Table of ~~the London Interbank Offered Rate (“LIBOR”), and uncertainty as to its replacement, may adversely affect our business.~~

On July 27, 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced that it intends to stop persuading or compelling banks to submit rates for the calibration of LIBOR after 2021 after which time it can no longer guarantee its availability. Although alternative reference rates have been proposed, it is unknown at this point which of these alternative reference rates will attain market acceptance as replacements for LIBOR.

Certain term loan borrowings under our Senior Credit Facility bear interest at rates that are calculated based on LIBOR. In addition, certain of our agreements, including select financing, customer, vendor, leasing, intercompany, derivative and joint venture agreements, also make reference to LIBOR. To prepare for the phase out of LIBOR, we may need to renegotiate the Senior Credit Facility and other agreements and may not be able to do so on terms that are favorable to us. It is also currently unknown what impact any contract modification will have on our financial statements. Further, the financial markets may be disrupted as a result of the phase out of LIBOR if banks fail to execute a smooth transition to an alternate rate.

Disruption in the financial markets or the inability to renegotiate our agreements to remove and replace LIBOR on favorable terms, or a negative impact from any contract modifications, could have an adverse effect on our business, financial position, and results of operations.

Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.

Future sales or issuances of common stock or other equity related securities may adversely affect the market price of our common stock, including any shares of our common stock issued to finance capital expenditures, finance acquisitions or repay debt. In October 2020, we established an "at the ~~2020~~market" equity offering program (the "2020 ATM ~~Program~~Program") in the amount of $1.5 billion under which we may, from time to time, issue and sell shares of our common stock to or through sales agents up to established limits. As of March 31, ~~2021,~~2022, we had ~~not sold any shares~~$1.0 billion available for sale under the 2020 ATM Program. We expect to refresh our ATM program periodically, which could lead to additional dilution for our stockholders in the future. We may also seek authorization to sell additional shares of common stock through other means which could lead to additional dilution for our stockholders. Please see Note 1112 within the Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q for sales of our common stock under ~~the~~our ATM program.

If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.

Our capital expenditures, together with ongoing operating expenses, obligations to service our debt and the cash outlays associated with our REIT distribution requirements, are, and will continue to be, a substantial burden on our cash flow and may decrease our cash balances. Additional debt or equity financing may not be available when needed or, if available, may not be available on satisfactory terms. Our inability to obtain additional debt and/or equity financing or to generate sufficient cash from operations may require us to prioritize projects or curtail capital expenditures which could adversely affect our results of operations.

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Fluctuations in foreign currency exchange rates in the markets in which we operate internationally could harm our results of operations.

We may experience gains and losses resulting from fluctuations in foreign currency exchange rates. To date, the majority of revenues and costs in our international operations are denominated in foreign currencies. Where our prices are denominated in U.S. Dollars, our sales and revenues could be adversely affected by declines in foreign currencies relative to the U.S. Dollar, thereby making our offerings more expensive in local currencies. We are also exposed to risks resulting from fluctuations in foreign currency exchange rates in connection with our international operations. To the extent we are paying contractors in foreign currencies, our operations could cost more than anticipated as a result of declines in the U.S. Dollar relative to foreign currencies. In addition, fluctuating foreign currency exchange rates have a direct impact on how our international results of operations translate into U.S. Dollars.

Although we currently undertake, and may decide in the future to further undertake, foreign exchange hedging transactions to reduce foreign currency transaction exposure, we do not currently intend to eliminate all foreign currency transaction exposure. In addition, REIT compliance rules may restrict our ability to enter into hedging transactions. Therefore, any weakness of the U.S. Dollar may have a positive impact on our consolidated results of operations because the currencies in the foreign countries in which we operate may translate into more U.S. Dollars. However, if the U.S. Dollar strengthens relative to the currencies of the foreign countries in which we operate, our consolidated financial position and results of operations may be negatively impacted as amounts in foreign currencies will generally translate into fewer U.S. Dollars. For additional information on foreign currency risks, refer to our discussion of foreign currency risk in "Quantitative and Qualitative Disclosures About Market Risk" included in Item 2 of this Quarterly Report on Form 10-Q.

Our derivative transactions expose us to counterparty credit risk.

Our derivative transactions expose us to risk of financial loss if a counterparty fails to perform under a derivative contract. Disruptions in the financial markets could lead to sudden decreases in a counterparty's liquidity, which could make them unable to perform under the terms of their derivative contract and we may not be able to realize the benefit of the derivative contract.

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Risks Related to Environmental Laws and Climate Change Impacts

Environmental regulations may impose upon us new or unexpected costs.

We are subject to various federal, state, local and international environmental and health and safety laws and regulations, including those relating to the generation, storage, handling and disposal of hazardous substances and wastes. Certain of these laws and regulations also impose joint and several liability, without regard to fault, for investigation and cleanup costs on current and former owners and operators of real property and persons who have disposed of or released hazardous substances into the environment. Our operations involve the use of hazardous substances and materials such as petroleum fuel for emergency generators, as well as batteries, cleaning solutions and other materials. In addition, we lease, own or operate real property at which hazardous substances and regulated materials have been used in the past. At some of our locations, hazardous substances or regulated materials are known to be present in soil or groundwater, and there may be additional unknown hazardous substances or regulated materials present at sites we own, operate or lease. At some of our locations, there are land use restrictions in place relating to earlier environmental cleanups that do not materially limit our use of the sites. To the extent any hazardous substances or any other substance or material must be cleaned up or removed from our property, we may be responsible under applicable laws, permits or leases for the removal or cleanup of such substances or materials, the cost of which could be substantial.

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We purchase significant amounts of electricity from generating facilities and utility companies that are subject to environmental laws, regulations and permit requirements. These environmental requirements are subject to material change, which could result in increases in our electricity suppliers' compliance costs that may be passed through to us. Regulations promulgated by the U.S. EPA or state agencies, or by regulators in other ~~international regulators~~countries, could limit air emissions from fossil fuel-fired power plants, restrict discharges of cooling water, and otherwise impose new operational restraints on conventional power plants that could increase costs of electricity. Regulatory programs intended to promote increased generation of electricity from renewable sources may also increase our costs of procuring electricity. In addition, we are directly subject to environmental, health and safety laws regulating air emissions, storm water management and other issues arising in our business. For example, our emergency generators are subject to state and federal regulations governing air pollutants, which could limit the operation of those generators or require the installation of new pollution control technologies. While environmental regulations do not normally impose material costs upon our operations, unexpected events, equipment malfunctions, human error and changes in law or regulations, among other factors, can lead to additional capital requirements, limitations upon our operations and unexpected increased costs.

Regulation of ~~greenhouse gas ("GHG")~~GHG emissions could increase the cost of electricity by reducing amounts of electricity generated from fossil fuels, by requiring the use of more expensive generating methods, by requiring capture, management or reduction of GHG emissions, or by imposing taxes or fees upon electricity generation or use. There has been interest in the U.S. Congress and in countries where we operate abroad in addressing climate change. In the U.S., ~~with the new presidential administration,~~we believe there is a likelihood that new regulations or legislation will be proposed and potentially enacted that would seek to limit carbon dioxide emissions and the use of fossil fuels. Past legislative proposals to address climate change ~~include~~have included measures ranging from "carbon taxes," to tax credits, to federally imposed limitations on GHG emissions. The course of future legislation and regulation in the U.S. and abroad remains difficult to predict and the potential increased costs associated with GHG regulation or taxes cannot be estimated at this time.

State regulations also have the potential to increase our costs of obtaining electricity. Certain U.S. states ~~and countries~~ in which we operate have issued or are considering and may enact environmental regulations that could materially affect our facilities and electricity costs. For example, California has limited GHG emissions from new and existing conventional power plants by imposing regulatory caps and by auctioning the rights to emission allowances. Washington, Oregon and Massachusetts have issued regulations to implement similar carbon cap and trade programs, and other states are considering proposals to limit carbon emissions through cap and trade programs, carbon pricing programs and other mechanisms. Some northeastern states adopted a multi-state program for limiting carbon emissions through the Regional Greenhouse Gas Initiative ("RGGI") cap and trade program. ~~State~~Other countries in which we operate may impose requirements and ~~international programs~~restrictions similar to those imposed in the U.S. Environmental regulations have not had a material adverse effect on our electricity costs to date, but due to costs of changing pollution control technologies, potential new regulatory requirements and the market-driven nature of some of the programs, ~~they~~such regulations could have a material adverse effect on electricity costs in the future.

Aside from regulatory requirements, we have separately undertaken efforts to procure energy from renewable energy projects in order to support new renewables development. ~~The costs of procuring such energy may exceed the costs of procuring electricity from existing sources, such as existing utilities or electric service provided through conventional grids.~~ These efforts to support and enhance renewable

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electricity generation may increase our costs of electricity above those that would be incurred through procurement of conventional electricity from existing ~~sources.~~

sources or through conventional grids.

Our business may be adversely affected by climate change and responses to it.

Severe weather events, such as droughts, fires, flooding, heat waves, hurricanes, typhoons and other winter storms, pose a threat to our IBX data centers and our customers' IT infrastructure through physical damage to facilities or equipment, power supply disruption, and long-term effects on the cost of electricity. The frequency and intensity of severe weather events are reportedly increasing ~~locally and regionally~~ as part of broader climate changes. ~~Global~~Changes in global weather ~~pattern changes~~patterns may also pose long-term risks of physical impacts to our business.

We maintain disaster recovery and business continuity plans that would be implemented in the event of severe weather events that interrupt our business or affect our customers' IT infrastructure housed in our IBX data centers. While these plans are designed to allow us to recover from natural disasters or other events that can interrupt our business, we cannot be certain that our plans will ~~protect us or~~work as intended, facilitating our ~~customers from all~~response to such disasters or events. Failure to prevent impact to customers from such events could adversely affect our business.

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WeU.S. and global environmental regulations are ~~dedicated~~expected to ~~sustainability~~continue to change and ~~face pressures from our customers~~evolve and stockholders, who are increasingly focused on climate change, to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. To address these goals and concerns, we pursue opportunities to improve energy efficiency and implement energy-saving retrofits. In addition, we have established a long-term goal of using 100% clean and renewable energy. As a result of these and other initiatives, we have made progress towards reducing our carbon footprint. It is possible, however, that our customers and investors might not be satisfied with our sustainability effortsmay impose upon us new or ~~the speed of their adoption. If we do not meet our customers' or stockholders' expectations, our business and/or our share price could be harmed.~~

unexpected costs. Concern about climate change in various jurisdictions may result in more stringent laws and regulatory requirements regarding emissions of carbon dioxide or other GHGs. ~~As described above under "RISK FACTORS - Environmental regulations may impose upon us new or unexpected costs," restrictions~~Restrictions on carbon dioxide or other GHG emissions could result in significant increases in operating or capital costs, including higher energy costs generally, and increased costs from carbon taxes, emission cap and trade programs and renewable portfolio standards that are imposed upon our electricity suppliers. These higher energy costs, and the cost of complying across our global platform or of failing to comply with these and any other climate change regulations, may have an adverse effect on our business and our results of operations.

We may fail to achieve our environmental goals which may adversely affect public perception of our business and affect our relationship with our customers and/or our stockholders.

We have prioritized sustainability and have established long term goals of using 100% clean and renewable energy and reducing our GHG emissions from our operations and supply chain. We also face pressure from our customers and stockholders, who are increasingly focused on climate change, to prioritize renewable energy procurement, reduce our carbon footprint and promote sustainable practices. To address these goals and concerns, where possible, we plan to continue to scale our renewable energy strategy, seek low-carbon alternatives for traditional fuel sources and refrigerants, and pursue opportunities to improve energy and water efficiency. As a result of these and other initiatives, we intend to make progress towards reducing our environmental impact and global carbon footprint, as well as ensuring our business remains viable in a low-carbon economy. It is possible, however, that we may fail to reach our stated environmental goals in a timely manner or that our customers and stockholders might not be satisfied with our sustainability efforts or the speed of their adoption. A failure to meet our goals could adversely affect public perception of our business, employee morale or customer or stockholder support. If we do not meet our customers' or stockholders' expectations, our business and/or our share price could be harmed.

Risks Related to Certain Regulations and Laws, Including Tax Laws

Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.

