Equinix (EQIX) 10-K risk factor changes: FY2021 vs FY2020

We have [removed: continuously monitored our global operations as the COVID-19 pandemic has spread across the globe and have] implemented procedures focusing on the health and safety of our employees, customers, partners and communities, the continuity of our business offerings and compliance with governmental regulations and local public health guidance and ordinances.

We [removed: have] implemented processes to limit and schedule access to certain IBX data centers [added: based on infection rates and case counts] as well as implemented social distancing and hygiene [removed: protocols in response to the growing number of suspected and confirmed COVID-19 cases.][added: protocols.]

Given the uncertainty around the duration and extent of the [added: ongoing] COVID-19 pandemic, we cannot accurately predict at this time how the pandemic will affect our business over time.

[removed: We] [added: While we] do not expect the construction delays [added: and supply chain disruptions] that we [removed: have experienced] [added: are currently experiencing] to have a material effect on [removed: the company] [added: us] at this time, [removed: but] additional [removed: supply] disruptions because of the ongoing COVID-19 pandemic could [removed: occur and cause construction delays that are significant in the future.][added: occur.]

Significant construction delays [removed: would] [added: and increases in costs because of the supply chain disruptions could] interfere with our ability to meet commitments to customers who have contracted for space in new IBX data centers under construction and could have a material impact on our business.

We rely on materials, products and manufacturing from regions of the world which are impacted by the [removed: pandemic.][added: pandemic and supply chain disruptions.]

The extent to which the ongoing COVID-19 pandemic will impact our financial condition or results of operations will depend on many factors and future developments, including new information about the ongoing COVID-19 [removed: pandemic,] [added: pandemic and its variants,] additional surges in infection [removed: rates] [added: rates, vaccine efforts] and any new government regulations which may emerge to contain the virus, among others.

While the event has been resolved and has not caused a material disruption to our systems nor resulted in any material costs to [removed: Equinix, our team is] [added: us, we are] also working to protect against any future attacks.

These threats may result from human error, equipment [removed: failure or] [added: failure,] fraud or malice on the part of employees, vendors or third parties.

If [removed: Equinix] [added: we] were held responsible for any such breach, it could result in a significant loss to [removed: Equinix,] [added: us,] including damage to [removed: Equinix's] [added: our] client relationships, harm to our brand and reputation, and legal liability.

Terrorist activity, or [added: 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 [removed: abroad,] [added: 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 [removed: uncertainty.][added: 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 [added: security and physical] security, which could have a material adverse effect on our business and results of operations.

We must [removed: safehouse] [added: safeguard] our customers' infrastructure and equipment located in our IBX data centers and ensure our IBX data centers and non-IBX offices remain operational at all times.

Until the legacy systems are brought up to [removed: Equinix] [added: our] standards, customers in these legacy IBX data centers could be exposed to higher risks of unexpected power outages.

These could result from numerous factors, [removed: including:][added: including but not limited to:]

- global pandemics such as the COVID-19 pandemic; [removed: and]

[added: Any such settlement may] result in a reduction of revenue under U.S. generally accepted accounting principles ("GAAP").

In addition, we may not realize the full benefits we hoped to achieve and there is a risk of an impairment charge if we decide that portions of these projects will not ultimately benefit [removed: the company] [added: us] or are de-scoped.

[removed: Our insurance policies] contain industry standard exclusions for events such as war and nuclear reaction.

In connection with the evolving needs of our customers and our business, we [removed: undertook a] [added: continue to] review [removed: of] our organizational architecture and have made, and will continue to make, changes as [removed: a result of that review.][added: appropriate.]

There can be no assurances that [removed: the] [added: any of these] changes [removed: won't] [added: will not] result in attrition, that the significant amount of management and other employees' time and focus to implement the changes [removed: won't] [added: will not] divert attention from operating and growing the business, or that any changes will result in increased organizational effectiveness.

It is estimated that [removed: Equinix is] [added: we are] one of more than 1,200 companies that provide these offerings around the world.

[removed: Equinix competes] [added: We compete] with these firms which vary in terms of their data center offerings.

We [added: have] recently [removed: announced our Joint Ventures with GIC and are also] [added: invested] in [removed: discussions with a targeted set of hyperscale customers] [added: joint ventures in order] to develop capacity to serve [removed: their larger] [added: the large] footprint needs [added: of a targeted set of hyperscale customers] by leveraging existing capacity and dedicated hyperscale builds.

[removed: We] [added: In 2020, we] also [removed: recently] acquired Packet [added: Host, Inc. ("Packet"),] a bare metal automation company to facilitate a new [added: hardware] product offering for [removed: Equinix.][added: us and we expect to continue to consider other new product offerings for our customers.]

While we believe this new product offering [added: and others we may implement in the future] will be desirable to our customers and will complement our other offerings on Platform Equinix, we cannot guarantee the success of this product or any other new product offering.

[removed: Our company has not historically offered hardware solutions, and this is] [added: Hardware solutions are] a new market area for us which can bring challenges and could harm our business if not executed in the time or manner that we expect.

- changes in general economic conditions, such as [added: those stemming] from [removed: the COVID-19 pandemic] [added: pandemics] or other economic downturns, or specific market conditions in the telecommunications and internet industries, any of which could have a material impact on us or on our customer base;

- the timing and magnitude of other operating expenses, including taxes, expenses related to the expansion of sales, marketing, operations and acquisitions, if any, of complementary businesses and assets; [added: the cost and availability of adequate public utilities, including electricity;]

In addition, our results of operations [removed: results] in one or more future quarters may fail to meet the expectations of securities analysts or investors.

[removed: Although each individual IBX data center is currently performing in accordance] with our expectations, the possibility that one or more IBX data centers could begin to under-perform relative to our expectations is possible and may also result in non-cash impairment charges.

As of December 31, [removed: 2020,] [added: 2021,] our retained earnings were [removed: $1.8] [added: $2.3] billion.

In addition, costs associated with the acquisition and integration of any acquired companies, as well as the additional interest expense associated with debt [removed: financing] [added: financing,] we have undertaken to fund our growth initiatives, may also negatively impact our ability to sustain profitability.

[removed: Additionally, government] [added: Government] contracts often have unique terms and conditions, such as most favored customer obligations, and are generally subject to audits and investigations which could result in various civil and criminal penalties and administrative sanctions, including termination of contracts, refund of a portion of fees received, forfeiture of profits, suspension of payments, fines and suspensions or debarment from future government business.

Risks Related to Our [removed: Expansion][added: Expansion Plans]

Our construction of [removed: additional] new IBX data centers or IBX data center expansions could involve significant risks to our business.

[added: exacerbated many of] these construction risks and [removed: has] created additional risks for our business.

- delays related to permitting and approvals to open from public agencies and utility companies; [removed: and]

- delays in site readiness leading to our failure to meet commitments made to customers planning to expand into a new [removed: build.][added: build; and]

We have continuously monitored our global operations as the COVID-19 pandemic has spread across the globe and as variants and vaccines have developed.

We have continued to track infections and adapt our policies and procedures based on a number of factors including the COVID-19 pandemic severity in each office and IBX location.

The COVID-19 pandemic has contributed to certain global supply chain disruptions including the supply of certain construction materials and has contributed to overall inflation.

Additional or unexpected disruptions could cause construction delays or significantly affect the cost of our planned expansion projects in the future.

While we have invested in creating a material inventory to mitigate global increases in raw materials, energy and labor prices, it may not be sufficient and ongoing delays, difficulty finding replacement products and continued high inflation could affect our business and growth.

Although currently stayed while being litigated in U.S. courts, U.S. Presidential Executive Order (EO 14042) requires companies that do business with the U.S. Federal government (“Government Contractors”) to implement a

mandate for all their U.S. employees to be fully vaccinated against COVID-19 (the “US Vaccine Mandate”).

As a Government Contractor, we will be required to comply with the US Vaccine Mandate if it or a similar vaccine mandate for Government Contractors goes into effect.

We do not anticipate the US Vaccine Mandate to have a material negative effect on our business even if it goes into effect, but if we experience more employee turnover than we expect or if similar mandates are required in other regions, we could experience disruptions to certain functions and employee satisfaction could be affected.

Our adaptation to a hybrid working model that includes both work from home and in an office could continue to expose us to new security risks.

- inability of our operations employees to access our IBX data centers for any reason; and

Our IBX data center employees are critical to our ability to maintain our business operations and reach our service level commitments.

Although we have redundancies built into our network, if our IBX employees are unable to access our IBX data centers for any reason, we could experience operational issues at the affected site.

Pandemics, weather and climate related crises or any other social, political, or economic disruption in the U.S. or abroad could prevent sufficient staffing at our IBX data centers and have a material adverse impact on our operations.

Our finance team is also working on a multi-year project to move the backbone of our finance systems to the cloud.

Our insurance policies

- increased costs of power;

Although each individual IBX data center is currently performing in accordance

Additionally, as a Government Contractor, we could be subject to additional orders and laws such as the US Vaccine Mandate which could have a material adverse effect on our employee satisfaction and our business.

We are currently experiencing inflation and volatility pressures in the energy market globally.

In particular, current dislocation in the Singapore power market has resulted in Equinix having to buy power at extremely elevated spot rates and this ongoing price volatility impacted elements of our 2022 financial projections.

Various macroeconomic factors are contributing to the instability and global power shortage including the COVID-19 pandemic, severe weather events, governmental regulations, government relations and inflation.

The price for power in many of the countries in which we operate has seen significant increases in recent months, and it is unclear when the markets will stabilize.

While we have aimed to minimize our risk exposure related to power procurement in Singapore and globally via hedging, conservation, and other efficiencies, we expect the cost for power to continue to be volatile and unpredictable and subject to inflationary pressures.

We believe we have made appropriate estimates for these costs in our forecasting but the unpredictable energy market at this time could materially affect our financial forecasting, results of operations and financial condition.

The ongoing COVID-19 pandemic, supply chain issues and inflation have

- unanticipated customer requirements that would necessitate alternative data center design, making our sites less desirable or leading to increased costs in order to make necessary modifications or retrofits.

We are currently experiencing rising construction costs which reflect the increase in cost of labor and raw materials, supply chain and logistic challenges, and high demand in our sector.

While we have invested in creating a material inventory to mitigate supply chain issues and inflation, it may not be sufficient and ongoing delays, difficulty finding replacement products and continued high inflation could affect our business and growth and could have a material effect on our business.

Additional or unexpected disruptions to our supply chain or inflationary pressures could significantly affect the cost of our planned expansion projects and interfere with our ability to meet commitments to customers who have contracted for space in new IBX data centers under construction.

In 2021 we also announced our intention to acquire MainOne, a leading West African data center and connectivity solutions provider, with operations in Nigeria, Ghana and Côte d'Ivoire.

development of new IBX data centers; (iii) acquisitions through investments in local data center operators; or (iv) acquisitions in new markets with higher risk profiles.

- the possibility that we may be unable to integrate certain IT systems that do not meet Equinix's standard requirements with respect to security, privacy or any other standard;

Equinix owns a 20% interest and our JV partners own an 80% interest in each joint venture, and Equinix operates all facilities.

Certain sites that are intended to be utilized in Joint Ventures require investment for development.

To date, the network neutrality of our IBX data centers and the variety of networks available to our customers has often been a competitive advantage for us.

- compliance with changing laws, policies, and requirements related to sustainability;

As of December 31, 2021, we had $1.0 billion available for sale under the 2020 ATM Program.

substances or regulated materials present at sites we own, operate or lease.

U.S. and global environmental regulations are expected to continue to change and evolve and may impose upon us new or unexpected costs.

Some of our customers have been negatively impacted by the COVID-19 pandemic which could affect our revenues.

Certain customers have requested revised payment terms and more customers could potentially request such terms.

If such an increase in requests for revised payment terms occurs, some delays in accounts receivable collection would result.

We also expect some customers are relying on the governmental support via various COVID-19 related stimulus packages.

If these stimulus packages do not continue or if they are not sufficient to meet our customers' needs, we could experience more customer churn as a result.

In general, a prolonged economic downturn could result in a larger customer churn than we currently anticipate and reduced demand for our services, in which case our revenues could be significantly impacted.

It may not be possible to find replacement products or supplies and ongoing delays could affect our business and growth.

We have also significantly expanded our sales force in recent years, and it will take time for these new hires to become fully productive.

Delays may be further exacerbated by the ongoing COVID-19 pandemic.

Any such settlement may

- the cost and availability of adequate public utilities, including electricity;

As described above, the ongoing COVID-19 pandemic has exacerbated many of

- the possibility that we may be unable to integrate or migrate IT systems, which could create a risk of errors or performance problems and could affect our ability to meet customer service level obligations;

We sold our London 10 and Paris 8 IBX data centers and certain construction development and leases in London and Frankfurt to the EMEA Joint Venture.

The data centers and facilities are now owned by wholly-owned subsidiaries of EMEA Hyperscale 1 C.V., a Dutch limited partnership of which Equinix owns a 20% interest, GIC owns an 80% interest, and Equinix will operate the facilities.

In December 2020, we also sold our Paris 9 IBX data center to EMEA Joint Venture.

On December 17, 2020, we entered into a second joint venture with GIC, to develop and operate xScale™ data centers in Asia-Pacific (the “Asia-Pacific Joint Venture” and together with the EMEA Joint Venture, the “Joint Ventures”).

We sold 3 development sites in Japan to the Asia-Pacific Joint Venture upon closing.

