Equinix, Inc. (Nasdaq:EQIX), a provider of global data center
services, today reported quarterly results for the quarter ended
March 31, 2011.
Revenues were $363.0 million for the first quarter, a 5%
increase over the previous quarter and a 46% increase over the same
quarter last year. Recurring revenues, consisting primarily of
colocation, interconnection and managed services were $343.9
million for the first quarter, a 5% increase over the previous
quarter and a 45% increase over the same quarter last year.
Non-recurring revenues were $19.1 million in the quarter.
“We are extremely pleased with our first quarter results and are
well positioned to achieve our 2011 financial objectives. Whether
it’s cloud computing or mobile and video traffic, Internet growth
is propelling demand for Platform Equinix,” said Steve Smith,
president and CEO of Equinix. “Due to this momentum, we are
increasing our expansion investments to provide the capacity
required to support greater than $2 billion in revenues, which we
expect to achieve in 2013. We have a great opportunity for
disciplined investment to meet our customers’ need for
network-dense, global data center capacity while generating strong
returns for our shareholders.”
Cost of revenues were $194.6 million for the first quarter, a 1%
increase over the previous quarter and a 46% increase over the same
quarter last year. Cost of revenues, excluding depreciation,
amortization, accretion and stock-based compensation of $72.0
million, were $122.6 million for the first quarter, a 2% decrease
from the previous quarter and a 44% increase over the same quarter
last year. Cash gross margins, defined as gross profit before
depreciation, amortization, accretion and stock-based compensation,
divided by revenues, for the quarter were 66%, up from 64% for the
previous quarter and unchanged from the same quarter last year.
Selling, general and administrative expenses were $96.2 million
for the first quarter, essentially flat over the previous quarter
and a 54% increase over the same quarter last year. Selling,
general and administrative expenses, excluding depreciation,
amortization and stock-based compensation of $23.1 million, were
$73.1 million for the first quarter, a 3% increase over the
previous quarter and a 58% increase over the same quarter last
year.
Restructuring charges were $0.5 million for the first quarter
and the previous quarter, which were primarily related to Switch
and Data. Acquisition costs were $0.4 million for the first quarter
and the previous quarter.
Interest expense was $37.4 million for the first quarter, a 4%
decrease from the previous quarter and a 46% increase over the same
quarter last year. The Company recorded income tax expense of $11.1
million for the first quarter as compared to an income tax benefit
of $2.8 million in the prior quarter and income tax expense of $8.7
million in the same quarter last year.
Net income for the first quarter was $25.1 million. This
represents a basic net income per share of $0.54 and diluted net
income per share of $0.53 based on a weighted average share count
of 46.5 million and 47.2 million, respectively, for the first
quarter of 2011.
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 $167.3 million, an increase of 12% over the
previous quarter and a 43% increase over the same quarter last
year.
Capital expenditures, defined as gross capital expenditures less
the net change in accrued property, plant and equipment in the
first quarter, were $172.5 million, of which $139.8 million was
attributed to expansion capital expenditures and $32.7 million was
attributed to ongoing capital expenditures. In addition, the
Company purchased a building in Paris for cash in March 2011
totaling $15.0 million.
The Company generated cash from operating activities of $115.2
million for the first quarter as compared to $122.9 million in the
previous quarter and $99.8 million for the same quarter last year.
Cash used in investing activities was $283.8 million in the first
quarter as compared to cash provided by investing activities of
$17.5 million in the previous quarter and cash used in investing
activities of $31.6 million for the same quarter last year. Cash
provided by financing activities was $26.1 million for the first
quarter, which was primarily related to the proceeds from employee
equity awards and draw downs of certain loans payable.
As of March 31, 2011, the Company’s cash, cash equivalents and
investments were $456.7 million, as compared to $592.8 million as
of December 31, 2010.
