filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following consolidated statement of operations data for the five years ended December 31, 2020 and the consolidated balance sheet data as of December 31, 2020, 2019, 2018, 2017, and 2016 have been derived from our audited consolidated financial statements and the related notes. Our historical results are not necessarily indicative of the results to be expected for future periods. The following selected consolidated financial data for the five years ended December 31, 2020 and as of December 31, 2020, 2019, 2018, 2017, and 2016, should be read in conjunction with our audited consolidated financial statements and the related notes in Item 8 of this Annual Report on Form 10-K and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 7 of this Annual Report on Form 10-K. We completed acquisitions of certain data centers from Bell in Canada in October 2020, Packet bare metal automation platform in March 2020, Axtel data center business in Mexico in January 2020, Switch Datacenters' AMS1 data center business in Amsterdam, Netherlands in April 2019, Metronode and Infomart Dallas in April, 2018, the Zenium data center business in Istanbul and Itconic in October 2017, certain colocation business from Verizon in May 2017, IO UK's data center operating business in Slough, United Kingdom in February 2017 (the "IO Acquisition), certain Paris IBX data centers in August 2016 (the "Paris IBX Data Center Acquisition"), and Telecity Group plc in January 2016. In December 2020, we sold three Japan development sites, Osaka 2, Tokyo 12, and Tokyo 14 in the Asia-Pacific region to the Asia-Pacific Joint Venture with GIC. In December 2020, we sold Paris 9 to the EMEA Joint Venture and in October 2019, we sold our London 10 and Paris 8 data centers, as well as certain data center sites in Europe to the EMEA Joint Venture. In addition, we sold our New York 12 data center in October 2019, solar power assets of Bit-isle in November 2016 and eight of our IBX data centers located in the U.K., the Netherlands and Germany in July 2016. For further information on our acquisitions and divestitures during the three years ended December 31, 2020, see Note 3 and Note 5 within the Consolidated Financial Statements.
On January 1, 2019 and 2018, we adopted Topic 842, Leases, and Topic 606, Revenue from Contracts with Customers, respectively. The consolidated statement of operations is presented under the new accounting standards from the periods when accounting standards were adopted, while the prior period financial statements have not been restated and continue to be reported under accounting standards in effect for those periods. See Note 1 within the Consolidated Financial Statements for further discussion.
| Years Ended December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
| Revenues | $ | 5,998,545 | $ | 5,562,140 | $ | 5,071,654 | $ | 4,368,428 | $ | 3,611,989 | |||||||||||||||||||
| Costs and operating expenses: | |||||||||||||||||||||||||||||
| Cost of revenues | 3,074,340 | 2,810,184 | 2,605,475 | 2,193,149 | 1,820,870 | ||||||||||||||||||||||||
| Sales and marketing | 718,356 | 651,046 | 633,702 | 581,724 | 438,742 | ||||||||||||||||||||||||
| General and administrative | 1,090,981 | 935,018 | 826,694 | 745,906 | 694,561 | ||||||||||||||||||||||||
| Transaction costs | 55,935 | 24,781 | 34,413 | 38,635 | 64,195 | ||||||||||||||||||||||||
| Impairment charges | 7,306 | 15,790 | — | — | 7,698 | ||||||||||||||||||||||||
| Gain on asset sales | (1,301) | (44,310) | (6,013) | — | (32,816) | ||||||||||||||||||||||||
| Total costs and operating expenses | 4,945,617 | 4,392,509 | 4,094,271 | 3,559,414 | 2,993,250 | ||||||||||||||||||||||||