We are a U.S. company with global subsidiaries and are subject to income and other taxes in the U.S. (although currently limited due to our taxation as a REIT) and many foreign jurisdictions. Significant judgment is required in determining our worldwide provision for income and other taxes. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of changes to the tax laws and interpretations thereof. For example, we are currently undergoing audits ~~and appealing the tentative assessments~~ in a number of jurisdictions where we operate. The final results of these audits ~~and the outcomes of the appeals~~ are uncertain and may not be resolved in our favor. Additionally, the U.S. Congress and the 2022 budget and Treasury Green Book by the current presidential administration of the U.S. ~~has~~have proposed various changes to federal income tax laws, including a potential minimum ~~tax.~~tax as well as changes to the laws governing the U.S. taxation of foreign earned income under the GILTI (Global Intangible Low Taxed Income) rules. It is unclear ~~under the current proposal~~ whether ~~such tax would apply to REITs.~~REITs might be exempt from any enacted legislation. Changes in tax laws, including the

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addition of a minimum tax threshold and to the GILTI rules, could have a material adverse effect on our tax ~~liability.~~liability and increase our REIT dividend distribution meaningfully.

The Organisation for Economic Co-operation and Development ("OECD") is an international association made up of over 30 countries including the U.S. The OECD has proposed and made numerous changes to long-standing tax principles, which, if adopted by the member countries, could have a materially adverse effect on our tax liabilities. For example, various foreign jurisdictions are starting to explore the taxation of digital service and the mechanism of levying top-up tax through the adoption of OECD tax principles which could have a negative effect on ~~Equinix’s~~our tax liability.

The ongoing COVID-19 pandemic has led to increased spending by many governments. Because of this, there could be pressure to increase taxes in the future to pay back debts and generate revenues. The nature and timing of any future changes to each jurisdiction's tax laws and the impact on our future tax liabilities because of the COVID-19 pandemic or for any other reason cannot be predicted with any accuracy but could materially and adversely impact our results of operations and financial position or cash flows.

Government regulation or failure to comply with laws and regulations may adversely affect our business.

Various laws and governmental regulations, both in the U.S. and abroad, governing internet-related services, related communications services and information technologies remain largely unsettled, even in areas where there has been some legislative action. For example, the Federal Communications Commission ("FCC") recently overturned network neutrality rules, which may result in material changes in the regulations and contribution regime affecting us and our customers. Furthermore, the U.S. Congress and state legislatures are reviewing and considering changes to the new FCC rules making the future of network neutrality uncertain. Changes to these laws and regulations could have a material adverse effect on us and our customers. There may also be forthcoming regulation in the U.S. on a federal or state level in the areas of cybersecurity, data privacy, sustainability, taxation and data security, any of which could impact ~~Equinix~~us and our customers. Similarly, data privacy regulations continue to evolve and must be addressed by Equinix as a global company.

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We remain focused on whether and how existing and changing laws, such as those governing intellectual property, privacy, libel, telecommunications services, data flows/data localization, carbon emissions impact, competition and antitrust, and taxation apply to our business and those which might have a material effect on our customers’ decisions to purchase our ~~services.~~services and solutions. Substantial resources may be required to comply with regulations or bring any non-compliant business practices into compliance with such regulations. In addition, the continuing development of the market for online commerce and the displacement of traditional telephony service by the internet and related communications services may prompt an increased call for more stringent consumer protection laws or other regulation both in the U.S. and abroad that may impose additional burdens on companies conducting business online and their service providers.

While our business and IBX data centers are currently all operational and have been designated "critical infrastructure" or "essential services" in order to remain open in many jurisdictions during the ongoing COVID-19 pandemic, any regulations restricting our ability to operate our business due to the COVID-19 pandemic could have a material adverse effect on our business. Additionally, the "essential services" and "critical infrastructure" designations we have experienced could lead countries or local regulators to impose additional regulations on the data center industry due to the COVID-19 pandemic in order to have better visibility and control over our industry for future events.

We strive to comply with all laws and regulations that apply to our business. However, as these laws evolve, they can be subject to varying interpretations and ~~regulator~~regulatory discretion. To the extent a regulator or court disagrees with our interpretation of these laws and determines that our practices are not in compliance with applicable laws and regulations, we could be subject to civil and criminal penalties that could adversely affect our business operations. The adoption, or modification of laws or regulations relating to the internet and our business, or interpretations of existing laws, could have a material adverse effect on our business, financial condition and results of operations.

Risks Related to Our Taxation as a REIT

We may not remain qualified for taxation as a REIT.

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We elected to be taxed as a REIT for U.S. federal income tax purposes beginning with our 2015 taxable year. We believe that our organization and method of operation comply with the rules and regulations promulgated under the Internal Revenue Code of 1986, as amended (the "Code"), such that we will continue to qualify for taxation as a REIT. However, we cannot assure you that we have qualified for taxation as a REIT or that we will remain so qualified. Qualification for taxation as a REIT involves the application of highly technical and complex provisions of the Code to our operations as well as various factual determinations concerning matters and circumstances not entirely within our control. There are limited judicial or administrative interpretations of applicable REIT provisions of the Code.

If, in any taxable year, we fail to remain qualified for taxation as a REIT and are not entitled to relief under the Code:

•we will not be allowed a deduction for distributions to stockholders in computing our taxable income;

•we will be subject to ~~the~~ U.S. federal and state income tax on our taxable income at regular corporate income tax rates; and

•we would not be eligible to elect REIT status again until the fifth taxable year that begins after the first year for which we failed to qualify for taxation as a REIT.

Any such corporate tax liability could be substantial and would reduce the amount of cash available for other purposes. If we fail to remain qualified for taxation as a REIT, we may need to borrow additional funds or liquidate some investments to pay any additional tax liability. Accordingly, funds available for investment and distributions to stockholders could be reduced.

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As a REIT, failure to make required distributions would subject us to federal corporate income tax.

We paid a quarterly distribution in March of ~~2021~~2022 and have declared a quarterly distribution to be paid on June ~~16, 2021.~~15, 2022. The amount, timing and form of any future distributions will be determined, and will be subject to adjustment, by our Board of Directors. To remain qualified for taxation as a REIT, we are generally required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gain) each year, or in limited circumstances, the following year, to our stockholders. Generally, we expect to distribute all or substantially all of our REIT taxable income. If our cash available for distribution falls short of our estimates, we may be unable to maintain distributions that approximate our REIT taxable income and may fail to remain qualified for taxation as a REIT. In addition, our cash flows from operations may be insufficient to fund required distributions as a result of differences in timing between the actual receipt of income and the payment of expenses and the recognition of income and expenses for federal income tax purposes, or the effect of nondeductible expenditures, such as capital expenditures, payments of compensation for which Section 162(m) of the Code denies a deduction, interest expense deductions limited by Section 163(j) of the Code, the creation of reserves or required debt service or amortization payments.

To the extent that we satisfy the 90% distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to federal corporate income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax on our undistributed taxable income if the actual amount that we distribute to our stockholders for a calendar year is less than the minimum amount specified under the Code.

~~We may be required to borrow funds, sell assets or raise equity to satisfy our REIT distribution requirements.~~

Due to the size and timing of future distributions, including any distributions made to satisfy REIT distribution requirements, we may need to borrow funds, sell assets or raise equity, even if the then-prevailing market conditions are not favorable for these borrowings, sales or offerings.

Any insufficiency of our cash flows to cover our REIT distribution requirements could adversely impact our ability to raise short- and long-term debt, to sell assets, or to offer equity securities in order to fund distributions required to maintain our qualification and taxation as a REIT. Furthermore, the REIT distribution requirements may increase the financing we need to fund capital expenditures, future growth and expansion initiatives. This would increase our indebtedness. A significant increase in our outstanding debt could lead to a downgrade of our credit rating. A downgrade of our credit rating could negatively impact our ability to access credit markets. Further, certain of our current debt instruments limit the amount of indebtedness we and our subsidiaries may incur. Significantly more financing, therefore, may be unavailable, more expensive or restricted by the terms of our outstanding indebtedness. For a discussion of risks related to our substantial level of indebtedness, see other risks described elsewhere in this Quarterly Report on Form 10-Q.

Whether we issue equity, at what price and the amount and other terms of any such issuances will depend on many factors, including alternative sources of capital, our then-existing leverage, our need for additional capital, market conditions and other factors beyond our control. If we raise additional funds through the issuance of equity securities or debt convertible into equity securities, the percentage of stock ownership by our existing stockholders may be reduced. In addition, new equity securities or convertible debt securities could have rights, preferences and privileges senior to those of our current stockholders, which could substantially decrease the value of our securities owned by them. Depending on the share price we are able to obtain, we may have to sell a significant number of shares in order to raise the capital we deem necessary to execute our long-term strategy, and our stockholders may experience dilution in the value of their shares as a result.

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Complying with REIT requirements may limit our flexibility or cause us to forgo otherwise attractive opportunities.

To remain qualified for taxation as a REIT for U.S. federal income tax purposes, we must satisfy tests concerning, among other things, the sources of our income, the nature and diversification of our assets and the amounts we distribute to our stockholders. For example, under the Code, no more than 20% of the value of the assets of a REIT may be represented by securities of one or more TRSs. Similar rules apply to other nonqualifying assets. These limitations may affect our ability to make large investments in other non-REIT qualifying operations or assets. In addition, in order to maintain our qualification for taxation as a REIT, we must distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains. Even if we maintain our qualification for taxation as a REIT, we will be subject to U.S. federal income tax at regular corporate income tax rates for our undistributed REIT taxable income, as well as U.S. federal income tax at regular corporate income tax rates for income recognized by our TRSs; we also pay taxes in the foreign jurisdictions in which our international assets and operations are held and conducted regardless of our qualification for taxation as a REIT. Because of these distribution requirements, we will likely not be able to fund future capital needs and investments from operating cash flow. As such, compliance with REIT tests may hinder our ability to make certain attractive investments, including the purchase of significant nonqualifying assets and the material expansion of non-real estate activities.

Our ~~ability to fully deduct our interest expense may be limited, or we may be required to adjust the tax depreciation~~extensive use of TRSs, including for certain of our ~~real property in order~~international operations, may cause us to ~~maintain the full deductibility of our interest expense.~~fail to remain qualified for taxation as a REIT.

Our operations include an extensive use of TRSs. The ~~Code limits interest deductions for businesses, whether in corporate or passthrough form, to the sum~~net income of ~~the taxpayer's business interest income for the tax year and 30% of the taxpayer's adjusted taxable income for that tax year. This limitation does~~our TRSs is not apply to an "electing real property trade or business". Although REITs are permitted to make such an election, we do not currently intend to do so. If we so elect in the future, depreciable real property that we hold (including specified improvements) would be required to be ~~depreciated for U.S. federal~~distributed to our QRSs, and income ~~tax purposes under~~that is not distributed to our QRSs generally is not subject to the ~~alternative depreciation system of the Code, which generally imposes a class life for depreciable real property as long as 40 years.~~

~~As a~~ REIT ~~we are limited in our ability to fund~~income distribution ~~payments using cash generated through our TRSs.~~

requirement. Our ability to receive distributions from our TRSs is limited by the rules with which we must comply to maintain our qualification for taxation as a REIT. In particular, at least 75% of our gross income for each taxable year as a REIT must be derived from real estate. Consequently, no more than 25% of our gross income may consist of dividend income from our TRSs and other nonqualifying types of income. Thus, our ability to receive distributions from our TRSs may be limited and may impact our ability to fund distributions to our stockholders using cash flows from our TRSs. Specifically, if our TRSs become highly profitable, we might become limited in our ability to receive net income from our TRSs in an amount required to fund distributions to our stockholders commensurate with that profitability.

In addition, a significant amount of our income and cash flows from our TRSs is generated from our international operations. In many cases, there are local withholding taxes and currency controls that may impact our ability or willingness to repatriate funds to the United States to help satisfy REIT distribution requirements.

