | Property location | Target open date | Sellable cabinets | Construction progress (in thousands) | |||
Americas: | |||||||
AT1 Phase IV | Atlanta | Q3 2016 | 365 | $ | 31,000 | ||
DC7 Phase III | Ashburn | Q4 2016 | 230 | 6,000 | |||
SP 3 Phase I | Sao Paolo | Q1 2017 | 725 | 76,000 | |||
DC11 Phase III | Ashburn | Q1 2017 | 1,745 | 57,000 | |||
3,065 | 170,000 | ||||||
EMEA: | |||||||
FR4 Phase V | Frankfurt | Q1 2016 | 600 | 21,000 | |||
AM1 Phase III | Amsterdam | Q2 2016 | 725 | 32,000 | |||
LD6 Phase II | London | Q3 2016 | 1,385 | 42,000 | |||
FR5 Phase III | Frankfurt | Q4 2016 | 500 | 8,000 | |||
AM4 Phase I | Amsterdam | Q2 2017 | 1,555 | 113,000 | |||
4,765 | 216,000 | ||||||
Asia-Pacific: | |||||||
TY5 Phase VII | Tokyo | Q1 2016 | 725 | 43,000 | |||
SY4 Phase I | Sydney | Q2 2016 | 1,500 | 97,000 | |||
HK2 Phase IV | Hong Kong | Q1 2017 | 900 | 39,000 | |||
3,125 | 179,000 | ||||||
Total | 10,955 | $ | 565,000 |
Property | Property Location | Target Open Date | Sellable Cabinets | Total Capex (in Millions)(1) | |||||||
Americas: | |||||||||||
DA6 phase III | Dallas | Q1 2019 | 425 | $ | 23 | ||||||
CH3 phase V | Chicago | Q2 2019 | 450 | 15 | |||||||
SE4 phase II | Seattle | Q2 2019 | 575 | 30 | |||||||
NY5 phase III | New York | Q3 2019 | 1,100 | 33 | |||||||
SP4 phase III | São Paulo | Q2 2020 | 1,025 | 59 | |||||||
DA11 phase I | Dallas | Q2 2020 | 1,975 | 138 | |||||||
5,550 | 298 | ||||||||||
EMEA: | |||||||||||
FR2 phase VI-A | Frankfurt | Q1 2019 | 1,250 | 103 | |||||||
LD4 phase II | London | Q1 2019 | 1,075 | 39 | |||||||
LD9 phase V | London | Q1 2019 | 1,550 | 72 | |||||||
PA8 phase I (2) | Paris | Q1 2019 | 875 | 73 | |||||||
SO2 phase I | Sofia | Q1 2019 | 350 | 19 | |||||||
ZH5 phase III | Zurich | Q1 2019 | 525 | 51 | |||||||
FR5 phase IV | Frankfurt | Q2 2019 | 350 | 25 | |||||||
HE7 phase I | Helsinki | Q2 2019 | 250 | 20 | |||||||
LD7 phase I | London | Q2 2019 | 1,775 | 120 | |||||||
MD2 phase II | Madrid | Q2 2019 | 300 | 15 | |||||||
WA3 phase I | Warsaw | Q2 2019 | 475 | 34 | |||||||
SK2 phase VI | Stockholm | Q2 2019 | 540 | 35 | |||||||
FR2 phase VI-B | Frankfurt | Q3 2019 | 2,200 | 67 | |||||||
LD9 phase VI | London | Q3 2019 | 900 | 48 | |||||||
LD10 phase III | London | Q3 2019 | 1,375 | 45 | |||||||
ZH5 phase IV | Zurich | Q3 2019 | 475 | 25 | |||||||
HH1 phase I | Hamburg | Q4 2019 | 375 | 27 | |||||||
MC1 phase I | Muscat | Q4 2019 | 250 | 22 | |||||||
PA8 phase II (2) | Paris | Q4 2019 | 1,300 | 54 | |||||||
16,190 | 894 | ||||||||||
Asia-Pacific: | |||||||||||
SH6 phase I | Shanghai | Q1 2019 | 400 | 31 | |||||||
TY11 phase I | Tokyo | Q2 2019 | 950 | 70 | |||||||
HK2 phase V | Hong Kong | Q2 2019 | 1,000 | 43 | |||||||
OS1 phase V | Osaka | Q2 2019 | 475 | 15 | |||||||
PE2 phase II | Perth | Q2 2019 | 225 | 11 | |||||||
HK4 phase II | Hong Kong | Q3 2019 | 500 | 34 | |||||||
ME2 phase I | Melbourne | Q3 2019 | 1,000 | 84 | |||||||
SL1 phase I | Seoul | Q3 2019 | 550 | 5 | |||||||
SY5 phase I | Sydney | Q3 2019 | 1,825 | 160 | |||||||
SG4 phase I | Singapore | Q4 2019 | 1,400 | 85 | |||||||
HK1 phase XII | Hong Kong | Q1 2020 | 250 | 13 | |||||||
TY12 phase I (2) | Tokyo | Q4 2020 | 950 | 147 | |||||||
9,525 | 698 | ||||||||||
Total | 31,265 | $ | 1,890 |
(1) | Capital expenditures are approximate and may change based on final construction details. |
(2) | Dedicated hyperscale data centers |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURE |
ITEM 5. | MARKET FOR |
Low | High | ||||||
Fiscal 2015 | |||||||
Fourth Fiscal Quarter | $ | 265.41 | $ | 304.98 | |||
Third Fiscal Quarter | 251.11 | 292.02 | |||||
Second Fiscal Quarter | 233.59 | 270.15 | |||||
First Fiscal Quarter | 216.86 | 238.95 | |||||
Low | High | ||||||
Fiscal 2014 | |||||||
Fourth Fiscal Quarter | $ | 191.96 | $ | 234.10 | |||
Third Fiscal Quarter | 206.26 | 223.58 | |||||
Second Fiscal Quarter | 170.48 | 210.11 | |||||
First Fiscal Quarter | 173.42 | 194.02 |
ITEM 6. | SELECTED FINANCIAL DATA |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | (dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,725,867 | $ | 2,443,776 | $ | 2,152,766 | $ | 1,887,376 | $ | 1,565,625 | $ | 5,071,654 | $ | 4,368,428 | $ | 3,611,989 | $ | 2,725,867 | $ | 2,443,776 | ||||||||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||||||||||||||||
Cost of revenues | 1,291,506 | 1,197,885 | 1,064,403 | 944,617 | 829,024 | 2,605,475 | 2,193,149 | 1,820,870 | 1,291,506 | 1,197,885 | ||||||||||||||||||||||||||||
Sales and marketing | 332,012 | 296,103 | 246,623 | 202,914 | 158,347 | 633,702 | 581,724 | 438,742 | 332,012 | 296,103 | ||||||||||||||||||||||||||||
General and administrative | 493,284 | 438,016 | 374,790 | 328,266 | 265,554 | 826,694 | 745,906 | 694,561 | 493,284 | 438,016 | ||||||||||||||||||||||||||||
Restructuring charges (reversals) | — | — | (4,837 | ) | — | 3,481 | ||||||||||||||||||||||||||||||||
Acquisition costs | 34,413 | 38,635 | 64,195 | 41,723 | 2,506 | |||||||||||||||||||||||||||||||||
Impairment charges | — | — | — | 9,861 | — | — | — | 7,698 | — | — | ||||||||||||||||||||||||||||
Acquisition costs | 41,723 | 2,506 | 10,855 | 8,822 | 3,297 | |||||||||||||||||||||||||||||||||
Gain on asset sales | (6,013 | ) | — | (32,816 | ) | — | — | |||||||||||||||||||||||||||||||
Total costs and operating expenses | 2,158,525 | 1,934,510 | 1,691,834 | 1,494,480 | 1,259,703 | 4,094,271 | 3,559,414 | 2,993,250 | 2,158,525 | 1,934,510 | ||||||||||||||||||||||||||||
Income from operations | 567,342 | 509,266 | 460,932 | 392,896 | 305,922 | 977,383 | 809,014 | 618,739 | 567,342 | 509,266 | ||||||||||||||||||||||||||||
Interest income | 3,581 | 2,891 | 3,387 | 3,466 | 2,280 | 14,482 | 13,075 | 3,476 | 3,581 | 2,891 | ||||||||||||||||||||||||||||
Interest expense | (299,055 | ) | (270,553 | ) | (248,792 | ) | (200,328 | ) | (181,303 | ) | (521,494 | ) | (478,698 | ) | (392,156 | ) | (299,055 | ) | (270,553 | ) | ||||||||||||||||||
Other income (expense) | (60,581 | ) | 119 | 5,253 | (2,208 | ) | 2,821 | 14,044 | 9,213 | (57,924 | ) | (60,581 | ) | 119 | ||||||||||||||||||||||||
Loss on debt extinguishment | (289 | ) | (156,990 | ) | (108,501 | ) | (5,204 | ) | — | (51,377 | ) | (65,772 | ) | (12,276 | ) | (289 | ) | (156,990 | ) | |||||||||||||||||||
Income from operations before income taxes | 210,998 | 84,733 | 112,279 | 188,622 | 129,720 | |||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 433,038 | 286,832 | 159,859 | 210,998 | 84,733 | |||||||||||||||||||||||||||||||||
Income tax expense | (23,224 | ) | (345,459 | ) | (16,156 | ) | (58,564 | ) | (37,347 | ) | (67,679 | ) | (53,850 | ) | (45,451 | ) | (23,224 | ) | (345,459 | ) | ||||||||||||||||||
Net income (loss) from continuing operations | 187,774 | (260,726 | ) | 96,123 | 130,058 | 92,373 | 365,359 | 232,982 | 114,408 | 187,774 | (260,726 | ) | ||||||||||||||||||||||||||
Net income from discontinued operations, net of tax | — | — | — | 13,086 | 1,009 | — | — | 12,392 | — | — | ||||||||||||||||||||||||||||
Net income (loss) | 187,774 | (260,726 | ) | 96,123 | 143,144 | 93,382 | 365,359 | 232,982 | 126,800 | 187,774 | (260,726 | ) | ||||||||||||||||||||||||||
Net (income) loss attributable to redeemable non-controlling interests | — | 1,179 | (1,438 | ) | (3,116 | ) | 1,394 | |||||||||||||||||||||||||||||||
Net income attributable to Equinix | $ | 187,774 | $ | (259,547 | ) | $ | 94,685 | $ | 140,028 | $ | 94,776 | |||||||||||||||||||||||||||
Net loss attributable to non-controlling interest | — | — | — | — | 1,179 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Equinix | $ | 365,359 | $ | 232,982 | $ | 126,800 | $ | 187,774 | $ | (259,547 | ) | |||||||||||||||||||||||||||
Earnings per share ("EPS") attributable to Equinix: | ||||||||||||||||||||||||||||||||||||||
Basic EPS from continuing operations | $ | 3.25 | $ | (4.96 | ) | $ | 1.92 | $ | 2.65 | $ | 1.75 | $ | 4.58 | $ | 3.03 | $ | 1.63 | $ | 3.25 | $ | (4.96 | ) | ||||||||||||||||
Basic EPS from discontinued operations | — | — | — | 0.27 | 0.02 | — | — | 0.18 | — | — | ||||||||||||||||||||||||||||
Basic EPS | $ | 3.25 | $ | (4.96 | ) | $ | 1.92 | $ | 2.92 | $ | 1.77 | $ | 4.58 | $ | 3.03 | $ | 1.81 | $ | 3.25 | $ | (4.96 | ) | ||||||||||||||||
Weighted-average shares | 57,790 | 52,359 | 49,438 | 48,004 | 46,956 | 79,779 | 76,854 | 70,117 | 57,790 | 52,359 | ||||||||||||||||||||||||||||
Diluted EPS from continuing operations | $ | 3.21 | $ | (4.96 | ) | $ | 1.89 | $ | 2.58 | $ | 1.72 | $ | 4.56 | $ | 3.00 | $ | 1.62 | $ | 3.21 | $ | (4.96 | ) | ||||||||||||||||
Diluted EPS from discontinued operations | — | — | — | $ | 0.25 | $ | 0.02 | — | — | 0.17 | — | — | ||||||||||||||||||||||||||
Diluted EPS | $ | 3.21 | $ | (4.96 | ) | $ | 1.89 | $ | 2.83 | $ | 1.74 | $ | 4.56 | $ | 3.00 | $ | 1.79 | $ | 3.21 | $ | (4.96 | ) | ||||||||||||||||
Weighted-average shares | 58,483 | 52,359 | 50,116 | 51,816 | 47,898 | 80,197 | 77,535 | 70,816 | 58,483 | 52,359 | ||||||||||||||||||||||||||||
Dividends per share (3) | $ | 9.12 | $ | 8.00 | $ | 7.00 | $ | 17.71 | $ | 7.57 |
(1) | On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. The |
(2) | The higher income tax expense for the year ended December 31, 2014 was primarily attributed to the de-recognition of $324.1 million of net deferred tax assets and deferred tax liabilities in December 2014, when our Board of Directors formally approved our conversion to a REIT and we reassessed the deferred tax assets and deferred tax liabilities of our U.S. operations included in the REIT structure. |
(3) | During the year ended December 31, 2015, we paid $10.95 per share of special distribution and $6.76 per share of quarterly cash dividend. During the year ended December 31, 2014, we paid $7.57 per share of special distribution. |
Years ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Other financial data: (1) | (dollars in thousands) | ||||||||||||||||||
Net cash provided by operating activities | $ | 894,793 | $ | 689,420 | $ | 604,608 | $ | 632,026 | $ | 587,320 | |||||||||
Net cash used in investing activities | (1,134,927 | ) | (435,839 | ) | (1,169,313 | ) | (442,873 | ) | (1,499,155 | ) | |||||||||
Net cash provided by (used in) financing activities | 1,873,182 | 107,401 | 574,907 | (222,721 | ) | 748,728 |
As of December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Consolidated Balance Sheet Data: | (in thousands) | ||||||||||||||||||
Cash, cash equivalents and short-term and long-term investments | $ | 610,706 | $ | 1,450,031 | $ | 761,927 | $ | 2,246,297 | $ | 1,140,751 | |||||||||
Accounts receivable, net | 630,119 | 576,313 | 396,245 | 291,964 | 262,570 | ||||||||||||||
Property, plant and equipment, net | 11,026,020 | 9,394,602 | 7,199,210 | 5,606,436 | 4,998,270 | ||||||||||||||
Total assets (1) (2) | 20,244,638 | 18,691,457 | 12,608,371 | 10,356,695 | 7,781,978 | ||||||||||||||
Capital lease and other financing obligations, less current portion | 1,441,077 | 1,620,256 | 1,410,742 | 1,287,139 | 1,168,042 | ||||||||||||||
Mortgage and loans payable, less current portion (1) | 1,310,663 | 1,393,118 | 1,369,087 | 472,769 | 532,809 | ||||||||||||||
Senior notes, less current portion (1) | 8,128,785 | 6,923,849 | 3,810,770 | 3,804,634 | 2,717,046 | ||||||||||||||
Convertible debt, less current portion (1) | — | — | — | — | 145,229 | ||||||||||||||
Total stockholders' equity (2) | 7,219,279 | 6,849,790 | 4,365,829 | 2,745,386 | 2,270,131 |
(1) |
As of December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Consolidated Balance Sheet Data: | |||||||||||||||||||
Cash, cash equivalents and short-term and long-term investments | $ | 2,246,297 | $ | 1,140,751 | $ | 1,030,092 | $ | 546,524 | $ | 1,076,345 | |||||||||
Accounts receivable, net | 291,964 | 262,570 | 184,840 | 163,840 | 139,057 | ||||||||||||||
Property, plant and equipment, net | 5,606,436 | 4,998,270 | 4,591,650 | 3,915,738 | 3,223,841 | ||||||||||||||
Total assets (1) | 10,356,695 | 7,781,978 | 7,457,039 | 6,105,507 | 5,753,328 | ||||||||||||||
Capital lease and other financing obligations, excluding current portion | 1,287,139 | 1,168,042 | 914,032 | 545,853 | 390,269 | ||||||||||||||
Mortgage and loans payable, excluding current portion (1) | 472,769 | 532,809 | 197,172 | 186,287 | 168,795 | ||||||||||||||
Senior notes (1) | 3,804,634 | 2,717,046 | 2,220,911 | 1,478,482 | 1,475,220 | ||||||||||||||
Convertible debt, excluding current portion (1) | — | 145,229 | 720,499 | 702,469 | 685,593 | ||||||||||||||
Redeemable non-controlling interests | — | — | 123,902 | 84,178 | 67,601 | ||||||||||||||
Total stockholders' equity | 2,745,386 | 2,270,131 | 2,459,064 | 2,313,441 | 1,936,151 |
The company adopted ASU 2015-03 during the year ended December 31, 2015. As a result, debt issuance costs of |
(2) | On January 1, 2018, we adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. We recorded a net increase to opening retained earnings of $269.8 million as of January 1, 2018 due to the cumulative impact of adopting Topic 606, with the impact primarily related to the costs to obtain a customer contract and |
ITEM 7. |
Years ended December 31, | % change | ||||||||||||||
2015 | % | 2014 | % | Actual | Constant currency | ||||||||||
Americas: | |||||||||||||||
Recurring revenues | $ | 1,432,084 | 52% | $ | 1,311,518 | 54% | 9% | 12% | |||||||
Non-recurring revenues | 80,451 | 3% | 64,585 | 3% | 25% | 25% | |||||||||
1,512,535 | 55% | 1,376,103 | 57% | 10% | 13% | ||||||||||
EMEA: | |||||||||||||||
Recurring revenues | 651,778 | 24% | 598,953 | 24% | 9% | 23% | |||||||||
Non-recurring revenues | 47,029 | 2% | 38,312 | 1% | 23% | 41% | |||||||||
698,807 | 26% | 637,265 | 25% | 10% | 24% | ||||||||||
Asia-Pacific: | |||||||||||||||
Recurring revenues | 485,279 | 18% | 407,319 | 17% | 19% | 31% | |||||||||
Non-recurring revenues | 29,246 | 1% | 23,089 | 1% | 27% | 39% | |||||||||
514,525 | 19% | 430,408 | 18% | 20% | 31% | ||||||||||
Total: | |||||||||||||||
Recurring revenues | 2,569,141 | 94% | 2,317,790 | 95% | 11% | 18% | |||||||||
Non-recurring revenues | 156,726 | 6% | 125,986 | 5% | 24% | 32% | |||||||||
$ | 2,725,867 | 100% | $ | 2,443,776 | 100% | 12% | 19% |
Years ended December 31, | % change | ||||||||||||||
2015 | % | 2014 | % | Actual | Constant currency | ||||||||||
Americas | $ | 637,604 | 49% | $ | 605,184 | 51% | 5% | 10% | |||||||
EMEA | 350,270 | 27% | 337,095 | 28% | 4% | 19% | |||||||||
Asia-Pacific | 303,632 | 24% | 255,606 | 21% | 19% | 30% | |||||||||
Total | $ | 1,291,506 | 100% | $ | 1,197,885 | 100% | 8% | 17% |
Years ended | |||
December 31, | |||
2015 | 2014 | ||
Cost of revenues as a percentage of revenues: | |||
Americas | 42% | 44% | |
EMEA | 50% | 53% | |
Asia-Pacific | 59% | 59% | |
Total | 47% | 49% |
Years ended December 31, | % change | ||||||||||||||
2015 | % | 2014 | % | Actual | Constant currency | ||||||||||
Americas | $ | 208,310 | 63% | $ | 172,264 | 58% | 21% | 24% | |||||||
EMEA | 71,871 | 22% | 79,890 | 27% | (10)% | 0% | |||||||||
Asia-Pacific | 51,831 | 15% | 43,949 | 15% | 18% | 27% | |||||||||
Total | $ | 332,012 | 100% | $ | 296,103 | 100% | 12% | 18% |
Years ended | |||
December 31, | |||
2015 | 2014 | ||
Sales and marketing expenses as a percentage of revenues: | |||
Americas | 14% | 13% | |
EMEA | 10% | 13% | |
Asia-Pacific | 10% | 10% | |
Total | 12% | 12% |
Years ended December 31, | % change | ||||||||||||||
2015 | % | 2014 | % | Actual | Constant currency | ||||||||||
Americas | $ | 347,421 | 70% | $ | 315,533 | 72% | 10% | 11% | |||||||
EMEA | 92,803 | 19% | 79,942 | 18% | 16% | 26% | |||||||||
Asia-Pacific | 53,060 | 11% | 42,541 | 10% | 25% | 35% | |||||||||
Total | $ | 493,284 | 100% | $ | 438,016 | 100% | 13% | 16% |
Years ended | |||
December 31, | |||
2015 | 2014 | ||
General and Administrative expenses as a percentage of revenues: | |||
Americas | 23% | 23% | |
EMEA | 13% | 13% | |
Asia-Pacific | 10% | 10% | |
Total | 18% | 18% |
Years ended December 31, | % change | ||||||||||||||
2015 | % | 2014 | % | Actual | Constant currency | ||||||||||
Americas | $ | 324,458 | 57% | $ | 282,219 | 56% | 15% | 15% | |||||||
EMEA | 145,527 | 26% | 138,685 | 27% | 5% | 23% | |||||||||
Asia-Pacific | 97,357 | 17% | 88,362 | 17% | 10% | 24% | |||||||||
Total | $ | 567,342 | 100% | $ | 509,266 | 100% | 11% | 19% |
Years ended December 31, | % change | ||||||||||||||||||
2015 | % | 2014 | % | Actual | Constant currency | ||||||||||||||
Americas | $ | 698,604 | 55 | % | $ | 635,007 | 57 | % | 10 | % | 12 | % | |||||||
EMEA | 318,561 | 25 | % | 269,222 | 24 | % | 18 | % | 35 | % | |||||||||
Asia-Pacific | 254,462 | 20 | % | 209,662 | 19 | % | 21 | % | 34 | % | |||||||||
Total | $ | 1,271,627 | 100 | % | $ | 1,113,891 | 100 | % | 14 | % | 22 | % |
Years ended December 31, | % change | ||||||||||||||
2014 | % | 2013 | % | Actual | Constant currency | ||||||||||
Americas: | |||||||||||||||
Recurring revenues | $ | 1,311,518 | 54% | $ | 1,214,301 | 56% | 8% | 10% | |||||||
Non-recurring revenues | 64,585 | 3% | 50,473 | 3% | 28% | 28% | |||||||||
1,376,103 | 57% | 1,264,774 | 59% | 9% | 11% | ||||||||||
EMEA: | |||||||||||||||
Recurring revenues | 598,953 | 24% | 492,361 | 23% | 22% | 19% | |||||||||
Non-recurring revenues | 38,312 | 1% | 32,657 | 1% | 17% | 19% | |||||||||
637,265 | 25% | 525,018 | 24% | 21% | 19% | ||||||||||
Asia-Pacific: | |||||||||||||||
Recurring revenues | 407,319 | 17% | 343,300 | 16% | 19% | 22% | |||||||||
Non-recurring revenues | 23,089 | 1% | 19,674 | 1% | 17% | 26% | |||||||||
430,408 | 18% | 362,974 | 17% | 19% | 22% | ||||||||||
Total: | |||||||||||||||
Recurring revenues | 2,317,790 | 95% | 2,049,962 | 95% | 13% | 14% | |||||||||
Non-recurring revenues | 125,986 | 5% | 102,804 | 5% | 23% | 25% | |||||||||
$ | 2,443,776 | 100% | $ | 2,152,766 | 100% | 14% | 15% |
Years ended December 31, | % change | ||||||||||||||
2014 | % | 2013 | % | Actual | Constant currency | ||||||||||
Americas | $ | 605,184 | 51% | $ | 576,869 | 54% | 5% | 8% | |||||||
EMEA | 337,095 | 28% | 271,965 | 26% | 24% | 22% | |||||||||
Asia-Pacific | 255,606 | 21% | 215,569 | 20% | 19% | 22% | |||||||||
Total | $ | 1,197,885 | 100% | $ | 1,064,403 | 100% | 13% | 14% |
Years ended | |||
December 31, | |||
2014 | 2013 | ||
Cost of revenues as a percentage of revenues: | |||
Americas | 44% | 46% | |
EMEA | 53% | 52% | |
Asia-Pacific | 59% | 59% | |
Total | 49% | 49% |
Years ended December 31, | % change | ||||||||||||||
2014 | % | 2013 | % | Actual | Constant currency | ||||||||||
Americas | $ | 172,264 | 58% | $ | 144,178 | 58% | 19% | 21% | |||||||
EMEA | 79,890 | 27% | 68,925 | 28% | 16% | 12% | |||||||||
Asia-Pacific | 43,949 | 15% | 33,520 | 14% | 31% | 35% | |||||||||
Total | $ | 296,103 | 100% | $ | 246,623 | 100% | 20% | 21% |
Years ended | |||
December 31, | |||
2014 | 2013 | ||
Sales and marketing expenses as a percentage of revenues: | |||
Americas | 13% | 11% | |
EMEA | 13% | 13% | |
Asia-Pacific | 10% | 9% | |
Total | 12% | 11% |
Years ended December 31, | % change | ||||||||||||||
2014 | % | 2013 | % | Actual | Constant currency | ||||||||||
Americas | $ | 315,533 | 72% | $ | 263,145 | 70% | 20% | 21% | |||||||
EMEA | 79,942 | 18% | 72,867 | 19% | 10% | 7% | |||||||||
Asia-Pacific | 42,541 | 10% | 38,778 | 11% | 10% | 12% | |||||||||
Total | $ | 438,016 | 100% | $ | 374,790 | 100% | 17% | 17% |
Years ended | |||
December 31, | |||
2014 | 2013 | ||
General and Administrative expenses as a percentage of revenues: | |||
Americas | 23% | 21% | |
EMEA | 13% | 14% | |
Asia-Pacific | 10% | 11% | |
Total | 18% | 17% |
Years ended December 31, | % change | ||||||||||||||
2014 | % | 2013 | % | Actual | Constant currency | ||||||||||
Americas | $ | 282,219 | 56% | $ | 279,785 | 61% | 1% | 1% | |||||||
EMEA | 138,685 | 27% | 106,221 | 23% | 31% | 28% | |||||||||
Asia-Pacific | 88,362 | 17% | 74,926 | 16% | 18% | 22% | |||||||||
Total | $ | 509,266 | 100% | $ | 460,932 | 100% | 10% | 11% |
Years ended December 31, | % change | ||||||||||||||
2014 | % | 2013 | % | Actual | Constant currency | ||||||||||
Americas | $ | 635,007 | 57% | $ | 608,718 | 61% | 4% | 6% | |||||||
EMEA | 269,222 | 24% | 216,186 | 22% | 25% | 22% | |||||||||
Asia-Pacific | 209,662 | 19% | 175,994 | 17% | 19% | 23% | |||||||||
Total | $ | 1,113,891 | 100% | $ | 1,000,898 | 100% | 11% | 12% |
Years ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Income from operations | $ | 567,342 | $ | 509,266 | $ | 460,932 | |||||
Depreciation, amortization, and accretion expense | 528,929 | 484,129 | 431,008 | ||||||||
Stock-based compensation expense | 133,633 | 117,990 | 102,940 | ||||||||
Restructuring charges | — | — | (4,837 | ) | |||||||
Acquisition costs | 41,723 | 2,506 | 10,855 | ||||||||
Adjusted EBITDA | $ | 1,271,627 | $ | 1,113,891 | $ | 1,000,898 |
Years ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income (loss) | $ | 187,774 | $ | (260,726 | ) | $ | 96,123 | ||||
Net (income) loss attributable to redeemable non-controlling interests | — | 1,179 | (1,438 | ) | |||||||
Net (income) loss attributable to Equinix | 187,774 | (259,547 | ) | 94,685 | |||||||
Adjustments: | |||||||||||
Real estate depreciation and amortization | 439,969 | 417,703 | 377,049 | ||||||||
Gain/loss on disposition of real estate property | 1,382 | 301 | 825 | ||||||||
Adjustments for FFO from unconsolidated joint ventures | 113 | 112 | 112 | ||||||||
Non-controlling interests' share of above adjustments | — | (5,303 | ) | (6,711 | ) | ||||||
NAREIT FFO attributable to common shareholders | $ | 629,238 | $ | 153,266 | $ | 465,960 |
Years ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
NAREIT FFO attributable to common shareholders | $ | 629,238 | $ | 153,266 | $ | 465,960 | |||||
Adjustments: | |||||||||||
Installation revenue adjustment | 35,498 | 25,720 | 25,017 | ||||||||
Straight-line rent expense adjustment | 7,931 | 13,048 | 8,612 | ||||||||
Amortization of deferred financing costs | 16,135 | 19,020 | 24,429 | ||||||||
Stock-based compensation expense | 133,633 | 117,990 | 102,940 | ||||||||
Non-real estate depreciation expense | 58,165 | 36,232 | 28,395 | ||||||||
Amortization expense | 27,446 | 27,756 | 27,287 | ||||||||
Accretion expense | 3,349 | 2,438 | (1,723 | ) | |||||||
Recurring capital expenditures | (120,281 | ) | (105,366 | ) | (93,504 | ) | |||||
Loss on debt extinguishment | 289 | 156,990 | 108,501 | ||||||||
Restructuring charge reversal | — | — | (4,837 | ) | |||||||
Acquisition costs | 41,723 | 2,506 | 10,855 | ||||||||
Income tax expense adjustment (1) | (1,270 | ) | 315,289 | (16,421 | ) | ||||||
Adjustments for AFFO from unconsolidated joint ventures | (58 | ) | (76 | ) | (185 | ) | |||||
Non-controlling interests' share of above adjustments | — | (3,134 | ) | (5,824 | ) | ||||||
Adjusted Funds from Operations (AFFO) attributable to common shareholders | $ | 831,798 | $ | 761,679 | $ | 679,502 |
Years Ended December 31, | % Change | ||||||||||||||
2018 | % | 2017 | % | Actual | Constant Currency | ||||||||||
Americas: | |||||||||||||||
Recurring revenues | $ | 2,357,326 | 46% | $ | 2,062,352 | 47% | 14% | 15% | |||||||
Non-recurring revenues | 127,408 | 3% | 110,408 | 3% | 15% | 16% | |||||||||
2,484,734 | 49% | 2,172,760 | 50% | 14% | 15% | ||||||||||
EMEA: | |||||||||||||||
Recurring revenues | 1,467,492 | 29% | 1,266,971 | 29% | 16% | 12% | |||||||||
Non-recurring revenues | 95,145 | 2% | 79,285 | 2% | 20% | 16% | |||||||||
1,562,637 | 31% | 1,346,256 | 31% | 16% | 12% | ||||||||||
Asia-Pacific: | |||||||||||||||
Recurring revenues | 951,684 | 19% | 790,797 | 18% | 20% | 19% | |||||||||
Non-recurring revenues | 72,599 | 1% | 58,615 | 1% | 24% | 23% | |||||||||
1,024,283 | 20% | 849,412 | 19% | 21% | 20% | ||||||||||
Total: | |||||||||||||||
Recurring revenues | 4,776,502 | 94% | 4,120,120 | 94% | 16% | 15% | |||||||||
Non-recurring revenues | 295,152 | 6% | 248,308 | 6% | 19% | 18% | |||||||||
$ | 5,071,654 | 100% | $ | 4,368,428 | 100% | 16% | 15% |
Years Ended December 31, | % Change | ||||||||||||||
2018 | % | 2017 | % | Actual | Constant Currency | ||||||||||
Americas | $ | 1,113,854 | 43% | $ | 958,845 | 44% | 16% | 18% | |||||||
EMEA | 916,751 | 35% | 749,933 | 34% | 22% | 18% | |||||||||
Asia-Pacific | 574,870 | 22% | 484,371 | 22% | 19% | 18% | |||||||||
Total | $ | 2,605,475 | 100% | $ | 2,193,149 | 100% | 19% | 18% |
Years Ended December 31, | ||||
2018 | 2017 | |||
Cost of revenues as a percentage of revenues: | ||||
Americas | 45% | 44% | ||
EMEA | 59% | 56% | ||
Asia-Pacific | 56% | 57% | ||
Total | 51% | 50% |
Years ended December 31, | % Change | ||||||||||||||
2018 | % | 2017 | % | Actual | Constant Currency | ||||||||||
Americas | $ | 391,386 | 62% | $ | 349,666 | 60% | 12% | 13% | |||||||
EMEA | 152,336 | 24% | 153,811 | 26% | (1)% | (4)% | |||||||||
Asia-Pacific | 89,980 | 14% | 78,247 | 14% | 15% | 14% | |||||||||
Total | $ | 633,702 | 100% | $ | 581,724 | 100% | 9% | 8% |
Years Ended December 31, | |||
2018 | 2017 | ||
Sales and marketing expenses as a percentage of revenues: | |||
Americas | 16% | 16% | |
EMEA | 10% | 11% | |
Asia-Pacific | 9% | 9% | |
Total | 12% | 13% |
Years Ended December 31, | % Change | ||||||||||||||
2018 | % | 2017 | % | Actual | Constant Currency | ||||||||||
Americas | $ | 554,169 | 67% | $ | 472,942 | 63% | 17% | 18% | |||||||
EMEA | 184,364 | 22% | 195,430 | 26% | (6)% | (8)% | |||||||||
Asia-Pacific | 88,161 | 11% | 77,534 | 11% | 14% | 12% | |||||||||
Total | $ | 826,694 | 100% | $ | 745,906 | 100% | 11% | 10% |
Years Ended December 31, | |||
2018 | 2017 | ||
General and Administrative expenses as a percentage of revenues: | |||
Americas | 22% | 22% | |
EMEA | 12% | 15% | |
Asia-Pacific | 9% | 9% | |
Total | 16% | 17% |
Years Ended December 31, | % Change | ||||||||||||||
2018 | % | 2017 | % | Actual | Constant Currency | ||||||||||
Americas | $ | 412,610 | 42% | $ | 363,220 | 45% | 14% | 15% | |||||||
EMEA | 312,163 | 32% | 237,854 | 29% | 31% | 25% | |||||||||
Asia-Pacific | 252,610 | 26% | 207,940 | 26% | 21% | 20% | |||||||||
Total | $ | 977,383 | 100% | $ | 809,014 | 100% | 21% | 19% |
Years Ended December 31, | % Change | ||||||||||||||||||
2018 | % | 2017 | % | Actual | Constant Currency | ||||||||||||||
Americas | $ | 1,183,831 | 49 | % | $ | 1,034,694 | 51 | % | 14 | % | 15 | % | |||||||
EMEA | 698,280 | 29 | % | 582,697 | 28 | % | 20 | % | 15 | % | |||||||||
