Item 1. Condensed Consolidated Financial Statements

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Item 1. Condensed Consolidated Financial Statements

EQUINIX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)


	March 31, 2025		December 31, 2024
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	2,950	$	3,081
Short-term investments	723		527
Accounts receivable, net of allowance of $20 and $19	1,089		949
Other current assets	743		890

Total current assets	5,505		5,447

Property, plant and equipment, net	20,017		19,249
Operating lease right-of-use assets	1,477		1,419
Goodwill	5,633		5,504
Intangible assets, net	1,388		1,417
Other assets	2,059		2,049
Total assets	$	36,079	$	35,085
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	1,105	$	1,193
Accrued property, plant and equipment	422		387
Current portion of operating lease liabilities	150		144
Current portion of finance lease liabilities	201		189
Current portion of mortgage and loans payable	5		5
Current portion of senior notes	1,199		1,199
Other current liabilities	245		232

Total current liabilities	3,327		3,349
Operating lease liabilities, less current portion	1,380		1,331
Finance lease liabilities, less current portion	2,155		2,086
Mortgage and loans payable, less current portion	662		644
Senior notes, less current portion	13,898		13,363
Other liabilities	744		760
Total liabilities	22,166		21,533
Commitments and contingencies (Note 10)
Redeemable non-controlling interest	25		25
Common stockholders’ equity (shares in thousands):
Common stock, $0.001 par value per share: 300,000 shares authorized; 97,903 issued and 97,819 outstanding in 2025 and 97,390 issued and 97,287 outstanding in 2024	—		—
Additional paid-in capital	21,186		20,895
Treasury stock, at cost; 84 shares in 2025 and 103 shares in 2024	(32)		(39)
Accumulated dividends	(10,798)		(10,342)
Accumulated other comprehensive loss	(1,559)		(1,735)
Retained earnings	5,092		4,749
Total common stockholders' equity	13,889		13,528
Non-controlling interests	(1)		(1)
Total stockholders’ equity	13,888		13,527
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$	36,079	$	35,085

See accompanying notes to condensed consolidated financial statements.

Table of Contents

EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except share and per share data)


	Three Months Ended March 31,
		2025		2024
		(Unaudited)
Revenues		$	2,225	$	2,127
Costs and operating expenses:
Cost of revenues		1,084		1,091
Sales and marketing		229		226
General and administrative		438		444
Restructuring charges		10		—
Transaction costs		6		2


Total costs and operating expenses		1,767		1,763
Income from operations		458		364
Interest income		47		24
Interest expense		(122)		(104)
Other income (expense)		9		(6)
Gain (loss) on debt extinguishment		—		(1)
Income before income taxes		392		277
Income tax expense		(49)		(46)
Net income		343		231
Net (income) loss attributable to non-controlling interests		—		—
Net income attributable to common stockholders		$	343	$	231
Earnings per share (“EPS”) attributable to common stockholders:
Basic EPS		$	3.52	$	2.44
Weighted-average shares for basic EPS (in thousands)		97,514		94,665
Diluted EPS		$	3.50	$	2.43
Weighted-average shares for diluted EPS (in thousands)		97,887		95,156

See accompanying notes to condensed consolidated financial statements.

Table of Contents

EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)


	Three Months Ended March 31,
		2025		2024
		(Unaudited)
Net income		$	343	$	231
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment (“CTA”) gain (loss), net of tax effects of $0 and $0		319		(358)
Net investment hedge CTA gain (loss), net of tax effects of $(1) and $0		(129)		130
Unrealized gain (loss) on cash flow hedges, net of tax effects of $15 and $(6)		(14)		20

Total other comprehensive income (loss), net of tax		176		(208)
Comprehensive income, net of tax		519		23
Net (income) loss attributable to non-controlling interests		—		—

Comprehensive income attributable to common stockholders		$	519	$	23

See accompanying notes to condensed consolidated financial statements.

Table of Contents

EQUINIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Three Months Ended March 31,
	2025		2024
	(Unaudited)
Cash flows from operating activities:
Net income	$	343	$	231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	431		474
Stock-based compensation	113		101
Amortization of intangible assets	48		52
Amortization of debt issuance costs and debt discounts	5		5
Provision for credit loss allowance	3		1



(Gain) loss on debt extinguishment	—		1
Other items	(8)		4
Changes in operating assets and liabilities:
Accounts receivable	(133)		(85)
Income taxes, net	(2)		(9)
Other assets	164		(77)
Operating lease right-of-use assets	42		38
Operating lease liabilities	(39)		(32)
Accounts payable and accrued expenses	(149)		(56)
Other liabilities	(9)		(50)
Net cash provided by operating activities	809		598
Cash flows from investing activities:
Purchases of equity investments	(43)		(3)
Distributions from equity investments	4		—
Purchases of short-term investments	(190)		—



Real estate acquisitions	(17)		(17)
Purchases of other property, plant and equipment	(750)		(707)

Settlement of foreign currency hedges	32		—


Net cash used in investing activities	(964)		(727)
Cash flows from financing activities:
Proceeds from employee equity programs	50		48
Payment of dividends	(468)		(412)
Proceeds from public offering of common stock, net of issuance costs	99		—
Proceeds from senior notes, net of debt discounts	370		—

Repayment of finance lease liabilities	(32)		(31)

Repayment of mortgage and loans payable	(1)		(2)


Debt issuance costs	(3)		—

Net cash provided by (used in) financing activities	15		(397)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	20		(40)

Net decrease in cash, cash equivalents and restricted cash	(120)		(566)
Cash, cash equivalents and restricted cash at beginning of period	3,082		2,096
Cash, cash equivalents and restricted cash at end of period	$	2,962	$	1,530

Cash and cash equivalents	$	2,950	$	1,527
Current portion of restricted cash included in other current assets	12		3

Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$	2,962	$	1,530

See accompanying notes to condensed consolidated financial statements.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented.

Our condensed consolidated balance sheet data as of December 31, 2024 has been derived from audited consolidated financial statements as of that date. Our condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission ("SEC"), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 12, 2025. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.

All intercompany accounts and transactions have been eliminated in consolidation.

Income Taxes

We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the dividends paid to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.

We accrue for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors such as our operating performance, tax law changes and future business acquisitions.

Our effective tax rates were 12.5% and 16.6% for the three months ended March 31, 2025 and 2024, respectively.

Recent Accounting Pronouncements

Accounting Standards Not Yet Adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03: Disaggregation of Income Statement Expenses ("DISE"). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The ASU is effective for annual reporting periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application and early adoption both permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Accounting Standards Adopted

Segment Reporting

In November 2023, FASB issued ASU 2023-07, Segment Reporting ("Topic 280"): Improvements to Reportable Segment Disclosure. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within fiscal years beginning after December 15, 2024, with early adoption permitted and retrospective adoption required. We adopted this ASU for the 2024 annual reporting period and the 2025 interim reporting periods. Refer to Note 13 for disclosures required by this ASU.

2. Revenue

Contract Balances

The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in millions):


	Accounts receivable, net (1)		Contract assets, current		Contract assets, non-current		Deferred revenue, current		Deferred revenue, non-current
Beginning balances as of January 1, 2025	$	949	$	102	$	113	$	123	$	150
Closing balances as of March 31, 2025	1,089		112		93		130		158
Increase (Decrease)	$	140	$	10	$	(20)	$	7	$	8

(1) The net change in our allowance for credit losses was insignificant during the three months ended March 31, 2025.