~~Our extensive use of TRSs, including for certain of our international operations, may cause us to fail to remain qualified for taxation as a REIT.~~

Our operations include an extensive use of TRSs. The net income of our TRSs is not required to be distributed to us, and income that is not distributed to us generally is not subject to the REIT income distribution requirement. However,Further, there may be limitations on our ability to accumulate earnings in our TRSs and the accumulation or reinvestment of significant earnings in our TRSs could result in adverse tax treatment. In particular, if the accumulation of cash in our TRSs causes (1) the fair market value of our securities in our TRSs to exceed 20% of the fair market value of our assets or (2) the fair market value of our securities in our TRSs and other nonqualifying assets to exceed 25% of the fair market value of our assets, then we will fail to remain qualified for taxation as a REIT. Further, a substantial portion of our TRSs are overseas, and a material change in foreign currency rates could also negatively impact our ability to remain qualified for taxation as a REIT.

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The Code imposes limitations on the ability of our TRSs to utilize specified income tax deductions, including limits on the use of net operating losses and limits on the deductibility of interest expense.

~~Our cash distributions are not guaranteed and may fluctuate.~~

~~A REIT generally is required to distribute at least 90% of its REIT taxable income to its stockholders.~~

Our Board of Directors, in its sole discretion, will determine on a quarterly basis the amount of cash to be distributed to our stockholders based on a number of factors including, but not limited to, our results of operations, cash flow and capital requirements, economic conditions, tax considerations, borrowing capacity and other factors, including debt covenant restrictions that may impose limitations on cash payments, future acquisitions and divestitures and any stock repurchase program. Consequently, our distribution levels may fluctuate.

Even if we remain qualified for taxation as a REIT, some of our business activities are subject to corporate level income tax and foreign taxes, which will continue to reduce our cash flows, and we will have potential deferred and contingent tax liabilities.

Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes, including taxes on any undistributed income, and state, local or foreign income, franchise, property and transfer taxes. In addition, we could in certain circumstances be required to pay an excise or penalty tax, which could be significant in amount, in respect of dealer property income or in order to utilize one or more relief provisions under the Code to maintain our qualification for taxation as a REIT.

A portion of our business is conducted through wholly-owned TRSs because certain of our business activities could generate nonqualifying REIT income as currently structured and operated. The income of our U.S. TRSs will continue to be subject to federal and state corporate income taxes. In addition, our international assets and operations will continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. Any of these taxes would decrease our earnings and our available cash.

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We will also be subject to a U.S. federal corporate level income tax at the highest regular corporate income tax rate ~~(currently 21%)~~ on gain recognized from a sale of a REIT asset where our basis in the asset is determined by reference to the basis of the asset in the hands of a C corporation (such as an asset that we or our QRSs hold following the liquidation or other conversion of a former TRS). This ~~21%~~ tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset, to the extent of the built-in-gain based on the fair market value of such asset on the date we first held the asset as a REIT asset.

~~Complying with REIT requirements may limit our ability to hedge effectively and increase the cost of our hedging and may cause us to incur tax liabilities.~~

The REIT provisions of the Code limit our ability to hedge assets, liabilities, revenues and expenses. Generally, income from hedging transactions that we enter into to manage risk of interest rate changes or fluctuations with respect to borrowings made or to be made by us to acquire or carry real estate assets and income from certain currency hedging transactions related to our non-U.S. operations, as well as income from qualifying counteracting hedges, do not constitute "gross income" for purposes of the REIT gross income tests. To the extent that we enter into other types of hedging transactions, the income from those transactions may be treated as nonqualifying income for purposes of the REIT gross income tests. As a result of these rules, we have from time to time limited our use of advantageous hedging techniques or implemented those hedges through our TRSs, and our future hedging strategies may continue to be so affected. This increases the cost of our hedging activities because our TRSs are subject to tax on income or gains resulting from hedges entered into by them and may expose us to greater risks associated with changes in interest rates or exchange rates than we would otherwise want to bear. In addition, hedging losses in any of our TRSs may not provide any tax benefit, except for being carried forward for possible use against future income or gain in the TRSs. As a result, our financial performance, including our AFFO, may also fluctuate.

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~~Distributions payable by REITs generally do not qualify for preferential tax rates.~~

Dividends payable by U.S. corporations to noncorporate stockholders, such as individuals, trusts and estates, are generally eligible for reduced U.S. federal income tax rates applicable to "qualified dividends." Distributions paid by REITs generally are not treated as "qualified dividends" under the Code, and the reduced rates applicable to such dividends do not generally apply. However, for tax years beginning before 2026, REIT dividends paid to noncorporate stockholders that meet specified holding period requirements are generally taxed at an effective tax rate lower than applicable ordinary income tax rates due to the availability of a deduction under the Code for specified forms of income from passthrough entities. More favorable rates will nevertheless continue to apply to regular corporate "qualified" dividends, which may cause some investors to perceive that an investment in a REIT is less attractive than an investment in a non-REIT entity that pays dividends, thereby reducing the demand and market price of our common stock.

Our certificate of incorporation contains restrictions on the ownership and transfer of our stock, though they may not be successful in preserving our qualification for taxation as a REIT.

In order for us to remain qualified for taxation as a REIT, no more than 50% of the value of outstanding shares of our stock may be owned, beneficially or constructively, by five or fewer individuals at any time during the last half of each taxable year. In addition, rents from "affiliated tenants" will not qualify as qualifying REIT income if we own 10% or more by vote or value of the customer, whether directly or after application of attribution rules under the Code. Subject to certain exceptions, our certificate of incorporation prohibits any stockholder from owning, beneficially or constructively, more than (i) 9.8% in value of the outstanding shares of all classes or series of our capital stock or (ii) 9.8% in value or number, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock. We refer to these restrictions collectively as the "ownership limits" and we included them in our certificate of incorporation to facilitate our compliance with REIT tax rules. The constructive ownership rules under the Code are complex and may cause the outstanding stock owned by a group of related individuals or entities to be deemed to be constructively owned by one individual or entity. As a result, the acquisition of less than 9.8% of our outstanding common stock (or the outstanding shares of any class or series of our stock) by an individual or entity could cause that individual or entity or another individual or entity to own constructively in excess of the relevant ownership limits. Any attempt to own or transfer shares of our common stock or of any of our other capital stock in violation of these restrictions may result in the shares being automatically transferred to a charitable trust or may be void. Even though our certificate of incorporation contains the ownership limits, there can be no assurance that these provisions will be effective to prevent our qualification for taxation as a REIT from being jeopardized, including under the affiliated tenant rule. Furthermore, there can be no assurance that we will be able to monitor and enforce the ownership limits. If the restrictions in our certificate of incorporation are not effective and, as a result, we fail to satisfy the REIT tax rules described above, then absent an applicable relief provision, we will fail to remain qualified for taxation as a REIT.

In addition, the ownership and transfer restrictions could delay, defer or prevent a transaction or a change in control that might involve a premium price for our stock or otherwise be in the best interest of our stockholders. As a result, the overall effect of the ownership and transfer restrictions may be to render more difficult or discourage any attempt to acquire us, even if such acquisition may be favorable to the interests of our stockholders.

~~Legislative or other actions affecting REITs could have a negative effect on us or our stockholders.~~

At any time, the U.S. federal or state income tax laws governing REITs, or the administrative interpretations of those laws, may be amended. The U.S. federal and state tax laws are constantly under review by persons involved in the legislative process, the Internal Revenue Service, the U.S. Department of the Treasury and state taxing authorities. Changes to the tax laws, regulations and administrative interpretations, which may have retroactive application, could adversely affect us. In addition, some of these changes could have a more significant impact on us as compared to other REITs due to the nature of our business and our substantial use of TRSs, particularly non-U.S. TRSs.

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~~We could incur adverse tax consequences if we fail to integrate an acquisition target in compliance with the requirements to qualify for taxation as a REIT.~~

We periodically explore and occasionally consummate merger and acquisition transactions. When we consummate these transactions, we structure the acquisition to successfully manage the REIT income, asset, and distribution tests that we must satisfy. We believe that we have and will in the future successfully integrate our acquisition targets in a manner that has and will allow us to timely satisfy the REIT tests applicable to us, but if we failed or in the future fail to do so, then we could jeopardize or lose our qualification for taxation as a REIT, particularly if we were not eligible to utilize relief provisions set forth in the Code.

General Risk Factors

Adverse global economic conditions, like the ones we are currently experiencing, ~~during the COVID-19 pandemic,~~ could adversely impact our business and financial condition.

Adverse global economic conditions like the ones we are currently experiencing because of global inflation, the ~~COVID-19 pandemic~~increased cost of power, and ~~uncertain conditions in the credit markets~~supply chain issues have created, and in the future may increase, risk to our financial outlook. We are experiencing these issues in various aspects of our business. As discussed above, our efforts to mitigate the risks associated with these global economic conditions may not be successful and our business and growth could be adversely affected.

The uncertain global economy could also result in material churn in our customer base, reductions in revenues from our offerings, adverse effects to our DSO, longer sales cycles, slower adoption of new technologies and increased price competition, which could adversely affect our liquidity. Customers and vendors filing for bankruptcy could also lead to costly and time-intensive actions with adverse effects, including greater difficulty or delay in accounts receivable collection. The uncertain economic environment could also have an impact on our foreign exchange forward contracts if our counterparties' credit deteriorates or if they are otherwise unable to perform their obligations. Finally, volatility in the financial markets like we are currently experiencing could affect our ability to access the capital markets at a time when we desire, or need, to do so which could have an impact on our flexibility to pursue additional expansion opportunities and maintain our desired level of revenue growth in the future.

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The market price of our stock may continue to be highly volatile, and the value of an investment in our common stock may decline.

The market price of the shares of our common stock has recently been and may continue to be highly volatile. General economic and market conditions, like the ~~current instability due to the COVID-19 pandemic,~~ones we are currently experiencing, and market conditions for telecommunications and ~~real estate investment trust~~REIT stocks in general, may affect the market price of our common stock.

Announcements by us or others, or speculations about our future plans, may also have a significant impact on the market price of our common stock. These may relate to:

•news or regulations regarding the ongoing COVID-19 pandemic;

•our results of operations or forecasts;

•new issuances of equity, debt or convertible debt by us, including issuances through our 2020 ATM Program;

•increases in market interest rates and changes in other general market and economic conditions, including inflationary concerns;

•changes to our capital allocation, tax planning or business strategy;

•our qualification for taxation as a REIT and our declaration of distributions to our stockholders;

•changes in U.S. or foreign tax laws;

•changes in management or key personnel;

•developments in our relationships with customers;

•announcements by our customers or competitors;

•changes in regulatory policy or interpretation;

•governmental investigations;

•changes in the ratings of our debt or stock by rating agencies or securities analysts;

•our purchase or development of real estate and/or additional IBX data centers;

•our acquisitions of complementary businesses; or

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•the operational performance of our IBX data centers.

The stock market has from time to time experienced extreme price and volume fluctuations, which have particularly affected the market prices for telecommunications companies, and which have often been unrelated to their operating performance. These broad market fluctuations may adversely affect the market price of our common stock. One of the factors that investors may consider in deciding whether to buy or sell our common stock is our distribution rate as a percentage of our stock price relative to market interest rates. If market interest rates increase, prospective investors may demand a higher distribution rate or seek alternative investments paying higher dividends or interest. As a result, interest rate fluctuations and conditions in the capital markets may affect the market value of our common stock. Furthermore, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and/or damages, and divert management's attention from other business concerns, which could seriously harm our business.

Inadequate or inaccurate external and internal information, including budget and planning data, could lead to inaccurate financial forecasts and inappropriate financial decisions.

Our financial forecasts are dependent on estimates and assumptions regarding budget and planning data, market growth, foreign exchange rates, our ability to remain qualified for taxation as a REIT, and our ability to generate sufficient cash flow to reinvest in the business, fund internal growth, make acquisitions, pay dividends and meet our debt obligations. Our financial projections are based on historical experience and on various other assumptions that our management believes to be reasonable under the circumstances and at the time they are made.

~~The ongoing COVID-19 pandemic is expected have a material effect on many aspects of the economy, but the extent of its impact on Equinix is difficult to predict at this time.~~ We continue to evolve our forecasting models as the ~~situation~~ongoing COVID-19 pandemic unfolds but if our predictions are inaccurate and our results differ materially from our forecasts, we could make inappropriate financial decisions.

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Additionally, inaccuracies in our models could adversely impact our compliance with REIT asset tests, future profitability, stock price and/or stockholder confidence.