Asia-Pacific | 531,129 | 22 | % | 434,650 | 21 | % | 22 | % | 21 | % | |||||||||
Total | $ | 2,413,240 | 100 | % | $ | 2,052,041 | 100 | % | 18 | % | 17 | % |
Years Ended December 31, | % Change | ||||||||||||||
2017 | % | 2016 | % | Actual | Constant Currency | ||||||||||
Americas: | |||||||||||||||
Recurring revenues | $ | 2,062,352 | 47% | $ | 1,593,084 | 44% | 29% | 29% | |||||||
Non-recurring revenues | 110,408 | 3% | 86,465 | 3% | 28% | 27% | |||||||||
2,172,760 | 50% | 1,679,549 | 47% | 29% | 29% | ||||||||||
EMEA: | |||||||||||||||
Recurring revenues | 1,266,971 | 29% | 1,106,652 | 31% | 14% | 15% | |||||||||
Non-recurring revenues | 79,285 | 2% | 64,687 | 1% | 23% | 23% | |||||||||
1,346,256 | 31% | 1,171,339 | 32% | 15% | 15% | ||||||||||
Asia-Pacific: | |||||||||||||||
Recurring revenues | 790,797 | 18% | 717,638 | 20% | 10% | 11% | |||||||||
Non-recurring revenues | 58,615 | 1% | 43,463 | 1% | 35% | 36% | |||||||||
849,412 | 19% | 761,101 | 21% | 12% | 12% | ||||||||||
Total: | |||||||||||||||
Recurring revenues | 4,120,120 | 94% | 3,417,374 | 95% | 21% | 21% | |||||||||
Non-recurring revenues | 248,308 | 6% | 194,615 | 5% | 28% | 28% | |||||||||
$ | 4,368,428 | 100% | $ | 3,611,989 | 100% | 21% | 21% |
Years Ended December 31, | % Change | ||||||||||||||
2017 | % | 2016 | % | Actual | Constant Currency | ||||||||||
Americas | $ | 958,845 | 44% | $ | 700,544 | 38% | 37% | 36% | |||||||
EMEA | 749,933 | 34% | 653,766 | 36% | 15% | 15% | |||||||||
Asia-Pacific | 484,371 | 22% | 466,560 | 26% | 4% | 5% | |||||||||
Total | $ | 2,193,149 | 100% | $ | 1,820,870 | 100% | 20% | 20% |
Years Ended December 31, | |||
2017 | 2016 | ||
Cost of revenues as a percentage of revenues: | |||
Americas | 44% | 42% | |
EMEA | 56% | 56% | |
Asia-Pacific | 57% | 61% | |
Total | 50% | 50% |
Years Ended December 31, | % Change | ||||||||||||||
2017 | % | 2016 | % | Actual | Constant Currency | ||||||||||
Americas | $ | 349,666 | 60% | $ | 230,900 | 53% | 51% | 51% | |||||||
EMEA | 153,811 | 26% | 137,887 | 31% | 12% | 14% | |||||||||
Asia-Pacific | 78,247 | 14% | 69,955 | 16% | 12% | 13% | |||||||||
Total | $ | 581,724 | 100% | $ | 438,742 | 100% | 33% | 33% |
Years Ended December 31, | |||
2017 | 2016 | ||
Sales and marketing expenses as a percentage of revenues: | |||
Americas | 16% | 14% | |
EMEA | 11% | 12% | |
Asia-Pacific | 9% | 9% | |
Total | 13% | 12% |
Years Ended December 31, | % Change | ||||||||||||||
2017 | % | 2016 | % | Actual | Constant Currency | ||||||||||
Americas | $ | 472,942 | 63% | $ | 391,637 | 56% | 21% | 20% | |||||||
EMEA | 195,430 | 26% | 228,310 | 33% | (14)% | (12)% | |||||||||
Asia-Pacific | 77,534 | 11% | 74,614 | 11% | 4% | 5% | |||||||||
Total | $ | 745,906 | 100% | $ | 694,561 | 100% | 7% | 8% |
Years Ended December 31, | |||
2017 | 2016 | ||
General and Administrative expenses as a percentage of revenues: | |||
Americas | 22% | 23% | |
EMEA | 15% | 19% | |
Asia-Pacific | 9% | 10% | |
Total | 17% | 19% |
Years Ended December 31, | % Change | ||||||||||||||
2017 | % | 2016 | % | Actual | Constant Currency | ||||||||||
Americas | $ | 363,220 | 45% | $ | 352,180 | 57% | 3% | 3% | |||||||
EMEA | 237,854 | 29% | 124,853 | 20% | 91% | 85% | |||||||||
Asia-Pacific | 207,940 | 26% | 141,706 | 23% | 47% | 47% | |||||||||
Total | $ | 809,014 | 100% | $ | 618,739 | 100% | 31% | 30% |
Years Ended December 31, | % Change | ||||||||||||||
2017 | % | 2016 | % | Actual | Constant Currency | ||||||||||
Americas | $ | 1,034,694 | 51% | $ | 787,311 | 47% | 31% | 31% | |||||||
EMEA | 582,697 | 28% | 494,263 | 30% | 18% | 17% | |||||||||
Asia-Pacific | 434,650 | 21% | 375,900 | 23% | 16% | 16% | |||||||||
Total | $ | 2,052,041 | 100% | $ | 1,657,474 | 100% | 24% | 24% |
Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Income from operations | $ | 977,383 | $ | 809,014 | $ | 618,739 | |||||
Depreciation, amortization, and accretion expense | 1,226,741 | 1,028,892 | 843,510 | ||||||||
Stock-based compensation expense | 180,716 | 175,500 | 156,148 | ||||||||
Acquisition costs | 34,413 | 38,635 | 64,195 | ||||||||
Impairment charges | — | — | 7,698 | ||||||||
Gain on asset sales | (6,013 | ) | — | (32,816 | ) | ||||||
Adjusted EBITDA | $ | 2,413,240 | $ | 2,052,041 | $ | 1,657,474 |
Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net income | $ | 365,359 | $ | 232,982 | $ | 126,800 | |||||
Adjustments: | |||||||||||
Real estate depreciation and amortization | 883,118 | 754,351 | 626,564 | ||||||||
(Gain) loss on disposition of real estate property | 4,643 | 4,945 | (28,388 | ) | |||||||
Adjustments for FFO from unconsolidated joint ventures | — | 85 | 113 | ||||||||
FFO | $ | 1,253,120 | $ | 992,363 | $ | 725,089 |
Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
FFO | $ | 1,253,120 | $ | 992,363 | $ | 725,089 | |||||
Adjustments: | |||||||||||
Installation revenue adjustment | 10,858 | 24,496 | 20,161 | ||||||||
Straight-line rent expense adjustment | 7,203 | 8,925 | 7,700 | ||||||||
Contract cost adjustment | (20,358 | ) | — | — | |||||||
Amortization of deferred financing costs and debt discounts and premiums | 13,618 | 24,449 | 18,696 | ||||||||
Stock-based compensation expense | 180,716 | 175,500 | 156,149 | ||||||||
Non-real estate depreciation expense | 140,955 | 111,121 | 87,781 | ||||||||
Amortization expense | 203,416 | 177,008 | 122,862 | ||||||||
Accretion expense (adjustment) | (748 | ) | (13,588 | ) | 6,303 | ||||||
Recurring capital expenditures | (203,053 | ) | (167,995 | ) | (141,819 | ) | |||||
Loss on debt extinguishment | 51,377 | 65,772 | 12,276 | ||||||||
Acquisition costs | 34,413 | 38,635 | 64,195 | ||||||||
Impairment charges | — | — | 7,698 | ||||||||
Net income from discontinued operations, net of tax | — | — | (12,392 | ) | |||||||
Income tax expense adjustment | (12,420 | ) | 371 | 3,680 | |||||||
Adjustments for AFFO from unconsolidated joint ventures | — | (17 | ) | (40 | ) | ||||||
AFFO | $ | 1,659,097 | $ | 1,437,040 | $ | 1,078,339 |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
(dollars in thousands) | (in thousands) | |||||||||||||||||||||
Net cash provided by operating activities | $ | 894,793 | $ | 689,420 | $ | 604,608 | $ | 1,815,426 | $ | 1,439,233 | $ | 1,019,353 | ||||||||||
Net cash used in investing activities | (1,134,927 | ) | (435,839 | ) | (1,169,313 | ) | (3,075,528 | ) | (5,400,826 | ) | (2,045,668 | ) | ||||||||||
Net cash provided by (used in) financing activities | 1,873,182 | 107,401 | 574,907 | 470,912 | 4,607,860 | (897,065 | ) |
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | |||||||||||||||||||||
Convertible debt (1) | $ | 150,082 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 150,082 | |||||||||||||
Senior notes (2) | — | — | — | — | 500,000 | 3,350,000 | 3,850,000 | ||||||||||||||||||||
Term loan A (2) | 41,565 | 39,541 | 39,540 | 336,094 | — | — | 456,740 | ||||||||||||||||||||
Bridge term loan (2) | 386,547 | — | — | — | — | — | 386,547 | ||||||||||||||||||||
Brazil financings (2) | 11,540 | 7,936 | 4,419 | — | — | — | 23,895 | ||||||||||||||||||||
Mortgage payable (2) | 1,049 | 1,094 | 1,141 | 1,191 | 1,242 | 26,626 | 32,343 | ||||||||||||||||||||
Other loans payable (2) | 3,720 | 2,477 | 2,515 | 2,044 | 1,982 | 7,801 | 20,539 | ||||||||||||||||||||
Revolving credit facility (2) | 325,622 | — | — | — | — | — | 325,622 | ||||||||||||||||||||
Interest (3) | 203,872 | 220,234 | 218,821 | 217,806 | 201,034 | 682,032 | 1,743,799 | ||||||||||||||||||||
Capital lease and other financing obligations (4) | 140,632 | 139,653 | 140,981 | 138,847 | 136,587 | 1,346,341 | 2,043,041 | ||||||||||||||||||||
Operating leases (5) | 115,091 | 113,624 | 108,810 | 100,462 | 89,227 | 632,677 | 1,159,891 | ||||||||||||||||||||
Other contractual commitments (6) | 476,217 | 79,750 | 18,898 | 4,252 | 4,302 | 25,540 | 608,959 | ||||||||||||||||||||
Asset retirement obligations (7) | 491 | 9,982 | 4,150 | 11,297 | 3,651 | 48,911 | 78,482 | ||||||||||||||||||||
$ | 1,856,428 | $ | 614,291 | $ | 539,275 | $ | 811,993 | $ | 938,025 | $ | 6,119,928 | $ | 10,879,940 |
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Term loans and other loans payable (1) | $ | 73,128 | $ | 73,443 | $ | 73,134 | $ | 1,165,871 | $ | 2,491 | $ | 2,339 | $ | 1,390,406 | |||||||||||||
Senior notes (1) | 300,000 | 300,000 | 150,000 | 750,000 | 1,000,000 | 6,000,125 | 8,500,125 | ||||||||||||||||||||
Interest (2) | 411,944 | 395,556 | 379,060 | 352,907 | 278,214 | 600,648 | 2,418,329 | ||||||||||||||||||||
Capital lease and other financing obligations (3) | 184,151 | 170,592 | 169,086 | 168,810 | 164,886 | 1,601,251 | 2,458,776 | ||||||||||||||||||||
Operating leases (4) | 187,280 | 179,515 | 166,159 | 158,115 | 147,677 | 1,130,494 | 1,969,240 | ||||||||||||||||||||
Other contractual commitments (5) | 1,129,604 | 149,168 | 36,839 | 25,680 | 19,789 | 164,090 | 1,525,170 | ||||||||||||||||||||
Asset retirement obligations (6) | 6,776 | 3,801 | 3,972 | 11,633 | 5,582 | 64,899 | 96,663 | ||||||||||||||||||||
$ | 2,292,883 | $ | 1,272,075 | $ | 978,250 | $ | 2,633,016 | $ | 1,618,639 | $ | 9,563,846 | $ | 18,358,709 |
(1) | Represents principal |
(2) |
Represents interest on |
(3) | Represents principal and interest. |
(4) | Represents minimum operating lease payments, excluding potential lease renewals. |
(5) | Represents unaccrued contractual commitments. Other contractual commitments are described below. |
(6) | Represents liability, net of future accretion expense. |
Description | Judgments and Uncertainties | Effect if Actual Results Differ | |
Accounting for Income Taxes. Deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards on a taxing jurisdiction basis. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or settled. The accounting standard for income taxes requires a reduction of the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not (defined by the accounting standard as a likelihood of more than 50%) that such assets will not be realized. A tax benefit from an uncertain income tax position may be recognized in the financial statements only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing | The TCJA included a Global Intangible Low-Taxed Income ("GILTI") provision that increases U.S. federal taxable income by certain foreign subsidiary income in the year it is earned. Our accounting policy is to treat any tax on GILTI inclusions as a current period cost included in the tax expense in the year incurred. The Company believes the GILTI inclusion provision will result in no financial statement impact provided the Company satisfies its REIT distribution requirement with respect to the GILTI inclusions. Our qualification and taxation as a REIT depends on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. Our ability to satisfy quarterly asset tests depends upon our analysis and the fair market values of our REIT and non-REIT assets. | The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in our financial statements or tax returns. Our accounting for deferred tax consequences represents our best estimate of those future events. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets. If, based on the weight of that available evidence, it is more likely than not the deferred tax assets will not be realized, we record a valuation allowance. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. This assessment, which is completed on a taxing jurisdiction basis, takes into account a number of types of evidence, including the following: 1) the nature, frequency and severity of current and cumulative financial reporting losses, 2) sources of future taxable income and 3) tax planning strategies. In assessing the tax benefit from an uncertain income tax position, the tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For purposes of the quarterly REIT asset tests, we estimate the fair market value of assets within our QRSs and TRSs using a discounted cash flow approach, by calculating the present value of forecasted future cash flows. We apply discount rates based on industry benchmarks relative to the market and forecasting risks. Other key assumptions used to estimate the fair market value of assets in QRSs and TRSs include projected revenue growth, operating margins and forecasted capital expenditure. We revisit key assumptions periodically to reflect any changes due to business or economic environment. | As of December 31, During the year ended December 31, 2018, we released the full valuation allowances against the deferred tax assets of one of our Brazilian legal entities, certain Japanese entities and partial valuation allowance against the Spanish deferred tax assets acquired from the Itconic acquisition as a result of legal entities reorganizations in the Americas, APAC and EMEA regions. As part of the purchase accounting determination for the Metronode Acquisition, we provided full valuation allowance against certain deferred tax assets in Australia that are not expected to be realizable in the foreseeable future. During the year ended December 31, 2017, we provided full and partial valuation allowances against the Spanish and Turkish deferred tax assets acquired from the Itconic and Zenium data center acquisitions, respectively. In addition, we set up a full valuation allowance against the deferred tax asset associated with excess tax goodwill established as a result of a reorganization in Brazil. As of December 31, |
Description | Judgments and Uncertainties | Effect if Actual Results Differ |
Accounting for Business Combinations In accordance with the accounting standard for business combinations, we allocate the purchase price of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the fair value of the assets acquired and liabilities assumed, if any, is recorded as goodwill. We use all available information to estimate fair values. We typically engage outside appraisal firms to assist in determining the fair value | Our purchase price allocation methodology contains uncertainties because it requires assumptions and | During the last three years, we have completed As of December 31, 2018, 2017 and 2016, we had net intangible assets of $2.3 billion, $2.4 billion and $719.2 million, respectively. We recorded amortization expense for intangible assets of $203.4 million, $177.0 million and $122.9 million for the We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions we used to complete the purchase price allocations and the fair value of assets acquired and liabilities assumed. However, if actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material, which would be recorded in our consolidated statements of operations in |
Description | Judgments and Uncertainties | Effect if Actual Results Differ from Assumptions |
Accounting for Impairment of Goodwill and Other Intangible Assets In accordance with the accounting standard for goodwill and other intangible assets, we perform goodwill and other intangible assets impairment reviews annually, or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. We perform a review of other intangible assets for impairment by assessing events or changes in circumstances that indicate the carrying amount of an asset may not be recoverable. | To perform annual goodwill impairment assessment, we elected to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying There were no specific factors present in 2018 or 2017 that indicated a potential goodwill impairment. We performed our annual review of other intangible assets by assessing if there were events or changes in circumstances indicating that the | As of December 31, Future events, changing market conditions and any changes in key assumptions may result in an impairment charge. While we have not recorded an impairment charge against our goodwill to date, the development of adverse business conditions in our Americas, EMEA or Asia-Pacific reporting units, such as higher than anticipated customer churn or significantly increased operating costs, or significant deterioration of our market comparables that we use in the market approach, could result in an impairment charge in future periods. The balance of our other intangible assets, net, for the year ended December 31, 2018 was $2.3 billion. While we have not recorded an impairment charge against our other intangible assets to date, future events or changes in circumstances, such as a significant decrease in market price of an asset, a significant adverse change in the extent or manner in which an asset is being used, a significant adverse change in legal factors or business climate, may result in an impairment charge in future periods. Any potential impairment charge against our goodwill and other intangible assets would not exceed the amounts recorded on our consolidated balance sheets. |
Description | Judgments and Uncertainties | Effect if Actual Results Differ |
Accounting for Property, Plant and Equipment We have a substantial amount of property, plant and equipment recorded on our consolidated balance sheet. The vast majority of our property, plant and equipment represent the costs incurred to build out or acquire our IBX data centers. Our IBX data centers are long-lived assets. Accounting for property, plant and equipment includes determining the appropriate period in which to depreciate such assets, making assessments for leased properties to determine whether they are capital or operating leases, determining if construction projects performed at leased properties trigger build-to-suit lease accounting, assessing such assets for potential impairment, capitalizing interest during periods of construction and assessing the asset retirement obligations required for certain leased properties that require us to return the leased properties back to their original condition at the time we decide to exit a leased property. | Judgments are Another area of judgment for us in connection with our property, plant and equipment is related to lease accounting. The assessment of long-lived assets for impairment requires assumptions and estimates of undiscounted and discounted future cash flows. These assumptions and estimates require significant judgment and are inherently uncertain. | As of December 31, Additionally, during the years ended December 31, respectively. |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
December 31, 2015 | December 31, 2014 | December 31, 2018 | December 31, 2017 | |||||||||||||||||||||||||||
Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | |||||||||||||||||||||||
Mortgage and loans payable | $ | 920,064 | $ | 916,602 | $ | 595,752 | $ | 553,045 | $ | 1,388,524 | $ | 1,389,632 | $ | 1,468,275 | $ | 1,464,877 | ||||||||||||||
Convertible debt | 150,082 | 151,997 | 157,885 | 162,159 | ||||||||||||||||||||||||||
Senior notes | 3,850,000 | 3,954,000 | 2,750,000 | 2,790,023 | 8,500,125 | 8,422,211 | 7,002,000 | 7,288,673 | ||||||||||||||||||||||
Revolving credit facility | 325,622 | 325,617 | — | — |
(1) | The carrying value is gross of debt |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 10. |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
2.1 | Rule 2.7 Announcement, dated as May 29, 2015. Recommended Cash and Share Offer for Telecity Group plc by Equinix, Inc. | 8-K | 5/29/15 | 2.1 | ||||||
2.2 | Cooperation Agreement, dated as of May 29, 2015, by and between Equinix, Inc. and Telecity Group plc. | 8-K | 5/29/15 | 2.2 | ||||||
2.3 | Amendment to Cooperation Agreement, dated as of November 24, 2015, by and between Equinix, Inc. and Telecity Group plc. | X | ||||||||
3.1 | Amended and Restated Certificate of Incorporation of the Registrant, as amended to date. | 10-K/A | 12/31/02 | 3.1 | ||||||
3.2 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant | 8-K | 6/14/11 | 3.1 | ||||||
3.3 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant | 8-K | 6/11/13 | 3.1 | ||||||
3.4 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant | 10-Q | 6/30/2014 | 3.4 | ||||||
3.5 | Certificate of Designation of Series A and Series A-1 Convertible Preferred Stock. | 10-K/A | 12/31/02 | 3.3 | ||||||
3.6 | Amended and Restated Bylaws of the Registrant. | 8-K | 01/19/16 | 3.1 | ||||||
4.1 | Reference is made to Exhibits 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6. | |||||||||
4.2 | Indenture dated June 12, 2009 by and between Equinix, Inc. and U.S. Bank National Association, as trustee. | 8-K | 6/12/09 | 4.1 | ||||||
4.3 | Form of 4.75% Convertible Subordinated Note Due 2016 (see Exhibit 4.2). | |||||||||
4.4 | Indenture for the 2020 Notes dated March 5, 2013 by and between Equinix, Inc. and U.S. Bank National Association as trustee | 8-K | 3/5/13 | 4.1 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
8-K | 5/29/15 | 2.1 | ||||||||
8-K | 5/29/15 | 2.2 | ||||||||
10-K | 12/31/15 | 2.3 | ||||||||
8-K | 12/6/16 | 2.1 | ||||||||
10-K | 12/31/16 | 2.5 | ||||||||
8-K | 5/1/17 | 2.1 | ||||||||
10-Q | 8/8/18 | 2.7 | ||||||||
10-K/A | 12/31/02 | 3.1 | ||||||||
8-K | 6/14/11 | 3.1 | ||||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
4.5 | Form of 4.875% Senior Note due 2020 (see Exhibit 4.4) | |||||||||
4.6 | Indenture for the 2023 Notes dated March 5, 2013 by and between Equinix, Inc. and U.S. Bank National Association as trustee | 8-K | 3/5/13 | 4.3 | ||||||
4.7 | Form of 5.375% Senior Note due 2023 (see Exhibit 4.6) | |||||||||
4.8 | Indenture, dated as of November 20, 2014, between Equinix, Inc. and U.S. Bank National Association, as trustee | 8-K | 11/20/14 | 4.1 | ||||||
4.9 | First Supplemental Indenture, dated as of November 20, 2014, between Equinix, Inc. and U.S. Bank National Association, as trustee | 8-K | 11/20/14 | 4.2 | ||||||
4.10 | Form of 5.375% Senior Note due 2022 (see Exhibit 4.9) | |||||||||
4.11 | Second Supplemental Indenture, dated as of November 20, 2014, between Equinix, Inc. and U.S. Bank National Association, as trustee | 8-K | 11/20/14 | 4.4 | ||||||
4.12 | Form of 5.750% Senior Note due 2025 (see Exhibit 4.11) | |||||||||
4.13 | Third Supplemental Indenture, dated as of December 4, 2015, between Equinix, Inc. and U.S. Bank National Association, as trustee | 8-K | 12/04/15 | 4.2 | ||||||
4.14 | Form of 5.875% Senior Note due 2026 (see Exhibit 4.13) | |||||||||
4.15 | Form of Registrant’s Common Stock Certificate | 10-K | 12/31/14 | 4.13 | ||||||
10.1** | Form of Indemnification Agreement between the Registrant and each of its officers and directors. | S-4 (File No. 333-93749) | 12/29/1999 | 10.5 | ||||||
10.2** | 2000 Equity Incentive Plan, as amended. | 10-Q | 3/31/12 | 10.2 | ||||||
10.3** | 2000 Director Option Plan, as amended. | 10-K | 12/31/07 | 10.4 | ||||||
10.4** | 2001 Supplemental Stock Plan, as amended. | 10-K | 12/31/07 | 10.5 | ||||||
10.5** | Equinix, Inc. 2004 Employee Stock Purchase Plan, as amended. | 10-Q | 6/30/14 | 10.5 | ||||||
10.6** | Severance Agreement by and between Stephen Smith and Equinix, Inc. dated December 18, 2008. | 10-K | 12/31/08 | 10.31 | ||||||
10.7** | Severance Agreement by and between Peter Van Camp and Equinix, Inc. dated December 10, 2008. | 10-K | 12/31/08 | 10.32 | ||||||
10.8** | Severance Agreement by and between Keith Taylor and Equinix, Inc. dated December 19, 2008. | 10-K | 12/31/08 | 10.33 | ||||||
10.9** | Change in Control Severance Agreement by and between Eric Schwartz and Equinix, Inc. dated December 19, 2008. | 10-K | 12/31/08 | 10.35 | ||||||
10.10 | Confirmation for Base Capped Call Transaction dated as of June 9, 2009 between Equinix, Inc. and Deutsche Bank AG, London Branch. | 8-K | 6/12/09 | 10.1 | ||||||
10.11 | Confirmation for Additional Capped Call Transaction dated as of June 9, 2009 between Equinix, Inc. and Deutsche Bank AG, London Branch. | 8-K | 6/12/09 | 10.2 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
8-K | 6/11/13 | 3.1 | ||||||||
10-Q | 6/30/2014 | 3.4 | ||||||||
10-K/A | 12/31/02 | 3.3 | ||||||||
8-K | 3/29/16 | 3.1 | ||||||||
4.1 | Reference is made to Exhibits 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6. | |||||||||
8-K | 3/5/13 | 4.3 | ||||||||
4.3 | Form of 5.375% Senior Note due 2023 (see Exhibit 4.2). | |||||||||
8-K | 11/20/14 | 4.1 | ||||||||
8-K | 11/20/14 | 4.2 | ||||||||
4.6 | Form of 5.375% Senior Note due 2022 (see Exhibit 4.5). | |||||||||
8-K | 11/20/14 | 4.4 | ||||||||
4.8 | Form of 5.750% Senior Note due 2025 (see Exhibit 4.7). | |||||||||
8-K | 12/04/15 | 4.2 | ||||||||
4.10 | Form of 5.875% Senior Note due 2026 (see Exhibit 4.9). | |||||||||
8-K | 3/22/17 | 4.2 | ||||||||
4.12 | Form of 5.375% Senior Notes due 2027 (see Exhibit 4.11). | |||||||||
8-K | 9/20/17 | 4.2 | ||||||||
4.14 | Form of 2.875% Senior Notes due 2025 (see Exhibit 4.13). | |||||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
10.12 | Confirmation for Base Capped Call Transaction dated as of June 9, 2009 between Equinix, Inc. and JPMorgan Chase Bank, National Association, London Branch. | 8-K | 6/12/09 | 10.4 | ||||||
10.13 | Confirmation for Additional Capped Call Transaction dated as of June 9, 2009 between Equinix, Inc. and JPMorgan Chase Bank, National Association, London Branch. | 8-K | 6/12/09 | 10.5 | ||||||
10.14 | Confirmation for Base Capped Call Transaction dated as of June 9, 2009 between Equinix, Inc. and Goldman, Sachs & Co. | 8-K | 6/12/09 | 10.7 | ||||||
10.15 | Confirmation for Additional Capped Call Transaction dated as of June 9, 2009 between Equinix, Inc. and Goldman, Sachs & Co. | 8-K | 6/12/09 | 10.8 | ||||||
10.16** | Switch & Data 2007 Stock Incentive Plan. | S-1/A (File No. 333-137607) filed by Switch & Data Facilities Company, Inc. | 2/5/07 | 10.9 | ||||||
10.17** | Change in Control Severance Agreement by and between Charles Meyers and Equinix, Inc. dated September 30, 2010. | 10-Q | 9/30/10 | 10.42 | ||||||
10.18** | Form of amendment to existing severance agreement between the Registrant and each of Messrs. Meyers, Smith, Taylor and Van Camp. | 10-K | 12/31/10 | 10.33 | ||||||
10.19** | Letter amendment, dated December 14, 2010, to Change in Control Severance Agreement, dated December 18, 2008, and letter agreement relating to expatriate benefits, dated April 22, 2008, as amended, by and between the Registrant and Eric Schwartz. | 10-K | 12/31/10 | 10.34 | ||||||
10.20** | Offer Letter from Equinix, Inc. to Sara Baack dated July 31, 2012. | 10-Q | 3/31/13 | 10.42 | ||||||