The sites are now held by a wholly-owned subsidiary of APAC 1 Hyperscale LP, a limited partnership formed and registered under the laws of Singapore, of which Equinix owns a 20% interest and GIC owns an 80% interest, and Equinix will develop the data centers and operate the facilities.

We are investing in developing certain sites with the intent of selling these assets to these Joint Ventures.

more generally, to the same types of business risks as would impact our IBX data center business.

our cash flow to fund future capital expenditures, working capital, execution of our expansion strategy and other general corporate requirements;

The phase-out 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 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.

At some of our locations, there are

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.

While these plans are designed

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.

required to maintain our qualification and taxation as a REIT.

net income from our TRSs in an amount required to fund distributions to our stockholders commensurate with that profitability.

As a

Item 7 of this Form 10-K focuses on discussion of [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] items as well as [removed: 2020] [added: 2021] results as compared to [removed: 2019] [added: 2020] results.

For the discussion of [removed: 2018] [added: 2019] items and [removed: 2019] [added: 2020] results as compared to [removed: 2018] [added: 2019] results, please refer to Item 7 of our [removed: 2019] [added: 2020] Form 10-K as filed with the SEC on February [removed: 21, 2020.][added: 19, 2021.]

[removed: ][added: ]

Global enterprises, service providers and business ecosystems of industry partners rely on [removed: Equinix] [added: our] IBX data centers and [added: expertise around the world for the safe housing of their critical IT equipment and to protect and connect the world's most valued information assets.]

[removed: They also look to Platform Equinix® for the ability to directly and securely] interconnect to the networks, clouds and content that enable today's information-driven global digital economy.

[removed: Recent Equinix] [added: Our recent] IBX data center openings and acquisitions, as well as xScaleTM data center investments, have expanded our total global footprint to [removed: 227 IBXs,] [added: 240 data centers,] including [removed: two xScaleTM] [added: eight xScale] data centers and the MC1 data center that were held in unconsolidated joint ventures, across [removed: 63] [added: 66] markets around the world.

[removed: The Equinix] [added: Our] global platform and the quality of our IBX data centers, interconnection offerings and edge services have enabled us to establish a critical mass of customers.

As more customers choose Platform [removed: Equinix,] [added: Equinix] for bandwidth cost and performance [removed: reasons] [added: reasons,] it benefits their suppliers and business partners to colocate in the same data centers.

This global platform, combined with our strong financial position, [removed: continues to drive] [added: has driven] new customer growth and bookings.

Historically, our market was served by large telecommunications carriers who [removed: have] bundled their products and services with their colocation offerings.

The data center market landscape has evolved to include private and vendor-neutral [removed: MTDC] [added: multi-tenant data center ("MTDC")] providers, hyperscale cloud providers, managed infrastructure and application hosting providers, and systems integrators.

It is estimated that Equinix is one of more than [removed: 1,200] [added: 2,200] companies that provide MTDC offerings around the world.

We are able to offer our customers a global platform that reaches [removed: 26] [added: 27] countries with the industry’s largest and most active ecosystem of partners in our sites, proven operational reliability, improved application performance and a highly scalable set of offerings.

Our cabinet utilization rate varies from market to market among our IBX data centers across [removed: the] [added: our] Americas, EMEA and Asia-Pacific regions.

Our cabinet utilization rates were approximately 79%, as of December 31, [removed: 2020] [added: 2021] and [removed: 2019.][added: 2020.]

Excluding the impact of our IBX data center expansion projects that have opened during the last 12 months, our cabinet utilization rate would have increased to approximately [removed: 80%] [added: 81%] as of December 31, [removed: 2020.][added: 2021.]

[removed: In 2019, we closed our EMEA Joint Venture with GIC to develop and operate xScaleTM data centers to] [added: To] serve the needs of the growing hyperscale data center market, including the world's largest cloud service [removed: providers.][added: providers, we have entered into joint ventures to develop and operate xScale data centers.]

Depending on the circumstances, these transactions may require additional capital expenditures funded by upfront cash payments or through long-term financing arrangements in order to bring these properties up to [removed: Equinix] [added: our] standards.

[removed: ][added: ]

Our largest customer accounted for approximately 3% of our recurring revenues for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018.][added: 2019.]

Our 50 largest customers accounted for approximately [removed: 39%,] 39% [removed: and 38%, respectively,] of our recurring revenues for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018.][added: 2019.]

Our non-recurring revenues are primarily comprised of installation services related to a customer's initial deployment and professional services we [removed: perform.][added: perform, as well as equipment sales.]

A majority of our cost of revenues is fixed in nature and should not vary significantly from period to period, [added: unless we expand our existing IBX data centers or open or acquire new IBX data centers.]

We expect the cost of our utilities, specifically electricity, will generally increase in the future on a per-unit or fixed basis, in addition to the variable increase related to the growth [removed: in consumption by our customers.]

*General and Administrative.* Our general and administrative expenses consist primarily of salaries and related expenses, including stock-based [removed: compensation,] [added: compensation;] accounting, legal and other professional service [removed: fees,] [added: fees;] and other general corporate expenses, such as our corporate regional headquarters office leases and some depreciation expense on back office systems.

As of December 31, [removed: 2020,] [added: 2021,] our REIT structure included all of our data center operations in the U.S., Canada (with the exception of [removed: our] [added: one] data center in [removed: Ottawa),] [added: Montreal),] Mexico, Japan, Singapore and the [removed: data center operations in EMEA with the exception] [added: majority] of [removed: Bulgaria, the United Arab Emirates, and the] [added: our] data [removed: center operations outside Amsterdam] [added: centers] in [removed: the Netherlands.][added: EMEA.]

We included our [removed: investment interest] [added: share of the assets] in the EMEA and Asia-Pacific Joint Ventures in our REIT structure.

Nevertheless, the income of our TRSs which hold our U.S. operations that may not be REIT compliant is subject to U.S. [removed: corporate] federal and state [added: corporate] income taxes, as applicable.

Likewise, our foreign subsidiaries continue to be subject to [removed: foreign] [added: local] income taxes in jurisdictions in which they hold assets or conduct operations, regardless of whether held or conducted through TRSs or through QRSs.

On each of March [removed: 18, June] 17, [added: June 16,] September [removed: 23,] [added: 22,] and December [removed: 9, 2020] [added: 15, 2021] we paid quarterly cash dividends of [removed: $2.66] [added: $2.87] per share.

We expect the amount of our applicable dividends and other applicable distributions to equal or exceed the REIT taxable income that we recognized in [removed: 2020.][added: 2021.]

All of our IBX data centers [removed: remain] [added: have remained, and continue to remain,] operational at the time of filing of this Annual Report on Form 10-K.

[removed: We] [added: While we] are experiencing some construction delays, [removed: however,] [added: including those due] to [added: supply chain impacts from the COVID-19 pandemic, to] date, the construction delays and additional costs are insignificant relative to the overall project duration and budget.

[removed: To date, we] [added: We] have not observed any significant disruption to our IBX data center [removed: operations due to supply chain impacts from the COVID-19 pandemic.][added: operations.]

During the [removed: year] [added: years] ended December 31, [added: 2021 and] 2020, the COVID-19 pandemic did not have a material impact on our results of operations.

We [removed: also] incurred one-time cash bonuses and compensation expense of $8.6 million for our IBX employees as well as other employees to support their work-from-home requirements during the first quarter of 2020.

We have [added: also] experienced some travel expense savings during the [removed: year] [added: years] ended December 31, [added: 2021 and] 2020 resulting from travel restrictions imposed in response to the COVID-19 pandemic.

See Note [removed: 11] [added: 5] within the Consolidated Financial Statements.

[removed: *•*In January,] [added: - In September,] we completed the acquisition of [removed: three] [added: two] data centers in [removed: Mexico] [added: Mumbai, India] from [removed: Axtel] [added: GPX Global Systems, Inc. ("GPX India")] for a total purchase consideration of approximately [removed: $189.0] [added: $170.5] million.

See Note [removed: 3] [added: 5] within the Consolidated Financial Statements.

We provide a global, vendor-neutral data center, interconnection and edge services platform with offerings that aim to enable our customers to reach everywhere, interconnect everyone and integrate everything.

They also look to Platform Equinix® for the ability to directly and securely

Metrics also include the MU4 and GN1 data centers which opened in January 2022.

In the past two years, we entered into our EMEA 1 Joint Venture, Asia-Pacific 1 Joint Venture and EMEA 2 Joint Venture, and entered into negotiations in connection with a new joint venture (the "AMER 1 Joint Venture"), in the form of limited liability partnerships with GIC, Singapore's sovereign wealth fund ("GIC").

In October 2021, we entered into an agreement to form an additional joint venture in the form of a limited liability partnership with PGIM Real Estate, to further expand our xScale data center portfolio in Asia-Pacific (the "Asia-Pacific 2 Joint Venture").

in consumption by our customers.

Our costs of electricity may also increase as a result of the physical effects of climate change, increased regulations driving alternative electricity generation due to environmental considerations or as a result of our election to use renewable energy sources.

We have continued to closely monitor the impact of the COVID-19 pandemic on our people and business.

We have begun a phased plan for return-to-office for most of our non-IBX attached sites on a voluntary basis in accordance with guidance provided by government agencies.

Non-essential business travel

remains limited, and while we continue to hold virtual events, we have also resumed certain in-person events as local travel restrictions allow.

2021 Highlights:

- In March, we issued €1.1 billion in Senior Notes due 2027 and 2033, or approximately $1.3 billion in U.S. dollars, at the exchange rate in effect on March 10, 2021.

Using a portion of the proceeds, we redeemed all of the remaining outstanding 2.875% Euro Senior Notes due 2026 for approximately $590.7 million in U.S. dollars, at the exchange rate in effect on March 24, 2021.

The transaction is structured to close in phases over the course of two years, pending regulatory approval and other closing conditions.

Upon closing of the first phase of the transaction in September 2021, GIC contributed cash in exchange for an 80% partnership interest in the EMEA 2 Joint Venture and we sold certain data center sites and facilities located in Frankfurt, Helsinki, Madrid, Milan and Paris to the EMEA 2 Joint Venture in exchange for a total consideration of $144.0 million, including a 20% partnership interest in the JV.

- In October, we entered into an agreement to form a joint venture in the form of a limited liability partnership with PGIM Real Estate ("PGIM"), to develop and operate xScale data centers in Asia-Pacific (the "Asia-Pacific 2 Joint Venture").

Upon closing, PGIM will contribute cash in exchange for an 80% partnership interest in the Asia-Pacific 2 Joint Venture.

We agreed to sell the Sydney 9 ("SY9") data center site in exchange for a 20% partnership interest in the Asia-Pacific 2 Joint Venture and cash proceeds.

- In December, we entered into an agreement to purchase MainOne Cable Company Ltd. ("MainOne") at an enterprise value of approximately $320 million in an all-cash transaction.

See Note 3 within the Consolidated Financial Statements for further details.

| Recurring revenues | | | $ | 2,861,937 | | | | | 43% | | | | | | $ | 2,582,800 | | | | | 43% | | | | | | $ | 279,137 | | | | | 11% | | | | | | 11% | | |

| | | | 3,021,751 | | | | | | 46% | | | | | | 2,707,758 | | | | | | 45% | | | | | | 313,993 | | | | | | 12% | | | | | | 12% | | |

| | | | 2,155,216 | | | | | | 32% | | | | | | 1,996,389 | | | | | | 33% | | | | | | 158,827 | | | | | | 8% | | | | | | 7% | | |

| Non-recurring revenues | | | 101,953 | | | | | | 1% | | | | | | 83,888 | | | | | | 2% | | | | | | 18,065 | | | | | | 22% | | | | | | 21% | | |

| | | | 1,458,570 | | | | | | 22% | | | | | | 1,294,398 | | | | | | 22% | | | | | | 164,172 | | | | | | 13% | | | | | | 11% | | |

| | | | $ | 6,635,537 | | | | | 100% | | | | | | $ | 5,998,545 | | | | | 100% | | | | | | $ | 636,992 | | | | | 11% | | | | | | 10% | | |

- $28.2 million of incremental revenues from services provided to our joint ventures; and

- $20.6 million of incremental revenues from services provided to our joint ventures;

*•*$6.9 million of incremental revenues from the GPX India Acquisition; and

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| | | | Years Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | | | | | | | |

| | | | 2021 | | | | | | % | | | | | | 2020 | | | | | | % | | | | | | Actual | | | | | | Actual | | | | | | Constant Currency | | |

| Americas | | | $ | 1,458,699 | | | | | 42% | | | | | | $ | 1,248,141 | | | | | 41% | | | | | | $ | 210,558 | | | | | 17% | | | | | | 16% | | |

| EMEA | | | 1,216,990 | | | | | | 35% | | | | | | 1,094,335 | | | | | | 36% | | | | | | 122,655 | | | | | | 11% | | | | | | 9% | | |

| Total | | | $ | 3,472,422 | | | | | 100% | | | | | | $ | 3,074,340 | | | | | 100% | | | | | | $ | 398,082 | | | | | 13% | | | | | | 12% | | |

- $11.2 million of higher other cost of sales related to an increase in bandwidth for new vendors and an increase in equipment;

- $5.3 million of higher consulting services driven by increases in security and IBX data center expansions.

- $17.8 million of higher costs related to EIS product revenues; and

- Contractual Obligations and Off-Balance-Sheet Arrangements

Equinix is a global digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success.

Equinix enables today’s businesses to access all the right places, partners and possibilities they need to accelerate their advantage.

expertise around the world for the safe housing of their critical IT equipment and to protect and connect the world's most valued information assets.

