$EQIX
EQUINIX INC

2015 Q1 Form 10-Q Financial Statement

#000119312515166246 Filed on May 01, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $643.2M $580.1M
YoY Change 10.88% 12.38%
Cost Of Revenue $298.3M $287.5M
YoY Change 3.75% 11.19%
Gross Profit $344.9M $292.5M
YoY Change 17.89% 13.58%
Gross Profit Margin 53.62% 50.43%
Selling, General & Admin $192.3M $170.7M
YoY Change 12.61% 14.51%
% of Gross Profit 55.75% 58.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $121.6M $114.0M
YoY Change 6.7% 6.33%
% of Gross Profit 35.27% 38.97%
Operating Expenses $192.3M $170.7M
YoY Change 12.61% 14.51%
Operating Profit $151.4M $121.6M
YoY Change 24.53% 16.06%
Interest Expense $68.79M $68.82M
YoY Change -0.04% 14.07%
% of Operating Profit 45.42% 56.59%
Other Income/Expense, Net -$514.0K $678.0K
YoY Change -175.81% -247.71%
Pretax Income $82.66M $54.90M
YoY Change 50.56% 22.71%
Income Tax $6.212M $13.57M
% Of Pretax Income 7.51% 24.71%
Net Earnings $76.45M $41.39M
YoY Change 84.72% 26.01%
Net Earnings / Revenue 11.89% 7.14%
Basic Earnings Per Share $1.35 $0.83
Diluted Earnings Per Share $1.34 $0.81
COMMON SHARES
Basic Shares Outstanding 56.66M shares 49.60M shares
Diluted Shares Outstanding 57.23M shares 53.39M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.059B $825.0M
YoY Change 28.36% -31.93%
Cash & Equivalents $536.7M $495.2M
Short-Term Investments $522.0M $335.0M
Other Short-Term Assets $102.6M $54.91M
YoY Change 86.84% -6.79%
Inventory
Prepaid Expenses $23.30M
Receivables $277.9M $213.6M
Other Receivables $0.00 $2.142M
Total Short-Term Assets $1.440B $1.086B
YoY Change 32.55% -45.86%
LONG-TERM ASSETS
Property, Plant & Equipment $4.991B $4.766B
YoY Change 4.71% 22.52%
Goodwill $984.4M $1.048B
YoY Change -6.03% 2.83%
Intangibles
YoY Change
Long-Term Investments $11.00M $224.0M
YoY Change -95.09% -23.81%
Other Assets $166.1M $429.6M
YoY Change -61.33% 102.25%
Total Long-Term Assets $6.288B $6.645B
YoY Change -5.36% 18.5%
TOTAL ASSETS
Total Short-Term Assets $1.440B $1.086B
Total Long-Term Assets $6.288B $6.645B
Total Assets $7.728B $7.731B
YoY Change -0.04% 1.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $322.0M $34.36M
YoY Change 837.05% 19.27%
Accrued Expenses $124.0M $339.0M
YoY Change -63.42% 18.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $79.00M $72.00M
YoY Change 9.72% 12.5%
Total Short-Term Liabilities $666.4M $595.2M
YoY Change 11.96% -52.98%
LONG-TERM LIABILITIES
Long-Term Debt $4.588B $4.207B
YoY Change 9.06% 13.4%
Other Long-Term Liabilities $311.7M $284.1M
YoY Change 9.72% 43.51%
Total Long-Term Liabilities $311.7M $284.1M
YoY Change 9.72% 43.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $666.4M $595.2M
Total Long-Term Liabilities $311.7M $284.1M
Total Liabilities $5.566B $5.087B
YoY Change 9.42% -1.68%
SHAREHOLDERS EQUITY
Retained Earnings -$219.5M $4.944M
YoY Change -4540.49% -106.63%
Common Stock $3.383B $2.743B
YoY Change 23.32% 4.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.69M $131.4M
YoY Change -91.87% 261.92%
Treasury Stock Shares
Shareholders Equity $2.162B $2.517B
YoY Change
Total Liabilities & Shareholders Equity $7.728B $7.731B
YoY Change -0.04% 1.55%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $76.45M $41.39M
YoY Change 84.72% 26.01%
Depreciation, Depletion And Amortization $121.6M $114.0M
YoY Change 6.7% 6.33%
Cash From Operating Activities $232.8M $171.7M
YoY Change 35.58% 103.99%
INVESTING ACTIVITIES
Capital Expenditures -$150.1M $105.9M
YoY Change -241.73% 39.96%
Acquisitions $10.25M
YoY Change
Other Investing Activities -$49.70M $204.8M
YoY Change -124.27% 191301.87%
Cash From Investing Activities -$199.8M $98.89M
YoY Change -302.09% -108.65%
FINANCING ACTIVITIES
Cash Dividend Paid $96.62M
YoY Change
Common Stock Issuance & Retirement, Net $47.12M
YoY Change
Debt Paid & Issued, Net $13.36M $10.32M
YoY Change 29.5% -26.58%
Cash From Financing Activities -$98.79M -37.28M
YoY Change 164.99% -102.49%
NET CHANGE
Cash From Operating Activities $232.8M 171.7M
Cash From Investing Activities -$199.8M 98.89M
Cash From Financing Activities -$98.79M -37.28M
Net Change In Cash -$65.82M 233.3M
YoY Change -128.21% -46.78%
FREE CASH FLOW
Cash From Operating Activities $232.8M $171.7M
Capital Expenditures -$150.1M $105.9M
Free Cash Flow $382.9M $65.81M
YoY Change 481.83% 672.97%

