$EQIX
EQUINIX INC

2014 Q1 Form 10-Q Financial Statement

#000119312514179863 Filed on May 02, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $580.1M $516.1M
YoY Change 12.38% 16.44%
Cost Of Revenue $287.5M $258.6M
YoY Change 11.19% 19.11%
Gross Profit $292.5M $257.5M
YoY Change 13.58% 15.9%
Gross Profit Margin 50.43% 49.9%
Selling, General & Admin $170.7M $149.1M
YoY Change 14.51% 19.54%
% of Gross Profit 58.36% 57.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $114.0M $107.2M
YoY Change 6.33% 20.05%
% of Gross Profit 38.97% 41.63%
Operating Expenses $170.7M $149.1M
YoY Change 14.51% 19.54%
Operating Profit $121.6M $104.8M
YoY Change 16.06% 4.01%
Interest Expense $68.82M $60.33M
YoY Change 14.07% 14.22%
% of Operating Profit 56.59% 57.57%
Other Income/Expense, Net $678.0K -$459.0K
YoY Change -247.71% 198.05%
Pretax Income $54.90M $44.74M
YoY Change 22.71% -7.68%
Income Tax $13.57M $11.46M
% Of Pretax Income 24.71% 25.61%
Net Earnings $41.39M $32.84M
YoY Change 26.01% 2.26%
Net Earnings / Revenue 7.14% 6.36%
Basic Earnings Per Share $0.83 $0.67
Diluted Earnings Per Share $0.81 $0.65
COMMON SHARES
Basic Shares Outstanding 49.60M shares 49.03M shares
Diluted Shares Outstanding 53.39M shares 53.48M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $825.0M $1.212B
YoY Change -31.93% 32.18%
Cash & Equivalents $495.2M $685.0M
Short-Term Investments $335.0M $527.0M
Other Short-Term Assets $54.91M $58.91M
YoY Change -6.79% -30.7%
Inventory
Prepaid Expenses $23.30M $23.99M
Receivables $213.6M $185.2M
Other Receivables $2.142M $8.247M
Total Short-Term Assets $1.086B $2.006B
YoY Change -45.86% 70.86%
LONG-TERM ASSETS
Property, Plant & Equipment $4.766B $3.890B
YoY Change 22.52% 14.86%
Goodwill $1.048B $1.019B
YoY Change 2.83%
Intangibles $191.9M
YoY Change
Long-Term Investments $224.0M $294.0M
YoY Change -23.81% 77.11%
Other Assets $429.6M $212.4M
YoY Change 102.25% 62.15%
Total Long-Term Assets $6.645B $5.607B
YoY Change 18.5% 19.05%
TOTAL ASSETS
Total Short-Term Assets $1.086B $2.006B
Total Long-Term Assets $6.645B $5.607B
Total Assets $7.731B $7.613B
YoY Change 1.55% 29.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.36M $28.81M
YoY Change 19.27% 10.82%
Accrued Expenses $339.0M $287.0M
YoY Change 18.12% -3.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $750.0M
YoY Change -100.0% 201.2%
Long-Term Debt Due $72.00M $64.00M
YoY Change 12.5% -26.44%
Total Short-Term Liabilities $595.2M $1.266B
YoY Change -52.98% 76.28%
LONG-TERM LIABILITIES
Long-Term Debt $4.207B $3.710B
YoY Change 13.4% 35.11%
Other Long-Term Liabilities $284.1M $198.0M
YoY Change 43.51% 15.1%
Total Long-Term Liabilities $284.1M $198.0M
YoY Change 43.51% -93.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $595.2M $1.266B
Total Long-Term Liabilities $284.1M $198.0M
Total Liabilities $5.087B $5.174B
YoY Change -1.68% 35.3%
SHAREHOLDERS EQUITY
Retained Earnings $4.944M -$74.55M
YoY Change -106.63%
Common Stock $2.743B $2.627B
YoY Change 4.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $131.4M $36.31M
YoY Change 261.92%
Treasury Stock Shares
Shareholders Equity $2.517B $2.342B
YoY Change
Total Liabilities & Shareholders Equity $7.731B $7.613B
YoY Change 1.55% 29.38%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $41.39M $32.84M
YoY Change 26.01% 2.26%
Depreciation, Depletion And Amortization $114.0M $107.2M
YoY Change 6.33% 20.05%
Cash From Operating Activities $171.7M $84.18M
YoY Change 103.99% -33.19%
INVESTING ACTIVITIES
Capital Expenditures $105.9M $75.67M
YoY Change 39.96% -47.99%
Acquisitions
YoY Change
Other Investing Activities $204.8M $107.0K
YoY Change 191301.87% -99.97%
Cash From Investing Activities $98.89M -$1.143B
YoY Change -108.65% -524.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $47.12M
YoY Change
Debt Paid & Issued, Net $10.32M $14.05M
YoY Change -26.58% -79.07%
Cash From Financing Activities -37.28M 1.497B
YoY Change -102.49% -3505.6%
NET CHANGE
Cash From Operating Activities 171.7M 84.18M
Cash From Investing Activities 98.89M -1.143B
Cash From Financing Activities -37.28M 1.497B
Net Change In Cash 233.3M 438.4M
YoY Change -46.78% 24.73%
FREE CASH FLOW
Cash From Operating Activities $171.7M $84.18M
Capital Expenditures $105.9M $75.67M
Free Cash Flow $65.81M $8.514M
YoY Change 672.97% -143.67%