Upon closing, the EMEA Joint Venture acquired certain data center sites, including the London 10 data center, Paris 8 data center and few data center sites in London and Frankfurt, with the opportunity to add additional facilities in the future.

In 2020, we sold the Paris 9 data center to the EMEA Joint Venture.

In addition, we closed our Asia-Pacific Joint Venture with GIC in APAC to develop and operate xScaleTM data centers.

Upon closing, the Asia-Pacific Joint

Venture acquired Osaka 2, Tokyo 12, and Tokyo 14 data center development sites in the APAC region, with the opportunity to add additional facilities in the future.

unless we expand our existing IBX data centers or open or acquire new IBX data centers.

Furthermore, to the extent we incur increased electricity or other costs as a result of either climate change policies or the physical effects of climate change, such increased costs could materially impact our financial condition, results of operations and cash flows.

In December 2019, a novel strain of coronavirus, referred to as Coronavirus disease 2019, or COVID-19, emerged.

In February 2020, the World Health Organization (WHO) raised the COVID-19 threat from high to very high, and in March 2020, the WHO characterized COVID-19 as a global pandemic.

The global pandemic and the efforts implemented to address the pandemic, including the issuance of “shelter-in-place” orders and social distancing guidelines, have impacted major economic and financial markets globally.

Many of our IBX data centers have been identified as "essential businesses" or "critical infrastructure" by local governments for purposes of remaining open during the COVID-19 pandemic.

We have activated our business continuity plans globally with the goal of providing seamless operations throughout our facilities, including provisions for ensuring all data centers remain staffed and fully operational and that our IBXs are equipped with the necessary equipment and supplies.

We have implemented precautionary measures to minimize the risk of operational impact and to protect the health and safety of our employees, customers, partners and communities.

These include implementing tools such as an appointment-based system to control timing and frequency of visits while also encouraging our customers to leverage our IBX technicians via Smart Hands, our remote operational support service, in order to restrict visits and minimize the number of people and the amount of time spent in our IBX facilities.

Most of our corporate offices remain closed as a result of the pandemic and we instructed our non-IBX employees in these offices to work from home until further notice.

We have announced a phased plan for return-to-office for non-IBX attached sites and have been following this plan to open certain offices with occupancy limits as local conditions allow.

Additionally, we have decided to continue to limit employee travel and postpone or virtualize global events in response to the COVID-19 pandemic.

Equipment for construction projects which are scheduled to be placed in the near future has been ordered, and is currently being manufactured or delivered with minimal delays.

We are actively monitoring our vendors and suppliers to evaluate any anticipated changes in equipment availability or delivery timetables.

We have redundancies built into our supply chain of vendors and, to the best of our ability, we keep a stock of critical items on site to ensure repairs can be completed.

The majority of our revenue is derived from large companies across a diverse set of industries.

Customers operating in sectors more drastically impacted by the COVID-19 pandemic, such as retail, travel, and energy, made up an insignificant percentage of our revenue.

Smart Hands service revenues declined during the year ended December 31, 2020, as we waived Smart Hands service fees from the affected customers in certain circumstances during the first few months of the pandemic.

We ceased to waive Smart Hands service fees for most customers as of June 30, 2020.

We assessed realized and potential credit deterioration of our customers due to changes in the macroeconomic environment, considered the potential for payment term revision requests, and as a result, increased our allowance for credit losses for accounts receivable by an insignificant amount for the year ended December 31, 2020.

2020 Highlights:

- In January, we redeemed the remaining $343.7 million principal amount of the 5.375% Senior Notes due 2022.

*•*In March, we completed the Packet Acquisition, a leading bare metal automation platform for a total purchase consideration of approximately $290.3 million.

- In March, we borrowed a total of $250.0 million under our Revolving Facility, which was fully repaid in May.

As of December 31, 2020, the amount available to borrow under the Revolving Facility was approximately $1.9 billion.

- In April, we entered into a credit agreement which provided for senior unsecured 364-day term loan facilities in an aggregate principal amount of $750.0 million.

On April 15, 2020, we borrowed $391.0 million, as well as €100.0 million or $109.8 million at the exchange rate in effect on that date.

In May and June, we repaid all amounts outstanding under the 364-day term loan facilities.

In the third quarter of 2020, we recorded an impairment charge of $7.3 million, reducing the carrying value of the three Japan development sites to be sold, Osaka 2, Tokyo 12, and Tokyo 14, to the estimated fair value less cost to sell.

On December 17, 2020, we closed the Asia-Pacific Joint Venture transaction which included the sale of the three development sites in exchange for $209.8 million of cash proceeds and $15.6 million of receivables.

We recognized an insignificant gain on the sale of these xScaleTM data center facilities to the Asia-Pacific Joint Venture.

We anticipate that we will recover the entire cost basis of these securities and have determined that no other-than-temporary impairments associated with credit losses were required to be recognized during the year ended December 31, [removed: 2020.][added: 2021.]

As of December 31, [removed: 2020,] [added: 2021,] our investment portfolio of cash equivalents and marketable securities consisted of money market funds, certificates of deposits and publicly traded equity securities.

The amount in our investment portfolio that could be susceptible to market risk totaled [removed: $615.6] [added: $585.7] million.

An immediate [removed: 10%] increase or decrease in current interest rates from their position as of December 31, [removed: 2020] [added: 2021] would not have a material impact on our interest expense due to the fixed coupon rate on the majority of our debt obligations.

However, the interest expense associated with our senior credit facility and term [removed: loans,] [added: loans] that bear interest at variable [removed: rates,] [added: rates] could be affected.

For every [removed: 100 basis] [added: 100-basis] point [removed: change] [added: increase or decrease] in interest rates, our annual interest expense could increase by [removed: a total of] approximately [removed: $10.9] [added: $5.5] million or decrease by [removed: a total of] approximately [removed: $0.2] [added: $1.4] million based on the total balance of our [removed: primary] [added: term loan] borrowings [removed: under the Term Loan Facility] as of December 31, [removed: 2020.][added: 2021.]

As of December 31, [removed: 2020,] [added: 2021,] we had [removed: no outstanding] [added: not employed any] interest rate derivative [removed: hedges against] [added: products to hedge] our [added: variable rate] debt obligations.

The fair value of our mortgage and loans [removed: payable and 5.000% Infomart Senior Notes,] [added: payable,] which are not traded in the market, is estimated by considering our credit rating, current rates available to us for debt of the same remaining maturities and the terms of the debt.

| | | | December 31, [removed: 2020] [added: 2021] | | | | | | | | | | | | December 31, [removed: 2019] [added: 2020] | | | | | | | | |

| Mortgage and loans payable | | | $ | [removed: 1,370,970] [added: 618,388] | | | | | $ | [removed: 1,379,129] [added: 621,051] | | | | | $ | [removed: 1,370,118] [added: 1,370,970] | | | | | $ | [removed: 1,378,429] [added: 1,379,129] | |

| Senior notes | | | [removed: 9,261,050] [added: 11,102,130] | | | | | | [removed: 9,705,486] [added: 11,049,834] | | | | | | [removed: 9,029,211] [added: 9,261,050] | | | | | | [removed: 9,339,497] [added: 9,705,486] | | |

Our hedging programs reduce, but do not entirely eliminate, the impact of currency exchange rate movements [added: and their impact] on [removed: our] [added: the] consolidated [removed: balance sheets,] statements of [removed: operations and statements of cash flows.][added: operations.]

As of December 31, [removed: 2020,] [added: 2021,] the total principal amount of foreign currency debt obligations was [removed: $1.9] [added: $1.8] billion, including [removed: $611.1 million denominated in Euro, $589.7 million denominated in British Pound, $408.5 million] [added: $1.3 billion] denominated in [removed: Japanese Yen] [added: Euro] and [removed: $293.9] [added: $549.7] million denominated in [removed: Swedish Krona.][added: British Pound.]

As of December 31, [removed: 2020,] [added: 2021,] we have designated [removed: $1.9] [added: $1.5] billion of the total principal amount of foreign currency debt obligations as net investment hedges against our net investments in foreign subsidiaries.

If the U.S. Dollar would have been weaker or stronger by 10% in comparison to these foreign currencies as of December 31, [removed: 2020,] [added: 2021,] we estimate our obligation to cash settle the principal of these foreign currency debt obligations in U.S. Dollars would have increased or decreased by approximately [removed: $211.5] [added: $200.2] million and [removed: $173.0] [added: $163.8] million, respectively.

As of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the total notional amounts of [removed: U.S. Dollar to Euro] cross-currency interest rate swap contracts [added: outstanding] were [removed: $3.3] [added: $4.0] billion and [removed: $750.0 million,] [added: $3.3 billion,] respectively.

The cross-currency interest rate swaps are designated as hedges of our net investment in [removed: European operations] [added: foreign subsidiaries] and changes in the fair value of these swaps are recorded as a component of accumulated other comprehensive income (loss) in the consolidated balance [removed: sheet.][added: sheets.]

The U.S. Dollar [removed: weakened] [added: strengthened] relative to certain of the currencies of the foreign countries in which we operate during the year ended December 31, [removed: 2020.][added: 2021.]

With the existing cash flow hedges in place, a hypothetical additional 10% strengthening of the U.S. [removed: dollar] [added: Dollar] during the year ended December 31, [removed: 2020] [added: 2021] would have resulted in a reduction of our revenues and [added: a reduction of our] operating [removed: expenses,] [added: expenses] including depreciation and amortization [removed: expenses,] [added: expense] by approximately [removed: $171.1] [added: $205.1] million and [removed: $169.7] [added: $202.2] million, respectively.

With the existing cash flow hedges in place, a hypothetical additional 10% weakening of the U.S. [removed: dollar] [added: Dollar] during the year ended December 31, [removed: 2020] [added: 2021] would have resulted in an increase of our revenues and [added: an increase of our] operating [removed: expenses,] [added: expenses] including depreciation and amortization expenses, by approximately [removed: $209.2] [added: $255.4] million and [removed: $207.4] [added: $253.7] million, respectively.

We periodically enter into interest rate locks to hedge the interest rate exposure created by anticipated fixed rate debt issuances, which are designated as cash flow hedges.

When interest rate locks are settled, any accumulated gain or loss included as a component of other comprehensive income (loss) will be amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks.

To help manage the exposure to foreign currency exchange rate fluctuations, we have implemented a number of hedging programs, in particular (i) a cash flow hedging program to hedge the forecasted revenues and expenses in our EMEA region, (ii) a balance sheet hedging program to hedge the re-measurement of monetary assets and liabilities denominated in foreign currencies, and (iii) a net investment hedging program to hedge the long term investments in our foreign subsidiaries.

We are also party to cross-currency interest rate swaps.

If the U.S. Dollar weakened or strengthened by 10% in comparison to foreign currencies, we estimate our obligation to cash settle these hedges would have increased or decreased by approximately $456.3 million and $374.0 million, respectively.

A significant portion of our revenue is denominated in U.S. dollars, however, approximately 59% of our revenues and 53% of our operating costs are attributable to Brazil, Mexico, Canada, Colombia and the EMEA and Asia-Pacific regions, and a large portion of those revenues and costs are denominated in a currency other than the U.S. dollar, primarily the Euro, British pound, Japanese yen, Singapore dollar, Hong Kong dollar, Australian dollar and Brazilian real.

To help manage the exposure to foreign currency exchange rate fluctuations, we have implemented a number of hedging programs, in particular:

- a cash flow hedging program to hedge the forecasted revenues and expenses in our EMEA region;

- a balance sheet hedging program to hedge the remeasurement of monetary assets and liabilities denominated in foreign currencies; and

- a net investment hedging program to hedge the long term investments in our foreign subsidiaries.

We also entered into cross-currency interest rate swaps where we receive a fixed amount of U.S. Dollars and pay a fixed amount of Euros.

If the U.S. Dollar weakened or strengthened by 10% in comparison to Euro, we would have recorded an additional loss of $409.6 million or gain of $337.3 million, respectively, within accumulated other comprehensive income (loss) as of December 31, 2020.

We may enter into additional hedging activities in the future to mitigate our exposure to foreign currency risk as our exposure to foreign currency risk continues to increase due to our growing foreign operations; however, we do not currently intend to eliminate all foreign currency transaction exposure.

Digital leaders harness our trusted platform to bring together and interconnect the foundational infrastructure that powers their [removed: digital] success.

We enable our customers to access all the right places, partners and possibilities they need to accelerate their [removed: digital] advantage.

Equinix was incorporated on June 22, 1998 as a Delaware corporation and operates as a [removed: real estate investment trust] [added: REIT] for federal income tax [removed: purposes ("REIT").][added: purposes.]

As more customers choose Platform [removed: Equinix,] [added: Equinix] for bandwidth cost and performance [removed: reasons] [added: reasons,] it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other.

This adjacency creates a [removed: “network effect”] [added: network effect] that attracts new [removed: customers and enables] [added: customers, continuously compounds] our existing [removed: customers] [added: customers' value and enables them] to capture further economic and performance benefits from our offerings.

[removed: ][added: ]

[removed: 2020] [added: 2021] highlights include:

[removed: xScaleTM] [added: xScale] data centers serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers, and are engineered to meet the technical and operational requirements and price points of core hyperscale workload deployments.

[removed: xScaleTM] [added: xScale] data centers also offer access to our comprehensive suite of interconnection and edge services that tie into the hyperscale companies' existing access points at Equinix, thereby increasing the speed of connectivity to their existing and future enterprise customers.