10.21** | Change in Control Severance Agreement by and between Sara Baack and Equinix, Inc. dated July 31, 2012. | 10-Q | 3/31/13 | 10.44 | ||||||
10.22** | Form of Revenue/Adjusted EBITDA Restricted Stock Unit Agreement for CEO and CFO. | 10-Q | 3/31/13 | 10.46 | ||||||
10.23** | Form of Revenue/Adjusted EBITDA Restricted Stock Unit Agreement for all other Section 16 officers. | 10-Q | 3/31/13 | 10.47 | ||||||
10.24** | International Long-Term Assignment Letter by and between Equinix, Inc. and Eric Schwartz, dated May 21, 2013. | 10-Q | 6/30/13 | 10.51 | ||||||
10.25** | Employment Agreement by and between Equinix (EMEA) B.V. and Eric Schwartz, dated as of August 7, 2013. | 10-Q | 9/30/13 | 10.54 | ||||||
10.26** | Restricted Stock Unit Agreement dated August 14, 2013 for Charles Meyers under the Equinix, Inc. 2000 Equity Incentive Plan. | 10-Q | 9/30/13 | 10.55 | ||||||
10.27** | Offer Letter from Equinix, Inc. to Karl Strohmeyer dated October 28, 2013. | 10-Q | 3/31/14 | 10.49 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
8-K | 12/05/17 | 4.1 | ||||||||
8-K | 12/05/17 | 4.2 | ||||||||
4.17 | Form of 2.875% Senior Notes due 2026 (see Exhibit 4.16). | |||||||||
8-K | 03/14/18 | 4.2 | ||||||||
4.19 | Form of 2.875% Senior Notes due 2024 (see Exhibit 4.18). | |||||||||
8-K | 04/03/18 | 4.2 | ||||||||
4.21 | Form of 5.00% Senior Notes due April 2019 (see Exhibit 4.20). | |||||||||
4.22 | Form of 5.00% Senior Notes due October 2019 (see Exhibit 4.20). | |||||||||
4.23 | Form of 5.00% Senior Notes due April 2020 (see Exhibit 4.20). | |||||||||
4.24 | Form of 5.00% Senior Notes due October 2020 (see Exhibit 4.20). | |||||||||
4.25 | Form of 5.00% Senior Notes due April 2021 (see Exhibit 4.20). | |||||||||
10-K | 12/31/14 | 4.13 | ||||||||
10.1** | S-4 (File No. 333-93749) | 12/29/1999 | 10.5 | |||||||
10.2** | 10-K | 12/31/16 | 10.2 | |||||||
10.3** | 10-K | 12/31/16 | 10.3 | |||||||
10.4** | 10-K | 12/31/16 | 10.4 | |||||||
10.5** | 10-Q | 6/30/14 | 10.5 | |||||||
10.6** | 10-K | 12/31/08 | 10.32 | |||||||
10.7** | 10-K | 12/31/08 | 10.33 | |||||||
10.8** | 10-K | 12/31/08 | 10.35 | |||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
10.28** | Restricted Stock Unit Agreement for Karl Strohmeyer under the Equinix, Inc. 2000 Equity Incentive Plan. | 10-Q | 3/31/14 | 10.50 | ||||||
10.29** | Change in Control Severance Agreement by and between Karl Strohmeyer and Equinix, Inc. dated December 2, 2013. | 10-Q | 3/31/14 | 10.51 | ||||||
10.30** | 2014 Form of Revenue/Adjusted EBITDA Restricted Stock Unit Agreement for CEO and CFO. | 10-Q | 3/31/14 | 10.52 | ||||||
10.31** | 2014 Form of Revenue/Adjusted EBITDA Restricted Stock Unit Agreement for all other Section 16 officers. | 10-Q | 3/31/14 | 10.53 | ||||||
10.32** | 2014 Form of TSR Restricted Stock Unit Agreement for CEO and CFO. | 10-Q | 3/31/14 | 10.54 | ||||||
10.33** | 2014 Form of TSR Restricted Stock Unit Agreement for all other Section 16 officers. | 10-Q | 3/31/14 | 10.55 | ||||||
10.34 | Lease between Digital 1350 Duane, LLC and Equinix LLC, dated March 27, 2014. | 10-Q | 3/31/14 | 10.56 | ||||||
10.35 | Amendment Agreement dated as of May 2, 2014, between Equinix, Inc. and Goldman, Sachs & Co., amending and restating the Master Terms and Conditions for Capped Call Transactions between Equinix, Inc. and Goldman, Sachs & Co. and amending the Confirmation for Base Capped Call Transaction. | 10-Q | 6/30/14 | 10.54 | ||||||
10.36 | Amendment Agreement dated as of May 2, 2014, between Equinix, Inc. and Deutsche Bank AG, London Branch, amending and restating the Master Terms and Conditions for Capped Call Transactions between Equinix, Inc. and Deutsche Bank AG, London Branch and amending the Confirmation for Base Capped Call Transaction. | 10-Q | 6/30/14 | 10.55 | ||||||
10.37 | Amendment Agreement dated as of May 2, 2014, between Equinix, Inc. and JPMorgan Chase Bank, National Association, London Branch, amending and restating the Master Terms and Conditions for Capped Call Transactions between Equinix, Inc. and JPMorgan Chase Bank, National Association, London Branch and amending the Confirmation for Base Capped Call Transaction. | 10-Q | 6/30/14 | 10.56 | ||||||
10.38 | Amendment Agreement, dated as of May 13, 2014, between Equinix, Inc. and Goldman, Sachs & Co., amending the Confirmation for Base Capped Call Transaction. | 10-Q | 6/30/14 | 10.57 | ||||||
10.39 | Amendment Agreement dated as of May 13, 2014, between Equinix, Inc. and Deutsche Bank AG, London Branch, amending the Confirmation for Base Capped Call Transaction. | 10-Q | 6/30/14 | 10.58 | ||||||
10.40 | Amendment Agreement dated as of May 13, 2014, between Equinix, Inc. and JPMorgan Chase Bank, National Association, London Branch, amending the Confirmation for Base Capped Call Transaction. | 10-Q | 6/30/14 | 10.59 | ||||||
10.41 | Amendment Agreement, dated as of June 6, 2014, between Equinix, Inc. and Goldman, Sachs & Co., amending the Confirmation for Base Capped Call Transaction. | 10-Q | 6/30/14 | 10.60 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
10.9** | S-1/A (File No. 333-137607) filed by Switch & Data Facilities Company | 2/5/07 | 10.9 | |||||||
10.10** | 10-Q | 9/30/10 | 10.42 | |||||||
10.11** | 10-K | 12/31/10 | 10.33 | |||||||
10.12** | 10-K | 12/31/10 | 10.34 | |||||||
10.13** | 10-Q | 6/30/13 | 10.51 | |||||||
10.14** | 10-Q | 9/30/13 | 10.54 | |||||||
10.15** | 10-Q | 9/30/13 | 10.55 | |||||||
10.16** | 10-Q | 3/31/14 | 10.49 | |||||||
10.17** | 10-Q | 3/31/14 | 10.50 | |||||||
10.18** | 10-Q | 3/31/14 | 10.51 | |||||||
10.19** | 10-Q | 3/31/16 | 10.57 | |||||||
10.20** | 10-Q | 3/31/16 | 10.58 | |||||||
10.21** | 10-Q | 3/31/16 | 10.59 | |||||||
10.22** | 10-Q | 3/31/17 | 10.35 | |||||||
10.23** | 10-Q | 3/31/17 | 10.36 | |||||||
10.24** | 10-Q | 3/31/17 | 10.37 | |||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
10.42 | Amendment Agreement dated as of June 6, 2014, between Equinix, Inc. and Deutsche Bank AG, London Branch, amending the Confirmation for Base Capped Call Transaction. | 10-Q | 6/30/14 | 10.61 | ||||||
10.43 | Amendment Agreement dated as of June 6, 2014, between Equinix, Inc. and JPMorgan Chase Bank, National Association, London Branch, amending the Confirmation for Base Capped Call Transaction. | 10-Q | 6/30/14 | 10.62 | ||||||
10.44 | Agreement for Purchase and Sale of Shares Among RW Brasil Fundo de Investimentos em Participação, Antônio Eduardo Zago De Carvalho and Sidney Victor da Costa Breyer, as Sellers, and Equinix Brasil Participaçãoes Ltda., as Purchaser, and Equinix South America Holdings LLC., as a Party for Limited Purposes and ALOG Soluções de Tecnologia em Informática S.A. as Intervening Consenting Party dated July 18, 2014 | 10-Q | 9/30/14 | 10.67 | ||||||
10.45 | Credit Agreement, by and among Equinix, Inc., as borrower, Equinix LLC and Switch & Data LLC as guarantors, the Lenders (defined therein), Bank of America, N.A., as administrative agent, a Lender and L/C issuer, JPMorgan Chase Bank, N.A., and TD Securities (USA) LLC, as co-syndication agents, Barclays Bank PLC, Citibank, N.A., Royal Bank of Canada and ING Bank N.V., Singapore Branch, as Co-Documentation Agents and Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and TD Securities (USA) LLC, as joint lead arrangers and book runners, dated December 17, 2014. | 10-K | 12/31/14 | 10.48 | ||||||
10.46** | Equinix, Inc. 2015 Incentive Plan. | 10-Q | 3/31/15 | 10.49 | ||||||
10.47** | 2015 Form of Revenue/ AFFO Restricted Stock Unit Agreement for executives. | 10-Q | 3/31/15 | 10.50 | ||||||
10.48** | 2015 Form of TSR Restricted Stock Unit Agreement for executives. | 10-Q | 3/31/15 | 10.51 | ||||||
10.49** | 2015 Form of Time-Based Restricted Stock Unit Agreement for executives. | 10-Q | 3/31/15 | 10.52 | ||||||
10.50 | First Amendment to Credit Agreement and first Amendment to Pledge and Security Agreement by and among Equinix, Inc., as borrower, the Guarantors (defined therein), the Lenders (defined therein) and Bank of America, N.A., as administrative agent, dated April 30, 2015. | 10-Q | 9/30/2015 | 10.52 | ||||||
10.51 | Bridge Credit Agreement dated as of May 28, 2015 among Equinix, Inc. as Borrower, Various Financial Institutions as Lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent. JPMorgan Securities LLC as sole Arranger and Bookrunner. | 10-Q | 6/30/15 | 10.53 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
10.25** | 10-Q | 3/31/17 | 10.39 | |||||||
10.26** | 10-Q | 3/31/18 | 10.31 | |||||||
10.27** | 10-Q | 3/31/18 | 10.32 | |||||||
10.28** | 10-Q | 3/31/18 | 10.33 | |||||||
10.29** | 10-Q | 3/31/18 | 10.34 | |||||||
10-Q | 9/30/14 | 10.67 | ||||||||
10-Q | 6/30/16 | 10.55 | ||||||||
10.32** | 10-Q | 6/30/16 | 10.56 | |||||||
10-Q | 9/30/16 | 10.42 | ||||||||
10-K | 12/31/2017 | 10.40 | ||||||||
10-Q | 8/8/2018 | 10.35 | ||||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
10.52 | First Amendment to the Bridge Credit Agreement Dated as of May 28, 2015 as Amended on June 19, 2015 among Equinix, Inc., as Borrower, Various Financial Institutions as Lenders, and JP Morgan Chase Bank, N.A. as Administrative Agent. JPMorgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, CityGroup Global Markets Inc. and RBC Capital Markets, LLC as Lead Arrangers and Bookrunners and TD Securities (USA) LLC, ING Bank N.V., HSBC Securities (USA) Inc. and The Bank of Tokyo-Mitsubishi UFJ, LTD as Co-Managers | 10-Q | 6/30/15 | 10.54 | ||||||
10.53 | Term Loan Agreement dated as of September 30, 2015 among QAON G.K. and certain other direct and indirect subsidiaries of Equinix, Inc., as Borrowers, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as Arranger and Lender. | 10-Q | 9/30/15 | 10.55 | ||||||
10.54 | First Amendment to Term Loan Agreement, dated as of October 26, 2015, among QAON G.K. and certain other direct and indirect subsidiaries of Equinix, Inc., as Borrowers, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as Arranger and Lender. | 10-Q | 9/30/15 | 10.56 | ||||||
10.55 | Second Amendment to Credit Agreement by and among Equinix, Inc., as borrower, the Guarantors (defined therein), the Lenders (defined therein) and Bank of America, N.A., as administrative agent, dated December 8, 2015. | X | ||||||||
21.1 | Subsidiaries of Equinix, Inc. | X | ||||||||
31.1 | Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X | ||||||||
31.2 | Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X | ||||||||
32.1 | Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | ||||||||
32.2 | Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | ||||||||
101.INS | XBRL Instance Document. | X | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | X | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Document. | X | ||||||||
101.DEF | XBRL Taxonomy Extension Definition Document. | X | ||||||||
101.LAB | XBRL Taxonomy Extension Labels Document. | X | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Document. | X |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
10-Q | 8/8/2018 | 10.36 | ||||||||
X | ||||||||||
X | ||||||||||
X | ||||||||||
X | ||||||||||
X | ||||||||||
X | ||||||||||
X | ||||||||||
101.INS | XBRL Instance Document. | X | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | X | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Document. | X | ||||||||
101.DEF | XBRL Taxonomy Extension Definition Document. | X | ||||||||
101.LAB | XBRL Taxonomy Extension Labels Document. | X | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Document. | X |
(b) | Exhibits. |
(c) | Financial Statement Schedule. |
ITEM 16. | FORM 10-K SUMMARY |
EQUINIX, INC. (Registrant) | ||
February | By | /s/ |
Signature | Title | Date |
/s/ | February | |
/s/ KEITH D. TAYLOR | Chief Financial Officer (Principal Financial | February 22, 2019 |
Keith D. Taylor | ||
/s/ SIMON MILLER | Chief Accounting Officer (Principal Accounting Officer) | February |
/s/ PETER F. VAN CAMP | Executive Chairman | February |
Peter F. Van Camp | ||
/s/ THOMAS A. BARTLETT | Director | February |
Thomas A. Bartlett | ||
/s/ NANCI CALDWELL | Director | February |
Nanci Caldwell | ||
/s/ GARY F. HROMADKO | Director | February |
Gary F. Hromadko | ||
/s/ SCOTT G. KRIENS | Director | February |
Scott G. Kriens | ||
/s/ WILLIAM K. LUBY | Director | February |
William K. Luby | ||
/s/ IRVING F. LYONS, III | Director | February |
Irving F. Lyons, III | ||
/s/ CHRISTOPHER B. PAISLEY | Director | February |
Christopher B. Paisley |
Exhibit Number | Description of Document | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Document. | |
101.DEF | XBRL Taxonomy Extension Definition Document. | |
101.LAB | XBRL Taxonomy Extension Labels Document. | |
101. PRE | XBRL Taxonomy Extension Presentation Document. |
December 31, | December 31, | |||||||||||||
2015 | 2014 | 2018 | 2017 | Assets | ||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 2,228,838 | $ | 610,917 | $ | 606,166 | $ | 1,412,517 | ||||||
Short-term investments | 12,875 | 529,395 | 4,540 | 28,271 | ||||||||||
Accounts receivable, net of allowance for doubtful accounts of $10,352 and $9,466 | 291,964 | 262,570 | ||||||||||||
Current portion of restricted cash | 479,417 | 3,057 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $15,950 and $18,228 | 630,119 | 576,313 | ||||||||||||
Other current assets | 212,929 | 85,004 | 274,857 | 232,027 | ||||||||||
Assets held for sale | 33,257 | — | ||||||||||||
Total current assets | 3,259,280 | 1,490,943 | 1,515,682 | 2,249,128 | ||||||||||
Long-term investments | 4,584 | 439 | — | 9,243 | ||||||||||
Property, plant and equipment, net | 5,606,436 | 4,998,270 | 11,026,020 | 9,394,602 | ||||||||||
Goodwill | 1,063,200 | 1,002,129 | 4,836,388 | 4,411,762 | ||||||||||
Intangible assets, net | 224,565 | 147,527 | 2,333,296 | 2,384,972 | ||||||||||
Restricted cash, less current portion | 10,172 | 14,060 | ||||||||||||
Other assets | 188,458 | 128,610 | 533,252 | 241,750 | ||||||||||
Total assets | $ | 10,356,695 | $ | 7,781,978 | $ | 20,244,638 | $ | 18,691,457 | Liabilities and Stockholders' Equity | |||||
Current liabilities: | ||||||||||||||
Accounts payable and accrued expenses | $ | 400,948 | $ | 285,796 | $ | 756,692 | $ | 719,257 | ||||||
Accrued property, plant and equipment | 103,107 | 114,469 | 179,412 | 220,367 | ||||||||||
Current portion of capital lease and other financing obligations | 40,121 | 21,362 | 77,844 | 78,705 | ||||||||||
Current portion of mortgage and loans payable | 770,236 | 59,466 | 73,129 | 64,491 | ||||||||||
Current portion of convertible debt | 146,121 | — | ||||||||||||
Current portion of senior notes | 300,999 | — | ||||||||||||
Other current liabilities | 192,286 | 162,664 | 126,995 | 159,914 | ||||||||||
Liabilities held for sale | 3,535 | — | ||||||||||||
Total current liabilities | 1,656,354 | 643,757 | 1,515,071 | 1,242,734 | ||||||||||
Capital lease and other financing obligations, less current portion | 1,287,139 | 1,168,042 | 1,441,077 | 1,620,256 | ||||||||||
Mortgage and loans payable, less current portion | 472,769 | 532,809 | 1,310,663 | 1,393,118 | ||||||||||
Convertible debt, less current portion | — | 145,229 | ||||||||||||
Senior notes | 3,804,634 | 2,717,046 | ||||||||||||
Senior notes, less current portion | 8,128,785 | 6,923,849 | ||||||||||||
Other liabilities | 390,413 | 304,964 | 629,763 | 661,710 | ||||||||||
Total liabilities | 7,611,309 | 5,511,847 | 13,025,359 | 11,841,667 | ||||||||||
Commitments and contingencies (Note 14) | ||||||||||||||
Commitments and contingencies (Note 15) | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Preferred stock, $0.001 par value per share: 100,000,000 shares authorized in 2015 and 2014; zero shares issued and outstanding | — | — | ||||||||||||
Common stock, $0.001 par value per share: 300,000,000 shares authorized in 2015 and 2014; 62,134,894 issued and 62,100,159 outstanding in 2015 and 56,505,122 issued and 56,451,255 outstanding in 2014 | 62 | 57 | ||||||||||||
Preferred stock, $0.001 par value per share: 100,000,000 shares authorized in 2018 and 2017; zero shares issued and outstanding | — | — | ||||||||||||
Common stock, $0.001 par value per share: 300,000,000 shares authorized in 2018 and 2017; 81,119,117 issued and 80,722,258 outstanding in 2018 and 79,440,404 issued and 79,038,062 outstanding in 2017 | 81 | 79 | ||||||||||||
Additional paid-in capital | 4,838,444 | 3,334,305 | 10,751,313 | 10,121,323 | ||||||||||
Treasury stock, at cost; 34,735 shares in 2015 and 53,867 shares in 2014 | (7,373 | ) | (11,411 | ) | ||||||||||
Treasury stock, at cost; 396,859 shares in 2018 and 402,342 shares in 2017 | (145,161 | ) | (146,320 | ) | ||||||||||
Accumulated dividends | (1,468,472 | ) | (424,387 | ) | (3,331,200 | ) | (2,592,792 | ) | ||||||
Accumulated other comprehensive loss | (509,059 | ) | (332,443 | ) | (945,702 | ) | (785,189 | ) | ||||||
Accumulated deficit | (108,216 | ) | (295,990 | ) | ||||||||||
Retained earnings | 889,948 | 252,689 | ||||||||||||
Total stockholders' equity | 2,745,386 | 2,270,131 | 7,219,279 | 6,849,790 | ||||||||||
Total liabilities and stockholders' equity | $ | 10,356,695 | $ | 7,781,978 | $ | 20,244,638 | $ | 18,691,457 |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Revenues | $ | 2,725,867 | $ | 2,443,776 | $ | 2,152,766 | $ | 5,071,654 | $ | 4,368,428 | $ | 3,611,989 | ||||||||||
Costs and operating expenses: | ||||||||||||||||||||||
Cost of revenues | 1,291,506 | 1,197,885 | 1,064,403 | 2,605,475 | 2,193,149 | 1,820,870 | ||||||||||||||||
Sales and marketing | 332,012 | 296,103 | 246,623 | 633,702 | 581,724 | 438,742 | ||||||||||||||||
General and administrative | 493,284 | 438,016 | 374,790 | 826,694 | 745,906 | 694,561 | ||||||||||||||||
Restructuring reversals | — | — | (4,837 | ) | ||||||||||||||||||
Acquisition costs | 41,723 | 2,506 | 10,855 | 34,413 | 38,635 | 64,195 | ||||||||||||||||
Impairment charges | — | — | 7,698 | |||||||||||||||||||
Gain on asset sales | (6,013 | ) | — | (32,816 | ) | |||||||||||||||||
Total costs and operating expenses | 2,158,525 | 1,934,510 | 1,691,834 | 4,094,271 | 3,559,414 | 2,993,250 | ||||||||||||||||
Income from operations | 567,342 | 509,266 | 460,932 | 977,383 | 809,014 | 618,739 | ||||||||||||||||
Interest income | 3,581 | 2,891 | 3,387 | 14,482 | 13,075 | 3,476 | ||||||||||||||||
Interest expense | (299,055 | ) | (270,553 | ) | (248,792 | ) | (521,494 | ) | (478,698 | ) | (392,156 | ) | ||||||||||
Other income (expense) | (60,581 | ) | 119 | 5,253 | 14,044 | 9,213 | (57,924 | ) | ||||||||||||||
Loss on debt extinguishment | (289 | ) | (156,990 | ) | (108,501 | ) | (51,377 | ) | (65,772 | ) | (12,276 | ) | ||||||||||
Income from operations before income taxes | 210,998 | 84,733 | 112,279 | |||||||||||||||||||
Income from continuing operations before income taxes | 433,038 | 286,832 | 159,859 | |||||||||||||||||||
Income tax expense | (23,224 | ) | (345,459 | ) | (16,156 | ) | (67,679 | ) | (53,850 | ) | (45,451 | ) | ||||||||||
Net income (loss) | 187,774 | (260,726 | ) | 96,123 | ||||||||||||||||||
Net (income) loss attributable to redeemable non-controlling interests | — | 1,179 | (1,438 | ) | ||||||||||||||||||
Net income (loss) attributable to Equinix | $ | 187,774 | $ | (259,547 | ) | $ | 94,685 | |||||||||||||||
Net income from continuing operations | 365,359 | 232,982 | 114,408 | |||||||||||||||||||
Net income from discontinued operations, net of tax | — | — | 12,392 | |||||||||||||||||||
Net income | $ | 365,359 | $ | 232,982 | $ | 126,800 | ||||||||||||||||
Earnings per share ("EPS") attributable to Equinix: | ||||||||||||||||||||||
Earnings per share ("EPS"): | ||||||||||||||||||||||
Basic EPS from continuing operations | $ | 4.58 | $ | 3.03 | $ | 1.63 | ||||||||||||||||
Basic EPS from discontinued operations | — | — | 0.18 | |||||||||||||||||||
Basic EPS | $ | 3.25 | $ | (4.96 | ) | $ | 1.92 | $ | 4.58 | $ | 3.03 | $ | 1.81 | |||||||||
Weighted-average shares | 57,790 | 52,359 | 49,438 | 79,779 | 76,854 | 70,117 | ||||||||||||||||
Dilutive EPS from continuing operations | $ | 4.56 | $ | 3.00 | $ | 1.62 | ||||||||||||||||
Dilutive EPS from discontinued operations | — | — | 0.17 | |||||||||||||||||||
Diluted EPS | $ | 3.21 | $ | (4.96 | ) | $ | 1.89 | $ | 4.56 | $ | 3.00 | $ | 1.79 | |||||||||
Weighted-average shares | 58,483 | 52,359 | 50,116 | 80,197 | 77,535 | 70,816 | ||||||||||||||||
Cash dividends declared per common share | $ | 9.12 | $ | 8.00 | $ | 7.00 |
Years ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income (loss) | $ | 187,774 | $ | (260,726 | ) | $ | 96,123 | ||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment ("CTA") loss | (186,763 | ) | (204,065 | ) | (18,203 | ) | |||||
Net investment hedge CTA gain | 4,484 | — | — | ||||||||
Unrealized loss on available-for-sale securities | (40 | ) | (279 | ) | (298 | ) | |||||
Unrealized gain (loss) on cash flow hedges | 4,550 | 8,790 | (1,750 | ) | |||||||
Net actuarial gain (loss) on defined benefit plans | 1,153 | (2,001 | ) | — | |||||||
Total other comprehensive loss, net of tax | (176,616 | ) | (197,555 | ) | (20,251 | ) | |||||
Comprehensive income (loss), net of tax | 11,158 | (458,281 | ) | 75,872 | |||||||
Net (income) loss attributable to redeemable non-controlling interests | — | 1,179 | (1,438 | ) | |||||||
Other comprehensive (income) loss attributable to redeemable non-controlling interest | — | (1,810 | ) | 7,526 | |||||||
Comprehensive income (loss) attributable to Equinix | $ | 11,158 | $ | (458,912 | ) | $ | 81,960 |
Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net income | $ | 365,359 | $ | 232,982 | $ | 126,800 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $4,419, $0 and $0 | (421,743 | ) | 454,269 | (507,420 | ) | ||||||
Net investment hedge CTA gain (loss), net of tax effects of $1,358, $0 and $0 | 219,628 | (235,292 | ) | 45,505 | |||||||
Unrealized gain on available-for-sale securities, net of tax effects of $0, $(10) and $(784) | — | 14 | 2,249 | ||||||||
Unrealized gain (loss) on cash flow hedges, net of tax effects of $(14,557), $18,542 and $(6,760) | 43,671 | (54,895 | ) | 19,551 | |||||||
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $(15), $39 and $(8) | 55 | (143 | ) | 32 | |||||||
Total other comprehensive income (loss), net of tax | (158,389 | ) | 163,953 | (440,083 | ) | ||||||
Comprehensive income (loss), net of tax | $ | 206,970 | $ | 396,935 | $ | (313,283 | ) |
Accumulated | |||||||||||||||||||||||||||||||||
other | Total | ||||||||||||||||||||||||||||||||
Common stock | Treasury stock | Additional | Accumulated | comprehensive | Accumulated | stockholder's | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | paid-in capital | dividends | income (loss) | deficit | equity | |||||||||||||||||||||||||
Balance as of December 31, 2012 | 49,139,851 | $ | 49 | (363,743 | ) | $ | (36,676 | ) | $ | 2,582,238 | $ | — | $ | (101,042 | ) | $ | (131,128 | ) | $ | 2,313,441 | |||||||||||||
Net income | — | — | — | — | — | — | — | 96,123 | 96,123 | ||||||||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | — | — | — | — | (1,438 | ) | (1,438 | ) | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (20,251 | ) | — | (20,251 | ) | ||||||||||||||||||||||
Other comprehensive loss attributable to redeemable non-controlling interests | — | — | — | — | — | — | 7,526 | — | 7,526 | ||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 1,093,373 | 1 | 8,198 | 805 | 31,087 | — | — | — | 31,893 | ||||||||||||||||||||||||
Release of treasury stock upon conversions of convertible debt | — | — | 68 | 7 | (1 | ) | — | — | — | 6 | |||||||||||||||||||||||
Common shares repurchased | — | — | (288,739 | ) | (48,799 | ) | — | — | — | — | (48,799 | ) | |||||||||||||||||||||
Change in redemption value of redeemable non-controlling interests | — | — | — | — | (47,940 | ) | — | — | — | (47,940 | ) | ||||||||||||||||||||||
Tax benefit from employee stock plans | — | — | — | — | 25,638 | — | — | — | 25,638 | ||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 102,865 | — | — | — | 102,865 | ||||||||||||||||||||||||
Balance as of December 31, 2013 | 50,233,224 | 50 | (644,216 | ) | (84,663 | ) | 2,693,887 | — | (113,767 | ) | (36,443 | ) | 2,459,064 | ||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (260,726 | ) | (260,726 | ) | ||||||||||||||||||||||
Net loss attributable to non-controlling interests | — | — | — | — | — | — | — | 1,179 | 1,179 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (197,555 | ) | — | (197,555 | ) | ||||||||||||||||||||||
Other comprehensive income attributable to redeemable non-controlling interests | — | — | — | — | — | — | (1,810 | ) | — | (1,810 | ) | ||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 933,554 | 1 | 7,846 | 1,185 | 28,134 | — | — | — | 29,320 | ||||||||||||||||||||||||
Common shares repurchased | — | — | (1,517,743 | ) | (297,958 | ) | — | — | — | — | (297,958 | ) | |||||||||||||||||||||
Issuance of common stock and release of treasury stock for the exchanges and conversions of 4.75% convertible debt | 1,411,851 | 2 | 1,000,102 | 147,706 | 43,024 | — | — | — | 190,732 | ||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for the exchange of 3.00% convertible debt | 1,248,578 | 1 | 700,000 | 139,004 | 77,953 | — | — | — | 216,958 | ||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for conversions of 3.00% convertible debt | 1,195,496 | 1 | 400,144 | 83,315 | 95,428 | — | — | — | 178,744 | ||||||||||||||||||||||||
Issuance of common stock for special distribution | 1,482,419 | 2 | — | — | 332,732 | (414,856 | ) | — | — | (82,122 | ) | ||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (9,531 | ) | — | — | (9,531 | ) | ||||||||||||||||||||||
Change in redemption value of redeemable non-controlling interests | — | — | — | — | (90,913 | ) | — | — | — | (90,913 | ) | ||||||||||||||||||||||
Purchase of redeemable non-controlling interests | — | — | — | — | 17,977 | — | (19,311 | ) | — | (1,334 | ) | ||||||||||||||||||||||
Tax benefit from employee stock plans | — | — | — | — | 18,561 | — | — | — | 18,561 | ||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 117,522 | — | — | — | 117,522 |
EQUINIX, INC. Consolidated Statements of Stockholders’ Equity and Other Comprehensive Income (Loss) For the Three Years Ended December 31, 2018 (in thousands, except share data) | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Dividends | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||