Facts In Submission

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Cash
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CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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53480000 shares
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.67
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3613000 shares
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RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
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CY2013Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
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CY2013Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2013Q1 us-gaap Costs And Expenses
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AmortizationOfFinancingCostsAndDiscounts
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CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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DepreciationAmortizationAndAccretionNet
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CY2013Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2013Q1 us-gaap Provision For Doubtful Accounts
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CY2013Q1 us-gaap Selling And Marketing Expense
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CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2013Q1 us-gaap Interest Expense
InterestExpense
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CY2013Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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IncreaseDecreaseInOtherOperatingLiabilities
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CY2013Q1 us-gaap Depreciation Depletion And Amortization
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CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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CY2013Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
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CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2013Q1 us-gaap Depreciation
Depreciation
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CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2013Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
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CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-5595000
CY2013Q1 eqix Net Income Loss From Continuing Operations Attributable To Parent Diluted
NetIncomeLossFromContinuingOperationsAttributableToParentDiluted
34694000
CY2013Q1 eqix Amortization Of Intangible Assets Continuing Operations
AmortizationOfIntangibleAssetsContinuingOperations
6759000
CY2013Q1 eqix Net Income Loss From Continuing Operations Attributable To Parent
NetIncomeLossFromContinuingOperationsAttributableToParent
32843000
CY2013Q1 eqix Adjusted Earnings Before Interest Taxes Depreciation And Amortization Or Accretion
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortizationOrAccretion
240888000
CY2014Q1 dei Trading Symbol
TradingSymbol
EQIX
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
EQUINIX INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001101239
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
No single customer accounted for 10% or greater of the Company's revenues for the three months ended March 31, 2014 and 2013. No single customer accounted for 10% or greater of the Company's gross accounts receivable as of March 31, 2014 and December 31, 2013.
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.81
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53386000 shares
CY2014Q1 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Derivatives Not Designated as Hedging Instruments</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <i>Embedded Derivatives</i>. The Company is deemed to have foreign currency forward contracts embedded in certain of the Company&#x2019;s customer agreements that are priced in currencies different from the functional or local currencies of the parties involved.&#xA0;These embedded derivatives are separated from their host contracts and carried on the Company&#x2019;s balance sheet at their fair value. The majority of these embedded derivatives arise as a result of the Company&#x2019;s foreign subsidiaries pricing their customer contracts in the U.S. dollar. Gains and losses on these embedded derivatives are included within revenues in the Company&#x2019;s condensed consolidated statements of operations. During the three months ended March&#xA0;31, 2014, gains (losses) from these embedded derivatives were not significant. During the three months ended March&#xA0;31, 2013, the Company recognized a net gain of $2,453,000 associated with these embedded derivatives.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <i>Economic Hedges of Embedded Derivatives.</i> The Company uses foreign currency forward contracts to manage the foreign exchange risk associated with the Company&#x2019;s embedded derivatives (&#x201C;economic hedges of embedded derivatives&#x201D;). Gains and losses on these contracts are included in revenues along with gains and losses of the related embedded derivatives. The Company entered into various economic hedges of embedded derivatives during the three months ended March&#xA0;31, 2014 and gains (losses) from these contracts were not significant. The Company did not enter into any economic hedges of embedded derivatives during the three months ended March&#xA0;31, 2013.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <i>Foreign Currency Forward and Options Contracts.</i> The Company also uses foreign currency forward and options contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities. As a result of foreign currency fluctuations, the U.S. dollar equivalent values of the foreign currency-denominated assets and liabilities change. Gains and losses on these contracts are included in other income (expense), net, along with those foreign currency gains and losses of the related foreign currency-denominated assets and liabilities associated with the foreign currency forward and options contracts.</p> </div>