In [removed: xScaleTM] [added: xScale] sites, hyperscale companies can consolidate core and access point deployments into one global provider to streamline and simplify their [removed: rapid] growth.

Private interconnection capacity between businesses, as reported in the [removed: fourth annual Global Interconnection Index ("GXI"), a market study published by Equinix,] [added: GXI,] is anticipated to grow at a compound annual growth rate of [removed: 45%] [added: 44%] by [removed: 2023,] [added: 2024,] reaching [removed: 16,300+] [added: 21,485+] terabits per second of data exchanged annually.

Worldwide Interconnection Bandwidth Capacity Growth [removed: (2018] [added: (2020] - [removed: 2022)] [added: 2024)] in Terabits per Second (Tbps)

[removed: ][added: ]

Source: GXI Volume [removed: 4][added: 5]

In [removed: 2020,] [added: 2021,] we continued to build new data center, interconnection and edge services capabilities [removed: that we intend will] [added: to] further our vision to power the world’s digital leaders.

We offer a comprehensive, integrated suite of data center, [removed: interconnection and] [added: interconnection,] edge services and products to [removed: close to] [added: over] 10,000 enterprise and service provider customers worldwide.

[removed: ][added: ]

- [removed: IBX Data] [added: International Business ExchangeTM Data] Centers consist of more than [removed: 220] [added: 230] IBX vendor-neutral colocation data centers worldwide, providing our customers with secure, reliable and robust environments (including space and power) that are necessary to aggregate and distribute information and connect digital and business ecosystems globally.

IBX data centers provide access to vital ecosystems where enterprises, network, cloud and SaaS providers, and business [removed: partners] [added: partners,] directly and securely interconnect to each other.

[removed: With xScaleTM data] centers, hyperscale customers add to their core hyperscale data center deployments and existing customer access points at Equinix, allowing streamlined expansion with a single global vendor.

Our interconnection [removed: services] [added: solutions] are typically billed based on the outbound connections from a customer and generate MRR.

[added: Using Equinix IBX data] center technicians, Smart Hands allows customers to manage and outsource their business operations and maximize uptime whether from within an IBX data center or from a remote location.

- Equinix Infrastructure Services [removed: (EIS)] [added: (EIS)] provides customers with a one-stop shop for data center installation, migration and equipment procurement.

While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, [removed: We] [added: we] believe the industry is shifting away from single-tenant solutions [removed: and] [added: to] outsourcing some or all of their IT housing and interconnection requirements to third party facilities, such as those operated by us.

Historically, [removed: that] [added: the] outsourcing market was served by large telecommunications carriers who bundled their products and services with their colocation offerings.

It is estimated that Equinix is one of more than [removed: 1,200] [added: 2,200] companies that provide MTDC offerings around the world.

We believe that this outsourcing trend [added: has accelerated and] is likely to [added: continue to] accelerate in the coming years, especially in light of [removed: changes] [added: the movement] to digital business as a result of the ongoing COVID-19 pandemic.

Equinix is differentiated in this market by being able to offer customers a global platform that reaches [removed: 26] [added: 27] countries and contains the industry’s largest and most active ecosystem of partners in our sites.

We provide each company access to a choice of business partners and solutions based on their colocation, interconnection and managed IT service needs, and delivered [removed: 99.9999%] [added: 99.999%] operational uptime across our global data centers in [removed: 2020.][added: 2021.]

As of December 31, [removed: 2020,] [added: 2021,] we had over 10,000 customers worldwide.

No one customer made up 10% or more of our total business revenues for the year ended December 31, [removed: 2020.][added: 2021.]

[removed: ][added: ]

We organize our sales force by customer type, as well as by establishing a sales presence in diverse geographic regions, which enables efficient [added: servicing of the customer base from a network of regional offices.]

As of December 31, [removed: 2020,] [added: 2021,] we had [removed: 10,013] [added: 10,944] employees worldwide with [removed: 4,599] [added: 5,056] based in the Americas, [removed: 3,405] [added: 3,611] based in EMEA and [removed: 2,009] [added: 2,277] based in APAC.

Of those employees, [removed: 4,436] [added: 4,693] employees were in engineering and operations, [removed: 1,911] [added: 1,855] employees were in sales and marketing and [removed: 3,666] [added: 4,396] employees were in management, finance and administration.

At Equinix, we strive to build a culture where every employee, every day, can say “I’m Safe, I Belong and I Matter” and [removed: develop] [added: where] our workforce, at all levels, [removed: to better reflect] [added: reflects] and [removed: represent] [added: represents] the communities in which we operate.

To ensure we are upholding our core corporate values and making progress [removed: toward] [added: towards] our [added: aspirational] goals, we monitor [removed: our] employee satisfaction through [removed: our] [added: a] quarterly [added: pulse] survey, which is [added: one of] our listening [removed: mechanism.][added: mechanisms.]

[removed: We are integrating a focus on diversity, inclusion and belonging ("DIB") into every aspect of how] [added: In 2020,] we [removed: run our business and have initiated] [added: embarked on] a multi-year DIB strategy with governance through a DIB Council chaired by our CEO and CHRO, [added: and] in partnership with our Sustainability Program Office, that oversees our progress on [removed: environment,] [added: environmental,] social and governance ("ESG") matters.

In [removed: 2020,] [added: 2021,] we hosted a Days of Understanding event as part of an initiative of CEO ACT!ON, a pledge Equinix has taken along with hundreds of other companies to embrace difference in our organizations, educate our people and build more inclusive cultures inside and outside of our workplaces.

In a year [added: again] disrupted by the unprecedented global pandemic caused by COVID-19, we [removed: implemented] [added: continued] a number of precautionary measures in line with our business continuity and pandemic plans to minimize the risk of operational impacts and to protect the health and safety of employees, customers, partners and our communities.

Equinix is the world's digital infrastructure companyTM.

We enable them to differentiate by distributing infrastructure and removing the distance between clouds, users and applications in order to reduce latency and deliver a superior customer, partner and employee experience.

In 2021, we opened nine new IBX data centers, opened six new xScaleTM data centers via our joint ventures, and entered three new markets resulting in an increase in our total number of IBX and xScale data center facilities to 240, which includes the MU4 and GN1 data centers which opened in January 2022.

- New data center openings included nine new IBX sites in the following metros: Bordeaux, Frankfurt, Genoa, Milan, Munich, Osaka, Perth, Silicon Valley and Singapore, with Bordeaux and Genoa being new market entries.

- Six additional xScale sites opened in 2021 in Frankfurt, London, Osaka, Paris, Sao Paulo and Tokyo, bringing the total number of xScale data centers to eight.

- In December, we announced our expansion into Africa through the planned acquisition of MainOne, a leading West African data center and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d'Ivoire.

The transaction has an enterprise value of $320 million and marks the first step in Equinix's long-term strategy to become a leading African carrier neutral digital infrastructure company.

The acquisition is expected to close in Q2 of 2022, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals.

*•*In September, we announced that we extended Platform Equinix into the strategic Indian market, following the completion of the acquisition of the India operations of GPX Global Systems, Inc. ("GPX India").

The $170.5 million transaction includes a fiber-connected campus in Mumbai with two data centers.

The expansion into India is intended to unlock opportunities for Indian businesses expanding internationally and for multinational corporations pursuing growth and innovation in the Indian market.

- In June, we entered into an agreement to form another joint venture in the form of a limited liability partnership with GIC, Singapore’s sovereign wealth fund, to develop and operate additional xScaleTM data centers in Europe and the Americas (the “EMEA 2 Joint Venture”).

In October, we also entered into an agreement to form a joint venture in the form of a limited liability partnership with PGIM Real Estate ("PGIM"), to develop and operate xScale data centers in Asia-Pacific (the "Asia-Pacific 2 Joint Venture").

Combined with our existing xScale joint ventures in Europe, Asia-Pacific and the Americas, these joint ventures will bring our global xScale data center portfolio to more than $7.5 billion across 34 facilities when completed and fully constructed.

- In June, we opened our first data center in Bordeaux, France ("BX1").

With direct fiber links to Equinix's International Business Exchange™ (IBX®) sites in Paris, this new facility will provide global businesses and local authorities located in the region with the ability to connect directly and securely to the world's digital economy, via comprehensive digital ecosystems.

Increasing connectivity opportunities further, BX1 will provide a landing hub for the new submarine cable, AMITIE, which will link France to the United States and Great Britain, creating a new European gateway for data traffic between the United States and Europe.

- In March, we announced that Equinix Metal™ had significantly advanced its global scale, features and ability to enable as a service consumption of the full value of Platform Equinix®.

With these new and enhanced capabilities, Equinix Metal customers can consume interconnected infrastructure with the control of physical hardware and the low overhead and developer experience of the cloud, helping them move faster in today's competitive environment.

This announcement also included the expanded availability of Equinix Metal in 18 global metros, the addition of new networking features to support hybrid multicloud architectures, the certification of new software integrations on Equinix Metal and the launch of a managed appliance as a service solution.

Industry Trends: Large-scale global trends are driving a digital-first strategy

- The Digital services trend is the continued digitizing of the back office to support digital business throughput.

By 2022, 65% of global GDP will be digitalized, and most organizations will realize greater value by combining digitization and sustainability.

This trend forces the need for a digital infrastructure optimized for proximity to, and interconnection with, networks and clouds.

This in turn enables digital development with elastic scale and has contributed to a 3x increase in the multicloud, multiregion adoption rate over the last two years as businesses scale the digital core.

- The Digital participation trend is digitizing trade and accessing digital marketplaces (digital B2B commerce).

By 2025, 75% of organization leaders will leverage digital platforms and ecosystem capabilities to adapt their value chains to new markets, industries and ecosystems.

This forces the need for organizations to interconnect digital infrastructure with research communities, supply chains and marketplaces, which enables composable business models.

The fifth annual Global Interconnection Index ("GXI"), a market study published by Equinix, shows that SaaS is now the largest IT spend line item as companies move to public and private SaaS alternatives.

Organizations that fail to leverage cloud, SaaS or partner digital ecosystems have shown two to three times slower growth over the past two years.

- The Digital proximity trend means digitizing the front office for localized and personalized delivery—to customers, employees and operations where business happens, as well as digitizing the physical world for the physical infrastructure and operations intelligence needed to optimize commercial and environmental impact.

Data shows that shifts in population and commerce centers will result in over 50% of new infrastructure being local by 2023, which will require a digital infrastructure in proximity to, and interconnecting, experiences, things (IoT) and intelligent operations.

Equinix Business Proposition: To be the platform where the world comes together, enabling the innovations that enrich our work, life and planet

On Platform Equinix, digital leaders can reach the most strategic global markets with the largest ecosystem of digital partners, with infrastructure that assembles and deploys virtually in minutes.

With xScale data

- Fiber Connect provides dark fiber links between customers and partners in multiple Equinix IBX data centers.

Fiber Connect enables fast, convenient and affordable integration with partners, customers and service providers across the global Equinix digital ecosystem.

It supports highly reliable, extremely low-latency communication, system integration and data exchange.

- Equinix Precision Time™ provides secure Precision Time Protocol ("PTP") and Network Time Protocol ("NTP") Time as a service for distributed enterprise applications on Platform Equinix®.

The service uses redundant and strategically located equipment and the high-performance network backbone of Equinix

Equinix is a global digital infrastructure company.

We enable them to increase information and application delivery performance for users, and quickly deploy distributed IT infrastructures and access business and digital ecosystems, all while significantly reducing costs and latency.

In 2020, we opened six new IBX data centers, invested in xScaleTM data centers, and added capacity in 14 markets resulting in an increase in our total number of IBX and xScaleTM data center facilities to more than 225, including our acquisition of 13 data centers in Canada.

- New data center openings in 2020 included six new IBX sites in the following metros: Washington DC, Dallas, Warsaw, and Hamburg, with an opening in Muscat, Oman held in an unconsolidated entity and a new market entry announced for Bordeaux, France.

- We began construction on five additional xScaleTM sites in 2020.

- In the fourth quarter of 2020, we acquired 13 data centers from BCE Inc. ("Bell') in Canada (the "Bell Acquisition"), solidifying our position as a leading digital infrastructure provider in the country, with a total of 15 data centers that we now operate coast-to-coast across eight metros.

The Bell Acquisition allows us to expand our reach with seven new metros in six provinces, adding more than 600 customer accounts from diverse sectors, including enterprise, cloud, IT, government, energy and financial services.

In addition to adding new capacity in Toronto where we already operated two IBX data centers, we acquired data centers in Calgary, Kamloops, Saint John, Montreal, Ottawa, Vancouver and Winnipeg.

The transaction opens key gateways from North America to Asia through Vancouver and North America to Europe through the submarine cable systems in the Saint John area in New Brunswick.

- In August 2020, we announced our intended expansion into India, a new market, entering into an agreement to purchase the India operations of GPX Global Systems, Inc. ("GPX India").

The acquisition, expected to close in Q2 2021 subject to regulatory approval, includes the two most interconnected data centers in India, with a well-established ecosystem in Mumbai that includes more than 200 interconnection-rich customers, international brands and key local players.

India has the world’s second largest population and the second largest base of internet subscribers, fueling demand for data centers and colocation offerings.

This planned acquisition underscores our goal to extend Platform Equinix to support our customers’ digital edge strategies.

- In March 2020, we completed our acquisition of leading bare metal automation company Packet Host, Inc. ("Packet") (the "Packet Acquisition").