If our internal controls are found to be ineffective, our financial results or our stock price may be adversely affected.

Our most recent evaluation of our controls resulted in our conclusion that, as of December 31, ~~2020,~~2021, in compliance with Section 404 of the Sarbanes-Oxley Act of 2002, our internal controls over financial reporting were effective. Our ability to manage our operations and growth through, for example, the integration of recently acquired businesses, the adoption of new accounting principles and tax laws, and our overhaul of our back office systems that, for example, support the customer experience from initial quote to customer billing and our revenue recognition process, will require us to further develop our controls and reporting systems and implement or amend new or existing controls and reporting systems in those areas where the implementation and integration is still ongoing. All of these changes to our financial systems and the implementation and integration of acquisitions create an increased risk of deficiencies in our internal controls over financial reporting. If, in the future, our internal control over financial reporting is found to be ineffective, or if a material weakness is identified in our controls over financial reporting, our financial results may be adversely affected. Investors may also lose confidence in the reliability of our financial statements which could adversely affect our stock price.

Terrorist activity, or other acts of violence, including violence stemming from the current climate of political and economic uncertainty, could adversely impact our business.

The continued threat of terrorist activity and other acts of war or hostility both domestically and abroad by terrorist organizations, organized crime organizations, or other criminals along with violence stemming from political unrest, contribute to a climate of political and economic uncertainty in many of the regions in which we operate. Due to existing or developing circumstances, we may need to incur additional costs in the future to provide enhanced security, including cyber security and physical security, which could have a material adverse effect on our business and results of operations. These circumstances may also adversely affect our ability to attract and retain customers and employees, our ability to raise capital and the operation and maintenance of our IBX data centers.

We may be subject to securities class action and other litigation, which may harm our business and results of operations.

We may be subject to securities class action or other litigation. For example, securities class action litigation has often been brought against a company following periods of volatility in the market price of its securities. Litigation can be lengthy, expensive, and divert management's attention and resources. Results cannot be predicted with certainty and an adverse outcome in litigation could result in monetary damages or injunctive relief. Further, any payments made in settlement may directly reduce our revenue under U.S. GAAP and could negatively impact our results of operations for the period. For all of these reasons, litigation could seriously harm our business, results of operations, financial condition or cash flows.

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We may not be able to protect our intellectual property rights.

We cannot make assurances that the steps taken by us to protect our intellectual property rights will be adequate to deter misappropriation of proprietary information or that we will be able to detect unauthorized use and take appropriate steps to enforce our intellectual property rights. We also are subject to the risk of litigation alleging infringement of third-party intellectual property rights. Any such claims could require us to spend significant sums in litigation, pay damages, develop non-infringing intellectual property or acquire licenses to the intellectual property that is the subject of the alleged infringement.

We have various mechanisms in place that may discourage takeover attempts.

Certain provisions of our certificate of incorporation and bylaws may discourage, delay or prevent a third party from acquiring control of us in a merger, acquisition or similar transaction that a stockholder may consider favorable. Such provisions include:

•ownership limitations and transfer restrictions relating to our stock that are intended to facilitate our compliance with certain REIT rules relating to share ownership;

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•authorization for the issuance of "blank check" preferred stock;

•the prohibition of cumulative voting in the election of directors;

•limits on the persons who may call special meetings of stockholders;

•limits on stockholder action by written consent; and

•advance notice requirements for nominations to the Board of Directors or for proposing matters that can be acted on by stockholders at stockholder meetings.

In addition, Section 203 of the Delaware General Corporation Law, which restricts certain business combinations with interested stockholders in certain situations, may also discourage, delay or prevent someone from acquiring or merging with us.

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Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds

None.


Item 3.			Defaults Upon Senior Securities

None.


Item 4.			Mine Safety Disclosure

Not applicable.


Item 5.			Other Information

None.

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Item 6.			Exhibits

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 5/29/2015 2.1
2.2
Cooperation Agreement, dated as of May 29, 2015, by and between Equinix, Inc. and Telecity Group plc.
8-K 5/29/2015 2.2
2.3
Amendment to Cooperation Agreement, dated as of November 24, 2015, by and between Equinix, Inc. and Telecity Group plc.
10-K 12/31/2015 2.3
2.4
Transaction Agreement, dated as of December 6, 2016, by and between Verizon Communications Inc. and Equinix, Inc.
8-K 12/6/2016 2.1
2.5
Amendment No. 1 to the Transaction Agreement, dated February 23, 2017, by and between Verizon Communications Inc. and Equinix, Inc.
10-K 12/31/2016 2.5
2.6
Amendment No.2 to the Transaction Agreement, dated April 30, 2017, by and between Verizon Communications Inc. and Equinix, Inc.
8-K 5/1/2017 2.1
2.7
Amendment No.3 to the Transaction Agreement, dated June 29, 2018, by and between Verizon Communications Inc. and Equinix, Inc.
10-Q 8/8/2018 2.7
3.1
Amended and Restated Certificate of Incorporation of the Registrant, as amended to date.
10-K/A 12/31/2002 3.1
3.2
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.
8-K 6/14/2011 3.1
3.3
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.
8-K 6/11/2013 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 12/31/2002 3.3
3.6
Amended and Restated Bylaws of the Registrant.
8-K 3/29/2016 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 as of November 20, 2014, between Equinix, Inc. and U.S. Bank National Association as trustee.
8-K 11/20/2014 4.1
4.3
Fourth Supplemental Indenture, dated as of March 22, 2017 between Equinix, Inc. and U.S. Bank National Association, as trustee.
8-K 3/22/2017 4.2

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4.4 Form of 5.375% Senior Notes due 2027 (see Exhibit 4.3).
4.5
Fifth Supplemental Indenture, dated as of September 20, 2017 among Equinix, Inc. and U.S. Bank National Association, as trustee, and Elavon Financial Services DAC, UK Branch, as paying agent.
8-K 9/20/2017 4.2
4.6
Indenture, dated as of December 12, 2017, between Equinix, Inc. and U.S. Bank National Association, as trustee.
8-K 12/5/2017 4.1
4.7
Supplemental Indenture, dated as of December 12, 2017, among Equinix, Inc. and U.S. Bank National Association, as trustee, and Elavon Financial Services DAC, UK Branch, as paying agent.
8-K 12/5/2017 4.2
4.8 Form of 2.875% Senior Notes due 2026 (see Exhibit 4.7).
4.9
Third Supplemental Indenture, dated as of April 2, 2018, among Equinix, Inc. and U.S. Bank National Association, as trustee.
8-K 4/3/2018 4.2
4.10 Form of 5.00% Senior Notes due October 2020 (see Exhibit 4.9).
4.11 Form of 5.00% Senior Notes due April 2021 (see Exhibit 4.9).
4.12
Fourth Supplemental Indenture, dated as of November 18,2019, among Equinix, Inc and U.S. Bank National Association, as trustee.
8-K 11/18/2019 4.2
4.13 Form of 2.625% Senior Notes due 2024 (See Exhibit 4.12).
4.14
Fifth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as trustee.
8-K 11/18/2019 4.4
4.15 Form of 2.900% Senior Notes due 2026 (See Exhibit 4.14).
4.16
Sixth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as trustee.
8-K 11/18/2019 4.6
4.17 Form of 3.200% Senior Notes due 2029 (See Exhibit 4.16) 8-K 6/22/2020
4.18
Seventh Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee
8-K 6/22/2020 4.2
4.19 Form of 1.250% Senior Note due 2025 (See Exhibit 4.18) 8-K 6/22/2020 4.3
4.20
Eighth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee
8-K 6/22/2020 4.4
4.21 Form of 1.800% Senior Note due 2027 (See Exhibit 4.20) 8-K 6/22/2020 4.5
4.22
Ninth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee
8-K 6/22/2020 4.6

Incorporated by Reference

Exhibit Number

Exhibit Description

Form

Filing Date/
Period End Date

Exhibit

Filed
Herewith

2.1

Rule 2.7 Announcement, dated as of May 29, 2015. Recommended Cash and Share Offer for Telecity Group plc by Equinix, Inc.

8-K

5/29/2015

2.1

2.2

Cooperation Agreement, dated as of May 29, 2015, by and between Equinix, Inc. and Telecity Group plc.

8-K

5/29/2015

2.2

2.3

Amendment to Cooperation Agreement, dated as of November 24, 2015, by and between Equinix, Inc. and Telecity Group plc.

10-K

12/31/2015

2.3

2.4

Transaction Agreement, dated as of December 6, 2016, by and between Verizon Communications Inc. and Equinix, Inc.

8-K

12/6/2016

2.1

2.5

Amendment No. 1 to the Transaction Agreement, dated February 23, 2017, by and between Verizon Communications Inc. and Equinix, Inc.

10-K

12/31/2016

2.5

2.6

Amendment No.2 to the Transaction Agreement, dated April 30, 2017, by and between Verizon Communications Inc. and Equinix, Inc.

8-K

5/1/2017

2.1

2.7

Amendment No.3 to the Transaction Agreement, dated June 29, 2018, by and between Verizon Communications Inc. and Equinix, Inc.

10-Q

8/8/2018

2.7

3.1

Amended and Restated Certificate of Incorporation of the Registrant, as amended to date.

10-K/A

12/31/2002

3.1

3.2

Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.

8-K

6/14/2011

3.1

3.3

Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant.

8-K

6/11/2013

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

12/31/2002

3.3

3.6

Amended and Restated Bylaws of the Registrant.

8-K

4/13/2022

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 as of November 20, 2014, between Equinix, Inc. and U.S. Bank National Association as trustee.

8-K

11/20/2014

4.1

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4.23 Form of 2.150% Senior Note due 2030 (see Exhibit 4.22) 8-K 6/22/2020 4.7
4.24
Tenth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee
8-K 6/22/2020 4.8
4.25 Form of 3.000% Senior Note due 2050 (See Exhibit 4.24) 8-K 6/22/2020 4.9
4.26
Eleventh Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee
8-K 10/7/2020 4.2
4.27 Form of 1.000% Senior Note due 2025 (included in Exhibit 4.26) 8-K 10/7/2020 4.3
4.28
Twelfth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee
8-K 10/7/2020 4.4
4.29 Form of 1.550% Senior Note due 2028 (included in Exhibit 4.28) 8-K 10/7/2020 4.5
4.30
Thirteenth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee
8-K 10/7/2020 4.6
4.31 Form of 2.950% Senior Note due 2051 (included in Exhibit 4.30) 8-K 10/7/2020 4.7
4.32
Fourteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as trustee
8-K 2/24/2021 4.2
4.33 Form of 0.250% Senior Note due 2027 (included in Exhibit 4.32) 8-K 2/24/2021 4.3
4.34
Fifteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as trustee
8-K 2/24/2021 4.4
4.35 Form of 1.000% Senior Note due 2033 (included in Exhibit 4.34) 8-K 2/24/2021 4.5
4.36
Form of Registrant's Common Stock Certificate.
10-K 12/31/2014 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-K 12/31/2016 10.2
10.3**
2020 Equity Incentive Plan

DEF14A 4/27/2020 Appendix A
10.4**
Equinix, Inc. 2004 Employee Stock Purchase Plan, as amended.
10-Q 6/30/2014 10.5
10.5**
2019 Form of Revenue/AFFO per Share Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2019 10.29
10.6**
2019 Form of TSR Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2019 10.30
10.7**
2019 Form of Time-Based Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2019 10.31


4.3	Fourth Supplemental Indenture, dated as of March 22, 2017 between Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	3/22/2017	4.2

4.4	Form of 5.375% Senior Notes due 2027 (see Exhibit 4.3).

4.5	Fifth Supplemental Indenture, dated as of September 20, 2017 among Equinix, Inc. and U.S. Bank National Association, as trustee, and Elavon Financial Services DAC, UK Branch, as paying agent.	8-K	9/20/2017	4.2

4.6	Indenture, dated as of December 12, 2017, between Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	12/5/2017	4.1

4.7	Third Supplemental Indenture, dated as of April 2, 2018, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	4/3/2018	4.2