Balance as of December 31, 2015 | 62,134,894 | $ | 62 | (34,735 | ) | $ | (7,373 | ) | $ | 4,838,444 | $ | (1,468,472 | ) | $ | (509,059 | ) | $ | (108,216 | ) | $ | 2,745,386 | ||||||||||||
Net income | — | — | — | — | — | — | — | 126,800 | 126,800 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (440,083 | ) | — | (440,083 | ) | ||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 847,374 | 1 | 7,099 | 1,502 | 33,172 | — | — | — | 34,675 | ||||||||||||||||||||||||
Issuance of common stock for TelecityGroup acquisition | 6,853,500 | 7 | — | — | 2,077,905 | — | — | — | 2,077,912 | ||||||||||||||||||||||||
Issuance of common stock, net and release of treasury stock for the exchanges and conversions of 4.75% convertible debt | 1,981,662 | 2 | (380,779 | ) | (141,688 | ) | 291,711 | — | — | — | 150,025 | ||||||||||||||||||||||
Dividend distributions | — | — | — | — | — | (492,403 | ) | — | — | (492,403 | ) | ||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | 8,270 | (1,000 | ) | — | — | 7,270 | |||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (7,770 | ) | — | — | (7,770 | ) | ||||||||||||||||||||||
Tax benefit from employee stock plans | — | — | — | — | 2,773 | — | — | — | 2,773 | ||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 161,244 | — | — | — | 161,244 | ||||||||||||||||||||||||
Balance as of December 31, 2016 | 71,817,430 | 72 | (408,415 | ) | (147,559 | ) | 7,413,519 | (1,969,645 | ) | (949,142 | ) | 18,584 | 4,365,829 | ||||||||||||||||||||
Adjustment from adoption of new accounting standard | — | — | — | — | — | — | — | 1,123 | 1,123 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 232,982 | 232,982 | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 163,953 | — | 163,953 | ||||||||||||||||||||||||
Issuance of common stock in public offering of common stock, net | 6,069,444 | 6 | — | — | 2,126,333 | — | — | — | 2,126,339 | ||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 790,329 | 1 | 6,073 | 1,239 | 40,449 | — | — | — | 41,689 | ||||||||||||||||||||||||
Issuance of common stock under 2017 ATM Program, net | 763,201 | — | — | — | 355,082 | — | — | — | 355,082 | ||||||||||||||||||||||||
Dividend distributions | — | — | — | — | — | (612,085 | ) | — | — | (612,085 | ) | ||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | 4,280 | (890 | ) | — | — | 3,390 | |||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (10,172 | ) | — | — | (10,172 | ) | ||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 181,660 | — | — | — | 181,660 | ||||||||||||||||||||||||
Balance as of December 31, 2017 | 79,440,404 | 79 | (402,342 | ) | (146,320 | ) | 10,121,323 | (2,592,792 | ) | (785,189 | ) | 252,689 | 6,849,790 | ||||||||||||||||||||
Adjustment from adoption of new accounting standard | — | — | — | — | — | — | (2,124 | ) | 271,900 | 269,776 | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 365,359 | 365,359 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (158,389 | ) | — | (158,389 | ) | ||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 747,779 | 1 | 5,483 | 1,159 | 48,976 | — | — | — | 50,136 | ||||||||||||||||||||||||
Issuance of common stock under 2017 ATM Program, net | 930,934 | 1 | — | — | 388,171 | — | — | — | 388,172 |
Accumulated | |||||||||||||||||||||||||||||||||
other | Total | ||||||||||||||||||||||||||||||||
Common stock | Treasury stock | Additional | Accumulated | comprehensive | Accumulated | stockholder's | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | paid-in capital | dividends | income (loss) | deficit | equity | |||||||||||||||||||||||||
Balance as of December 31, 2014 | 56,505,122 | 57 | (53,867 | ) | (11,411 | ) | 3,334,305 | (424,387 | ) | (332,443 | ) | (295,990 | ) | 2,270,131 | |||||||||||||||||||
Net income | — | — | — | — | — | — | — | 187,774 | 187,774 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (176,616 | ) | — | (176,616 | ) | ||||||||||||||||||||||
Issuance of common stock in public offering of common stock | 2,994,792 | 3 | — | — | 829,493 | — | — | — | 829,496 | ||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 856,406 | 1 | 7,348 | 1,546 | 28,493 | — | — | — | 30,040 | ||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for the exchanges and conversions of 4.75% convertible debt | 90,163 | — | 11,784 | 2,492 | 5,392 | — | — | — | 7,884 | ||||||||||||||||||||||||
Dividend distributions | — | — | — | — | — | (393,584 | ) | — | — | (393,584 | ) | ||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | 3,775 | — | — | — | 3,775 | ||||||||||||||||||||||||
Issuance of common stock and cash payment for special distribution | 1,688,411 | 1 | — | — | 501,513 | (627,221 | ) | — | — | (125,707 | ) | ||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (23,280 | ) | — | — | (23,280 | ) | ||||||||||||||||||||||
Tax benefit from employee stock plans | — | — | — | — | 30 | — | — | 30 | |||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 135,443 | — | — | — | 135,443 | ||||||||||||||||||||||||
Balance as of December 31, 2015 | 62,134,894 | $ | 62 | (34,735 | ) | $ | (7,373 | ) | $ | 4,838,444 | $ | (1,468,472 | ) | $ | (509,059 | ) | $ | (108,216 | ) | $ | 2,745,386 |
EQUINIX, INC. Consolidated Statements of Stockholders’ Equity and Other Comprehensive Income (Loss) - continued For the Three Years Ended December 31, 2018 (in thousands, except share data) | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Dividends | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||
Dividend distributions | — | — | — | — | — | (727,448 | ) | — | — | (727,448 | ) | ||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | 2,319 | (876 | ) | — | — | 1,443 | |||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (10,084 | ) | — | — | (10,084 | ) | ||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 189,799 | — | — | — | 189,799 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | 725 | — | — | — | 725 | ||||||||||||||||||||||||
Balance as of December 31, 2018 | 81,119,117 | $ | 81 | (396,859 | ) | $ | (145,161 | ) | $ | 10,751,313 | $ | (3,331,200 | ) | $ | (945,702 | ) | $ | 889,948 | $ | 7,219,279 |
Years ended December 31, | Years Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||
Net income (loss) | $ | 187,774 | $ | (260,726 | ) | $ | 96,123 | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||
Net income | $ | 365,359 | $ | 232,982 | $ | 126,800 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||
Depreciation | 498,134 | 453,935 | 405,444 | 1,024,073 | 865,472 | 714,345 | ||||||||||||||||
Stock-based compensation | 132,443 | 117,990 | 102,940 | 180,716 | 175,500 | 155,567 | ||||||||||||||||
Excess tax benefits from stock-based compensation | (30 | ) | (19,582 | ) | (27,330 | ) | ||||||||||||||||
Amortization of intangible assets | 27,446 | 27,756 | 27,027 | 203,416 | 177,008 | 122,862 | ||||||||||||||||
Amortization of debt issuance costs and debt discounts | 16,050 | 18,667 | 23,868 | |||||||||||||||||||
Amortization of debt issuance costs and debt discounts and premiums | 13,618 | 24,449 | 19,137 | |||||||||||||||||||
Provision for allowance for doubtful accounts | 5,037 | 7,093 | 5,819 | 7,236 | 5,627 | 8,260 | ||||||||||||||||
Restructuring charges (reversals) | — | — | (4,837 | ) | ||||||||||||||||||
Impairment charges | — | — | 7,698 | |||||||||||||||||||
Gain on asset sales | (6,013 | ) | — | (32,816 | ) | |||||||||||||||||
Gain on sale of discontinued operations | — | — | (2,351 | ) | ||||||||||||||||||
Loss on debt extinguishment | 289 | 156,990 | 108,501 | 51,377 | 65,772 | 12,276 | ||||||||||||||||
Foreign currency transactions and other, net | 16,490 | 19,912 | 11,543 | |||||||||||||||||||
Other items | 19,660 | (11,243 | ) | 20,609 | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||
Accounts receivable | (44,583 | ) | (101,966 | ) | (27,956 | ) | (52,931 | ) | (161,774 | ) | (100,230 | ) | ||||||||||
Income taxes, net | (109,579 | ) | 226,774 | (108,189 | ) | (10,670 | ) | (34,936 | ) | 29,020 | ||||||||||||
Other assets | (70,371 | ) | (6,496 | ) | (36,853 | ) | (47,635 | ) | 20,180 | (72,831 | ) | |||||||||||
Accounts payable and accrued expenses | 109,125 | 10,681 | 7,242 | 35,495 | 74,488 | 61,565 | ||||||||||||||||
Other liabilities | 126,568 | 38,392 | 21,266 | 31,725 | 5,708 | (50,558 | ) | |||||||||||||||
Net cash provided by operating activities | 894,793 | 689,420 | 604,608 | 1,815,426 | 1,439,233 | 1,019,353 | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||
Purchases of investments | (359,031 | ) | (545,997 | ) | (968,971 | ) | (65,180 | ) | (57,926 | ) | (42,325 | ) | ||||||||||
Sales of investments | 837,708 | 573,582 | 276,351 | |||||||||||||||||||
Maturities of investments | 35,431 | 211,966 | 213,484 | |||||||||||||||||||
Business acquisitions, net of cash acquired | (245,553 | ) | — | (49,337 | ) | |||||||||||||||||
Sales and maturities of investments | 85,777 | 46,421 | 53,164 | |||||||||||||||||||
Business acquisitions, net of cash and restricted cash acquired | (829,687 | ) | (3,963,280 | ) | (1,766,606 | ) | ||||||||||||||||
Purchases of real estate | (38,282 | ) | (16,791 | ) | (74,332 | ) | (182,418 | ) | (95,083 | ) | (28,118 | ) | ||||||||||
Purchases of other property, plant and equipment | (868,120 | ) | (660,203 | ) | (572,406 | ) | (2,096,174 | ) | (1,378,725 | ) | (1,113,365 | ) | ||||||||||
Increase in restricted cash | (512,319 | ) | (968 | ) | (837,190 | ) | ||||||||||||||||
Release of restricted cash | 15,239 | 2,572 | 843,088 | |||||||||||||||||||
Proceeds from sale of assets, net of cash transferred | 12,154 | 47,767 | 851,582 | |||||||||||||||||||
Net cash used in investing activities | (1,134,927 | ) | (435,839 | ) | (1,169,313 | ) | (3,075,528 | ) | (5,400,826 | ) | (2,045,668 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||
Purchases of treasury stock | — | (297,958 | ) | (48,799 | ) | |||||||||||||||||
Proceeds from employee equity awards | 30,040 | 29,320 | 31,892 | 50,136 | 41,696 | 34,179 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 30 | 19,582 | 27,330 | |||||||||||||||||||
Payment of dividends and special distribution | (521,461 | ) | (83,266 | ) | — | (738,600 | ) | (621,497 | ) | (499,463 | ) | |||||||||||
Purchase of non-controlling interests | — | (226,276 | ) | — | ||||||||||||||||||
Proceeds from public offering of common stock, net of issuance costs | 829,496 | — | — | 388,172 | 2,481,421 | — | ||||||||||||||||
Proceeds from senior notes | 1,100,000 | 1,250,000 | 1,500,000 | 929,850 | 3,628,701 | — | ||||||||||||||||
Proceeds from loans payable | 1,197,108 | 508,826 | 28,038 | 424,650 | 2,056,876 | 1,168,304 | ||||||||||||||||
Repayment of senior notes | — | (750,000 | ) | (750,000 | ) | — | (500,000 | ) | — | |||||||||||||
Repayment of convertible debt | — | (29,513 | ) | — | ||||||||||||||||||
Repayment of capital lease and other financing obligations | (28,663 | ) | (18,030 | ) | (40,133 | ) | (103,774 | ) | (93,470 | ) | (114,385 | ) | ||||||||||
Repayment of mortgage and loans payable | (715,270 | ) | (153,473 | ) | (52,500 | ) | (447,473 | ) | (2,277,798 | ) | (1,462,888 | ) | ||||||||||
Debt extinguishment costs | — | (116,517 | ) | (97,864 | ) | (20,556 | ) | (26,122 | ) | (11,380 | ) | |||||||||||
Debt issuance costs | (18,098 | ) | (25,294 | ) | (23,057 | ) | (12,218 | ) | (81,047 | ) | (11,381 | ) | ||||||||||
Net cash provided by financing activities | 1,873,182 | 107,401 | 574,907 | |||||||||||||||||||
Effect of foreign currency exchange rates on cash and cash equivalents | (15,127 | ) | (11,959 | ) | (521 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | 1,617,921 | 349,023 | 9,681 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 610,917 | 261,894 | 252,213 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 2,228,838 | $ | 610,917 | $ | 261,894 | ||||||||||||||||
Other financing activities | 725 | (900 | ) | (51 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 470,912 | 4,607,860 | (897,065 | ) | ||||||||||||||||||
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | (33,907 | ) | 31,187 | (21,800 | ) | |||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (823,097 | ) | 677,454 | (1,945,180 | ) | |||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,450,701 | 773,247 | 2,718,427 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 627,604 | $ | 1,450,701 | $ | 773,247 | ||||||||||||||||
Supplemental cash flow information | ||||||||||||||||||||||
Cash paid for taxes | $ | 132,302 | $ | 117,197 | $ | 123,690 | $ | 93,375 | $ | 72,641 | $ | 39,320 | ||||||||||
Cash paid for interest | $ | 237,410 | $ | 262,018 | $ | 210,629 | $ | 496,795 | $ | 444,793 | $ | 350,083 | ||||||||||
Cash and cash equivalents | $ | 606,166 | $ | 1,412,517 | $ | 748,476 | ||||||||||||||||
Current portion of restricted cash included in other current assets | 10,887 | 26,919 | 15,065 | |||||||||||||||||||
Non-current portion of restricted cash included in other assets | 10,551 | 11,265 | 9,706 | |||||||||||||||||||
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ | 627,604 | $ | 1,450,701 | $ | 773,247 | ||||||||||||||||
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||
Americas | 55 | % | 56 | % | 59 | % | 49 | % | 50 | % | 47 | % | ||||
EMEA | 26 | % | 26 | % | 24 | % | 31 | % | 31 | % | 32 | % | ||||
Asia-Pacific | 19 | % | 18 | % | 17 | % | 20 | % | 19 | % | 21 | % |
Core systems | 3-25 years |
Buildings | |
Leasehold improvements | 12-40 years |
Personal Property | 3-10 years |
Balance Sheet | Balance at December 31, 2017 | Adjustments due to adoption of Topic 606 | Balance at January 1, 2018 | |||||||||
Assets | ||||||||||||
Other current assets | $ | 232,027 | $ | 9,002 | $ | 241,029 | ||||||
Other assets (1) | 241,750 | 179,578 | 421,328 | |||||||||
Liabilities | ||||||||||||
Other current liabilities | 159,914 | (16,215 | ) | 143,699 | ||||||||
Other liabilities (2) | 661,710 | (63,051 | ) | 598,659 | ||||||||
Equity | ||||||||||||
Accumulated other comprehensive loss (3) | (785,189 | ) | (1,930 | ) | (787,119 | ) | ||||||
Retained earnings | $ | 252,689 | $ | 269,776 | $ | 522,465 |
(1) | Includes cumulative adjustments related to cost to obtain contracts, non-current contract assets and deferred tax assets. |
(2) | Includes cumulative adjustments related to non-current deferred revenue and deferred tax liabilities. |
(3) | Includes cumulative adjustments related to CTA. |
Balance Sheets | December 31, 2018 | Adjustments | Balances without adoption of Topic 606 | |||||||||
Accounts receivable, net | $ | 630,119 | $ | (2,386 | ) | $ | 627,733 | |||||
Other current assets | 274,857 | (9,830 | ) | 265,027 | ||||||||
Total current assets | 1,515,682 | (12,216 | ) | 1,503,466 | ||||||||
Other assets | 533,252 | (192,306 | ) | 340,946 | ||||||||
Total assets | $ | 20,244,638 | $ | (204,522 | ) | $ | 20,040,116 | |||||
Current liabilities: | ||||||||||||
Accounts payable and accrued expenses | $ | 756,692 | $ | (3,203 | ) | $ | 753,489 | |||||
Other current liabilities | 126,995 | 17,916 | 144,911 | |||||||||
Total current liabilities | 1,515,071 | 14,713 | 1,529,784 | |||||||||
Other liabilities | 629,763 | 73,414 | 703,177 | |||||||||
Total liabilities | 13,025,359 | 88,127 | 13,113,486 | |||||||||
Accumulated other comprehensive loss | (945,702 | ) | 7,846 | (937,856 | ) | |||||||
Retained earnings | 889,948 | (300,495 | ) | 589,453 | ||||||||
Total stockholders' equity | 7,219,279 | (292,649 | ) | 6,926,630 | ||||||||
Total liabilities and stockholders' equity | $ | 20,244,638 | $ | (204,522 | ) | $ | 20,040,116 |
Statements of Operations | Year Ended December 31, 2018 | Adjustments | Balance without adoption of Topic 606 | |||||||||
Revenues | $ | 5,071,654 | $ | (15,415 | ) | $ | 5,056,239 | |||||
Sales and marketing | 633,702 | 20,226 | 653,928 | |||||||||
Total costs and operating expenses | 4,094,271 | 20,226 | 4,114,497 | |||||||||
Income from operations | 977,383 | (35,641 | ) | 941,742 | ||||||||
Income from continuing operations before income taxes | 433,038 | (35,641 | ) | 397,397 | ||||||||
Income tax expense | (67,679 | ) | 4,922 | (62,757 | ) | |||||||
Net income from continuing operations | 365,359 | (30,719 | ) | 334,640 | ||||||||
Net income | $ | 365,359 | $ | (30,719 | ) | $ | 334,640 | |||||
Basic EPS | $ | 4.58 | $ | (0.39 | ) | $ | 4.19 | |||||
Diluted EPS | $ | 4.56 | $ | (0.39 | ) | $ | 4.17 |
Statements of Cash Flow | Year Ended December 31, 2018 | Adjustments | Balance without adoption of Topic 606 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 365,359 | $ | (30,719 | ) | $ | 334,640 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | (52,931 | ) | 1,413 | (51,518 | ) | |||||||
Income taxes, net | (10,670 | ) | (1,863 | ) | (12,533 | ) | ||||||
Other assets | (47,635 | ) | 18,048 | (29,587 | ) | |||||||
Other liabilities | 31,725 | 13,121 | 44,846 | |||||||||
Net cash provided by operating activities | $ | 1,815,426 | $ | — | $ | 1,815,426 |
Standards | Description | Effective Date and Adoption Consideration | ||
ASU 2017-09 Compensation–Stock Compensation (Topic 718) | This ASU was issued primarily to provide clarity and reduce both diversity in practice and cost and complexity when applying the guidance in Topic 718 to a change to the terms or conditions of a share-based payment award. This ASU affects any entity that changes the terms or conditions of a share-based payment award. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. | January 1, 2018 | ||
ASU 2017-07 Compensation–Retirement Benefits (Topic 715) | This ASU was issued primarily to improve the presentation of net periodic pension cost and net periodic post-retirement benefit cost. This ASU requires that an employer reports the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic post-retirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. Additionally, only the service cost component is eligible for capitalization, when applicable. | January 1, 2018 | ||
ASU 2017-05 Other Income—Gains and Losses from the Derecognition of Non-Financial Assets (Subtopic 610-20) | This ASU is to clarify the scope of the non-financial asset guidance in Subtopic 610-20 and to add guidance for partial sales of non-financial assets. This ASU defines the term in substance non-financial asset and clarifies that non-financial assets within the scope of Subtopic 610-20 may include non-financial assets transferred within a legal entity to a counterparty. The ASU also provides guidance on the accounting for what often are referred to as partial sales of non-financial assets within the scope of Subtopic 610-20 and contributions of non-financial assets to a joint venture or other non-controlled investee. | January 1, 2018 | ||
ASU 2017-04 Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. | This ASU is to simplify the subsequent measurement of goodwill. The ASU eliminates step 2 from the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. | The Company elected to early adopt this ASU on a prospective basis, effective January 1, 2018. | ||
ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business | This ASU provides new guidance to assist entities with evaluating when a set of transferred assets and activities is a business. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. | The Company adopted this standard on a prospective basis, effective January 1, 2018. The adoption of this standard may impact the accounting of future transactions. | ||
ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory | This ASU requires the recognition of the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. | January 1, 2018 | ||
ASU 2016-01 Financial Instruments- Overall (Subtopic 825-10) | This ASU requires all equity investments to be measured at fair value with changes in the fair value recognized through net income other than those accounted for under equity method of accounting or those that result in consolidation of the investees. The ASU also requires that an entity present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. | The Company adopted this standard using the modified retrospective method, effective January 1, 2018 and recorded a net increase to retained earnings of $2.1 million. |
2. | Revenue Recognition |
Accounts receivable, net | Contract asset, current | Contract asset, non-current | Deferred revenue, current | Deferred revenue, non-current | |||||||||||||||
Beginning balances as of January 1, 2018 (1) | $ | 576,313 | $ | 9,002 | $ | 16,186 | $ | 71,085 | $ | 53,101 | |||||||||
Closing balances as of December 31, 2018 | 630,119 | 9,778 | 16,396 | 73,142 | 46,641 | ||||||||||||||
Increase/(decrease) | $ | 53,806 | $ | 776 | $ | 210 | $ | 2,057 | $ | (6,460 | ) |
(1) | Includes cumulative adjustments made to these accounts on January 1, 2018 from the adoption of Topic 606. |
3. | Acquisitions |
Metronode | Infomart Dallas | ||||||
Cash and cash equivalents | $ | 3,206 | $ | 17,432 | |||
Accounts receivable | 8,318 | 637 | |||||
Other current assets | 9,894 | 395 | |||||
Property, plant and equipment | 297,092 | 362,023 | |||||
Intangible assets | 128,229 | 65,847 | |||||
Goodwill | 413,871 | 197,378 | |||||
Other assets (1) | 44,373 | — | |||||
Total assets acquired | 904,983 | 643,712 | |||||
Accounts payable and accrued liabilities | (17,104 | ) | (5,056 | ) | |||
Other current liabilities | (2,038 | ) | (2,141 | ) | |||
Deferred tax liabilities | (35,437 | ) | — | ||||
Other liabilities (1) | (45,851 | ) | (4,723 | ) | |||
Net assets acquired | $ | 804,553 | $ | 631,792 |
Cash and cash equivalent | $ | 33,198 | |
Accounts receivable | 7,359 | ||
Other current assets | 51,038 | ||
Long-term investments | 3,806 | ||
Property, plant and equipment | 308,985 | ||
Goodwill | 95,444 | ||
Intangible assets | 111,374 | ||
Other assets | 22,981 | ||
Total assets acquired | 634,185 | ||
Accounts payable and accrued expenses | (15,028 | ) | |
Accrued property, plant and equipment | (465 | ) | |
Capital lease and other financing obligations | (108,833 | ) | |
Mortgage and loans payable | (190,227 | ) | |
Other current liabilities | (8,689 | ) | |
Deferred tax liabilities | (32,192 | ) | |
Other liabilities | (3,384 | ) | |
Net assets acquired | $ | 275,367 |
(1) | In connection with the Metronode Acquisition, the Company recorded indemnification assets of $44.4 million, which represented the seller's obligation under the purchase agreement to reimburse pre-acquisition tax liabilities settled after the acquisition. |
Intangible assets | Fair value | Estimated useful lives (years) | Weighted-average estimated useful lives (years) | ||||
Customer relationships | $ | 105,434 | 13 | 13.0 | |||
Trade name | 3,455 | 2 | 2.0 | ||||
Favorable solar contracts | 2,410 | 18 | 18.0 | ||||
Other intangible assets | 75 | 0.25 | 0.25 |
Intangible Assets | Fair Value | Estimated Useful Lives (Years) | Weighted-average Estimated Useful Lives (Years) | |||||
Customer relationships (Metronode) | $ | 128,229 | 20.0 | 20.0 | ||||
Customer relationships (Infomart Dallas) | 35,860 | 20.0 | 20.0 | |||||
In-place leases (Infomart Dallas) | 19,960 | 3.6 - 7.5 | 6.8 | |||||
Trade names (Infomart Dallas) | 9,552 | 20.0 | 20.0 | |||||
Favorable leases (Infomart Dallas) | 475 | 3.6 - 7.5 | 7.0 |
2015 | 2014 | ||||||
Revenues | $ | 2,847,411 | $ | 2,614,127 | |||
Net income | 195,501 | (251,067 | ) |
Property, plant and equipment | $ | 85,969 | |
Intangible assets | 10,011 | ||
Total assets acquired | 95,980 | ||
Mortgage payable | (42,906) | ||
Intangible - unfavorable leases | (2,982) | ||
Net assets acquired | $ | 50,092 |
Certain Verizon Data Center Assets | |||
Cash and cash equivalents | $ | 1,073 | |
Accounts receivable | 2,019 | ||
Other current assets | 7,319 | ||
Property, plant and equipment | 840,335 | ||
Intangible assets (1) | 1,693,900 | ||
Goodwill | 1,095,262 | ||
Total assets acquired | 3,639,908 | ||
Accounts payable and accrued liabilities | (1,725 | ) | |
Other current liabilities | (2,020 | ) | |
Capital lease and other financing obligations | (17,659 | ) | |
Deferred tax liabilities | (18,129 | ) | |
Other liabilities | (5,689 | ) | |
Net assets acquired | $ | 3,594,686 |
Intangible assets | Fair value | Estimated useful lives (years) | Weighted-average estimated useful lives (years) | ||||
Customer contracts | $ | 9,363 | 0.3 - 8 | 4.9 | |||
Unfavorable leases | (2,982) | 1 - 6 | 4.8 | ||||
Favorable leases | 648 | 1 - 8 | 7.5 |
(1) | The nature of the intangible assets acquired is customer relationships with an estimated useful life of 15 years. Included in this amount is a customer relationship intangible asset for Verizon totaling $245.3 million. Pursuant to the acquisition agreement, the Company formalized agreements to provide pre-existing space and services to Verizon at the acquired data centers. |
Itconic | Zenium data center | IO UK's data center | |||||||||
Cash and cash equivalents | $ | 15,659 | $ | 692 | $ | 1,388 | |||||
Accounts receivable | 16,429 | 198 | 7 | ||||||||
Other current assets | 1,885 | 6,430 | 1,082 | ||||||||
Property, plant and equipment | 64,499 | 58,931 | 40,251 | ||||||||
Intangible assets | 101,755 | 7,900 | 6,252 | ||||||||
Goodwill | 127,711 | 21,834 | 15,804 | ||||||||
Deferred tax assets | — | — | 6,714 | ||||||||
Other assets | 4,025 | 313 | 3,396 | ||||||||
Total assets acquired | 331,963 | 96,298 | 74,894 | ||||||||
Accounts payable and accrued liabilities | (15,846 | ) | (1,012 | ) | (439 | ) | |||||
Other current liabilities | (12,374 | ) | (451 | ) | (168 | ) | |||||
Capital lease and other financing obligations | (30,666 | ) | — | (33,091 | ) | ||||||
Loans payable | (3,253 | ) | — | (4,067 | ) | ||||||
Deferred tax liabilities | (3,198 | ) | (2,227 | ) | — | ||||||
Other liabilities | (7,515 | ) | (614 | ) | (828 | ) | |||||
Net assets acquired | $ | 259,111 | $ | 91,994 | $ | 36,301 |
2017 | 2016 | ||||||
Revenues | $ | 4,509,602 | $ | 4,053,280 | |||
Net income from continuing operations | 258,618 | 19,248 | |||||
Basic EPS | 3.31 | 0.25 | |||||
Diluted EPS | 3.28 | 0.25 |
4. | Earnings Per Share |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Net income (loss) | $ | 187,774 | $ | (260,726 | ) | $ | 96,123 | |||||||||||||||
Net (income) loss attributable to redeemable non-controlling interests | — | 1,179 | (1,438 | ) | ||||||||||||||||||
Net income (loss) attributable to Equinix, basic and diluted | $ | 187,774 | $ | (259,547 | ) | $ | 94,685 | |||||||||||||||