The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the three months ended March 31, 2025 from the opening deferred revenue balance as of January 1, 2025 was $34 million.

Remaining performance obligations

As of March 31, 2025, approximately $11.3 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one to five years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 65% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contract renewals. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployment dates, contract modifications, renewals and/or terminations.

The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScale® data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

3. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented ($ in millions except per share data; share data in thousands):


	Three Months Ended March 31,
		2025		2024
Net income		$	343	$	231
Net (income) loss attributable to non-controlling interests		—		—
Net income attributable to common stockholders		$	343	$	231

Weighted-average shares used to calculate basic EPS		97,514		94,665
Effect of dilutive securities:
Employee equity awards		373		491
Weighted-average shares used to calculate diluted EPS		97,887		95,156

EPS attributable to common stockholders:
Basic EPS		$	3.52	$	2.44
Diluted EPS		$	3.50	$	2.43

We have excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 71 and 360 shares for the three months ended March 31, 2025 and 2024, respectively, because their effect would be anti-dilutive (in thousands).

4. Acquisitions

Pending Acquisition

On July 20, 2024, we entered into an agreement to acquire three data centers in the Philippines from Total Information Management (“TIM”), a leading technology solutions provider in the market, for a stated purchase price of $180 million subject to certain adjustments. The acquisition is expected to close in the third quarter of 2025, subject to customary closing conditions.

5. Equity Method Investments

We hold various equity method investments, primarily interests in joint venture partnership arrangements, in order to invest in certain entities that are in line with our business development objectives, including the development and operation of xScale data centers. Some of these joint ventures are classified as Variable Interest Entities ("VIEs").

The following table summarizes our equity method investments, which were included in other assets on the condensed consolidated balance sheets (in millions):


Investee	Ownership Percentage	March 31, 2025		December 31, 2024
EMEA 1 Joint Venture	20%	$	133	$	131
VIE Joint Ventures (1)	20%	432		374
Other	Various	13		14
Total		$	578	$	519

(1)Includes investments in the following xScale joint ventures in each of our three regions: "Asia-Pacific 1 Joint Venture", "Asia-Pacific 2 Joint Venture", "Asia-Pacific 3 Joint Venture", "EMEA 2 Joint Venture", "AMER 1 Joint Venture" and "AMER 2 Joint Venture". These investments share a similar purpose, design and nature of assets.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Non-VIE Joint Venture

EMEA 1 Joint Venture

The EMEA 1 Joint Venture is not a VIE given that both equity investors' interests have the characteristics of a controlling financial interest and it is sufficiently capitalized to sustain its operations, requiring additional funding from its partners only when expanding operations. Our share of income and losses of equity method investments from this joint venture was insignificant for the three months ended March 31, 2025 and 2024 and was included in other income (expense) on the condensed consolidated statement of operations.

We committed to make future equity contributions to the EMEA 1 Joint Venture for funding its future development. As of March 31, 2025, we had future equity contribution commitments of $44 million.

VIE Joint Ventures

The VIE Joint Ventures are considered VIEs because they do not have sufficient funds from operations to be self-sustaining. While we provide certain management services to these joint ventures and earn fees for the performance of such services, the power to direct the activities of these joint ventures that most significantly impact economic performance is shared equally between us and our partners. These activities include data center construction and operations, sales and marketing, financing, and real estate purchases or sales. Decisions about these activities require the consent of both Equinix and our partners. We concluded that neither party is deemed to have predominant control over the VIE Joint Ventures and neither party is considered to be the primary beneficiary. Our share of losses of equity method investments from the VIE Joint Ventures was insignificant for the three months ended March 31, 2025 and 2024, and were included in other income (expense) on the condensed consolidated statement of operations.

AMER 2 Joint Venture

On April 10, 2024, we invested in a joint venture to develop and operate an xScale data center in the Americas region (the “AMER 2 Joint Venture”). At closing, we sold the assets and liabilities of the Silicon Valley 12 (“SV12x”) data center site, which were included within our Americas region, for total consideration of $293 million, which was comprised of $246 million of net cash proceeds, a 20% partnership interest in the AMER 2 Joint Venture with a fair value of $26 million, and $21 million of receivables. We recognized a gain of $18 million on the sale of the SV12x data center in the second quarter of 2024.

The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of March 31, 2025 (in millions):


	VIE Joint Ventures
Equity Investment	$	432
Outstanding Accounts Receivable	83
Other Receivables	40
Contract Assets	109
Loan Commitment (1)	392
Future Equity Contribution Commitments (2)	112
Maximum Future Payments under Debt Guarantees (3)	268
Total	$	1,436

(1)Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender, further discussed below.

(2)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments on their outstanding debt.

(3)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under the EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantees relates to our AMER 1 Joint Venture. Refer to Note 10.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

AMER 3 Joint Venture

On October 1, 2024, we entered into an agreement to form a joint venture to develop and operate xScale data centers in the Americas region (the "AMER 3 Joint Venture"), subject to regulatory approval and other closing conditions which were satisfied on October 30, 2024. As of March 31, 2025 there have been no equity contributions made to the AMER 3 Joint Venture.

Joint Venture Related Party Transactions

Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement (the "AMER 2 Loan") with the AMER 2 Joint Venture, as a lender, with a maximum commitment of $392 million and a maturity date of April 10, 2028. We received an upfront fee of $4 million in connection with the origination of the loan, and earn interest at a contractual rate of 10% per annum on the drawn portion plus an unused commitment fee of 0.75% per annum on the undrawn portion, each payable quarterly. The term of the loan may be extended at the option of the borrower for one additional year subject to an extension fee, and may be prepaid subject to a penalty if such prepayment occurs within the first 18 months of issuance. The AMER 2 Loan is secured by the assets of the AMER 2 Joint Venture, including the SV12x data center site. The equity partners of the AMER 2 Joint Venture have provided limited guarantees in connection with the AMER 2 Loan, which require payments to the lender proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments. Additionally, the equity partners may be liable for repayment of up to the entire debt balance upon the occurrence of certain adverse acts such as a non-permitted transfer of the SV12x data center site. The AMER 2 Loan was negotiated at arm's length. We have assessed the credit risk associated with the AMER 2 Loan to be low and the allowance for credit loss as of March 31, 2025 is insignificant. The maximum amount of credit loss we are exposed to is the outstanding principal, plus accrued interest and unused commitment fees. As of March 31, 2025, the total amount outstanding under the AMER 2 Loan, net of the unamortized upfront fee, was $258 million. Additional amounts may be drawn down by the borrower periodically as needed for the continuation of development and other working capital needs.

We have lease arrangements and provide various services to the EMEA 1 Joint Venture and the VIE Joint Ventures (collectively, the "Joint Ventures") through multiple agreements, including sales and marketing, development management, facilities management, asset management and procurement service agreements. These transactions are generally considered to have been negotiated at arm's length.

The following table presents the income and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in millions):


		Three Months Ended March 31,
Related Party	Nature of Transaction		2025		2024
EMEA 1 Joint Venture	Income		$	6	$	6
EMEA 1 Joint Venture	Expenses (1)		4		4
VIE Joint Ventures	Income (2)		61		38
VIE Joint Ventures	Expenses (3)		2		1

(1)Primarily consists of rent expenses for a sub-lease agreement with the EMEA 1 Joint Venture for a London data center with a remaining lease term of approximately 15-years as of March 31, 2025.

