Equinix, Inc. (Nasdaq:EQIX), a provider of global data center
services, today reported quarterly results for the quarter ended
March 31, 2010.
Revenues were $248.6 million for the first quarter, a 3%
increase over the previous quarter and a 25% increase over the same
quarter last year. Recurring revenues, consisting primarily of
colocation, interconnection and managed services were $237.2
million for the first quarter, a 2% increase over the previous
quarter and a 25% increase over the same quarter last year.
Non-recurring revenues were $11.4 million in the quarter.
“Our first quarter results have set the foundation to deliver
another year of solid growth in 2010,” said Steve Smith, CEO and
President of Equinix. “Demand for our services remained strong
across all three operating regions during the quarter and we
continue to benefit from our global reach and scale.”
Cost of revenues were $133.1 million for the first quarter, a 5%
increase from the previous quarter and a 19% increase over the same
quarter last year. Cost of revenues, excluding depreciation,
amortization, accretion and stock-based compensation of $48.0
million, were $85.1 million for the first quarter, a 1% decrease
over the previous quarter and an 18% increase over the same quarter
last year. Cash gross margins, defined as gross profit less
depreciation, amortization, accretion and stock-based compensation,
divided by revenues, for the quarter were 66%, up from 65% for the
previous quarter and up from 64% for the same quarter last
year.
Selling, general and administrative expenses were $62.6 million
for the first quarter, a 3% increase over the previous quarter and
a 26% increase over the same quarter last year. Selling, general
and administrative expenses, excluding depreciation, amortization
and stock-based compensation of $16.3 million, were $46.3 million
for the first quarter, a 2% increase over the previous quarter and
a 29% increase over the same quarter last year.
Acquisition costs were $5.0 million for the first quarter. Our
acquisition costs for the first quarter were primarily related to
professional fees for the pending Switch and Data acquisition.
Net income for the first quarter was $14.2 million. This
represents a basic net income per share of $0.36 and diluted net
income per share of $0.35 based on a weighted average share count
of 39.6 million and 40.8 million, respectively, for the first
quarter of 2010.
Adjusted EBITDA, defined as income or loss from operations
before depreciation, amortization, accretion, stock-based
compensation, restructuring charges and acquisition costs for the
first quarter, was $117.3 million, an increase of 5% over the
previous quarter and a 28% increase over the same quarter last
year.
Capital expenditures, being gross capital expenditures less the
net change in accrued property, plant and equipment in the first
quarter, were $143.4 million, of which $14.5 million was attributed
to ongoing capital expenditures and $128.9 million was attributed
to expansion capital expenditures.
The Company generated cash from operating activities of $99.8
million for the first quarter as compared to $82.5 million in the
previous quarter and $86.7 million the same quarter last year. Cash
used in investing activities was $31.6 million in the first quarter
as compared to $15.7 million in the previous quarter and $77.9
million for the same quarter last year. Cash generated from
financing activities was $629.8 million, primarily attributed to
the $750.0 million senior unsecured note financing, and offset in
part by the pay-down of the Chicago construction loan of $105.5
million.
As of March 31, 2010, the Company’s cash, cash equivalents and
investments were $1,185.1 million, as compared to $604.4 million as
of December 31, 2009, including proceeds from the senior unsecured
notes offering.
Company Metrics
- To view Equinix’s Non-Financial
Metrics, please visit the Investors section of Equinix’s web site
at www.equinix.com/investors and click on View Equinix’s
Non-Financial Metrics
Business Outlook
For the second quarter of 2010, the Company expects revenues to
be in the range of $258.0 to $260.0 million. Cash gross margins are
expected to be approximately 65%. Cash selling, general and
administrative expenses are expected to approximate $55.0 million.
Adjusted EBITDA is expected to be between $113.0 and $115.0
million. Capital expenditures are expected to be between $140.0 to
$170.0 million, comprised of approximately $30.0 million of ongoing
capital expenditures and $110.0 to $140.0 million of expansion
capital expenditures.
For the full year of 2010, total revenues are expected to be in
the range of $1,065.0 to $1,080.0 million. Total year cash gross
margins are expected to be in the range of 64% to 65%. Cash
selling, general and administrative expenses are expected to be in
the range of $210.0 and $220.0 million. Adjusted EBITDA for the
year is expected to be between $470.0 and $480.0 million. Capital
expenditures for 2010 are expected to be in the range of $450.0 to
$510.0 million, comprised of approximately $100.0 million of
ongoing capital expenditures related to customer installation
expenditures, new product innovation solutions, internal ERP system
solutions and increased investment in IBX reliability. Expansion
capital expenditures are expected to range between $350.0 and
$410.0 million.