Net income from continuing operations | $ | 365,359 | $ | 232,982 | $ | 114,408 | ||||||||||||||||
Net income from discontinued operations, net of tax | — | — | 12,392 | |||||||||||||||||||
Net income | $ | 365,359 | $ | 232,982 | $ | 126,800 | ||||||||||||||||
Weighted-average shares used to calculate basic EPS | 57,790 | 52,359 | 49,438 | 79,779 | 76,854 | 70,117 | ||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Employee equity awards | 693 | — | 678 | 418 | 681 | 699 | ||||||||||||||||
Total dilutive potential shares | 693 | — | 678 | |||||||||||||||||||
Weighted-average shares used to calculate diluted EPS | 58,483 | 52,359 | 50,116 | 80,197 | 77,535 | 70,816 | ||||||||||||||||
EPS attributable to Equinix: | ||||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Continuing operations | $ | 4.58 | $ | 3.03 | $ | 1.63 | ||||||||||||||||
Discontinued operations | — | — | 0.18 | |||||||||||||||||||
Basic EPS | $ | 3.25 | $ | (4.96 | ) | $ | 1.92 | $ | 4.58 | $ | 3.03 | $ | 1.81 | |||||||||
Diluted EPS: | ||||||||||||||||||||||
Continuing operations | $ | 4.56 | $ | 3.00 | $ | 1.62 | ||||||||||||||||
Discontinued operations | — | — | 0.17 | |||||||||||||||||||
Diluted EPS | $ | 3.21 | $ | (4.96 | ) | $ | 1.89 | $ | 4.56 | $ | 3.00 | $ | 1.79 |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||
Shares related to the potential conversion of 3.00% convertible subordinated notes | — | 861 | 3,613 | |||||||||||||
Shares related to the potential conversion of 4.75% convertible subordinated notes | 1,977 | 2,824 | 4,432 | — | — | 893 | ||||||||||
Common stock related to employee equity awards | 88 | 1,820 | 254 | 265 | 63 | 27 | ||||||||||
2,065 | 5,505 | 8,299 | 265 | 63 | 920 |
5. | Assets Held for Sale |
6. | Discontinued Operations |
Accounts Receivable | $ | 2,222 | |
Other current assets | 408 | ||
Property, plant and equipment | 23,533 | ||
Goodwill | 5,000 | ||
Intangible assets | 784 | ||
Other assets | 1,310 | ||
Total assets held for sale | $ | 33,257 | |
Accounts payable and accrued expenses | $ | (654 | ) |
Accrued property, plant and equipment | (816 | ) | |
Other current liabilities | (435 | ) | |
Other liabilities | (1,630 | ) | |
Total liabilities held for sale | $ | (3,535 | ) |
2016 | |||
Revenues | $ | 48,782 | |
Costs and operating expenses: | |||
Cost of revenues | 24,795 | ||
Sales and marketing | 1,030 | ||
General and administrative | 7,026 | ||
Total costs and operating expenses | 32,851 | ||
Income from operations of discontinued operations | 15,931 | ||
Interest expense and other, net | (1,286 | ) | |
Income from discontinued operations before income taxes | 14,645 | ||
Income tax expense | (4,604 | ) | |
Gain on sale of discontinued operations, net of tax | 2,351 | ||
Net income from discontinued operations, net of tax | $ | 12,392 |
7. | Balance Sheet Components |
2015 | 2014 | 2018 | 2017 | |||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash (1) | $ | 1,139,554 | $ | 207,953 | $ | 486,648 | $ | 985,382 | ||||||
Cash equivalents: | ||||||||||||||
Money market funds | 1,089,284 | 402,964 | 119,518 | 427,135 | ||||||||||
Total cash and cash equivalents | 2,228,838 | 610,917 | 606,166 | 1,412,517 | ||||||||||
Marketable securities: | ||||||||||||||
U.S. government securities | — | 336,440 | ||||||||||||
U.S. government agency securities | — | 192,955 | ||||||||||||
Short-term and long-term investments: | ||||||||||||||
Certificates of deposit | 14,106 | 439 | 2,823 | 31,351 | ||||||||||
Publicly traded equity securities | 3,353 | — | 1,717 | 6,163 | ||||||||||
Total marketable securities | 17,459 | 529,834 | ||||||||||||
Total short-term and long-term investments | 4,540 | 37,514 | ||||||||||||
Total cash, cash equivalents and short-term and long-term investments | $ | 2,246,297 | $ | 1,140,751 | $ | 610,706 | $ | 1,450,031 |
(1) | Excludes restricted cash. |
(2) | Total unrealized gains on the publicly traded equity securities as of December 31, 2017 were insignificant. The changes in the fair values of publicly traded equity securities were recognized within other income (expense) in the Company's consolidated statements of operations as a result of the adoption of ASU 2016-01 on January 1, 2018. |
2015 | 2014 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due within one year | $ | 12,875 | $ | 12,875 | $ | 529,567 | $ | 529,395 | |||||||
Due after one year through three years | 1,231 | 1,231 | 439 | 439 | |||||||||||
Total | $ | 14,106 | $ | 14,106 | $ | 530,006 | $ | 529,834 |
Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair Value | ||||||||||||
Certificates of deposit | $ | 14,106 | $ | — | $ | — | $ | 14,106 | |||||||
Publicly traded equity securities | 3,561 | — | (208 | ) | 3,353 | ||||||||||
Total | $ | 17,667 | $ | — | $ | (208 | ) | $ | 17,459 |
Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair Value | ||||||||||||
U.S. government securities | $ | 336,561 | $ | 45 | $ | (166 | ) | $ | 336,440 | ||||||
U.S. government agency securities | 193,006 | 30 | (81 | ) | 192,955 | ||||||||||
Certificates of deposit | 439 | — | — | 439 | |||||||||||
Total | $ | 530,006 | $ | 75 | $ | (247 | ) | $ | 529,834 |
2018 | 2017 | ||||||
Due within one year | $ | 2,823 | $ | 28,271 | |||
Due after one year through three years | — | 3,080 | |||||
Total | $ | 2,823 | $ | 31,351 |
2015 | 2014 | 2018 | 2017 | |||||||||||
Accounts receivable | $ | 302,316 | $ | 272,036 | $ | 646,069 | $ | 594,541 | ||||||
Allowance for doubtful accounts | (10,352 | ) | (9,466 | ) | (15,950 | ) | (18,228 | ) | ||||||
$ | 291,964 | $ | 262,570 | |||||||||||
Accounts receivable, net | $ | 630,119 | $ | 576,313 |
Balance as of December 31, 2012 | $ | 3,716 | |
Provision for allowance for doubtful accounts | 5,819 | ||
Net write-offs | (2,833 | ) | |
Impact of foreign currency exchange | (62 | ) | |
Balance as of December 31, 2013 | 6,640 | ||
Provision for allowance for doubtful accounts | 7,093 | ||
Net write-offs | (3,825 | ) | |
Impact of foreign currency exchange | (442 | ) | |
Balance as of December 31, 2014 | 9,466 | ||
Provision for allowance for doubtful accounts | 5,037 | ||
Net write-offs | (3,438 | ) | |
Impact of foreign currency exchange | (713 | ) | |
Balance as of December 31, 2015 | $ | 10,352 |
Balance as of December 31, 2015 | $ | 10,352 | |
Provision for allowance for doubtful accounts | 8,260 | ||
Net write-offs | (2,521 | ) | |
Impact of foreign currency exchange | (416 | ) | |
Balance as of December 31, 2016 | 15,675 | ||
Provision for allowance for doubtful accounts | 5,627 | ||
Net write-offs | (4,546 | ) | |
Impact of foreign currency exchange | 1,472 | ||
Balance as of December 31, 2017 | 18,228 | ||
Provision for allowance for doubtful accounts | 7,236 | ||
Net write-offs | (8,396 | ) | |
Impact of foreign currency exchange | (1,118 | ) | |
Balance as of December 31, 2018 | $ | 15,950 |
2015 | 2014 | 2018 | 2017 | |||||||||||
Prepaid expenses | $ | 48,322 | $ | 29,501 | $ | 70,433 | $ | 64,832 | ||||||
Taxes receivable | 33,979 | 17,071 | 98,245 | 110,961 | ||||||||||
Deferred tax assets, net | — | 6,579 | ||||||||||||
Restricted cash, current | 10,887 | 26,919 | ||||||||||||
Other receivables | 1,925 | 2,324 | 12,611 | 7,797 | ||||||||||
Derivative instruments | 60,165 | 17,732 | 62,170 | 4,175 | ||||||||||
Contract asset, current | 9,778 | — | ||||||||||||
Other current assets | 68,538 | 11,797 | 10,733 | 17,343 | ||||||||||
$ | 212,929 | $ | 85,004 | |||||||||||
Total other current assets | $ | 274,857 | $ | 232,027 |
2015 | 2014 | 2018 | 2017 | |||||||||||
Core systems | $ | 3,820,772 | $ | 3,252,569 | $ | 7,073,912 | $ | 6,334,702 | ||||||
Buildings | 2,383,387 | 2,074,382 | 4,822,501 | 3,906,686 | ||||||||||
Leasehold improvements | 1,204,900 | 1,053,451 | 1,637,133 | 1,850,351 | ||||||||||
Construction in progress | 351,697 | 460,259 | 974,152 | 425,428 | ||||||||||
Personal Property | 450,914 | 387,909 | ||||||||||||
Personal property | 857,585 | 798,133 | ||||||||||||
Land | 183,946 | 160,035 | 631,367 | 423,539 | ||||||||||
8,395,616 | 7,388,605 | 15,996,650 | 13,738,839 | |||||||||||
Less accumulated depreciation | (2,789,180 | ) | (2,390,335 | ) | (4,970,630 | ) | (4,344,237 | ) | ||||||
$ | 5,606,436 | $ | 4,998,270 | |||||||||||
Property, plant and equipment, net | $ | 11,026,020 | $ | 9,394,602 |
2015 | 2014 | 2018 | 2017 | |||||||||||
Goodwill: | ||||||||||||||
Americas | $ | 460,203 | $ | 463,902 | $ | 1,745,804 | $ | 1,561,512 | ||||||
EMEA | 374,070 | 404,093 | 2,474,164 | 2,610,899 | ||||||||||
Asia-Pacific | 228,927 | 134,134 | 616,420 | 239,351 | ||||||||||
$ | 1,063,200 | $ | 1,002,129 | $ | 4,836,388 | $ | 4,411,762 | |||||||
Intangible assets, net: | ||||||||||||||
Intangible assets - customer relationships | $ | 2,733,864 | $ | 2,673,886 | ||||||||||
Intangible assets - trade names | 71,778 | 73,295 | ||||||||||||
Intangible assets - favorable leases | 35,969 | 37,913 | ||||||||||||
Intangible assets - in-place leases | 33,671 | 10,327 | ||||||||||||
Intangible assets - licenses | 9,697 | 9,696 | ||||||||||||
2,884,979 | 2,805,117 | |||||||||||||
Intangible assets: | ||||||||||||||
Intangible assets - customer contracts | $ | 311,581 | $ | 220,674 | ||||||||||
Intangible assets - favorable leases | 22,783 | 24,300 | ||||||||||||
Intangible assets - licenses | 9,697 | 9,697 | ||||||||||||
Intangible assets - others | 13,491 | 8,132 | ||||||||||||
Accumulated amortization - customer relationships | (467,111 | ) | (331,930 | ) | ||||||||||
Accumulated amortization - trade names | (62,585 | ) | (71,728 | ) | ||||||||||
Accumulated amortization - favorable leases | (9,986 | ) | (9,607 | ) | ||||||||||
Accumulated amortization - in-place leases | (8,118 | ) | (3,644 | ) | ||||||||||
Accumulated amortization - licenses | (3,883 | ) | (3,236 | ) | ||||||||||
357,552 | 262,803 | (551,683 | ) | (420,145 | ) | |||||||||
Accumulated amortization - customer contracts | (117,167 | ) | (102,074 | ) | ||||||||||
Accumulated amortization - favorable leases | (8,909 | ) | (7,656 | ) | ||||||||||
Accumulated amortization - licenses | (1,942 | ) | (1,294 | ) | ||||||||||
Accumulated amortization - others | (4,969 | ) | (4,252 | ) | ||||||||||
(132,987 | ) | (115,276 | ) | |||||||||||
$ | 224,565 | $ | 147,527 | |||||||||||
Total intangible assets, net | $ | 2,333,296 | $ | 2,384,972 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
Balance as of December 31, 2013 | $ | 471,845 | $ | 435,041 | $ | 135,267 | $ | 1,042,153 | |||||||
Impact of foreign currency exchange | (7,943 | ) | (30,948 | ) | (1,133 | ) | (40,024 | ) | |||||||
Balance as of December 31, 2014 | 463,902 | 404,093 | 134,134 | 1,002,129 | |||||||||||
Purchase accounting adjustments | 17,192 | — | 95,437 | 112,629 | |||||||||||
Asset held for sale adjustments | — | (5,000 | ) | — | (5,000 | ) | |||||||||
Impact of foreign currency exchange | (20,891 | ) | (25,023 | ) | (644 | ) | (46,558 | ) | |||||||
Balance as of December 31, 2015 | $ | 460,203 | $ | 374,070 | $ | 228,927 | $ | 1,063,200 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
Balance as of December 31, 2016 | $ | 469,438 | $ | 2,281,306 | $ | 235,320 | $ | 2,986,064 | |||||||
Purchase accounting adjustments - Verizon Data Center acquisition | 1,095,262 | — | — | 1,095,262 | |||||||||||
Purchase accounting adjustments - Other 2017 acquisitions | — | 163,993 | — | 163,993 | |||||||||||
Impact of foreign currency exchange | (3,188 | ) | 165,600 | 4,031 | 166,443 | ||||||||||
Balance as of December 31, 2017 | 1,561,512 | 2,610,899 | 239,351 | 4,411,762 | |||||||||||
Purchase accounting adjustments - Infomart Dallas acquisition | 197,378 | — | — | 197,378 | |||||||||||
Purchase accounting adjustments - Metronode acquisition | — | — | 413,871 | 413,871 | |||||||||||
Purchase accounting adjustments - Other acquisitions | 333 | 1,357 | — | 1,690 | |||||||||||
Impact of foreign currency exchange | (13,419 | ) | (138,092 | ) | (36,802 | ) | (188,313 | ) | |||||||
Balance as of December 31, 2018 | $ | 1,745,804 | $ | 2,474,164 | $ | 616,420 | $ | 4,836,388 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
Balance as of December 31, 2012 | $ | 89,467 | $ | 84,186 | $ | 27,909 | $ | 201,562 | |||||||
Frankfurt Kleyer 90 Carrier Hotel acquisition (see Note 2) | — | 10,010 | — | 10,010 | |||||||||||
New York IBX Center purchase | 1,100 | — | — | 1,100 | |||||||||||
Adjustments | — | (2,070 | ) | — | (2,070 | ) | |||||||||
Amortization of intangibles | (12,604 | ) | (11,613 | ) | (2,810 | ) | (27,027 | ) | |||||||
Impact of foreign currency exchange | (1,739 | ) | 2,196 | 150 | 607 | ||||||||||
Balance as of December 31, 2013 | 76,224 | 82,709 | 25,249 | 184,182 | |||||||||||
Amortization of intangibles | (12,257 | ) | (12,795 | ) | (2,704 | ) | (27,756 | ) | |||||||
Impact of foreign currency exchange | (1,013 | ) | (7,729 | ) | (157 | ) | (8,899 | ) | |||||||
Balance as of December 31, 2014 | 62,954 | 62,185 | 22,388 | 147,527 | |||||||||||
Nimbo acquisition | 1,089 | — | — | 1,089 | |||||||||||
Bit-Isle acquisition | — | — | 111,374 | 111,374 | |||||||||||
Asset held for sale adjustments | — | (784 | ) | — | (784 | ) | |||||||||
Write-off of intangible asset | — | (357 | ) | — | (357 | ) | |||||||||
Amortization of intangibles | (11,432 | ) | (11,675 | ) | (4,339 | ) | (27,446 | ) | |||||||
Impact of foreign currency exchange | (1,968 | ) | (5,014 | ) | 144 | (6,838 | ) | ||||||||
Balance as of December 31, 2015 | $ | 50,643 | $ | 44,355 | $ | 129,567 | $ | 224,565 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
Balance as of December 31, 2015 | $ | 50,643 | $ | 44,355 | $ | 129,567 | $ | 224,565 | |||||||
TelecityGroup acquisition | — | 694,243 | — | 694,243 | |||||||||||
Paris IBX Data Center acquisition | — | 11,758 | — | 11,758 | |||||||||||
Sale of Terra Power | — | — | (2,460 | ) | (2,460 | ) | |||||||||
Write-off of intangible asset | (573 | ) | — | — | (573 | ) | |||||||||
Amortization of intangibles | (11,348 | ) | (97,715 | ) | (13,799 | ) | (122,862 | ) | |||||||
Impact of foreign currency exchange | 1,395 | (90,280 | ) | 3,445 | (85,440 | ) | |||||||||
Balance as of December 31, 2016 | 40,117 | 562,361 | 116,753 | 719,231 | |||||||||||
Verizon Data Center acquisition | 1,693,900 | — | — | 1,693,900 | |||||||||||
Other 2017 acquisitions | — | 112,645 | — | 112,645 | |||||||||||
Write-off of intangible asset | — | (725 | ) | — | (725 | ) | |||||||||
Amortization of intangibles | (84,749 | ) | (79,105 | ) | (13,154 | ) | (177,008 | ) | |||||||
Impact of foreign currency exchange | (2,895 | ) | 36,043 | 3,781 | 36,929 | ||||||||||
Balance as of December 31, 2017 | 1,646,373 | 631,219 | 107,380 | 2,384,972 | |||||||||||
Infomart Dallas acquisition | 65,847 | — | — | 65,847 | |||||||||||
Metronode acquisition | — | — | 128,229 | 128,229 | |||||||||||
Other acquisitions | — | 8,342 | — | 8,342 | |||||||||||
Write-off of intangible asset | (334 | ) | (1,661 | ) | (3 | ) | (1,998 | ) | |||||||
Amortization of intangibles | (125,683 | ) | (62,283 | ) | (15,450 | ) | (203,416 | ) | |||||||
Impact of foreign currency exchange | (7,232 | ) | (31,757 | ) | (9,691 | ) | (48,680 | ) | |||||||
Balance as of December 31, 2018 | $ | 1,578,971 | $ | 543,860 | $ | 210,465 | $ | 2,333,296 |
Year ending: | ||||||
2016 | $ | 35,298 | ||||
2017 | 33,644 | |||||
2018 | 29,690 | |||||
Years ending: | ||||||
2019 | 24,978 | $ | 199,862 | |||
2020 | 19,217 | 193,073 | ||||
2021 | 185,332 | |||||
2022 | 181,211 | |||||
2023 | 180,883 | |||||
Thereafter | 81,738 | 1,392,935 | ||||
Total | $ | 224,565 | $ | 2,333,296 |
2015 | 2014 | 2018 | 2017 | |||||||||||
Deferred tax assets, net | $ | 61,152 | $ | 45,134 | $ | 58,300 | $ | 66,031 | ||||||
Prepaid expenses, non-current | 54,372 | 37,006 | ||||||||||||
Prepaid expenses | 125,158 | 89,784 | ||||||||||||
Debt issuance costs, net | 19,709 | 9,022 | 8,532 | 10,670 | ||||||||||
Deposits | 33,132 | 26,068 | 54,986 | 48,296 | ||||||||||
Restricted cash | 10,551 | 11,265 | ||||||||||||
Derivative instruments | 8,735 | 5,007 | 10,904 | 4,110 | ||||||||||
Other assets, non-current | 11,358 | 6,373 | ||||||||||||
$ | 188,458 | $ | 128,610 | |||||||||||
Contract assets, non-current | 16,396 | — | ||||||||||||
Contract costs | 188,200 | — | ||||||||||||
Other assets | 60,225 | 11,594 | ||||||||||||
Total other assets | $ | 533,252 | $ | 241,750 |
2015 | 2014 | 2018 | 2017 | |||||||||||
Accounts payable | $ | 49,892 | $ | 30,221 | $ | 96,980 | $ | 101,744 | ||||||
Accrued compensation and benefits | 131,204 | 115,184 | 235,697 | 214,585 | ||||||||||
Accrued interest | 67,077 | 29,116 | 126,142 | 100,347 | ||||||||||
Accrued taxes(1) | 37,004 | 41,295 | 118,818 | 130,272 | ||||||||||
Accrued utilities and security | 31,789 | 31,531 | 78,547 | 68,916 | ||||||||||
Accrued professional fees | 18,380 | 8,148 | 17,010 | 13,830 | ||||||||||
Accrued repairs and maintenance | 3,618 | 4,086 | 10,736 | 11,232 | ||||||||||
Accrued other | 61,984 | 26,215 | 72,762 | 78,331 | ||||||||||
$ | 400,948 | $ | 285,796 | |||||||||||
Total accounts payable and accrued expenses | $ | 756,692 | $ | 719,257 |
(1) | Includes income taxes payable of $67.9 million and $56.4 million, respectively, as of December 31, 2018 and 2017. |
2015 | 2014 | 2018 | 2017 | |||||||||||
Deferred tax liabilities, net | $ | — | $ | 83,264 | ||||||||||
Deferred installation revenue | 56,055 | 48,707 | ||||||||||||
Deferred revenue, current | $ | 73,143 | $ | 87,300 | ||||||||||
Customer deposits | 23,676 | 13,492 | 20,430 | 16,598 | ||||||||||
Derivative instruments | 79,256 | 810 | 8,812 | 34,466 | ||||||||||
Deferred recurring revenue | 12,515 | 6,879 | ||||||||||||
Deferred rent | 3,572 | 2,675 | 6,466 | 6,546 | ||||||||||
Dividends payable | 13,674 | 4,559 | 8,795 | 11,181 | ||||||||||
Asset retirement obligations | — | 945 | 6,776 | 1,716 | ||||||||||
Other current liabilities | 3,538 | 1,333 | 2,573 | 2,107 | ||||||||||
$ | 192,286 | $ | 162,664 | |||||||||||
Total other current liabilities | $ | 126,995 | $ | 159,914 |
2015 | 2014 | ||||||
Asset retirement obligations, non-current | $ | 78,482 | $ | 63,913 | |||
Deferred tax liabilities, net | 100,624 | 69,212 | |||||
Deferred installation revenue, non-current | 86,660 | 76,744 | |||||
Deferred rent, non-current | 68,787 | 52,968 | |||||
Accrued taxes, non-current | 26,763 | 24,726 | |||||
Dividends payable, non-current | 13,394 | 4,972 | |||||
Customer deposits, non-current | 4,701 | 4,618 | |||||
Deferred recurring revenue, non-current | 3,645 | 445 | |||||
Derivative instruments | 669 | — | |||||
Other liabilities | 6,688 | 7,366 | |||||
$ | 390,413 | $ | 304,964 |
2018 | 2017 | ||||||
Asset retirement obligations | $ | 89,887 | $ | 96,823 | |||
Deferred tax liabilities, net | 247,849 | 252,287 | |||||
Deferred revenue, non-current | 46,641 | 121,257 | |||||
Deferred rent | 108,693 | 97,782 | |||||
Accrued taxes | 116,735 | 64,378 | |||||
Dividends payable | 6,545 | 6,669 | |||||
Customer deposits | 9,671 | 10,849 | |||||
Derivative instruments | 928 | 6,381 | |||||
Other liabilities | 2,814 | 5,284 | |||||
Total other liabilities | $ | 629,763 | $ | 661,710 |
Asset retirement obligations as of December 31, 2012 | $ | 63,150 | ||||
Asset retirement obligations as of December 31, 2015 | $ | 78,482 | ||||
Additions | 8,713 | 22,955 | ||||
Adjustments (1) | (14,874 | ) | (2,366 | ) | ||
Accretion expense | 2,932 | 6,685 | ||||
Impact of foreign currency exchange | (373 | ) | (2,741 | ) | ||
Asset retirement obligations as of December 31, 2013 | 59,548 | |||||
Asset retirement obligations as of December 31, 2016 | 103,015 | |||||
Additions | 5,774 | 17,736 | ||||
Adjustments (1) | (871 | ) | (34,576 | ) | ||
Accretion expense | 2,438 | 7,335 | ||||
Impact of foreign currency exchange | (2,031 | ) | 5,029 | |||
Asset retirement obligations as of December 31, 2014 | 64,858 | |||||
Asset retirement obligations as of December 31, 2017 | 98,539 | |||||
Additions | 17,337 | 5,126 | ||||
Adjustments (1) | (4,676 | ) | (11,288 | ) | ||
Accretion expense | 3,349 | 6,285 | ||||
Impact of foreign currency exchange | (2,386 | ) | (1,999 | ) | ||
Asset retirement obligations as of December 31, 2015 | $ | 78,482 | ||||
Asset retirement obligations as of December 31, 2018 | $ | 96,663 |
(1) | The ARO adjustments are primarily due to lease amendments and acquisition of real estate assets, as well as other adjustments. |
8. | Derivatives and Hedging Instruments |
Notional Amount | Fair Value (1) | Accumulated other comprehensive income (loss) (2)(3) | Notional Amount | Fair Value (1) | Accumulated Other Comprehensive Income (Loss) (2)(3) | |||||||||||||||||
Derivative assets | $ | 367,330 | $ | 16,027 | $ | 34,578 | $ | 642,542 | $ | 38,606 | $ | 27,968 | ||||||||||
Derivative liabilities | 47,447 | (813 | ) | (19,709 | ) | 118,324 | (865 | ) | (1,997 | ) | ||||||||||||
$ | 414,777 | $ | 15,214 | $ | 14,869 | $ | 760,866 | $ | 37,741 | $ | 25,971 |
(1) | All derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities. |
(2) | Included in the consolidated balance sheets within accumulated other comprehensive income (loss). |
(3) | The Company recorded a net gain of |
Notional Amount | Fair Value (1) | Accumulated other comprehensive income (loss)(2) | Notional Amount | Fair Value (1) | Accumulated Other Comprehensive Income (Loss) (2)(3) | |||||||||||||||||
Derivative assets | $ | 281,055 | $ | 8,404 | $ | 8,480 | $ | 72,262 | $ | 2,379 | $ | 2,055 | ||||||||||
Derivative liabilities | — | — | — | 440,637 | (29,777 | ) | (34,311 | ) | ||||||||||||||
$ | 281,055 | $ | 8,404 | $ | 8,480 | $ | 512,899 | $ | (27,398 | ) | $ | (32,256 | ) |
(1) | All derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities. |
(2) | Included in the consolidated balance sheets within accumulated other comprehensive income (loss). |
(3) | The Company recorded a net loss of $26.7 million within accumulated other comprehensive income (loss) relating to cash flow hedges that will be reclassified to revenue and expenses as they mature over the next 12 months. |
Gross Amounts | Gross amounts offset in the balance sheet | Net balance sheet amounts(1) | Gross amounts not offset in the balance sheet (2) | Net | Gross Amounts | Gross Amounts Offset in the Consolidated Balance Sheet | Net Consolidated Balance Sheet Amounts(1) | Gross Amounts not Offset in the Consolidated Balance Sheet (2) | Net | |||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Foreign currency forward and option contracts | $ | 16,027 | $ | — | $ | 16,027 | $ | (813 | ) | $ | 15,214 | |||||||||||||||||||||||||||
Foreign currency forward contracts designated as cash flow hedges | $ | 38,606 | $ | — | $ | 38,606 | $ | (865 | ) | $ | 37,741 | |||||||||||||||||||||||||||
Not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Embedded derivatives | 8,926 | — | 8,926 | — | 8,926 | 4,656 | — | 4,656 | — | 4,656 | ||||||||||||||||||||||||||||
Economic hedges of embedded derivatives | 744 | — | 744 | — | 744 | 525 | — | 525 | (104 | ) | 421 | |||||||||||||||||||||||||||
Foreign currency forward contracts | 43,203 | — | 43,203 | (34,577 | ) | 8,626 | 29,287 | — | 29,287 | (2,941 | ) | 26,346 | ||||||||||||||||||||||||||
52,873 | — | 52,873 | (34,577 | ) | 18,296 | 34,468 | — | 34,468 | (3,045 | ) | 31,423 | |||||||||||||||||||||||||||
Additional netting benefit | — | — | — | (9,512 | ) | (9,512 | ) | — | — | — | (2,607 | ) | (2,607 | ) | ||||||||||||||||||||||||
$ | 68,900 | $ | — | $ | 68,900 | $ | (44,902 | ) | $ | 23,998 | $ | 73,074 | $ | — | $ | 73,074 | $ | (6,517 | ) | $ | 66,557 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Foreign currency forward and option contracts | $ | 813 | $ | — | $ | 813 | $ | (813 | ) | $ | — | |||||||||||||||||||||||||||
Foreign currency forward contracts designated as cash flow hedges | $ | 865 | $ | — | $ | 865 | $ | (865 | ) | $ | — | |||||||||||||||||||||||||||
Not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Embedded derivatives | 1,772 | — | 1,772 | — | 1,772 | 2,426 | — | 2,426 | — | 2,426 | ||||||||||||||||||||||||||||
Economic hedges of embedded derivatives | 417 | — | 417 | — | 417 | 180 | — | 180 | (104 | ) | 76 | |||||||||||||||||||||||||||
Foreign currency forward contracts | 76,923 | — | 76,923 | (34,577 | ) | 42,346 | 6,269 | — | 6,269 | (2,941 | ) | 3,328 | ||||||||||||||||||||||||||
79,112 | — | 79,112 | (34,577 | ) | 44,535 | 8,875 | — | 8,875 | (3,045 | ) | 5,830 | |||||||||||||||||||||||||||
Additional netting benefit | — | — | — | (9,512 | ) | (9,512 | ) | — | — | — | (2,607 | ) | (2,607 | ) | ||||||||||||||||||||||||
$ | 79,925 | $ | — | $ | 79,925 | $ | (44,902 | ) | $ | 35,023 | $ | 9,740 | $ | — | $ | 9,740 | $ | (6,517 | ) | $ | 3,223 |
(1) | As presented in the |
(2) | The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the consolidated balance sheets, the Company elects not to offset fair value amounts recognized for derivative instruments under master netting arrangements. |
Gross Amounts | Gross amounts offset in the balance sheet | Net amounts (1) | Gross amounts not offset in the balance sheet (2) | Net | Gross Amounts | Gross Amounts Offset in the Consolidated Balance Sheet | Net Consolidated Balance Sheet Amounts(1) | Gross Amounts not Offset in the Consolidated Balance Sheet (2) | Net | |||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | 8,404 | $ | — | $ | 8,404 | $ | — | $ | 8,404 | ||||||||||||||||||||||||||||
Foreign currency forward contracts designated as cash flow hedges | $ | 2,379 | $ | — | $ | 2,379 | $ | (2,379 | ) | $ | — | |||||||||||||||||||||||||||
Not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Embedded derivatives | 9,182 | — | 9,182 | — | 9,182 | 5,076 | — | 5,076 | — | 5,076 | ||||||||||||||||||||||||||||
Foreign currency forward and option contracts | 5,153 | — | 5,153 | (138 | ) | 5,015 | ||||||||||||||||||||||||||||||||
Economic hedges of embedded derivatives | 325 | — | 325 | — | 325 | |||||||||||||||||||||||||||||||||
Foreign currency forward contracts | 505 | — | 505 | (340 | ) | 165 | ||||||||||||||||||||||||||||||||
14,335 | — | 14,335 | (138 | ) | 14,197 | 5,906 | — | 5,906 | (340 | ) | 5,566 | |||||||||||||||||||||||||||
Additional netting benefit | — | — | — | (508 | ) | (508 | ) | — | — | — | (490 | ) | (490 | ) | ||||||||||||||||||||||||