Company Metrics and Q1 Results Presentation
- A presentation to accompany Equinix’s
Q1 Results conference call, as well as the Company’s Non-Financial
Metrics tracking sheet, have been posted on the Investors section
of Equinix’s web site at www.equinix.com/investors
Business Outlook
For the second quarter of 2011, the Company expects revenues to
be in the range of $376.0 to $378.0 million. Cash gross margins are
expected to be approximately 65%. Cash selling, general and
administrative expenses are expected to be approximately $76.0
million. Adjusted EBITDA is expected to be between $166.0 and
$170.0 million. Capital expenditures are expected to be in the
range of $220.0 and $240.0 million, comprised of approximately
$40.0 million of ongoing capital expenditures and between $180.0
and $200.0 million of expansion capital expenditures. The
anticipated results of ALOG are not included in the Company’s
business outlook at this time.
For the full year of 2011, total revenues are expected to be
greater than $1,525.0 million. Total year cash gross margins are
expected to range between 65% and 66%. Cash selling, general and
administrative expenses are expected to approximate $315.0 million.
Adjusted EBITDA for the year is expected to be greater than $685.0
million. Capital expenditures for 2011 are expected to be in the
range of $615.0 to $665.0 million, comprised of approximately
$115.0 million of ongoing capital expenditures and $500.0 to $550.0
million for expansion capital expenditures. The anticipated results
of ALOG are not included in the Company’s business outlook at this
time.
The Company will discuss its results and guidance on its
quarterly conference call on Wednesday, April 27, 2011, at 5:30
p.m. ET (2:30 p.m. PT). A presentation to accompany the call will
be available on the Company’s website at www.equinix.com/investors.
To hear the conference call live, please dial 210-234-8004
(domestic and international) and reference the passcode (EQIX). A
simultaneous live Webcast of the call will also be available at
www.equinix.com/investors.
A replay of the call will be available beginning on Wednesday,
April 27, 2011, at 7:30 p.m. (ET) through May 28, 2011, by dialing
402-998-1022. In addition, the webcast will be available on the
company's web site at www.equinix.com/investors over the same time
period. No password is required for the replay or the webcast.
About Equinix
Equinix, Inc. (Nasdaq:EQIX) connects businesses with partners
and customers around the world through a global platform of high
performance data centers, containing dynamic ecosystems
and the broadest choice of networks. More
than 3,350 enterprises, cloud, digital content and
financial companies connect to more than 650 network
service providers and rely on Platform Equinix to grow their
business, improve application performance and protect their vital
digital assets. Equinix operates in 37 strategic markets across the
Americas, EMEA and Asia-Pacific and continually invests in
expanding its platform to power customer growth.
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 or severance
charges related to the Switch and Data acquisition. 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,
stock-based compensation, 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, 2011
2010 2010 Recurring
revenues $ 343,909 $ 326,338 $ 237,236 Non-recurring revenues
19,120 18,906 11,413
Revenues 363,029 345,244 248,649
Cost of revenues 194,576 193,559
133,050
Gross profit 168,453
151,685 115,599
Operating expenses: Sales and marketing 33,636 31,518 19,468
General and administrative 62,601 64,820 43,155 Restructuring
charges 496 491 - Acquisition costs 415 380
4,994
Total operating expenses
97,148 97,209
67,617 Income from operations
71,305 54,476
47,982 Interest and other income (expense):
Interest income 215 208 506 Interest expense (37,361 ) (38,822 )