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
CY2014Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
3371000 shares
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.247 pure
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
171718000
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
417000 shares
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.83
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49598000 shares
CY2014Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.81
CY2014Q1 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div><em>Cash Flow Hedges.</em> The Company hedges its exposure to foreign currency exchange rate fluctuations for forecasted revenues and expenses in its EMEA region in order to help manage the Company&#x2019;s exposure to foreign currency exchange rate fluctuations between the U.S. dollar and the British pound, Euro and Swiss franc.</div>
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4769000 shares
CY2014Q1 us-gaap Revenues
Revenues
580053000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
55329000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
57346000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
54904000
CY2014Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2121000
CY2014Q1 us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
200000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
678000
CY2014Q1 us-gaap Repayments Of Long Term Debt
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CY2014Q1 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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9477000
CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2014Q1 us-gaap Profit Loss
ProfitLoss
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IncreaseDecreaseInOtherOperatingAssets
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CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
10018000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
13942000
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OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
839000
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-3919000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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PaymentsToAcquireRealEstate
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CY2014Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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CY2014Q1 us-gaap Interest Paid
InterestPaid
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CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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IncreaseDecreaseInAccountsReceivable
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CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
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CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2014Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
1984000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2014Q1 us-gaap Increase Decrease In Restricted Cash
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CY2014Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
14387000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
8830000
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ProceedsFromSaleOfOtherInvestments
212299000
CY2014Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
161000
CY2014Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
72226000
CY2014Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3406000
CY2014Q1 us-gaap Costs And Expenses
CostsAndExpenses
458441000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
103303000
CY2014Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-50000
CY2014Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
6409000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-37282000
CY2014Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
113610000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
24981000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1055000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
233280000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
67428000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
98885000
CY2014Q1 us-gaap Interest Expense
InterestExpense
68820000
CY2014Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
185000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
287525000
CY2014Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
7729000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
113993000
CY2014Q1 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-15749000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
2067000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
10018000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6905000
CY2014Q1 us-gaap Depreciation
Depreciation
107023000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24981000
CY2014Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments
102778000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13567000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-41000
CY2014Q1 eqix Lease Expiring Date
LeaseExpiringDate
2043
CY2014Q1 eqix Net Income Loss From Continuing Operations Attributable To Parent Diluted
NetIncomeLossFromContinuingOperationsAttributableToParentDiluted
43371000
CY2014Q1 eqix Amortization Of Intangible Assets Continuing Operations
AmortizationOfIntangibleAssetsContinuingOperations
6905000
CY2014Q1 eqix Net Income Loss From Continuing Operations Attributable To Parent
NetIncomeLossFromContinuingOperationsAttributableToParent
41387000
CY2014Q1 eqix Translation Adjustment Noncontrolling Interest
TranslationAdjustmentNoncontrollingInterest
1040000
CY2014Q1 eqix Adjusted Earnings Before Interest Taxes Depreciation And Amortization Or Accretion
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortizationOrAccretion
260388000

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