$ | 22,739 | $ | — | $ | 22,739 | $ | (646 | ) | $ | 22,093 | $ | 8,285 | $ | — | $ | 8,285 | $ | (3,209 | ) | $ | 5,076 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Foreign currency forward contracts designated as cash flow hedges | $ | 29,777 | $ | — | $ | 29,777 | $ | (2,379 | ) | $ | 27,398 | |||||||||||||||||||||||||||
Not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Embedded derivatives | 4 | — | 4 | — | 4 | 3,503 | — | 3,503 | — | 3,503 | ||||||||||||||||||||||||||||
Economic hedges of embedded derivatives | 390 | — | 390 | — | 390 | 20 | — | 20 | — | 20 | ||||||||||||||||||||||||||||
Foreign currency forward and option contracts | 416 | — | 416 | (138 | ) | 278 | ||||||||||||||||||||||||||||||||
Foreign currency forward contracts | 7,547 | — | 7,547 | (340 | ) | 7,207 | ||||||||||||||||||||||||||||||||
810 | — | 810 | (138 | ) | 672 | 11,070 | — | 11,070 | (340 | ) | 10,730 | |||||||||||||||||||||||||||
Additional netting benefit | — | — | — | (508 | ) | (508 | ) | — | — | — | (490 | ) | (490 | ) | ||||||||||||||||||||||||
$ | 810 | $ | — | $ | 810 | $ | (646 | ) | $ | 164 | $ | 40,847 | $ | — | $ | 40,847 | $ | (3,209 | ) | $ | 37,638 |
(1) | As presented in the |
(2) | The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the consolidated balance sheets, the Company elects not to offset fair value amounts recognized for derivative instruments under master netting arrangements. |
Fair value at December 31, | Fair value measurement using | ||||||||||
2015 | Level 1 | Level 2 | |||||||||
Assets: | |||||||||||
Cash | $ | 1,139,554 | $ | 1,139,554 | $ | — | |||||
Money market and deposit accounts | 1,089,284 | 1,089,284 | — | ||||||||
Publicly traded equity securities | 3,353 | 3,353 | — | ||||||||
Certificates of deposit | 14,106 | — | 14,106 | ||||||||
Derivative instruments (1) | 68,900 | — | 68,900 | ||||||||
$ | 2,315,197 | $ | 2,232,191 | $ | 83,006 | ||||||
Liabilities: | |||||||||||
Derivative instruments (1) | $ | 79,925 | $ | — | $ | 79,925 |
Fair value at December 31, | Fair value measurement using | ||||||||||
2014 | Level 1 | Level 2 | |||||||||
Assets: | |||||||||||
Cash | $ | 207,953 | $ | 207,953 | $ | — | |||||
Money market and deposit accounts | 402,964 | 402,964 | — | ||||||||
U.S. government securities | 336,440 | 336,440 | — | ||||||||
U.S. government agency securities | 192,955 | — | 192,955 | ||||||||
Certificates of deposit | 439 | — | 439 | ||||||||
Derivative instruments (1) | 22,739 | — | 22,739 | ||||||||
$ | 1,163,490 | $ | 947,357 | $ | 216,133 | ||||||
Liabilities: | |||||||||||
Derivative instruments (1) | $ | 810 | $ | — | $ | 810 |
Fair Value at December 31, | Fair Value Measurement Using | ||||||||||
2018 | Level 1 | Level 2 | |||||||||
Assets: | |||||||||||
Cash | $ | 486,648 | $ | 486,648 | $ | — | |||||
Money market and deposit accounts | 119,518 | 119,518 | — | ||||||||
Publicly traded equity securities | 1,717 | 1,717 | — | ||||||||
Certificates of deposit | 2,823 | — | 2,823 | ||||||||
Derivative instruments (1) | 73,074 | — | 73,074 | ||||||||
$ | 683,780 | $ | 607,883 | $ | 75,897 | ||||||
Liabilities: | |||||||||||
Derivative instruments (1) | $ | 9,740 | $ | — | $ | 9,740 |
(1) | Includes both foreign currency embedded derivatives and foreign currency forward contracts. Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the Company's consolidated balance sheet. |
Fair Value at December 31, | Fair Value Measurement Using | ||||||||||
2017 | Level 1 | Level 2 | |||||||||
Assets: | |||||||||||
Cash | $ | 985,382 | $ | 985,382 | $ | — | |||||
Money market and deposit accounts | 427,135 | 427,135 | — | ||||||||
Publicly traded equity securities | 6,163 | 6,163 | — | ||||||||
Certificates of deposit | 31,351 | — | 31,351 | ||||||||
Derivative instruments (1) | 8,285 | — | 8,285 | ||||||||
$ | 1,458,316 | $ | 1,418,680 | $ | 39,636 | ||||||
Liabilities: | |||||||||||
Derivative instruments (1) | $ | 40,847 | $ | — | $ | 40,847 |
(1) | Includes both foreign currency embedded derivatives and foreign currency forward contracts. Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the Company's consolidated balance sheet. |
10. | Leases |
Capital lease obligations | Other financing obligations | Total | Capital Lease Obligations | Other Financing Obligations (1) | Total | |||||||||||||||||
2016 | $ | 74,457 | $ | 66,175 | $ | 140,632 | ||||||||||||||||
2017 | 73,537 | 66,116 | 139,653 | |||||||||||||||||||
2018 | 74,053 | 66,928 | 140,981 | |||||||||||||||||||
2019 | 74,857 | 63,990 | 138,847 | $ | 103,859 | $ | 80,292 | $ | 184,151 | |||||||||||||
2020 | 74,868 | 61,719 | 136,587 | 97,326 | 73,266 | 170,592 | ||||||||||||||||
2021 | 95,414 | 73,672 | 169,086 | |||||||||||||||||||
2022 | 94,954 | 73,856 | 168,810 | |||||||||||||||||||
2023 | 95,463 | 69,423 | 164,886 | |||||||||||||||||||
Thereafter | 827,789 | 518,552 | 1,346,341 | 878,755 | 722,496 | 1,601,251 | ||||||||||||||||
Total minimum lease payments | 1,199,561 | 843,480 | 2,043,041 | 1,365,771 | 1,093,005 | 2,458,776 | ||||||||||||||||
Plus amount representing residual property value | — | 467,616 | 467,616 | — | 389,643 | 389,643 | ||||||||||||||||
Less estimated building costs | — | (247 | ) | (247 | ) | |||||||||||||||||
Less amount representing interest | (557,433 | ) | (625,717 | ) | (1,183,150 | ) | (602,026 | ) | (727,472 | ) | (1,329,498 | ) | ||||||||||
Present value of net minimum lease payments | 642,128 | 685,132 | 1,327,260 | 763,745 | 755,176 | 1,518,921 | ||||||||||||||||
Less current portion | (23,435 | ) | (16,686 | ) | (40,121 | ) | (43,498 | ) | (34,346 | ) | (77,844 | ) | ||||||||||
$ | 618,693 | $ | 668,446 | $ | 1,287,139 | |||||||||||||||||
Total | $ | 720,247 | $ | 720,830 | $ | 1,441,077 |
(1) | Other financing obligations are primarily related to build-to-suit arrangements. |
Years ending: | |||
2019 | $ | 187,280 | |
2020 | 179,515 | ||
2021 | 166,159 | ||
2022 | 158,115 | ||
2023 | 147,677 | ||
Thereafter | 1,130,494 | ||
Total | $ | 1,969,240 |
Year ending: | |||
2016 | $ | 115,091 | |
2017 | 113,624 | ||
2018 | 108,810 | ||
2019 | 100,462 | ||
2020 | 89,227 | ||
Thereafter | 632,677 | ||
Total | $ | 1,159,891 |
11. | Debt Facilities |
2015 | 2014 | ||||||
Term loan A | $ | 456,740 | $ | 500,000 | |||
Bridge term loan | 386,547 | — | |||||
Revolving credit facility borrowings | 325,622 | — | |||||
Brazil financings | 27,113 | 56,863 | |||||
Mortgage payable and other loans payable | 47,677 | 36,608 | |||||
1,243,699 | 593,471 | ||||||
Less the amount representing debt discount and debt issuance cost | (2,681 | ) | (3,477 | ) | |||
Add the amount representing mortgage premium | 1,987 | 2,281 | |||||
1,243,005 | 592,275 | ||||||
Less current portion | (770,236 | ) | (59,466 | ) | |||
$ | 472,769 | $ | 532,809 |
2018 | 2017 | ||||||
Term loans | $ | 1,344,482 | $ | 1,417,352 | |||
Mortgage payable and other loans payable | 44,042 | 48,872 | |||||
1,388,524 | 1,466,224 | ||||||
Less the amount representing unamortized debt discount and debt issuance cost | (6,614 | ) | (10,666 | ) | |||
Add the amount representing unamortized mortgage premium | 1,882 | 2,051 | |||||
1,383,792 | 1,457,609 | ||||||
Less current portion | (73,129 | ) | (64,491 | ) | |||
$ | 1,310,663 | $ | 1,393,118 |
2015 | 2014 | ||||||
4.75% Convertible Subordinated Notes | $ | 150,082 | $ | 157,885 | |||
Less amount representing debt discount and debt issuance cost | (3,961 | ) | (12,656 | ) | |||
$ | 146,121 | $ | 145,229 |
2015 | 2014 | ||||||
Equity component (1) | $ | 42,091 | $ | 44,278 | |||
Liability component: | |||||||
Principal | $ | 150,082 | $ | 157,885 | |||
Less debt discount and debt issuance costs, net (2) | (3,961 | ) | (12,656 | ) | |||
Net carrying amount | $ | 146,121 | $ | 145,229 |
2015 | 2014 | 2016 | ||||||||
Contractual interest expense | $ | 7,501 | $ | 10,976 | $ | 3,267 | ||||
Amortization of debt issuance costs | 428 | 629 | 186 | |||||||
Amortization of debt discount | 8,060 | 10,448 | 3,775 | |||||||
$ | 15,989 | $ | 22,053 | $ | 7,228 | |||||
Effective interest rate of the liability component | 10.65 | % | 10.88 | % | 10.48 | % |
2015 | 2014 | 2018 | 2017 | ||||||||||||||||||||||
Senior Notes | Issuance Date | Maturity Date | Amount | Effective Rate | Amount | Effective Rate | |||||||||||||||||||
5.000% Infomart Senior Notes | April 2018 | April 2019 - April 2021 | $ | 750,000 | 4.40 | % | $ | — | — | % | |||||||||||||||
5.375% Senior Notes due 2022 | November 2014 | January 2022 | 750,000 | 5.56 | % | 750,000 | 5.56 | % | |||||||||||||||||
5.375% Senior Notes due 2023 | $ | 1,000,000 | $ | 1,000,000 | March 2013 | April 2023 | 1,000,000 | 5.51 | % | 1,000,000 | 5.51 | % | |||||||||||||
5.375% Senior Notes due 2022 | 750,000 | 750,000 | |||||||||||||||||||||||
4.875% Senior Notes due 2020 | 500,000 | 500,000 | |||||||||||||||||||||||
5.75% Senior Notes due 2025 | 500,000 | 500,000 | |||||||||||||||||||||||
2.875% Euro Senior Notes due 2024 | March 2018 | March 2024 | 859,125 | 3.08 | % | — | — | % | |||||||||||||||||
5.750% Senior Notes due 2025 | November 2014 | January 2025 | 500,000 | 5.88 | % | 500,000 | 5.88 | % | |||||||||||||||||
2.875% Euro Senior Notes due 2025 | September 2017 | October 2025 | 1,145,500 | 3.04 | % | 1,201,000 | 3.04 | % | |||||||||||||||||
5.875% Senior Notes due 2026 | 1,100,000 | — | December 2015 | January 2026 | 1,100,000 | 6.03 | % | 1,100,000 | 6.03 | % | |||||||||||||||
2.875% Euro Senior Notes due 2026 | December 2017 | February 2026 | 1,145,500 | 3.04 | % | 1,201,000 | 3.04 | % | |||||||||||||||||
5.375% Senior Notes due 2027 | March 2017 | May 2027 | 1,250,000 | 5.51 | % | 1,250,000 | 5.51 | % | |||||||||||||||||
3,850,000 | 2,750,000 | 8,500,125 | 7,002,000 | ||||||||||||||||||||||
Less amount representing debt issuance cost | (45,366 | ) | (32,954 | ) | |||||||||||||||||||||
Less amount representing unamortized debt issuance cost | Less amount representing unamortized debt issuance cost | (75,372 | ) | (78,151 | ) | ||||||||||||||||||||
Add amount representing unamortized debt premium | Add amount representing unamortized debt premium | 5,031 | — | ||||||||||||||||||||||
$ | 3,804,634 | $ | 2,717,046 | 8,429,784 | 6,923,849 | ||||||||||||||||||||
Less current portion | (300,999 | ) | — | ||||||||||||||||||||||
$ | 8,128,785 | $ | 6,923,849 |
Redemption Price of the 2022 Notes | ||
2018 | 104.031 | % |
2019 | 102.688 | % |
2020 | 101.344 | % |
2021 and thereafter | 100.000 | % |
Redemption Price of the 2025 Notes | ||
2020 | 102.875 | % |
2021 | 101.917 | % |
2022 | 100.958 | % |
2023 and thereafter | 100.000 | % |
• | incur liens(2); |
• | enter into sale-leaseback transactions(2); |
• | merge or consolidate with any other person(2). |
(1) | If the senior notes are rated investment grade at any time by two or more of Standard & Poor's, Moody's and Fitch, most of the restrictive covenants contained in the supplemental indentures will be suspended. |
(2) | The supplemental indentures for the 5.000% Infomart Senior Notes, 2.875% Euro Senior Notes due 2024 and 2.875% Euro Senior Notes due 2026 only contain these covenants footnoted with (2). |
Senior Note Description | Early Equity Redemption Price | First Scheduled Redemption Date | First Scheduled Redemption Price | Second Year Redemption Price | Third Year Redemption Price | Fourth Year (if scheduled) Redemption Price |
5.375% Senior Notes due 2022 | 105.375% | January 1, 2018 | 104.031% | 102.688% | 101.344% | 100.000% |
5.375% Senior Notes due 2023 | 105.375% | April 1, 2018 | 102.688% | 101.792% | 100.896% | 100.000% |
2.875% Euro Senior Notes due 2024 | 102.875% | September 15, 2020 | 101.438% | 100.719% | 100.000% | |
5.750% Senior Notes due 2025 | 105.750% | January 1, 2020 | 102.875% | 101.917% | 100.958% | 100.000% |
2.875% Euro Senior Notes due 2025 | 102.875% | October 1, 2020 | 101.438% | 100.719% | 100.000% | |
5.875% Senior Notes due 2026 | 105.875% | January 15, 2021 | 102.938% | 101.958% | 100.979% | 100.000% |
2.875% Euro Senior Notes due 2026 | 102.875% | February 1, 2021 | 101.438% | 100.719% | 100.000% | |
5.375% Senior Notes due 2027 | 105.375% | May 15, 2022 | 102.688% | 101.792% | 100.896% | 100.000% |
Redemption Price of the 2026 Notes | ||
2021 | 102.938 | % |
2022 | 101.958 | % |
2023 | 100.979 | % |
2024 and thereafter | 100.000 | % |
(1) | 1.0% of the principal amount of the senior notes; |
Redemption Price of the 2020 Senior Notes | ||
2017 | 102.438 | % |
2018 | 101.219 | % |
2019 and thereafter | 100.000 | % |
(2) | the excess of: |
Redemption Price of the 2023 Senior Notes | ||
2018 | 102.688 | % |
2019 | 101.792 | % |
2020 and thereafter | 100.896 | % |
2021 and thereafter | 100.000 | % |
Year ending: | |||
2016 | $ | 920,125 | |
2017 | 51,048 | ||
2018 | 47,615 | ||
2019 | 339,329 | ||
2020 | 503,224 | ||
Thereafter | 3,384,427 | ||
$ | 5,245,768 |
Years ending: | |||
2019 | $ | 373,128 | |
2020 | 373,443 | ||
2021 | 223,134 | ||
2022 | 1,915,871 | ||
2023 | 1,002,491 | ||
Thereafter | 6,002,464 | ||
$ | 9,890,531 |
2015 | 2014 | 2018 | 2017 | |||||||||||
Mortgage and loans payable | $ | 916,602 | $ | 553,045 | $ | 1,389,632 | $ | 1,464,877 | ||||||
Convertible debt | 151,997 | 162,159 | ||||||||||||
Senior notes | 3,954,000 | 2,790,023 | 8,422,211 | 7,288,673 | ||||||||||
Revolving credit line | 325,617 | — |
2015 | 2014 | 2013 | |||||||||
Interest expense | $ | 299,055 | $ | 270,553 | $ | 248,792 | |||||
Interest capitalized | 10,943 | 19,004 | 10,608 | ||||||||
Interest charges incurred | $ | 309,998 | $ | 289,557 | $ | 259,400 |
2018 | 2017 | 2016 | |||||||||
Interest expense | $ | 521,494 | $ | 478,698 | $ | 392,156 | |||||
Interest capitalized | 19,880 | 22,625 | 13,338 | ||||||||
Interest charges incurred (1) | $ | 541,374 | $ | 501,323 | $ | 405,494 |
Balance as of December 31, 2013 | $ | 123,902 | |
Net loss attributable to redeemable non-controlling interest | (1,179 | ) | |
Other comprehensive income attributable to redeemable non-controlling interests | 1,810 | ||
Increase in redemption value of non-controlling interests | 90,913 | ||
Impact of foreign currency translation | 1,724 | ||
Exercise of vested and outstanding ALOG stock options | 8,459 | ||
Purchase price of redeemable non-controlling interests | (225,629 | ) | |
Balances as of December 31, 2014 | $ | — |
(1) | Interest charges incurred for the year ended December 31, 2017 and 2016 also include interest expense incurred under the previously outstanding credit facility the Company entered in 2014, which was terminated in December 2017. |
12. | Stockholders' Equity |
Common stock options and restricted stock units | ||
Common stock employee purchase plans | ||
Total |
Balance as of December 31, 2014 | Net Change | Balance as of December 31, 2015 | December 31, 2015 | Net Change | December 31, 2016 | Net Change | December 31, 2017 | Net Change | Cumulative Effect Adjustment | December 31, 2018 | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustment ("CTA") loss | $ | (336,946 | ) | $ | (186,763 | ) | $ | (523,709 | ) | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment ("CTA") gain (loss) | $ | (523,709 | ) | $ | (507,420 | ) | $ | (1,031,129 | ) | $ | 454,269 | $ | (576,860 | ) | $ | (421,743 | ) | $ | — | $ | (998,603 | ) | ||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges(1) | 6,603 | 4,550 | 11,153 | 11,153 | 19,551 | 30,704 | (54,895 | ) | (24,191 | ) | 43,671 | — | 19,480 | |||||||||||||||||||||||||||||
Net investment hedge CTA gain(1) | — | 4,484 | 4,484 | |||||||||||||||||||||||||||||||||||||||
Net investment hedge CTA gain (loss)(1) | 4,484 | 45,505 | 49,989 | (235,292 | ) | (185,303 | ) | 219,628 | — | 34,325 | ||||||||||||||||||||||||||||||||
Unrealized gain (loss) on available for sale securities(2) | (99 | ) | (40 | ) | (139 | ) | (139 | ) | 2,249 | 2,110 | 14 | 2,124 | — | (2,124 | ) | — | ||||||||||||||||||||||||||
Net actuarial gain (loss) on defined benefit plans(3) | (2,001 | ) | 1,153 | (848 | ) | (848 | ) | 32 | (816 | ) | (143 | ) | (959 | ) | 55 | — | (904 | ) | ||||||||||||||||||||||||
$ | (332,443 | ) | $ | (176,616 | ) | $ | (509,059 | ) | $ | (509,059 | ) | $ | (440,083 | ) | $ | (949,142 | ) | $ | 163,953 | $ | (785,189 | ) | $ | (158,389 | ) | $ | (2,124 | ) | $ | (945,702 | ) |
(1) | Refer to Note |
(2) | Upon adoption of ASU 2016-01 during the three months ended March 31, 2018, the Company recorded a net cumulative effect adjustment of $2.1 million from accumulated other comprehensive loss to retained earnings. The realized gains and losses reclassified from accumulated other comprehensive loss to net income |
(3) | The Company has a defined benefit pension plan covering all employees in one country where such plans are mandated by law. The Company does not have any defined benefit plans in any other countries. The unamortized gain (loss) on defined benefit plans includes gains or losses resulting from a change in the value of either the projected benefit obligation or the plan assets resulting from a change in an actuarial assumption, net of amortization. |
Record Date | Payment Date | Total Distribution | Nonqualified Ordinary Dividend | Qualified Ordinary Dividend | Return of Capital | |||||||||||||
(per share) | ||||||||||||||||||
Fiscal 2018 | ||||||||||||||||||
2/26/2018 | 3/21/2018 | $ | 2.280000 | $ | 2.280000 | $ | — | $ | — | |||||||||
5/23/2018 | 6/20/2018 | 2.280000 | 2.280000 | — | — | |||||||||||||
8/22/2018 | 9/19/2018 | 2.280000 | 2.280000 | — | — | |||||||||||||
11/14/2018 | 12/12/2018 | 2.280000 | 2.280000 | — | — | |||||||||||||
Total | $ | 9.120000 | $ | 9.120000 | $ | — | $ | — | ||||||||||
Fiscal 2017 | ||||||||||||||||||
2/27/2017 | 3/22/2017 | $ | 2.000000 | $ | 2.000000 | $ | — | $ | — | |||||||||
5/24/2017 | 6/21/2017 | 2.000000 | 2.000000 | — | — | |||||||||||||
8/23/2017 | 9/20/2017 | 2.000000 | 2.000000 | — | — | |||||||||||||
11/15/2017 | 12/13/2017 | 2.000000 | 2.000000 | — | — | |||||||||||||
Total | $ | 8.000000 | $ | 8.000000 | $ | — | $ | — |
13. | Stock-Based Compensation |
Number of shares outstanding | Weighted average exercise price per share | Weighted average remaining contractual life (years) | Aggregate intrinsic value (1) (dollars in thousands) | |||||||||
Stock options outstanding at December 31, 2012 | 296,529 | $ | 68.68 | |||||||||
Stock options exercised | (147,819 | ) | 63.66 | |||||||||
Stock options canceled | (655 | ) | 3.06 | |||||||||
Stock options outstanding at December 31, 2013 | 148,055 | 73.99 | ||||||||||
Stock options exercised | (71,780 | ) | 72.44 | |||||||||
Additional shares granted due to special distribution | 1,659 | — | ||||||||||
Stock options outstanding at December 31, 2014 | 77,934 | 73.84 | ||||||||||
Stock options exercised | (41,889 | ) | 64.18 | |||||||||
Additional shares granted due to special distribution | 1,454 | — | ||||||||||
Stock options expired | (250 | ) | 41.12 | |||||||||
Stock options outstanding at December 31, 2015 | 37,249 | 82.06 | 1.72 | $ | 8,208 | |||||||
Stock options vested and exercisable at December 31, 2015 | 37,249 | 82.06 | 1.72 | 8,208 |
Outstanding | Exercisable | ||||||||||||||
Range of exercise prices | Number of shares | Weighted average remaining contractual life (years) | Weighted-average exercise price | Number of shares | Weighted-average exercise price | ||||||||||
$28.56 to $54.22 | 1,631 | 2.88 | $ | 35.83 | 1,631 | $ | 35.83 | ||||||||
$80.84 to $81.23 | 21,183 | 1.21 | 81.13 | 21,183 | 81.13 | ||||||||||
$88.56 to $89.23 | 14,435 | 2.35 | 88.63 | 14,435 | 88.63 | ||||||||||
37,249 | 1.72 | 82.06 | 37,249 | 82.06 |
2015 | 2014 | 2013 | |||||||||
Total fair value of stock options vested | $ | — | $ | 45 | $ | 485 | |||||
Total aggregate intrinsic value of stock options exercised (1) | 7,198 | 9,227 | 19,385 |
Number of shares outstanding | Weighted-average grant date fair value per share | Weighted-average remaining contractual life (years) | Aggregate intrinsic value (1) (dollars in thousands) | Number of Shares Outstanding | Weighted Average Grant Date Fair Value per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (1) (Dollars in Thousands) | |||||||||||||||||
Restricted stock units outstanding, December 31, 2012 | 1,583,840 | $ | 115.22 | |||||||||||||||||||||
Restricted stock units granted | 775,029 | 204.20 | ||||||||||||||||||||||
Restricted stock units released, vested | (738,767 | ) | 199.14 | |||||||||||||||||||||
Restricted stock units canceled | (110,720 | ) | 138.27 | |||||||||||||||||||||
Restricted shares outstanding, December 31, 2013 | 1,509,382 | 122.05 | ||||||||||||||||||||||
Restricted stock units granted | 803,692 | 190.90 | ||||||||||||||||||||||
Additional shares granted due to special distribution | 48,171 | 224.45 | ||||||||||||||||||||||
Restricted stock units released, vested | (703,393 | ) | 201.85 | |||||||||||||||||||||
Restricted stock units canceled | (253,878 | ) | 179.71 | |||||||||||||||||||||
Restricted shares outstanding, December 31, 2014 | 1,403,974 | 114.56 | ||||||||||||||||||||||
Restricted stock units outstanding, December 31, 2015 | 1,416,438 | $ | 148.53 | |||||||||||||||||||||
Restricted stock units granted | 711,990 | 236.89 | 720,601 | 309.18 | ||||||||||||||||||||
Additional shares granted due to special distribution | 51,432 | 297.03 | 37 | 297.03 | ||||||||||||||||||||
Restricted stock units released, vested | (623,554 | ) | 173.79 | (655,584 | ) | 213.72 | ||||||||||||||||||
Special distribution shares released | (19,966 | ) | 227.99 | (35,354 | ) | 269.94 | ||||||||||||||||||
Restricted stock units canceled | (103,922 | ) | 198.67 | (93,940 | ) | 242.41 | ||||||||||||||||||
Special distribution shares canceled | (3,516 | ) | 235.43 | (4,319 | ) | 272.84 | ||||||||||||||||||
Restricted shares outstanding, December 31, 2015 | 1,416,438 | 148.53 | 1.21 | $ | 428,331 | |||||||||||||||||||
Restricted stock units outstanding, December 31, 2016 | 1,347,879 | 192.59 | ||||||||||||||||||||||
Restricted stock units granted | 658,196 | 389.60 | ||||||||||||||||||||||
Restricted stock units released, vested | (606,064 | ) | 260.75 | |||||||||||||||||||||
Special distribution shares released | (15,667 | ) | 243.06 | |||||||||||||||||||||
Restricted stock units canceled | (79,451 | ) | 313.83 | |||||||||||||||||||||
Special distribution shares canceled | (1,002 | ) | 282.49 | |||||||||||||||||||||
Restricted stock units outstanding, December 31, 2017 | 1,303,891 | 252.30 | ||||||||||||||||||||||
Restricted stock units granted | 704,249 | 387.31 | ||||||||||||||||||||||
Restricted stock units released, vested | (593,528 | ) | 299.07 | |||||||||||||||||||||
Special distribution shares released | (13,880 | ) | 283.14 | |||||||||||||||||||||
Restricted stock units canceled | (173,460 | ) | 336.75 | |||||||||||||||||||||
Special distribution shares canceled | (485 | ) | 295.77 | |||||||||||||||||||||
Restricted stock units outstanding, December 31, 2018 | 1,226,787 | $ | 361.22 | 1.24 | $ | 432,516 |
(1) | The intrinsic value is calculated based on the market value of the stock as of December 31, 2018. |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Weighted-average purchase price per share | $ | 150.13 | $ | 144.95 | $ | 108.97 | $ | 341.48 | $ | 250.65 | $ | 217.91 | ||||||||||
Weighted average grant-date fair value per share of shares purchased | 57.63 | 53.37 | 41.30 | $ | 90.04 | $ | 72.21 | $ | 60.49 | |||||||||||||
Number of shares purchased | 182,175 | 166,384 | 214,985 | 145,346 | 162,076 | 150,044 |
2015 | 2014 | 2013 | ||||||
Dividend yield | 2.65 - 2.81% | 0 | % | 0 | % | |||
Expected volatility | 31 | % | 34 | % | 41 | % | ||
Risk-free interest rate | 0.26 | % | 0.19 | % | 0.37 | % | ||
Expected life (in years) | 1.25 | 1.25 | 1.25 |
2018 | 2017 | 2016 | ||||||
Range of dividend yield | 1.97 - 2.00% | 2.10 - 2.31% | 2.38 - 2.53% | |||||
Range of risk-free interest rate | 1.79 - 2.68% | 0.70 - 1.35% | 0.48 - 0.76% | |||||
Range of expected volatility | 19.04 - 24.33% | 16.42 - 24.27% | 18.80 - 30.94% | |||||
Weighted-average expected volatility | 20.74 | % | 20.30 | % | 25.01 | % | ||
Weighted average expected life (in years) | 1.43 | 1.52 | 1.41 |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Cost of revenues | $ | 9,878 | $ | 8,511 | $ | 7,855 | $ | 18,247 | $ | 13,621 | $ | 13,086 | ||||||||||
Sales and marketing | 36,847 | 30,084 | 26,538 | 53,448 | 50,094 | 43,030 | ||||||||||||||||
General and administrative | 86,908 | 79,395 | 68,547 | 109,021 | 111,785 | 100,032 | ||||||||||||||||
$ | 133,633 | $ | 117,990 | $ | 102,940 | |||||||||||||||||
Total | $ | 180,716 | $ | 175,500 | $ | 156,148 |
2015 | 2014 | 2013 | |||||||||
Stock options | $ | 1,679 | $ | 4,917 | $ | 3,456 | |||||
Restricted shares and restricted stock units | 124,512 | 104,235 | 88,411 | ||||||||
Employee stock purchase plan | 7,442 | 8,838 | 11,073 | ||||||||
$ | 133,633 | $ | 117,990 | $ | 102,940 |
2018 | 2017 | 2016 | |||||||||
Restricted stock units | $ | 165,141 | $ | 164,321 | $ | 145,769 | |||||
Employee stock purchase plan | 15,575 | 11,179 | 10,379 | ||||||||
Total | $ | 180,716 | $ | 175,500 | $ | 156,148 |
14. | Income Taxes |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Domestic | $ | 123,153 | $ | (46,876 | ) | $ | (28,362 | ) | $ | 298,009 | $ | 148,500 | $ | 215,010 | ||||||||
Foreign | 87,845 | 131,609 | 140,641 | 135,029 | 138,332 | (55,151 | ) | |||||||||||||||
Income before income taxes and income (loss) attributable to redeemable non-controlling interests | $ | 210,998 | $ | 84,733 | $ | 112,279 | ||||||||||||||||
Income from continuing operations before income taxes | $ | 433,038 | $ | 286,832 | $ | 159,859 |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Current: | ||||||||||||||||||||||
Federal | $ | (85,352 | ) | $ | (98,445 | ) | $ | (100,035 | ) | $ | 7,085 | $ | 9,346 | $ | (16,365 | ) | ||||||
State and local | (3,984 | ) | (16,243 | ) | (15,260 | ) | (2,663 | ) | (849 | ) | (2,147 | ) | ||||||||||
Foreign | (27,090 | ) | (31,844 | ) | (29,377 | ) | (118,175 | ) | (109,032 | ) | (62,278 | ) | ||||||||||
Subtotal | (116,426 | ) | (146,532 | ) | (144,672 | ) | (113,753 | ) | (100,535 | ) | (80,790 | ) | ||||||||||
Deferred: | ||||||||||||||||||||||
Federal | 87,801 | (177,877 | ) | 111,721 | (27,874 | ) | 9,684 | (11,184 | ) | |||||||||||||
State and local | 4,600 | (21,539 | ) | 17,044 | (1,165 | ) | 2,018 | (3,328 | ) | |||||||||||||
Foreign | 801 | 489 | (249 | ) | 75,113 | 34,983 | 49,851 | |||||||||||||||