(25,675 ) Other-than-temporary impairment recovery on investments -
- 3,420 Loss on debt extinguishment and interest rate swaps, net -
(5,356 ) (3,377 ) Other income 2,111 497
20
Total interest and other, net
(35,035 ) (43,473 )
(25,106 ) Income before income taxes
36,270 11,003 22,876 Income tax benefit
(expense) (11,125 ) 2,757 (8,677 )
Net
income $ 25,145 $ 13,760
$ 14,199 Net income per
share: Basic net income per share $ 0.54 $ 0.30
$ 0.36 Diluted net income per share $ 0.53
$ 0.29 $ 0.35 Shares used in computing
basic net income per share 46,451 46,059
39,562 Shares used in computing diluted
net income per share 47,219 46,871
40,791
EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP
PRESENTATION (in thousands) (unaudited)
Three Months Ended March
31, December 31, March 31, 2011
2010 2010
Recurring revenues $ 343,909 $ 326,338 $ 237,236 Non-recurring
revenues 19,120 18,906 11,413
Revenues (1) 363,029
345,244 248,649 Cash cost
of revenues (2) 122,631 125,456
85,084
Cash gross profit (3) 240,398
219,788 163,565
Cash operating expenses (4): Cash sales and marketing
expenses (5) 27,104 25,523 15,185 Cash general and administrative
expenses (6) 46,018 45,318
31,108
Total cash operating expenses (7)
73,122 70,841
46,293 Adjusted EBITDA (8) $
167,276 $ 148,947 $
117,272 Cash gross margins (9)
66 % 64 % 66
% Adjusted EBITDA margins (10)
46 % 43 % 47
% Adjusted EBITDA flow-through rate (11)
103 % 17 %
92 % (1) The geographic
split of our revenues on a services basis is presented below:
Americas Revenues: Colocation $ 176,196 $ 166,477 $
118,932 Interconnection 45,922 44,443 23,764 Managed infrastructure
767 779 539 Rental 504 642 182
Recurring revenues 223,389 212,341 143,417 Non-recurring
revenues 9,138 8,307 5,139
Revenues 232,527 220,648
148,556 EMEA Revenues: Colocation 68,200
64,439 54,442 Interconnection 2,812 2,607 1,939 Managed
infrastructure 3,198 3,002 2,901 Rental 118
134 163 Recurring revenues 74,328 70,182
59,445 Non-recurring revenues 7,711 8,569
4,719 Revenues 82,039
78,751 64,164 Asia-Pacific Revenues:
Colocation 36,339 34,546 26,985 Interconnection 5,341 4,948
3,529 Managed infrastructure 4,512 4,321
3,860 Recurring revenues 46,192 43,815 34,374
Non-recurring revenues 2,271 2,030
1,555 Revenues 48,463 45,845
35,929 Worldwide Revenues:
Colocation 280,735 265,462 200,359 Interconnection 54,075 51,998
29,232 Managed infrastructure 8,477 8,102 7,300 Rental 622
776 345 Recurring revenues
343,909 326,338 237,236 Non-recurring revenues 19,120
18,906 11,413 Revenues $ 363,029
$ 345,244 $ 248,649 (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 $ 194,576 $ 193,559 $ 133,050 Depreciation,
amortization and accretion expense (70,600 ) (66,978 ) (46,372 )
Stock-based compensation expense (1,345 ) (1,125 )
(1,594 ) Cash cost of revenues $ 122,631 $ 125,456
$ 85,084 The geographic split of our cash cost
of revenues is presented below: Americas cash cost of
revenues $ 70,210 $ 72,651 $ 44,148 EMEA cash cost of revenues
34,491 34,808 28,536 Asia-Pacific cash cost of revenues
17,930 17,997 12,400 Cash cost
of revenues $ 122,631 $ 125,456 $ 85,084
(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 $ 33,636 $ 31,518 $ 19,468
Depreciation and amortization expense (3,666 ) (3,645 ) (1,352 )
Stock-based compensation expense (2,866 ) (2,350 )
(2,931 ) Cash sales and marketing expenses $ 27,104 $
25,523 $ 15,185 (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 $ 62,601 $ 64,820 $
43,155 Depreciation and amortization expense (5,259 ) (5,508 )
(1,598 ) Stock-based compensation expense (11,324 )
(13,994 ) (10,449 ) Cash general and administrative expenses
$ 46,018 $ 45,318 $ 31,108 (7) Our cash
operating expenses, or cash SG&A, as defined above, is
presented below: Cash sales and marketing expenses $ 27,104
$ 25,523 $ 15,185 Cash general and administrative expenses
46,018 45,318 31,108 Cash
SG&A $ 73,122 $ 70,841 $ 46,293 The