Packet’s capabilities became Equinix MetalTM which adds direct integration to Equinix FabricTM and expands the services to new global locations.

With Equinix Metal, enterprises, SaaS companies and digital service providers can provision interconnected bare metal resources in minutes instead of months, while reducing the capital expenditures and operational requirements of owning hardware.

They can also reduce cloud costs while retaining the flexibility and operational expenditures of cloud services via on demand, reserved or spot market capacity in our global data centers using the Equinix Metal portal or DevOps-friendly APIs and integrations.

An important piece of our Platform strategy, this acquisition advances our vision to deliver the most advanced solutions for customers to rapidly deploy digital infrastructure at global scale.

- In January 2020, we expanded into two new Mexico metros, with our acquisition of three data centers from Axtel S.A.B. de C.V. ("Axtel") that serve the Mexico City and Monterrey metro areas.

This expansion, when combined with previous Equinix acquisitions of key regional traffic hubs in Dallas ("Infomart") and Miami (the NAP of the Americas), further strengthens our global platform by increasing interconnection between North, Central and South America.

Mexico is the world's eleventh-largest economy and the second largest in Latin America.

The country's telecommunications reform of 2013 has created opportunities for many businesses seeking to expand into Mexico, allowing for open competition by non-governmental entities and providing an opportunity for the growth of service provider and enterprise ecosystems that flourish within our network-neutral data centers globally.

Industry Trends: Taking Digital Business to the Edge

- Digital business: As organizations transform their traditional lines of business, they are being asked to reduce costs and become more efficient while accelerating the development of new insights.

This requires transforming network architecture while distributing digital infrastructure in strategic locations to support local interconnection between user services, data, clouds and ecosystem partners.

- Urbanization: This is driving an increase in population centers needing digital engagement; however, a more recent trend has been migration out of cities due to the ongoing COVID-19 pandemic.

This is causing an expansion in the overall digital edge, which requires companies to locate digital services close to users to deliver great user experiences.

These same concentrations of people provide an economy of scale which makes it cost effective to distribute applications, data, content and networking to serve these locations.

- Cybersecurity: A cybersecurity breach is one of the most serious risks facing companies today, and many of the most serious breaches occur via a penetration of a company’s business partners’ networks.

To protect against this, businesses need to develop best practices to distribute their security controls and infrastructure out to digital exchanges where most traffic exchange is happening.

- Data volumes and compliance: Demand for local data analysis and data exchange to support digital workflows is outpacing organizations’ ability to classify, secure, privately transport and process data across regions.

To meet new regulations and drive new strategic value, companies need to deploy distributed data storage, analytics and clouds within the same jurisdiction, and then replicate this across multiple global locations.

- Business ecosystems: Digital trade flows involve an increasing variety of customers, partners and employees.

To enable this, companies deploy a digital presence in close physical proximity to an application exchange point and then connect to it directly to support real-time engagement.

In the aggregate, these form a business ecosystem.

These ecosystems are expanding in depth and number.

Equinix Business Proposition: Bring together and interconnect the infrastructure you need to fast-track your digital advantage

On Platform Equinix, digital leaders can bring together all the right places, partners and possibilities to create the foundational infrastructure they need to succeed.

- Equinix SmartKey™ helps customers simplify data protection across any cloud architecture via a global SaaS-based, hardware security module management and cryptography service that provides on-premises and hybrid multicloud encryption key management.

Using Equinix IBX data

None.

The following is a description of reportable legal proceedings, including those involving governmental authorities under federal, state and local laws regulating the discharge of materials into the environment.

In March 2019, charges were brought by the Public Prosecutor in Milan, Italy against Equinix (Italia) S.r.l.

and Eric Schwartz, at that time one of the directors of Equinix (Italia) S.r.l., following the discovery of levels of copper in ground water in excess of those permitted by law and alleged to have been released by Equinix into the water supply.

We determined that the copper levels detected had been misinterpreted by the Public Prosecutor's office, which had multiplied the findings tenfold.

On March 13, 2019, we asked for an initial extension to file our defense and requested that the charges against both Equinix and Mr. Schwartz be dropped on the grounds that the levels of copper found were in fact less than double the permitted amounts.

The Public Prosecutor accepted that the number it originally used was incorrect, but did not agree to drop the charges and requested a trial date.

Our defense was filed April 15, 2019.

A trial date was set for March 6, 2020, but the hearing was postponed due to the COVID-19 pandemic.

The prosecutor has agreed to a plea bargain for Mr. Schwartz comprising of payment of an amount between €12,700 and €25,000, plus a fine of €2,700.

This arrangement must be approved by the Court.

In a hearing on December 17, 2020, the presiding judge decided that there was insufficient evidence of a crime and acquitted Equinix.

The Public Prosecutor has until February 24, 2021 to issue an appeal.

We have recently completed adoption of a formal compliance program pursuant to Italian Legislative Decree No. 231/2001 ("Decree 231"), which we expect will reduce our exposure to fines and penalties in any Court verdict by 50%.

After adoption of Decree 231, the exposure for Equinix would be effectively reduced to €175,000.

While it is not possible to accurately predict whether the Public Prosecutor will appeal this decision, if an appeal is lodged and any subsequent final outcome of this pending Court proceeding is decided adversely to Equinix, we expect there would be no material effect on our consolidated financial position.

Nevertheless, this proceeding is reported pursuant to Securities and Exchange Commission regulations in effect at the inception of this proceeding.

For the fiscal year ended December 31, [removed: 2020][added: 2021]

Commission file number [removed: 000-31293][added: 001-40205]

[removed: ][added: ]

Indicate by check mark if the registrant is a well-known seasoned [removed: issuer] [added: issuer,] as defined in Rule 405 of the Act.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting [removed: company] [added: company,] or an emerging growth company.

The aggregate market value of the voting and non-voting common stock held by non-affiliates computed by reference to the price at which the common stock was last sold as of the last business day of the registrant's most recently completed second fiscal quarter was approximately [removed: $62.2] [added: $72.0] billion.

As of February [removed: 18, 2021,] [added: 17, 2022,] a total of [removed: 89,287,863] [added: 90,721,039] shares of the registrant's common stock were outstanding.

Part III – Portions of the registrant's definitive proxy statement to be issued in conjunction with the registrant's [removed: 2021] [added: 2022] Annual Meeting of Stockholders, which is expected to be filed not later than 120 days after the registrant's fiscal year ended December 31, [removed: 2020.][added: 2021.]

| Item | | | [PART [removed: I](#i5acbbde08030456cb687e565e40abd74_10)] [added: I](#i89c3c9328e454b30b2c14123b867f3f0_10)] | | | Page No. | | |

| | | | [Forward-Looking [removed: Statements](#i5acbbde08030456cb687e565e40abd74_2212)] [added: Statements](#i89c3c9328e454b30b2c14123b867f3f0_13)] | | | [removed: [3](#i5acbbde08030456cb687e565e40abd74_2212)] [added: [3](#i89c3c9328e454b30b2c14123b867f3f0_13)] | | |

| | | | [Summary of Risk [removed: Factors](#i5acbbde08030456cb687e565e40abd74_2204)] [added: Factors](#i89c3c9328e454b30b2c14123b867f3f0_16)] | | | [removed: [3](#i5acbbde08030456cb687e565e40abd74_2204)] [added: [3](#i89c3c9328e454b30b2c14123b867f3f0_16)] | | |

| 1A. | | | [Risk [removed: Factors](#i5acbbde08030456cb687e565e40abd74_16)] [added: Factors](#i89c3c9328e454b30b2c14123b867f3f0_22)] | | | [removed: [15](#i5acbbde08030456cb687e565e40abd74_16)] [added: [17](#i89c3c9328e454b30b2c14123b867f3f0_22)] | | |

| 1B. | | | [Unresolved Staff [removed: Comments](#i5acbbde08030456cb687e565e40abd74_19)] [added: Comments](#i89c3c9328e454b30b2c14123b867f3f0_25)] | | | [removed: [41](#i5acbbde08030456cb687e565e40abd74_22)] [added: [43](#i89c3c9328e454b30b2c14123b867f3f0_25)] | | |

| 3. | | | [Legal [removed: Proceedings](#i5acbbde08030456cb687e565e40abd74_25)] [added: Proceedings](#i89c3c9328e454b30b2c14123b867f3f0_31)] | | | [removed: [44](#i5acbbde08030456cb687e565e40abd74_25)] [added: [48](#i89c3c9328e454b30b2c14123b867f3f0_31)] | | |

| 4. | | | [Mine Safety [removed: Disclosure](#i5acbbde08030456cb687e565e40abd74_28)] [added: Disclosure](#i89c3c9328e454b30b2c14123b867f3f0_34)] | | | [removed: [45](#i5acbbde08030456cb687e565e40abd74_28)] [added: [48](#i89c3c9328e454b30b2c14123b867f3f0_34)] | | |

| 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i5acbbde08030456cb687e565e40abd74_34)] [added: Securities](#i89c3c9328e454b30b2c14123b867f3f0_40)] | | | [removed: [46](#i5acbbde08030456cb687e565e40abd74_34)] [added: [49](#i89c3c9328e454b30b2c14123b867f3f0_40)] | | |

| 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i5acbbde08030456cb687e565e40abd74_40)] [added: Operations](#i89c3c9328e454b30b2c14123b867f3f0_46)] | | | [removed: [51](#i5acbbde08030456cb687e565e40abd74_40)] [added: [51](#i89c3c9328e454b30b2c14123b867f3f0_46)] | | |

| 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i5acbbde08030456cb687e565e40abd74_67)] [added: Risk](#i89c3c9328e454b30b2c14123b867f3f0_73)] | | | [removed: [78](#i5acbbde08030456cb687e565e40abd74_67)] [added: [75](#i89c3c9328e454b30b2c14123b867f3f0_73)] | | |

| 8. | | | [Financial Statements and Supplementary [removed: Data](#i5acbbde08030456cb687e565e40abd74_70)] [added: Data](#i89c3c9328e454b30b2c14123b867f3f0_76)] | | | [removed: [80](#i5acbbde08030456cb687e565e40abd74_70)] [added: [77](#i89c3c9328e454b30b2c14123b867f3f0_76)] | | |

| 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i5acbbde08030456cb687e565e40abd74_73)] [added: Disclosure](#i89c3c9328e454b30b2c14123b867f3f0_79)] | | | [removed: [80](#i5acbbde08030456cb687e565e40abd74_73)] [added: [77](#i89c3c9328e454b30b2c14123b867f3f0_79)] | | |

| 9A. | | | [Controls and [removed: Procedures](#i5acbbde08030456cb687e565e40abd74_76)] [added: Procedures](#i89c3c9328e454b30b2c14123b867f3f0_82)] | | | [removed: [80](#i5acbbde08030456cb687e565e40abd74_76)] [added: [77](#i89c3c9328e454b30b2c14123b867f3f0_82)] | | |

| 9B. | | | [Other [removed: Information](#i5acbbde08030456cb687e565e40abd74_79)] [added: Information](#i89c3c9328e454b30b2c14123b867f3f0_85)] | | | [removed: [81](#i5acbbde08030456cb687e565e40abd74_79)] [added: [78](#i89c3c9328e454b30b2c14123b867f3f0_85)] | | |

| | | | [PART [removed: III](#i5acbbde08030456cb687e565e40abd74_82)] [added: III](#i89c3c9328e454b30b2c14123b867f3f0_88)] | | | | | |

| 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i5acbbde08030456cb687e565e40abd74_85)] [added: Governance](#i89c3c9328e454b30b2c14123b867f3f0_91)] | | | [removed: [81](#i5acbbde08030456cb687e565e40abd74_85)] [added: [78](#i89c3c9328e454b30b2c14123b867f3f0_91)] | | |

| 11. | | | [Executive [removed: Compensation](#i5acbbde08030456cb687e565e40abd74_88)] [added: Compensation](#i89c3c9328e454b30b2c14123b867f3f0_94)] | | | [removed: [81](#i5acbbde08030456cb687e565e40abd74_88)] [added: [78](#i89c3c9328e454b30b2c14123b867f3f0_94)] | | |

| 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i5acbbde08030456cb687e565e40abd74_91)] [added: Matters](#i89c3c9328e454b30b2c14123b867f3f0_97)] | | | [removed: [82](#i5acbbde08030456cb687e565e40abd74_91)] [added: [79](#i89c3c9328e454b30b2c14123b867f3f0_97)] | | |

| 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i5acbbde08030456cb687e565e40abd74_94)] [added: Independence](#i89c3c9328e454b30b2c14123b867f3f0_100)] | | | [removed: [82](#i5acbbde08030456cb687e565e40abd74_94)] [added: [79](#i89c3c9328e454b30b2c14123b867f3f0_100)] | | |

| 14. | | | [Principal Accounting Fees and [removed: Services](#i5acbbde08030456cb687e565e40abd74_97)] [added: Services](#i89c3c9328e454b30b2c14123b867f3f0_103)] | | | [removed: [82](#i5acbbde08030456cb687e565e40abd74_97)] [added: [79](#i89c3c9328e454b30b2c14123b867f3f0_103)] | | |

| 15. | | | [Exhibits, Financial Statement [removed: Schedules](#i5acbbde08030456cb687e565e40abd74_103)] [added: Schedules](#i89c3c9328e454b30b2c14123b867f3f0_109)] | | | [removed: [83](#i5acbbde08030456cb687e565e40abd74_103)] [added: [80](#i89c3c9328e454b30b2c14123b867f3f0_109)] | | |

| 16. | | | [Form 10-K [removed: Summary](#i5acbbde08030456cb687e565e40abd74_106)] [added: Summary](#i89c3c9328e454b30b2c14123b867f3f0_112)] | | | [removed: [89](#i5acbbde08030456cb687e565e40abd74_106)] [added: [87](#i89c3c9328e454b30b2c14123b867f3f0_112)] | | |

Our business is subject to numerous risks and uncertainties that make an investment in our [removed: common stock] [added: securities] speculative or risky, any one of which could materially adversely affect our results of operations, financial condition or business.

