Equinix (EQIX) 10-K risk factor changes: FY2022 vs FY2021

Risks Related to [removed: Our Business and Our] [added: our] Operations

The [removed: ongoing] [added: effects of the] COVID-19 [added: or any other] pandemic could have a negative effect on our business, results of operations and financial condition.

We have continuously monitored our global operations [removed: as] [added: in light of] the COVID-19 [removed: pandemic has spread across the globe and as variants and vaccines have developed.][added: pandemic.]

[removed: We 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.

[removed: We have activated our business continuity and pandemic plans and while] [added: While] our business operations have continued without interruption and our IBX data centers have remained fully operational to date, we cannot guarantee our business operations or our IBX data centers will not be negatively impacted in the [removed: future.][added: future because of the COVID-19 or any other pandemic.]

While we have invested in creating a [removed: material inventory] [added: reserve of materials] to mitigate [removed: global increases in raw materials, energy] [added: supply chain issues] and [removed: labor prices,] [added: inflation,] it may not be sufficient and ongoing delays, difficulty finding replacement products and continued high inflation could affect our business and [removed: growth.][added: growth and could have a material effect on our business.]

We experienced an information technology security breach in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our [removed: business] [added: business,] results of operation and financial [removed: performance.][added: condition.]

[removed: In] [added: For example, in] September 2020, we discovered ransomware on certain of our internal [removed: systems, encrypting files and holding them for ransom.][added: systems.]

[removed: We] [added: While the incident was resolved and did not cause a material disruption to our systems nor result in any material costs to us, we expect we] will continue to face risks associated with unauthorized access to our computer systems, loss or destruction of data, computer viruses, ransomware, malware, distributed denial-of-service attacks or other malicious activities.

We offer professional [removed: services] [added: solutions] to our customers where we consult on data center solutions and assist with implementations.

The access to our clients' networks and data, which is gained from these [removed: services,] [added: solutions,] creates some risk that our clients' networks or data [removed: will] [added: could] be improperly accessed.

Due to existing or developing circumstances, we may need to incur additional costs in the future to provide enhanced security, including cyber security and physical security, which could have a material adverse effect on our business [removed: and results of operations.]

Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers, or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial [removed: results.][added: condition.]

We have experienced power outages because of these legacy design issues in the past and [removed: our customers] [added: we] could experience these in the future.

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

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

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

Any of the limits of insurance that we purchase, including those for [added: flood or] cyber risks, could prove to be inadequate, which could materially and adversely impact our business, financial condition and results of operations.

[removed: Some] [added: Server technologies continue to evolve and in some instances these changes can result in] customers [removed: have increased] [added: increasing] their use of high power density [removed: equipment, such as blade servers,] [added: equipment] in our IBX data centers which [removed: has increased] [added: can increase] the demand for power on a per cabinet basis.

In connection with the evolving needs of our customers and our business, we continue to review our organizational architecture and have made, and will continue to make, changes as [removed: appropriate.][added: appropriate, including recently announced leadership and organizational changes to our digital and data center solutions teams.]

There is a shortage of qualified personnel in these fields, [added: made more acute in the current tight labor market,] and we compete with other companies for the limited pool of talent.

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

We compete with these firms which vary in terms of their data center [removed: offerings.][added: offerings and the geographies in which they operate.]

We have [removed: recently] invested in joint ventures in order to develop capacity to serve the large footprint needs of a targeted set of hyperscale customers by leveraging existing capacity and dedicated hyperscale builds.

We have announced our intention to seek additional joint [removed: venture partners] [added: ventures] for certain of our hyperscale builds.

There can be no assurances that our joint ventures will be successful or that we find [removed: additional partners] [added: appropriate partners,] or that we [removed: are] [added: will be] able to successfully meet the needs of these customers.

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

Hardware solutions are a [added: relatively] 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.

While we believe this [removed: new] product offering 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.

We may experience significant fluctuations in our results of operations in the foreseeable future due to a variety of factors, [removed: including, but not limited to:][added: many of which are listed in the Risk Factors section.]

[removed: - changes in rent expense as we amend our IBX data center leases in connection with extending their lease terms when their initial lease term expiration dates approach or] [added: There may also be] changes in shared operating costs in connection with our leases, which are commonly referred to as common area maintenance [removed: expenses;][added: expenses.]

[added: 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: 2021,] [added: 2022,] our retained earnings were [removed: $2.3] [added: $3.0] billion.

[removed: Although we have generated net income for each fiscal year since 2008, except for the year ended December 31, 2014, we] [added: We] are currently investing heavily in our future growth through the build out of multiple additional IBX data centers, expansions of IBX data centers and acquisitions of complementary businesses.

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

A failure to renew a lease [added: or termination by a landlord of any lease] could force us to exit a building prematurely, which could disrupt our business, harm our customer relationships, [added: impact and harm our joint venture relationships,] expose us to liability [removed: under our customer contracts, cause us to take impairment charges and affect our results of operations negatively.]

Finally, any uncertain global economic climate, including the one we are currently [removed: experiencing as a result of the ongoing COVID-19 pandemic,] [added: experiencing,] could harm our ability to attract and retain customers if customers slow spending, or delay decision-making on our offerings, or if customers begin to have difficulty paying us or seek bankruptcy protection and we experience increased churn in our customer base.

Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity [removed: constraints.][added: constraints as well as restrictions on access to power.]

Any power outages, shortages, capacity constraints or significant [removed: increase] [added: increases] in the cost of power may have an adverse effect on our business and our results of operations.

In each of our markets, we rely on third parties, [removed: and their] [added: third party] infrastructure, [added: governments, and global suppliers] to provide a sufficient amount of power [removed: for] [added: to maintain our IBX data centers and meet the needs of our] current and future customers.

Risks Related to the Macro Environment

Inflation in the United States, Europe and other geographies has risen to levels not experienced in recent decades and we are seeing its impact on various aspects of our business.

We are also experiencing an increase in our costs to procure power and supply chain issues globally.

Rising prices for materials related to our IBX data center construction and our data center offerings, energy and gas prices, as well as rising wages and benefits costs negatively impact our business by increasing our operating costs.

The levels of inflation we are currently experiencing may cause a decrease in sales as some customers may need to take cost cutting measures or scale back their operations.

We are currently operating in a period of economic uncertainty and capital markets disruption, which has been the result of many global macro-economic factors including the ongoing military conflict between Russia and Ukraine.

These macro-economic and other factors could negatively affect our business and financial condition.

The war in Ukraine has led to market disruptions, including significant volatility in commodity prices, credit and capital markets, an increase in cyber security incidents as well as supply chain disruptions.

Additionally, various of Russia’s actions have led to sanctions and other penalties being levied by the U.S., the European Union, the United Kingdom, and other countries, as well as other public and private actors and companies, against Russia and certain other geographic areas, including agreement to remove certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restrictions on imports of Russian oil, liquified natural gas and coal.

We do not have operations in Russia or Ukraine and historically we have had a limited number of Russian and Ukrainian customers, which we continue to screen against applicable sanctions lists per our standard processes.

Although we continue to devote resources to this screening effort, including the use of software solutions, the sanctions screening process remains partially manual, and the sanctions lists continue to evolve and vary by country.

We continue to address necessary changes in global sanctions laws and modify our processes as necessary in light of these evolving laws.

A material failure to comply with global sanctions laws could have a negative effect on our reputation, business and financial condition.

In addition to compliance with applicable sanctions laws, we are currently limiting the ability of Russian customers to place orders for our offerings unless, after reviewing these orders, we believe they are aligned with our stated objectives in support of Ukraine.

We have suspended all activities and purchasing with and through Russian partners and suppliers and have committed to not make any direct or indirect investment in Russia absent an end to this conflict.

In addition, for our customers located in Ukraine, we are currently providing offerings free of charge and may continue to do so in the future.

The associated disruptions in the oil and gas markets have caused, and could continue to cause, significant increases in energy prices, which could have a material effect on our business.

Additional potential sanctions and penalties have also been proposed and/or threatened.

Some of our IBX data centers in EMEA partially rely on energy produced in-part from fossil fuels originating from Russia, which Russia has reduced.

If Russia further reduces or turns off energy supplies to Europe, our EMEA operations could be adversely affected.

Russian military actions and the resulting sanctions could further affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional debt or equity financing on attractive terms in the future.

Prolonged unfavorable economic conditions or uncertainty as a result of the military conflict between Russia and Ukraine may adversely affect our business, financial condition, and results of operations.

Any of the foregoing may also magnify the impact of other risks described in this Annual Report on Form 10-K.

Any limitation on the delivered energy supply could limit our ability to operate our IBX data centers.

Any outage or supply disruption could adversely affect our business, customer experience and revenues.

existing markets.

backbone of our finance systems to the cloud.

under our customer contracts or joint venture agreements, cause us to take impairment charges and affect our results of operations negatively.

We expect to continue to consider other new product offerings for our customers.

Hardware solutions can also require additional capital and may have lower margins than our data center offerings, thus adversely impacting our results.

Failure to successfully execute on our product strategy could materially adversely affect our financial condition, cash flows and results of operations.

Risks Related to our Financial Results

Additional factors could include, but are not limited to:

may also negatively impact our ability to sustain profitability.

- unexpected lack of power access;

- power and power grid constraints;

limited.

We expect that we will continue to experience limited availability of power and grid constraints in many markets as well as shortages of associated equipment because of the current high demands and finite nature of these resources.

These shortages could result in site selection challenges, construction delays or increased costs.

Acquisitions expose us to potential risks, including:

Our IBX data centers have been designated “essential businesses” or “critical infrastructure” for purposes of remaining open during the COVID-19 pandemic in all of the jurisdictions that have published these exemptions but not all jurisdictions have created such designations.

Any change in these classifications could cause operational disruptions or closures of the affected IBX data centers.

We implemented processes to limit and schedule access to certain IBX data centers based on infection rates and case counts as well as implemented social distancing and hygiene protocols.

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.

These proactive actions we have taken or may take in the future and any restrictions imposed by the government could result in business delays, operational disruption and customer dissatisfaction.

Employee illnesses resulting from the pandemic could result in further inefficiencies or delays and a suspected or confirmed case in an IBX data center could require temporary closure of the affected IBX data center for cleaning or until local regulatory requirements are fulfilled.

Any closure of an IBX data center or limitation of customer access could cause customer dissatisfaction if customers are unable to access their equipment within the IBX data center.

We also have service level agreements which could be affected if we are required to close an IBX data center for any reason.

Preventative measures instituted by governments and businesses to mitigate the spread of COVID-19, including travel restrictions, social distancing requirements, shelter in place orders and quarantines, have negatively impacted the global economy and may adversely impact us, our customers and vendors.

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

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.

While we do not expect the construction delays and supply chain disruptions that we are currently experiencing to have a material effect on us at this time, additional disruptions because of the ongoing COVID-19 pandemic could occur.

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

Significant construction delays 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.

While we have received "essential business" permits for construction in some jurisdictions, these classifications may not extend to the construction of new IBX data centers in all of our jurisdictions.

We are also reliant on third party construction labor to build and expand our IBX data centers, to which we may not have access due to the ongoing COVID-19 pandemic.