Subtotal | 93,202 | (198,927 | ) | 128,516 | 46,074 | 46,685 | 35,339 | |||||||||||||||
Provision for income taxes | $ | (23,224 | ) | $ | (345,459 | ) | $ | (16,156 | ) | $ | (67,679 | ) | $ | (53,850 | ) | $ | (45,451 | ) |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Federal tax at statutory rate | $ | (73,849 | ) | $ | (29,657 | ) | $ | (39,298 | ) | $ | (90,938 | ) | $ | (100,391 | ) | $ | (55,951 | ) | ||||
State and local taxes | 945 | 1,370 | 7,435 | |||||||||||||||||||
State and local tax (expense) benefit | (3,616 | ) | 1,000 | (4,895 | ) | |||||||||||||||||
Deferred tax assets generated in current year not benefited | (4,916 | ) | (3,311 | ) | (4,777 | ) | (3,777 | ) | (7,643 | ) | (6,246 | ) | ||||||||||
Foreign income tax rate differential | 30,387 | 20,002 | 21,392 | (4,072 | ) | 26,151 | 22,016 | |||||||||||||||
Non-deductible expenses | (14,252 | ) | (1,274 | ) | (2,525 | ) | (756 | ) | (2,629 | ) | (15,828 | ) | ||||||||||
Stock-based compensation expense | (3,922 | ) | (4,496 | ) | (3,273 | ) | (2,308 | ) | (616 | ) | (5,890 | ) | ||||||||||
Change in valuation allowance | 710 | 1,655 | 1,362 | 38,684 | (716 | ) | 11,995 | |||||||||||||||
Foreign financing benefits | 2,592 | 2,981 | 4,303 | |||||||||||||||||||
Foreign financing activities | (17,548 | ) | 1,319 | (26,708 | ) | |||||||||||||||||
Loss on debt extinguishment | — | (1,604 | ) | (8,288 | ) | |||||||||||||||||
Gain on divestments | — | — | 8,828 | |||||||||||||||||||
Uncertain tax positions reserve | (3,191 | ) | (463 | ) | 2,952 | (20,440 | ) | (66 | ) | (9,371 | ) | |||||||||||
Statutory rate change due to REIT conversion | 45,823 | (324,142 | ) | — | ||||||||||||||||||
Tax adjustments related to REIT | 32,189 | 41,973 | 45,060 | |||||||||||||||||||
Enactment of the US tax reform | — | (6,513 | ) | — | ||||||||||||||||||
Other, net | (3,551 | ) | (8,124 | ) | (3,727 | ) | 4,903 | (4,115 | ) | (173 | ) | |||||||||||
Total income tax expense | $ | (23,224 | ) | $ | (345,459 | ) | $ | (16,156 | ) | $ | (67,679 | ) | $ | (53,850 | ) | $ | (45,451 | ) |
2015 | 2014 | 2018 | 2017 | |||||||||||
Deferred tax assets: | ||||||||||||||
Reserves and accruals | $ | 13,013 | $ | 11,952 | $ | 24,136 | $ | 27,673 | ||||||
Stock-based compensation expense | 1,459 | 1,185 | 2,524 | 1,960 | ||||||||||
Unrealized currency gains/losses | 10,656 | — | ||||||||||||
Others, net | 18 | — | ||||||||||||
Unrealized losses | 1,471 | 10,768 | ||||||||||||
Operating loss carryforwards | 34,457 | 27,687 | 49,169 | 95,864 | ||||||||||
Gross deferred tax assets | 59,603 | 40,824 | 77,300 | 136,265 | ||||||||||
Valuation allowance | (29,894 | ) | (27,181 | ) | (57,003 | ) | (84,573 | ) | ||||||
Total deferred tax assets, net | 29,709 | 13,643 | 20,297 | 51,692 | ||||||||||
Deferred tax liabilities: | ||||||||||||||
Property, plant and equipment | (3,365 | ) | (78,261 | ) | (50,610 | ) | (65,825 | ) | ||||||
Unrealized currency gains/losses | — | (502 | ) | |||||||||||
Fixed assets fair value step-up | (5,683 | ) | (7,210 | ) | ||||||||||
Intangible assets | (60,133 | ) | (28,433 | ) | (159,237 | ) | (172,123 | ) | ||||||
Total deferred tax liabilities | (69,181 | ) | (114,406 | ) | (209,847 | ) | (237,948 | ) | ||||||
Net deferred tax liabilities | $ | (39,472 | ) | $ | (100,763 | ) | $ | (189,550 | ) | $ | (186,256 | ) |
2015 | 2014 | 2013 | |||||||||
Beginning balance | $ | 27,181 | $ | 31,058 | $ | 44,868 | |||||
Recognized into income | (710 | ) | (1,655 | ) | (1,362 | ) | |||||
Current Increase (Decrease) | 4,513 | 721 | (10,156 | ) | |||||||
NOL and tax credit expiration | — | 238 | 11 | ||||||||
Translation adjustment | (1,090 | ) | (3,181 | ) | (2,303 | ) | |||||
Ending balance | $ | 29,894 | $ | 27,181 | $ | 31,058 |
2018 | 2017 | 2016 | |||||||||
Beginning balance | $ | 84,573 | $ | 29,167 | $ | 29,894 | |||||
Amounts from acquisitions | 33,070 | 25,283 | 5,053 | ||||||||
Amounts recognized into income | (38,684 | ) | 716 | (11,995 | ) | ||||||
Current increase (decrease) | (13,086 | ) | 28,431 | 6,557 | |||||||
Impact of foreign currency exchange | (8,870 | ) | 976 | (342 | ) | ||||||
Ending balance | $ | 57,003 | $ | 84,573 | $ | 29,167 |
Expiration Date | Federal (1) | State (1) | Foreign | Total | Federal (1) | State | Foreign | Total | ||||||||||||||||||||||||
2016 | $ | — | $ | 12,793 | $ | 1,464 | $ | 14,257 | ||||||||||||||||||||||||
2017 to 2019 | — | 190 | 32,464 | 32,654 | ||||||||||||||||||||||||||||
2019 | $ | — | $ | — | $ | 8,397 | $ | 8,397 | ||||||||||||||||||||||||
2020 to 2022 | 213,390 | — | 11,798 | 225,188 | 210,114 | — | 14,436 | 224,550 | ||||||||||||||||||||||||
2023 to 2025 | 26,838 | 4,005 | 9,611 | 40,454 | 26,838 | — | 13,596 | 40,434 | ||||||||||||||||||||||||
2026 to 2028 | 12,186 | — | — | 12,186 | 12,186 | 45 | 2,297 | 14,528 | ||||||||||||||||||||||||
2029 to 2031 | — | 3,330 | — | 3,330 | ||||||||||||||||||||||||||||
Thereafter | — | — | 152,073 | 152,073 | — | 731 | 137,333 | 138,064 | ||||||||||||||||||||||||
$ | 252,414 | $ | 20,318 | $ | 207,410 | $ | 480,142 | $ | 249,138 | $ | 776 | $ | 176,059 | $ | 425,973 |
(1) | The total amount of |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Beginning balance | $ | 36,138 | $ | 36,552 | $ | 25,050 | $ | 82,390 | $ | 72,187 | $ | 30,845 | ||||||||||
Gross increases related to prior year tax positions | — | 1,200 | 14,596 | 33,436 | 6,095 | 570 | ||||||||||||||||
Gross decreases related to prior year tax positions | (8,645 | ) | (984 | ) | (3,028 | ) | ||||||||||||||||
Gross increases related to current year tax positions | 4,802 | 1,538 | 1,498 | 48,685 | 19,832 | 41,972 | ||||||||||||||||
Decreases resulting from expiration of statute of limitation | (1,450 | ) | (1,112 | ) | (1,564 | ) | (1,276 | ) | (15,410 | ) | (826 | ) | ||||||||||
Decreases resulting from settlements | — | (1,056 | ) | — | (12,305 | ) | (314 | ) | (374 | ) | ||||||||||||
Ending balance | $ | 30,845 | $ | 36,138 | $ | 36,552 | $ | 150,930 | $ | 82,390 | $ | 72,187 |
15. | Commitments and Contingencies |
16. | Related Party Transactions |
Years ended December 31, | Years ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Revenues | $ | 10,745 | $ | 8,392 | $ | 20,140 | $ | 19,439 | $ | 13,726 | $ | 11,822 | ||||||||||
Costs and services | 10,808 | 8,351 | 4,819 | 19,708 | 11,211 | 14,574 |
As of December 31, | As of December 31, | |||||||||||||
2015 | 2014 | 2018 | 2017 | |||||||||||
Accounts receivable | $ | 797 | $ | 1,022 | $ | 4,031 | $ | 1,321 | ||||||
Accounts payable | 254 | — | 585 | 744 |
17. | Segment Information |
Twelve Months Ended December 31, 2018 | |||||||||||||||
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
Colocation (1) | $ | 1,732,998 | $ | 1,201,769 | $ | 735,404 | $ | 3,670,171 | |||||||
Interconnection | 532,163 | 138,874 | 130,928 | 801,965 | |||||||||||
Managed infrastructure | 75,595 | 118,685 | 85,352 | 279,632 | |||||||||||
Other (1) | 16,570 | 8,164 | — | 24,734 | |||||||||||
Recurring revenues | 2,357,326 | 1,467,492 | 951,684 | 4,776,502 | |||||||||||
Non-recurring revenues | 127,408 | 95,145 | 72,599 | 295,152 | |||||||||||
Total | $ | 2,484,734 | $ | 1,562,637 | $ | 1,024,283 | $ | 5,071,654 |
(1) | Includes some leasing and hedging activities. For further information on revenue recognition, see Note 1 and Note 2 above. |
Twelve Months Ended December 31, 2017 | |||||||||||||||
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
Colocation (1) | $ | 1,518,929 | $ | 1,063,543 | $ | 595,673 | $ | 3,178,145 | |||||||
Interconnection | 469,268 | 104,891 | 107,014 | 681,173 | |||||||||||
Managed infrastructure | 68,937 | 88,122 | 88,110 | 245,169 | |||||||||||
Other (1) | 5,218 | 10,415 | — | 15,633 | |||||||||||
Recurring revenues | 2,062,352 | 1,266,971 | 790,797 | 4,120,120 | |||||||||||
Non-recurring revenues | 110,408 | 79,285 | 58,615 | 248,308 | |||||||||||
Total | $ | 2,172,760 | $ | 1,346,256 | $ | 849,412 | $ | 4,368,428 |
(1) | Includes some leasing and hedging activities. For further information on revenue recognition, see Note 1 and Note 2 above. |
Twelve Months Ended December 31, 2016 | |||||||||||||||
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
Colocation (1) | $ | 1,161,665 | $ | 941,848 | $ | 543,581 | $ | 2,647,094 | |||||||
Interconnection | 374,655 | 85,869 | 82,521 | 543,045 | |||||||||||
Managed infrastructure | 53,404 | 67,553 | 89,335 | 210,292 | |||||||||||
Other (1) | 3,360 | 11,382 | 2,201 | 16,943 | |||||||||||
Recurring revenues | 1,593,084 | 1,106,652 | 717,638 | 3,417,374 | |||||||||||
Non-recurring revenues | 86,465 | 64,687 | 43,463 | 194,615 | |||||||||||
Total | $ | 1,679,549 | $ | 1,171,339 | $ | 761,101 | $ | 3,611,989 |
(1) | Includes some leasing and hedging activities. For further information on revenue recognition, see Note 1 and Note 2 above. |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||
Americas | $ | 698,604 | $ | 635,007 | $ | 608,718 | $ | 1,183,831 | $ | 1,034,694 | $ | 787,311 | ||||||||||
EMEA | 318,561 | 269,222 | 216,186 | 698,280 | 582,697 | 494,263 | ||||||||||||||||
Asia-Pacific | 254,462 | 209,662 | 175,994 | 531,129 | 434,650 | 375,900 | ||||||||||||||||
Total adjusted EBITDA | 1,271,627 | 1,113,891 | 1,000,898 | 2,413,240 | 2,052,041 | 1,657,474 | ||||||||||||||||
Depreciation, amortization and accretion expense | (528,929 | ) | (484,129 | ) | (431,008 | ) | (1,226,741 | ) | (1,028,892 | ) | (843,510 | ) | ||||||||||
Stock-based compensation expense | (133,633 | ) | (117,990 | ) | (102,940 | ) | (180,716 | ) | (175,500 | ) | (156,148 | ) | ||||||||||
Restructuring charges | — | — | 4,837 | |||||||||||||||||||
Acquisitions costs | (41,723 | ) | (2,506 | ) | (10,855 | ) | (34,413 | ) | (38,635 | ) | (64,195 | ) | ||||||||||
Impairment charges | — | — | (7,698 | ) | ||||||||||||||||||
Gain on asset sales | 6,013 | — | 32,816 | |||||||||||||||||||
Income from operations | $ | 567,342 | $ | 509,266 | $ | 460,932 | $ | 977,383 | $ | 809,014 | $ | 618,739 |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | ||||||||||||||||||
Total revenues: | |||||||||||||||||||||||
Americas(1) | $ | 1,512,535 | $ | 1,376,103 | $ | 1,264,774 | |||||||||||||||||
EMEA | 698,807 | 637,265 | 525,018 | (2) | |||||||||||||||||||
Asia-Pacific | 514,525 | 430,408 | 362,974 | ||||||||||||||||||||
2,725,867 | $ | 2,443,776 | $ | 2,152,766 | |||||||||||||||||||
Total depreciation and amortization: | |||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||
Americas | $ | 278,216 | $ | 261,018 | $ | 254,365 | $ | 636,214 | $ | 515,726 | $ | 319,202 | |||||||||||
EMEA | 117,655 | 114,511 | 90,891 | (2) | 355,895 | 316,250 | 313,291 | ||||||||||||||||
Asia-Pacific | 129,709 | 106,162 | 87,475 | 235,380 | 210,504 | 204,714 | |||||||||||||||||
$ | 525,580 | $ | 481,691 | $ | 432,731 | ||||||||||||||||||
Total | $ | 1,227,489 | $ | 1,042,480 | $ | 837,207 | |||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
Americas | $ | 401,685 | $ | 333,315 | $ | 261,936 | $ | 773,514 | $ | 621,158 | $ | 503,855 | |||||||||||
EMEA | 202,322 | 151,634 | 170,365 | 884,790 | 555,346 | 400,642 | |||||||||||||||||
Asia-Pacific | 264,113 | 175,254 | 140,105 | 437,870 | 202,221 | 208,868 | |||||||||||||||||
$ | 868,120 | $ | 660,203 | $ | 572,406 | ||||||||||||||||||
Total | $ | 2,096,174 | $ | 1,378,725 | $ | 1,113,365 |
2015 | 2014 | 2018 | 2017 | |||||||||||
Americas (1) | $ | 3,025,450 | $ | 2,874,562 | $ | 5,010,507 | $ | 4,425,077 | ||||||
EMEA | 1,157,304 | 1,135,319 | 3,726,596 | 3,265,088 | ||||||||||
Asia-Pacific | 1,423,682 | 988,389 | 2,288,917 | 1,704,437 | ||||||||||
$ | 5,606,436 | $ | 4,998,270 | |||||||||||
Total long-lived assets | $ | 11,026,020 | $ | 9,394,602 |
(1) | Includes 2017. |
2015 | 2014 | 2013 | |||||||||
Colocation | $ | 2,024,963 | $ | 1,829,812 | $ | 1,628,179 | |||||
Interconnection | 435,809 | 372,350 | 319,863 | ||||||||
Managed infrastructure | 97,688 | 105,292 | 97,400 | ||||||||
Rental | 10,681 | 10,336 | 4,520 | ||||||||
Recurring revenues | 2,569,141 | 2,317,790 | 2,049,962 | ||||||||
Non-recurring revenues | 156,726 | 125,986 | 102,804 | ||||||||
$ | 2,725,867 | 2,443,776 | 2,152,766 |
Accrued restructuring charge as of December 31, 2012 | $ | 5,679 | |
Accretion expense | 137 | ||
Restructuring charge adjustments | (4,837 | ) | |
Cash payments | (979 | ) | |
Accrued restructuring charge as of December 31, 2013 | $ | — |
18. | Subsequent Events |
19. | Quarterly Financial Information (Unaudited) |
2015 | |||||||||||||||
Quarter Ended | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Revenues | $ | 643,174 | $ | 665,582 | $ | 686,649 | $ | 730,462 | |||||||
Gross profit | 344,861 | 349,825 | 361,181 | 378,494 | |||||||||||
Net income (loss) attributable to Equinix | 76,452 | 59,459 | 41,132 | 10,731 | |||||||||||
Comprehensive income (loss) attributable to Equinix | (59,141 | ) | 104,323 | (23,707 | ) | (10,317 | ) | ||||||||
EPS attributable to Equinix | |||||||||||||||
Basic EPS | 1.35 | 1.04 | 0.72 | 0.18 | |||||||||||
Diluted EPS | 1.34 | 1.03 | 0.71 | 0.18 |
2018 | |||||||||||||||
Quarters Ended | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Revenues | $ | 1,215,877 | $ | 1,261,943 | $ | 1,283,751 | $ | 1,310,083 | |||||||
Gross profit | 593,447 | 610,142 | 623,442 | 639,148 | |||||||||||
Net income | 62,894 | 67,618 | 124,825 | 110,022 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | 0.79 | 0.85 | 1.56 | 1.37 | |||||||||||
Diluted | 0.79 | 0.85 | 1.55 | 1.36 |
2014 | |||||||||||||||
Quarter Ended | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Revenues | $ | 580,053 | $ | 605,161 | $ | 620,441 | $ | 638,121 | |||||||
Gross profit | 292,528 | 312,302 | 316,389 | 324,672 | |||||||||||
Net income (loss) attributable to Equinix | 41,387 | 11,328 | 42,841 | (355,103 | ) | ||||||||||
Comprehensive income (loss) attributable to Equinix | 55,329 | 33,640 | (97,814 | ) | (450,067 | ) | |||||||||
EPS attributable to Equinix | |||||||||||||||
Basic EPS | 0.83 | 0.22 | 0.81 | (6.42 | ) | ||||||||||
Diluted EPS | 0.81 | 0.22 | 0.79 | (6.42 | ) |
2017 | |||||||||||||||
Quarters Ended | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Revenues | $ | 949,525 | $ | 1,066,421 | $ | 1,152,261 | $ | 1,200,221 | |||||||
Gross profit | 480,564 | 544,218 | 569,901 | 580,596 | |||||||||||
Net income | 42,062 | 45,805 | 79,900 | 65,215 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | 0.58 | 0.59 | 1.02 | 0.83 | |||||||||||
Diluted | 0.57 | 0.58 | 1.02 | 0.82 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation | Date of Construction | Date of Acquisition or Lease (3) | ||||||||||
Americas: | |||||||||||||||||||
AT1 ATLANTA | — | — | — | — | 95,053 | — | 95,053 | (26,396) | N/A | 2010 | |||||||||
AT2 ATLANTA | — | — | — | — | 41,648 | — | 41,648 | (13,454) | N/A | 2010 | |||||||||
AT3 ATLANTA | — | — | — | — | 3,538 | — | 3,538 | (875) | N/A | 2010 | |||||||||
BO1 BOSTON (METRO) | — | — | — | — | 11,261 | — | 11,261 | (5,264) | N/A | 2010 | |||||||||
CH1 CHICAGO (METRO) | — | — | — | — | 153,239 | — | 153,239 | (94,134) | 2001 | 1999 | |||||||||
CH2 CHICAGO (METRO) | — | — | — | — | 96,664 | — | 96,664 | (43,580) | 2005 | 2005 | |||||||||
CH3 CHICAGO (METRO) | — | 9,759 | — | 352 | 222,935 | 10,111 | 222,935 | (78,240) | 2007 | 2006 | |||||||||
CH4 CHICAGO (METRO) | — | — | — | — | 21,025 | — | 21,025 | (6,520) | 2010 | 2009 | |||||||||
DA1 DALLAS | — | — | — | — | 72,470 | — | 72,470 | (44,727) | 2000 | 2000 | |||||||||
DA2 DALLAS | — | — | — | — | 77,185 | — | 77,185 | (13,327) | 2011 | 2010 | |||||||||
DA3 DALLAS | — | — | — | — | 84,048 | — | 84,048 | (21,349) | N/A | 2010 | |||||||||
DA4 DALLAS | — | — | — | — | 16,674 | — | 16,674 | (6,672) | N/A | 2010 | |||||||||
DA6 DALLAS | — | — | 20,522 | — | 78,386 | — | 98,908 | (6,942) | 2013 | 2012 | |||||||||
DA7 DALLAS | — | — | — | — | 24,525 | — | 24,525 | (177) | 2015 | 2015 | |||||||||
DC1 WASHINGTON, DC (METRO) | — | — | — | — | 1,520 | — | 1,520 | (197) | 2007 | 1999 | |||||||||
DC2 WASHINGTON, DC (METRO) | — | — | — | 5,047 | 150,144 | 5,047 | 150,144 | (123,646) | 1999 | 1999 | |||||||||
DC3 WASHINGTON, DC (METRO) | — | — | 37,451 | — | 51,589 | — | 89,040 | (42,295) | 2004 | 2004 | |||||||||
DC4 WASHINGTON, DC (METRO) | — | 1,906 | 7,272 | — | 70,087 | 1,906 | 77,359 | (42,918) | 2007 | 2005 | |||||||||
DC5 WASHINGTON, DC (METRO) | — | 1,429 | 4,983 | — | 86,875 | 1,429 | 91,858 | (47,548) | 2008 | 2005 | |||||||||
DC6 WASHINGTON, DC (METRO) | — | 1,429 | 5,082 | — | 85,311 | 1,429 | 90,393 | (30,425) | 2010 | 2005 | |||||||||
DC7 WASHINGTON, DC (METRO) | — | — | — | — | 15,348 | — | 15,348 | (9,135) | N/A | 2010 | |||||||||
DC8 WASHINGTON, DC (METRO) | — | — | — | — | 4,684 | — | 4,684 | (4,532) | N/A | 2010 | |||||||||
DC10 WASHINGTON, DC (METRO) | — | — | 44,601 | — | 67,402 | — | 112,003 | (20,225) | 2012 | 2011 | |||||||||
DC11 WASHINGTON, DC (METRO) | — | 1,429 | 5,082 | — | 114,865 | 1,429 | 119,947 | (13,880) | 2013 | 2005 | |||||||||
DE1 DENVER (METRO) | — | — | — | — | 8,322 | — | 8,322 | (4,966) | N/A | 2010 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Construction | Date of Acquisition or Lease (4) | ||||||||||
Americas: | |||||||||||||||||||
AT1 ATLANTA (METRO) | — | — | — | — | 125,872 | — | 125,872 | (50,601) | N/A | 2010 | |||||||||
AT2 ATLANTA (METRO) | — | — | — | — | 41,058 | — | 41,058 | (21,054) | N/A | 2010 | |||||||||
AT3 ATLANTA (METRO) | — | — | — | — | 4,469 | — | 4,469 | (2,128) | N/A | 2010 | |||||||||
AT4 ATLANTA (METRO) | — | 5,400 | 20,209 | — | 7,588 | 5,400 | 27,797 | (6,133) | N/A | 2017 | |||||||||
AT5 ATLANTA (METRO) | — | — | 5,011 | — | 2,170 | — | 7,181 | (2,248) | N/A | 2017 | |||||||||
BG1 BOGOTÁ (METRO), COLOMBIA | — | — | 8,779 | 929 | 2,527 | 929 | 11,306 | (1,866) | N/A | 2017 | |||||||||
BO1 BOSTON (METRO) | — | — | — | — | 11,026 | — | 11,026 | (6,920) | N/A | 2010 | |||||||||
BO2 BOSTON (METRO) | — | 2,500 | 30,383 | — | 2,800 | 2,500 | 33,183 | (6,602) | N/A | 2017 | |||||||||
CH1 CHICAGO (METRO) | — | — | — | — | 146,693 | — | 146,693 | (89,280) | 2001 | 1999 | |||||||||
CH2 CHICAGO (METRO) | — | — | — | — | 108,106 | — | 108,106 | (55,969) | 2005 | 2005 | |||||||||
CH3 CHICAGO (METRO) | — | 9,759 | — | 351 | 295,893 | 10,110 | 295,893 | (106,445) | 2007 | 2006 | |||||||||
CH4 CHICAGO (METRO) | — | — | — | — | 22,148 | — | 22,148 | (11,315) | 2010 | 2009 | |||||||||
CH7 CHICAGO (METRO) | — | 670 | 10,564 | — | 2,029 | 670 | 12,593 | (2,357) | N/A | 2017 | |||||||||
CU1 CULPEPER (METRO) | — | 1,019 | 37,581 | — | 1,315 | 1,019 | 38,896 | (6,618) | N/A | 2017 | |||||||||
CU2 CULPEPER (METRO) | — | 1,244 | 48,000 | — | 1,357 | 1,244 | 49,357 | (7,200) | N/A | 2017 | |||||||||
CU3 CULPEPER (METRO) | — | 1,088 | 37,387 | — | 555 | 1,088 | 37,942 | (5,605) | N/A | 2017 | |||||||||
CU4 CULPEPER (METRO) | — | 1,372 | 27,832 | — | 31,364 | 1,372 | 59,196 | (3,398) | N/A | 2017 | |||||||||
DA1 DALLAS (METRO) | — | — | — | — | 66,119 | — | 66,119 | (37,704) | 2000 | 2000 | |||||||||
DA2 DALLAS (METRO) | — | — | — | — | 79,384 | — | 79,384 | (25,148) | 2011 | 2010 | |||||||||
DA3 DALLAS (METRO) | — | — | — | — | 95,891 | — | 95,891 | (33,723) | N/A | 2010 | |||||||||
DA4 DALLAS (METRO) | — | — | — | — | 17,205 | — | 17,205 | (8,470) | N/A | 2010 | |||||||||
DA6 DALLAS (METRO) | — | — | 20,522 | — | 139,630 | — | 160,152 | (22,692) | 2013 | 2012 | |||||||||
DA7 DALLAS (METRO) | — | — | — | — | 28,006 | — | 28,006 | (7,670) | 2015 | 2015 | |||||||||
DA9 DALLAS (METRO) | — | 610 | 15,398 | — | 699 | 610 | 16,097 | (2,963) | N/A | 2017 | |||||||||
DA10 DALLAS (METRO) | — | — | 117 | — | 4,633 | — | 4,750 | (1,704) | N/A | 2017 | |||||||||
INFOMART BUILDING DALLAS (METRO) | — | 24,380 | 337,643 | — | 5,619 | 24,380 | 343,262 | (8,353) | N/A | 2018 | |||||||||
DC1 WASHINGTON, DC (METRO) | — | — | — | — | 3,247 | — | 3,247 | (825) | 2007 | 1999 | |||||||||
DC2 WASHINGTON, DC (METRO) | — | — | — | 5,047 | 121,519 | 5,047 | 121,519 | (93,855) | 1999 | 1999 | |||||||||
DC3 WASHINGTON, DC (METRO) | — | — | 37,451 | — | 49,266 | — | 86,717 | (48,753) | 2004 | 2004 | |||||||||
DC4 WASHINGTON, DC (METRO) | — | 1,906 | 7,272 | — | 71,813 | 1,906 | 79,085 | (50,787) | 2007 | 2005 | |||||||||
DC5 WASHINGTON, DC (METRO) | — | 1,429 | 4,983 | — | 88,456 | 1,429 | 93,439 | (60,307) | 2008 | 2005 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation | Date of Construction | Date of Acquisition or Lease (3) | ||||||||||
LA1 LOS ANGELES | — | — | — | — | 107,511 | — | 107,511 | (55,793) | 2000 | 1999 | |||||||||
LA2 LOS ANGELES | — | — | — | — | 11,367 | — | 11,367 | (9,566) | 2001 | 2000 | |||||||||
LA3 EL SEGUNDO | — | — | 34,727 | 3,959 | 18,950 | 3,959 | 53,677 | (39,778) | 2005 | 2005 | |||||||||
LA4 EL SEGUNDO | — | 19,333 | 137,630 | — | 27,997 | 19,333 | 165,627 | (51,666) | 2009 | 2009 | |||||||||
MI2 MIAMI (METRO) | — | — | — | — | 21,510 | — | 21,510 | (9,439) | N/A | 2010 | |||||||||
MI3 MIAMI (METRO) | — | — | — | — | 28,869 | — | 28,869 | (5,750) | 2012 | 2012 | |||||||||
NY1 NEWARK | — | — | — | — | 79,447 | — | 79,447 | (39,430) | 1999 | 1999 | |||||||||
NY2 NEW YORK CITY (METRO) | — | — | — | 17,859 | 187,115 | 17,859 | 187,115 | (115,457) | 2002 | 2000 | |||||||||
NY4 NEW YORK CITY (METRO) | — | — | — | — | 322,863 | — | 322,863 | (140,124) | 2007 | 2006 | |||||||||
NY5 NEW YORK CITY (METRO) | — | — | — | — | 182,025 | — | 182,025 | (30,405) | 2012 | 2010 | |||||||||
NY6 NEW YORK CITY (METRO) | — | — | — | — | 72,901 | — | 72,901 | (2,517) | 2015 | 2010 | |||||||||
NY7 NEW YORK CITY (METRO) | — | — | 24,660 | — | 137,080 | — | 161,740 | (75,835) | N/A | 2010 | |||||||||
NY8 NEW YORK CITY (METRO) | — | — | — | — | 11,515 | — | 11,515 | (4,979) | N/A | 2010 | |||||||||
NY9 NEW YORK CITY (METRO) | — | — | — | — | 51,727 | — | 51,727 | (22,897) | N/A | 2010 | |||||||||
PH1 PHILADELPHIA | — | — | — | — | 47,463 | — | 47,463 | (7,790) | N/A | 2010 | |||||||||
SE2 SEATTLE | — | — | — | — | 27,359 | — | 27,359 | (16,368) | N/A | 2010 | |||||||||
SE3 SEATTLE | — | — | 1,760 | — | 93,457 | — | 95,217 | (16,852) | 2013 | 2011 | |||||||||
SV1 SILICON VALLEY (METRO) | — | — | — | 15,545 | 156,304 | 15,545 | 156,304 | (100,156) | 1999 | 1999 | |||||||||
SV2 SILICON VALLEY (METRO) | — | — | — | — | 145,920 | — | 145,920 | (60,670) | 2003 | 2003 | |||||||||
SV3 SILICON VALLEY (METRO) | — | — | — | — | 42,971 | — | 42,971 | (36,280) | 2004 | 1999 | |||||||||
SV4 SILICON VALLEY (METRO) | — | — | — | — | 24,231 | — | 24,231 | (17,247) | 2005 | 2005 | |||||||||
SV5 SILICON VALLEY (METRO) | — | 6,238 | 98,991 | — | 86,932 | 6,238 | 185,923 | (32,645) | 2010 | 2010 | |||||||||
SV6 SILICON VALLEY (METRO) | — | — | 15,585 | — | 21,380 | — | 36,965 | (18,663) | N/A | 2010 | |||||||||
SV8 SILICON VALLEY (METRO) | — | — | — | — | 44,240 | — | 44,240 | (17,178) | N/A | 2010 | |||||||||
SV12 SILICON VALLEY (METRO) | — | 20,535 | — | — | 1,892 | 20,535 | 1,892 | — | 2015 | 2015 | |||||||||
TR1 TORONTO, CANADA | — | — | — | — | 86,705 | — | 86,705 | (15,450) | N/A | 2010 | |||||||||
TR2 TORONTO, CANADA | — | — | 20,499 | — | 70,383 | — | 90,882 | (3,007) | 2015 | 2015 | |||||||||
RJ1 RIO DE JANEIRO, BRAZIL | — | — | — | — | 20,845 | — | 20,845 | (12,042) | 2011 | 2011 | |||||||||
RJ2 RIO DE JANEIRO, BRAZIL | — | — | 1,654 | — | 27,347 | — | 29,001 | (4,268) | 2013 | 2012 | |||||||||
SP1 SÃO PAULO, BRAZIL | — | — | 8,373 | — | 17,846 | — | 26,219 | (12,865) | 2011 | 2011 | |||||||||
SP2 SÃO PAULO, BRAZIL | — | — | — | — | 53,783 | — | 53,783 | (17,990) | 2011 | 2011 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Construction | Date of Acquisition or Lease (4) | ||||||||||
DC6 WASHINGTON, DC (METRO) | — | 1,429 | 5,082 | — | 89,795 | 1,429 | 94,877 | (44,365) | 2010 | 2005 | |||||||||
DC7 WASHINGTON, DC (METRO) | — | — | — | — | 19,765 | — | 19,765 | (11,629) | N/A | 2010 | |||||||||
DC8 WASHINGTON, DC (METRO) | — | — | — | — | 4,901 | — | 4,901 | (4,589) | N/A | 2010 | |||||||||
DC10 WASHINGTON, DC (METRO) | — | — | 44,601 | — | 73,924 | — | 118,525 | (52,029) | 2012 | 2011 | |||||||||
DC11 WASHINGTON, DC (METRO) | — | 1,429 | 5,082 | — | 179,753 | 1,429 | 184,835 | (40,450) | 2013 | 2005 | |||||||||
DC12 WASHINGTON, DC (METRO) | — | — | 101,783 | — | 59,152 | — | 160,935 | (8,220) | 2017 | 2017 | |||||||||
DC13 WASHINGTON, DC (METRO) | — | 5,500 | 25,423 | — | 3,477 | 5,500 | 28,900 | (6,928) | N/A | 2017 | |||||||||
DC14 WASHINGTON, DC (METRO) | — | 2,560 | 33,511 | — | 614 | 2,560 | 34,125 | (5,509) | N/A | 2017 | |||||||||
DC97 WASHINGTON, DC (METRO) | — | — | 2,021 | — | 631 | — | 2,652 | (692) | N/A | 2017 | |||||||||
DE1 DENVER (METRO) | — | — | — | — | 9,985 | — | 9,985 | (7,988) | N/A | 2010 | |||||||||
DE2 DENVER (METRO) | — | 5,240 | 23,053 | — | 27,744 | 5,240 | 50,797 | (8,099) | N/A | 2017 | |||||||||
HO1 HOUSTON (METRO) | — | 1,440 | 23,780 | — | 31,078 | 1,440 | 54,858 | (6,880) | N/A | 2017 | |||||||||
LA1 LOS ANGELES (METRO) | — | — | — | — | 106,877 | — | 106,877 | (63,323) | 2000 | 1999 | |||||||||
LA2 LOS ANGELES (METRO) | — | — | — | — | 10,785 | — | 10,785 | (8,654) | 2001 | 2000 | |||||||||
LA3 LOS ANGELES (METRO) | — | — | 34,727 | 3,959 | 21,461 | 3,959 | 56,188 | (44,967) | 2005 | 2005 | |||||||||
LA4 LOS ANGELES (METRO) | — | 19,333 | 137,630 | — | 33,753 | 19,333 | 171,383 | (78,571) | 2009 | 2009 | |||||||||
LA7 LOS ANGELES (METRO) | — | 7,800 | 33,621 | — | 5,204 | 7,800 | 38,825 | (6,166) | N/A | 2017 | |||||||||
MI1 MIAMI (METRO) | — | 18,920 | 127,194 | — | 88,736 | 18,920 | 215,930 | (25,966) | N/A | 2017 | |||||||||
MI2 MIAMI (METRO) | — | — | — | — | 23,391 | — | 23,391 | (12,178) | N/A | 2010 | |||||||||
MI3 MIAMI (METRO) | — | — | — | — | 32,056 | — | 32,056 | (12,752) | 2012 | 2012 | |||||||||
MI6 MIAMI (METRO) | — | 4,750 | 23,017 | — | 5,916 | 4,750 | 28,933 | (5,859) | N/A | 2017 | |||||||||
NY1 NEW YORK (METRO) | — | — | — | — | 70,595 | — | 70,595 | (38,536) | 1999 | 1999 | |||||||||
NY2 NEW YORK (METRO) | — | — | — | 17,859 | 198,809 | 17,859 | 198,809 | (125,571) | 2002 | 2000 | |||||||||
NY4 NEW YORK (METRO) | — | — | — | — | 346,128 | — | 346,128 | (176,708) | 2007 | 2006 | |||||||||
NY5 NEW YORK (METRO) | — | — | — | — | 259,184 | — | 259,184 | (63,058) | 2012 | 2010 | |||||||||
NY6 NEW YORK (METRO) | — | — | — | — | 73,464 | — | 73,464 | (11,734) | 2015 | 2010 | |||||||||