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

- Our results of operations [removed: results] may fluctuate.

- Our construction of [removed: additional] new IBX data centers or IBX data center expansions could involve significant risks to our business.

- The anticipated benefits of our joint ventures [removed: with GIC Private Limited, Singapore’s sovereign wealth fund (“GIC”)] may not be fully realized or take longer to realize than expected.

- Joint venture [removed: investments, such as our joint ventures with GIC,] [added: investments] could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.

- Our business could be harmed by [added: increased costs to procure power,] prolonged power outages, shortages or capacity constraints.

- Government regulation [added: or failure to comply with laws and regulations] may adversely affect our business.

- We have a number of risks related to our [removed: taxation] [added: qualification] as a [removed: REIT,] [added: real estate investment trust for federal income tax purposes ("REIT"),] including the risk that we may not be able to maintain our qualification as a REIT which could expose us to substantial corporate income tax and have a materially adverse effect on our business, financial condition, and results of operations.

| 0.250% Senior Notes due 2027 | | | | | | | | | | | | The Nasdaq Stock Market LLC | | |

| 1.000% Senior Notes due 2033 | | | | | | | | | | | | The Nasdaq Stock Market LLC | | |

| | | | December 31, 2021 | | | | | |

| 1. | | | [Business](#i89c3c9328e454b30b2c14123b867f3f0_19) | | | [5](#i89c3c9328e454b30b2c14123b867f3f0_19) | | |

| 2. | | | [Properties](#i89c3c9328e454b30b2c14123b867f3f0_28) | | | [44](#i89c3c9328e454b30b2c14123b867f3f0_28) | | |

| | | | [PART II](#i89c3c9328e454b30b2c14123b867f3f0_37) | | | | | |

| 6. | | | Reserved | | | [50](#i89c3c9328e454b30b2c14123b867f3f0_43) | | |

| 9C. | | | [Disclosure Re](#i89c3c9328e454b30b2c14123b867f3f0_1752)[garding Foreign Jurisdictions that Prevent Inspections](#i89c3c9328e454b30b2c14123b867f3f0_1752) | | | [78](#i89c3c9328e454b30b2c14123b867f3f0_1752) | | |

| | | | [PART IV](#i89c3c9328e454b30b2c14123b867f3f0_106) | | | | | |

| | | | [Signatures](#i89c3c9328e454b30b2c14123b867f3f0_115) | | | [88](#i89c3c9328e454b30b2c14123b867f3f0_115) | | |

| | | | [Index to Exhibits](#i89c3c9328e454b30b2c14123b867f3f0_118) | | | [90](#i89c3c9328e454b30b2c14123b867f3f0_118) | | |

- 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 our stockholders.

| | | | December 31, 2020 | | | | | |

| 1. | | | [Business](#i5acbbde08030456cb687e565e40abd74_13) | | | [5](#i5acbbde08030456cb687e565e40abd74_13) | | |

| 2. | | | [Properties](#i5acbbde08030456cb687e565e40abd74_22) | | | [41](#i5acbbde08030456cb687e565e40abd74_22) | | |

| | | | [PART II](#i5acbbde08030456cb687e565e40abd74_31) | | | | | |

| 6. | | | [Selected Financial Data](#i5acbbde08030456cb687e565e40abd74_37) | | | [48](#i5acbbde08030456cb687e565e40abd74_37) | | |

| | | | [PART IV](#i5acbbde08030456cb687e565e40abd74_100) | | | | | |

| | | | [Signatures](#i5acbbde08030456cb687e565e40abd74_109) | | | [90](#i5acbbde08030456cb687e565e40abd74_109) | | |

| | | | [Index to Exhibits](#i5acbbde08030456cb687e565e40abd74_112) | | | [92](#i5acbbde08030456cb687e565e40abd74_112) | | |

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

Our EMEA headquarters office is located in Amsterdam, the Netherlands and [removed: our regional] [added: we also have] sales offices in [removed: EMEA are based in our IBX data centers in] [added: several cities throughout] EMEA.

The following tables present the locations of our leased and owned IBX data centers and xScaleTM data centers investments as of December 31, [removed: 2020.][added: 2021.]

| [removed: ] [added: ] | | | [removed: AMERICAS] | | | | | | | | | | | | | | |

| [added: | | | | | |] Metro | | | | | | Leased (1) | | | | | | Owned (1) (2) | | | [removed: | | |]

| [removed: Atlanta] | | | | | | [removed: ●] [added: Atlanta] | | | | | | ● | | | | | | [added: ● | | |]

| [removed: Bogota] | | | | | | [added: Bogota] | | | | | | [removed: ●] | | | | | | [added: ● | | |]

| [added: | | |] Calgary | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Chicago | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Culpeper | | | | | | | | | | | | ● | | | | | |

| [added: | | |] Dallas | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Washington [removed: DC/Ashburn] [added: D.C./Ashburn] | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Denver | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Houston | | | | | | | | | | | | ● | | | | | |

| [added: | | |] Kamloops | | | | | | | | | | | | ● | | | | | |

| [added: | | |] Los Angeles | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Mexico City | | | | | | | | | | | | ● | | | | | |

| [added: | | |] Miami | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Monterrey | | | | | | ● | | | | | | | | | | | |

| [added: | | |] Montreal | | | | | | ● | | | | | | | | | | | |

| [added: | | |] New York | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Ottawa | | | | | | | | | | | | ● | | | | | |

| [added: | | |] Philadelphia | | | | | | ● | | | | | | | | | | | |

| [added: | | |] Rio de Janeiro | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Saint John | | | | | | | | | | | | ● | | | | | |

| [added: | | |] Sao Paulo | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Seattle | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Silicon Valley | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Toronto | | | | | | ● | | | | | | ● | | | | | |

| | | | [added: | | |] Vancouver | | | | | | ● | | | | | | | | |

| | | | [added: | | |] Winnipeg | | | | | | ● | | | | | | | | |

| [removed: ] [added: ] | | | [removed: EMEA] | | | [added: Boston] | | | | | | | | | | | | [added: ● | | |]

| [added: | | | | | |] Metro | | | | | | Leased (1) | | | | | | Owned (1) (2) | | | [removed: | | |]

| [removed: Abu Dhabi] | | | | | | [removed: ●] [added: Abu Dhabi] | | | | | | [added: ●] | | | | | | [added: | | |]

| [removed: Amsterdam] | | | | | | [removed: ●] [added: Amsterdam] | | | | | | ● | | | | | | [added: ● | | |]

| [added: | | |] Dubai | | | | | | ● | | | | | | | | | | | |

| [added: | | |] Dublin | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Dusseldorf | | | | | | | | | | | | ● | | | | | |

| [added: | | |] East Netherlands | | | | | | ● | | | | | | | | | | | |

| [added: | | |] Frankfurt | | | | | | ● | | | | | | ● | | | | | |

| [added: | | |] Geneva | | | | | | ● | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | AMERICAS | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | EMEA | | | | | | | | | | | | | | |

| | | | Bordeaux | | | | | | | | | | | | ● | | | | | |

| | | | Genoa (3) | | | | | | | | | | | | ● | | | | | |

| | | | | | | | | | | | | | | | | | |

| Mumbai | | | | | | ● | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

(3)The Genoa (GN1) and Munich (MU4) owned sites represent data centers opened in January 2022

| Americas | | | 103 | | | | | | 136,000 | | | | | | 103,200 | | | | | | 76 | | % | | | | $ | 2,342 | |

| EMEA | | | 78 | | | | | | 128,800 | | | | | | 107,400 | | | | | | 83 | | % | | | | 1,586 | | |

| Asia-Pacific | | | 50 | | | | | | 74,700 | | | | | | 59,300 | | | | | | 79 | | % | | | | 1,970 | | |

| Total | | | 231 | | | | | | 339,500 | | | | | | 269,900 | | | | | | | | | | | | | | |

| TR2 phase IV | | | | | | Toronto | | | | | | Q3 2022 | | | | | | 300 | | | | | | 24 | | |

| BG2 phase I | | | | | | Bogota | | | | | | Q4 2022 | | | | | | 550 | | | | | | 45 | | |

| CL3 phase II | | | | | | Calgary | | | | | | Q4 2022 | | | | | | 550 | | | | | | 38 | | |

| DC21 phase II | | | | | | Washington D.C. | | | | | | Q4 2022 | | | | | | 950 | | | | | | 32 | | |

| KA1 phase II | | | | | | Kamloops | | | | | | Q4 2022 | | | | | | 250 | | | | | | 22 | | |

| LA4 phase IV | | | | | | Los Angeles | | | | | | Q4 2022 | | | | | | 350 | | | | | | 22 | | |

| | | | | | | | | | | | | | | | | | | 4,025 | | | | | | 237 | | |

| IL2 phase III | | | | | | Istanbul | | | | | | Q2 2022 | | | | | | 525 | | | | | | 15 | | |

| MD6 phase I | | | | | | Madrid | | | | | | Q3 2022 | | | | | | 600 | | | | | | 5 | | |

| FR5 phase V | | | | | | Frankfurt | | | | | | Q4 2022 | | | | | | 650 | | | | | | 43 | | |

| BX1 phase II & III | | | | | | Bordeaux | | | | | | Q1 2023 | | | | | | 525 | | | | | | 44 | | |

| PA6 phase II | | | | | | Paris | | | | | | Q1 2023 | | | | | | 275 | | | | | | 16 | | |

| SM1 phase I | | | | | | Salalah | | | | | | Q2 2023 | | | | | | 125 | | | | | | 7 | | |

| SO2 phase II | | | | | | Sofia | | | | | | Q2 2023 | | | | | | 350 | | | | | | 12 | | |

| FR13 phase I | | | | | | Frankfurt | | | | | | Q4 2023 | | | | | | 1,125 | | | | | | 104 | | |

| | | | | | | | | | | | | | | | | | | 12,625 | | | | | | 835 | | |

| SG5 phase III | | | | | | Singapore | | | | | | Q1 2022 | | | | | | 700 | | | | | | 19 | | |

| TY11 phase III | | | | | | Tokyo | | | | | | Q2 2022 | | | | | | 900 | | | | | | 31 | | |

| ME2 phase II | | | | | | Melbourne | | | | | | Q3 2022 | | | | | | 500 | | | | | | 16 | | |

| SG5 phase IV | | | | | | Singapore | | | | | | Q3 2022 | | | | | | 600 | | | | | | 26 | | |

| | | | | | | | | | | | | | | | | | | 3,875 | | | | | | 186 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Boston | | | | | | ● | | | | | | ● | | | | | |

| Barcelona | | | | | | ● | | | | | | | | | | | |

| Americas | | | 104 | | | | | | 119,400 | | | | | | 86,800 | | | | | | 73 | | % | | | | $ | 2,415 | |

| EMEA | | | 75 | | | | | | 125,000 | | | | | | 104,400 | | | | | | 84 | | % | | | | 1,530 | | |

| Total | | | 224 | | | | | | 310,500 | | | | | | 245,800 | | | | | | | | | | | | | | |

| SP3 phase III | | | | | | São Paulo | | | | | | Q1 2021 | | | | | | 1,050 | | | | | | $ | 25 | |

| LA7 phase II | | | | | | Los Angeles | | | | | | Q2 2021 | | | | | | 750 | | | | | | 54 | | |

| SV11 phase I | | | | | | Silicon Valley | | | | | | Q2 2021 | | | | | | 1,450 | | | | | | 142 | | |

| NY6 phase II | | | | | | New York | | | | | | Q4 2021 | | | | | | 525 | | | | | | 28 | | |

| | | | | | | | | | | | | | | | | | | 4,850 | | | | | | 303 | | |

| AM7 phase III | | | | | | Amsterdam | | | | | | Q1 2021 | | | | | | 1,425 | | | | | | 63 | | |

| LD7 phase IB | | | | | | London | | | | | | Q1 2021 | | | | | | 875 | | | | | | 30 | | |

| HE7 phase II | | | | | | Helsinki | | | | | | Q2 2021 | | | | | | 600 | | | | | | 28 | | |

| IL2 phase II | | | | | | Istanbul | | | | | | Q2 2021 | | | | | | 400 | | | | | | 25 | | |

| SK2 phase VII | | | | | | Stockholm | | | | | | Q2 2021 | | | | | | 250 | | | | | | 6 | | |

| FR8 phase I | | | | | | Frankfurt | | | | | | Q3 2021 | | | | | | 1,675 | | | | | | 109 | | |

| MU4 phase I | | | | | | Munich | | | | | | Q3 2021 | | | | | | 825 | | | | | | 69 | | |

| WA3 phase II | | | | | | Warsaw | | | | | | Q3 2021 | | | | | | 475 | | | | | | 29 | | |

| GN1 phase I | | | | | | Genoa | | | | | | Q4 2021 | | | | | | 150 | | | | | | 21 | | |

| ML5 phase II | | | | | | Milan | | | | | | Q4 2021 | | | | | | 1,025 | | | | | | 29 | | |

| | | | | | | | | | | | | | | | | | | 16,825 | | | | | | 1,036 | | |

| SG4 phase II | | | | | | Singapore | | | | | | Q1 2021 | | | | | | 1,400 | | | | | | 49 | | |

| TY11 phase II | | | | | | Tokyo | | | | | | Q1 2021 | | | | | | 1,225 | | | | | | 58 | | |

| SH6 phase II | | | | | | Shanghai | | | | | | Q2 2021 | | | | | | 575 | | | | | | 18 | | |

| SG5 phase I | | | | | | Singapore | | | | | | Q2 2021 | | | | | | 1,300 | | | | | | 144 | | |

| HK1 phase XIII-A | | | | | | Hong Kong | | | | | | Q3 2021 | | | | | | 525 | | | | | | 30 | | |

| SG1 phase XV | | | | | | Singapore | | | | | | Q3 2021 | | | | | | 300 | | | | | | 22 | | |

| SY5 phase II | | | | | | Sydney | | | | | | Q3 2021 | | | | | | 2,150 | | | | | | 49 | | |

| PE3 phase I | | | | | | Perth | | | | | | Q4 2021 | | | | | | 650 | | | | | | 54 | | |

| | | | | | | | | | | | | | | | | | | 10,550 | | | | | | 554 | | |

| Total | | | | | | | | | | | | | | | | | | 32,225 | | | | | | $ | 1,893 | |

As of January 31, [removed: 2021,] [added: 2022,] we had [removed: 89,184,799] [added: 90,643,998] shares of our common stock outstanding held by approximately [removed: 329] [added: 347] registered holders.