(2)Primarily consists of revenues related to service arrangements as described above and also includes interest income earned on the AMER 2 Loan during the three months ended March 31, 2025 of $7 million.

(3)Primarily consists of rent expenses for lease arrangements with the VIE Joint Ventures.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

We have also sold certain data center facilities to our Joint Ventures and recognized gains or losses on asset sales as described above.

The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in millions):


	EMEA 1 Joint Venture				VIE Joint Ventures
Balance Sheet	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Accounts receivable, net	$	30	$	4	$	83	$	50
Other current assets (1)	19		19		139		128
Property, plant and equipment, net (2)	146		145		73		74
Operating lease right-of-use assets	2		2		29		2
Other assets (3)	—		—		276		302
Other current liabilities	6		5		8		10
Finance lease liabilities	169		164		78		78
Operating lease liabilities	2		2		27		2
Other liabilities (4)	49		48		11		11

(1)The balance primarily relates to contract assets and other receivables.

(2)The balance relates to finance lease right-of-use assets.

(3)The balance primarily relates to the AMER 2 Loan receivable.

(4)The balance primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction.

6. Derivatives and Hedging Instruments

Derivatives and Other Instruments Designated as Hedging Instruments

Net Investment Hedges

Foreign Currency Debt: We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which are designated as hedges against our net investments in foreign subsidiaries. As of March 31, 2025 and December 31, 2024, the total principal amounts of foreign currency debt obligations designated as net investment hedges were $1.1 billion and $1.0 billion, respectively.

Foreign Currency Forward Contracts: We use foreign currency forward contracts, designated as net investment hedges, to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. We use the spot method to assess hedge effectiveness and recognize fair value changes from spot rates in other comprehensive income (loss). We exclude forward points from the assessment of hedge effectiveness and amortize the initial value of the excluded component through interest expense. The difference between fair value changes from the excluded component and the amount amortized is recognized in other comprehensive income (loss).

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Embedded Derivatives: Certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved are deemed to have foreign currency forward contracts embedded in them. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. dollars. We use these forward contracts embedded within our customer agreements to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. As of both March 31, 2025 and December 31, 2024, the total remaining contract value of such customer agreements outstanding under this hedging program was $191 million and $213 million, respectively.

Cross-currency Interest Rate Swaps: We also use cross-currency interest rate swaps, designated as net investment hedges, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. We use the spot method to assess hedge effectiveness and recognize fair value changes from spot rates in other comprehensive income (loss). We exclude time value and cross currency basis spread from the assessment of hedge effectiveness and recognize the excluded component in interest expense through the swap accrual process. The difference between fair value changes of the excluded component and the amount amortized is recognized in other comprehensive income (loss).

Cash Flow Hedges

Foreign Currency Forward Contracts: We enter into intercompany foreign currency forward contracts ("intercompany derivatives") with our wholly-owned subsidiaries in our EMEA region in order to hedge certain forecasted revenues and expenses denominated in currencies other than the U.S. Dollar (primarily the British Pound and the Euro). Simultaneously, we enter into foreign currency forward contracts with unrelated third parties to externally hedge the net exposure created by such intercompany derivatives. We designate the intercompany derivatives as cash flow hedges. We do not exclude any components from the assessment of hedge effectiveness and the change in fair value of these derivatives is recognized in other comprehensive income (loss) until the hedged transaction occurs.

As of March 31, 2025, our foreign currency forward contracts had maturity dates ranging from April 2025 to December 2027 and we had an insignificant net gain recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses for cash flow hedges that will mature in the next 12 months. As of December 31, 2024, our foreign currency forward contracts had maturity dates ranging from January 2025 to December 2026 and we had a net gain of $38 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses for cash flow hedges that will mature in the 12 months following December 31, 2024.

Cross-currency Interest Rate Swaps: We use cross-currency swaps, which are designated as cash flow hedges, to manage the foreign currency exposure associated with a portion of our foreign currency-denominated variable-rate debt and our U.S. dollar-denominated fixed-rate debt issued by our foreign subsidiaries. As of March 31, 2025, our cross-currency interest rate swaps had maturity dates ranging from March 2026 to June 2034. We had a net gain of $10 million recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months. As of December 31, 2024, our cross-currency interest rate swaps had maturity dates ranging from March 2026 to June 2034. We had a net gain of $13 million recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the 12 months following December 31, 2024. We use the spot method to assess hedge effectiveness. Fair value changes from spot rates are recognized in other comprehensive income initially and immediately reclassified to earnings to offset the gain or loss from remeasuring the associated debt. We exclude time value and cross currency basis spread from the assessment of hedge effectiveness and recognize the excluded component in interest expense through the swap accrual process. The difference between fair value changes of the excluded component and the amount amortized is recognized in other comprehensive income (loss).

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Interest Rate Locks: We hedge the interest rate exposure created by anticipated fixed-rate debt issuances through the use of treasury locks and swap locks (collectively, interest rate locks), which are designated as cash flow hedges. As of both March 31, 2025 and December 31, 2024, we had no interest rate locks outstanding. When interest rate locks are settled, any gain or loss from the transactions is deferred and included as a component of other comprehensive income (loss) and is amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks. As of both March 31, 2025 and December 31, 2024, we had a net gain of $3 million, recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the 12 months following March 31, 2025 and December 31, 2024, respectively, for interest rate locks.

Derivatives Not Designated as Hedging Instruments

Foreign Currency Forward Contracts: We also use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. As a result of foreign currency fluctuations, the U.S. dollar equivalent values of our foreign currency-denominated monetary assets and liabilities change. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts.

Cross-currency Interest Rate Swaps: We may, from time to time, elect to de-designate a portion of our cross-currency interest rate swaps previously designated as hedging instruments. Gains and losses subsequent to the de-designation are recognized in other income (expense).

Notional Amounts and Fair Value of Derivative Instruments

The following table presents the composition of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest (in millions):


	March 31, 2025						December 31, 2024
			Fair Value						Fair Value
	Notional Amount (1)		Assets (2)		Liabilities (3)		Notional Amount (1)		Assets (2)		Liabilities (3)
Net investment hedges:
Foreign currency forward contracts	$	968	$	19	$	15	$	966	$	39	$	17
Cross-currency interest rate swaps	1,971		109		2		1,986		189		1
Cash flow hedges:
Foreign currency forward contracts	1,723		14		18		1,365		53		—
Cross-currency interest rate swaps	1,030		55		—		1,030		48		—
Non-designated derivatives:
Foreign currency forward contracts	2,586		12		30		3,536		80		9
Cross-currency interest rate swaps	1,211		138		14		1,395		182		45
Total	$	9,489	$	347	$	79	$	10,278	$	591	$	72

(1)Excludes embedded derivatives.

(2)As presented in our condensed consolidated balance sheets within other current assets and other assets.