NY7 NEW YORK (METRO) | — | — | 24,660 | — | 169,698 | — | 194,358 | (115,229) | N/A | 2010 | |||||||||
NY8 NEW YORK (METRO) | — | — | — | — | 11,650 | — | 11,650 | (7,426) | N/A | 2010 | |||||||||
NY9 NEW YORK (METRO) | — | — | — | — | 51,918 | — | 51,918 | (31,834) | N/A | 2010 | |||||||||
NY11 NEW YORK (METRO) | — | 2,050 | 58,717 | — | 11,378 | 2,050 | 70,095 | (11,926) | N/A | 2017 | |||||||||
NY12 NEW YORK (METRO) | — | 3,460 | 10,380 | — | 1,631 | 3,460 | 12,011 | (2,413) | N/A | 2017 | |||||||||
NY13 NEW YORK (METRO) | — | — | 31,603 | — | 4,170 | — | 35,773 | (6,982) | N/A | 2017 | |||||||||
PH1 PHILADELPHIA (METRO) | — | — | — | — | 43,380 | — | 43,380 | (14,553) | N/A | 2010 | |||||||||
RJ1 RIO DE JANEIRO (METRO), BRAZIL | — | — | — | — | 20,167 | — | 20,167 | (16,059) | 2011 | 2011 | |||||||||
RJ2 RIO DE JANEIRO (METRO), BRAZIL | — | — | 2,012 | 1,695 | 51,849 | 1,695 | 53,861 | (14,380) | 2013 | 2012 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation | Date of Construction | Date of Acquisition or Lease (3) | ||||||||||
DC12 AND other future IBX (4) | — | 24,870 | 4,608 | — | 13,666 | 24,870 | 18,274 | (1,897) | Various | Various | |||||||||
EMEA: | |||||||||||||||||||
AM1 AMSTERDAM, THE NETHERLANDS | — | — | — | — | 45,887 | — | 45,887 | (20,343) | 2008 | 2008 | |||||||||
AM2 AMSTERDAM, THE NETHERLANDS | — | — | — | — | 54,298 | — | 54,298 | (15,143) | 2010 | 2008 | |||||||||
AM3 AMSTERDAM, THE NETHERLANDS | — | — | 27,977 | — | 90,043 | — | 118,020 | (15,734) | 2012 | 2011 | |||||||||
DU1 DÜSSELDORF, GERMANY | — | — | — | — | 21,062 | — | 21,062 | (17,219) | 2001 | 2000 | |||||||||
DU2 DÜSSELDORF, GERMANY | — | — | — | — | 204 | — | 204 | (157) | 2010 | 2010 | |||||||||
DX1 DUBAI, UNITED ARAB EMIRATES | — | — | — | — | 22,478 | — | 22,478 | (3,897) | 2012 | 2008 | |||||||||
EN1 ENSCHEDE, THE NETHERLANDS | — | — | — | — | 20,135 | — | 20,135 | (12,188) | 2008 | 2008 | |||||||||
FR1 FRANKFURT (METRO), GERMANY | — | — | — | — | 6,751 | — | 6,751 | (6,401) | N/A | 2007 | |||||||||
FR2 FRANKFURT (METRO), GERMANY | — | — | — | 11,547 | 183,112 | 11,547 | 183,112 | (61,215) | N/A | 2007 | |||||||||
FR3 FRANKFURT (METRO), GERMANY | — | — | — | 2,031 | 4,666 | 2,031 | 4,666 | (1,000) | N/A | 2007 | |||||||||
FR4 FRANKFURT (METRO), GERMANY | — | 11,953 | 9,609 | — | 19,431 | 11,953 | 29,040 | (11,340) | 2009 | 2009 | |||||||||
FR5 FRANKFURT (METRO), GERMANY | 32,255 | — | — | 3,836 | 106,889 | 3,836 | 106,889 | (16,122) | 2012 | 2012 | |||||||||
GV1 GENEVA (METRO), SWITZERLAND | — | — | — | — | 5,497 | — | 5,497 | (4,206) | 2004 | 2004 | |||||||||
GV2 GENEVA (METRO), SWITZERLAND | — | — | — | — | 20,757 | — | 20,757 | (11,210) | 2010 | 2009 | |||||||||
LD1 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 2,736 | — | 2,736 | (2,389) | 2000 | 2000 | |||||||||
LD3 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 17,350 | — | 17,350 | (10,448) | 2005 | 2000 | |||||||||
LD4 LONDON (METRO), UNITED KINGDOM | — | — | 27,575 | — | 64,854 | — | 92,429 | (32,697) | 2007 | 2007 | |||||||||
LD5 LONDON (METRO), UNITED KINGDOM | — | — | 19,639 | — | 185,242 | — | 204,881 | (48,798) | 2010 | 2010 | |||||||||
LD6 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 91,946 | — | 91,946 | (2,729) | 2015 | 2013 | |||||||||
ML1 MILAN (METRO), ITALY | — | — | — | — | 832 | — | 832 | (549) | 2011 | 2011 | |||||||||
MU1 MUNICH, GERMANY | — | — | — | — | 11,334 | — | 11,334 | (7,679) | N/A | 2007 | |||||||||
MU2 MUNICH, GERMANY | — | — | — | — | 69 | — | 69 | (44) | N/A | 2006 | |||||||||
MU3 MUNICH, GERMANY | — | — | — | — | 4,493 | — | 4,493 | (3,811) | 2010 | 2010 | |||||||||
PA1 PARIS (METRO), FRANCE | — | — | — | — | 21,338 | — | 21,338 | (16,664) | N/A | 2007 | |||||||||
PA2 PARIS (METRO), FRANCE | — | — | — | — | 39,162 | — | 39,162 | (22,006) | N/A | 2007 | |||||||||
PA3 PARIS (METRO), FRANCE | — | — | 30,574 | — | 85,720 | — | 116,294 | (42,232) | 2010 | 2008 | |||||||||
PA4 PARIS (METRO), FRANCE | — | 1,756 | 9,811 | — | 123,424 | 1,756 | 133,235 | (20,488) | 2012 | 2011 | |||||||||
ZH1 ZURICH (METRO), SWITZERLAND | — | — | — | — | 5,573 | — | 5,573 | (4,330) | N/A | 2007 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Construction | Date of Acquisition or Lease (4) | ||||||||||
SE2 SEATTLE (METRO) | — | — | — | — | 27,856 | — | 27,856 | (23,013) | N/A | 2010 | |||||||||
SE3 SEATTLE (METRO) | — | — | 1,760 | — | 97,454 | — | 99,214 | (34,694) | 2013 | 2011 | |||||||||
SE4 SEATTLE (METRO) | — | 4,000 | 12,903 | — | 13,032 | 4,000 | 25,935 | (3,001) | N/A | 2017 | |||||||||
SP1 SÃO PAULO (METRO), BRAZIL | — | — | 10,188 | — | 22,319 | — | 32,507 | (23,450) | 2011 | 2011 | |||||||||
SP2 SÃO PAULO (METRO), BRAZIL | — | — | — | — | 68,952 | — | 68,952 | (50,007) | 2011 | 2011 | |||||||||
SP3 SÃO PAULO (METRO), BRAZIL | — | 10,368 | 72,997 | — | 23,900 | 10,368 | 96,897 | (10,451) | 2017 | 2017 | |||||||||
SP4 SÃO PAULO (METRO), BRAZIL | — | — | 22,027 | — | — | — | 22,027 | (4,936) | N/A | 2017 | |||||||||
SV1 SILICON VALLEY (METRO) | — | — | — | 15,545 | 142,285 | 15,545 | 142,285 | (89,903) | 1999 | 1999 | |||||||||
SV2 SILICON VALLEY (METRO) | — | — | — | — | 151,278 | — | 151,278 | (81,688) | 2003 | 2003 | |||||||||
SV3 SILICON VALLEY (METRO) | — | — | — | — | 40,448 | — | 40,448 | (35,541) | 2004 | 1999 | |||||||||
SV4 SILICON VALLEY (METRO) | — | — | — | — | 24,946 | — | 24,946 | (20,473) | 2005 | 2005 | |||||||||
SV5 SILICON VALLEY (METRO) | — | 6,238 | 98,991 | — | 94,163 | 6,238 | 193,154 | (63,716) | 2010 | 2010 | |||||||||
SV6 SILICON VALLEY (METRO) | — | — | 15,585 | — | 29,146 | — | 44,731 | (28,862) | N/A | 2010 | |||||||||
SV8 SILICON VALLEY (METRO) | — | — | — | — | 51,200 | — | 51,200 | (29,120) | N/A | 2010 | |||||||||
SV10 SILICON VALLEY (METRO) | — | 12,646 | 123,594 | — | 81,555 | 12,646 | 205,149 | (9,252) | 2017 | 2017 | |||||||||
SV12 SILICON VALLEY (METRO) | — | 20,313 | — | — | 4,623 | 20,313 | 4,623 | — | 2015 | 2015 | |||||||||
SV13 SILICON VALLEY (METRO) | — | — | 3,828 | — | 85 | — | 3,913 | (1,617) | N/A | 2017 | |||||||||
SV14 SILICON VALLEY (METRO) | — | 3,638 | 5,503 | — | 3,375 | 3,638 | 8,878 | (1,006) | N/A | 2017 | |||||||||
SV15 SILICON VALLEY (METRO) | — | 7,651 | 23,060 | — | 838 | 7,651 | 23,898 | (3,730) | N/A | 2017 | |||||||||
SV16 SILICON VALLEY (METRO) | — | 4,271 | 15,018 | — | 646 | 4,271 | 15,664 | (2,813) | N/A | 2017 | |||||||||
SV17 SILICON VALLEY (METRO) | — | — | 17,493 | — | 2,034 | — | 19,527 | (6,977) | N/A | 2017 | |||||||||
TR1 TORONTO (METRO), CANADA | — | — | — | — | 87,819 | — | 87,819 | (25,974) | N/A | 2010 | |||||||||
TR2 TORONTO (METRO), CANADA | — | — | 21,113 | — | 94,362 | — | 115,475 | (17,923) | 2015 | 2015 | |||||||||
OTHERS (5) | — | 78,242 | 21,304 | — | 39,800 | 78,242 | 61,104 | (5,002) | Various | Various | |||||||||
EMEA: | |||||||||||||||||||
AD1 ABU DHABI (METRO), UNITED ARAB EMIRATES | — | — | — | — | 319 | — | 319 | (56) | N/A | 2017 | |||||||||
AM1 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 87,687 | — | 87,687 | (37,861) | 2008 | 2008 | |||||||||
AM2 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 80,258 | — | 80,258 | (27,008) | 2010 | 2008 | |||||||||
AM3 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 27,099 | — | 126,102 | — | 153,201 | (43,860) | 2012 | 2011 | |||||||||
AM4 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 152,650 | — | 152,650 | (6,626) | 2016 | 2016 | |||||||||
AM5 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 92,199 | — | 14,059 | — | 106,258 | (19,576) | N/A | 2016 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation | Date of Construction | Date of Acquisition or Lease (3) | ||||||||||
ZH2 ZURICH (METRO), SWITZERLAND | — | — | — | — | 4,893 | — | 4,893 | (2,490) | 2003 | 2002 | |||||||||
ZH4 ZURICH (METRO), SWITZERLAND | — | — | 11,501 | — | 23,062 | — | 34,563 | (13,034) | 2010 | 2009 | |||||||||
ZH5 ZURICH (METRO), SWITZERLAND | — | — | — | — | 39,006 | — | 39,006 | (8,011) | 2013 | 2009 | |||||||||
ZW1 ZWOLLE, THE NETHERLANDS | — | — | — | — | 7,103 | — | 7,103 | (3,633) | 2008 | 2008 | |||||||||
OTHERS | — | — | — | — | 2,112 | — | 2,112 | (1,776) | Various | Various | |||||||||
Asia-Pacific: | |||||||||||||||||||
HK1 HONG KONG, CHINA | — | — | — | — | 97,905 | — | 97,905 | (53,083) | N/A | 2003 | |||||||||
HK2 HONG KONG, CHINA | — | — | — | — | 181,827 | — | 181,827 | (34,847) | 2011 | 2010 | |||||||||
HK3 HONG KONG, CHINA | — | — | — | — | 132,765 | — | 132,765 | (33,892) | N/A | 2012 | |||||||||
HK4 HONG KONG, CHINA | — | — | — | — | 6,698 | — | 6,698 | (3,149) | N/A | 2012 | |||||||||
ME1 MELBOURNE, AUSTRALIA | — | 15,502 | — | — | 61,216 | 15,502 | 61,216 | (2,291) | 2013 | 2013 | |||||||||
OS1 OSAKA, JAPAN | — | — | 14,459 | — | 21,861 | — | 36,320 | (4,711) | 2013 | 2013 | |||||||||
OS2 OSAKA, JAPAN | — | — | 100 | — | — | — | 100 | (7) | N/A | 2015 | |||||||||
SG1 SINGAPORE | — | — | — | — | 158,755 | — | 158,755 | (83,970) | N/A | 2003 | |||||||||
SG2 SINGAPORE | — | — | — | — | 251,089 | — | 251,089 | (78,714) | 2008 | 2008 | |||||||||
SG3 SINGAPORE | — | — | 35,614 | — | 90,929 | — | 126,543 | (3,293) | 2013 | 2013 | |||||||||
SH2 SHANGHAI, CHINA | — | — | — | — | 3,315 | — | 3,315 | (743) | 2012 | 2012 | |||||||||
SH3 SHANGHAI, CHINA | — | — | 7,557 | — | 5,440 | — | 12,997 | (3,064) | 2012 | 2012 | |||||||||
SH4 SHANGHAI, CHINA | — | — | — | — | 1,718 | — | 1,718 | (1,164) | 2012 | 2012 | |||||||||
SH5 SHANGHAI, CHINA | — | — | 12,068 | — | 19,571 | — | 31,639 | (4,292) | 2012 | 2012 | |||||||||
SY1 SYDNEY, AUSTRALIA | — | — | — | — | 23,894 | — | 23,894 | (12,181) | N/A | 2003 | |||||||||
SY2 SYDNEY, AUSTRALIA | — | — | 3,113 | — | 32,205 | — | 35,318 | (16,660) | 2008 | 2008 | |||||||||
SY3 SYDNEY, AUSTRALIA | — | — | 8,804 | — | 130,183 | — | 138,987 | (34,199) | 2010 | 2010 | |||||||||
SY4 SYDNEY, AUSTRALIA | — | — | — | — | 39,113 | — | 39,113 | — | 2015 | 2014 | |||||||||
TY1 TOKYO, JAPAN | — | — | — | — | 16,651 | — | 16,651 | (8,795) | 2000 | 2000 | |||||||||
TY2 TOKYO, JAPAN | — | — | — | — | 61,024 | — | 61,024 | (47,119) | 2007 | 2006 | |||||||||
TY3 TOKYO, JAPAN | — | — | — | — | 65,673 | — | 65,673 | (18,224) | 2010 | 2010 | |||||||||
TY4 TOKYO, JAPAN | — | — | — | — | 41,256 | — | 41,256 | (6,375) | 2012 | 2012 | |||||||||
TY5 TOKYO, JAPAN | — | — | 99 | — | 14,366 | — | 14,465 | — | 2014 | 2014 | |||||||||
TY6 TOKYO, JAPAN | — | — | 36,877 | — | 4,652 | — | 41,529 | (853) | N/A | 2015 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Construction | Date of Acquisition or Lease (4) | ||||||||||
AM6 AMSTERDAM (METRO), THE NETHERLANDS | — | 6,616 | 50,876 | 584 | 65,278 | 7,200 | 116,154 | (12,138) | N/A | 2016 | |||||||||
AM7 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 7,397 | — | 51,535 | — | 58,932 | (2,378) | N/A | 2016 | |||||||||
AM8 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 11,125 | — | 11,125 | (3,364) | N/A | 2016 | |||||||||
BA1 BARCELONA (METRO), SPAIN | — | — | 9,443 | — | 1,843 | — | 11,286 | (1,495) | N/A | 2017 | |||||||||
DB1 DUBLIN (METRO), IRELAND | — | — | — | — | 3,389 | — | 3,389 | (1,495) | N/A | 2016 | |||||||||
DB2 DUBLIN (METRO), IRELAND | — | — | 12,460 | — | 4,384 | — | 16,844 | (4,963) | N/A | 2016 | |||||||||
DB3 DUBLIN (METRO), IRELAND | — | 3,334 | 54,387 | 294 | 14,917 | 3,628 | 69,304 | (11,434) | N/A | 2016 | |||||||||
DB4 DUBLIN (METRO), IRELAND | — | — | 26,875 | — | 15,608 | — | 42,483 | (5,134) | N/A | 2016 | |||||||||
DU1 DÜSSELDORF (METRO), GERMANY | — | — | — | 8,287 | 29,641 | 8,287 | 29,641 | (18,951) | 2001 | 2000 | |||||||||
DX1 DUBAI (METRO), UNITED ARAB EMIRATES | — | — | — | — | 87,891 | — | 87,891 | (16,550) | 2012 | 2008 | |||||||||
DX2 DUBAI (METRO), UNITED ARAB EMIRATES | — | — | — | — | 569 | — | 569 | (100) | N/A | 2017 | |||||||||
EN1 ENSCHEDE (METRO), THE NETHERLANDS | — | — | — | — | 30,140 | — | 30,140 | (18,843) | 2008 | 2008 | |||||||||
FR1 FRANKFURT (METRO), GERMANY | — | — | — | — | 4,189 | — | 4,189 | (3,679) | N/A | 2007 | |||||||||
FR2 FRANKFURT (METRO), GERMANY | — | — | — | 12,547 | 425,473 | 12,547 | 425,473 | (110,194) | N/A | 2007 | |||||||||
FR4 FRANKFURT (METRO), GERMANY | — | 11,578 | 9,307 | 1,023 | 76,784 | 12,601 | 86,091 | (25,959) | 2009 | 2009 | |||||||||
FR5 FRANKFURT (METRO), GERMANY | 30,310 | — | — | 4,044 | 164,611 | 4,044 | 164,611 | (34,108) | 2012 | 2012 | |||||||||
FR6 FRANKFURT (METRO), GERMANY | — | — | — | — | 135,960 | — | 135,960 | (8,885) | 2016 | 2016 | |||||||||
FR7 FRANKFURT (METRO), GERMANY | — | — | 43,634 | — | 20,621 | — | 64,255 | (13,072) | N/A | 2016 | |||||||||
GV1 GENEVA (METRO), SWITZERLAND | — | — | — | — | 8,798 | — | 8,798 | (3,634) | 2004 | 2004 | |||||||||
GV2 GENEVA (METRO), SWITZERLAND | — | — | — | — | 23,328 | — | 23,328 | (19,817) | 2010 | 2009 | |||||||||
HE1 HELSINKI (METRO), FINLAND | — | — | — | — | 3,486 | — | 3,486 | (1,887) | N/A | 2016 | |||||||||
HE2 HELSINKI (METRO), FINLAND | — | — | — | — | 1,554 | — | 1,554 | (1,297) | N/A | 2016 | |||||||||
HE3 HELSINKI (METRO), FINLAND | — | — | — | — | 13,019 | — | 13,019 | (7,227) | N/A | 2016 | |||||||||
HE4 HELSINKI (METRO), FINLAND | — | — | 29,092 | — | 6,383 | — | 35,475 | (9,726) | N/A | 2016 | |||||||||
HE5 HELSINKI (METRO), FINLAND | — | — | 7,564 | — | 5,089 | — | 12,653 | (2,991) | N/A | 2016 | |||||||||
HE6 HELSINKI (METRO), FINLAND | — | — | 17,204 | 1,604 | 25,004 | 1,604 | 42,208 | (5,811) | N/A | 2016 | |||||||||
HE7 HELSINKI (METRO), FINLAND | — | 7,348 | 6,946 | — | 3,573 | 7,348 | 10,519 | (537) | N/A | 2018 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation | Date of Construction | Date of Acquisition or Lease (3) | ||||||||||
TY7 TOKYO, JAPAN | — | — | 12,806 | — | 1,321 | — | 14,127 | (464) | N/A | 2015 | |||||||||
TY8 TOKYO, JAPAN | — | — | 52,338 | — | 6,593 | — | 58,931 | (1,672) | N/A | 2015 | |||||||||
TY9 TOKYO, JAPAN | — | — | 103,718 | — | 893 | — | 104,611 | (2,169) | N/A | 2015 | |||||||||
TY10 TOKYO, JAPAN | — | — | 67,922 | — | 329 | — | 68,251 | (791) | N/A | 2015 | |||||||||
OTHERS | — | 7,631 | — | — | 21,203 | 7,631 | 21,203 | (2,515) | Various | Various | |||||||||
TOTAL LOCATIONS | $32,255 | $123,770 | $965,641 | $60,176 | $6,722,303 | $183,946 | $7,687,944 | $(2,595,648) |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Construction | Date of Acquisition or Lease (4) | ||||||||||
HH1 HAMBURG (METRO), GERMANY | — | 3,612 | 5,360 | — | — | 3,612 | 5,360 | — | N/A | 2018 | |||||||||
IS1 ISTANBUL (METRO), TURKEY | — | — | — | — | 6,412 | — | 6,412 | (4,416) | N/A | 2016 | |||||||||
IL2 ISTANBUL (METRO), TURKEY | — | 14,460 | 39,289 | — | 9,778 | 14,460 | 49,067 | (1,646) | N/A | 2017 | |||||||||
LD3 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 16,666 | — | 16,666 | (13,366) | 2005 | 2000 | |||||||||
LD4 LONDON (METRO), UNITED KINGDOM | — | — | 23,044 | — | 111,645 | — | 134,689 | (38,277) | 2007 | 2007 | |||||||||
LD5 LONDON (METRO), UNITED KINGDOM | — | — | 16,412 | — | 173,477 | — | 189,889 | (76,880) | 2010 | 2010 | |||||||||
LD6 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 131,113 | — | 131,113 | (18,714) | 2015 | 2013 | |||||||||
LD7 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 80,257 | — | 80,257 | (4) | 2018 | 2018 | |||||||||
LD8 LONDON (METRO), UNITED KINGDOM | — | — | 107,544 | — | 26,273 | — | 133,817 | (22,468) | N/A | 2016 | |||||||||
LD9 LONDON (METRO), UNITED KINGDOM | — | — | 181,431 | — | 77,537 | — | 258,968 | (36,890) | N/A | 2016 | |||||||||
LD10 LONDON (METRO), UNITED KINGDOM | — | — | 40,251 | — | 103,274 | — | 143,525 | (6,805) | N/A | 2017 | |||||||||
LS1 LISBON (METRO), PORTUGAL | — | — | 7,374 | 3,540 | 2,036 | 3,540 | 9,410 | (1,234) | 2017 | 2017 | |||||||||
MA1 MANCHESTER (METRO), UNITED KINGDOM | — | — | — | — | 8,136 | — | 8,136 | (2,674) | N/A | 2016 | |||||||||
MA2 MANCHESTER (METRO), UNITED KINGDOM | — | — | — | — | 10,038 | — | 10,038 | (3,983) | N/A | 2016 | |||||||||
MA3 MANCHESTER (METRO), UNITED KINGDOM | — | — | 44,931 | — | 5,147 | — | 50,078 | (14,266) | N/A | 2016 | |||||||||
MA4 MANCHESTER (METRO), UNITED KINGDOM | — | — | 6,697 | — | 1,639 | — | 8,336 | (4,778) | N/A | 2016 | |||||||||
MD1 MADRID (METRO), SPAIN | — | — | 7,917 | — | — | — | 7,917 | (1,766) | N/A | 2017 | |||||||||
MD2 MADRID (METRO), SPAIN | — | — | 40,952 | — | 13,829 | — | 54,781 | (10,453) | N/A | 2017 | |||||||||
ML2 MILAN (METRO), ITALY | — | — | — | — | 18,270 | — | 18,270 | (5,538) | N/A | 2016 | |||||||||
ML3 MILAN (METRO), ITALY | — | — | — | 3,639 | 39,064 | 3,639 | 39,064 | (9,830) | N/A | 2016 | |||||||||
ML4 MLAN (METRO), ITALY | — | — | — | — | 8,218 | — | 8,218 | (3,628) | N/A | 2016 | |||||||||
MU1 MUNICH (METRO), GERMANY | — | — | — | — | 23,757 | — | 23,757 | (14,145) | N/A | 2007 | |||||||||
MU3 MUNICH (METRO), GERMANY | — | — | — | — | 2,525 | — | 2,525 | (1,210) | 2010 | 2010 | |||||||||
PA1 PARIS (METRO), FRANCE | — | — | — | — | 31,246 | — | 31,246 | (21,338) | N/A | 2007 | |||||||||
PA2 & PA3 PARIS (METRO), FRANCE | — | — | 29,615 | 25,820 | 283,451 | 25,820 | 313,066 | (112,946) | 2010 | 2007 | |||||||||
PA4 PARIS (METRO), FRANCE | — | 1,701 | 9,503 | 150 | 226,529 | 1,851 | 236,032 | (51,667) | 2012 | 2011 | |||||||||
PA5 PARIS (METRO), FRANCE | — | — | 16,554 | — | 3,299 | — | 19,853 | (4,455) | N/A | 2016 | |||||||||
PA6 PARIS (METRO), FRANCE | — | — | — | — | 64,821 | — | 64,821 | (19,377) | N/A | 2016 | |||||||||
PA7 PARIS (METRO), FRANCE | — | — | — | — | 17,399 | — | 17,399 | (5,632) | N/A | 2016 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Construction | Date of Acquisition or Lease (4) | ||||||||||
PA8 PARIS (METRO), FRANCE | — | — | — | — | 47,649 | — | 47,649 | — | 2018 | 2018 | |||||||||
SA1 SEVILLE (METRO), SPAIN | — | — | 1,567 | — | — | — | 1,567 | (905) | N/A | 2017 | |||||||||
SK1 STOCKHOLM, (METRO), SWEDEN | — | — | 15,495 | — | 6,283 | — | 21,778 | (5,665) | N/A | 2016 | |||||||||
SK2 STOCKHOLM, (METRO), SWEDEN | — | — | 80,148 | 7,117 | 46,719 | 7,117 | 126,867 | (14,764) | N/A | 2016 | |||||||||
SK3 STOCKHOLM, (METRO), SWEDEN | — | — | — | — | 14,556 | — | 14,556 | (2,878) | N/A | 2016 | |||||||||
SO1 SOFIA (METRO), BULGARIA | — | — | 5,236 | — | 1,547 | — | 6,783 | (1,270) | N/A | 2016 | |||||||||
SO2 SOFIA (METRO), BULGARIA | — | 2,775 | — | — | 8,814 | 2,775 | 8,814 | — | N/A | 2017 | |||||||||
WA1 WARSAW (METRO), POLAND | — | — | 5,950 | — | 7,138 | — | 13,088 | (4,007) | N/A | 2016 | |||||||||
WA2 WARSAW (METRO), POLAND | — | — | 4,709 | — | 7,833 | — | 12,542 | (2,546) | N/A | 2016 | |||||||||
WA3 WARSAW (METRO), POLAND | — | 2,819 | — | — | 6,705 | 2,819 | 6,705 | (1) | N/A | 2017 | |||||||||
ZH1 ZURICH (METRO), SWITZERLAND | — | — | — | — | 12 | — | 12 | — | N/A | 2007 | |||||||||
ZH2 ZURICH (METRO), SWITZERLAND | — | — | — | — | 3,323 | — | 3,323 | (2,543) | 2003 | 2002 | |||||||||
ZH4 ZURICH (METRO), SWITZERLAND | — | — | 11,284 | — | 31,778 | — | 43,062 | (26,376) | 2010 | 2009 | |||||||||
ZH5 ZURICH (METRO), SWITZERLAND | — | — | — | 7,918 | 88,981 | 7,918 | 88,981 | (18,350) | 2013 | 2009 | |||||||||
ZW1 ZWOLLE (METRO), THE NETHERLANDS | — | — | — | — | 9,860 | — | 9,860 | (5,925) | 2008 | 2008 | |||||||||
OTHERS (5) | — | 16,933 | 7,018 | 16,149 | 24,847 | 33,082 | 31,865 | (4,005) | Various | Various | |||||||||
Asia-Pacific: | |||||||||||||||||||
AE1 ADELAIDE (METRO), AUSTRALIA | — | 2,663 | 1,015 | — | 745 | 2,663 | 1,760 | (148) | N/A | 2018 | |||||||||
BR1 BRISBANE (METRO), AUSTRALIA | — | 3,170 | 1,053 | — | 827 | 3,170 | 1,880 | (68) | N/A | 2018 | |||||||||
CA1 CANBERRA (METRO), AUSTRALIA | — | — | 18,410 | — | 321 | — | 18,731 | (573) | N/A | 2018 | |||||||||
HK1 HONG KONG (METRO), CHINA | — | — | — | — | 147,895 | — | 147,895 | (87,393) | N/A | 2003 | |||||||||
HK2 HONG KONG (METRO), CHINA | — | — | — | — | 285,083 | — | 285,083 | (99,612) | 2011 | 2010 | |||||||||
HK3 HONG KONG (METRO), CHINA | — | — | — | — | 134,081 | — | 134,081 | (60,527) | N/A | 2012 | |||||||||
HK4 HONG KONG (METRO), CHINA | — | — | — | — | 10,593 | — | 10,593 | (5,818) | N/A | 2012 | |||||||||
HK5 HONG KONG (METRO), CHINA | — | — | 70,002 | — | 38,903 | — | 108,905 | (4,225) | 2017 | 2017 | |||||||||
ME1 MELBOURNE (METRO), AUSTRALIA | — | 14,977 | — | — | 81,609 | 14,977 | 81,609 | (13,909) | 2013 | 2013 | |||||||||
ME2 MELBOURNE (METRO), AUSTRALIA | — | — | — | — | 25,141 | — | 25,141 | — | N/A | 2018 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Construction | Date of Acquisition or Lease (4) | ||||||||||
ME4 MELBOURNE (METRO), AUSTRALIA | — | 3,437 | 84,175 | — | 2,499 | 3,437 | 86,674 | (4,407) | N/A | 2018 | |||||||||
ME5 MELBOURNE (METRO), AUSTRALIA | — | 6,678 | 4,094 | — | 1,586 | 6,678 | 5,680 | (445) | N/A | 2018 | |||||||||
OS1 OSAKA (METRO), JAPAN | — | — | 14,876 | — | 66,296 | — | 81,172 | (18,931) | 2013 | 2013 | |||||||||
PE1 PERTH (METRO), AUSTRALIA | — | 1,352 | 1,337 | — | 363 | 1,352 | 1,700 | (64) | N/A | 2018 | |||||||||
PE2 PERTH (METRO), AUSTRALIA | — | — | 16,327 | — | 5,685 | — | 22,012 | (1,129) | N/A | 2018 | |||||||||
SG1 SINGAPORE (METRO) | — | — | — | — | 177,270 | — | 177,270 | (111,655) | N/A | 2003 | |||||||||
SG2 SINGAPORE (METRO) | — | — | — | — | 333,964 | — | 333,964 | (164,156) | 2008 | 2008 | |||||||||
SG3 SINGAPORE (METRO) | — | — | 34,844 | — | 196,081 | — | 230,925 | (29,083) | 2013 | 2013 | |||||||||
SH2 SHANGHAI (METRO), CHINA | — | — | — | — | 4,529 | — | 4,529 | (1,643) | 2012 | 2012 | |||||||||
SH3 SHANGHAI (METRO), CHINA | — | — | 7,066 | — | 10,137 | — | 17,203 | (5,075) | 2012 | 2012 | |||||||||
SH5 SHANGHAI (METRO), CHINA | — | — | 11,284 | — | 20,792 | — | 32,076 | (9,650) | 2012 | 2012 | |||||||||
SH6 SHANGHAI (METRO), CHINA | — | — | 16,545 | — | 25,353 | — | 41,898 | (2) | N/A | 2017 | |||||||||
SY1 SYDNEY (METRO), AUSTRALIA | — | — | — | — | 25,435 | — | 25,435 | (14,709) | N/A | 2003 | |||||||||
SY2 SYDNEY (METRO), AUSTRALIA | — | — | 3,080 | — | 32,721 | — | 35,801 | (21,601) | 2008 | 2008 | |||||||||
SY3 SYDNEY (METRO), AUSTRALIA | — | — | 8,712 | — | 140,590 | — | 149,302 | (60,057) | 2010 | 2010 | |||||||||
SY4 SYDNEY (METRO), AUSTRALIA | — | — | — | — | 142,633 | — | 142,633 | (18,167) | 2015 | 2014 | |||||||||
SY5 SYDNEY (METRO), AUSTRALIA | — | 82,372 | — | — | 56,969 | 82,372 | 56,969 | — | N/A | 2018 | |||||||||
SY6 SYDNEY (METRO), AUSTRALIA | — | 8,890 | 64,197 | — | 1,889 | 8,890 | 66,086 | (2,283) | N/A | 2018 | |||||||||
SY7 SYDNEY (METRO), AUSTRALIA | — | 2,754 | 47,350 | — | 1,335 | 2,754 | 48,685 | (1,612) | N/A | 2018 | |||||||||
SY8 SYDNEY (METRO), AUSTRALIA | — | — | 1,073 | — | 161 | — | 1,234 | (190) | N/A | 2018 | |||||||||
TY1 TOKYO (METRO), JAPAN | — | — | — | — | 22,793 | — | 22,793 | (13,513) | 2000 | 2000 | |||||||||
TY2 TOKYO (METRO), JAPAN | — | — | — | — | 85,585 | — | 85,585 | (61,682) | 2007 | 2006 | |||||||||
TY3 TOKYO (METRO), JAPAN | — | — | — | — | 75,837 | — | 75,837 | (35,231) | 2010 | 2010 | |||||||||
TY4 TOKYO (METRO), JAPAN | — | — | — | — | 56,585 | — | 56,585 | (20,562) | 2012 | 2012 | |||||||||
TY5 TOKYO (METRO), JAPAN | — | — | 102 | — | 56,973 | — | 57,075 | (8,431) | 2014 | 2014 | |||||||||
TY6 TOKYO (METRO), JAPAN | — | — | 37,941 | — | 18,779 | — | 56,720 | (19,544) | N/A | 2015 | |||||||||
TY7 TOKYO (METRO), JAPAN | — | — | 13,175 | — | 5,253 | — | 18,428 | (8,356) | N/A | 2015 | |||||||||
TY8 TOKYO (METRO), JAPAN | — | — | 53,848 | — | 13,256 | — | 67,104 | (16,874) | N/A | 2015 | |||||||||
TY9 TOKYO (METRO), JAPAN | — | — | 106,710 | — | 24,877 | — | 131,587 | (40,361) | N/A | 2015 | |||||||||
TY10 TOKYO (METRO), JAPAN | — | — | 69,881 | — | 15,842 | — | 85,723 | (15,387) | N/A | 2015 | |||||||||
TY11 TOKYO (METRO), JAPAN | — | — | 22,099 | — | 32,931 | — | 55,030 | (1) | 2018 | 2018 | |||||||||
TY12 TOKYO (METRO), JAPAN | — | 10,285 | — | — | 1,001 | 10,285 | 1,001 | — | N/A | 2018 | |||||||||
OTHERS (5) | — | 12,022 | 875 | — | 12,500 | 12,022 | 13,375 | (7,600) | Various | Various | |||||||||
TOTAL LOCATIONS | $30,310 | $492,431 | $3,675,228 | $138,101 | $10,714,438 | $630,532 | $14,389,666 | $(4,517,016) |
(1) | The initial cost was $0 if the lease of the respective IBX was classified as an operating lease. |
(2) | Building and improvements include all fixed assets except for land. |
(3) | Buildings and improvements are depreciated on a straight line basis over estimated useful live as described under described in Note 1 of the Notes to Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K. |
(4) | Date of lease or acquisition represents the date the Company leased the facility or acquired the facility through purchase or acquisition. |
(5) | Includes various IBXs that are under initial development and costs incurred at certain central locations supporting various IBX functions. |
2015 | 2014 | 2013 | 2018 | 2017 | 2016 | |||||||||||||||||
Balance, beginning of period | $ | 7,006,695 | $ | 6,308,992 | $ | 5,220,450 | $ | 12,947,735 | $ | 9,855,811 | $ | 7,871,890 | ||||||||||
Additions (acquisitions and improvements) | 1,172,855 | 997,534 | 1,146,126 | |||||||||||||||||||
Additions (including acquisitions and improvements) | 2,756,218 | 2,508,333 | 2,187,306 | |||||||||||||||||||
Disposals | (9,295 | ) | (16,444 | ) | (14,864 | ) | (289,157 | ) | (78,886 | ) | (78,607 | ) | ||||||||||
Foreign currency transaction adjustments and others | (298,365 | ) | (283,387 | ) | (42,720 | ) | (394,598 | ) | 662,477 | (124,778 | ) | |||||||||||
Balance, end of year | $ | 7,871,890 | $ | 7,006,695 | $ | 6,308,992 | $ | 15,020,198 | $ | 12,947,735 | $ | 9,855,811 |
2018 | 2017 | 2016 | |||||||||
Balance, beginning of period | $ | (3,980,198 | ) | $ | (3,175,972 | ) | $ | (2,595,648 | ) | ||
Additions (depreciation expense) | (882,848 | ) | (748,942 | ) | (618,970 | ) | |||||
Disposals | 261,928 | 65,922 | 9,401 | ||||||||
Foreign currency transaction adjustments and others | 84,102 | (121,206 | ) | 29,245 | |||||||
Balance, end of year | $ | (4,517,016 | ) | $ | (3,980,198 | ) | $ | (3,175,972 | ) |
2015 | 2014 | 2013 | |||||||||
Balance, beginning of period | $ | (2,242,345 | ) | $ | (1,904,311 | ) | $ | (1,538,329 | ) | ||
Additions (depreciation expense) | (440,002 | ) | (418,407 | ) | (377,577 | ) | |||||
Disposals | 7,396 | 16,038 | 12,804 | ||||||||
Foreign currency transaction adjustments and others | 79,303 | 64,335 | (1,209 | ) | |||||||
Balance, end of year | $ | (2,595,648 | ) | $ | (2,242,345 | ) | $ | (1,904,311 | ) |