4.8	Form of 5.00% Senior Notes due October 2020 (see Exhibit 4.7).

4.9	Form of 5.00% Senior Notes due April 2021 (see Exhibit 4.7).

4.10	Fourth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	11/18/2019	4.2

4.11	Form of 2.625% Senior Notes due 2024 (See Exhibit 4.10).

4.12	Fifth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	11/18/2019	4.4

4.13	Form of 2.900% Senior Notes due 2026 (See Exhibit 4.12).

4.14	Sixth Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	11/18/2019	4.6

4.15	Form of 3.200% Senior Notes due 2029 (See Exhibit 4.14)	8-K	6/22/2020

4.16	Seventh Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	6/22/2020	4.2

4.17	Form of 1.250% Senior Note due 2025 (See Exhibit 4.16)	8-K	6/22/2020	4.3

4.18	Eighth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	6/22/2020	4.4

4.19	Form of 1.800% Senior Note due 2027 (See Exhibit 4.18)	8-K	6/22/2020	4.5

4.20	Ninth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	6/22/2020	4.6

4.21	Form of 2.150% Senior Note due 2030 (see Exhibit 4.20)	8-K	6/22/2020	4.7

4.22	Tenth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	6/22/2020	4.8

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10.8**
2020 Form of Revenue/AFFO per Share Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2020 10.19
10.9**
2020 Form of TSR Restricted Stock Unit Agreement for Executives.
10-Q 3/31/2020 10.20
10.10**
2020 Form of Time-Based Restricted Stock Agreement for Executives.
10-Q 3/31/2020 10.21
10.11**
2021 Form of Revenue/AFFO per Share Restricted Stock Unit Agreement for Executives.
X
10.12**
2021 Form of TSR Restricted Stock Unit Agreement for Executives.
X
10.13**
2021 Form of Time-Based Restricted Stock Unit Agreement for Executives.
X
10.14**
2021 Equinix, Inc. Annual Incentive Plan.
X
10.15
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 9/30/2014 10.67
10.16
Share Purchase Agreement with Digital Realty Trust, L.P., relating to the sale and purchase of shares in TelecityGroup UK LON Limited, Telecity Netherlands AMS01 AMS04 BV, Equinix Real Estate (TCY AMS04) B.V. and TelecityGroup Germany Fra2 GmbH, dated May 14, 2016.
10-Q 6/30/2016 10.55
10.17
Credit Agreement dated as of December 12, 2017 among Equinix, Inc. as Borrower, The Guarantors Parties (defined therein), Bank of America, N.A., as Administrative Agent, Lender and L/C issuer, Barclays Bank PLS, Goldman Sachs Bank USA, HSBC Securities (USA) Inc. ING Capital LLC, TD Securities (USA) LLC, and Wells Fargo Bank, National Association as Co-Documentation Agents, the Other Lenders Party (defined therein) and Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG, and RBC Capital Markets as Joint Lead Arrangers and Joint Book Runners.
10-K 12/31/2017 10.40
10.18
Consent and First Amendment to Credit Agreement, dated as of June 28, 2018 by and among Equinix, Inc. as Borrower, the Guarantors (defined therein), the Lenders (as such term is defined in the Credit Agreement referred to therein), and BANK OF AMERICA, N.A., as Administrative Agent.
10-Q 8/8/2018 10.35
10.19
Second Amendment to Credit Agreement, dated as of July 26, 2018, by and between Equinix, Inc. as Borrower, the financial institutions defined therein, MUFG Bank, Ltd., as Technical Agent and Bank of America, N.A. as Administrative Agent, under that certain Credit Agreement dated December 12, 2017.
10-Q 8/8/2018 10.36


4.23	Form of 3.000% Senior Note due 2050 (See Exhibit 4.22)	8-K	6/22/2020	4.9

4.24	Eleventh Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	10/7/2020	4.2

4.25	Form of 1.000% Senior Note due 2025 (included in Exhibit 4.24)	8-K	10/7/2020	4.3

4.26	Twelfth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	10/7/2020	4.4

4.27	Form of 1.550% Senior Note due 2028 (included in Exhibit 4.26)	8-K	10/7/2020	4.5

4.28	Thirteenth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	10/7/2020	4.6

4.29	Form of 2.950% Senior Note due 2051 (included in Exhibit 4.28)	8-K	10/7/2020	4.7

4.30	Fourteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	3/11/2021	4.2

4.31	Form of 0.250% Senior Note due 2027 (included in Exhibit 4.30)	8-K	3/11/2021	4.3

4.32	Fifteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as trustee.	8-K	3/11/2021	4.4

4.33	Form of 1.000% Senior Note due 2033 (included in Exhibit 4.32)	8-K	3/11/2021	4.5

4.34	Sixteenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank.	8-K	5/17/2021	4.2

4.35	Form of 1.450% Senior Note due 2026 (included in Exhibit 4.34)	8-K	5/17/2021	4.3

4.36	Seventeenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.	8-K	5/17/2021	4.4

4.37	Form of 2.000% Senior Note due 2028 (included in Exhibit 4.36)	8-K	5/17/2021	4.5

4.38	Eighteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.	8-K	5/17/2021	4.6

4.39	Form of 2.500% Senior Note due 2031 (included in Exhibit 4.38)	8-K	5/17/2021	4.7

4.40	Nineteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee.	8-K	5/17/2021	4.8

4.41	Form of 3.400% Senior Note due 2052 (included in Exhibit 4.40)	8-K	5/17/2021	4.9

4.42	Twentieth Supplemental Indenture, dated as of April 5, 2022, between Equinix, Inc. and U.S. Bank Trust Company National Association, as trustee.	8-K	4/5/2022	4.2

Ta b leTable of Contents

10.20
Third Amendment to Credit Agreement, dated as of April 26, 2019, by and among Equinix, Inc., Delaware corporation ("Equinix" or the "Borrower"), each "Lender" (as such term is defined in the Credit Agreement referred to therein) party hereto, and BANK OF AMERICA, N.A., as Administrative Agent, under that certain Credit Agreement dated December 12, 2017.
10-Q 6/30/2019 10.34
10.21
Credit Agreement dated April 15, 2020, by and among Equinix, as borrower, a syndicate of financial institutions, as lenders, MUFG Bank, Ltd.as administrative agent, and MUFG Union Bank, N.A., Sumitomo, Mitsui Banking Corporation, TD Securities (USA) LLC and Mizuho Bank, Ltd., as joint lead arrangers.
10-Q 6/30/2020 10.25

10.22**
Relocation Letter Agreement by and between Equinix, Inc. and Charles Meyers dated October 12, 2018.
10-K 2/22/2019 10.37
10.23**
Change in Control Severance Agreement between Equinix, Inc and Mike Campbell dated October 3, 2019.
10-Q 9/30/2019 10.25
10.24**
Change in Control Severance Agreement between Equinix, Inc and Brandi Galvin Morandi dated October 3, 2019.
10-Q 9/30/2019 10.26
10.25**
Change in Control Severance Agreement between Equinix, Inc and Karl Strohmeyer dated October 3, 2019.
10-Q 9/30/2019 10.27
10.26**
Change in Control Severance Agreement between Equinix, Inc and Peter Van Camp dated October 3, 2019.
10-Q 9/30/2019 10.28
10.27**
Change in Control Severance Agreement between Equinix, Inc and Charles Meyers dated October 4, 2019.
10-Q 9/30/2019 10.29
10.28**
Change in Control Severance Agreement between Equinix, Inc and Keith Taylor dated October 3, 2019.
10-Q 9/30/2019 10.31
10.29**
Change in Control Severance Agreement between Equinix, Inc and Sara Baack dated October 3, 2019.
10-Q 9/30/2019 10.32
10.30**
Side Letter Agreement Regarding RSUs between Equinix, Inc. and Sara Baack dated October 3, 2019.
10-Q 9/30/2019 10.33
10.31**
Side Letter Agreement Regarding RSUs between Equinix, Inc. and Charles Meyers dated October 4, 2019.
10-Q 9/30/2019 10.34
10.32**
Side Letter Agreement Regarding RSUs between Equinix, Inc. and Keith Taylor dated October 3, 2019.
10-Q 9/30/2019 10.36
10.33**
Side Letter Agreement Regarding RSUs between Equinix, Inc. and Mike Campbell dated October 3, 2019.
10-Q 9/30/2019 10.37
10.34**
Side Letter Agreement Regarding RSUs between Equinix, Inc. and Brandi Galvin Morandi dated October 3, 2019.
10-Q 9/30/2019 10.38

4.43

Form of 3.900% Senior Note due 2032 (included in Exhibit 4.42)

8-K

4/5/2022

4.3

4.44

Form of Registrant's Common Stock Certificate.

10-K

12/31/2014

4.13

4.45

Description of Securities

10-K

12/31/2022

4.43

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-K

12/31/2016

10.2

10.3**

2020 Equity Incentive Plan

DEF14A

4/27/2020

Appendix A

10.4**

Equinix, Inc. 2004 Employee Stock Purchase Plan, as amended.

10-Q

6/30/2014

10.5

10.5**

2020 Form of Revenue/AFFO per Share Restricted Stock Unit Agreement for Executives.

10-Q

3/31/2020

10.19

10.6**

2020 Form of TSR Restricted Stock Unit Agreement for Executives.

10-Q

3/31/2020

10.20

10.7**

2020 Form of Time-Based Restricted Stock Agreement for Executives.

10-Q

3/31/2020

10.21

10.8**

2021 Form of Revenue/AFFO per Share Restricted Stock Unit Agreement for Executives.

10-Q

3/31/2021

10.11

10.9**

2021 Form of TSR Restricted Stock Unit Agreement for Executives.

10-Q

3/31/2021

10.12

10.10**

2021 Form of Time-Based Restricted Stock Unit Agreement for Executives.

10-Q

3/31/2021

10.13

10.11**

2022 Form of Revenue/AFFO per Share/Digital Services Performance Restricted Stock Unit Agreement for Executives.

10.12**

2022 Form of TSR Restricted Stock Unit Agreement for Executives.

10.13**

2022 Form of Time-Based Restricted Stock Unit Agreement for Executives.

10.14**

2022 Equinix, Inc. Annual Incentive Plan.

10.15

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

9/30/2014

10.67

10.16

Share Purchase Agreement with Digital Realty Trust, L.P., relating to the sale and purchase of shares in TelecityGroup UK LON Limited, Telecity Netherlands AMS01 AMS04 BV, Equinix Real Estate (TCY AMS04) B.V. and TelecityGroup Germany Fra2 GmbH, dated May 14, 2016.

10-Q

6/30/2016

10.55

Ta b leTable of Contents

~~10.35~~**

~~Side Letter Agreement Regarding RSUs between Equinix, Inc. and Karl Strohmeyer dated October 3, 2019.~~

~~10-Q~~

~~9/30/2019~~

~~10.39~~

~~10.36~~**

~~Side Letter Agreement Regarding RSUs between Equinix, Inc. and Peter Van Camp dated October 3, 2019.~~

~~10-Q~~

~~9/30/2019~~

~~10.40~~

~~21.1~~

~~Subsidiaries of Equinix, Inc.~~

~~31.1~~

~~Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.~~

~~31.2~~

~~Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.~~

~~32.1~~

~~Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.~~

~~32.2~~

~~Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.~~

~~101.INS~~

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~~Inline XBRL Taxonomy Extension Schema Document.~~

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~~Inline XBRL Taxonomy Extension Calculation Linkbase Document.~~

~~101.DEF~~

~~Inline XBRL Taxonomy Extension Definition Linkbase Document.~~

~~101.LAB~~

~~Inline XBRL Taxonomy Extension Label Linkbase Document.~~

~~101.PRE~~

~~Inline XBRL Taxonomy Extension Presentation Linkbase Document.~~

~~104~~

~~Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.~~


10.17	Credit Agreement dated as of December 12, 2017 among Equinix, Inc. as Borrower, The Guarantors Parties (defined therein), Bank of America, N.A., as Administrative Agent, Lender and L/C issuer, Barclays Bank PLS, Goldman Sachs Bank USA, HSBC Securities (USA) Inc. ING Capital LLC, TD Securities (USA) LLC, and Wells Fargo Bank, National Association as Co-Documentation Agents, the Other Lenders Party (defined therein) and Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG, and RBC Capital Markets as Joint Lead Arrangers and Joint Book Runners.	10-K	12/31/2017	10.40