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

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.

While the full extent and impact of the ongoing COVID-19 pandemic cannot be reasonably estimated at this time, it could have a material adverse impact on our business and financial condition.

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 pandemic and its variants, additional surges in infection rates, vaccine efforts and any new government regulations which may emerge to contain the virus, among others.

Our teams responded quickly to address the incident and notified law enforcement, and after a thorough review of the incident by our management and experts retained to assist in this incident, the investigation was closed as of October 14, 2020.

Our IBX data centers and our service offerings, including managed services, remained fully operational during the attack and the incident did not affect our ability to support our customers.

We further believe that we were able to contain the incident and that the resolution will prevent the release of any data associated with this attack.

While the event has been resolved and has not caused a material disruption to our systems nor resulted in any material costs to us, we are also working to protect against any future attacks.

Because of the ongoing COVID-19 pandemic, many of our non-IBX employees are working from home and could potentially be exposed to new security risks or attempted breaches because of these new work environments.

Our insurance policies

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

If we misjudge customer needs in the future, our new offerings may not succeed, and our revenues and earnings may be harmed.

- fluctuations of foreign currencies in the markets in which we operate;

- increased costs of power;

- charges to earnings resulting from past acquisitions due to, among other things, impairment of goodwill or intangible assets, reduction in the useful lives of intangible assets acquired, identification of additional assumed contingent liabilities or revised estimates to restructure an acquired company's operations;

- the duration of the sales cycle for our offerings and our ability to ramp our newly-hired sales persons to full productivity within the time period we have forecasted;

- acquisitions or dispositions we may make;

- the timing required for new and future IBX data centers to open or become fully utilized;

- competition in the markets in which we operate;

- conditions related to international operations;

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

Item 7 of this Form 10-K focuses on discussion of [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] items as well as [removed: 2021] [added: 2022] results as compared to [removed: 2020] [added: 2021] results.

For the discussion of [removed: 2019] [added: 2020] items and [removed: 2020] [added: 2021] results as compared to [removed: 2019] [added: 2020] results, please refer to Item 7 of our [removed: 2020] [added: 2021] Form 10-K as filed with the SEC on February [removed: 19, 2021.][added: 18, 2022.]

[removed: ][added: ]

We provide a global, vendor-neutral data center, interconnection and edge [removed: services] [added: solutions] 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 [added: interconnect to the networks, clouds and content that enable today's information-driven global digital economy.]

[removed: Our] recent IBX data center openings and acquisitions, as well as xScaleTM data center investments, have expanded our total global footprint to [removed: 240] [added: 248] data centers, including [removed: eight] [added: 11] xScale data centers and the MC1 data center that [removed: were] [added: are] held in unconsolidated joint ventures, across [removed: 66] [added: 71] markets around the world.

[removed: Equinix offers] [added: We offer] the following solutions:

- edge [removed: services] [added: solutions] for deploying networking, security and hardware; and

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

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

We are able to offer our customers a global platform that reaches [removed: 27] [added: 32] 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.

[removed: The] [added: Our] cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, which is used to measure how efficiently we are managing our cabinet capacity.

Our cabinet utilization rates were approximately [added: 82% and] 79%, as of December 31, [removed: 2021] [added: 2022] and [removed: 2020.][added: 2021, respectively.]

This could have a negative impact on [removed: the available utilization capacity of a given IBX data center, which could have a negative impact on] our ability to grow revenues, affecting our financial performance, results of operations and cash flows.

In the past two years, we [removed: 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] [added: have closed multiple] joint [removed: venture (the "AMER 1 Joint Venture"),] [added: ventures] in the form of limited liability partnerships with [removed: GIC,] [added: GIC Private Limited,] Singapore's sovereign wealth fund [removed: ("GIC").][added: ("GIC") and an additional joint venture in the form of a limited liability partnership with PGIM Real Estate ("PGIM").]

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

See Note [removed: 5] [added: 6] within the Consolidated Financial Statements.

[removed: ][added: ]

We consider these offerings recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract, which is generally one to three years in [removed: length.][added: length, and thereafter automatically renews in one-year increments.]

In addition, during the past three years, more than [removed: 80%] [added: 90%] of our monthly recurring revenue bookings came from existing customers, contributing to our revenue growth.

Our largest customer accounted for approximately 3% of our recurring revenues for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019.][added: 2020.]

Our 50 largest customers accounted for approximately [removed: 39%] [added: 36%] of our recurring revenues for the [removed: years] [added: year] ended December 31, [removed: 2021, 2020] [added: 2022] and [removed: 2019.][added: 39% of our recurring revenues for the years ended 2021 and 2020.]

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

However, revenues from [removed: installation services] [added: installations] are deferred and recognized ratably over the period of the contract term.

*Cost of Revenues.* The largest components of our cost of revenues are depreciation, rental payments related to our leased IBX data centers, utility costs, including electricity, bandwidth access, IBX data center employees' salaries and benefits, including stock-based compensation, repairs and maintenance, supplies and [removed: equipment] [added: equipment,] and security.

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

*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 fees; and other general corporate expenses, such as our corporate regional headquarters office leases and some depreciation expense on back office systems.

We elected to be taxed as a [removed: REIT] [added: real estate investment trust] for U.S. federal income tax purposes [added: ("REIT")] beginning with our 2015 taxable year.

As of December 31, [removed: 2021,] [added: 2022,] our REIT structure included all of our data center operations in the U.S., [removed: Canada (with the exception of one data center in Montreal),] [added: Canada,] Mexico, [added: Chile,] Japan, Singapore and the majority of our data centers in EMEA.

Our data center operations in other jurisdictions are operated as [removed: TRSs.][added: taxable REIT subsidiaries ("TRSs").]

We included our share of the assets in [added: xScale joint ventures (with] the [removed: EMEA and Asia-Pacific Joint Ventures] [added: exception of Korea)] in our REIT structure.

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

In addition, should we [removed: have] [added: recognize any] net [removed: income] [added: gain] from "prohibited transactions," we will be subject to tax on this [removed: income] [added: net gain] at a 100% rate.

On each of March [removed: 17,] [added: 23,] June [removed: 16,] [added: 15,] September [removed: 22,] [added: 21,] and December [removed: 15, 2021] [added: 14, 2022] we paid [added: a] quarterly cash [removed: dividends] [added: dividend] of [removed: $2.87] [added: $3.10] per share.

We expect the amount of [added: all] our applicable [removed: dividends] [added: quarterly dividend distributions] and other applicable distributions to equal or exceed [removed: the] [added: our] REIT taxable income that we recognized in [removed: 2021.][added: 2022.]

For additional details regarding the [added: impacts and] risks to our [removed: business] [added: results of operations] from the ongoing COVID-19 pandemic, refer to [added: "Results of Operations" section below and] Part I, Item 1A.

See Note [removed: 11] [added: 3] within the Consolidated Financial Statements.

- In [removed: May,] [added: August,] we sold [removed: 137,604 shares] [added: an additional 580,833 shares, excluding the forward sale transactions noted above,] under [removed: our] [added: the] 2020 [removed: "at-the-market" stock offering program (the "2020] ATM [removed: Program")] [added: Program] for approximately [removed: $99.6] [added: $403.6] million in proceeds, net of payment of commissions to sales agents and other offering expenses.

- In [removed: June,] [added: April,] we entered into [removed: an agreement to form another] [added: a] joint venture in the form of a limited liability partnership with GIC, to develop and operate [removed: additional xScaleTM] [added: two xScale] data centers in [removed: Europe and the Americas] [added: Seoul, Korea] (the [removed: “EMEA 2] [added: "Asia-Pacific 3] Joint [removed: Venture”).][added: Venture").]

Upon closing, [removed: PGIM will contribute cash] [added: we contributed $17.0 million] in exchange for [removed: an 80%] [added: a 20%] partnership interest in the [removed: Asia-Pacific 2 Joint Venture.][added: joint venture.]

Our

Our costs of electricity may also increase as a result of the physical

As of the time of this filing, our offices are open to employees and we have also resumed in-person events as local travel restrictions allow.

2022 Highlights:

- In February, we entered into an equity forward amendment to our existing "at the market" equity offering program (the "2020 ATM Program"), under which we could, from time to time, offer and sell shares under the equity distribution agreement pursuant to forward sale transactions (the "Equity Forward Amendment").

- In March, we entered into an agreement to sell the Mexico 3 ("MX3") data center site in connection with the formation of a new joint venture with GIC, to develop and operate xScale data centers in the Americas (the "AMER 1 Joint Venture").

- In April, we completed the acquisition of MainOne Cable Company Ltd. ("MainOne"), consisting of four data centers as well as a subsea cable and terrestrial fiber network.

We acquired MainOne and its assets for a total purchase consideration of $278.4 million.

- In April, we issued $1.2 billion aggregate principal amount of 3.900% Senior Notes due 2032 (the "2032 Notes").

- In May, we completed the acquisition of four data centers in Chile from Empresa Nacional De Telecomunicaciones S.A. ("Entel") for a total purchase consideration of $638.3 million at the exchange rate in effect on May 2, 2022.

- In August, we completed the acquisition of a data center in Peru from Entel for a purchase consideration of $80.3 million at the exchange rate in effect on August 1, 2022.

- In August, we settled all five forward sale agreements under the Equity Forward Amendment and sold 579,873 shares of our common stock for approximately $393.6 million, net of payment of commissions to sales agents and other offering expenses, at an aggregate weighted-average forward sale price of $678.72 per share.

See Note 12 within the Consolidated Financial Statements.

- In November, we established a successor ATM program (the "2022 ATM Program"), under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $1.5 billion of our common stock to or through sales agents in "at the market" transactions.