(3)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Impact on Accumulated Other Comprehensive Income (Loss)

The pre-tax gains (losses) from hedging instruments recognized in accumulated other comprehensive income (loss) were as follows (in millions):


	Three Months Ended March 31,
		2025		2024
Net investment hedges:
Foreign currency debt		$	(41)	$	29
Foreign currency forward contracts (included component)		(6)		27

Cross-currency interest rate swaps (included component)		(96)		76
Cross-currency interest rate swaps (excluded component)		15		(2)
Total		$	(128)	$	130

Cash flow hedges:
Foreign currency forward contracts		$	(57)	$	27
Cross-currency interest rate swaps (excluded component)		28		(2)
Interest rate locks		—		1
Total		$	(29)	$	26

Impact on Earnings

The gains (losses) from derivative instruments recognized in earnings, and location of such gains (losses) in the condensed consolidated statements of operations were as follows (in millions):


		Three Months Ended March 31,
	Location of gain (loss)		2025		2024
Net investment hedges:
Foreign currency forward contracts (excluded component)	Interest expense		$	2	$	2
Cross-currency interest rate swaps (excluded component)	Interest expense		5		8
Total			$	7	$	10

Cash flow hedges:
Foreign currency forward contracts	Revenues		$	18	$	(3)
Foreign currency forward contracts	Costs and operating expenses		(9)		2
Cross-currency interest rate swaps (excluded component)	Interest expense		4		—
Cross-currency interest rate swaps (included component)	Other income (expense)		(22)		(3)

Total			$	(9)	$	(4)

Non designated hedges:
Foreign currency forward contracts	Other income (expense)		$	(44)	$	76
Cross-currency interest rate swaps	Other income (expense)		2		—
Total			$	(42)	$	76

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Offsetting Derivative Assets and Liabilities

We enter into master netting agreements with our counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the condensed consolidated balance sheets, we do not offset fair value amounts recognized for derivative instruments or the accrued interest related to cross-currency interest rate swaps under master netting arrangements. The following table presents information related to these offsetting arrangements, inclusive of accrued interest (in millions):


	Gross Amounts		Gross Amounts Offset in the Balance Sheets		Net Amounts		Gross Amounts Not Offset in the Balance Sheets		Net
March 31, 2025
Derivative assets	$	365	$	—	$	365	$	(76)	$	289
Derivative liabilities	94		—		94		(76)		18

December 31, 2024
Derivative assets	$	605	$	—	$	605	$	(75)	$	530
Derivative liabilities	79		—		79		(75)		4

7. Fair Value Measurements

We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:

Level 1: quoted prices in active markets for identical assets or liabilities.

*•*Level 2: observable inputs (e.g., spot rates and other data from the third-party pricing vendors for our derivative instruments, credit rating and current prices of similar debt instruments that are publicly traded for our debt instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.

Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities, including indicative pricing from third parties for similar instruments and asset-specific yield adjustments for elements such as credit risk.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The fair value of certain financial assets and liabilities were as follows (in millions):


	March 31, 2025									December 31, 2024
	Fair Value		Fair Value Measurement Using							Fair Value			Fair Value Measurement Using
	Level 1		Level 2		Level 3				Level 1			Level 2			Level 3
Assets:
Money market funds (1)	$	2,160	$	2,160	$	—	$	—		$	2,401		$	2,401		$	—	$	—
Time deposits (2)	785		62		723		—			642			115			527		—
Loan receivable (3)	279		—		—		279			280			—			—		280
Derivative instruments (4)	347		—		347		—			591			—			591		—
Total	$	3,571	$	2,222	$	1,070	$	279		$	3,914		$	2,516		$	1,118	$	280
Liabilities:
Derivative instruments (4)	$	79	$	—	$	79	$	—		$	72		$	—		$	72	$	—
Mortgage and loans payable (5)	671		—		671		—			654			—			654		—
Senior notes (5)	13,815		13,327		488		—			13,342			12,851			491		—
Total	$	14,565	$	13,327	$	1,238	$	—		$	14,068		$	12,851		$	1,217	$	—

(1)Instruments are included within cash and cash equivalents in the condensed consolidated balance sheets, and are measured at fair value.

(2)Instruments are included within cash and cash equivalents and short-term investments in the condensed consolidated balance sheets, and are measured at amortized cost.

(3)Instruments are included within other assets in the condensed consolidated balance sheets, and are measured at amortized cost. Refer to Note 5.

(4)Instruments are included within other current assets, other assets, other current liabilities and other liabilities in the condensed consolidated balance sheets, and are measured at fair value. Refer to Note 6.

(5)Include current and non-current portions and are measured at amortized cost. Refer to Note 9.

8. Leases

There were no significant lease transactions during the three months ended March 31, 2025.

Lease Expenses

The components of lease expenses are as follows (in millions):


	Three Months Ended March 31,
		2025		2024
Finance lease cost
Amortization of right-of-use assets (1)		$	44	$	48
Interest on lease liabilities		30		28
Total finance lease cost		74		76

Operating lease cost		58		56
Variable lease cost		22		16
Total lease cost		$	154	$	148

(1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Other Information

Other information related to leases is as follows (in millions):


	Three Months Ended March 31,
	2025			2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	29		$	26
Operating cash flows from operating leases	55			50
Financing cash flows from finance leases	32			31

Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases	$	84		$	30
Operating leases	70			4

	March 31, 2025			December 31, 2024
Weighted-average remaining lease term - finance leases (2)	14 years			14 years
Weighted-average remaining lease term - operating leases (2)	13 years			12 years
Weighted-average discount rate - finance leases	6		%	6		%
Weighted-average discount rate - operating leases	5		%	5		%
Finance lease right-of-use assets (3)	$	2,236		$	2,158

(1) Represents all non-cash changes in right-of-use assets.

(2) Includes lease renewal options that are reasonably certain to be exercised.

(3) As of March 31, 2025 and December 31, 2024, we recorded accumulated amortization of finance lease right-of-use assets of $990 million and $964 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the condensed consolidated balance sheets.

Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2025 are as follows (in millions):


	Operating Leases		Finance Leases		Total
2025 (9 months remaining)	$	160	$	246	$	406
2026	225		266		491
2027	206		271		477
2028	177		259		436
2029	148		250		398
Thereafter	1,186		2,113		3,299
Total lease payments	2,102		3,405		5,507

Less imputed interest	(572)		(1,049)		(1,621)


Total	$	1,530	$	2,356	$	3,886

We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of March 31, 2025. These leases are expected to commence between 2025 and 2026, with lease terms of 2 to 15 years and total lease commitments of approximately $90 million.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

9. Debt Facilities

Mortgage and Loans Payable

Our mortgage and loans payable consisted of the following (in millions):


	March 31, 2025		December 31, 2024
Term loans	$	647	$	628
Mortgage payable and other loans payable	20		21


	667		649
Less current portion	(5)		(5)
Total	$	662	$	644

Senior Credit Facility and Refinancing

In 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500 million senior unsecured term loan facility (the "2022 Term Loan Facility" and, together with the 2022 Revolving Facility, collectively, the "2022 Credit Facilities"). The total debt issuance costs for the 2022 Revolving Facility and 2022 Term Loan Facility are $7 million and $1 million, respectively. We borrowed the full £500 million available under the 2022 Term Loan Facility, or approximately $677 million at the exchange rate in effect on that date.