| Income from operations | 1,052,928 | 1,169,631 | 977,383 | 809,014 | 618,739 | ||||||||||||||||||||||||
| Interest income | 8,654 | 27,697 | 14,482 | 13,075 | 3,476 | ||||||||||||||||||||||||
| Interest expense | (406,466) | (479,684) | (521,494) | (478,698) | (392,156) | ||||||||||||||||||||||||
| Other income (expense) | 6,913 | 27,778 | 14,044 | 9,213 | (57,924) | ||||||||||||||||||||||||
| Loss on debt extinguishment | (145,804) | (52,825) | (51,377) | (65,772) | (12,276) | ||||||||||||||||||||||||
| Income from continuing operations before income taxes | 516,225 | 692,597 | 433,038 | 286,832 | 159,859 | ||||||||||||||||||||||||
| Income tax expense | (146,151) | (185,352) | (67,679) | (53,850) | (45,451) | ||||||||||||||||||||||||
| Net income from continuing operations | 370,074 | 507,245 | 365,359 | 232,982 | 114,408 | ||||||||||||||||||||||||
| Net income from discontinued operations, net of tax | — | — | — | — | 12,392 | ||||||||||||||||||||||||
| Net income | 370,074 | 507,245 | 365,359 | 232,982 | 126,800 | ||||||||||||||||||||||||
| Net (income) loss attributable to non-controlling interest | (297) | 205 | — | — | — | ||||||||||||||||||||||||
| Net income attributable to Equinix | $ | 369,777 | $ | 507,450 | $ | 365,359 | $ | 232,982 | $ | 126,800 | |||||||||||||||||||
| Earnings per share ("EPS") attributable to Equinix: | |||||||||||||||||||||||||||||
| Basic EPS from continuing operations | $ | 4.22 | $ | 6.03 | $ | 4.58 | $ | 3.03 | $ | 1.63 | |||||||||||||||||||
| Basic EPS from discontinued operations | — | — | — | — | 0.18 | ||||||||||||||||||||||||
| Basic EPS | $ | 4.22 | $ | 6.03 | $ | 4.58 | $ | 3.03 | $ | 1.81 | |||||||||||||||||||
| Weighted-average shares for basic EPS | 87,700 | 84,140 | 79,779 | 76,854 | 70,117 | ||||||||||||||||||||||||
| Diluted EPS from continuing operations | $ | 4.18 | $ | 5.99 | $ | 4.56 | $ | 3.00 | $ | 1.62 | |||||||||||||||||||
| Diluted EPS from discontinued operations | — | — | — | — | 0.17 | ||||||||||||||||||||||||
| Diluted EPS | $ | 4.18 | $ | 5.99 | $ | 4.56 | $ | 3.00 | $ | 1.79 | |||||||||||||||||||
| Weighted-average shares for diluted EPS | 88,410 | 84,679 | 80,197 | 77,535 | 70,816 | ||||||||||||||||||||||||
| Dividends per share | $ | 10.64 | $ | 9.84 | $ | 9.12 | $ | 8.00 | $ | 7.00 |
| As of December 31, | |||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| Consolidated Balance Sheet Data: | (in thousands) | ||||||||||||||||||||||||||||
| Cash, cash equivalents and short-term and long-term investments | $ | 1,609,401 | $ | 1,879,939 | $ | 610,706 | $ | 1,450,031 | $ | 761,927 | |||||||||||||||||||
| Accounts receivable, net | 676,738 | 689,134 | 630,119 | 576,313 | 396,245 | ||||||||||||||||||||||||
| Property, plant and equipment, net | 14,503,084 | 12,152,597 | 11,026,020 | 9,394,602 | 7,199,210 | ||||||||||||||||||||||||
| Total assets | 27,006,841 | 23,965,615 | 20,244,638 | 18,691,457 | 12,608,371 | ||||||||||||||||||||||||
| Operating lease liabilities, less current portion | 1,308,627 | 1,315,656 | — | — | — | ||||||||||||||||||||||||
| Finance lease liabilities, less current portion | 1,784,816 | 1,430,882 | 1,441,077 | 1,620,256 | 1,410,742 | ||||||||||||||||||||||||
| Mortgage and loans payable, less current portion | 1,287,254 | 1,289,434 | 1,310,663 | 1,393,118 | 1,369,087 | ||||||||||||||||||||||||
| Senior notes, less current portion | 9,018,277 | 8,309,673 | 8,128,785 | 6,923,849 | 3,810,770 | ||||||||||||||||||||||||
| Total stockholders' equity | 10,634,118 | 8,840,382 | 7,219,279 | 6,849,790 | 4,365,829 |
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