The Company will discuss its results and guidance on its
quarterly conference call on Wednesday, April 21, 2010, at 5:30
p.m. ET (2:30 p.m. PT). To hear the conference call live, please
dial 773-756-4788 (domestic and international) and reference the
passcode (EQIX). A simultaneous live Webcast of the call will be
available over the Internet at www.equinix.com, under the Investor
Relations heading.
A replay of the call will be available beginning on Wednesday,
April 21, 2010 at 7:30 p.m. (ET) through May 21, 2010 by dialing
402-220-3469 and reference the passcode (2010). In addition, the
Webcast will be available on the company's Web site at
www.equinix.com. No password is required for the webcast.
About Equinix
Equinix, Inc. (Nasdaq: EQIX) provides global data center
services that ensure the vitality of the information-driven world.
Global enterprises, content and financial companies, and network
service providers rely upon Equinix’s insight and expertise to
protect and connect their most valued information assets. Equinix
operates 51 International Business Exchange™ (IBX®) and partner
data centers across 19 markets in North America, Europe and
Asia-Pacific.
Important information about Equinix is routinely posted on the
investor relations page of its website located at
www.equinix.com/investors. We encourage you to check Equinix’s
website regularly for the most up-to-date information.
Non-GAAP Financial Measures
Equinix provides all information required in accordance with
generally accepted accounting principles (GAAP), but it believes
that evaluating its ongoing operating results may be difficult if
limited to reviewing only GAAP financial measures. Accordingly,
Equinix uses non-GAAP financial measures, such as adjusted EBITDA,
cash cost of revenues, cash gross margins, cash operating expenses
(also known as cash selling, general and administrative expenses or
cash SG&A), adjusted EBITDA margins, free cash flow and
adjusted free cash flow to evaluate its operations. In presenting
these non-GAAP financial measures, Equinix excludes certain items
that it believes are not good indicators of the Company's current
or future operating performance. These items are depreciation,
amortization, accretion of asset retirement obligations and accrued
restructuring charges, stock-based compensation, restructuring
charges and acquisition costs. Legislative and regulatory
requirements encourage use of and emphasis on GAAP financial
metrics and require companies to explain why non-GAAP financial
metrics are relevant to management and investors. Equinix excludes
these items in order for Equinix's lenders, investors, and industry
analysts who review and report on the Company, to better evaluate
the Company's operating performance and cash spending levels
relative to its industry sector and competitors.
Equinix excludes depreciation expense as these charges primarily
relate to the initial construction costs of our IBX centers and do
not reflect our current or future cash spending levels to support
our business. Our IBX centers are long-lived assets, and have an
economic life greater than 10 years. The construction costs of our
IBX centers do not recur and future capital expenditures remain
minor relative to our initial investment. This is a trend we expect
to continue. In addition, depreciation is also based on the
estimated useful lives of our IBX centers. These estimates could
vary from actual performance of the asset, are based on historic
costs incurred to build out our IBX centers, and are not indicative
of current or expected future capital expenditures. Therefore,
Equinix excludes depreciation from its operating results when
evaluating its operations.
In addition, in presenting the non-GAAP financial measures,
Equinix excludes amortization expense related to certain intangible
assets, as it represents a cost that may not recur and is not a
good indicator of the Company's current or future operating
performance. Equinix excludes accretion expense, both as it relates
to its asset retirement obligations as well as its accrued
restructuring charges, as these expenses represent costs which
Equinix believes are not meaningful in evaluating the Company's
current operations. Equinix excludes non-cash stock-based
compensation expense as it represents expense attributed to equity
awards that have no current or future cash obligations. As such,
we, and many investors and analysts, exclude this stock-based
compensation expense when assessing the cash generating performance
of our operations. Equinix excludes restructuring charges from its
non-GAAP financial measures. The restructuring charges relate to
the Company's decision to exit leases for excess space adjacent to
several of our IBX centers, which we did not intend to build out,
or our decision to reverse such restructuring charges. Equinix
excludes acquisition costs from its non-GAAP financial measures.