See Note 12 within the Consolidated Financial Statements.

| | | | 3,349,217 | | | | | | 46% | | | | | | 3,021,751 | | | | | | 46% | | | | | | 327,466 | | | | | | 11% | | | | | | 11% | | |

| Recurring revenues | | | 2,207,329 | | | | | | 30% | | | | | | 2,001,931 | | | | | | 30% | | | | | | 205,398 | | | | | | 10% | | | | | | 13% | | |

| Non-recurring revenues | | | 135,875 | | | | | | 2% | | | | | | 153,285 | | | | | | 2% | | | | | | (17,410) | | | | | | (11)% | | | | | | (1)% | | |

| | | | 2,343,204 | | | | | | 32% | | | | | | 2,155,216 | | | | | | 32% | | | | | | 187,988 | | | | | | 9% | | | | | | 12% | | |

| Recurring revenues | | | 1,480,767 | | | | | | 21% | | | | | | 1,356,617 | | | | | | 21% | | | | | | 124,150 | | | | | | 9% | | | | | | 18% | | |

| | | | 1,570,684 | | | | | | 22% | | | | | | 1,458,570 | | | | | | 22% | | | | | | 112,114 | | | | | | 8% | | | | | | 16% | | |

| Recurring revenues | | | 6,871,287 | | | | | | 95% | | | | | | 6,220,485 | | | | | | 94% | | | | | | 650,802 | | | | | | 10% | | | | | | 13% | | |

| Non-recurring revenues | | | 391,818 | | | | | | 5% | | | | | | 415,052 | | | | | | 6% | | | | | | (23,234) | | | | | | (6)% | | | | | | 1% | | |

| | | | $ | 7,263,105 | | | | | 100% | | | | | | $ | 6,635,537 | | | | | 100% | | | | | | $ | 627,568 | | | | | 9% | | | | | | 12% | | |

- $59.6 million of incremental revenues generated from the MainOne acquisition;

- incremental revenues generated from power price increases in Singapore in response to the increased cost of utilities as noted below.

| | | | 2022 | | | | | | % | | | | | | 2021 | | | | | | % | | | | | | Actual | | | | | | Actual | | | | | | Constant Currency | | |

| Americas | | | $ | 1,560,799 | | | | | 42% | | | | | | $ | 1,458,699 | | | | | 42% | | | | | | $ | 102,100 | | | | | 7% | | | | | | 7% | | |

| EMEA | | | 1,281,023 | | | | | | 34% | | | | | | 1,216,990 | | | | | | 35% | | | | | | 64,033 | | | | | | 5% | | | | | | 11% | | |

| Asia-Pacific | | | 909,679 | | | | | | 24% | | | | | | 796,733 | | | | | | 23% | | | | | | 112,946 | | | | | | 14% | | | | | | 24% | | |

| Total | | | $ | 3,751,501 | | | | | 100% | | | | | | $ | 3,472,422 | | | | | 100% | | | | | | $ | 279,079 | | | | | 8% | | | | | | 12% | | |

- $48.5 million of higher utilities, primarily driven by comparatively lower costs in 2021 resulting from gains recognized from wind farm settlements in Texas and Oklahoma due to extreme weather conditions, current period increases in power costs, higher utility usage and IBX data center expansions;

- $35.4 million of incremental cost of revenues from the MainOne Acquisition; and

- after accounting for changes in foreign currency rates and hedge loss allocations:

- $11.4 million of incremental cost of revenues from the GPX India acquisition;

This increase was partially offset by $13.6 million of lower other cost of revenue, primarily due to decreased customer installations.

| | | | 2022 | | | | | | % | | | | | | 2021 | | | | | | % | | | | | | Actual | | | | | | Actual | | | | | | Constant Currency | | |

| EMEA | | | 183,754 | | | | | | 23% | | | | | | 172,930 | | | | | | 23% | | | | | | 10,824 | | | | | | 6% | | | | | | 11% | | |

- $8.0 million of higher travel and entertainment expenses due to the easing of COVID-19 travel restrictions.

| | | | 2022 | | | | | | % | | | | | | 2021 | | | | | | % | | | | | | Actual | | | | | | Actual | | | | | | Constant Currency | | |

interconnect to the networks, clouds and content that enable today's information-driven global digital economy.

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

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 81% as of December 31, 2021.

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

in consumption by our customers.

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

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.

While we are experiencing some construction delays, including those due to 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.

We have not observed any significant disruption to our IBX data center operations.

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

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

Looking ahead, the full impact of the ongoing COVID-19 pandemic on our future financial condition or results of operations remains uncertain and will depend on a number of factors, including the duration and potential cyclicity of the health crisis and further public policy actions to be taken in response, as well as the continued impact of the pandemic on the global economy and our customers and vendors.

Our past results may not be indicative of our future performance and historical trends may differ materially.

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.

- In May, we issued $2.6 billion in Senior Notes due 2026, 2028, 2031 and 2052.

Using a portion of the proceeds, we repaid approximately $659.9 million of term loans and redeemed all of our outstanding $1.25 billion 5.375% Senior Notes due 2027.

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 September, we completed the acquisition of two data centers in Mumbai, India from GPX Global Systems, Inc. ("GPX India") for a total purchase consideration of approximately $170.5 million.

- 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").

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.

The assets and liabilities of the SY9 data center, which are currently included within our Asia-Pacific region, were classified as held for sale as of September 30, 2021 and remained held for sale as of December 31, 2021.

- In November and December, we sold a total of 500,013 shares under our 2020 ATM Program for approximately $398.4 million in proceeds, net of payment of commissions to sales agents and other offering expenses.

- 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.

The acquisition is expected to close in the second quarter of 2022, subject to customary conditions including regulatory approval.

Our results of operations for the year ended December 31, 2020 include the results of operations from the acquisitions of 12 data center sites across Canada from Bell from October 1, 2020 and one additional data center acquired from Bell from November 2, 2020, Packet from March 2, 2020 and three data centers in Mexico from Axtel from January 8, 2020.

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

| Recurring revenues | | | 2,001,931 | | | | | | 30% | | | | | | 1,864,720 | | | | | | 31% | | | | | | 137,211 | | | | | | 7% | | | | | | 7% | | |

| Non-recurring revenues | | | 153,285 | | | | | | 2% | | | | | | 131,669 | | | | | | 2% | | | | | | 21,616 | | | | | | 16% | | | | | | 12% | | |

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

| Recurring revenues | | | 1,356,617 | | | | | | 21% | | | | | | 1,210,510 | | | | | | 20% | | | | | | 146,107 | | | | | | 12% | | | | | | 10% | | |

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

| Recurring revenues | | | 6,220,485 | | | | | | 94% | | | | | | 5,658,030 | | | | | | 94% | | | | | | 562,455 | | | | | | 10% | | | | | | 9% | | |

| Non-recurring revenues | | | 415,052 | | | | | | 6% | | | | | | 340,515 | | | | | | 6% | | | | | | 74,537 | | | | | | 22% | | | | | | 20% | | |

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

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: 2021.][added: 2022.]

As of December 31, [removed: 2021,] [added: 2022,] our investment portfolio of cash equivalents and marketable securities consisted of money market [removed: funds, certificates of deposits and publicly traded equity securities.][added: funds.]

The amount in our investment portfolio that could be susceptible to market risk totaled [removed: $585.7] [added: $764.6] million.

An immediate increase or decrease in current interest rates from their position as of December 31, [removed: 2021] [added: 2022] would not have a material impact on our interest expense due to the fixed coupon rate on the majority of our debt obligations.

For every 100-basis point increase or decrease in interest rates, our annual interest expense could increase by approximately [removed: $5.5] [added: $6.1] million or decrease by approximately [removed: $1.4] [added: $6.1] million based on the total balance of our term loan borrowings as of December 31, [removed: 2021.][added: 2022.]

| | | | December 31, [removed: 2021] [added: 2022] | | | | | | | | | | | | December 31, [removed: 2020] [added: 2021] | | | | | | | | |

| Mortgage and loans payable | | | $ | [removed: 618,388] [added: 653,617] | | | | | $ | [removed: 621,051] [added: 666,387] | | | | | $ | [removed: 1,370,970] [added: 618,388] | | | | | $ | [removed: 1,379,129] [added: 621,051] | |

| Senior notes | | | [removed: 11,102,130] [added: 12,226,890] | | | | | | [removed: 11,049,834] [added: 10,196,933] | | | | | | [removed: 9,261,050] [added: 11,102,130] | | | | | | [removed: 9,705,486] [added: 11,049,834] | | |

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 [removed: region,] [added: region as well as our debt denominated in foreign-currencies,] (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.

As of December 31, [removed: 2021,] [added: 2022,] the total principal amount of foreign currency debt obligations was $1.8 billion, including [removed: $1.3] [added: $1.2] billion denominated in Euro and [removed: $549.7] [added: $603.9] million denominated in British Pound.

As of December 31, [removed: 2021,] [added: 2022,] we have designated $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: 2021,] [added: 2022,] 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: $200.2] [added: $197.9] million and [removed: $163.8] [added: $161.9] million, respectively.

As of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the total notional amounts of cross-currency interest rate swap [removed: contracts outstanding] [added: contracts, which have been designated as hedges of our net investment in foreign subsidiaries,] were [removed: $4.0] [added: $3.9] billion and [removed: $3.3] [added: $4.0] billion, respectively.

The [removed: cross-currency interest rate swaps are designated as hedges of our net investment in 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 sheets.

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 [removed: $456.3] [added: $375.6] million and [removed: $374.0] [added: $307.3] million, respectively.

The U.S. Dollar strengthened relative to certain of the currencies of the foreign countries in which we operate during the year ended December 31, [removed: 2021.][added: 2022.]

With the existing cash flow hedges in place, a hypothetical additional 10% strengthening of the U.S. Dollar during the year ended December 31, [removed: 2021] [added: 2022] would have resulted in a reduction of our revenues and a reduction of our operating expenses including depreciation and amortization expense by approximately [removed: $205.1] [added: $222.1] million and [removed: $202.2] [added: $220.8] million, respectively.

With the existing cash flow hedges in place, a hypothetical additional 10% weakening of the U.S. Dollar during the year ended December 31, [removed: 2021] [added: 2022] would have resulted in an increase of our revenues and an increase of our operating expenses including depreciation and amortization expenses, by approximately [removed: $255.4] [added: $284.3] million and [removed: $253.7] [added: $283.7] million, respectively.

We have entered into [removed: several] [added: various] power contracts to purchase power at fixed prices in certain locations in [removed: the] Australia, Brazil, Bulgaria, Canada, China, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the [removed: U.S..][added: U.S.]

We also use cross-currency swaps to hedge our interest rate risk in our variable rate debt obligations by changing the benchmark rate for a portion of the variable rate debt obligations from SONIA to SOFR.

As of December 31, 2022, the total notional amount of such cross-currency interest rate swaps was $280.3 million.

The uncertainty that exists with respect to the economic impact of the ongoing COVID-19 pandemic introduced significant volatility in the financial markets.

See Part I, Item 1A.

Risk Factors for additional information regarding potential risks to our business, financial condition and results of operations related to the ongoing COVID-19 pandemic.

As of December 31, 2021, we had not employed any interest rate derivative products to hedge our variable rate debt obligations.

However, we may enter into interest rate hedging agreements in the future to mitigate our exposure to interest rate risk.

Platform Equinix® combines a global footprint of International Business Exchange™ ("IBX®") [added: and xScale®] data centers in the [removed: Americas ("AMER"), Asia-Pacific ("APAC"),] [added: Americas, Asia-Pacific,] and Europe, the Middle East and Africa ("EMEA") regions, interconnection solutions, [removed: edge services,] [added: digital offerings,] unique business and digital ecosystems and expert consulting and support.

Equinix was incorporated on June 22, [removed: 1998] [added: 1998,] as a Delaware corporation and operates as a REIT for federal income tax purposes.

Al Avery and Jay Adelson founded Equinix as a [removed: vendor-neutral] [added: network-neutral,] multi-tenant data center ("MTDC") [removed: provider] [added: provider,] where competing networks could connect and share data traffic to help scale the rapid growth of the early internet.

[removed: Two] [added: Nearly two and a half] decades later, we have expanded upon that vision to build Platform Equinix, [removed: with] [added: which we believe is] unmatched [added: in] scale and reach.

With Equinix, they can scale with agility, speed the launch of digital [removed: services,] [added: offerings,] deliver world-class experiences and multiply their value.