The 2022 Credit Facilities have a maturity date of January 7, 2027. We may borrow, repay and reborrow amounts under the 2022 Revolving Facility until the Maturity Date, at which time all amounts outstanding under the 2022 Revolving Facility must be repaid in full. The term loan made under the 2022 Term Loan Facility has no scheduled principal amortization and must be repaid in full on the maturity date. The 2022 Revolving Facility provides for extensions of credit in U.S. dollars as well as certain other foreign currencies. Borrowings under the 2022 Revolving Facility bear interest at a rate based on the daily Secured Overnight Financing Rate ("SOFR"), term SOFR, an alternative currency daily rate, or an alternative currency term rate plus a spread adjustment, plus a margin that can vary from 0.555% to 1.200%. Borrowings under the 2022 Term Loan Facility bear interest at a rate based on the daily Sterling Overnight Index Average ("SONIA"), plus a spread adjustment, plus a margin that can vary from 0.625% to 1.450%. We are also required to pay a quarterly letter of credit fee on the face amount of each letter of credit, which fee is based on the same margin that applies from time to time to SOFR-indexed borrowings under the revolving credit line. The margin is dependent on either our consolidated net leverage ratio or our credit ratings. We are also required to pay a quarterly facility fee ranging from 0.07% to 0.25% per annum. The 2022 Credit Agreement contains customary covenants, including financial ratio covenants that are required to be maintained as of each quarter end.

As of March 31, 2025 and December 31, 2024, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $645 million and $625 million, respectively.

As of March 31, 2025, we had 44 irrevocable letters of credit totaling $69 million issued and outstanding under the 2022 Revolving Facility, with approximately $3.9 billion remaining available to borrow under the 2022 Revolving Facility. As of both March 31, 2025 and December 31, 2024, unamortized debt issuance costs for the 2022 Revolving Facility of $3 million, were presented in other assets in the condensed consolidated balance sheets.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Senior Notes

Our senior notes consisted of the following (in millions):


	March 31, 2025				December 31, 2024
	Amount		Effective Rate		Amount		Effective Rate
1.250% Senior Notes due 2025	$	500	1.46	%	$	500	1.46	%
1.000% Senior Notes due 2025	700		1.18	%	700		1.18	%
1.450% Senior Notes due 2026	700		1.64	%	700		1.64	%
2.900% Senior Notes due 2026	600		3.04	%	600		3.04	%
0.250% Euro Senior Notes due 2027	541		0.45	%	518		0.45	%
1.800% Senior Notes due 2027	500		1.96	%	500		1.96	%
1.550% Senior Notes due 2028	650		1.67	%	650		1.67	%
2.000% Senior Notes due 2028	400		2.21	%	400		2.21	%
2.875% Swiss Franc Senior Notes due 2028	339		3.05	%	331		3.05	%
1.558% Swiss Franc Senior Notes due 2029	113		1.79	%	110		1.79	%
3.200% Senior Notes due 2029	1,200		3.30	%	1,200		3.30	%
3.500% Singapore Dollar Senior Notes due 2030	372		3.67	%	—		—	%
2.150% Senior Notes due 2030	1,100		2.27	%	1,100		2.27	%
3.250% Euro Senior Notes due 2031	703		3.46	%	673		3.46	%
2.500% Senior Notes due 2031	1,000		2.65	%	1,000		2.65	%
3.900% Senior Notes due 2032	1,200		4.07	%	1,200		4.07	%
1.000% Euro Senior Notes due 2033	649		1.18	%	622		1.18	%
3.650% Euro Senior Notes due 2033	649		3.78	%	622		3.78	%
5.500% Senior Notes due 2034	750		5.74	%	750		5.74	%
3.625% Euro Senior Notes due 2034	541		3.75	%	518		3.75	%
2.000% Japanese Yen Senior Notes Series A due 2035	251		2.07	%	239		2.07	%
2.130% Japanese Yen Senior Notes Series C due 2035	98		2.20	%	94		2.20	%
2.370% Japanese Yen Senior Notes Series B due 2043	68		2.42	%	65		2.42	%
2.570% Japanese Yen Senior Notes Series D due 2043	30		2.62	%	29		2.62	%
2.570% Japanese Yen Senior Notes Series E due 2043	66		2.62	%	64		2.62	%
3.000% Senior Notes due 2050	500		3.09	%	500		3.09	%
2.950% Senior Notes due 2051	500		3.00	%	500		3.00	%
3.400% Senior Notes due 2052	500		3.50	%	500		3.50	%
	15,220				14,685
Less amount representing unamortized debt issuance costs and debt discounts	(123)				(123)
	15,097				14,562
Less current portion	(1,199)				(1,199)
Total	$	13,898			$	13,363

5.500% Senior Notes due 2034

On May 30, 2024, we issued $750 million aggregate principal amount of 5.500% senior notes due June 15, 2034 (the "2034 Notes"). Interest on the notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2024. Total debt discount and debt issuance costs related to the 2034 Notes were $14 million.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

3.650% Euro Senior Notes due 2033

On September 3, 2024, we issued €600 million, or approximately $664 million, at the exchange rate in effect on that date, aggregate principal amount of 3.650% senior notes due September 3, 2033 (the "2033 Euro Notes"). Interest on the notes is payable annually in arrears on September 3 of each year, commencing on September 3, 2025. Total debt discount and debt issuance costs related to the 2033 Euro Notes were $6 million.

1.558% Swiss Franc Senior Notes due 2029

On September 4, 2024, we issued CHF100 million, or approximately $118 million, at the exchange rate in effect on that date, aggregate principal amount of 1.558% senior notes due September 4, 2029 (the "2029 CHF Notes"). Interest on the notes is payable annually in arrears on September 4 of each year, commencing on September 4, 2025. Total debt issuance costs related to the 2029 CHF Notes were insignificant.

3.250% Euro Senior Notes due 2031 and 3.625% Euro Senior Notes due 2034

On November 22, 2024, we issued €650 million, or approximately $706 million, at the exchange rate in effect on that date, aggregate principal amount of 3.250% senior notes due March 15, 2031 (the "2031 Euro Notes") and €500 million, or approximately $543 million, at the exchange rate in effect on that date, aggregate principal amount of 3.625% senior notes due November 22, 2034 (the "2034 Euro Notes"). Interest on the 2031 Euro Notes is payable annually in arrears on March 15 of each year, commencing on March 15, 2025. Interest on the 2034 Euro Notes is payable annually in arrears on November 22 of each year, commencing on November 22, 2025. Total debt discounts and debt issuance costs related to the 2031 and 2034 Euro Notes were $8 million and $6 million, respectively.

3.500% Singapore Dollar Senior Notes due 2030

On March 13, 2025, we issued SGD500 million, or approximately $370 million, at the exchange rate in effect on that date, aggregate principal amount of 3.500% senior notes due March 15, 2030 (the "2030 SGD Notes"). Interest on the notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. Total debt issuance costs related to the 2030 SGD Notes were $3 million.

Maturities of Debt Instruments

The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs and debt discounts, as of March 31, 2025 (in millions):


Years ending:
2025 (9 months remaining)	$	1,204
2026	1,305
2027	1,691
2028	1,393
2029	1,317
Thereafter	8,977
Total	$	15,887

Interest Charges

The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in millions):


	Three Months Ended March 31,
		2025		2024
Interest expense		$	122	$	104
Interest capitalized		11		9
Interest charges incurred		$	133	$	113

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Total interest paid in cash, net of capitalized interest, during the three months ended March 31, 2025 and 2024 was $93 million and $92 million, respectively.