The acquisition costs relate to costs the Company incurs in
connection with business combinations. Management believes such
items as restructuring charges and acquisition costs are non-core
transactions; however, these types of costs will or may occur in
future periods.
Our management does not itself, nor does it suggest that
investors should, consider such non-GAAP financial measures in
isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. However, we have presented such
non-GAAP financial measures to provide investors with an additional
tool to evaluate our operating results in a manner that focuses on
what management believes to be our core, ongoing business
operations. Management believes that the inclusion of these
non-GAAP financial measures provides consistency and comparability
with past reports and provides a better understanding of the
overall performance of the business and its ability to perform in
subsequent periods. Equinix believes that if it did not provide
such non-GAAP financial information, investors would not have all
the necessary data to analyze Equinix effectively.
Investors should note, however, that the non-GAAP financial
measures used by Equinix may not be the same non-GAAP financial
measures, and may not be calculated in the same manner, as that of
other companies. In addition, whenever Equinix uses such non-GAAP
financial measures, it provides a reconciliation of non-GAAP
financial measures to the most closely applicable GAAP financial
measure. Investors are encouraged to review the related GAAP
financial measures and the reconciliation of these non-GAAP
financial measures to their most directly comparable GAAP financial
measure.
Equinix does not provide forward-looking guidance for certain
financial data, such as depreciation, amortization, accretion, net
income (loss) from operations, cash generated from operating
activities and cash used in investing activities, and as a result,
is not able to provide a reconciliation of GAAP to non-GAAP
financial measures for forward-looking data. Equinix intends to
calculate the various non-GAAP financial measures in future periods
consistent with how it was calculated for the periods presented
within this press release.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. Actual results may differ
materially from expectations discussed in such forward-looking
statements. Factors that might cause such differences include, but
are not limited to, the challenges of acquiring, operating and
constructing IBX centers and developing, deploying and delivering
Equinix services; unanticipated costs or difficulties relating to
the integration of companies we have acquired or will acquire into
Equinix; a failure to receive significant revenue from customers in
recently built out or acquired data centers; failure to complete
any financing arrangements contemplated from time to time;
competition from existing and new competitors; the ability to
generate sufficient cash flow or otherwise obtain funds to repay
new or outstanding indebtedness; the loss or decline in business
from our key customers; and other risks described from time to time
in Equinix's filings with the Securities and Exchange Commission.
In particular, see Equinix's recent quarterly and annual reports
filed with the Securities and Exchange Commission, copies of which
are available upon request from Equinix. Equinix does not assume
any obligation to update the forward-looking information contained
in this press release.
Equinix and IBX are registered trademarks of Equinix, Inc.
International Business Exchange is a trademark of Equinix, Inc.
EQUINIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS - GAAP PRESENTATION (in thousands, except per
share data) (unaudited)
Three Months Ended March 31, December
31, March 31, 2010
2009 2009 Recurring
revenues $ 237,236 $ 231,465 $ 190,322 Non-recurring revenues
11,413 11,087 8,909
Revenues 248,649 242,552 199,231
Cost of revenues 133,050 127,074
111,805
Gross profit 115,599