geographic split of our cash operating expenses, or cash SG&A,
is presented below: Americas cash SG&A $ 48,812 $ 45,469
$ 30,626 EMEA cash SG&A 16,936 16,212 10,673 Asia-Pacific cash
SG&A 7,374 9,160 4,994
Cash SG&A $ 73,122 $ 70,841 $ 46,293
(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 $ 71,305 $ 54,476 $ 47,982
Depreciation, amortization and accretion expense 79,525 76,131
49,322 Stock-based compensation expense 15,535 17,469 14,974
Restructuring charges 496 491 - Acquisition costs 415
380 4,994 Adjusted EBITDA $ 167,276
$ 148,947 $ 117,272 The geographic
split of our adjusted EBITDA is presented below: Americas
income from operations $ 47,319 $ 37,067 $ 29,601 Americas
depreciation, amortization and accretion expense 53,482 51,448
28,174 Americas stock-based compensation expense 11,842 13,620
11,013 Americas restructuring charges 496 491 - Americas
acquisition costs 366 (98 ) 4,994
Americas adjusted EBITDA 113,505
102,528 73,782 EMEA income from
operations 11,471 8,678 8,321 EMEA depreciation, amortization and
accretion expense 16,844 16,539 14,484 EMEA stock-based
compensation expense 2,295 2,214 2,150 EMEA acquisition costs
2 300 - EMEA adjusted
EBITDA 30,612 27,731 24,955
Asia-Pacific income from operations 12,515 8,731
10,060 Asia-Pacific depreciation, amortization and accretion
expense 9,199 8,144 6,664 Asia-Pacific stock-based compensation
expense 1,398 1,635 1,811 Asia-Pacific acquisition costs 47
178 - Asia-Pacific adjusted
EBITDA 23,159 18,688 18,535
Adjusted EBITDA $ 167,276 $ 148,947 $
117,272
(9)
We define cash gross margins as cash gross profit divided by
revenues. Our cash gross margins by geographic region is
presented below: Americas cash gross margins 70 %
67 % 70 % EMEA cash gross margins 58 %
56 % 56 % Asia-Pacific cash gross margins
63 % 61 % 65 %
(10)
We define adjusted EBITDA margins as adjusted EBITDA divided by
revenues. Americas adjusted EBITDA margins 49 %
46 % 50 % EMEA adjusted EBITDA margins
37 % 35 % 39 % Asia-Pacific adjusted EBITDA
margins 48 % 41 % 52 % (11)
We define adjusted EBITDA flow-through
rate as incremental adjusted EBITDA growth divided by incremental
revenue growth as follows:
Adjusted EBITDA - current period $ 167,276 $ 148,947 $
117,272 Less adjusted EBITDA - prior period (148,947 )
(146,461 ) (111,660 ) Adjusted EBITDA growth $ 18,329
$ 2,486 $ 5,612 Revenues - current
period $ 363,029 $ 345,244 $ 248,649 Less revenues - prior period
(345,244 ) (330,347 ) (242,552 ) Revenue
growth $ 17,785 $ 14,897 $ 6,097
Adjusted EBITDA flow-through rate 103 % 17 %
92 %
EQUINIX, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) Assets March 31,
December 31, 2011 2010
Cash and cash equivalents $ 304,466 $ 442,841
Short-term investments 150,040 147,192 Accounts receivable, net
114,207 116,358 Other current assets 126,277
71,657
Total current assets 694,990
778,048 Long-term investments 2,145 2,806 Property, plant
and equipment, net 2,881,126 2,650,953 Goodwill 789,876 774,365
Intangible assets, net 148,874 150,945 Other assets 135,502
90,892
Total assets $
4,652,513 $ 4,448,009
Liabilities and Stockholders' Equity Accounts payable
and accrued expenses $ 133,536 $ 145,854 Accrued property and
equipment 125,579 91,667 Current portion of capital lease and other
financing obligations 8,381 7,988 Current portion of loans payable
20,204 19,978 Other current liabilities 55,574
52,628
Total current liabilities 343,274
318,115 Capital lease and other financing obligations, less
current portion 296,913 253,945 Loans payable, less current portion
126,617 100,337 Senior notes 750,000 750,000 Convertible debt
922,325 916,337 Other liabilities 225,987
228,760
Total liabilities 2,665,116
2,567,494 Common stock 47 46
Additional paid-in capital 2,372,660 2,341,586 Accumulated other
comprehensive loss (61,356 ) (112,018 ) Accumulated deficit
(323,954 ) (349,099 )
Total stockholders' equity
1,987,397 1,880,515