During the years ended December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] we did not issue or sell any securities on an unregistered basis.

The graph set forth below compares the cumulative total stockholder return on Equinix's common stock between December 31, [removed: 2015] [added: 2016] and December 31, [removed: 2020] [added: 2021] with the cumulative total return of:

The graph assumes the investment of $100.00 on December 31, [removed: 2015] [added: 2016] in Equinix's common stock and in each index, and assumes the reinvestment of dividends, if any.

[removed: ][added: ]

*$100 invested on [removed: 12/31/15] [added: 12/31/16] in stock or index, including reinvestment of dividends.

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 | | |

Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, [removed: 2020.][added: 2021.]

Based on our evaluation under the framework in *Internal Control – Integrated Framework* (2013), our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2020.][added: 2021.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2020] [added: 2021] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein on page F-1 of this Annual Report on Form 10-K.

There was no change in our internal controls over financial reporting during the fourth quarter of fiscal [removed: 2020] [added: 2021] that has materially affected, or is reasonable likely to affect, our internal controls over financial reporting.

PART III

There is no disclosure to report pursuant to Item 9C.

PART III

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2021] [added: 2022] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2020] [added: 2021] pursuant to Regulation 14A.

This information is incorporated by reference to the Equinix [removed: proxy statement] [added: Proxy Statement] for the [removed: 2021] [added: 2022] Annual Meeting of Stockholders and is also available on our website, www.equinix.com.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2021] [added: 2022] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2020] [added: 2021] pursuant to Regulation 14A.

Information required by this item is incorporated by reference to the Equinix [removed: proxy statement] [added: Proxy Statement] for the [removed: 2021] [added: 2022] Annual Meeting of [removed: Stockholders.][added: Stockholders, which will be filed with the SEC no later than 120 days after December 31, 2021 pursuant to Regulation 14A.]

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2021] [added: 2022] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2020] [added: 2021] pursuant to Regulation 14A.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2021] [added: 2022] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2020] [added: 2021] pursuant to Regulation 14A.

| [Report of Independent Registered Public Accounting [removed: Firm](#i5acbbde08030456cb687e565e40abd74_115)] [added: Firm (PCAOB ID](#i89c3c9328e454b30b2c14123b867f3f0_121) 238[)](#i89c3c9328e454b30b2c14123b867f3f0_121)] | | | [removed: F-[1](#i5acbbde08030456cb687e565e40abd74_115)] [added: F-[1](#i89c3c9328e454b30b2c14123b867f3f0_121)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2020] [added: 2021] and [removed: 2019](#i5acbbde08030456cb687e565e40abd74_118)] [added: 2020](#i89c3c9328e454b30b2c14123b867f3f0_124)] | | | [removed: F-[4](#i5acbbde08030456cb687e565e40abd74_118)] [added: F-[4](#i89c3c9328e454b30b2c14123b867f3f0_124)] | | |

| [Consolidated Statements of Operations for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i5acbbde08030456cb687e565e40abd74_124)] [added: 2019](#i89c3c9328e454b30b2c14123b867f3f0_127)] | | | [removed: F-[5](#i5acbbde08030456cb687e565e40abd74_124)] [added: F-[5](#i89c3c9328e454b30b2c14123b867f3f0_127)] | | |

| [Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, [removed: 20](#i5acbbde08030456cb687e565e40abd74_127)[20, 201](#i5acbbde08030456cb687e565e40abd74_127)[9](#i5acbbde08030456cb687e565e40abd74_127) [and](#i5acbbde08030456cb687e565e40abd74_127) [2018](#i5acbbde08030456cb687e565e40abd74_127)] [added: 2021, 2020 and 2019](#i89c3c9328e454b30b2c14123b867f3f0_130)] | | | [removed: F-[6](#i5acbbde08030456cb687e565e40abd74_127)] [added: F-[6](#i89c3c9328e454b30b2c14123b867f3f0_130)] | | |

| [Consolidated Statements of Stockholders' Equity and Other Comprehensive Income (Loss) for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i5acbbde08030456cb687e565e40abd74_133)] [added: 2019](#i89c3c9328e454b30b2c14123b867f3f0_133)] | | | [removed: F-[7](#i5acbbde08030456cb687e565e40abd74_133)] [added: F-[7](#i89c3c9328e454b30b2c14123b867f3f0_133)] | | |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i5acbbde08030456cb687e565e40abd74_139)] [added: 2019](#i89c3c9328e454b30b2c14123b867f3f0_136)] | | | [removed: F-[9](#i5acbbde08030456cb687e565e40abd74_139)] [added: F-[9](#i89c3c9328e454b30b2c14123b867f3f0_136)] | | |

| [Notes [removed: to Consolidated] [added: to](#i89c3c9328e454b30b2c14123b867f3f0_139) [Consolidated] Financial [removed: Statements](#i5acbbde08030456cb687e565e40abd74_142)] [added: Statements](#i89c3c9328e454b30b2c14123b867f3f0_139)] | | | [removed: F-[10](#i5acbbde08030456cb687e565e40abd74_142)] [added: F-[10](#i89c3c9328e454b30b2c14123b867f3f0_139)] | | |

| [Schedule III- Schedule of Real Estate and Accumulated Depreciation at December 31, [removed: 2020] [added: 2021] with reconciliations for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i5acbbde08030456cb687e565e40abd74_226)] [added: 2019](#i89c3c9328e454b30b2c14123b867f3f0_205)] | | | [removed: F-[67](#i5acbbde08030456cb687e565e40abd74_226)] [added: F-[64](#i89c3c9328e454b30b2c14123b867f3f0_205)] | | |

| [4.5](https://www.sec.gov/Archives/edgar/data/1101239/000119312517288814/d458122dex42.htm) | | | | | | [Fifth Supplemental Indenture, dated as of September 20, [removed: 2017] [added: 2017,] among Equinix, Inc. and U.S. Bank National Association, as trustee, and Elavon Financial Services DAC, UK Branch, as paying agent.](https://www.sec.gov/Archives/edgar/data/1101239/000119312517288814/d458122dex42.htm) | | | | | | 8-K | | | | | | 9/20/2017 | | | | | | 4.2 | | | | | | | | |

| [removed: [4.7](http://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex42.htm)] [added: [4.7](http://www.sec.gov/Archives/edgar/data/1101239/000119312518106405/d561691dex42.htm)] | | | | | | [removed: [Supplemental] [added: [Third Supplemental] Indenture, dated as of [removed: December 12, 2017,] [added: April 2, 2018,] among Equinix, Inc. and U.S. Bank National Association, as [removed: trustee, and Elavon Financial Services DAC, UK Branch, as paying agent.](http://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex42.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000119312518106405/d561691dex42.htm)] | | | | | | 8-K | | | | | | [removed: 12/5/2017] [added: 4/3/2018] | | | | | | 4.2 | | | | | | | | |

| [removed: 4.8] [added: 4.13] | | | | | | Form of [removed: 2.875%] [added: 2.900%] Senior Notes due 2026 [removed: (see] [added: (See] Exhibit [removed: 4.8).] [added: 4.12).] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.9](http://www.sec.gov/Archives/edgar/data/1101239/000119312518106405/d561691dex42.htm)] [added: [4.10](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] | | | | | | [removed: [Third] [added: [Fourth] Supplemental Indenture, dated as of [removed: April 2, 2018,] [added: November 18,](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm) [2019,] among Equinix, [removed: Inc.] [added: Inc] and U.S. Bank National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000119312518106405/d561691dex42.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] | | | | | | 8-K | | | | | | [removed: 4/3/2018] [added: 11/18/2019] | | | | | | 4.2 | | | | | | | | |

| [removed: 4.10] [added: 4.8] | | | | | | Form of 5.00% Senior Notes due October 2020 (see Exhibit [removed: 4.10).] [added: 4.7).] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 4.11] [added: 4.9] | | | | | | Form of 5.00% Senior Notes due April 2021 (see Exhibit [removed: 4.10).] [added: 4.7).] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.12](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] [added: [4.12](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] | | | | | | [removed: [Fourth] [added: [Fifth] Supplemental Indenture, dated as of November [removed: 18,2019,] [added: 18, 2019,] among Equinix, [removed: Inc] [added: Inc.] and U.S. Bank National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] | | | | | | 8-K | | | | | | 11/18/2019 | | | | | | [removed: 4.2] [added: 4.4] | | | | | | | | |

| [removed: 4.13] [added: 4.11] | | | | | | Form of 2.625% Senior Notes due 2024 (See Exhibit [removed: 4.13).] [added: 4.10).] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.14](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] [added: [4.14](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] | | | | | | [removed: [Fifth] [added: [Sixth] Supplemental Indenture, dated as of November 18, 2019, among Equinix, Inc. and U.S. Bank National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] | | | | | | 8-K | | | | | | 11/18/2019 | | | | | | [removed: 4.4] [added: 4.6] | | | | | | | | |

| 4.15 | | | | | | Form of [removed: 2.900%] [added: 3.200%] Senior Notes due [removed: 2026] [added: 2029] (See Exhibit [removed: 4.15).] [added: 4.14)] | | | | | | [added: 8-K] | | | | | | [added: 6/22/2020] | | | | | | | | | | | | | | |

| [removed: [4.16](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] [added: [4.38](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] | | | | | | [removed: [Sixth] [added: [Eighteenth] Supplemental Indenture, dated [removed: as of November 18, 2019, among] [added: May 17, 2021, between] Equinix, Inc. and U.S. Bank National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] [added: Trustee](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] | | | | | | 8-K | | | | | | [removed: 11/18/2019] [added: 5/17/2021] | | | | | | 4.6 | | | | | | | | |

| 4.17 | | | | | | Form of [removed: 3.200%] [added: 1.250%] Senior [removed: Notes] [added: Note] due [removed: 2029] [added: 2025] (See Exhibit [removed: 4.17)] [added: 4.16)] | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | [added: 4.3] | | | | | | | | |

| [removed: [4.18](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm)] [added: [4.16](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm)] | | | | | | [Seventh Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm) | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | 4.2 | | | | | | | | |

| 4.19 | | | | | | Form of [removed: 1.250%] [added: 1.800%] Senior Note due [removed: 2025] [added: 2027] (See Exhibit [removed: 4.19)] [added: 4.18)] | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | [removed: 4.3] [added: 4.5] | | | | | | | | |

| [removed: [4.20](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm)] [added: [4.18](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm)] | | | | | | [Eighth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm) | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | 4.4 | | | | | | | | |

| 4.21 | | | | | | Form of [removed: 1.800%] [added: 2.150%] Senior Note due [removed: 2027 (See] [added: 2030 (see] Exhibit [removed: 4.21)] [added: 4.20)] | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | [removed: 4.5] [added: 4.7] | | | | | | | | |

| [removed: [4.22](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm)] [added: [4.20](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm)] | | | | | | [Ninth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm) | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | 4.6 | | | | | | | | |

| 4.23 | | | | | | Form of [removed: 2.150%] [added: 3.000%] Senior Note due [removed: 2030 (see] [added: 2050 (See] Exhibit [removed: 4.23)] [added: 4.22)] | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | [removed: 4.7] [added: 4.9] | | | | | | | | |

| [removed: [4.24](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm)] [added: [4.22](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm)] | | | | | | [Tenth Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm) | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | 4.8 | | | | | | | | |

| 4.25 | | | | | | Form of [removed: 3.000%] [added: 1.000%] Senior Note due [removed: 2050 (See] [added: 2025 (included in] Exhibit [removed: 4.25)] [added: 4.24)] | | | | | | 8-K | | | | | | [removed: 6/22/2020] [added: 10/7/2020] | | | | | | [removed: 4.9] [added: 4.3] | | | | | | | | |

| [removed: [4.26](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm)] [added: [4.24](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm)] | | | | | | [Eleventh Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm) | | | | | | 8-K | | | | | | 10/7/2020 | | | | | | 4.2 | | | | | | | | |