10. Commitments and Contingencies

Purchase Commitments

As a result of our various IBX data center expansion projects, as of March 31, 2025, we were contractually committed for approximately $3.8 billion of unaccrued capital expenditures, primarily for IBX infrastructure equipment not yet delivered and labor not yet provided, in connection with the work necessary to open these IBX data centers and make them available to our customers for installation. We also had numerous other, non-capital purchase commitments in place as of March 31, 2025, such as commitments to purchase power in select locations through the remainder of 2025 and thereafter, and other open purchase orders for goods or services to be delivered or provided during the remainder of 2025 and thereafter. Such other miscellaneous purchase commitments totaled approximately $2.1 billion as of March 31, 2025. For further information on our equity method investment commitments and lease commitments, see Note 5 and Note 8, respectively, above.

Contingent Liabilities

We estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by the assessor's office, current landlord estimates or estimates based on current or changing fixed asset values in each specific municipality, as applicable. However, there are circumstances beyond our control whereby the underlying value of the property or basis for which the tax is calculated on the property may change, such as a landlord selling the underlying property of one of our IBX data center leases or a municipality changing the assessment value in a jurisdiction and, as a result, our property tax obligations may vary from period to period. Based upon the most current facts and circumstances, we make the necessary property tax accruals for each of our reporting periods. However, revisions in our estimates of the potential or actual liability could materially impact our financial position, results of operations or cash flows.

Our indirect and property tax filings in various jurisdictions are subject to examination by local tax authorities. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of further changes to the tax laws and interpretations thereof. For example, we are currently undergoing several indirect tax audits and appealing tentative assessments in Brazil and Loudoun County, Virginia. The final settlement of the audits and the outcomes of the appeals are uncertain and may not be resolved in our favor. We regularly assess the likelihood of adverse outcomes resulting from these examinations and appeals that would affect the adequacy of our tax accruals for each of the reporting periods. If any issues arising from the tax examinations and appeals are resolved in a manner inconsistent with our expectations, the revision of the estimates of the potential or actual liabilities could materially impact our financial position, results of operations, or cash flows.

We are and may continue to be party to certain legal and regulatory proceedings with respect to various matters. We evaluate the likelihood of an unfavorable outcome of all legal and regulatory proceedings to which we are a party. Contingent liabilities are accrued when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. These judgments are subjective based on the status of the legal or regulatory proceedings, the merits of our defenses and consultation with in-house and external legal counsel. Loss contingencies are generally recorded in other current liabilities in the consolidated balance sheets and legal costs are expensed as incurred and are recorded in general and administrative expenses in the consolidated statement of operations.

On March 20, 2024, the Company received a subpoena from the U.S. Attorney’s Office for the Northern District of California. On April 30, 2024, the Company received a subpoena from the Securities and Exchange Commission. The Company is cooperating fully with both government agencies.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

On May 2, 2024, a putative stockholder class action was filed against the Company and certain of our officers in the United States District Court for the Northern District of California. The named plaintiff alleges violations of Section 10(b) of the Exchange Act and Securities and Exchange Commission Rule 10b-5, and Section 20(a) of the Exchange Act, on the basis that the defendants allegedly made false and misleading statements about our business, results, internal controls, and accounting practices between May 3, 2019 and March 24, 2024. The lawsuit seeks, among other relief, a determination that the alleged claims may be asserted on a class-wide basis, unspecified damages, attorneys' fees, other expenses and costs. We filed a motion to dismiss the lawsuit on October 10, 2024. The motion was granted in part on January 6, 2025. We intend to continue to defend the lawsuit.

On February 14, 2025, and February 26, 2025, respectively, certain of the Company’s current and former directors and officers were named as defendants in two shareholder derivative lawsuits (in which the Company is a nominal defendant) filed in the United States District Court for the Northern District of California. The lawsuits allege, among other things, violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and waste of corporate assets and generally allege the same purported misconduct as alleged in the putative stockholder class action described above. The lawsuits seek, among other relief, unspecified damages, restitution, attorneys’ fees, and other expenses and costs. On April 17, 2025, and April 18, 2025, respectively, the plaintiffs filed notices of voluntary dismissal without prejudice, subject to court approval, to pursue remedies under Delaware law. On April 28, 2025, the Court approved the voluntary dismissal in one of the actions; as of April 29, 2025, it has not yet ruled on the voluntary dismissal in the other action.

These matters are subject to uncertainties, and we cannot predict the outcome, nor reasonably estimate a range of loss or penalties, if any, relating to these matters.

In the opinion of management, there are no other pending claims for which the outcome is expected to result in a material adverse effect in the financial position, results of operations or cash flows.

Employment Agreements

We have entered into a severance agreement with certain of our executive officers that provides for a severance payment equal to 100% of the executive officer's annual base salary and maximum bonus in the event his or her employment is terminated for any reason other than cause or he or she voluntarily resigns under certain circumstances as described in the agreement, or 200% of the executive officer's annual base salary and maximum bonus in the event this occurs after a change-in-control of our company. For certain other executive officers, these benefits are only triggered after a change-in-control of our company, in which case the officer is entitled to 200% of the executive officer's annual base salary and maximum bonus. In addition, under these agreements, the executive officer is entitled to the payment of his or her monthly health care premiums under the Consolidated Omnibus Budget Reconciliation Act for up to 24 months.

Indemnification and Guarantor Arrangements

As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The term of the indemnification period is for the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of March 31, 2025.

We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we may agree to indemnify, hold harmless, and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally a business partner or a customer, in connection with matters such as any U.S. patent, or any copyright or other intellectual property infringement claim by any third party with respect to our offerings; a breach of confidentiality obligations and certain other contractual warranties; our gross negligence, willful misconduct, fraud, misrepresentation, or violation of law; and/or if we cause tangible property damage, personal injury or death. The term of any such indemnification agreement is generally perpetual after execution of the agreement. The maximum potential amount of future payments we could be required to make under these

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of March 31, 2025.

We enter into arrangements with certain business partners, whereby the business partner agrees to provide services as a subcontractor for our installations. Accordingly, we enter into standard indemnification agreements with our customers, whereby we indemnify them for certain acts, such as personal property damage, by our subcontractors. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of March 31, 2025.

We have service level commitment obligations to certain of our customers. As a result, service interruptions or significant equipment damage in our IBX data centers, whether or not within our control, could result in obligations to these customers. While we have purchased insurance that could limit our exposure, our liability insurance may not be adequate to cover those expenses. In addition, any loss of service, equipment damage or inability to meet our service level commitment obligations could reduce the confidence our customers have in us, and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our operating results. We generally have the ability to determine such service level credits prior to the associated revenue being recognized. We do not have significant liabilities in connection with service level credits as of March 31, 2025.