Total liabilities and stockholders' equity $
4,652,513 $ 4,448,009
Ending headcount by
geographic region is as follows: Americas headcount 1,169
1,156 EMEA headcount 498 482 Asia-Pacific headcount 297
283 Total headcount 1,964
1,921
EQUINIX, INC. SUMMARY OF DEBT
OUTSTANDING (in thousands) (unaudited)
March 31, December 31,
2011 2010 Capital lease and other
financing obligations $ 305,294 $ 261,933 Paris IBX
financing 12,101 - New Asia-Pacific financing 134,720
120,315 Total loans payable 146,821 120,315
Senior notes 750,000 750,000 Convertible debt,
net of debt discount 922,325 916,337 Plus debt discount
97,411 103,399 Total convertible debt principal
1,019,736 1,019,736 Total debt outstanding $
2,221,851 $ 2,151,984
EQUINIX,
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
Three Months Ended March 31, December
31, March 31, 2011 2010 2010
Cash flows from operating activities: Net income $ 25,145 $ 13,760
$ 14,199 Adjustments to reconcile net income to net cash provided
by operating activities: Depreciation, amortization and accretion
79,525 76,131 49,322 Stock-based compensation 15,535 17,469 14,974
Debt issuance costs and debt discount 7,284 8,512 5,554 Loss on
debt extinguishment and interest rate swaps - 5,356 3,377
Restructuring charges 496 491 - Other reconciling items 1,563 1,888
434 Changes in operating assets and liabilities: Accounts
receivable 3,099 (1,400 ) (6,086 ) Deferred tax assets, net 5,640
(1,611 ) 5,002 Accounts payable and accrued expenses (13,606 )
14,316 15,886 Other assets and liabilities (9,510 )
(12,021 ) (2,850 )
Net cash provided by operating
activities 115,171 122,891
99,812 Cash flows from investing
activities: Purchases, sales and maturities of investments, net
(2,185 ) 176,172 112,285 Purchase of Amsterdam IBX property -
(14,861 ) - Purchase of Paris IBX property (14,951 ) - - Purchases
of property and equipment (172,516 ) (143,351 ) (143,400 ) Other
investing activities (94,138 ) (422 ) (442 )
Net cash provided by (used in) investing activities
(283,790 ) 17,538
(31,557 ) Cash flows from financing activities:
Proceeds from employee equity awards 15,668 3,638 10,883 Proceeds
from loans payable 22,653 5,770 - Proceeds from senior notes - -
750,000 Repayment of capital lease and other financing obligations
(1,968 ) (2,019 ) (1,554 ) Repayment of mortgage and loans payable
(10,102 ) (88,930 ) (114,340 ) Debt issuance costs (125 ) - (15,193
) Debt extinguishment costs - (4,448 )
-
Net cash provided by (used in) financing activities
26,126 (85,989 )
629,796 Effect of foreign currency exchange rates on
cash and cash equivalents 4,118 (748 )
(4,805 ) Net increase (decrease) in cash and cash equivalents
(138,375 ) 53,692 693,246 Cash and cash equivalents at beginning of
period 442,841 389,149 346,056
Cash and cash equivalents at end of period $
304,466 $ 442,841 $
1,039,302 Free cash flow (1)
$ (166,434 ) $ (35,743 )
$ (44,030 ) Adjusted free cash flow
(2) $ (151,483 ) $ (20,882
) $ (44,030 )
(1) We define free cash flow as net
cash provided by operating activities plus net cash provided by
(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 $ 115,171 $
122,891 $ 99,812 Net cash provided by (used in) investing
activities as presented above (283,790 ) 17,538 (31,557 )
Purchases, sales and maturities of investments, net 2,185
(176,172 ) (112,285 ) Free cash flow (negative
free cash flow) $ (166,434 ) $ (35,743 ) $ (44,030 ) (2)
We define adjusted free cash flow as free
cash flow (as defined above) excluding any purchases or sales of
real estate and acquisitions as presented below:
Free cash flow (as defined above) $ (166,434 ) $ (35,743 ) $
(44,030 ) Less purchase of Amsterdam IBX property - 14,861 - Less
purchase of Paris IBX property 14,951 -
- Adjusted free cash flow (negative adjusted free
cash flow) $ (151,483 ) $ (20,882 ) $ (44,030 )
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