10.18	Consent and First Amendment to Credit Agreement, dated as of June 28, 2018 by and among Equinix, Inc. as Borrower, the Guarantors (defined therein), the Lenders (as such term is defined in the Credit Agreement referred to therein), and BANK OF AMERICA, N.A., as Administrative Agent.	10-Q	8/8/2018	10.35

10.19	Second Amendment to Credit Agreement, dated as of July 26, 2018, by and between Equinix, Inc. as Borrower, the financial institutions defined therein, MUFG Bank, Ltd., as Technical Agent and Bank of America, N.A. as Administrative Agent, under that certain Credit Agreement dated December 12, 2017.	10-Q	8/8/2018	10.36

10.20	Third Amendment to Credit Agreement, dated as of April 26, 2019, by and among Equinix, Inc., Delaware corporation ("Equinix" or the "Borrower"), each "Lender" (as such term is defined in the Credit Agreement referred to therein) party hereto, and BANK OF AMERICA, N.A., as Administrative Agent, under that certain Credit Agreement dated December 12, 2017.	10-Q	6/30/2019	10.34

10.21	Credit Agreement dated April 15, 2020, by and among Equinix, as borrower, a syndicate of financial institutions, as lenders, MUFG Bank, Ltd.as administrative agent, and MUFG Union Bank, N.A., Sumitomo, Mitsui Banking Corporation, TD Securities (USA) LLC and Mizuho Bank, Ltd., as joint lead arrangers.	10-Q	6/30/2020	10.25

Table of Contents

10.22

Credit Agreement dated January 7, 2022 by and among Equinix, as borrower, a syndicate of financial institutions, as lenders, Bank of America, N.A., as administrative agent, Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., RBC Capital Markets, Goldman Sachs Bank USA and HSBC Securities (USA) Inc., as co-syndication agents, Barclays Bank PLC, BNP Paribas, Deutsche Bank AG New York Branch, ING Bank N.V., Dublin Branch, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corporation, The Bank of Nova Scotia and TD Securities (USA) LLC, as co-documentation agents, and BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., RBC Capital Markets, Goldman Sachs Bank USA and HSBC Securities (USA) Inc., as joint lead arrangers and book runners.

10-K

12/31/2021

10.22

10.23**

Relocation Letter Agreement by and between Equinix, Inc. and Charles Meyers dated October 12, 2018.

10-K

2/22/2019

10.37

10.24**

Change in Control Severance Agreement between Equinix, Inc. and Mike Campbell dated October 3, 2019.

10-Q

9/30/2019

10.25

10.25**

Change in Control Severance Agreement between Equinix, Inc. and Brandi Galvin Morandi dated October 3, 2019.

10-Q

9/30/2019

10.26

10.26**

Change in Control Severance Agreement between Equinix, Inc. and Karl Strohmeyer dated October 3, 2019.

10-Q

9/30/2019

10.27

10.27**

Change in Control Severance Agreement between Equinix, Inc. and Peter Van Camp dated October 3, 2019.

10-Q

9/30/2019

10.28

10.28**

Change in Control Severance Agreement between Equinix, Inc. and Charles Meyers dated October 4, 2019.

10-Q

9/30/2019

10.29

10.29**

Change in Control Severance Agreement between Equinix, Inc. and Keith Taylor dated October 3, 2019.

10-Q

9/30/2019

10.31

10.30**

Change in Control Severance Agreement between Equinix, Inc. and Sara Baack dated October 3, 2019.

10-Q

9/30/2019

10.32

10.31**

Side Letter Agreement Regarding RSUs between Equinix, Inc. and Sara Baack dated October 3, 2019.

10-Q

9/30/2019

10.33

10.32**

Side Letter Agreement Regarding RSUs between Equinix, Inc. and Charles Meyers dated October 4, 2019.

10-Q

9/30/2019

10.34

10.33**

Side Letter Agreement Regarding RSUs between Equinix, Inc. and Keith Taylor dated October 3, 2019.

10-Q

9/30/2019

10.36

10.34**

Side Letter Agreement Regarding RSUs between Equinix, Inc. and Mike Campbell dated October 3, 2019.

10-Q

9/30/2019

10.37

Table of Contents

10.35**

Side Letter Agreement Regarding RSUs between Equinix, Inc. and Brandi Galvin Morandi dated October 3, 2019.

10-Q

9/30/2019

10.38

10.36**

Side Letter Agreement Regarding RSUs between Equinix, Inc. and Karl Strohmeyer dated October 3, 2019.

10-Q

9/30/2019

10.39

10.37**

Side Letter Agreement Regarding RSUs between Equinix, Inc. and Peter Van Camp dated October 3, 2019.

10-Q

9/30/2019

10.40

10.38**

Separation Agreement and General Release of Claims between Equinix, Inc. and Sara Baack dated September 20, 2021.

10-Q

9/30/2021

10.37

21.1

Subsidiaries of Equinix, Inc.

23.1

Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.

10-K

12/31/21

23.1

31.1

Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104

Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

** Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate.

9092

Ta b leTable of Contents

EQUINIX, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	EQUINIX, INC.
Date: April ~~30, 2021~~29, 2022
	By:	/s/ KEITH D. TAYLOR
		Chief Financial Officer
		(Principal Financial Officer)

9193

Ta b leTable of Contents

INDEX TO EXHIBITS

Exhibit
Number

Description of Document

10.11**

~~2021~~2022 Form of Revenue/AFFO per ~~Share~~Share/Digital Services Performance Restricted Stock Unit Agreement for Executives.

10.12**

~~2021~~2022 Form of TSR Restricted Stock Unit Agreement for Executives.

10.13**

~~2021~~2022 Form of Time-Based Restricted Stock Unit Agreement for Executives.

~~10.14~~10.14****

~~2021~~2022 Equinix, Inc. Annual Incentive Plan.

21.1

Subsidiaries of Equinix, Inc.

31.1

Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

Inline XBRL Taxonomy Extension Calculation Document.

101.DEF

Inline XBRL Taxonomy Extension Definition Document.

101.LAB

Inline XBRL Taxonomy Extension Labels Document.

101. PRE

Inline XBRL Taxonomy Extension Presentation Document.

104

Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

** Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate.

9294


Delaware						77-0487526
(State of incorporation)						(I.R.S. Employer Identification No.)


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐


		Page No.

	Summary of Risk Factors	4

Part I - Financial Information

Item 1.	Condensed Consolidated Financial Statements (unaudited):	6

	Condensed Consolidated Balance Sheets as of March 31, ~~2021~~2022 and December 31, ~~2020~~2021	6

	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, ~~2021~~2022 and ~~2020~~2021	7

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, ~~2021~~2022 and ~~2020~~2021	8

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, ~~2021~~2022 and ~~2020~~2021	9

	Notes to Condensed Consolidated Financial Statements	10

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	3640

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5556

Item 4.	Controls and Procedures	5658

Part II - Other Information

Item 1.	Legal Proceedings	5759

Item 1A.	Risk Factors	5759

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	8485

Item 3.	Defaults Upon Senior Securities	8485

Item 4.	Mine Safety Disclosure	8485

Item 5.	Other Information	8485

Item 6.	Exhibits	8586

Signatures		9193

Index to Exhibits		9294


		March 31, 2021		December 31, 2020			March 31, 2022		December 31, 2021
		(Unaudited)					(Unaudited)
Assets	Assets					Assets
Current assets:	Current assets:					Current assets:
Cash and cash equivalents	Cash and cash equivalents	$	1,752,990	$	1,604,869	Cash and cash equivalents	$	1,695,305	$	1,536,358
Short-term investments		4,229		4,532
Accounts receivable, net of allowance of $10,641 and $10,677		684,642		676,738

Accounts receivable, net of allowance of $14,001 and $11,635						Accounts receivable, net of allowance of $14,001 and $11,635	780,404		681,809
Other current assets	Other current assets	407,856		323,016		Other current assets	471,894		462,739

Assets held for sale						Assets held for sale	115,193		276,195
Total current assets	Total current assets	2,849,717		2,609,155		Total current assets	3,062,796		2,957,101

Property, plant and equipment, net	Property, plant and equipment, net	14,768,661		14,503,084		Property, plant and equipment, net	15,512,991		15,445,775
Operating lease right-of-use assets	Operating lease right-of-use assets	1,405,835		1,475,057		Operating lease right-of-use assets	1,234,257		1,282,418
Goodwill	Goodwill	5,387,601		5,472,553		Goodwill	5,316,079		5,372,071
Intangible assets, net	Intangible assets, net	2,092,253		2,170,945		Intangible assets, net	1,877,541		1,935,267
Other assets	Other assets	812,923		776,047		Other assets	1,019,569		926,066
Total assets	Total assets	$	27,316,990	$	27,006,841	Total assets	$	28,023,233	$	27,918,698
Liabilities and Stockholders' Equity	Liabilities and Stockholders' Equity					Liabilities and Stockholders' Equity
Current liabilities:	Current liabilities:					Current liabilities:
Accounts payable and accrued expenses	Accounts payable and accrued expenses	$	742,300	$	844,862	Accounts payable and accrued expenses	$	811,157	$	879,144
Accrued property, plant and equipment	Accrued property, plant and equipment	351,634		301,155		Accrued property, plant and equipment	236,608		187,334
Current portion of operating lease liabilities	Current portion of operating lease liabilities	147,164		154,207		Current portion of operating lease liabilities	146,239		144,029
Current portion of finance lease liabilities	Current portion of finance lease liabilities	149,388		137,683		Current portion of finance lease liabilities	148,411		147,841
Current portion of mortgage and loans payable	Current portion of mortgage and loans payable	79,902		82,289		Current portion of mortgage and loans payable	31,993		33,087
Current portion of senior notes		150,003		150,186

Other current liabilities	Other current liabilities	213,189		354,368		Other current liabilities	232,606		214,519

Total current liabilities	Total current liabilities	1,833,580		2,024,750		Total current liabilities	1,607,014		1,605,954
Operating lease liabilities, less current portion	Operating lease liabilities, less current portion	1,252,566		1,308,627		Operating lease liabilities, less current portion	1,060,078		1,107,180
Finance lease liabilities, less current portion	Finance lease liabilities, less current portion	1,912,507		1,784,816		Finance lease liabilities, less current portion	2,027,228		1,989,668
Mortgage and loans payable, less current portion	Mortgage and loans payable, less current portion	1,229,073		1,287,254		Mortgage and loans payable, less current portion	691,523		586,577
Senior notes, less current portion	Senior notes, less current portion	9,685,361		9,018,277		Senior notes, less current portion	10,953,832		10,984,144
Other liabilities	Other liabilities	827,228		948,999		Other liabilities	740,748		763,411
Total liabilities	Total liabilities	16,740,315		16,372,723		Total liabilities	17,080,423		17,036,934
Commitments and contingencies (Note 10)		0		0
Commitments and contingencies (Note 11)						Commitments and contingencies (Note 11)	0		0
Equinix stockholders' equity	Equinix stockholders' equity					Equinix stockholders' equity
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 89,890,922 issued and 89,574,510 outstanding in 2021 and 89,462,304 issued and 89,134,252 outstanding in 2020		90		89
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 91,303,799 issued and 91,013,824 outstanding in 2022 and 90,872,826 issued and 90,571,406 outstanding in 2021						Common stock, $0.001 par value per share: 300,000,000 shares authorized; 91,303,799 issued and 91,013,824 outstanding in 2022 and 90,872,826 issued and 90,571,406 outstanding in 2021	91		91
Additional paid-in capital	Additional paid-in capital	15,166,407		15,028,357		Additional paid-in capital	16,145,424		15,984,597
Treasury stock, at cost; 316,412 shares in 2021 and 328,052 shares in 2020		(117,786)		(122,118)
Treasury stock, at cost; 289,975 shares in 2022 and 301,420 shares in 2021						Treasury stock, at cost; 289,975 shares in 2022 and 301,420 shares in 2021	(107,949)		(112,208)
Accumulated dividends	Accumulated dividends	(5,379,693)		(5,119,274)		Accumulated dividends	(6,449,713)		(6,165,140)
Accumulated other comprehensive loss	Accumulated other comprehensive loss	(1,008,848)		(913,368)		Accumulated other comprehensive loss	(1,052,914)		(1,085,751)
Retained earnings	Retained earnings	1,916,664		1,760,302		Retained earnings	2,407,946		2,260,493
Total Equinix stockholders' equity	Total Equinix stockholders' equity	10,576,834		10,633,988		Total Equinix stockholders' equity	10,942,885		10,882,082
Non-controlling interests	Non-controlling interests	(159)		130		Non-controlling interests	(75)		(318)
Total stockholders' equity	Total stockholders' equity	10,576,675		10,634,118		Total stockholders' equity	10,942,810		10,881,764
Total liabilities and stockholders' equity	Total liabilities and stockholders' equity	$	27,316,990	$	27,006,841	Total liabilities and stockholders' equity	$	28,023,233	$	27,918,698