Concurrent with the closing of the EMEA 2 Joint Venture, the EMEA 2 Joint Venture entered into credit facility agreements with a group of lenders under which it could borrow up to approximately $1.4 billion in total at the exchange rate in effect on March 31, 2025, with such facilities maturing in 2025 and 2026. In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with guarantees covering 20% of all payments of principal and interest due and payable by the EMEA 2 Joint Venture under these credit facilities, up to a limit of $295 million in total at the exchange rate in effect on March 31, 2025. As of March 31, 2025, the maximum potential amount of our future payments under these guarantees was approximately $268 million, at the exchange rates in effect on that date. We and our co-investor entered into an ancillary agreement to allocate funding under the credit facility agreement for use by our AMER 1 Joint Venture. As of March 31, 2025, $10 million of the guarantees related to the AMER 1 Joint Venture. Our estimated fair value of these guarantees is minimal as the likelihood of making a payout under the guarantees is remote.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

11. Stockholders' Equity

Stockholders' Equity Rollforward

The following tables provide a rollforward of our stockholders' equity for the three months ended March 31, 2025 and 2024 ($ in millions except per share data; share data in thousands):


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling Interests		Total Common Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance as of December 31, 2024	97,390	$	—	(103)	$	(39)	$	20,895	$	(10,342)	$	(1,735)	$	4,749	$	13,528	$	(1)	$	13,527

Net income	—	—		—	—		—		—		—		343		343		—		343
Other comprehensive income	—	—		—	—		—		—		176		—		176		—		176
Issuance of common stock and release of treasury stock for employee equity awards	406	—		19	7		42		—		—		—		49		—		49
Issuance of common stock under ATM Program	107	—		—	—		99		—		—		—		99		—		99
Dividend distribution on common stock, $4.69 per share	—	—		—	—		—		(457)		—		—		(457)		—		(457)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		(1)		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		2		—		—		2		—		2
Stock-based compensation, net of estimated forfeitures	—	—		—	—		150		—		—		—		150		—		150
Balance as of March 31, 2025	97,903	$	—	(84)	$	(32)	$	21,186	$	(10,798)	$	(1,559)	$	5,092	$	13,889	$	(1)	$	13,888

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)


	Common Stock			Treasury Stock			Additional Paid-in Capital		Accumulated Dividends		AOCI (Loss)		Retained Earnings		Common Stockholders' Equity		Non-controlling interests		Total Common Stockholders' Equity
	Shares	Amount		Shares	Amount
Balance as of December 31, 2023	94,630	$	—	(151)	$	(56)	$	18,596	$	(8,695)	$	(1,290)	$	3,934	$	12,489	$	—	$	12,489

Net income	—	—		—	—		—		—		—		231		231		—		231
Other comprehensive loss	—	—		—	—		—		—		(208)		—		(208)		—		(208)
Issuance of common stock and release of treasury stock for employee equity awards	407	—		18	6		42		—		—		—		48		—		48

Dividend distribution on common stock, $4.26 per share	—	—		—	—		—		(402)		—		—		(402)		—		(402)
Settlement of accrued dividends on vested equity awards	—	—		—	—		—		(1)		—		—		(1)		—		(1)
Accrued dividends on unvested equity awards	—	—		—	—		—		1		—		—		1		—		1
Stock-based compensation, net of estimated forfeitures	—	—		—	—		141		—		—		—		141		—		141

Balance as of March 31, 2024	95,037	$	—	(133)	$	(50)	$	18,779	$	(9,097)	$	(1,498)	$	4,165	$	12,299	$	—	$	12,299

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, by component are as follows (in millions):


	Balance as of December 31, 2024		Net Change		Balance as of March 31, 2025
Foreign currency translation adjustment (“CTA”) loss	$	(2,360)	$	319	$	(2,041)
Unrealized gain on cash flow hedges (1)	47		(14)		33
Net investment hedge CTA gain (1)	579		(129)		450
Net actuarial loss on defined benefit plans (2)	(1)		—		(1)


Total accumulated other comprehensive loss	$	(1,735)	$	176	$	(1,559)

(1)Refer to Note 6 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

(2)We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries.

Changes in foreign currencies can have a significant impact to our condensed consolidated balance sheets (as evidenced above in our cumulative foreign currency translation loss), as well as its condensed consolidated results of operations, as amounts in foreign currencies are generally translated into more U.S. dollars when the U.S. dollar weakens or less U.S. dollars when the U.S. dollar strengthens. As of March 31, 2025, the U.S. dollar was generally weaker relative to certain of the currencies of the foreign countries in which we operate as compared to December 31, 2024. Because of this, the U.S. dollar had an overall favorable impact on our condensed consolidated financial position because the foreign denominations translated into more U.S. dollars as evidenced by a decrease in foreign currency translation loss for the three months ended March 31, 2025 as reflected in the above table. The volatility of the U.S. dollar as compared to the other currencies in which we operate could have a significant impact on our condensed consolidated financial position and results of operations including the amount of revenue that we report in future periods.

Common Stock

In November 2022, we established a 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 (the "2022 ATM Program"). The 2022 ATM Program was fully utilized by the end of the third quarter of 2024.

In October 2024, we established a program to succeed 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 $2.0 billion of our common stock to or through sales agents in "at the market" transactions (the "2024 ATM Program").The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes.

Forward sale activity under the 2022 and 2024 ATM Programs (collectively, the "ATM Programs") is summarized as follows ($ in millions except per share data; shares in thousands):


	Contractual Maturity Dates	Execution Date	Number of Shares (1)	Weighted Average Price per Share (2)		Settlement Value (2)
Outstanding, December 31, 2023	November 2024		643	$	776.23	$	499

Forward Sale Shares Physically Settled	November 2024 to December 2024	September 2024	(643)	790.41		509


Outstanding, December 31, 2024			—	$	—	$	—


Outstanding, March 31, 2025			—	$	—	$	—

(1)For agreements settled, the amount represents the actual number of shares issued. For agreements executed and outstanding, the amount represents the number of shares that we would issue upon physical settlement.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

(2)For agreements settled, the value represents the actual weighted average settlement value, net of commissions and other offering expenses. For agreements executed and outstanding, the value represents the forward amount that we would receive upon physical settlement as of that date and will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.

We sold 107,493 shares on a spot basis under the 2024 ATM Program for approximately $99 million, net of commissions and other offering expenses, during the three months ended March 31, 2025. There were no shares sold on a spot basis under the ATM Programs during the three months ended March 31, 2024.

As of March 31, 2025, we had approximately $1.2 billion of common stock available for sale under the 2024 ATM Program.

Stock-Based Compensation

For the three months ended March 31, 2025, the Talent, Culture and Compensation Committee and/or the Stock Award Committee of our Board of Directors, as the case may be, granted an aggregate of 646,263 restricted stock units ("RSUs") to certain employees, including executive officers. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $839.29 per share and a weighted-average requisite service period of 3.63 years. The valuation of RSUs with only a service condition or a service and performance condition require no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of our stock price on the date of grant. We use revenues and adjusted funds from operations ("AFFO") per share as the performance measurements in the RSUs with both service and performance conditions that were granted in the three months ended March 31, 2025.

We use a Monte Carlo simulation option-pricing model to determine the fair value of RSUs with a service and market condition. We used total shareholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the three months ended March 31, 2025. There were no significant changes in the assumptions used to determine the fair value of RSUs with a service and market condition that were granted in 2025 compared to the prior year.

The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in millions):


	Three Months Ended March 31,
		2025		2024
Cost of revenues		$	14	$	13
Sales and marketing		22		21
General and administrative		77		67
Total		$	113	$	101

Redeemable Non-controlling Interest

On April 3, 2023, we issued additional shares in our Indonesian operating entity to a third party investor for $25 million, which resulted in the third party investor owning a 25% interest in the entity.

The Indonesian operating entity is a VIE because it does not have sufficient funds from its operations to be self-sustaining. We provide certain management services to the entity and earn fees for the performance of such services. We have the power to direct the activities that most significantly impact the economic performance of the entity and have concluded that we are its primary beneficiary.