115,478 87,426
Operating expenses: Sales and marketing 19,468 17,269 14,403
General and administrative 43,155 43,647 35,150 Restructuring
charges - - (5,833 ) Acquisition costs 4,994
3,776 -
Total operating expenses
67,617 64,692
43,720 Income from operations
47,982 50,786
43,706 Interest and other income (expense):
Interest income 506 435 916 Interest expense (25,675 ) (22,613 )
(13,451 ) Other-than-temporary impairment recovery (loss) on
investments 3,420 97 (2,687 ) Loss on debt extinguishment and
interest rate swaps, net (3,377 ) - - Other income (expense)
20 (1,288 ) (1,419 )
Total interest and
other, net (25,106 ) (23,369
) (16,641 ) Income before
income taxes 22,876 27,417 27,065
Income tax expense (8,677 ) (9,695 ) (11,608 )
Net income $ 14,199 $
17,722 $ 15,457 Net
income per share: Basic net income per share $ 0.36
$ 0.45 $ 0.41 Diluted net income per
share $ 0.35 $ 0.44 $ 0.40
Shares used in computing basic net
income per share
39,562 39,136 37,861
Shares used in computing diluted
net income per share
40,785 40,498 38,739
EQUINIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS - NON-GAAP PRESENTATION (in thousands)
(unaudited)
Three Months Ended March 31, December 31,
March 31, 2010 2009
2009 Recurring revenues $
237,236 $ 231,465 $ 190,322 Non-recurring revenues 11,413
11,087 8,909
Revenues (1)
248,649 242,552
199,231 Cash cost of revenues (2)
85,084 85,533 71,939
Cash
gross profit (3) 163,565
157,019 127,292 Cash
operating expenses (4):
Cash sales and marketing expenses
(5)
15,185 13,238 10,980 Cash general and administrative expenses (6)
31,108 32,121 24,934
Total cash operating expenses (7) 46,293
45,359 35,914
Adjusted EBITDA (8) $ 117,272
$ 111,660 $ 91,378
Cash gross margins (9) 66 %
65 % 64 % Adjusted
EBITDA margins (10) 47 % 46
% 46 % Adjusted EBITDA
flow-through rate (11) 92 %
38 % 85 %
(1) The geographic split of our revenues on a
services basis is presented below: United States Revenues:
Colocation $ 118,932 $ 115,695 $ 97,915 Interconnection 23,764
23,048 21,516 Managed infrastructure 539 541 569 Rental 182
120 161 Recurring revenues
143,417 139,404 120,161 Non-recurring revenues 5,139
5,111 4,733 Revenues 148,556
144,515 124,894
Asia-Pacific Revenues: Colocation 26,985 25,074 19,455
Interconnection 3,529 3,263 2,296 Managed infrastructure
3,860 3,788 3,535 Recurring
revenues 34,374 32,125 25,286 Non-recurring revenues 1,555
1,438 1,251 Revenues
35,929 33,563 26,537
Europe Revenues: Colocation 54,442 54,599 40,114 Interconnection
1,939 2,017 1,385 Managed infrastructure 2,901 3,147 3,273 Rental
163 173 103 Recurring
revenues 59,445 59,936 44,875 Non-recurring revenues 4,719
4,538 2,925 Revenues
64,164 64,474 47,800
Worldwide Revenues: Colocation 200,359 195,368 157,484
Interconnection 29,232 28,328 25,197 Managed infrastructure 7,300
7,476 7,377 Rental 345 293 264
Recurring revenues 237,236 231,465 190,322 Non-recurring
revenues 11,413 11,087 8,909
Revenues $ 248,649 $ 242,552 $ 199,231
(2)
We define cash cost of revenues as
cost of revenues less depreciation, amortization, accretion and
stock-based compensation as presented below:
Cost of revenues $ 133,050 $ 127,074 $ 111,805 Depreciation,
amortization and accretion expense (46,372 ) (40,072 ) (38,772 )
Stock-based compensation expense (1,594 ) (1,469 )
(1,094 ) Cash cost of revenues $ 85,084 $ 85,533
$ 71,939 The geographic split of our cash cost
of revenues is presented below: U.S. cash cost of revenues $
44,148 $ 42,713 $ 38,601 Asia-Pacific cash cost of revenues 12,400
12,678 9,811 Europe cash cost of revenues 28,536
30,142 23,527 Cash cost of revenues $
85,084 $ 85,533 $ 71,939 (3) We define
cash gross profit as revenues less cash cost of revenues (as
defined above). (4)
We define cash operating expenses
as operating expenses less depreciation, amortization, stock-based
compensation, restructuring charges and acquisition costs. We also
refer to cash operating expenses as cash selling, general and
administrative expenses or "cash SG&A".