| 4.27 | | | | | | Form of [removed: 1.000%] [added: 1.550%] Senior Note due [removed: 2025] [added: 2028] (included in Exhibit [removed: 4.27)] [added: 4.26)] | | | | | | 8-K | | | | | | 10/7/2020 | | | | | | [removed: 4.3] [added: 4.5] | | | | | | | | |

| [removed: [4.28](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm)] [added: [4.26](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm)] | | | | | | [Twelfth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm) | | | | | | 8-K | | | | | | 10/7/2020 | | | | | | 4.4 | | | | | | | | |

| 4.29 | | | | | | Form of [removed: 1.550%] [added: 2.950%] Senior Note due [removed: 2028] [added: 2051] (included in Exhibit [removed: 4.29)] [added: 4.28)] | | | | | | 8-K | | | | | | 10/7/2020 | | | | | | [removed: 4.5] [added: 4.7] | | | | | | | | |

| [removed: [4.30](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] [added: [4.28](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] | | | | | | [Thirteenth Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm) | | | | | | 8-K | | | | | | 10/7/2020 | | | | | | 4.6 | | | | | | | | |

| 4.31 | | | | | | Form of [removed: 2.950%] [added: 0.250%] Senior Note due [removed: 2051] [added: 2027] (included in Exhibit [removed: 4.31)] [added: 4.30)] | | | | | | 8-K | | | | | | [removed: 10/7/2020] [added: 3/11/2021] | | | | | | [removed: 4.7] [added: 4.3] | | | | | | | | |

| [removed: [4.32](http://www.sec.gov/Archives/edgar/data/1101239/000119312515073042/d854432dex413.htm)] [added: [4.42](http://www.sec.gov/Archives/edgar/data/1101239/000119312515073042/d854432dex413.htm)] | | | | | | [Form of Registrant's Common Stock Certificate.](http://www.sec.gov/Archives/edgar/data/1101239/000119312515073042/d854432dex413.htm) | | | | | | 10-K | | | | | | 12/31/2014 | | | | | | 4.13 | | | | | | | | |

| [removed: [4.33](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit433.htm)] [added: [4.43](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit443.htm)] | | | | | | [Description of [removed: Securities.](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit433.htm)] [added: Securities.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit443.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [removed: [10.2](http://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex102.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit102.htm)] | | | | | | [2000 Equity Incentive Plan, as [removed: amended.](http://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex102.htm)] [added: amended.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit102.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 12/31/2016] | | | | | | [removed: 10.2] | | | | | | [added: X] | | |

| [removed: [10.4](http://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex104.htm)] [added: [10.4](http://www.sec.gov/Archives/edgar/data/1101239/000119312514303273/d737144dex105.htm)] | | | | | | [removed: [2001 Supplemental] [added: [Equinix, Inc. 2004 Employee] Stock [added: Purchase] Plan, as [removed: amended.](http://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex104.htm)] [added: amended.](http://www.sec.gov/Archives/edgar/data/1101239/000119312514303273/d737144dex105.htm)] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | [removed: 12/31/2016] [added: 6/30/2014] | | | | | | [removed: 10.4] [added: 10.5] | | | | | | | | |

| [removed: [10.5](https://www.sec.gov/Archives/edgar/data/1101239/000104746920002602/a2241357zdef14a.htm)] [added: [10.3](http://www.sec.gov/Archives/edgar/data/1101239/000104746920002602/a2241357zdef14a.htm)] | | | | | | [2020 Equity Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/1101239/000104746920002602/a2241357zdef14a.htm)] [added: Plan](http://www.sec.gov/Archives/edgar/data/1101239/000104746920002602/a2241357zdef14a.htm)] | | | | | | DEF14A | | | | | | 4/27/2020 | | | | | | Appendix A | | | | | | | | |

| [removed: [10.8](http://www.sec.gov/Archives/edgar/data/1101239/000162828018005926/eqix-33118xexhibit1031.htm)] [added: [10.8](http://www.sec.gov/Archives/edgar/data/1101239/000162828020006896/eqix-33120xexhibit1019.htm)] | | | | | | [removed: [2018] [added: [2020] Form of Revenue/AFFO [added: per Share] Restricted Stock Unit Agreement for [removed: Executives.](http://www.sec.gov/Archives/edgar/data/1101239/000162828018005926/eqix-33118xexhibit1031.htm)] [added: Executives.](http://www.sec.gov/Archives/edgar/data/1101239/000162828020006896/eqix-33120xexhibit1019.htm)] | | | | | | 10-Q | | | | | | [removed: 3/31/2018] [added: 3/31/2020] | | | | | | [removed: 10.31] [added: 10.19] | | | | | | | | |

| [4.30](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm) | | | | | | [Fourteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as trustee](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm) | | | | | | 8-K | | | | | | 3/11/2021 | | | | | | 4.2 | | | | | | | | |

| [4.32](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm) | | | | | | [Fifteenth Supplemental Indenture, dated as of March 10, 2021, between Equinix, Inc. and U.S. Bank National Association, as trustee](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm) | | | | | | 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](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm) | | | | | | [Sixteenth](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm) [Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm) | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | 4.2 | | | | | | | | |

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

| [4.36](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm) | | | | | | [Seventeenth Supplemental Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm) | | | | | | 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 | | | | | | | | |

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

| [4.40](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm) | | | | | | [Nineteenth Supplemental Indenture, dated May 17, 2021, between Equinix, Inc. and U.S. Bank National Association, as Trustee](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm) | | | | | | 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 | | | | | | | | |

| [10.22](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit1022.htm) | | | | | | [Credit Agreement dated January 7, 2021 by and among Equinix, as borrower, a syndicate of financial institutions, as lenders,](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit1022.htm) [](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit1022.htm)[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](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit1022.htm) [arrangers and book runners](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit1022.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [10.38](http://www.sec.gov/Archives/edgar/data/0001101239/000162828021021707/eqix-93021xexhibit1037.htm) | | | | | | [Separation Agreement and General Release of Claims between Equinix, Inc. and Sara Baack dated September 20, 2021.](http://www.sec.gov/Archives/edgar/data/0001101239/000162828021021707/eqix-93021xexhibit1037.htm) | | | | | | 10-Q | | | | | | 9/30/2021 | | | | | | 10.37 | | | | | | | | |

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| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | Filing Date/ Period End Date | | | | | | Exhibit | | | | | | Filed Herewith | | |

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| [10.3](http://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex103.htm) | | | | | | [2000 Director Option Plan, as amended.](http://www.sec.gov/Archives/edgar/data/1101239/000162828017001774/equi-ex103.htm) | | | | | | 10-K | | | | | | 12/31/2016 | | | | | | 10.3 | | | | | | | | |

| [10.6](http://www.sec.gov/Archives/edgar/data/1101239/000119312514303273/d737144dex105.htm) | | | | | | [Equinix, Inc. 2004 Employee Stock Purchase Plan, as amended.](http://www.sec.gov/Archives/edgar/data/1101239/000119312514303273/d737144dex105.htm) | | | | | | 10-Q | | | | | | 6/30/2014 | | | | | | 10.5 | | | | | | | | |

| [10.7](http://www.sec.gov/Archives/edgar/data/1371011/000119312507019668/dex109.htm) | | | | | | [Switch & Data 2007 Stock Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1371011/000119312507019668/dex109.htm) | | | | | | S-1/A (File No. 333-137607) filed by Switch & Data Facilities Company | | | | | | 2/5/2007 | | | | | | 10.9 | | | | | | | | |

| February [removed: 19, 2021] [added: 18, 2022] | | | By | | | /s/ CHARLES MEYERS | | |

| /s/ CHARLES MEYERS | | | Chief Executive Officer and President (Principal Executive Officer) | | | February [removed: 19, 2021] [added: 18, 2022] | | |

| /s/ KEITH D. TAYLOR | | | Chief Financial Officer (Principal Financial Officer) | | | February [removed: 19, 2021] [added: 18, 2022] | | |

| /s/ SIMON MILLER | | | Chief Accounting Officer (Principal Accounting Officer) | | | February [removed: 19, 2021] [added: 18, 2022] | | |

| /s/ PETER F. VAN CAMP | | | Executive Chairman | | | February [removed: 19, 2021] [added: 18, 2022] | | |

| /s/ NANCI CALDWELL | | | Director | | | February [removed: 19, 2021] [added: 18, 2022] | | |

| /s/ ADAIRE FOX-MARTIN | | | Director | | | February [removed: 19, 2021] [added: 18, 2022] | | |

| /s/ GARY F. HROMADKO | | | Director | | | February [removed: 19, 2021] [added: 18, 2022] | | |

| /s/ IRVING F. LYONS, III | | | Director | | | February [removed: 19, 2021] [added: 18, 2022] | | |

| /s/ CHRISTOPHER B. PAISLEY | | | Director | | | February [removed: 19, 2021] [added: 18, 2022] | | |

| [removed: [4.33](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit433.htm)] [added: [4.43](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit443.htm)] | | | | | | [Description of [removed: Securities](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit433.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit443.htm)] | | |

| [removed: [21.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit211.htm)] [added: [21.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit211.htm)] | | | | | | [Subsidiaries of Equinix, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit211.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit211.htm)] | | |

| [removed: [23.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit231.htm)] [added: [23.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit231.htm)] | | | | | | [Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit231.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit231.htm)] | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit311.htm)] | | | | | | [Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit311.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit311.htm)] | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit312.htm)] | | | | | | [Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit312.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit312.htm)] | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit321.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit321.htm)] | | | | | | [Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit321.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit321.htm)] | | |

| [removed: [32.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit322.htm)] [added: [32.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit322.htm)] | | | | | | [Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828021002563/eqix-123120xexhibit322.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit322.htm)] | | |

We have audited the accompanying consolidated balance sheets of Equinix, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the related consolidated statements of operations, of comprehensive income (loss), of stockholders' equity and other comprehensive income (loss) and of cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020] [added: 2021] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As discussed in Note 1 to the consolidated financial statements, the Company changed the manner in which it accounts for leases as of January 1, [removed: 2019 and the manner in which it accounts for revenue from contracts with customers as of January 1, 2018.][added: 2019.]

As described in Notes 1 and 14 to the consolidated financial statements, the Company recorded income tax expense of [removed: $146.2] [added: $109.2] million for the year ended December 31, [removed: 2020.][added: 2021.]

[removed: The Company has] [added: We have] been operating as a real estate investment trust for federal income tax purposes [removed: (“REIT”)] [added: ("REIT")] effective January 1, 2015.

As a result, the Company may deduct the dividends made to its stockholders from taxable income generated by the Company and [added: that of] its qualified REIT subsidiaries ("QRSs").

The Company’s qualification and taxation as a REIT [removed: depends] [added: depend] on its satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis.

The principal considerations for our determination that performing procedures relating to income taxes - REIT asset tests is a critical audit matter are (i) the significant judgment by management [removed: in] [added: when] determining the fair market value of REIT and non-REIT assets, which in turn led to a high degree of subjectivity in performing procedures relating to the REIT asset [removed: test,] [added: tests,] (ii) the significant audit effort and judgment in evaluating audit evidence related to the significant assumptions used in the REIT asset test, related to the discount rates, projected revenue growth, projected operating margins, and projected capital expenditures, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls relating to the REIT asset [removed: test,] [added: tests,] including controls over [removed: the] [added: management's] determination of the fair market value of REIT and non-REIT assets.

These procedures also included, among others, testing management’s process for estimating the fair market value of the REIT and non-REIT assets; evaluating the appropriateness of the [removed: discounted cash flow]

[added: discounted cash flow] approach; testing the completeness and accuracy of underlying data used in the approach; and evaluating the significant assumptions used by management related to the discount rates, projected revenue growth, projected operating margins, and projected capital expenditures.

Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company’s discounted cash flow approach and the [added: assumptions related to] discount rates.

[removed: EQUINIX,] [added: EQUINIX] INC.

| | | | [added: 2021 | | | | | |] 2020 | | | | | | 2019 | | |

| Cash and cash equivalents | | | $ | [added: 1,536,358 | | | | | $ |] 1,604,869 | | | | | $ | 1,869,577 | |

| Short-term investments | | | [removed: 4,532] [added: —] | | | | | | [removed: 10,362] [added: 4,532] | | |

| Accounts receivable, net of allowance of [removed: $10,677] [added: $11,635] and [removed: $13,026] [added: $10,677] | | | [removed: 676,738] [added: 681,809] | | | | | | [removed: 689,134] [added: 676,738] | | |

| Other current assets | | | [removed: 323,016] [added: 462,739] | | | | | | [removed: 303,543] [added: 323,016] | | |

| Total current assets | | | [removed: 2,609,155] [added: 2,957,101] | | | | | | [removed: 2,872,616] [added: 2,609,155] | | |

| Property, plant and equipment, net | | | [removed: 14,503,084] [added: 15,445,775] | | | | | | [removed: 12,152,597] [added: 14,503,084] | | |

| Operating lease right-of-use assets | | | [removed: 1,475,057] [added: 1,282,418] | | | | | | [removed: 1,475,367] [added: 1,475,057] | | |

| Ron Guerrier | | | | | | | | |

| /s/ SANDRA RIVERA | | | Director | | | February 18, 2022 | | |

| [10.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit102.htm) | | | | | | [2000 Equity Incentive Plan, as amended](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit102.htm) | | |

| [10.22](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit1022.htm) | | | | | | [Credit Agreement dated January 7, 2021 by and among Equinix, as borrower, a syndicate of financial institutions, as lenders,](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit1022.htm) [](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit1022.htm)[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](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit1022.htm) | | |

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