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

[removed: ][added: ]

In [removed: 2021,] [added: 2022,] we opened [removed: nine] [added: or acquired 13] new IBX data centers, opened [removed: six] [added: three] new [removed: xScaleTM] [added: xScale] 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 [removed: 240, which includes the MU4 and GN1 data centers which opened in January 2022.][added: 248.]

[removed: 2021] [added: 2022] highlights include:

- [removed: Six] [added: Three] additional xScale sites opened in [removed: 2021] [added: 2022] in Frankfurt, [removed: London, Osaka, Paris, Sao Paulo] [added: Dublin] and [removed: Tokyo,] [added: Sydney,] bringing [removed: the] [added: our] total number of xScale data centers to [removed: eight.][added: 11.]

xScale data centers also offer access to our comprehensive suite of interconnection and edge [removed: services] [added: offerings] 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: December,] [added: April,] we [removed: announced] [added: entered Africa, closing on] our [removed: expansion into Africa through the planned] [added: $278.4 million] acquisition of MainOne, a leading West African data center and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d'Ivoire.

[removed: The] [added: Equinix's] expansion [removed: into India is intended to unlock] [added: in Malaysia will offer] opportunities for [removed: Indian] [added: Malaysian] businesses expanding internationally and for multinational corporations pursuing growth and innovation in the [removed: Indian] [added: Malaysian] market.

[removed: Combined with our existing xScale joint ventures in Europe, Asia-Pacific and the Americas, these] [added: The] joint [removed: ventures] [added: venture] will bring our global xScale data center portfolio to more than [removed: $7.5] [added: $8] billion across [removed: 34 facilities when completed and fully constructed.][added: 36 facilities.]

The convergence of these global trends [removed: and the impact of the ongoing COVID-19 pandemic have] [added: has] created additional pressure for many companies to transform.

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

- The [removed: Digital] [added: digital] participation trend is digitizing trade and accessing digital marketplaces (digital B2B [removed: commerce).][added: commerce) where goods and services are exchanged in the digital economy.]

[removed: This] [added: The Global Interconnection Index 2023 ("GXI 2023"), a market study published by Equinix, shows that this] forces the need [removed: for organizations] to interconnect digital infrastructure with research communities, supply chains and marketplaces, [removed: which enables] [added: enabling] composable business models.

These trends are accelerating the need for companies like Equinix [removed: who] [added: that] can provide a secure, agile global business platform that leverages digital interconnection—or private data exchange—to deliver real-time interactions around the world.

As part of their digital transformation, businesses in most industries are shifting their centralized IT infrastructures to the edge to bring digital [removed: services] [added: solutions] closer to users for better performance, which has become a significant driver of digital business value.

Private interconnection capacity between businesses, as reported in [removed: the GXI,] [added: GXI 2023,] is anticipated to grow at a compound annual growth rate of [removed: 44%] [added: 40%] by [removed: 2024,] [added: 2025,] reaching [removed: 21,485+] [added: 27,762] terabits per second of data exchanged annually.

Worldwide Interconnection Bandwidth Capacity Growth (2020 - [removed: 2024)] [added: 2025)] in Terabits per Second (Tbps)

[removed: ][added: ]

Source: GXI [removed: Volume 5][added: 2023]

In [removed: 2021,] [added: 2022,] we continued to build new [removed: data center, interconnection] [added: digital] and [removed: edge services capabilities] [added: data center offerings] to further our vision to power the world’s digital leaders.

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

[removed: ][added: ]

The following are the leading [removed: revenue generating] [added: revenue-generating] product and other offerings that collectively make up Platform Equinix:

Data Center [removed: Solutions][added: Offerings]

- International Business [removed: ExchangeTM] [added: Exchange] Data Centers [removed: consist of more than 230 IBX] [added: are our] 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 [removed: ecosystems globally.]

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

- [removed: xScaleTM Data] [added: xScale Data] Centers are designed to serve the unique core workload deployment needs of a targeted group of hyperscale companies, which include the world's largest cloud service providers.

[added: With xScale 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.

- IBX [removed: SmartView] [added: SmartView®] is a fully integrated monitoring software which provides customers visibility into the operating data relevant to their specific Equinix footprint as if they were in-house.

The software provides online access to real-time environmental and operating data through the Equinix Customer Portal or [added: via either REST (APIs that provide customers the ability to retrieve information about their assets from every IBX location) or streaming] API integrations.

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

- Equinix [removed: Fabric™] [added: Fabric®] provides secure, on-demand, software-defined interconnection.

As the foundation of Platform Equinix’s interconnection capability, Equinix Fabric [added: also] enables customers to quickly and easily connect [removed: their] [added: between the] physical and virtual digital [removed: infrastructures.][added: infrastructures they have deployed in Equinix data centers globally.]

- Cross Connects provide a point-to-point cable link between two Equinix customers in the same [removed: IBX] data center.

- Equinix Internet [removed: Exchange™] [added: Exchange®] enables networks, content providers and large enterprises to exchange internet traffic through the largest global peering solution.

- New data center openings included 13 new IBX sites in the following metros: Abidjan, Accra, Genoa, Lagos, Lima, Munich, Manchester, Paris and Santiago.

- In December, we announced plans to enter the South Africa market with a $160 million IBX data center investment in Johannesburg that augments our current footprint on the African continent.

With our South Africa expansion, Equinix is entering one of the largest and most digitally developed nations on the African continent.

The new data center is expected to open in the middle of 2024.

- In November, we announced plans to enter the Malaysia market with a $40 million IBX data center investment.

Located in Johor, the new data center is expected to open in the first half of 2024.

- In October, we announced our plans for expansion into Indonesia, with an approximately $74 million IBX data center investment in the heart of Jakarta.

Driven by rapid business digitalization and a substantial digital-savvy population, Indonesia has emerged as Southeast Asia's largest digital economy in value, and is expected to be a key hub of interconnection in the region.

- We also announced in October a $45 million investment in a new facility in Bogota, Colombia, scheduled to open in the first half of 2023.

This will be our second data center in Colombia and further reinforces Equinix’s commitment to strengthening the digital economy across Latin America.

- In September, we opened a new IBX data center in Paris, France.

Part of Equinix's Saint-Denis campus, the new site ("PA10") represents the tenth data center opened by Equinix in Paris.

The new $163 million facility will incorporate multiple sustainability best practices, including heat recovery technology directly connected to Paris’s Saint-Denis urban heating network.

*•*In August, we completed our acquisition of a data center in Lima, Peru, from Empresa Nacional De Telecomunicaciones S.A. ("Entel"), a leading Chilean telecommunications provider, for a total purchase consideration of $80.3 million at the exchange rate in effect on the date of signing.

- In June, Equinix and PGIM Real Estate, the real estate investment and financing arm of PGIM, Prudential Financial's global asset management business, opened the first xScale data center in Sydney ("SY9x").

This milestone followed the closing of the $575 million joint venture between the parties in March of 2022.

*•*Extending our presence deeper into Latin America in May, we completed the acquisition of four data centers in Chile, from Entel, for a total purchase consideration of $638.3 million at the exchange rate in effect on the date of signing.

The completion of the acquisition augmented Equinix's long-term strategy to become a leading African carrier-neutral digital infrastructure company by being able to bring a full range of transformative technologies and connectivity to Nigeria, Ghana and Cote d'Ivoire.

- Our new IBX data center in Aschheim, near Munich, Germany (“MU4”), opened in February to support the growing digital needs of local companies—particularly from the automotive, industrial, financial and healthcare sectors—providing them with direct, secure and fast connectivity to a multitude of cloud providers, services and partners.

Like other new Equinix builds in Germany, it was designed in line with Equinix’s global sustainability strategy, featuring a green façade and partially planted roof.

Additionally, the data center is expected to be powered by 100% renewable energy—purchased through a green power certificate from local supplier, Mainova.

- In January, we signed a joint venture agreement with GIC in Singapore to develop and operate two xScale data centers in Seoul, Korea.

- The digital presence trend underpins businesses’ prioritization of transformation to engage and deliver value electronically.

To compete in the digital economy, organizations are shifting to digital solutions.

Digital transformation investment levels for 2022–2024 are expected to be $6.3 trillion and 55% of all Information and Communication Technology ("ICT") investment by the end of 2024.

This in turn enables digital development with elastic scale.

IT becomes a revenue-generating function and the basis of competitive advantage for developing connected product bundles.

Leveraging ecosystem and network effects optimizes collaboration and compounds business value.

By 2023, it is expected that one in two companies will generate more than 40% of their revenues from digital products and services.

IT becomes a business technology broker across an ecosystem of digital solutions and facilitates collaboration with network effects.

By 2028, the global infrastructure edge footprint is expected to be 40 gigawatts, with 63% supporting healthcare, manufacturing, energy, retail and transportation.

IT becomes fully integrated with operational technology ("OT") to balance transparency, efficiency and sustainability with greater mobility, security and control.

- The sustainability trend means that companies are now being held accountable by investors, employees and customers to demonstrate progress on Environmental, Social and Governance ("ESG") commitments.

Sustainability is believed to be important by 90% of executives, but only 60% of organizations have sustainability strategies.

These strategies include setting and measuring sustainability goals through science-based targets and key initiatives.

IT must subscribe to the most efficient commodity solutions from sustainability leaders.

We enable competitive advantage for our customers and partners by creating the foundational infrastructure capabilities that power worldwide businesses.

Our footprint consists of 248 data centers:

ecosystems globally.

Equinix colocation offerings include a suite of comprehensive solutions that provide all the components required by a customer to house its IT infrastructure (or equipment).

- 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.

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.

- 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").

- 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.

- 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 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.

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

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.

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.

With xScale data

Interconnection Solutions

Edge Services

Fabric™ to deliver secure, reliable and precise time synchronization.

Colocation Offerings

In 2021, employee satisfaction scores ranged between 82 - 84 out of a 100 each quarter.

The virtual recruiting environment necessitated by the global pandemic has created new opportunities for Equinix to find talent.

We also embedded diversity and inclusive competencies and behaviors in our leadership profiles and added coaching tools as well as manager training on leading inclusive teams to our development program.

In 2021, we launched our “I Matter” initiative to enable employees to voluntarily self-identify by adding their data across dimensions of diversity, including race/ethnicity, sexual orientation, gender identity, and disability in accordance with country regulations so that we may better understand the global employee experience.

In 2021, our employees volunteered at approximately 2,230 nonprofits worldwide.

| 2019(5)(6) | | | 94.9% | | | 5,711,000 | | | N/A | | | 94.4% | | | 5,168,000 | | | 91% | | | N/A | | | 91% | | |

(5)2019 portfolio coverage excludes xScaleTM sites: PA8x, LD13x.

(6)2019 portfolio coverage excludes reseller sites: DA99, JK1, OS99, SH1.

| DC15 | | | Washington, DC | | | Green Globes | | | 3 Globes | | |

| SG5 | | | Singapore | | | LEED | | | Pending | | |

| ML5 | | | Milan, Italy | | | LEED | | | Pending | | |

| U.S. Total through 2021 | | | 8.5 | | | 3.7 (LEED and Energy Star) 0.3 (Energy Star)(2) | | | 43% (LEED and Energy Star) 3% (Energy Star) | | |

For the fiscal year ended December 31, [removed: 2021][added: 2022]

[removed: ][added: ]

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: $72.0] [added: $60.0] billion.