(5)
We define cash sales and marketing
expenses as sales and marketing expenses less depreciation,
amortization and stock-based compensation as presented below:
Sales and marketing expenses $ 19,468 $ 17,269 $ 14,403
Depreciation and amortization expense (1,352 ) (1,401 ) (1,243 )
Stock-based compensation expense (2,931 ) (2,630 )
(2,180 ) Cash sales and marketing expenses $ 15,185 $
13,238 $ 10,980 (6)
We define cash general and
administrative expenses as general and administrative expenses less
depreciation, amortization and stock-based compensation as
presented below:
General and administrative expenses $ 43,155 $ 43,647 $
35,150 Depreciation and amortization expense (1,598 ) (1,599 )
(1,952 ) Stock-based compensation expense (10,449 )
(9,927 ) (8,264 ) Cash general and administrative expenses $
31,108 $ 32,121 $ 24,934 (7) Our cash
operating expenses, or cash SG&A, as defined above, is
presented below: Cash sales and marketing expenses $ 15,185
$ 13,238 $ 10,980 Cash general and administrative expenses
31,108 32,121 24,934 Cash
SG&A $ 46,293 $ 45,359 $ 35,914 The
geographic split of our cash operating expenses, or cash SG&A,
is presented below: U.S. cash SG&A $ 30,626 $ 26,308 $
23,330 Asia-Pacific cash SG&A 4,994 6,278 4,690 Europe cash
SG&A 10,673 12,773 7,894
Cash SG&A $ 46,293 $ 45,359 $ 35,914
(8)
We define adjusted EBITDA as
income from operations plus depreciation, amortization, accretion,
stock-based compensation expense, restructuring charges and
acquisition costs as presented below:
Income from operations $ 47,982 $ 50,786 $ 43,706
Depreciation, amortization and accretion expense 49,322 43,072
41,967 Stock-based compensation expense 14,974 14,026 11,538
Restructuring charges - - (5,833 ) Acquisition costs 4,994
3,776 - Adjusted EBITDA $
117,272 $ 111,660 $ 91,378 The
geographic split of our adjusted EBITDA is presented below:
U.S. income from operations $ 29,601 $ 33,908 $ 33,941 U.S.
depreciation, amortization and accretion expense 28,174 27,056
26,039 U.S. stock-based compensation expense 11,013 10,759 8,816
U.S. restructuring charges - - (5,833 ) U.S. acquisition costs
4,994 3,771 - U.S.
adjusted EBITDA 73,782 75,494
62,963 Asia-Pacific income from operations 10,060
6,084 4,339 Asia-Pacific depreciation, amortization and accretion
expense 6,664 6,723 6,327 Asia-Pacific stock-based compensation
expense 1,811 1,800 1,370
Asia-Pacific adjusted EBITDA 18,535 14,607
12,036 Europe income from operations
8,321 10,794 5,426 Europe depreciation, amortization and accretion
expense 14,484 9,293 9,601 Europe stock-based compensation expense
2,150 1,467 1,352 Europe acquisition costs - 5
- Europe adjusted EBITDA 24,955
21,559 16,379 Adjusted EBITDA $
117,272 $ 111,660 $ 91,378 (9) We
define cash gross margins as cash gross profit divided by revenues.
Our cash gross margins by geographic region is presented
below: U.S. cash gross margins 70 % 70 %
69 % Asia-Pacific cash gross margins 65 %
62 % 63 % Europe cash gross margins 56
% 53 % 51 % (10) We define adjusted EBITDA
margins as adjusted EBITDA divided by revenues. U.S.
adjusted EBITDA margins 50 % 52 % 50 %
Asia-Pacific adjusted EBITDA margins 52 % 44 %
45 % Europe adjusted EBITDA margins 39 % 33 %
34 % (11)
We define adjusted EBITDA
flow-through rate as incremental adjusted EBITDA growth divided by
incremental revenue growth as follows:
Adjusted EBITDA - current period $ 117,272 $ 111,660 $
91,378 Less adjusted EBITDA - prior period (111,660 )
(106,036 ) (84,100 ) Adjusted EBITDA growth $ 5,612 $
5,624 $ 7,278 Revenues - current period $
248,649 $ 242,552 $ 199,231 Less revenues - prior period
(242,552 ) (227,558 ) (190,683 ) Revenue growth $
6,097 $ 14,994 $ 8,548 Adjusted EBITDA
flow-through rate 92 % 38 % 85 %
EQUINIX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) (unaudited)
Assets March 31, December 31,
2010 2009 Cash and cash
equivalents $ 1,039,302 $ 346,056 Short-term investments 140,611
248,508 Accounts receivable, net 69,722 64,767 Other current assets
64,014 68,556
Total current
assets 1,313,649 727,887 Long-term investments
5,225 9,803 Property, plant and equipment, net 1,874,325 1,808,115
Goodwill 359,319 381,050 Intangible assets, net 46,661 51,015 Other
assets 68,589 60,280
Total
assets $ 3,667,768 $
3,038,150 Liabilities and Stockholders'