		Three Months Ended March 31,					Three Months Ended March 31,
		2021		2020					2022		2021
		(Unaudited)				(Unaudited)
Revenues	Revenues	$	1,596,064	$	1,444,542			Revenues	$	1,734,447	$	1,596,064
Costs and operating expenses:	Costs and operating expenses:							Costs and operating expenses:
Cost of revenues	Cost of revenues	811,217		736,282				Cost of revenues	915,875		811,217
Sales and marketing	Sales and marketing	182,827		180,450				Sales and marketing	192,511		182,827
General and administrative	General and administrative	301,456		261,597				General and administrative	352,687		301,456
Transaction costs	Transaction costs	1,182		11,530				Transaction costs	4,240		1,182

Loss on asset sales	Loss on asset sales	1,720		1,199				Loss on asset sales	1,818		1,720
Total costs and operating expenses	Total costs and operating expenses	1,298,402		1,191,058				Total costs and operating expenses	1,467,131		1,298,402
Income from operations	Income from operations	297,662		253,484				Income from operations	267,316		297,662
Interest income	Interest income	729		4,273				Interest income	2,106		729
Interest expense	Interest expense	(89,681)		(107,338)				Interest expense	(79,965)		(89,681)
Other income (expense)		(6,950)		5,170
Loss on debt extinguishment		(13,058)		(6,441)
Other expense								Other expense	(9,549)		(6,950)
Gain (loss) on debt extinguishment								Gain (loss) on debt extinguishment	529		(13,058)
Income before income taxes	Income before income taxes	188,702		149,148				Income before income taxes	180,437		188,702
Income tax expense	Income tax expense	(32,628)		(30,191)				Income tax expense	(32,744)		(32,628)
Net income	Net income	156,074		118,957				Net income	147,693		156,074
Net (income) loss attributable to non-controlling interests	Net (income) loss attributable to non-controlling interests	288		(165)				Net (income) loss attributable to non-controlling interests	(240)		288
Net income attributable to Equinix	Net income attributable to Equinix	$	156,362	$	118,792			Net income attributable to Equinix	$	147,453	$	156,362
Earnings per share ("EPS") attributable to Equinix:	Earnings per share ("EPS") attributable to Equinix:							Earnings per share ("EPS") attributable to Equinix:
Basic EPS	Basic EPS	$	1.75	$	1.39			Basic EPS	$	1.62	$	1.75
Weighted-average shares for basic EPS	Weighted-average shares for basic EPS	89,330		85,551				Weighted-average shares for basic EPS	90,771		89,330
Diluted EPS	Diluted EPS	$	1.74	$	1.38			Diluted EPS	$	1.62	$	1.74
Weighted-average shares for diluted EPS	Weighted-average shares for diluted EPS	89,842		86,144				Weighted-average shares for diluted EPS	91,162		89,842


☒			QUARTERLY 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


	Accounts receivable, net (1)		Contract assets, current		Contract assets, non-current		Deferred revenue, current		Deferred revenue, non-current
Beginning balances as of January 1, 2021	$	676,738	$	13,534	$	54,050	$	101,258	$	71,242
Closing balances as of March 31, 2021	684,642		29,671		50,546		105,283		64,648
Increase (Decrease)	$	7,904	$	16,137	$	(3,504)	$	4,025	$	(6,594)


	Bell (1)		Packet		Axtel
	Provisional		Final
Cash and cash equivalents	$	0	$	1,068	$	0
Accounts receivable	0		5,098		0
Other current assets	696		299		14,048
Property, plant and equipment	538,717		27,945		76,407
Operating lease right-of-use assets	14,359		1,519		1,646
Intangible assets	75,857		58,500		22,750
Goodwill	172,387		230,620		78,902
Deferred tax and other assets	722		138		0
Total assets acquired	802,738		325,187		193,753
Accounts payable and accrued liabilities	(895)		(1,275)		(238)
Other current liabilities	0		(860)		0
Operating lease liabilities	(13,340)		(1,519)		(1,586)
Finance lease liabilities	(80,026)		(27,945)		0
Deferred tax and other liabilities	(4,495)		(3,290)		(2,911)
Net assets acquired	$	703,982	$	290,298	$	189,018


	GPX India(1)
	Final
Cash and cash equivalents	$	9,406
Accounts receivable	4,399
Other current assets	8,883
Property, plant and equipment	88,130
Operating lease right-of-use assets	62
Intangible assets	15,408
Goodwill	77,145
Deferred tax and other assets	20
Total assets acquired	203,453
Accounts payable and accrued liabilities	(1,566)
Other current liabilities	(478)
Operating lease liabilities	(62)
Finance lease liabilities	(20,565)
Deferred tax and other liabilities	(10,317)
Net assets acquired	$	170,465


Intangible Assets	Fair Value		Estimated Useful Lives (Years)	Weighted-average Estimated Useful Lives (Years)
Bell:
Customer relationships	$	75,857	15.0	15.0
Packet:
Trade names	1,300		3.0	3.0
Existing technology	5,100		3.0	3.0
Customer relationships	52,100		10.0	10.0
Axtel:
Customer relationships	22,750		15.0	15.0


	March 31, 2022

Operating lease right-of-use assets	$	12,403
Property, plant and equipment	99,600
Other assets	3,190
Total assets held for sale	$	115,193


Current portion of operating lease liabilities	$	2,039
Operating lease liabilities, less current portion	348
Accrued property, plant and equipment	16,080
Total liabilities held for sale (1)	$	18,467


Investee	Investee	Ownership Percentage		March 31, 2021		December 31, 2020		Investee	Ownership Percentage	March 31, 2022		December 31, 2021
EMEA Joint Venture with GIC		20	%	$	105,532	$	101,892
Asia-Pacific Joint Venture with GIC		20	%	50,347		43,432
EMEA 1 Joint Venture with GIC								EMEA 1 Joint Venture with GIC	20%	$	127,827	$	131,516
EMEA 2 Joint Venture with GIC								EMEA 2 Joint Venture with GIC	20%	35,255		34,944
Asia-Pacific 1 Joint Venture with GIC								Asia-Pacific 1 Joint Venture with GIC	20%	64,188		60,108
Asia-Pacific 2 Joint Venture with PGIM								Asia-Pacific 2 Joint Venture with PGIM	20%	30,286		—
Other	Other	Various		16,517		17,747		Other	Various	19,759		18,481
Total	Total			$	172,396	$	163,071	Total		$	277,315	$	245,049


	Asia-Pacific 1 Joint Venture		EMEA 2 Joint Venture		Asia-Pacific 2 Joint Venture
Equity Investment	$	64,188	$	35,255	$	30,286
Outstanding Receivables	2,124		18,676		6,950
Future Equity Contribution Commitments (1)	2,030		67,033		1,086
Maximum Future Payments under Debt Guarantees (2)	N/A (3)		37,133		N/A (3)
Total	$	68,342	$	158,097	$	38,322


		Three Months Ended March 31,
Related Party	Nature of Transaction	2022		2021
EMEA 1 Joint Venture	Revenues	$	6,302	$	7,189
EMEA 1 Joint Venture	Expenses (1)	4,328		4,541
Asia-Pacific 1 Joint Venture	Revenues	2,811		—
EMEA 2 Joint Venture	Revenues	4,107		—
Asia-Pacific 2 Joint Venture	Revenues	85		—


Related Party	Balance Sheet Line Item	March 31, 2022		December 31, 2021
EMEA 1 Joint Venture	Receivables	$	36,099	$	32,077
	Contract Assets (1)	54,132		54,503
	Finance Lease Right of Use Assets	113,081		118,817
	Other Liabilities and Payables	1,011		2,483
	Other Liabilities and Payables - construction obligation (2)	41,453		39,382
	Deferred Revenue	16,375		16,886
	Finance Lease Right of Use Liabilities	119,539		124,918
Asia-Pacific 1 Joint Venture	Receivables	2,124		2,124
	Payables	—		121
EMEA 2 Joint Venture	Receivables	18,676		26,953
	Contract Assets	1,753		1,492
	Payables	2,049		1,755
Asia-Pacific 2 Joint Venture	Receivables	6,950		—


Amount of gain or (loss) recognized in accumulated other comprehensive income:	Amount of gain or (loss) recognized in accumulated other comprehensive income:									Amount of gain or (loss) recognized in accumulated other comprehensive income:
				Three Months Ended March 31,											Three Months Ended March 31,
				2021				2020											2022				2021
Foreign currency debt	Foreign currency debt			$	68,740			$	99,102					Foreign currency debt					$	45,061			$	68,740
Cross-currency interest rate swaps (included component) (1)	Cross-currency interest rate swaps (included component) (1)			141,228				14,140						Cross-currency interest rate swaps (included component) (1)					122,030				141,228
Cross-currency interest rate swaps (excluded component) (2)	Cross-currency interest rate swaps (excluded component) (2)			(40,529)				31,704						Cross-currency interest rate swaps (excluded component) (2)					(72,108)				(40,529)
Foreign currency forward contracts (included component) (1)	Foreign currency forward contracts (included component) (1)			708				0						Foreign currency forward contracts (included component) (1)					(2,949)				708
Foreign currency forward contracts (excluded component) (3)	Foreign currency forward contracts (excluded component) (3)			28				0						Foreign currency forward contracts (excluded component) (3)					(676)				28
Total	Total			$	170,175			$	144,946					Total					$	91,358			$	170,175

Amount of gain or (loss) recognized in earnings:	Amount of gain or (loss) recognized in earnings:													Amount of gain or (loss) recognized in earnings:
		Location of gain or (loss)		Three Months Ended March 31,								Location of gain or (loss)			Three Months Ended March 31,
			2021			2020							Location of gain or (loss)					2022				2021
Cross-currency interest rate swaps (excluded component) (2)	Cross-currency interest rate swaps (excluded component) (2)		Interest expense			$	10,049			$	5,089					Cross-currency interest rate swaps (excluded component) (2)			$	12,578			$	10,049
Foreign currency forward contracts (excluded component) (3)	Foreign currency forward contracts (excluded component) (3)	Interest expense		164				0							Foreign currency forward contracts (excluded component) (3)		Interest expense				(31)				164
Total	Total			$	10,213			$	5,089					Total					$	12,547			$	10,213


		Gross Amounts Offset in Consolidated Balance Sheet											Gross Amounts Offset in Consolidated Balance Sheet
		Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts not Offset in the Balance Sheet		Net			Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts not Offset in the Balance Sheet		Net
March 31, 2021
March 31, 2022												March 31, 2022
Derivative assets	Derivative assets	$	105,185	$	0	$	105,185	$	(86,858)	$	18,327	Derivative assets	$	173,208	$	—	$	173,208	$	(47,621)	$	125,587
Derivative liabilities	Derivative liabilities	181,461		0		181,461		(86,858)		94,603		Derivative liabilities	69,010		—		69,010		(47,621)		21,389

December 31, 2020
December 31, 2021												December 31, 2021
Derivative assets	Derivative assets	$	38,447	$	0	$	38,447	$	(35,100)	$	3,347	Derivative assets	$	207,037	$	—	$	207,037	$	(47,538)	$	159,499
Derivative liabilities	Derivative liabilities	415,628		0		415,628		(35,100)		380,528		Derivative liabilities	49,326		—		49,326		(47,538)		1,788