As of February [removed: 17, 2022,] [added: 16, 2023,] a total of [removed: 90,721,039] [added: 92,744,713] 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: 2022] [added: 2023] 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: 2021.][added: 2022.]

| Item | | | [PART [removed: I](#i89c3c9328e454b30b2c14123b867f3f0_10)] [added: I](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_10)] | | | Page No. | | |

| | | | [Forward-Looking [removed: Statements](#i89c3c9328e454b30b2c14123b867f3f0_13)] [added: Statements](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_13)] | | | [removed: [3](#i89c3c9328e454b30b2c14123b867f3f0_13)] [added: [3](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_13)] | | |

| | | | [Summary of Risk [removed: Factors](#i89c3c9328e454b30b2c14123b867f3f0_16)] [added: Factors](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_16)] | | | [removed: [3](#i89c3c9328e454b30b2c14123b867f3f0_16)] [added: [3](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_16)] | | |

| 1A. | | | [Risk [removed: Factors](#i89c3c9328e454b30b2c14123b867f3f0_22)] [added: Factors](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_22)] | | | [removed: [17](#i89c3c9328e454b30b2c14123b867f3f0_22)] [added: [18](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_22)] | | |

| 1B. | | | [Unresolved Staff [removed: Comments](#i89c3c9328e454b30b2c14123b867f3f0_25)] [added: Comments](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_25)] | | | [removed: [43](#i89c3c9328e454b30b2c14123b867f3f0_25)] [added: [42](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_25)] | | |

| 3. | | | [Legal [removed: Proceedings](#i89c3c9328e454b30b2c14123b867f3f0_31)] [added: Proceedings](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_31)] | | | [removed: [48](#i89c3c9328e454b30b2c14123b867f3f0_31)] [added: [47](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_31)] | | |

| 4. | | | [Mine Safety [removed: Disclosure](#i89c3c9328e454b30b2c14123b867f3f0_34)] [added: Disclosure](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_34)] | | | [removed: [48](#i89c3c9328e454b30b2c14123b867f3f0_34)] [added: [47](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_34)] | | |

| 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i89c3c9328e454b30b2c14123b867f3f0_40)] [added: Securities](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_40)] | | | [removed: [49](#i89c3c9328e454b30b2c14123b867f3f0_40)] [added: [48](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_40)] | | |

| 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i89c3c9328e454b30b2c14123b867f3f0_46)] [added: Operations](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_46)] | | | [removed: [51](#i89c3c9328e454b30b2c14123b867f3f0_46)] [added: [50](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_46)] | | |

| 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i89c3c9328e454b30b2c14123b867f3f0_73)] [added: Risk](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_70)] | | | [removed: [75](#i89c3c9328e454b30b2c14123b867f3f0_73)] [added: [73](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_70)] | | |

| 8. | | | [Financial Statements and Supplementary [removed: Data](#i89c3c9328e454b30b2c14123b867f3f0_76)] [added: Data](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_73)] | | | [removed: [77](#i89c3c9328e454b30b2c14123b867f3f0_76)] [added: [75](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_73)] | | |

| 9. | | | [Changes in and [removed: Disagreements With] [added: Disagreements](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_76) [w](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_76)[ith] Accountants on Accounting and Financial [removed: Disclosure](#i89c3c9328e454b30b2c14123b867f3f0_79)] [added: Disclosure](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_76)] | | | [removed: [77](#i89c3c9328e454b30b2c14123b867f3f0_79)] [added: [75](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_76)] | | |

| 9A. | | | [Controls and [removed: Procedures](#i89c3c9328e454b30b2c14123b867f3f0_82)] [added: Procedures](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_79)] | | | [removed: [77](#i89c3c9328e454b30b2c14123b867f3f0_82)] [added: [75](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_79)] | | |

| 9B. | | | [Other [removed: Information](#i89c3c9328e454b30b2c14123b867f3f0_85)] [added: Information](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_82)] | | | [removed: [78](#i89c3c9328e454b30b2c14123b867f3f0_85)] [added: [76](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_82)] | | |

| 9C. | | | [Disclosure [removed: Re](#i89c3c9328e454b30b2c14123b867f3f0_1752)[garding] [added: Regarding] Foreign Jurisdictions that Prevent [removed: Inspections](#i89c3c9328e454b30b2c14123b867f3f0_1752)] [added: Inspections](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_85)] | | | [removed: [78](#i89c3c9328e454b30b2c14123b867f3f0_1752)] [added: [76](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_85)] | | |

| | | | [PART [removed: III](#i89c3c9328e454b30b2c14123b867f3f0_88)] [added: III](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_88)] | | | | | |

| 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i89c3c9328e454b30b2c14123b867f3f0_91)] [added: Governance](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_91)] | | | [removed: [78](#i89c3c9328e454b30b2c14123b867f3f0_91)] [added: [76](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_91)] | | |

| 11. | | | [Executive [removed: Compensation](#i89c3c9328e454b30b2c14123b867f3f0_94)] [added: Compensation](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_94)] | | | [removed: [78](#i89c3c9328e454b30b2c14123b867f3f0_94)] [added: [77](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_94)] | | |

| 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i89c3c9328e454b30b2c14123b867f3f0_97)] [added: Matters](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_97)] | | | [removed: [79](#i89c3c9328e454b30b2c14123b867f3f0_97)] [added: [77](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_97)] | | |

| 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i89c3c9328e454b30b2c14123b867f3f0_100)] [added: Independence](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_100)] | | | [removed: [79](#i89c3c9328e454b30b2c14123b867f3f0_100)] [added: [77](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_100)] | | |

| 14. | | | [Principal Accounting Fees and [removed: Services](#i89c3c9328e454b30b2c14123b867f3f0_103)] [added: Services](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_103)] | | | [removed: [79](#i89c3c9328e454b30b2c14123b867f3f0_103)] [added: [77](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_103)] | | |

| | | | [PART [removed: IV](#i89c3c9328e454b30b2c14123b867f3f0_106)] [added: IV](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_106)] | | | | | |

| 15. | | | [Exhibits, Financial Statement [removed: Schedules](#i89c3c9328e454b30b2c14123b867f3f0_109)] [added: Schedules](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_109)] | | | [removed: [80](#i89c3c9328e454b30b2c14123b867f3f0_109)] [added: [78](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_109)] | | |

| 16. | | | [Form 10-K [removed: Summary](#i89c3c9328e454b30b2c14123b867f3f0_112)] [added: Summary](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_115)] | | | [removed: [87](#i89c3c9328e454b30b2c14123b867f3f0_112)] [added: [84](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_115)] | | |

Risks Related to [removed: Our Business and Our] [added: our] Operations

- Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our [removed: customers] [added: customers,] or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.

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

- The anticipated benefits of our joint ventures may not be fully [removed: realized] [added: realized,] or take longer to realize than expected.

- If we cannot effectively manage our international operations, and successfully implement our international expansion plans, or comply with evolving laws and regulations, our revenues may not increase, [added: our costs may increase] and our business and results of operations would be harmed.

- We [removed: are continuing] [added: continue] to invest in our expansion efforts but may not have sufficient customer demand in the future to realize expected returns on these investments.

- We may fail to achieve our environmental goals which may adversely affect public perception of our business and affect our relationship with our [removed: customers and] [added: customers,] our [removed: stockholders.][added: stockholders and/or other stakeholders.]

Risks Related to Our [removed: Taxation as a REIT][added: REIT Status in the US]

| | | | December 31, 2022 | | | | | |

| 1. | | | [Business](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_19) | | | [5](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_19) | | |

| 2. | | | [Properties](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_28) | | | [43](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_28) | | |

| | | | [PART II](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_37) | | | | | |

| 6. | | | Reserved | | | [49](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_43) | | |

| | | | [Signatures](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_118) | | | [85](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_118) | | |

| | | | [Index to Exhibits](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_121) | | | [87](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_121) | | |

Risks Related to the Macro Environment

- Inflation in the global economy, increased interest rates and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.

- We are currently operating in a period of economic uncertainty and capital markets disruption, which has been the result of many global macro-economic factors including the ongoing military conflict between Russia and Ukraine.

These macro-economic and other factors could negatively affect our business and financial condition.

Risks Related to our Offerings and Customers

Risks Related to our Financial Results

- Our business could be adversely affected if we are unable to maintain our complex global legal entity structure.

| | | | 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) | | |

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

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

- The ongoing COVID-19 pandemic could have a negative effect on our business, results of operations and financial condition.

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

- Our days sales outstanding ("DSO") may be negatively impacted by process and system upgrades and acquisitions.

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

The following tables present the locations of our leased and owned IBX data centers and xScaleTM data centers investments as of December 31, [removed: 2021.][added: 2022.]

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

| | | | Sao Paulo | | | | | | [removed: ●] | | | | | | ● | | | | | |

| [removed: ] [added: ] | | | | | | Barcelona | | | | | | ● | | | | | | | | |

| | | | Genoa [removed: (3)] | | | | | | | | | | | | ● | | | | | |

| | | | Manchester | | | | | | ● | | | | | | [added: ●] | | | | | |

| | | | Munich [removed: (3)] | | | | | | ● | | | | | | ● | | | | | |

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

The following table presents an overview of our portfolio of IBX data centers as of December 31, [removed: 2021:][added: 2022:]

(1)Excludes [removed: nine] [added: twelve] unconsolidated entities [removed: (eight xScaleTM] [added: (eleven xScale] data centers and the MC1 IBX data [removed: center) and includes the MU4 and GN1 data centers opened in January 2022][added: center).]

Americas MRR per cabinet excludes [removed: Brazil, Colombia and] Infomart non-IBX tenant [removed: income and Asia-Pacific MRR per Cabinet excludes Bit-isle MIS.][added: income.]