Facts In Submission

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CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
8830000
CY2014Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
14387000
CY2014Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments
102778000
CY2014Q1 us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
212299000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
24981000
CY2014Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
7729000
CY2014Q1 eqix Adjusted Earnings Before Interest Taxes Depreciation And Amortization Or Accretion
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortizationOrAccretion
260388000
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.34
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
EQUINIX INC
CY2015Q1 dei Trading Symbol
TradingSymbol
EQIX
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
566000 shares
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015Q1 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, 2015 and 2014. No single customer accounted for 10% or greater of the Company's gross accounts receivable as of March 31, 2015 and December 31, 2014.
CY2015Q1 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> <i>Cash Flow Hedges.</i> 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.</p> </div>
CY2015Q1 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, 2015 and 2014, gains (losses) from these embedded derivatives were not significant.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; 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, 2015 and 2014. During the three months ended March&#xA0;31, 2015 and 2014, gains (losses) from these contracts were not significant.</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 Option 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. The Company entered into various foreign currency forward and options contracts during the three months ended March&#xA0;31, 2015 and 2014. The Company recorded a gain of $10,257,000 from these contracts during the three months ended March&#xA0;31, 2015. Gains (losses) from these contracts were not significant during the three months ended March&#xA0;31, 2014.</p> </div>
CY2015Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2015-02-19
CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.075 pure
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
566000 shares
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
232811000
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.35
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001101239
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57227000 shares
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2153000 shares
CY2015Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56661000 shares
CY2015Q1 us-gaap Unrealized Gain Loss On Cash Flow Hedging Instruments
UnrealizedGainLossOnCashFlowHedgingInstruments
10556000
CY2015Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
150120000
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-146311000
CY2015Q1 us-gaap Increase In Restricted Cash
IncreaseInRestrictedCash
-3521000
CY2015Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5296000
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
13361000
CY2015Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
18446000
CY2015Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
198649000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
96619000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-135593000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-135593000
CY2015Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
76452000
CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
708000
CY2015Q1 us-gaap Profit Loss
ProfitLoss
76452000
CY2015Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-720000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
151449000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
82664000
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
10247000
CY2015Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
103000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-59141000
CY2015Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
38282000
CY2015Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
610000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-514000
CY2015Q1 us-gaap Revenues
Revenues
643174000
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-3899000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
76452000
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
520000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
30791000
CY2015Q1 us-gaap Derivative Instruments Gain Reclassified From Accumulated Oci Into Income Effective Portion
DerivativeInstrumentsGainReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion
8078000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-59141000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30613000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
121636000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-8391000
CY2015Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3203000
CY2015Q1 us-gaap Interest Expense
InterestExpense
68791000
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
78616000
CY2015Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3774000
CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
708000
CY2015Q1 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
-12555000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1865000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6295000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-74208000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6212000
CY2015Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
71994000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-199834000
CY2015Q1 us-gaap Cost Of Revenue
CostOfRevenue
298313000
CY2015Q1 us-gaap Depreciation
Depreciation
115341000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-98794000
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-59000
CY2015Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1156000
CY2015Q1 us-gaap Costs And Expenses
CostsAndExpenses
491725000
CY2015Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
122530000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
113640000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
29693000
CY2015Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
16384000
CY2015Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments
7031000
CY2015Q1 us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
6709000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
30613000
CY2015Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
8213000
CY2015Q1 eqix Adjusted Earnings Before Interest Taxes Depreciation And Amortization Or Accretion
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortizationOrAccretion
305748000

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