		As of March 31, 2021						As of December 31, 2020											As of March 31, 2022							As of December 31, 2021
		Fair Value		Fair Value Measurement Using				Fair Value			Fair Value Measurement Using								Fair Value		Fair Value Measurement Using					Fair Value			Fair Value Measurement Using
				Level 1		Level 2				Level 1			Level 2				Level 1						Level 2					Level 1			Level 2
Assets:	Assets:																	Assets:
Money market and deposit accounts	Money market and deposit accounts	$	587,615	$	587,615	$	0	$	611,071		$	611,071		$	0	Money market and deposit accounts			$	264,367	$	264,367		$	—	$	585,681		$	585,681		$	—
Publicly traded equity securities		153		153		0		159			159			0
Certificates of deposit		4,076		0		4,076		4,373			0			4,373

Derivative instruments (1)	Derivative instruments (1)	77,330		0		77,330		11,699			0			11,699		Derivative instruments (1)			141,519		—			141,519		177,349			—			177,349
Total	Total	$	669,174	$	587,768	$	81,406	$	627,302		$	611,230		$	16,072	Total			$	405,886	$	264,367		$	141,519	$	763,030		$	585,681		$	177,349
Liabilities:	Liabilities:															Liabilities:
Derivative instruments (1)	Derivative instruments (1)	$	164,850	$	0	$	164,850	$	400,459		$	0		$	400,459	Derivative instruments (1)			$	52,032	$	—		$	52,032	$	34,272		$	—		$	34,272


		Three Months Ended March 31, 2021			Three Months Ended March 31, 2020				Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:	Cash paid for amounts included in the measurement of lease liabilities:							Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	Operating cash flows from finance leases	$	28,399		$	26,967		Operating cash flows from finance leases	$	28,297		$	28,399
Operating cash flows from operating leases	Operating cash flows from operating leases	52,092			51,985			Operating cash flows from operating leases	47,970			52,092
Financing cash flows from finance leases	Financing cash flows from finance leases	32,584			18,977			Financing cash flows from finance leases	40,773			32,584

ROU assets obtained in exchange for lease obligations: (1)	ROU assets obtained in exchange for lease obligations: (1)							ROU assets obtained in exchange for lease obligations: (1)
Finance leases	Finance leases	$	186,981		$	115,274		Finance leases	$	26,339		$	186,981
Operating leases	Operating leases	(1,948)			6,612			Operating leases	7,400			(1,948)

		As of March 31, 2021			As of December 31, 2020				As of March 31, 2022			As of December 31, 2021
Weighted-average remaining lease term - finance leases (2)	Weighted-average remaining lease term - finance leases (2)	14 years						Weighted-average remaining lease term - finance leases (2)	14 years			14 years
Weighted-average remaining lease term - operating leases (2)	Weighted-average remaining lease term - operating leases (2)	12 years						Weighted-average remaining lease term - operating leases (2)	12 years			12 years
Weighted-average discount rate - finance leases	Weighted-average discount rate - finance leases	7		%	7		%	Weighted-average discount rate - finance leases	6		%	7		%
Weighted-average discount rate - operating leases	Weighted-average discount rate - operating leases	4		%	4		%	Weighted-average discount rate - operating leases	4		%	4		%
Finance lease assets (3)		$	1,816,380		$	1,688,032
Finance lease ROU assets (3)								Finance lease ROU assets (3)	$	1,893,388		$	1,875,696


Years ending:	Years ending:			Years ending:
2021 (9 months remaining)		$	209,968
2022		1,214,144
2022 (9 months remaining)				2022 (9 months remaining)	$	30,403
2023	2023	6,778		2023	6,595
2024	2024	1,006,322		2024	1,006,193
2025	2025	1,204,665		2025	1,204,698
2026				2026	1,304,832
Thereafter	Thereafter	7,610,654		Thereafter	8,239,463
Total	Total	$	11,252,531	Total	$	11,792,184


														AOCI (Loss)			Retained Earnings					Equinix Stockholders' Equity			Non-controlling Interests			Total Stockholders' Equity																													AOCI (Loss)			Retained Earnings			Equinix Stockholders' Equity			Non-controlling Interests			Total Stockholders' Equity
		Common Stock			Treasury Stock			Additional Paid-in Capital				Accumulated Dividends												Common Stock										Treasury Stock										Additional Paid-in Capital				Accumulated Dividends
		Shares	Amount		Shares	Amount										Non-controlling Interests					Shares						Amount							Shares					Amount														Non-controlling Interests
Balance as of December 31, 2020		89,462,304	$	89	(328,052)	$	(122,118)			$	15,028,357								$	(5,119,274)				$			(913,368)			$	1,760,302				$	10,633,988				$	130		$		10,634,118
Balance as of December 31, 2021																														Balance as of December 31, 2021		90,872,826					$	91				(301,420)				$	(112,208)				$	15,984,597				$		(6,165,140)		$	(1,085,751)		$	2,260,493		$	10,882,082		$	(318)	$	10,881,764

Net income	Net income	—	—		—	—		—				—					—					156,362			156,362			(288)						156,074		Net income		—					—				—			—					—		—			—			147,453			147,453			240				147,693
Other comprehensive loss	Other comprehensive loss	—	—		—	—		—				—		(95,480)			—					(95,480)			(1)			(95,481)			Other comprehensive loss		—					—					—				—			—					—		32,837			—			32,837			3			32,840
Issuance of common stock and release of treasury stock for employee equity awards	Issuance of common stock and release of treasury stock for employee equity awards	428,618	1		11,640	4,332		35,701				—		—			—					40,034			—			40,034			Issuance of common stock and release of treasury stock for employee equity awards		430,973					—					11,445				4,259			39,617					—		—			—			43,876			—			43,876

Dividend distribution on common stock, $2.87 per share		—	—		—	—		—				(256,321)		—			—					(256,321)			—			(256,321)
Dividend distribution on common stock, $3.10 per share																														Dividend distribution on common stock, $3.10 per share		—					—					—				—			—					(282,031)		—			—			(282,031)			—			(282,031)
Settlement of accrued dividends on vested equity awards	Settlement of accrued dividends on vested equity awards	—	—		—	—		—				(437)		—			—					(437)			—			(437)			Settlement of accrued dividends on vested equity awards		—					—					—				—			—					(497)		—			—			(497)			—			(497)
Accrued dividends on unvested equity awards	Accrued dividends on unvested equity awards	—	—		—	—		—				(3,661)		—			—					(3,661)			—			(3,661)			Accrued dividends on unvested equity awards		—					—					—				—			—					(2,045)		—			—			(2,045)			—			(2,045)
Stock-based compensation, net of estimated forfeitures	Stock-based compensation, net of estimated forfeitures	—	—		—			102,349				—		—			—					102,349			—			102,349			Stock-based compensation, net of estimated forfeitures		—					—					—				—			121,210					—		—			—			121,210			—			121,210

Balance as of March 31, 2021		89,890,922	$	90	(316,412)	$	(117,786)	$	15,166,407			$	(5,379,693)	$	(1,008,848)		$	1,916,664				$	10,576,834		$	(159)		$	10,576,675
Balance as of March 31, 2022																														Balance as of March 31, 2022		91,303,799					$	91				(289,975)				$	(107,949)		$	16,145,424				$	(6,449,713)	$	(1,052,914)		$	2,407,946		$	10,942,885		$	(75)		$	10,942,810


	Balance as of December 31, 2020		Net Change		Balance as of March 31, 2021
Foreign currency translation adjustment ("CTA") gain (loss)	$	(508,415)	$	(295,145)	$	(803,560)
Unrealized gain (loss) on cash flow hedges (1)	(67,152)		29,478		(37,674)
Net investment hedge CTA gain (loss) (1)	(336,934)		170,175		(166,759)
Net actuarial gain (loss) on defined benefit plans (2)	(867)		12		(855)
Accumulated other comprehensive loss attributable to Equinix	$	(913,368)	$	(95,480)	$	(1,008,848)


	Balance as of December 31, 2021		Net Change		Balance as of March 31, 2022
Foreign currency translation adjustment ("CTA") loss	$	(1,068,399)	$	(122,537)	$	(1,190,936)
Unrealized gain (loss) on cash flow hedges (1)	(6,590)		64,037		57,447
Net investment hedge CTA gain (loss) (1)	(9,952)		91,358		81,406
Net actuarial loss on defined benefit plans (2)	(810)		(21)		(831)
Accumulated other comprehensive gain (loss) attributable to Equinix	$	(1,085,751)	$	32,837	$	(1,052,914)


	Three Months Ended March 31, 2021
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	487,459	$	388,275	$	254,558	$	1,130,292
Interconnection	164,887		61,650		53,182		279,719
Managed infrastructure	38,485		32,111		22,749		93,345
Other (1)	2,038		5,046		493		7,577
Recurring revenues	692,869		487,082		330,982		1,510,933
Non-recurring revenues	33,071		31,635		20,425		85,131
Total	$	725,940	$	518,717	$	351,407	$	1,596,064


	Three Months Ended March 31, 2020
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	450,954	$	362,330	$	221,093	$	1,034,377
Interconnection	150,929		48,541		42,671		242,141
Managed infrastructure	25,529		30,137		21,824		77,490
Other (1)	5,220		2,466		0		7,686
Recurring revenues	632,632		443,474		285,588		1,361,694
Non-recurring revenues	29,273		35,435		18,140		82,848
Total	$	661,905	$	478,909	$	303,728	$	1,444,542


	Three Months Ended March 31, 2022
	Americas		EMEA		Asia-Pacific		Total
Colocation (1)	$	522,171	$	414,569	$	282,615	$	1,219,355
Interconnection	181,103		68,140		59,987		309,230
Managed infrastructure	49,222		30,990		20,642		100,854
Other (1)	5,134		6,414		1,337		12,885
Recurring revenues	757,630		520,113		364,581		1,642,324
Non-recurring revenues	42,791		30,367		18,965		92,123
Total	$	800,421	$	550,480	$	383,546	$	1,734,447


		Three Months Ended March 31,								% Change					Three Months Ended March 31,								$ Change		% Change
		2021		%		2020		%		Actual		Constant Currency			2022		%		2021		%		Actual		Actual		Constant Currency
Americas:	Americas:													Americas:
Recurring revenues	Recurring revenues	$	692,869	43	%	$	632,632	44	%	10	%	11	%	Recurring revenues	$	757,630	44	%	$	692,869	43	%	$	64,761	9	%	9	%
Non-recurring revenues	Non-recurring revenues	33,071		2	%	29,273		2	%	13	%	14	%	Non-recurring revenues	42,791		2	%	33,071		2	%	9,720		29	%	29	%
		725,940		45	%	661,905		46	%	10	%	11	%		800,421		46	%	725,940		45	%	74,481		10	%	10	%
EMEA:	EMEA:													EMEA:
Recurring revenues	Recurring revenues	487,082		31	%	443,474		31	%	10	%	9	%	Recurring revenues	520,113		30	%	487,082		31	%	33,031		7	%	9	%
Non-recurring revenues	Non-recurring revenues	31,635		2	%	35,435		2	%	(11)	%	(18)	%	Non-recurring revenues	30,367		2	%	31,635		2	%	(1,268)		(4)	%	2	%
		518,717		33	%	478,909		33	%	8	%	7	%		550,480		32	%	518,717		33	%	31,763		6	%	9	%
Asia-Pacific:	Asia-Pacific:													Asia-Pacific:
Recurring revenues	Recurring revenues	330,982		21	%	285,588		20	%	16	%	10	%	Recurring revenues	364,581		21	%	330,982		21	%	33,599		10	%	15	%
Non-recurring revenues	Non-recurring revenues	20,425		1	%	18,140		1	%	13	%	(2)	%	Non-recurring revenues	18,965		1	%	20,425		1	%	(1,460)		(7)	%	(2)	%
		351,407		22	%	303,728		21	%	16	%	9	%		383,546		22	%	351,407		22	%	32,139		9	%	14	%
Total:	Total:													Total:
Recurring revenues	Recurring revenues	1,510,933		95	%	1,361,694		95	%	11	%	10	%	Recurring revenues	1,642,324		95	%	1,510,933		95	%	131,391		9	%	10	%
Non-recurring revenues	Non-recurring revenues	85,131		5	%	82,848		5	%	3	%	(3)	%	Non-recurring revenues	92,123		5	%	85,131		5	%	6,992		8	%	12	%
		$	1,596,064	100	%	$	1,444,542	100	%	10	%	9	%		$	1,734,447	100	%	$	1,596,064	100	%	$	138,383	9	%	10	%