The following table presents a summary of our significant IBX data center expansion projects under construction as of December 31, [removed: 2021:][added: 2022:]

| MX2 phase [removed: II] [added: III] | | | | | | Mexico City | | | | | | [removed: Q1 2022] [added: Q2 2024] | | | | | | [removed: 1,075] [added: 1,200] | | | | | | [removed: $] [added: 56] | [removed: 54] | |

| BG2 phase I | | | | | | Bogota | | | | | | [removed: Q4 2022] [added: Q2 2023] | | | | | | 550 | | | | | | 45 | | |

| CL3 phase II | | | | | | Calgary | | | | | | [removed: Q4 2022] [added: Q1 2023] | | | | | | 550 | | | | | | [removed: 38] [added: $] | [added: 38] | |

| DC21 phase [removed: II] [added: III] | | | | | | Washington D.C. | | | | | | Q4 [removed: 2022] [added: 2023] | | | | | | [removed: 950] [added: 1,325] | | | | | | [removed: 32] [added: 31] | | |

| KA1 phase II | | | | | | Kamloops | | | | | | [removed: Q4 2022] [added: Q1 2023] | | | | | | 250 | | | | | | 22 | | |

| LD8 phase IV | | | | | | London | | | | | | [removed: Q3 2022] [added: Q1 2023] | | | | | | 550 | | | | | | 36 | | |

| ML5 phase [removed: II] [added: III] | | | | | | Milan | | | | | | [removed: Q3 2022] [added: Q2 2023] | | | | | | 500 | | | | | | [removed: 20] [added: 12] | | |

| MD6 phase I | | | | | | Madrid | | | | | | [removed: Q3 2022] [added: Q1 2023] | | | | | | 600 | | | | | | 5 | | |

| FR5 phase V | | | | | | Frankfurt | | | | | | [removed: Q4 2022] [added: Q1 2023] | | | | | | 650 | | | | | | 43 | | |

| BX1 [removed: phase II] [added: phases II, III,] & [removed: III] [added: IV] | | | | | | Bordeaux | | | | | | [removed: Q1] [added: Q4] 2023 | | | | | | [removed: 525] [added: 800] | | | | | | [removed: 44] [added: 64] | | |

| | | | Lima | | | | | | | | | | | | ● | | | | | |

| | | | Santiago | | | | | | | | | | | | ● | | | | | |

| | | | | | | Abidjan | | | | | | | | | | | | ● | | |

| | | | | | | Accra | | | | | | | | | | | | ● | | |

| | | | Lagos | | | | | | | | | | | | ● | | | | | |

| Americas | | | 106 | | | | | | 134,900 | | | | | | 108,200 | | | | | | 80 | | % | | | | $ | 2,419 | |

| EMEA | | | 82 | | | | | | 132,000 | | | | | | 110,000 | | | | | | 83 | | % | | | | 1,654 | | |

| Asia-Pacific | | | 48 | | | | | | 77,600 | | | | | | 64,100 | | | | | | 83 | | % | | | | 1,925 | | |

| Total | | | 236 | | | | | | 344,500 | | | | | | 282,300 | | | | | | | | | | | | | | |

| AT1 phases VI & VII | | | | | | Atlanta | | | | | | Q2 2023 | | | | | | 575 | | | | | | 43 | | |

| DA11 phase II | | | | | | Dallas | | | | | | Q3 2023 | | | | | | 1,975 | | | | | | 64 | | |

| DC16 phase I | | | | | | Washington D.C. | | | | | | Q3 2023 | | | | | | 3,200 | | | | | | 198 | | |

| MT2 phase I | | | | | | Montreal | | | | | | Q3 2023 | | | | | | 500 | | | | | | 28 | | |

| SV11 phase II | | | | | | Silicon Valley | | | | | | Q3 2023 | | | | | | 1,450 | | | | | | 60 | | |

| SE4 phase III | | | | | | Seattle | | | | | | Q4 2023 | | | | | | 375 | | | | | | 30 | | |

| MT2 phase II | | | | | | Montreal | | | | | | Q4 2023 | | | | | | 500 | | | | | | 22 | | |

| NY11 phase IV | | | | | | New York | | | | | | Q2 2024 | | | | | | 550 | | | | | | 87 | | |

| NY3 phase I | | | | | | New York | | | | | | Q3 2024 | | | | | | 1,200 | | | | | | 250 | | |

| | | | | | | | | | | | | | | | | | | 14,200 | | | | | | 974 | | |

| Lagos2 phase II | | | | | | Lagos | | | | | | Q4 2023 | | | | | | 150 | | | | | | 9 | | |

| BA2 phase I | | | | | | Barcelona | | | | | | Q1 2024 | | | | | | 650 | | | | | | 56 | | |

| JN1 phase I | | | | | | Johannesburg | | | | | | Q2 2024 | | | | | | 700 | | | | | | 21 | | |

| MU4 phase II | | | | | | Munich | | | | | | Q2 2024 | | | | | | 750 | | | | | | 22 | | |

| PA10 phase II | | | | | | Paris | | | | | | Q2 2024 | | | | | | 700 | | | | | | 32 | | |

| IL4 phase I | | | | | | Istanbul | | | | | | Q3 2024 | | | | | | 1,125 | | | | | | 64 | | |

| | | | | | | | | | | | | | | | | | | 9,825 | | | | | | 557 | | |

| SY6 phase II | | | | | | Sydney | | | | | | Q1 2023 | | | | | | 500 | | | | | | 43 | | |

| SG5 phases V & VI | | | | | | Singapore | | | | | | Q2 2023 | | | | | | 1,500 | | | | | | 61 | | |

| TY11 phase IV | | | | | | Tokyo | | | | | | Q4 2023 | | | | | | 675 | | | | | | 55 | | |

| JH1 phase I | | | | | | Johor | | | | | | Q1 2024 | | | | | | 500 | | | | | | 39 | | |

| OS3 phase III | | | | | | Osaka | | | | | | Q2 2024 | | | | | | 600 | | | | | | 20 | | |

| SL4 phase I | | | | | | Seoul | | | | | | Q2 2024 | | | | | | 475 | | | | | | 6 | | |

| SY5 phase III | | | | | | Sydney | | | | | | Q2 2024 | | | | | | 2,675 | | | | | | 121 | | |

| CN1 phase I | | | | | | Chennai | | | | | | Q2 2024 | | | | | | 850 | | | | | | 65 | | |

| TY15 phase I | | | | | | Tokyo | | | | | | Q3 2024 | | | | | | 1,200 | | | | | | 115 | | |

| JK1 phase I | | | | | | Jakarta | | | | | | Q4 2024 | | | | | | 575 | | | | | | 32 | | |

| MB3 phase I | | | | | | Mumbai | | | | | | Q4 2024 | | | | | | 1,375 | | | | | | 86 | | |

| | | | | | | | | | | | | | | | | | | 10,925 | | | | | | 643 | | |

| Total | | | | | | | | | | | | | | | | | | 34,950 | | | | | | $ | 2,174 | |

(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 | | |

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

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

| MC1 phase II | | | | | | Muscat | | | | | | Q1 2022 | | | | | | 475 | | | | | | 19 | | |

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

| LD7 phase II | | | | | | London | | | | | | Q2 2022 | | | | | | 2,275 | | | | | | 111 | | |

| MD2 phase IV | | | | | | Madrid | | | | | | Q2 2022 | | | | | | 375 | | | | | | 16 | | |

| MA5 phase I | | | | | | Manchester | | | | | | Q2 2022 | | | | | | 1,025 | | | | | | 78 | | |

| PA10 phase I | | | | | | Paris | | | | | | Q2 2022 | | | | | | 1,525 | | | | | | 163 | | |

| ZH5 phase IV | | | | | | Zurich | | | | | | Q2 2022 | | | | | | 250 | | | | | | 42 | | |

| GV2 phase III | | | | | | Geneva | | | | | | Q3 2022 | | | | | | 300 | | | | | | 22 | | |

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

| BX1 phase IV | | | | | | Bordeaux | | | | | | Q3 2023 | | | | | | 275 | | | | | | 21 | | |

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

| SG5 phase II | | | | | | Singapore | | | | | | Q1 2022 | | | | | | 775 | | | | | | 75 | | |

| 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 | | |

| OS3 phase II | | | | | | Osaka | | | | | | Q4 2022 | | | | | | 400 | | | | | | 19 | | |

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

| Total | | | | | | | | | | | | | | | | | | 20,525 | | | | | | $ | 1,258 | |

As of January 31, 2022, we had [removed: 90,643,998] [added: 92,666,516] shares of our common stock outstanding held by approximately [removed: 347] [added: 349] registered holders.

During the years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2016] [added: 2017] and December 31, [removed: 2021] [added: 2022] with the cumulative total return of:

The graph assumes the investment of $100.00 on December 31, [removed: 2016] [added: 2017] in Equinix's common stock and in each index, and assumes the reinvestment of dividends, if any.

[removed: ][added: ]

*$100 invested on [removed: 12/31/16] [added: 12/31/17] in stock or index, including reinvestment of dividends.

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: 2021.][added: 2022.]

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: 2021.][added: 2022.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2021] [added: 2022] 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.

In the third quarter of 2022, as part of our multi-year project to move the backbone of our finance systems to the cloud, we completed deployment of certain modules in our new cloud enterprise resource planning (“ERP”) system to support the financial close and our reporting requirements.

As a result of the ERP system implementation, certain internal controls over financial reporting have been automated, modified, or implemented to address the new control environment and processes associated with the ERP system.

There have been no other changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the twelve months ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting

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

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2022] [added: 2023] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2021] [added: 2022] pursuant to Regulation 14A.

This information is incorporated by reference to the Equinix Proxy Statement for the [removed: 2022] [added: 2023] 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: 2022] [added: 2023] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2021] [added: 2022] pursuant to Regulation 14A.

Information required by this item is incorporated by reference to the Equinix Proxy Statement for the [removed: 2022] [added: 2023] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2021] [added: 2022] pursuant to Regulation 14A.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2022] [added: 2023] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2021] [added: 2022] pursuant to Regulation 14A.

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our [removed: 2022] [added: 2023] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2021] [added: 2022] pursuant to Regulation 14A.

| [Report of Independent Registered Public Accounting Firm (PCAOB [removed: ID](#i89c3c9328e454b30b2c14123b867f3f0_121) 238[)](#i89c3c9328e454b30b2c14123b867f3f0_121)] [added: ID](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_124) 238[)](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_124)] | | | [removed: F-[1](#i89c3c9328e454b30b2c14123b867f3f0_121)] [added: F-[1](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_124)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2021 and 2020](#i89c3c9328e454b30b2c14123b867f3f0_124)] [added: 202](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_127)[2](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_127) [and 202](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_127)1] | | | [removed: F-[4](#i89c3c9328e454b30b2c14123b867f3f0_124)] [added: F-[4](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_127)] | | |

| [Consolidated Statements of Operations for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i89c3c9328e454b30b2c14123b867f3f0_127)] [added: 2020](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_130)] | | | [removed: F-[5](#i89c3c9328e454b30b2c14123b867f3f0_127)] [added: F-[5](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_130)] | | |

| [Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i89c3c9328e454b30b2c14123b867f3f0_130)] [added: 2020](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_133)] | | | [removed: F-[6](#i89c3c9328e454b30b2c14123b867f3f0_130)] [added: F-[6](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_133)] | | |

| [Consolidated Statements of Stockholders' Equity and Other Comprehensive Income (Loss) for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i89c3c9328e454b30b2c14123b867f3f0_133)] [added: 2020](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_136)] | | | [removed: F-[7](#i89c3c9328e454b30b2c14123b867f3f0_133)] [added: F-[7](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_136)] | | |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i89c3c9328e454b30b2c14123b867f3f0_136)] [added: 2020](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_139)] | | | [removed: F-[9](#i89c3c9328e454b30b2c14123b867f3f0_136)] [added: F-[9](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_139)] | | |

| [Notes [removed: to](#i89c3c9328e454b30b2c14123b867f3f0_139) [Consolidated] [added: to Consolidated] Financial [removed: Statements](#i89c3c9328e454b30b2c14123b867f3f0_139)] [added: Statements](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_142)] | | | [removed: F-[10](#i89c3c9328e454b30b2c14123b867f3f0_139)] [added: F-[10](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_142)] | | |