Under the terms of the stockholders’ agreement, the investor may put its 25% ownership stake in the entity to us for a maximum exercise price of $25 million, subject to certain contingent conditions. Accordingly, we present the investor’s contingently redeemable non-controlling interest ("NCI") outside of permanent equity at the higher of its maximum redemption amount of $25 million and its balance after attribution of gains and losses in the condensed consolidated balance sheets. There were no changes in the carrying value of the redeemable NCI for the three months ended March 31, 2025.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following table presents the assets and liabilities of the Indonesian VIE, which were included in other assets and other liabilities on the condensed consolidated balance sheets (in millions):


Balance Sheet	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	11	$	16
Property, plant and equipment, net	55		25
Other	8		5
Total assets	$	74	$	46
Total liabilities	$	35	$	5

The income and losses attributable to us as well as to the redeemable NCI from the Indonesian VIE were insignificant for the three months ended March 31, 2025 and 2024.

12. Restructuring and Other Exit Activities

Q4 2024 Restructuring Plan

In the fourth quarter of 2024, we initiated a restructuring plan to realign the organization and enable further investment in key priority areas (the "Q4 2024 Restructuring Plan"), resulting in costs of $33 million being incurred up to March 31, 2025. The activities under the Q4 2024 Restructuring Plan were substantially completed by December 31, 2024 and no further costs are expected under this plan subsequent to March 31, 2025.

Equinix Metal Wind Down

In the fourth quarter of 2024, we announced the decision to make Equinix Metal no longer commercially available as a product and to wind down operations that support this product by June 2026 (the "Equinix Metal Wind Down"). As a result of the Equinix Metal Wind Down, we expect to incur costs up to approximately $14 million, with $8 million of these costs incurred up to March 31, 2025. We expect substantially all costs under this plan to be incurred and paid by the end of the fourth quarter of 2026. The actual amounts and timing of incremental costs and cash payments may differ from these estimates should we make further decisions which impact the execution of these activities.

The following table summarizes costs incurred under the Q4 2024 Restructuring Plan and the Equinix Metal Wind Down, which are included in restructuring charges in our Condensed Consolidated Statements of Operations (in millions):









	Three Months Ended March 31, 2025
Nature of expense	Q4 2024 Restructuring Plan		Equinix Metal Wind Down		Total (1)
Severance and other employee costs	$	3	$	2	$	5

Other exit costs	3		2		5
Total	$	6	$	4	$	10

	Total Costs Incurred to Date
Nature of expense	Q4 2024 Restructuring Plan		Equinix Metal Wind Down		Total
Severance and other employee costs	$	22	$	6	$	28
Stock-based compensation expense	3		—		3
Other exit costs	8		2		10
Total	$	33	$	8	$	41

(1)Total restructuring charges were incurred in each of our three regions with $8 million in the Americas, $1 million in EMEA and $1 million in Asia-Pacific during the three months ended March 31, 2025.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following table summarizes the activity in our restructuring accrual, included in other current liabilities in our Condensed Consolidated Balance Sheets (in millions):


	Q4 2024 Restructuring Plan		Equinix Metal Wind Down		Total
Balance as of December 31, 2024	$	13	$	2	$	15
Charges	6		4		10

Cash payments	(13)		(2)		(15)
Balance as of March 31, 2025	$	6	$	4	$	10

We had no restructuring activity during the three months ended March 31, 2024.

13. Segment Information

While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Each of our three reportable segments are managed by regional presidents and require unique strategies due to the varying microeconomic and macroeconomic conditions within each region. Our chief executive officer is our chief operating decision maker and evaluates performance, makes operating decisions and allocates resources primarily based on our revenues and adjusted EBITDA, both on a consolidated basis and for these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.

We define adjusted EBITDA, our measure of segment profit or loss, as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies, except that segment expenses exclude depreciation, amortization and accretion expense and stock-based compensation expense, consistent with the definition of adjusted EBITDA.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following tables present segment information, including revenue information disaggregated by product lines and segment adjusted EBITDA, and a reconciliation to total consolidated income before income taxes (in millions):


	Three Months Ended March 31, 2025
		Americas		EMEA		Asia-Pacific		Total
Colocation (1)		$	636	$	567	$	342	$	1,545
Interconnection		229		87		77		393
Managed infrastructure		63		35		17		115
Other (1)		3		27		4		34
Recurring revenues		931		716		440		2,087
Non-recurring revenues		70		27		41		138
Total revenues (2)		1,001		743		481		2,225
Less:
Segment cost of revenues		290		281		156		727
Other segment items (3)		268		97		66		431
Segment adjusted EBITDA		$	443	$	365	$	259	$	1,067
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense								$	(480)
Stock-based compensation expense								(113)
Transaction costs								(6)
Restructuring charges								(10)


Interest income								47
Interest expense								(122)
Other income (expense)								9

Income before income taxes								$	392

(1) Includes some leasing and hedging activities.

(2) Total revenues attributed to the U.S. were $873 million. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the three months ended March 31, 2025.

(3) Other segment items for each reportable segment are comprised of general and administrative and sales and marketing expenses, excluding stock-based compensation expense and depreciation, amortization and accretion expense.

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)


	Three Months Ended March 31, 2024
		Americas		EMEA		Asia-Pacific		Total
Colocation (1)		$	607	$	549	$	334	$	1,490
Interconnection		215		83		70		368
Managed infrastructure		66		35		17		118
Other (1)		6		24		4		34
Recurring revenues		894		691		425		2,010
Non-recurring revenues		45		36		36		117
Total revenues (2)		939		727		461		2,127
Less:
Segment cost of revenues		270		305		139		714
Other segment items (3)		260		94		67		421
Segment adjusted EBITDA		$	409	$	328	$	255	$	992
Reconciliation to income before income taxes:
Depreciation, amortization and accretion expense								$	(525)
Stock-based compensation expense								(101)
Transaction costs								(2)



Interest income								24
Interest expense								(104)
Other income (expense)								(6)
Gain (loss) on debt extinguishment								(1)
Income before income taxes								$	277

(1) Includes some leasing and hedging activities.

(2) Total revenues attributed to the U.S. and the United Kingdom were $795 million and $218 million, respectively. There was no other country from which we derived revenues that exceeded 10% of our total revenues and no single customer accounted for 10% or greater of our accounts receivable or revenues as at or for the three months ended March 31, 2024.

We provide the following additional segment disclosures for the three months ended March 31, 2025 (in millions):


	Three Months Ended March 31,
		2025		2024
Depreciation and amortization:
Americas		$	269	$	307
EMEA		123		132
Asia-Pacific		87		87
Total		$	479	$	526
Capital expenditures:
Americas		$	501	$	425
EMEA		171		191
Asia-Pacific		78		91
Total		$	750	$	707

EQUINIX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, were located in the following geographic regions (in millions):


	Property, plant and equipment, net				Operating lease right-of-use assets
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Americas	$	9,467	$	9,193	$	386	$	389
EMEA	6,717		6,405		437		398
Asia-Pacific	3,833		3,651		654		632
Total	$	20,017	$	19,249	$	1,477	$	1,419

14. Subsequent Events

Declaration of dividends

On April 30, 2025, we declared a quarterly cash dividend of $4.69 per share, which is payable on June 18, 2025 to our common stockholders of record as of the close of business on May 21, 2025.

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