Equity Accounts payable and accrued expenses $ 113,018 $
99,053 Accrued property and equipment 98,993 109,876 Current
portion of capital lease and other financing obligations 6,490
6,452 Current portion of mortgage and loans payable 56,225 58,912
Other current liabilities 41,381 41,166
Total current liabilities 316,107 315,459
Capital lease and other financing obligations, less current portion
152,173 154,577 Mortgage and loans payable, less current portion
247,718 371,322 Senior notes 750,000 - Convertible debt 899,182
893,706 Other liabilities 115,101 120,603
Total liabilities 2,480,281
1,855,667 Common stock 40 39 Additional
paid-in capital 1,691,726 1,665,662 Accumulated other comprehensive
loss (132,498 ) (97,238 ) Accumulated deficit (371,781 )
(385,980 )
Total stockholders' equity
1,187,487 1,182,483
Total liabilities and stockholders' equity $
3,667,768 $ 3,038,150
Ending headcount
by geographic region is as follows: U.S. headcount 759 718
Asia-pacific headcount 252 236 Europe headcount 386
347 Total headcount 1,397 1,301
EQUINIX, INC. SUMMARY OF DEBT
OUTSTANDING (in thousands) (unaudited)
March 31, December 31, 2010
2009 Capital lease and other financing obligations $
158,663 $ 161,029 European financing 122,555 130,058 Chicago
IBX financing - 109,991 Mortgage payable 91,046 91,756 Asia-Pacific
financing 56,881 64,559 Singapore financing 24,668 24,559
Netherlands financing 8,793 9,311 Total mortgage and
loans payable 303,943 430,234 Senior notes
750,000 - Convertible debt, net of debt
discount 899,182 893,706 Plus debt discount 120,554
126,030 Total convertible debt principal 1,019,736
1,019,736 Total debt outstanding $ 2,232,342 $ 1,610,999
EQUINIX, INC. CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (in thousands) (unaudited)
Three Months Ended
March 31, December 31, March 31,
2010 2009 2009
Cash flows from operating activities: Net income $
14,199 $ 17,722 $ 15,457
Adjustments to reconcile net
income to net cash provided by operating activities:
Depreciation, amortization and accretion 49,322 43,072 41,967
Stock-based compensation 14,974 14,026 11,538 Debt issuance costs
and debt discount 5,554 6,581 2,437 Loss on debt extinguishment and
interest rate swaps 3,377 - - Restructuring charges - - (5,833 )
Other reconciling items 434 184 2,774 Changes in operating assets
and liabilities: Accounts receivable (6,086 ) 2,300 4,812 Deferred
tax assets, net 5,002 7,231 8,871 Accounts payable and accrued
expenses 15,886 (4,876 ) 6,282 Other assets and liabilities
(2,850 ) (3,730 ) (1,601 )
Net cash provided by
operating activities 99,812
82,510 86,704 Cash flows from
investing activities: Purchases, sales and maturities of
investments, net 112,285 85,924 23,620 Purchases of property and
equipment (143,400 ) (101,740 ) (108,841 ) Other investing
activities (442 ) 132 7,336
Net cash used in investing activities (31,557
) (15,684 ) (77,885
) Cash flows from financing activities: Proceeds from
employee equity awards 10,883 13,956 4,062 Proceeds from mortgage
and loans payable - 795 744 Proceeds from senior notes 750,000 - -
Repayment of capital lease and other financing obligations (1,554 )
(1,514 ) (969 ) Repayment of mortgage and loans payable (114,340 )
(16,593 ) (7,210 ) Debt issuance costs (15,193 ) (10 ) - Other
financing activities - 444 (252
)
Net cash provided by (used in) financing activities
629,796 (2,922 )
(3,625 ) Effect of foreign currency exchange rates on
cash and cash equivalents (4,805 ) (995 )
(3,352 ) Net increase in cash and cash equivalents 693,246 62,909
1,842 Cash and cash equivalents at beginning of period
346,056 283,147 220,207
Cash
and cash equivalents at end of period $ 1,039,302
$ 346,056 $ 222,049
Free cash flow (1) $
(44,030 ) $ (19,098 ) $
(14,801 )
(1)
We define free cash flow as net
cash provided by operating activities plus net cash used in
investing activities (excluding the net purchases, sales and
maturities of investments) as presented below:
Net cash provided by operating activities as presented above
$ 99,812 $ 82,510 $ 86,704 Net cash used in investing activities as
presented above (31,557 ) (15,684 ) (77,885 ) Purchases, sales and
maturities of investments, net (112,285 ) (85,924 )
(23,620 ) Free cash flow (negative free cash flow) $ (44,030
) $ (19,098 ) $ (14,801 )
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