| [Schedule III- Schedule of Real Estate and Accumulated [removed: Depreciation at December] [added: Depreciation](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_208) [as of](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_208) [](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_208)[December] 31, [removed: 2021] [added: 2022] with reconciliations for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i89c3c9328e454b30b2c14123b867f3f0_205)] [added: 2020](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_208)] | | | [removed: F-[64](#i89c3c9328e454b30b2c14123b867f3f0_205)] [added: F-[62](#i0928b7fbb6b64a6ebfe95ecf8c4b257d_208)] | | |

| [removed: [3.6](http://www.sec.gov/Archives/edgar/data/1101239/000119312516521409/d156033dex31.htm)] [added: [3.6](http://www.sec.gov/Archives/edgar/data/1101239/000162828022009052/ex31-amendedandrestatedbyl.htm)] | | | | | | [Amended and Restated Bylaws of the [removed: Registrant.](http://www.sec.gov/Archives/edgar/data/1101239/000119312516521409/d156033dex31.htm)] [added: Registrant.](http://www.sec.gov/Archives/edgar/data/1101239/000162828022009052/ex31-amendedandrestatedbyl.htm)] | | | | | | 8-K | | | | | | [removed: 3/29/2016] [added: 4/13/2022] | | | | | | 3.1 | | | | | | | | |

| [removed: [4.2](http://www.sec.gov/Archives/edgar/data/1101239/000119312514419935/d824566dex41.htm)] [added: [4.2](http://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex41.htm)] | | | | | | [Indenture, dated as of [removed: November 20, 2014,] [added: December 12, 2017,] between Equinix, Inc. and U.S. Bank National [removed: Association] [added: Association,] as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000119312514419935/d824566dex41.htm)] [added: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex41.htm)] | | | | | | 8-K | | | | | | [removed: 11/20/2014] [added: 12/5/2017] | | | | | | 4.1 | | | | | | | | |

| [removed: [4.3](https://www.sec.gov/Archives/edgar/data/1101239/000119312517092129/d363575dex42.htm)] [added: [4.23](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] | | | | | | [removed: [Fourth] [added: [Fourteenth] Supplemental Indenture, dated as of March [removed: 22, 2017] [added: 10, 2021,] between Equinix, Inc. and U.S. Bank National Association, as [removed: trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312517092129/d363575dex42.htm)] [added: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] | | | | | | 8-K | | | | | | [removed: 3/22/2017] [added: 3/11/2021] | | | | | | 4.2 | | | | | | | | |

| 4.4 | | | | | | Form of [removed: 5.375%] [added: 2.625%] Senior Notes due [removed: 2027 (see] [added: 2024 (See] Exhibit 4.3). | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.5](https://www.sec.gov/Archives/edgar/data/1101239/000119312517288814/d458122dex42.htm)] [added: [4.9](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm)] | | | | | | [removed: [Fifth] [added: [Seventh] Supplemental Indenture, dated as of [removed: September 20, 2017,] [added: June 22, 2020,] among Equinix, Inc. and U.S. Bank National Association, as [removed: trustee, and Elavon Financial Services DAC, UK Branch, as paying agent.](https://www.sec.gov/Archives/edgar/data/1101239/000119312517288814/d458122dex42.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm)] | | | | | | 8-K | | | | | | [removed: 9/20/2017] [added: 6/22/2020] | | | | | | 4.2 | | | | | | | | |

| [removed: [4.6](http://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex41.htm)] [added: [4.31](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] | | | | | | [removed: [Indenture,] [added: [Eighteenth Supplemental Indenture,] dated [removed: as of December 12, 2017,] [added: May 17, 2021,] between Equinix, Inc. and U.S. Bank National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000119312517367569/d489470dex41.htm)] [added: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm)] | | | | | | 8-K | | | | | | [removed: 12/5/2017] [added: 5/17/2021] | | | | | | [removed: 4.1] [added: 4.6] | | | | | | | | |

| [removed: [4.7](http://www.sec.gov/Archives/edgar/data/1101239/000119312518106405/d561691dex42.htm)] [added: [4.7](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] | | | | | | [removed: [Third] [added: [Sixth] Supplemental Indenture, dated as of [removed: April 2, 2018,] [added: November 18, 2019,] among Equinix, 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_ex4-6.htm)] | | | | | | 8-K | | | | | | [removed: 4/3/2018] [added: 11/18/2019] | | | | | | [removed: 4.2] [added: 4.6] | | | | | | | | |

| 4.8 | | | | | | Form of [removed: 5.00%] [added: 3.200%] Senior Notes due [removed: October 2020 (see] [added: 2029 (See] Exhibit [removed: 4.7).] [added: 4.7)] | | | | | | [added: 8-K] | | | | | | [added: 6/22/2020] | | | | | | | | | | | | | | |

| [removed: 4.9] [added: 4.10] | | | | | | Form of [removed: 5.00%] [added: 1.250%] Senior [removed: Notes] [added: Note] due [removed: April 2021 (see] [added: 2025 (See] Exhibit [removed: 4.7).] [added: 4.9)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] [added: [4.3](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] | | | | | | [Fourth Supplemental Indenture, dated as of November [removed: 18,](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm) [2019,] [added: 18, 2019,] among Equinix, Inc and U.S. Bank National Association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] [added: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-2.htm)] | | | | | | 8-K | | | | | | 11/18/2019 | | | | | | 4.2 | | | | | | | | |

| [removed: 4.11] [added: 4.12] | | | | | | Form of [removed: 2.625%] [added: 1.800%] Senior [removed: Notes] [added: Note] due [removed: 2024] [added: 2027] (See Exhibit [removed: 4.10).] [added: 4.11)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.12](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] [added: [4.5](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-4.htm)] | | | | | | [Fifth 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_ex4-4.htm)] | | | | | | 8-K | | | | | | 11/18/2019 | | | | | | 4.4 | | | | | | | | |

| [removed: 4.13] [added: 4.6] | | | | | | Form of 2.900% Senior Notes due 2026 (See Exhibit [removed: 4.12).] [added: 4.5).] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: [4.14](http://www.sec.gov/Archives/edgar/data/1101239/000110465919065077/tm1923117d1_ex4-6.htm)] [added: [4.21](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] | | | | | | [removed: [Sixth] [added: [Thirteenth] Supplemental Indenture, dated as of [removed: November 18, 2019,] [added: October 7, 2020,] among 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.](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] | | | | | | 8-K | | | | | | [removed: 11/18/2019] [added: 10/7/2020] | | | | | | 4.6 | | | | | | | | |

| [removed: 4.15] [added: 4.16] | | | | | | Form of [removed: 3.200%] [added: 3.000%] Senior [removed: Notes] [added: Note] due [removed: 2029] [added: 2050] (See Exhibit [removed: 4.14)] [added: 4.15)] | | | | | | [removed: 8-K] | | | | | | [removed: 6/22/2020] | | | | | | | | | | | | | | |

| [removed: [4.16](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm)] [added: [4.11](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm)] | | | | | | [removed: [Seventh] [added: [Eighth] Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex42.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm)] | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | [removed: 4.2] [added: 4.4] | | | | | | | | |

| [removed: 4.17] [added: 4.18] | | | | | | Form of [removed: 1.250%] [added: 1.000%] Senior Note due 2025 [removed: (See] [added: (included in] Exhibit [removed: 4.16)] [added: 4.17)] | | | | | | [removed: 8-K] | | | | | | [removed: 6/22/2020] | | | | | | [removed: 4.3] | | | | | | | | |

| [removed: [4.18](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm)] [added: [4.13](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm)] | | | | | | [removed: [Eighth] [added: [Ninth] Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex44.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm)] | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | [removed: 4.4] [added: 4.6] | | | | | | | | |

| [removed: [4.20](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm)] [added: [4.15](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm)] | | | | | | [removed: [Ninth] [added: [Tenth] Supplemental Indenture, dated as of June 22, 2020, among Equinix, Inc. and U.S. Bank National Association, as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex46.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm)] | | | | | | 8-K | | | | | | 6/22/2020 | | | | | | [removed: 4.6] [added: 4.8] | | | | | | | | |

| [removed: 4.21] [added: 4.14] | | | | | | Form of 2.150% Senior Note due 2030 (see Exhibit [removed: 4.20)] [added: 4.13)] | | | | | | [removed: 8-K] | | | | | | [removed: 6/22/2020] | | | | | | [removed: 4.7] | | | | | | | | |

| [removed: [4.22](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm)] [added: [4.17](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm)] | | | | | | [removed: [Tenth] [added: [Eleventh] Supplemental Indenture, dated as of [removed: June 22,] [added: October 7,] 2020, among Equinix, Inc. and U.S. Bank National Association, as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1101239/000119312520175567/d696361dex48.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm)] | | | | | | 8-K | | | | | | [removed: 6/22/2020] [added: 10/7/2020] | | | | | | [removed: 4.8] [added: 4.2] | | | | | | | | |

| [removed: [4.24](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm)] [added: [4.19](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm)] | | | | | | [removed: [Eleventh] [added: [Twelfth] Supplemental Indenture, dated as of October 7, 2020, among Equinix, Inc. and U.S. Bank National Association, as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-2.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm)] | | | | | | 8-K | | | | | | 10/7/2020 | | | | | | [removed: 4.2] [added: 4.4] | | | | | | | | |

| [removed: 4.25] [added: 4.26] | | | | | | Form of 1.000% Senior Note due [removed: 2025] [added: 2033] (included in Exhibit [removed: 4.24)] [added: 4.25)] | | | | | | [removed: 8-K] | | | | | | [removed: 10/7/2020] | | | | | | [removed: 4.3] | | | | | | | | |

| [removed: [4.26](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm)] [added: [4.25](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] | | | | | | [removed: [Twelfth] [added: [Fifteenth] Supplemental Indenture, dated as of [removed: October 7, 2020, among] [added: March 10, 2021, between] Equinix, Inc. and U.S. Bank National Association, as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-4.htm)] [added: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] | | | | | | 8-K | | | | | | [removed: 10/7/2020] [added: 3/11/2021] | | | | | | 4.4 | | | | | | | | |

| [removed: 4.27] [added: 4.20] | | | | | | Form of 1.550% Senior Note due 2028 (included in Exhibit [removed: 4.26)] [added: 4.19)] | | | | | | [removed: 8-K] | | | | | | [removed: 10/7/2020] | | | | | | [removed: 4.5] | | | | | | | | |

| [removed: [4.28](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] [added: [4.29](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm)] | | | | | | [removed: [Thirteenth] [added: [Seventeenth] Supplemental Indenture, dated as of [removed: October 7, 2020, among] [added: May 17, 2021, between] Equinix, Inc. and U.S. Bank National Association, as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1101239/000110465920113068/tm2032554d1_ex4-6.htm)] [added: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-4.htm)] | | | | | | 8-K | | | | | | [removed: 10/7/2020] [added: 5/17/2021] | | | | | | [removed: 4.6] [added: 4.4] | | | | | | | | |

| [removed: 4.29] [added: 4.22] | | | | | | Form of 2.950% Senior Note due 2051 (included in Exhibit [removed: 4.28)] [added: 4.21)] | | | | | | [removed: 8-K] | | | | | | [removed: 10/7/2020] | | | | | | [removed: 4.7] | | | | | | | | |

| [removed: [4.30](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] [added: [4.35](http://www.sec.gov/Archives/edgar/data/1101239/000110465922042726/tm2211678d1_ex4-2.htm)] | | | | | | [removed: [Fourteenth] [added: [Twentieth] Supplemental Indenture, dated as of [removed: March 10, 2021,] [added: April 5, 2022,] between Equinix, Inc. and U.S. Bank [added: Trust Company] National Association, as [removed: trustee](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-2.htm)] [added: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465922042726/tm2211678d1_ex4-2.htm)] | | | | | | 8-K | | | | | | [removed: 3/11/2021] [added: 4/5/2022] | | | | | | 4.2 | | | | | | | | |

| [removed: 4.31] [added: 4.24] | | | | | | Form of 0.250% Senior Note due 2027 (included in Exhibit [removed: 4.30)] [added: 4.23)] | | | | | | [removed: 8-K] | | | | | | [removed: 3/11/2021] | | | | | | [removed: 4.3] | | | | | | | | |

| [removed: [4.32](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] [added: [4.33](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] | | | | | | [removed: [Fifteenth] [added: [Nineteenth] Supplemental Indenture, dated [removed: as of March 10,] [added: May 17,] 2021, between Equinix, Inc. and U.S. Bank National Association, as [removed: trustee](http://www.sec.gov/Archives/edgar/data/1101239/000110465921034899/tm219368d1_ex4-4.htm)] [added: Trustee.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-8.htm)] | | | | | | 8-K | | | | | | [removed: 3/11/2021] [added: 5/17/2021] | | | | | | [removed: 4.4] [added: 4.8] | | | | | | | | |

| [removed: 4.33] [added: 4.34] | | | | | | Form of [removed: 1.000%] [added: 3.400%] Senior Note due [removed: 2033] [added: 2052] (included in Exhibit [removed: 4.32)] [added: 4.33)] | | | | | | [removed: 8-K] | | | | | | [removed: 3/11/2021] | | | | | | [removed: 4.5] | | | | | | | | |

| [removed: [4.34](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] [added: [4.27](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] | | | | | | [removed: [Sixteenth](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm) [Supplemental] [added: [Sixteenth Supplemental] Indenture, dated as of May 17, 2021, between Equinix, Inc. and U.S. [removed: Bank](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] [added: Bank.](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-2.htm)] | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | 4.2 | | | | | | | | |

| 4.36 | | | | | | Form of 3.900% Senior Notes due 2032 (included in Exhibit 4.35) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [10.24](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm) | | | | | | [Change in Control Severance Agreement](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm) [between Equinix, Inc and](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm) [Jon Lin](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm) [dated](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm) [January](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm) [](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm)[2](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm)[, 20](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm)[22](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm)[.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1024.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| [10.25](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1025.htm) | | | | | | [Change in Control Severance Agreement](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1025.htm) [between Equinix, Inc. and Scott Crenshaw dated August 1, 2022.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit1025.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

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

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

| | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | | | | |

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

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

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

| [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 | | | | | | | | |

| [4.38](http://www.sec.gov/Archives/edgar/data/1101239/000110465921068051/tm2116587d1_ex4-6.htm) | | | | | | [Eighteenth 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_ex4-6.htm) | | | | | | 8-K | | | | | | 5/17/2021 | | | | | | 4.6 | | | | | | | | |

| [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 | | | | | | | | |

| [10.16](http://www.sec.gov/Archives/edgar/data/1101239/000162828016018674/equix-63016xexhibit1055.htm) | | | | | | [Share Purchase Agreement with Digital Realty Trust, L.P., relating to the sale and purchase of shares in TelecityGroup UK LON Limited, Telecity Netherlands AMS01 AMS04 BV, Equinix Real Estate (TCY AMS04) B.V. and TelecityGroup Germany Fra2 GmbH, dated May 14, 2016.](http://www.sec.gov/Archives/edgar/data/1101239/000162828016018674/equix-63016xexhibit1055.htm) | | | | | | 10-Q | | | | | | 6/30/2016 | | | | | | 10.55 | | | | | | | | |

| [10.18](http://www.sec.gov/Archives/edgar/data/1101239/000162828018010818/eqix-63018xexhibit1035.htm) | | | | | | [Consent and First Amendment to Credit Agreement, dated as of June 28, 2018 by and among Equinix, Inc. as Borrower, the Guarantors (defined therein), the Lenders (as such term is defined in the Credit Agreement referred to therein), and BANK OF AMERICA, N.A., as Administrative Agent.](http://www.sec.gov/Archives/edgar/data/1101239/000162828018010818/eqix-63018xexhibit1035.htm) | | | | | | 10-Q | | | | | | 8/8/2018 | | | | | | 10.35 | | | | | | | | |

| [10.19](http://www.sec.gov/Archives/edgar/data/1101239/000162828018010818/eqix-63018xexhibit1036.htm) | | | | | | [Second Amendment to Credit Agreement, dated as of July 26, 2018, by and between Equinix, Inc. as Borrower, the financial institutions defined therein, MUFG Bank, Ltd., as Technical Agent and Bank of America, N.A. as Administrative Agent, under that certain Credit Agreement dated December 12, 2017.](http://www.sec.gov/Archives/edgar/data/1101239/000162828018010818/eqix-63018xexhibit1036.htm) | | | | | | 10-Q | | | | | | 8/8/2018 | | | | | | 10.36 | | | | | | | | |

| [10.20](http://www.sec.gov/Archives/edgar/data/1101239/000162828019009846/eqix-63019xexhibit1034.htm) | | | | | | [Third Amendment to Credit Agreement, dated as of April 26, 2019, by and among Equinix, Inc., Delaware corporation ("Equinix" or the "Borrower"), each "Lender" (as such term is defined in the Credit Agreement referred to therein) party hereto, and BANK OF AMERICA, N.A., as Administrative Agent, under that certain Credit Agreement dated December 12, 2017.](http://www.sec.gov/Archives/edgar/data/1101239/000162828019009846/eqix-63019xexhibit1034.htm) | | | | | | 10-Q | | | | | | 6/30/2019 | | | | | | 10.34 | | | | | | | | |

| [10.21](https://www.sec.gov/Archives/edgar/data/1101239/000162828020011187/eqix-63020xexhibit1025.htm) | | | | | | [Credit Agreement dated April 15, 2020, by and among Equinix, as borrower, a syndicate of financial institutions, as lenders, MUFG Bank, Ltd.as administrative agent, and MUFG Union Bank, N.A., Sumitomo, Mitsui Banking Corporation, TD Securities (USA) LLC and Mizuho Bank, Ltd., as joint lead arrangers.](https://www.sec.gov/Archives/edgar/data/1101239/000162828020011187/eqix-63020xexhibit1025.htm) | | | | | | 10-Q | | | | | | 6/30/2020 | | | | | | 10.25 | | | | | | | | |

| [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 | | |

| [10.37](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1040.htm) | | | | | | [Side Letter Agreement Regarding RSUs between Equinix, Inc. and Peter Van Camp dated October 3, 2019.](http://www.sec.gov/Archives/edgar/data/1101239/000162828019013074/eqix-93019xexhibit1040.htm) | | | | | | 10-Q | | | | | | 9/30/2019 | | | | | | 10.40 | | | | | | | | |

| [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 | | | | | | | | |

| February [removed: 18, 2022] [added: 17, 2023] | | | By | | | /s/ CHARLES MEYERS | | |

| /s/ CHARLES MEYERS | | | Chief Executive Officer and President (Principal Executive Officer) | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| /s/ KEITH D. TAYLOR | | | Chief Financial Officer (Principal Financial Officer) | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| /s/ SIMON MILLER | | | Chief Accounting Officer (Principal Accounting Officer) | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| /s/ PETER F. VAN CAMP | | | Executive Chairman | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| /s/ NANCI CALDWELL | | | Director | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| /s/ ADAIRE FOX-MARTIN | | | Director | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| /s/ GARY F. HROMADKO | | | Director | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| /s/ IRVING F. LYONS, III | | | Director | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| /s/ CHRISTOPHER B. PAISLEY | | | Director | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| /s/ SANDRA RIVERA | | | Director | | | February [removed: 18, 2022] [added: 17, 2023] | | |

| [removed: [4.43](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit443.htm)] [added: [4.38](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit438.htm)] | | | | | | [Description of [removed: Securities](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit443.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit438.htm)] | | |

| [removed: [21.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit211.htm)] [added: [21.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit211.htm)] | | | | | | [Subsidiaries of Equinix, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit211.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit211.htm)] | | |

| [removed: [23.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit231.htm)] [added: [23.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit231.htm)] | | | | | | [Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit231.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit231.htm)] | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit311.htm)] | | | | | | [Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit311.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit311.htm)] | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit312.htm)] | | | | | | [Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit312.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit312.htm)] | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit321.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit321.htm)] | | | | | | [Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit321.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit321.htm)] | | |

| [removed: [32.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit322.htm)] [added: [32.2](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit322.htm)] | | | | | | [Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828022003171/eqix-123121xexhibit322.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1101239/000162828023004039/eqix-123122xexhibit322.htm)] | | |

We have audited the accompanying consolidated balance sheets of Equinix, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: December 31, 2021,] 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: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021] [added: 2022] 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: 2021,] [added: 2022,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As described in Notes 1 and 14 to the consolidated financial statements, the Company recorded income tax expense of [removed: $109.2] [added: $124.8] million for the year ended December 31, [removed: 2021.][added: 2022.]

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

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

Management revisits significant assumptions periodically to reflect any changes due to [added: the] business or economic environment.

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 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 tests, (ii) the significant audit effort and judgment in evaluating audit evidence related to the significant assumptions used in the REIT asset [removed: test,] [added: tests] 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.

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

| | | | [added: 2022 | | | | | |] 2021 | | | | | | 2020 | | |

| Cash and cash equivalents | | | $ | [added: 1,906,421 | | | | | $ |] 1,536,358 | | | | | $ | 1,604,869 | |

| Accounts receivable, net of allowance of [removed: $11,635] [added: $12,225] and [removed: $10,677] [added: $11,635] | | | [removed: 681,809] [added: 855,380] | | | | | | [removed: 676,738] [added: 681,809] | | |

| Other current assets | | | [removed: 462,739] [added: 459,138] | | | | | | [removed: 323,016] [added: 462,739] | | |

| Assets held for sale | | | [removed: 276,195] [added: 84,316] | | | | | | [removed: —] [added: 276,195] | | |

| Total current assets | | | [removed: 2,957,101] [added: 3,305,255] | | | | | | [removed: 2,609,155] [added: 2,957,101] | | |

| Property, plant and equipment, net | | | [removed: 15,445,775] [added: 16,649,534] | | | | | | [removed: 14,503,084] [added: 15,445,775] | | |

| Operating lease right-of-use assets | | | [removed: 1,282,418] [added: 1,427,950] | | | | | | [removed: 1,475,057] [added: 1,282,418] | | |